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DFDS Annual Report Header DFDS ANNUAL REPORT HEADER DFDS IS NORTHERN EUROPE’S LARGEST INTEGraTED shIPPING AND LOGISTICS COMPANY. DFDS SEAWAYS’ nETWORK OF 30 ROUTES IS OPERATED BY 50 FREIGHT And PAssENGER SHIPS. DFDS LOGISTICS PROVIDES frEIGHT AND LOGISTICS SERVICES IN EUROPE WITH TraILErs, CONTAINErs, AND raIL. DFDS has 5,900 EMPLOYEES IN 20 COUNTRIES WITH REVENUES OF DKK 12BN. ThE COMPANY Was FOUNDED IN 1866, IS HEadQUarTERED IN COPENhaGEN, AND LISTED ON NASDAQ OMX COPENhaGEN. 2 DFDS ANNUAL REPORT 2012 HEADER REVENUE PROFIT BEFORE TAX RETURN ON INVESTED CAPITAL (ROIC) (DKK bn) AND SPECIAL ITEMS BEFORE SPECIAL ITEMS (DKK M) (%) 12 700 10 11 9 600 10 8 9 500 7 8 6 7 400 6 5 300 5 4 4 200 3 3 2 2 100 1 1 0 0 0 1 2 1 1 20 20 2008 2009 2010 2011 2012 2008 2009 2010 2008 2009 2010 2011 2012 MANAGEMENT REPORT 4 Key Figures 5 Foreword 6 Connecting Europe 8 Vision, Strategy and Goals 10 Management Report 16 CFI 20 Shipping Division 28 Logistics Division 35 Risk Factors 38 The DFDS Share 40 CR Report 62 Financial Review FINANCIAL STATEMENTS 68 Income Statement 69 Comprehensive Income 70 Balance Sheet 72 Statement of Changes in Equity 76 Cash Flow Statement 78 Notes 128 Company Overview 129 Statements MANAGEMENT REPORT, OTHER 130 Fleet List 132 Commercial Dduties 136 Executive Management 138 Definitions & Glossary DFDS ANNUAL REPORT 2012 3 KEY FIGURES DFDS GROUP KEY FIGURES 2012 DKK Million EUR mio.1 2012 2011 2010 2009 2008 Income statement Revenue 2 1,568 11,700 11,625 9,867 6,555 8,194 • Shipping Division 1,074 8,015 7,798 6,921 4,805 - • Logistics Division 571 4,259 4,330 3,353 1,970 - • Non-allocated items and eliminations -77 -574 -503 -407 -220 -668 • Ro-Ro Shipping - - - - - 3,799 • Container Shipping - - - - - 1,636 • Passenger Shipping - - - - - 1,779 • Terminal Services - - - - - 647 • Trailer Services - - - - - 963 • Tramp - - - - - 38 Operating profit before depreciations (EBITDA) and special items2 146 1,092 1,495 1,273 804 1,011 • Shipping Division 133 992 1,416 1,221 822 - • Logistics Division 19 140 171 74 42 - • Non-allocated item -6 -40 -92 -22 -60 -56 • Ro-Ro Shipping - - - - - 784 • Container Shipping - - - - - 81 • Passenger Shipping - - - - - 194 • Terminal Services - - - - - -31 • Trailer Services - - - - - 31 • Tramp - - - - - 8 Profit on disposal of non-current assets, net 1 6 26 5 18 45 Operating profit (EBIT) before special items 57 422 835 580 245 467 Special items, net -17 -124 91 102 -71 n.a. Operating profit (EBIT) 40 298 925 682 174 467 Financial items, net -20 -146 -183 -135 -154 -246 Profit before tax 20 152 742 547 20 221 Profit for the year 20 148 735 522 89 253 Profit for the year exclusive minorities 20 148 731 509 86 247 Capital Assets 1,649 12,300 12,795 13,849 9,298 8,610 DFDS A/S’ share of equity 927 6,914 6,906 6,339 3,641 3,414 Equity 934 6,969 6,964 6,396 3,688 3,484 Interest-bearing net debt 259 1,929 2,555 3,887 4,067 3,425 Invested capital, end of period 1,199 8,942 9,564 10,341 7,997 7,168 Invested capital, average 1,239 9,246 9,691 9,061 7,762 7,663 Full time equivalents (FTE), average - 5,239 5,096 4,862 3,924 4,301 Cash flows Cash flows from operating activities, before financial items and after tax 121 905 1,419 929 836 983 Cash flows from investing activities 32 239 219 -1,521 -1,265 -345 Acquistion of enterprises, activities and minorities -1 -9 -8 -1,417 -39 -40 Other investments, net 33 248 227 -104 -1,226 -305 Cash flows from operating activities 153 1,144 1,638 -592 -429 638 Key ratios from operation and return Number of ships 49 49 57 51 60 Revenue growth, % 0.6 17.8 50.5 3 -20.0 -1.4 EBITDA margin, % 9.3 12.9 12.9 12.3 12.3 Operating marginal, % 3.6 7.2 5.9 3.7 5.7 Turnover, investered capital average, (times) 1.27 1.20 1.09 0.84 1.07 Return on invested capital (ROIC), % 3.4 9.0 7.2 2.1 5.8 Return on equity p.a, % 2.1 11.0 10.2 2.4 7.1 Key ratios for capital and per share Equity ration, % 56.7 54.4 46.2 39.7 40.5 Interest-bearing net debt/EBITDA, times 1.77 1.71 3.05 5.06 3.39 Earnings per share (EPS), DKK 10 50 47 11 32 Dividends, DKK 14.0 14.0 8.0 0.0 0.0 Number of shares, end of period, ’000 14,856 14,856 14,856 8,000 8,000 Share price at the end of the period, DKK 255,5 355 418 358 399 Market value, DKK mio. 3,796 5,274 6,210 2,864 3,192 1 Applied exchange rate for euro as of 31. December 2012: 7,4604 2 During 2010 a new business area structure was introduced and comparative figures per business area are only available from 2009. 3 37% relates to the acquisition of the Norfolkline-Group. 