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Dfds Review 2015

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Dfds Review 2015 DFDS REVIEW 2015 RECORD EBITDA OF DKK 2,041 m ACHIEVED IN 2015 RETURN ON INVESTED CAPITAL INCREASED TO 13.7% DISTRIBUTION TO SHAREHOLDERS OF DKK M PLANNED FOR 2016 950 DFDS REVIEW 1 BODØ RELIABLE SHIPPING SERVICES, FLEXIBLE TRONDHEIM ÅLESUND TRANSPORT SOLUTIONS FLORØ BERGEN KOTKA OSLO ST. PETERSBURG HAUGESUND KAPELLSKÄR STAVANGER UST-LUGA LARVIK MOSS VASTERAS ABERDEEN BREVIK FREDERIKSTAD PALDISKI FORT WILLIAM STOCKHOLM KRISTIANSSAND HALDEN GREENOCK GRANGEMOUTH ROSYTH BELLSHILL GOTHENBURG LARKHALL VENTSPILS BALLINA BELFAST NEWCASTLE RIGA LIEPAJA DFDS provides shipping and Key facts FINANCIAL CALENDAR 2016 DUBLIN ESBJERG KARLSHAMN transport services in Europe, • 80% of DFDS’ total revenue COPENHAGEN IMMINGHAM MALMO KLAIPEDA WATERFORD MOSCOW generating annual revenues is generated by freight Annual General Meeting LIVERPOOL TAULOV FREDERICIA CORK GRIMSBY of EUR 1.8bn. customers and 20% by 31 March 2016 at 14:00 ALMA-ATA u PETERBOROUGH KIEL KALININGRAD passengers Radisson SAS Falconer Hotel CUXHAVEN DAVENTRY LÜBECK MINSK To over 8,000 freight custo- • We carried 31 million lane and Conference Centre FELIXSTOWE BREMERHAVEN HAMBURG AVONMOUTH AMSTERDAM (IJMUIDEN) mers, we deliver high perfor- metres of freight in 2015 Falkoner Allé 9 NEWLYN ROTTERDAM (VLAARDINGEN) NEWHAVEN DOVER mance and superior reliability • We carried 6 million DK-2000 Frederiksberg, ZEEBRUGGE ANTWERP Denmark PAIGNTON CALAIS through shipping and port ter- passengers in 2015 DUNKIRK GHENT minal services, and transport • Our largest freight ships BRUGGE DIEPPE BOULOGNE SUR MER and logistics solutions. carry 370 trailers per sailing • Our largest passenger ships Reporting 2016 For more than six million carry 2,000 passengers per Q1, 12 May PARIS passengers, many travelling sailing Q2, 18 August in their own cars, we provide Q3, 15 November safe overnight and short sea ferry services. ILYICHEVSK We have 6,600 employees spread across 20 countries. BUSTO FAGNANO (VA) DFDS was founded in 1866, BILBAO VERONA is headquartered in Copen- NOVARA hagen, and listed on Nasdaq MARSEILLE Copenhagen. VALENCIA BARI PORTS OF CALL AND SALES OFFICES LOGISTICS OFFICES RAIL TRANSPORT TUNIS 2 DFDS REVIEW DFDS REVIEW 3 HOW WE DID IT We adapted route capacity with more agility AIMING KEY FINANCIAL RESULTS OF 2015 HIGHER Revenue increased by 5% to DKK 13.5bn Profit before tax increased by 108% to DKK 1,043m 2015 was a record year for DFDS. Our aim is now to raise performance further in 2016. Return on invested capital1 increased to 13.7% We successfully raised DFDS’ financial perfor- 2 mance to a new, higher level in 2015. Revenue Financial leverage decreased to 0.9x at year-end increased by 5% to DKK 13.5bn and the earnings 1 Before special items. 2 Net interest-bearing debt/EBITDA. before depreciation (EBITDA) and special items increased by 42% to DKK 2,041m. The return on invested capital before special items was increa- sed to 13.7%. Today, DFDS is a more customer focused and DFDS GROUP efficient company and our execution of change PEOPLE & SHIPS / FINANCE in response to market developments delivered results throughout the organization in the past SHIPPING DIVISION LOGISTICS DIVISION year. • Ferry services for freight • Door-door transport and passengers solutions We have shipping capacity and new logistics con- • Bespoke industry solutions • Contract logistics tracts in place in 2016 to benefit from continu- ed volume growth in our key European markets, • Port terminals and we remain firmly committed to improving customer satisfaction and efficiency. As a shareholder, you may have noticed that we have increased the distribution of dividends and share buybacks in recent years. Higher earnings REVENUE EBITDA BEFORE SPECIAL ITEMS RETURN ON INVESTED CAPITAL (ROIC) (DKK bn) (DKK bn) BEFORE SPECIAL ITEMS go hand in hand with a higher distribution to sha- (%) reholders. 14 2.2 14 At the same time, we retain the requisite financi- al strength to grow our market coverage through 2.0 12 12 acquisitions as well as investing in new techno- 1.8 logy and our employees for the benefit of future 1.6 earnings. 10 10 1.4 8 8 1.2 Niels Smedegaard 1.0 President & CEO 6 6 0.8 4 0.6 4 0.4 2 2 0.2 0 0.0 0 2014 2014 2014 2015 2015 2015 2013 2013 2013 4 DFDS REVIEW DFDS REVIEW 5 IN OUR DAY-TO-DAY OPERATIONS, WE ASPIRE TO OUR VISION MAKE OUR CUSTOMERS SUCCESSFUL BY CONSISTENT DELIVERY OF SERVICES Delivering high performance Superior reliability and schedule and superior reliability - whatever we carry. We bring Easy to you solutions work with Our people understand your needs and are committed to your success. The vision reflects our commitment to continuous improvement and being a truly customer focused and customer driven company. Empowered people Fast communication with “can-do” attitude when it matters SUPERIOR RELIABILITY FAST COMMUNICATION WE BRING YOU 1 AND SCHEDULE: 3 WHEN IT MATTERS: 5 SOLUTIONS: a. On-time reliability a. Communicating changes to customers a. Active provision of services based on b. High frequency services and