SALE OF PORT TERMINAL IN ROTTERDAM
Integration of operations on the North Sea was initiated after the acquisition of Norfolkline in July 2010
Following the acquisition of Norfolkline in July 2010 integration of operations on the North Sea was initiated. At the beginning of 2011 DFDS freight route (ro-ro) between Rotterdam and Immingham was transferred from DFDS port terminal in Maasvlakte, Rotterdam, to Norfolkline's port terminal in Vlaardingen, Rotterdam. A number of operational synergies have been achieved by consolidating calls at Vlaardingen. The consolidation of port terminals on the North Sea, in both Holland and England, was an important part of our integration plan and this has now been accomplished with synergies on track. In addition to these operational synergies, we are very pleased to be able to reduce our invested capital and create further value from the Norfolkline acquisition by the sale of the Maasvlakte port terminal, says Niels Smedegaard CEO of DFDS.
DFDS and Rhenus Logistics have today completed an agreement concerning the sale of DFDS Seaways Maasvlakte B.V., the company that owns and operates the port terminal concession, for a debt free consideration of EUR 24.5m (DKK 182m). DFDS will realize an accounting gain in Q2 2011 of approximately DKK 45m from the sale, which will be recognized under Special items. DFDS entered the concession agreement for operating the Maasvlakte port terminal in 2002 and following terminal development operations commenced in 2003. The terminal covers an area of 200,000m2 including three warehouses. Rhenus Logistics is a leading European logistics service provider, including one business area focused on port terminal operations (Port Logistics).
Profit expectation increased
The DFDS Group's pre-tax profit expectation for 2011 is increased by the gain on the sale of the port terminal. The full-year pre-tax profit expectation is thus increased to approximately DKK 595m from previously DKK 550m.