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Annual Report 2019 Table of Contents 2 Highlights

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Annual Report 2019 Table of Contents 2 Highlights indholdsfortegnelse HIGHLIGHTS BUSINESS GOVERNANCE FINANCIAL STATEMENTS TABLE OF CONTENTS 03 HIGHLIGHTS 21 FINANCIAL STATEMENTS RECOMMENDED READING 04 Snapshot of 2019 Consolidated CEO letter 05 Solid 2019 results despite traffic decline 22 Income statement Scandlines generated strong operational 06 Key figures and financial ratios 22 Comprehensive income and stable financial results in 2019 despite 23 Balance sheet a slight slowdown in traffic volume ... page 5 24 Cash flow statement BUSINESS 25 Equity 07 26 Notes Scandlines at a glance 08 Scandlines route map Our infrastructure and ferries provide a 09 Scandlines at a glance Parent company direct connection between Continental 11 Developments in 2019 49 Income statement Europe and Scandinavia with more than 41,500 departures annually ... page 9 13 Outlook 49 Balance sheet 50 Cash flow statement 50 Equity GOVERNANCE 51 Notes Outlook for 2020 14 We see continued uncertainty ahead impacting traffic volumes and dampening 15 Our responsibility financial performance in 2020 ... page 13 17 Management and ownership 18 Risk management Scandlines • Annual report 2019 Table of contents 2 highlights HIGHLIGHTS BUSINESS GOVERNANCE FINANCIAL STATEMENTS HIGHLIGHTS 04 Snapshot of 2019 05 Solid 2019 results despite traffic decline 06 Key figures and financial ratios Scandlines • Annual report 2019 Highlights 3 snapshot of 2019 HIGHLIGHTS BUSINESS GOVERNANCE FINANCIAL STATEMENTS SNAPSHOT OF 2019 STABLE FINANCIAL PERFORMANCE SLIGHTLY LOWER TRAFFIC VOLUMES • Results were stable with revenue of EUR 475 • Cost control and efficiency enhancements • Freight volumes declined 4 percent amid in- • Shopping traffic was lower due to slow eco- million and profit from ordinary activities mitigated the impact of lower overall traffic creasing consumer uncertainty driven by trade nomic growth in Sweden, a continued weak (recurring EBITDA¹) of EUR 188 million. volumes. disruptions and political tensions. Swedish currency and a new pricing strategy. • The recurring EBITDA margin remained at • Investment remained moderate in 2019 and • Car and passenger volumes were down 3 • We completed more than 41,500 departures 40 percent in 2019. included maintenance and green initiatives percent driven mainly by a decline in shopping and improved the reliability level on the Putt- supporting our zero emission vision. traffic on the Puttgarden-Rødby route. garden-Rødby route to 96 percent. Solid profitability Moderate investment Total traffic volumes MEUR MEUR Index 487 136 131 477 475 470 122 460 92 126 40% 40% 40% 110 38% 37% 101 101 27 22 98 95 13 100 100 100 97 94 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Revenue Recurring EBITDA margin Capital expenditure Freight Cars Passengers ¹ Recurring EBITDA excludes non-recurring items (special items) comprising income and expenses of an exceptional nature such as costs incurred for restructuring processes and structural adjustments as well as gains and losses on divestments related thereto. OUR SUSTAINABLE TRAFFIC MACHINE 4 hybrid ferries 1 freight and replacement ferry 1 hazardous goods ferry Puttgarden Rødby E47 E47 Rostock Gedser E55 E55 2 hybrid ferries Scandlines • Annual report 2019 Highlights • Snapshot of 2019 4 ceo letter HIGHLIGHTS BUSINESS GOVERNANCE FINANCIAL STATEMENTS SOLID 2019 RESULTS DESPITE TRAFFIC DECLINE Scandlines generated strong operational and stable financial results in 2019 despite a slight slowdown in traffic volume. The performance was achieved against a backdrop of unexpected soft economic growth in Germany and Sweden as well as increasing uncertainty arising from political tensions in the European Union and international trade conflicts. We continued to exercise cost discipline and enhanced Scandlines’ operational efficiency to maintain profitability and enable additional investment in green initiatives in pursuit of our zero emission vision. Performance number of Swedish visitors on our ferries and in Our 7.2 million customers We continued to strengthen and develop our our BorderShops. benefited from a high reliability business, enabling us to deliver stable earnings level and frequent daily departures in 2019 and further underpinning a sustainable The slowdown in traffic and revenue was future for Scandlines as a highly competitive, countered by our focus on operational efficien- connecting Continental Europe and reliable and increasingly green part of Europe- cy and effectiveness across the group. These Scandinavia with ferries and onshore an infrastructure. We completed a number of efforts enabled us to record profit from ordinary facilities that are continuously being initiatives to expand and deepen our long-term activities (recurring EBITDA) of EUR 188 million upgraded with pioneering green relationships with customers as we welcomed in 2019 and a recurring EBITDA margin of 40 technology. around 120,000 new members of our SMILE percent. This level of profitability is slightly below loyalty programme, which now has more than expectations reflecting the prevailing market Søren Poulsgaard Jensen, CEO 820,000 members. At the same time, all our 7.2 conditions. We see potential for improvement million customers benefited from a highly reliable in the coming years as we continue to optimise service and frequent daily departures connecting and develop our business. aim of making the Puttgarden-Rødby route a zero In the longer term, we will also continue to invest Continental Europe and Scandinavia with ferries emission crossing in the foreseeable future. in green initiatives and operational excellence to and onshore facilities that are continuously being Sustainability drive competitiveness and prepare for the com- upgraded with pioneering green technology. We have considered green investments and Outlook petition arising from the planned construction of initiatives an integral part of our strategy for We saw relatively stable business developments the Fehmarn Belt fixed link. The connection was Due to soft economic indicators, 2019 saw a many years and a clear precondition for ensuring in the first months of 2020, but the outbreak of approved by German authorities in 2019, and slight drop in traffic volume, and revenue stalled long-term competitiveness in our market. The COVID-19 across Europe and subsequent travel the approval as well as the project itself now face at EUR 475 million. Traffic volume contracted as commissioning and success of our green hybrid restrictions entail a high degree of uncertainty complex complaint cases filed with the Federal sentiment changed among both consumers and ferries on the Rostock-Gedser route has under- and very limited visibility for the remainder of Administrative Court of Leipzig beginning with professionals, reducing cross-border trade after lined this point, and we continued on this path in the year. While private passenger traffic and court hearings in late 2020 which are expected to years of strong growth, particularly in freight 2019 as we installed new thrusters on M/V Schle- BorderShops are expected to be impacted by the take at least two years. In addition, the European traffic. Germany’s economy grew by a moderate swig-Holstein operating the Puttgarden-Rødby situation, we have continued operations to serve Commission decided in March 2020 that the 0.6 percent in 2019 against 1.5 percent the route and prepared the fitting of a custom-made our freight segment ensuring critical deliveries financing of the fixed link constitutes state aid, preceding year, and the slowdown was exacer- 30 meter-high rotor sail on M/V Copenhagen to of goods, medicine and other necessities. We which should be limited to a maximum of EUR bated by ongoing Brexit discussions and global harness wind power and provide supplementary are taking all necessary precautions to protect 9.3 billion and 16 years of operations. Regardless trade tensions taking their toll on the country’s propulsion while reducing CO2 emissions. We our employees and customers, while continuing of the outcome of the fixed link, we will continue key manufacturing industry and exports. In addi- are confident that these green investments will to accomplish our purpose as a vital piece of to strengthen our competitiveness and provide tion, economic growth in Sweden remained soft benefit both our surroundings and our business, infrastructure connecting Continental Europe vital infrastructure to allow customers to sail and continued to have a negative effect on the and we will increase our efforts in 2020 with the and Scandinavia during a difficult period. between Continental Europe and Scandinavia. Scandlines • Annual report 2019 Highlights • CEO letter 5 key figures and financial ratios HIGHLIGHTS BUSINESS GOVERNANCE FINANCIAL STATEMENTS KEY FIGURES AND FINANCIAL RATIOS MEUR 2019 2018 2017 2016 2015 INCOME STATEMENT Revenue 475 477 487 470 460 Result from ordinary activities, excl. special items (recurring EBITDA) 188 191 194 180 170 Result from ordinary activities (EBITDA) 182 185 182 172 184 Amortisation and depreciation -39 -38 -42 -33 -28 Result from ordinary activities (EBIT) 142 148 140 139 156 Net financials -22 -20 -49 -51 -46 Result before tax 121 128 91 88 109 Result for the year 115 125 88 81 107 BALANCE SHEET Total assets 1,256 1,277 1,307 1,444 1,348 Investments (capital expenditure) 22 13 27 92 136 Equity 219 445 413 463 367 Interest bearing liabilities 978 768 821 864 830 CASH FLOW STATEMENT Cash flow from operating activities 151 154 131 102 153 Cash flow from investing activities -22 -13 -27 -92 40
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