Announcement no. 52

 

 

RECORD Q2 EBITDA,
6% UP TO DKK 738M


 
 
 

EUROPEAN GROWTH SET TO CONTINUE

 
 
 

DIVIDEND INCREASE & NEW BUYBACK




 
 

Q2 2017

· EBITDA up 6%

· North Sea freight volumes up 6%

· Passenger volumes up 7% driven by late Easter

· Profit before special items and tax increased 12% to DKK 495m 

· ROIC of 18.1% (LTM)

OUTLOOK 2017

· EBITDA range of
DKK 2.6-2.8bn unchanged

· Total distribution to shareholders increased to DKK 1.7bn

"We are pleased with our steady progress and remain on track to improve on the record result of last year. The activity in our route and logistics network reflects Europe's growth. Prospects for continued growth in the key UK market remain positive and trading with continental Europe is increasing, especially UK exports.," says Niels Smedegaard, CEO.

Key figures              
               
DKK m Q2 Q2   LTM LTM   FY
Before special items 2017 2016 Ch % 2016-17 2015-16 Ch % 2016
               
Revenue 3,688 3,553 3.8%  14,058  13,757 2.2%  13,790
EBITDA 738 699 5.6% 2,637 2,365 11.5% 2,588
EBIT  502 454 10.6%  1,700  1,461 16.3% 1,644
Profit before tax  495 443 11.6%  1,668 1,373 21.4% 1,600

Revenue increased 2% in Q2 adjusted for non-comparable items. Reported revenue was up 4% to DKK 3.7bn.

EBITDA before special items increased 6% to DKK 738m following higher earnings in both divisions.

The Shipping Division's EBITDA before special items increased 5% to DKK 680m as North Sea benefited from continued growth in trading between UK, continental Europe and Scandinavia. The Baltic Sea route network also increased earnings and together offset a lower result in Channel driven by a weakening of the passenger market, following the depreciation of GBP, and a lower freight market share. 

The Logistics Division's EBITDA before special items increased 5% to DKK 73m driven mainly by the Nordic business unit as well as acquisitions performing above expectations.

Distribution to shareholders
The planned extraordinary dividend of
DKK 5.00 per share is raised to DKK 7.00 for payment in August. Moreover, a new share buyback of DKK 300m is launched today; more information in separate announcement.

The raised dividend and new buyback increases the expected total distribution in 2017 to DKK 1.7bn from previously DKK 1.3bn.

Outlook 2017
The European growth outlook continues to support DFDS' infrastructure of ferry routes and the logistics operations.

The Group's expected revenue growth for 2017 is around 4%, excluding revenue from bunker surcharges. The range for EBITDA before special items is unchanged at
DKK 2,600-2,800m (2016: DKK 2,588m).

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 



Read the Interim Report Q2 2017:
https://ter.li/guoyg4

Read more about Q2 2017 here:
https://ter.li/vkxi3w



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