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Result Impacted By Difficult Start-Up In The Channel And Recession In The Uk

15 November, 2012 Copenhagen
DFDS results impacted by the troublesome start-up in the Channel and recession in the UK

Copenhagen, 2012-08-21 Continued recession in several European countries reduced demand in freight and passenger markets in Q2, and the Q2 result was thus lower than expected. Moreover, market conditions for DFDS activities in the English Channel are expected to deteriorate in the second half-year. As a consequence, the expected operating profit (EBITDA) before special items is reduced by 11% for the full year 2012.

"Compared with last year, the quarters result has declined considerably, as the upswing in 2011 peaked in Q2, after which the current economic downturn began. During the next six months we therefore expect to achieve results that are closer to last years performance," said CEO Niels Smedegaard.

"Despite the difficult market conditions in the freight market our transport and logistics activities made some headway in Q2, supported by our efficiency projects. Continuing growth in several of the Baltic routes is another positive element. The Channel, on the other hand, is expected to be affected in the second half-year by the opening of a new competing route, and this has been included in our revised and lower result guidance for 2012," added Niels Smedegaard. Quarterly revenue was DKK 2,971m (DKK 3,071m) and operating profit (EBITDA) before special items was DKK 293m (DKK 458m). DFDS quarterly results are impacted by seasonality, with low season in Q1 and high season in Q3.

DFDS key figures

Q2

Q1

DKK m

2012

2011 

Change %

Change

Revenue

2.971

3.071

-3

-100

EBITDA before special items

293

458

-36

-165

EBIT before special items

125

291

-57

-166

Profit before tax and special items

90

235

-62

-145

Special items, net

-67

66

-202

-133

Profit before tax

23

301

-92

-278



Changed outlook for 2012: Expected operating profit (EBITDA) before special items is reduced by DKK 150m to DKK 1,150-1,200m from DKK 1,300-1,350m. Special items are now expected to be a cost of DKK 75m, primarily due to write-down of sideport ships.
 
Contact persons:

Niels Smedegaard, CEO
+45 33 42 34 00

Torben Carlsen, CFO
+45 33 42 32 01

Søren Brøndholt Nielsen, IR
+45 33 42 33 59

Attachments:
Half Year financial report 2012

Press Contact

Vice President, Communications
Gert Jakobsen

Tel: + 45 33 42 32 97
Mob: + 45 24 40 00 43

E-mail: gert.jakobsen@dfds.com

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