Bringing People and Businesses Together by Sea 2 HEADER DFDS Annual Report 2008 DFDS Annual Report 2008 HEADER 3

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Bringing People and Businesses Together by Sea 2 HEADER DFDS Annual Report 2008 DFDS Annual Report 2008 HEADER 3 DFDS ANNUAL REPORT 2008 HEADER 1 DFDS ANNUAL REPORT 2008 BRINGING PEOPLE AND BUSINESSES TOGETHER BY SEA 2 HEADER DFDS ANNUAL REPORT 2008 DFDS ANNUAL REPORT 2008 HEADER 3 DFDS A LEADING SEA TRANSPORT NETWORK IN NORTHERN EUROPE IN 2008 WE TRANSPORTED: n 10,000,000 LANEMETRES FREIGHT n 109,000 CONTAINERS n 1,600,000 PASSAGENGERS n 16,000 TONS FREIGHT n 74,000 SHIPMENTS 4 HDFDSEAD ERROUTE NETWORK DFDS ANNUAL REPORT 2008 SKOGN DFDS ROUTE NETWORK HAMINA OSLO ST. PETERSBURG LARVIK MOSS BREVIK HALDEN KRISTIANSAND LYSEKIL RIGA GREENOCK GOTHENBURG MOSCOW KARLSHAMN AARHUS BELFAST KLAIPEDA COPENHAGEN DROGHEDA NEWCASTLE ESBJERG FREDERICIA DUBLIN BALTIJSK MIDDLESBROUGH KIEL CORK LÜBECK SASSNITZ (MUKRAN) WATERFORD IMMINGHAM CUXHAVEN HAMBURG AMSTERDAM (IJMUIDEN) AVONMOUTH HARWICH ROTTERDAMROTTERDAM) CHATHAM RATINGEN TILBURY GHENT ZEEBRUGGE MELZO BILBAO DFDS ANNUAL REPORT 2008 DFDS ROUTE NETHWEAORDERK 5 SKOGN HAMINA OSLO ST. PETERSBURG LARVIK MOSS BREVIK HALDEN KRISTIANSAND LYSEKIL RIGA GREENOCK GOTHENBURG MOSCOW KARLSHAMN AARHUS BELFAST KLAIPEDA COPENHAGEN DROGHEDA NEWCASTLE ESBJERG FREDERICIA DUBLIN BALTIJSK MIDDLESBROUGH KIEL CORK LÜBECK SASSNITZ (MUKRAN) WATERFORD IMMINGHAM CUXHAVEN HAMBURG AMSTERDAM (IJMUIDEN) AVONMOUTH HARWICH ROTTERDAMROTTERDAM) CHATHAM RATINGEN TILBURY GHENT ZEEBRUGGE RELIABILITY FREQUENCY CAPACITY MELZO BILBAO 6 HEADER DFDS ANNUAL REPORT 2008 DFDS’ shipping network integrates freight and passenger services: We deliver high frequency and reliable freight services to haulage and forwarding compa- nies. We develop and deliver industrial logistics solutions in close co-operation with producers of heavy industrial goods. For passengers, we provide transport services for passengers travelling by car and a maritime onboard experience. DFDS employs approximately 4,300 people and operates a fleet of approxim- ately 60 ships. DFDS was founded in 1866, is headquatered in Copenhagen and listed on NASDAQ OMX The Nordic Exchange Copenhagen. 4 Route network 7 DFDS 2008 8 Key Figures 9 Foreword 10 Vision, strategy and goals 12 Management report 18 DFDS’ external world 20 Ro-Ro Shipping 26 Container Shipping 30 Passenger Shipping 34 Terminal Services 38 Trailer Services 42 Customer focus 43 Environment report 46 HR Report 48 Shareholder information 50 Risk factors 52 Financial statements 2008 54 Financial review 58 Income statement 59 Balance sheet 61 Statement of changes in equity 64 Cash flow statement 65 Notes 102 DFDS Group Companies 103 Statements 104 Fleet list 106 Commercial duties 108 Executive management 110 Corporate Governance in DFDS 114 Definitions and glossary DFDS ANNUAL REPORT 2008 HEADER 7 n REVENUE AND PROFIT IMPACTED BY LOWER VOLUMES IN H2, AND ESPECIALLY IN Q4 n AcTIVITIES ADJUSTED TO CHANGES IN MARKET CONDITIONS SINCE HALF-YEAR n SOLIDITY IMPROVED REVENUE PRE-TAX PROFIT RETURN ON INVESTED CAPITAL (ROIC) (DKK BILLION) (DKK MILLION) (%) 10 600 10 9 9 500 8 8 7 7 400 6 6 5 300 5 4 4 200 3 3 2 2 100 1 1 0 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 8 KEY FIGURES DFDS ANNUAL REPORT 2008 KEY FiguRES DFDS GROUP KEY FIGURES 2008 DKK MILL. 2004 2005 2006 2007 2008 EUR MILL. 1 Income statement Revenue 2 5,723 6,278 7,524 8,310 8,194 1,100 n Ro-Ro Shipping 3,471 3,680 3,799 510 n Container Shipping 1,293 1,642 1,654 222 n Passenger Shipping 1,838 1,932 1,779 239 n Terminal Services 706 703 647 87 n Trailer Services 918 986 963 129 Operating profit before depreciation (EBITDA) 2 870 890 1,137 1,316 1,017 136 n Ro-Ro Shipping 794 896 767 103 n Container Shipping 128 151 101 14 n Passenger Shipping 242 249 194 26 n Terminal Services 12 15 -29 -4 n Trailer Services 15 57 33 4 Profit on disposal of ships, buildings, and terminals 20 29 33 33 40 5 Operating profit (EBIT) 391 433 587 752 456 61 Financing, net -190 -202 -193 -226 -235 -32 Profit before tax 200 231 402 526 221 30 Profit for the period 194 193 364 412 253 34 Profit for the period after minority interests 176 175 352 400 247 33 Profit for analytical purposes 177 182 348 485 227 30 Capital Total assets 7,986 8,457 9,991 9,610 8,610 1,156 DFDS A/S' share of the equity 2,546 2,803 3,154 3,538 3,414 458 Total equity 2,700 2,904 3,265 3,653 3,484 468 Net interest bearing debt 3,556 3,970 4,654 3,828 3,425 460 Invested capital, average 6,458 6,667 7,796 8,107 7,671 1,030 Average number of employees 4,026 4,215 4,346 4,427 4,301 - Cash flow