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STRONG PERFORMANCE in Q2 DK-2100 Copenhagen Ø Denmark Company Reg

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STRONG PERFORMANCE in Q2 DK-2100 Copenhagen Ø Denmark Company Reg INTERIM REPORT, Q2 2010 DFDS A/S, Sundkrogsgade 11 STRONG PERFORMANCE IN Q2 DK-2100 Copenhagen Ø Denmark Company reg. no. 14 19 47 11 Company announcement no. 35/2010 18.08.2010 Financial performance for DFDS’ ro-ro freight routes, port terminals and passenger routes was better than expected in Q2. As a result, the pre-tax profit forecast for the full year, Page 1/22 excluding items related to Norfolkline, is upgraded to DKK 275 million. "Performance was strong in the second quarter due to a combination of increased freight Contact persons: volumes, improved earnings on passenger routes and more efficient operations. We will maintain our focus on streamlining operations and the integration of DFDS and Norfolkline in Niels Smedegaard, CEO the second half of the year. The integration process has been underway since 12 July, and is +45 3342 3400 running according to plan," says CEO Niels Smedegaard. Torben Carlsen, CFO +45 3342 3201 Søren Brøndholt Nielsen, IR +45 3342 3359 Significant events in Q2 (compared with Q2 2009): DFDS – Northern Europe's leading sea- • Revenue rose by 18.4% to DKK 1,951 million based transport network. DFDS employs around 6,000 people, and • Operating profit before depreciation (EBITDA) rose by 48.3% to DKK 345 operates a fleet of approximately 63 ships. million, excluding costs related to Norfolkline of DKK 16 million DFDS was founded in 1866 and is quoted on NASDAQ OMX Copenhagen. • Pre-tax profit improved by DKK 120 million, to DKK 156 million, excluding costs related to Norfolkline • Earnings from ro-ro freight routes were boosted by volume growth in all markets and the strengthening of the SEK • Earnings from passenger routes increased partly as a result of higher demand due to the volcanic ash cloud • Profit expectation excluding Norfolkline: The expectation for pre-tax profit is upgraded by DKK 75 million to approx. DKK 275 million, excluding items related to Norfolkline • Profit expectation including Norfolkline: For the combined company, a pre-tax profit of approx. DKK 325 million is expected. After transaction, integration and financing costs of approx. DKK 150 million, the total profit expectation is a pre- tax profit of approx. DKK 175 million. Management's statement DFDS Interim report Q2 2010 Page 2/22 Key Figures DFDS Group 2010 2009 2010 2009 2009 DKK mill. Q2 Q2 H1 H1 Full year Income statement Revenue 1,951 1,648 3,562 3,079 6,556 Ro-Ro Shipping 917 736 1,734 1,405 2,997 Container Shipping 291 287 566 581 1,165 Passenger Shipping 476 443 762 723 1,620 Terminal Services 179 135 332 263 555 Trailer Services 255 201 489 383 776 Non-allocated items 58 50 100 105 189 Eliminations -225 -204 -421 -381 -746 Operating profit before depreciation (EBITDA) 329 233 429 311 786 Ro-Ro Shipping 221 135 371 254 519 Container Shipping 9 4 9 9 5 Passenger Shipping 105 105 62 64 314 Terminal Services 7 -4 11 -17 -14 Trailer Services 3 13 8 25 36 Non-allocated items -16 -20 -32 -24 -74 Profit on disposal of tangible assets 1 7 2 10 18 Operating profit (EBIT) 181 82 137 28 174 Financing, net -41 -46 -59 -96 -154 Profit before tax 140 36 78 -67 20 Profit for the period 136 52 75 -43 89 Profit for the period after minority interests 136 52 74 -44 86 Profit for analytical purposes 136 36 74 -60 23 Capital Total assets - - 9,507 9,401 9,298 DFDS A/S' share of the equity - - 3,766 3,461 3,641 Total equity - - 3,813 3,508 3,688 Net interest bearing debt - - 3,857 4,169 4,067 Invested capital, average 7,931 7,705 7,953 7,529 7,762 Average number of employees - - 3,723 4,049 3,924 Cash flow Cash flow from operating activities before finance and after tax 238 246 386 464 836 Cash flow from investments -26 -608 -81 -1,106 -1,304 Acquisition of companies, activities and minority interests 0 -39 0 -39 -39 Other investments -26 -569 -81 -1,067 -1,265 Free cash flow 213 -362 305 -642 -468 Operations