RESULT AS EXPECTED IN STAGNATING MARKET
DFDS announces Q1 results, which are lower than last year, primarily due to the the low season on the new Dover-Calais route
- Q1 operating profit (EBITDA) of DKK 100m was in line with expectations
- Full impact of the new Dover-Calais activity’s low season in Q1 reduced the result
- Free cash flow improved by lower working capital
- Profit expectations for 2013 is maintained
- Quarterly revenue was DKK 2,713m (DKK 2,674m) and operating profit (EBITDA) before special items was DKK 100m (DKK 109m). The result was as expected in Q1, which is low season for DFDS, especially for the passenger activities.
The Group’s result for Q1 was below last year, primarily driven by the full impact of the new Dover-Calais route’s low season in Q1. The route was opened at the end of February 2012 with just one vessel, which limited the impact on the result in Q1 2012. The route’s result compared to 2012 is expected to improve during the rest of 2013.
“Continued stagnation in our key markets in northern Europe put further pressure on prices in Q1, since overall supply of capacity is virtually unchanged. We foresee that this situation will also characterise the rest of the year. Our strategic focus on improvement and efficiency projects therefore has high priority. In particular, we are working to strengthen our top line, and to reduce working capital and costs. We are also working to create growth and synergies via acquisitions,” says CEO Niels Smedegaard.
“The result for Q1 was a bit lower than last year, but slightly above our expectations, and we maintain our outlook for the full year,” Niels Smedegaard added.
The operating profit (EBITDA) expected for 2013 is unchanged at DKK 1,100-1,300m before special items. The expected investments for the year are unchanged at DKK 950m.
Contact persons: Niels Smedegaard, CEO +45 3342 3400
Torben Carlsen, CFO +45 33 42 32 01
Søren Brøndholt Nielsen, IR +45 33 42 33 59