company announcement no. 3 2019
growth set to continue in 2019
· Full impact of Mediterranean expansion
· Well prepared for Brexit, although visibility reduced
· Dividend proposed resumed
· 2019 outlook (IFRS 16): EBITDA of DKK 3.8-4.0bn (2018: DKK 3.6bn)
Q4 2018
· Revenue up 13% to DKK 4.0bn
· EBITDA up 20% to DKK 688m
· Growth in Europe and Turkey slowed during Q4
OUTLOOK 2019 (IFRS 16)
· 10-12% revenue growth
· EBITDA-range of DKK 3.8-4.0bn (2018: DKK 3.6bn)
· Investments of DKK 2.5bn
"We reached a new all-time high result in 2018 and growth is set to continue in 2019 on the back of our recent expansion in the Mediterranean. Timely investments in new freight ferry capacity will support our customers' growth. We are well prepared to help them through any Brexit outcome," says Niels Smedegaard, CEO.
| KEY FIGURES | |||||||
| *IFRS 16 | |||||||
| restated | |||||||
| DKK m | 2018 | 2017 | 2018 | 2017 | 2018 | ||
| Before special items | Q4 | Q4 | CH. % | FY | FY | CH. % | FY |
| Revenue | 3,955 | 3,497 | 13.1% | 15,717 | 14,328 | 9.7% | 15,717 |
| EBITDA | 688 | 574 | 19.7% | 2,988 | 2,702 | 10.6% | 3,589 |
| EBIT | 412 | 349 | 18.2% | 1,909 | 1,782 | 7.1% | 1,965 |
| Profit before tax | 423 | 346 | 22.4% | 1,743 | 1,727 | 0.9% | 1,743 |
*Pro forma unaudited. See full restatement in appendix.
In Q4, revenue increased 13% to DKK 4.0bn mostly driven by the expansion of the route network in the Mediterranean. For the full-year 2018, revenue increased 10% to DKK 15.7bn.
EBITDA before special items for Q4 increased 20% to DKK 688m and increased 11% to DKK 3.0bn for the full-year.
Freight ferry volumes developed through the year in tandem with European growth. Volumes increased in the first half-year and began to decline in the second half-year as visibility on Brexit and global trading was reduced, including lower trading between Europe and Turkey. For DFDS, volumes in northern Europe were 3% down in Q4 and flat for the year.
Passenger volumes were more resilient as they increased 2% for the full-year, although also with a declining trend in the second half-year.
Outlook 2019
The Group's revenue is expected to increase by 10-12% in 2019. Based on IFRS 16, the outlook range for EBITDA before special items is DKK 3,800-4,000m (2018 restated to IFRS 16: DKK 3,589m).
Read the Q4 2018 Interim and Full-year Report here:
https://www.dfds.com/en/about/investors/reports-and-presentations
7 February 2019. Conference call today at 10.00am CET.
Access code: 86480065#
Phone numbers to the call: DK +45 35445577, US +1 631 913 1422, UK +44 333 300 0804
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