4 DFDS ANNUAL REPORT 2012 FOREWORD EXPANSION DESPITE HEADWIND DFDS expands despite challenges Earnings must improve As predicted, 2012 was a challenging DFDS’ earnings need to improve to allow year. The EU was in recession, with falling us to invest in better customer service, demand in several markets. Moreover, our employees, network efficiency and competition intensified significantly in new environmental technologies – and, some markets due to overcapacity. not least, provide a satisfactory return to shareholders. However, achieving a And yet, despite the headwind, we did higher return on invested capital requires not lose our momentum in 2012. On the structural solutions in the business areas contrary, we continued the strategic ex- Channel and North Sea. We are working to pansion of the network with the opening implement solutions, but do not envisage of a new route between Dover and Calais this being possible before 2014. As a con- BENT ØSTERGAARD and the acquisition of a port terminal in sequence, the level of earnings in 2013 Chairman of the board Gothenburg and three routes from the will remain too low, although several French company LD Lines, including one business areas are expected to deliver in the Mediterranean. satisfactory results. New opportunities Unchanged dividend Lower economic activity puts pressure on Although the annual profit for DFDS was the earnings of a cyclical company such 80% lower than in the record year 2011, as DFDS. However, a downturn also offers the financial position was strengthened opportunities to invest and secure our as a result of a positive cash flow from future for a financially strong company, operations. The dividend is proposed to like DFDS. We foresee opportunities remain unchanged at DKK 14 per share, to strengthen DFDS’ long-term market equivalent to a pay-out of DKK 203m. position through acquisitions in the years ahead, and our highest priority is, there- Responsibility NIELS SMEDEGAARD fore, to continue pursuing our growth We are paying increasing attention to our President & CEO strategy. environmental and social responsibilities towards our stakeholders. In 2012, DFDS Putting the customer first and the DMMA trade union set up a social In 2012, we updated our vision for DFDS, fund for employees unable to work. The and put the customer first. We want to fund is an innovation on the Danish labor grow with our customers and further market and is co-funded by the Lauritzen develop the network to provide them Foundation. Our efforts to reduce emis- with more options. Extensive analysis sions passed a milestone in 2012 when conducted in 2012 showed that our we achieved the goal set in 2007 of a customers want reliability, high frequency 10% reduction. in the network and fast communication of changes to schedules, as well as simple We would like to thank our employees, and easily accessible processes. In order shareholders and customers for their to measure our ability to meet these efforts during a demanding, but exciting expectations, we will commence report- year. ing in the annual repport on customer satisfaction in 2013. DFDS ANNUAL REPORT 2012 5 SEAWAYSPASSENGERTERMINALCONTAINER FREIGHTSIDEPORTLOGISTICRAIL NETWORKLOCATION SERVICEOFFICES 12.201201.2013 HEADER CONNECTING EUROPE BODØ TRONDHEIM 5,900 EMPLOYEES DELIVERING ÅLESUND HIGH PErfORMANCE AND FLORØ SUPERIOR RELIabILITY…. BERGEN HAMINA OSLO HAUGESUND ST. PETERSBURG WhaTEVER WE CarrY KAPELLSKÄR UST-LUGA STAVANGER BREVIK MOSS VASTERAS PALDISKI HALDEN KRISTIANSSAND STOCKHOLM GREENOCK GRANGEMOUTH Shipping Freight Services ROSYTH GOTHENBURG All routes in DFDS’ network carry freight. Shipping of unaccompanied LARKHALL BELFAST and accompanied trailers for forwarding companies and hauliers is NEWCASTLE RIGA the main activity. For manufacturing companies, heavy goods such AARHUS HELSINGBORG ESBJERG as automobiles, steel, paper and forest products, and chemicals are DUBLIN COPENHAGEN KARLSHAMN LIMERICK IMMINGHAM FREDERICIA MALMO KLAIPEDA TAULOV MOSCOW transported. The network also carries containers and project cargo. WATERFORD LIVERPOOL In addition, port terminals are operated in strategic locations to CORK PETERBOROUGH KIEL ALMA-ATA SASSNITZ provide customer services and efficiency. CUXHAVEN LÜBECK AVONMOUTH IPSWICH HAMBURG MINSK FELIXSTOWE HARWICH AMSTERDAM (IJMUIDEN) Road and Rail Freight Services DAVENTRY TILBURY ROTTERDAM (VLAARDINGEN) NEWHAVEN DOVER Providing transport services for customers with full and part loads is PORTSMOUTH ZEEBRUGGE CALAIS ANTWERP the main activity, both ambient and temperature controlled. Rail and DUNKIRK GHENT warehousing services are also provided for customers. A considerable BRUGGE BOULOGNE SUR MER part of the services offered utilise DFDS’ route network as part of the DIEPPE transport solution.
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