|
Q3 2018
· Mediterranean business in line with expectations
· Brexit uncertainty gives headwind on freight volumes
· Strong passenger yield in holiday high season
OUTLOOK 2018
· 10% revenue growth maintained
· EBITDA-range narrowed to DKK 3.0-3.1bn (2017: DKK 2.7bn)
· Investments lowered by DKK 300m to DKK 4.7bn
"We are pleased to reaffirm our full-year guidance for an EBITDA above three billion DKK, more than 10% up from last year. Our new Mediterranean freight routes are performing as expected when acquired. In northern Europe, however, businesses and consumers require clarity on Brexit for growth to continue," says Niels Smedegaard, CEO.
| KEY FIGURES | |||||||
| DKK m | 2018 | 2017 | 2017-18 | 2016-17 | 2017 | ||
| Before special items | Q3 | Q3 | CH% | LTM | LTM | CH% | FY |
| Revenue | 4,383 | 3,922 | 11.7% | 15,259 | 14,181 | 7.6% | 14,328 |
| EBITDA | 1,045 | 976 | 7.1% | 2,874 | 2,641 | 8.8% | 2,702 |
| EBIT | 747 | 742 | 0.8% | 1,845 | 1,703 | 8.3% | 1,782 |
| Profit before tax | 622 | 714 | -12.9% | 1,666 | 1,649 | 1.0% | 1,727 |
In Q3, revenue increased 12% to DKK 4.4bn mainly driven by the expansion of the route network in the Mediterranean and higher revenue from passengers in the Q3 holiday high season. Freight revenue was subdued by a slowdown related to increased uncertainty on Brexit. More-over, a large logistics contract impacted revenue positively in the same period last year.
EBITDA before special items increased 7% to DKK 1,045m.
Freight ferry volumes were up 6% which was below expectations as activity linked to the UK slowed while trading between Europe and Turkey was impacted by a significant depreciation of TRY in August.
Passenger volumes were up 1% and the growth in the passenger yield was ahead of expectations.
Outlook 2018
The Group's revenue is still expected to increase by around 10% in 2018. The outlook range for EBITDA before special items has due to the slowdown in European growth been narrowed to DKK 3,000-3,100m (2017: DKK 2,702m) from previously DKK 3,000-3,200m.
Read the Interim Report 2018 here:
https://www.dfds.com/en/about/investors/reports-and-presentations
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