Cash flow from operating activities before finance and after tax 829 711 1,167 1,264 983 132 Cash flow from investments -1,449 -855 -1,698 -151 -345 -46 n Acquisition of companies, activities and minority interests -18 -328 -306 -35 -40 -5 n Other investments -1,431 -527 -1,392 -116 -305 -41 Free cash flow -620 -144 -531 1,113 638 86 Operations and return Number of ships 66 66 68 64 60 Revenue growth, % 8.7 9.7 19.8 10.5 -1.4 EBITDA-margin, % 15.2 14.2 15.1 15.8 12.4 Operating margin, % 6.8 6.9 7.8 9.0 5.6 Invested capital turnover rate, times 0.89 0.94 0.97 1.03 1.07 Return on invested capital (ROIC) p.a., % 5.8 6.0 7.0 8.6 5.8 Return on equity p.a., % 7.0 6.8 11.7 14.5 6.5 Capital and per share Equity ratio, % 33.8 34.3 32.7 38.0 40.5 Financial gearing, times 1.40 1.42 1.48 1.08 1.00 Earnings per share (EPS), DKK 22 23 46 52 32 Dividend per share, DKK 7.0 7.5 11.0 15.0 0.0 Number of shares at the end of the period, '000 8,000 8,000 8,000 8,000 8,000 Share price at the end of the period, DKK 285 382 680 790 399 Market value, DKK mill. 2,276 3,035 5,440 6,320 3,192 Key figures and financial ratios for 2004 have been changed in accordance with the IFRS accounting policies. 1) Applied exchange rate for euro as of 31 December 2008: 745.06 2) During 2007 a new business area structure was introduced and comparative figures per business area are only available for 2006. The figures per business area do not sum to the Group figures as, among other things, eliminations and non-allocated items are not included. DFDS ANNUAL REPORT 2008 FOREWORD 9 PREPARED FOR CHALLENGING 2009 2009 will no doubt be charaterised by a very low level of demand. Under these circumstances it is our challenge to adapt capacity and costs to the level of activity – while preserving our competitive strength for the time when the wind changes and fills our sails again. The process of adaptation was enacted early and began in May 2008 with DFDS Seaways’ improvement plan. Halfway through the year, we began implementing adaptations to our freight capacity and organisa- tional structure, and this work has continued into 2009. DFDS is therefore well prepared for a challenging 2009. Our fleet will be further modernised in 2009, and we will continue to create value for our customers by investing in and developing our new freight-sales organisation. This, combined with the improvements and adaptations already in place, means DFDS will be well equipped to gain market share in the years to come, despite the current difficult market conditions. The shipping and transport sectors are sensitive to economic fluctua- tions, and the rapid and steep fall in demand reduced DFDS’s profit- ability in 2008. Profitability will most likely continue to be affected by the slowdown in growth across the EU in 2009. However, our low ownership share of parts of the fleet does afford a certain flexibility that allows us to alleviate some of the effects of the economic trend. We increased the equity ratio to 40 % at the end of 2008, and our IVAR SAMRÉN NIELS SMEDEGAARD capital requirements for 2009 have also been secured. In terms of CHAIRMAN OF THE BOARD PRESIDENT AND CEO financing, DFDS is therefore well prepared for 2009. Subject to approval from the competition authorities, DSV indirectly acquired 25 % of DFDS’s share capital at the start of 2009. We believe this strengthens DFDS’s opportunities to meet its strategic and finan- cial targets, including consolidation of the company’s market position. In the light of last year’s extraordinarily volatile market conditions, we would like to extend a special thank you to all DFDS staff, custom- ers, shareholders and business partners for their contribution and co-operation in 2008. 10 STRATEGY DFDS ANNUAL REPORT 2008 FROM ROUTES TO NETWORKS THE DFDS VISION in order to supply more competitive transport solutions and function as equal partners. n A European, sea-based transport network that provides competi- The consolidation process is also underpinned by the need for tive, differentiated and value-generating transport solutions to risk diversification, which reduces dependence on individual activities. freight customers and passengers. Larger units require greater resources for system and concept devel- n A challenging and attractive workplace for our staff. opment, as well as for investment in larger and more expensive ton- n A company with stable and rising profitability, which generates nage. In addition, the distribution of fixed costs across larger volumes value for our shareholders. produces financial advantages in terms of lower unit costs.
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