Copenhagen, 2016-11-15 08:01 CET (GLOBE NEWSWIRE) -- Announcement no. 69
EBITDA UP BY 15% TO DKK 972M IN Q3
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FREIGHT VOLUMES CONTINUED TO GROW
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EBITDA OUTLOOK RAISED TO
DKK 2,525-2,625M FOR 2016
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Q3 2016
• 7% revenue growth, adjusted
• Freight volumes boosted by 30% higher volumes in Channel
• Profit before tax and special items increased by 23% to DKK 732m
• ROIC before special items increased to 17.4%
OUTLOOK 2016
• EBITDA outlook range raised to
DKK 2,525-2,625m against previously
DKK 2,450-2,600m
”The revenue and earnings of our route network and logistics services continued to grow satisfactorily reflecting steady economic progress in most of Europe’s economies in Q3, including the UK. We are carefully monitoring the possible longer term effects of Brexit as well as the immediate weakening of the pound,” says Niels Smedegaard, CEO.
KEY FIGURES
| DKK m | Q3 | Q3 | LTM | LTM | FY | ||
| Before special items | 2016 | 2015 | ∆ % | 2015-16 | 2014-15 | ∆ % | 2015 |
| Revenue | 3,799 | 3,792 | 0% | 13,763 | 13,208 | 4% | 13,473 |
| EBITDA | 972 | 843 | 15% | 2,494 | 1,937 | 29% | 2,041 |
| EBIT | 738 | 626 | 18% | 1,574 | 1,112 | 42% | 1,199 |
| Profit before tax | 732 | 595 | 23% | 1,511 | 976 | 55% | 1,079 |
Revenue increased by 7% in Q3 adjusted for currency changes and excluding revenue from bunker surcharges. Reported revenue was flat at DKK 3.8bn.
EBITDA before special items increased by 15% to DKK 972m following higher earnings in primarily the Shipping Division. The result includes a negative EBITDA-impact of DKK 45m from currency changes compared to 2015.
The Shipping Division’s route network carried 17% higher freight volumes and 10% more passengers in Q3. The expanded ferry capacity in the Channel business unit carried 30% higher freight volumes and 15% more passengers. Freight volumes were up by 4% in all other parts of the network while passenger volumes were 1% lower.
The Logistics Division continued to improve earnings in the Nordic and Continent business units but this was offset by the effect of lower temperature-controlled volumes and the depreciation of GBP on the UK & Ireland business unit.
Outlook 2016
The full-year outlook range for 2016 has been raised following earnings in Q3 above expectations. The Group’s EBITDA before special items is now expected to increase to a range of DKK 2,525-2,625m compared to a range of DKK 2,450-2,600m previously (2015: DKK 2,041m). The full-year negative currency impact on EBITDA is expected to be around DKK 75m of which the majority is related to the depreciation of GBP.
The Group’s revenue growth is now expected to be around 4% compared to previously around 6%, excluding revenue from bunker surcharges. The change is due to currency changes with an expected full-year negative impact on revenue of around DKK 475m, primarily related to the depreciation of GBP.
Read the Interim Report Q3 2016:
http://www.dfds.com/Downloadables/UK-Interim-Report-Q3-2016.pdf
Read more about Q3 here: www.dfds.com/q3-report-2016
Contact:
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
Gert Jakobsen, Communications
+45 33 42 32 97