flexibility based on what matters to customers thorough understanding of customer and which communication options best needs fit their needs b. Bringing new solutions to customers ranging from day-to-day, operational EASY TO EMPOWERED PEOPLE adjustments to exploiting DFDS’ entire 2 WORK WITH: 4 WITH “CAN-DO” ATTITUDE: range of services and network to optimize a customer’s operations a . Transparent contact points for a. Customer service by informed, customers, simple communication empowered, and motivated employees b. Clear team structures, team services b. Service and action mindset always in to support customers place at DFDS c. Simple and accurate customer processes 6 DFDS REVIEW DFDS REVIEW 7 OUR STRATEGY OUR FINANCIAL GOALS DFDS’ strategy is based on four drivers: Return on invested capital (ROIC) the two divisions were both above the dend semi-annually. The Board of Direc- DFDS’ financial performance goal is a ROIC 10% goal in 2015, Shipping Division at tors proposes to the 2016 annual general The DFDS Way: of at least 10% over a business cycle. 14.9% and Logistics Division at 11.9%. meeting (AGM) a dividend of DKK 3.00 per Customer focus and continuous improvement share. In addition, the Board of Directors 1 The achievement of the ROIC goal is Capital structure plan to distribute a further dividend of underpinned by DFDS’ ROIC Drive pro- DFDS’ leverage is defined as the ratio of DKK 2.00 per share in August 2016. Network strength: gramme. All business activities, currently net-interest-bearing debt (NIBD) to opera- 2 Expand network to leverage operating model around 90, are part of the programme ting profit before depreciation (EBITDA). In 2015, DFDS distributed DKK 727m to consisting of a simple ROIC scorecard, The target leverage is defined by a NIBD/ shareholders consisting of a dividend of Integrated shipping and logistics ope rations: a high-level three-year business plan EBITDA multiple of between 2.0 and DKK 218m in April, a dividend of DKK Working together to optimise capacity utilisation that sets out a path to achieve a ROIC of 3.0. Excess capital is thus distributed to 108m in August, and buyback of shares of 3 minimum 10% and internal performance shareholders if the multiple is below 2.0 DKK 401m. benchmarking. Elevated ROIC goals apply while distribution is reduced if the multi- Financial strength and performance: for activities performing above 10%. ple exceeds 3.0. At the end of 2015, the DFDS’ Board of Directors continually 4 Reliable, flexible long-term partner NIBD/EBITDA multiple was 0.9. assesses the capital structure and the The Group’s ROIC before special items distribution to shareholders in relation to was 13.7% in 2015 compared to 8.0% in Distribution to shareholders the development in earnings and invest- 2014. The ROIC before special items of DFDS’ distribution policy is to pay divi- ments, including strategic acquisitions. OUR PRIORITIES IN 2016 People – succession planning, talent programme and expanded transformation office Fleet strategy – strategy development and renewal decisions Digitisation – business model development and implementation of next initiatives Market coverage – gain synergies from expansion of route network and logistics activities through acquisitions The DFDS Way – further development of operating model Financial performance - continue from new higher level 8 DFDS REVIEW DFDS REVIEW 9 Living The DFDS Way Channel overcapacity situation resolved Strong Baltic performance HOW despite Russian slowdown Stronger result for our core full-load activities 8% organic growth of passengers 7% organic growth of WE freight shipping volumes Profit and cash flow boosted by efficiency projects We utilized the UK economic growth 27,000 South Korean pax DID on Copenhagen-Olso Integration of acquired logistics companies added value Three new, major logistics contracts on board IT We adapted route capacity with more agility In 2015, we successfully raised DFDS’ financial performance to a new, higher level as the profit before tax was more than doubled to just over one billion We got everything just about Danish kroner. We did it by building on all the effort that for a number of right on Amsterdam-Newcastle years has gone into becoming a more customer focused & efficient company. From this solid foundation we are aiming higher in the coming years. Scrubber strategy ensured a smooth transition to MGO 10 DFDS REVIEW DFDS REVIEW 11 HOW WE DID IT Three new, major logistics contracts REVENUE DISTRIBUTION ON on board MAJOR CUSTOMER SEGMENTS, 2015 32% 21% CUSTOMER SATISFACTION It’s about understanding CFI builds on an annual survey of custo- The number of freight locations that our customers’ needs and mer satisfaction as reported in the table received a score of excellent (NPS of 50 continuous adaptation of our on this page. Progress was achieved or above) from customers increased to in each of the three overall customer 26% from 22%, while 45% received a services to fit those needs segments: freight shipping, transport and score of very good (NPS of 30 or above) logistics solutions, and passenger services.
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