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DFDS A/S: INTERIM REPORT Q3 2019 - OUTLOOK REAFFIRMED

COMPANY ANNOUNCEMENT NO. 33/2019


OUTLOOK REAFFIRMED 

• Q3 EBITDA on level with 2018 despite UK slowdown

• Recovery of trading between Turkey and Europe continues

• EBITDA outlook range for 2019 narrowed to DKK 3.55-3.75bn from DKK 3.5-3.8bn

 

Q3 2019

• Revenue up 2% to DKK 4.5bn

• EBITDA on level at DKK 1.2bn

• Profit before tax up 4% to DKK 647m

 

OUTLOOK 2019

• ~6% revenue growth (previously 6-8%)

• EBITDA-range narrowed to DKK 3.55-3.75bn (previously DKK 3.5-3.8bn)

”DFDS’ ferry routes are part of Europe’s infrastructure, providing vital services for trade and travel. We are exposed to market developments in the regions we serve but our business model is resilient, and earnings remain robust despite the current headwind for trade,” says Torben Carlsen, CEO.

 

KEY FIGURES          
           
DKK m 2019 2018*   2018-19* 2018*
Before special items Q3 Q3 Change, % LTM Full year
           
Revenue  4,472  4,383 2.0%  16,538  15,717
EBITDA 1,195 1,197 -0.2% 3,708 3,589
EBIT   718   762 -5.7%  1,920  1,965
Profit before tax  647  622 4.0%  1,714  1,744
* Comparative 2018 numbers are restated to IFRS 16 on a proforma and unaudited basis

 

In Q3, revenue increased 2% to DKK 4.5bn and EBITDA before special items of DKK 1,195m was on level with 2018.

For Q1-3, revenue increased 7% to DKK 12.6bn and EBITDA before special items increased 4% to DKK 2.9bn.

The slowdown in trade between UK and continental Europe continued through Q3 and lowered freight volumes on the North Sea ferry routes and passenger volumes on the Channel. The Channel freight market share was increased in Q3. Mediterranean’s revenue growth continued but earnings were held back by a rise in costs due to operational challenges. A simplified route and port terminal structure was introduced in Mediterranean at the start of Q4.

Logistics Division increased EBITDA 15% in Q3 as contract logistics in UK & Ireland and other activities across the division performed well despite of the UK slowdown.

 

Outlook 2019

Due to the ongoing European slowdown, expected revenue growth is now around 6% (previously: 6-8%). To reflect a reduced risk of a no-deal Brexit occurring in 2019, the outlook range for EBITDA before special items is narrowed to DKK 3.55-3.75bn (previously:DKK 3.5-3.8bn), (2018 restated to IFRS 16: DKK 3,589m).

In the above, all comparative 2018 numbers, including the table, are restated to IFRS 16 on a proforma and unaudited basis.

 

Read the Q3 2019 Interim Report here:

https://www.dfds.com/en/about/investors/reports-and-presentations


Conference call today 12 November 2019 at 10.00am CET

Access code: 30691149# Phone numbers to the call: DK +45 35445577, US +1 631 913 1422, UK +44 333 300 0804

 

Contact

Torben Carlsen, CEO +45 33 42 32 01

Søren Brøndholt Nielsen, IR +45 33 42 33 59

Gert Jakobsen, Communications +45 33 42 32 97

 

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

 

 

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