and return Number of ships - - 49 58 51 Revenue growth, % 18.4 -25.4 15.7 -25.9 -20.0 EBITDA-margin, % 16.9 14.1 12.0 10.1 12.0 Operating margin, % 9.3 5.0 3.8 0.9 2.7 Invested capital turnover rate, times 0.98 0.86 0.90 0.82 0.84 Return on invested capital (ROIC) p.a., % 8.8 4.0 3.2 0.7 2.1 Return on equity p.a., % 14.6 4.2 4.0 -3.5 0.7 Capital and per share Equity ratio, % - - 40.1 37.3 39.7 Financial gearing, times - - 1.02 1.20 1.12 Earnings per share (EPS), DKK 17.68 4.46 9.59 -5.70 11.18 Dividend per share, DKK - - - - 0.0 Number of shares at the end of the period, '000 - - 8,000 8,000 8,000 Share price at the end of the period, DKK - - 380 283 358 Market value, DKK mill. - - 3,040 2,264 2,864 Definitions on page 22. Management's statement DFDS Interim report Q2 2010 Page 3/22 Market trends Ro-Ro Shipping generated 60% of the increase, mainly The increase in volume growth in the Northern due to higher volumes but also due to higher revenue European freight markets continued in Q2, especially in from oil-price surcharges. The increase in freight the ro-ro and trailer markets. However, growth slowed volumes also increased revenue in Terminal Services. towards the end of Q2. Rate levels were generally The higher revenue in Trailer Services was due to stabilised. general market growth and to the effect of the The quarterly number of passengers in the acquisition of German trailer activities in late 2009. market for passenger shipping was a whole on a level Passenger Shipping's revenue rose by 7.6%, mainly with the same period last year. In April, the market driven by higher ticket and onboard revenue per received a boost with the temporary shutdown of passenger as a result of increased demand due to the European airspace, which mainly impacted price levels. closure of European airspace in April. Integration of DFDS and Norfolkline has started Operating profit before depreciation (EBITDA) The process of integrating DFDS and Norfolkline began Group EBITDA for Q2 rose by 48.3% to DKK 345 once the completion of the deal to acquire Norfolkline million, excluding costs related to Norfolkline, which was announced on 12 July 2010. The most important amounted to DKK 16 million during the quarter. integration activities in H2 are: The improved performance was mainly driven by Ro-Ro Shipping, which made particular progress in • Integration of freight routes in the North Sea: the Baltic and the North Sea. The result for Passenger o Port terminal in Killingholme, England, moved to Shipping includes a one-off cost of DKK 8 million, the DFDS terminal in Immingham, early August comprising salary adjustments for prior years related to o Expansion of Norfolkline's port terminal in seafarers. In 2009, the result included an income of DKK Vlaardingen commenced. Relocation from the 8 million from bunker hedging. Adjusted for these items, DFDS terminal in Maasvlakte is scheduled for Q1 Passenger Shipping's performance improved by DKK 16 2011 million in Q2. • The merger of DFDS and Norfolkline's organisations Trailer Services' result was reduced by DKK 10 is expected to be completed before year-end million, solely due to higher costs incurred by the • Rebranding of DFDS business area's Belgian company. The non-allocated • Launching of most of the planned integration items include income of DKK 10 million for chartering projects. out of a passenger ship, which in early 2010 was transferred to non-allocated items from Passenger Integration is progressing as expected, with no changes Shipping. The improvement was also due to lower costs to the previously announced plan, including the annual and timing differences. synergy expectations of DKK 180-220 million. The Group EBITDA margin increased from 14.1% to 17.7% in Q2, excluding costs related to Norfolkline. Q2 financial performance and full-year expectations Turnover Operating profit before depreciation (EBITDA) Group revenue in Q2 rose by 18.4% to DKK 1,951 million. Adjusted for oil-price surcharges, the rise was EBITDA, DKK mill. Q209 Q210 Change, % Change 14.8%. Ro-Ro Shipping 135 221 63.6 86 Container Shipping 4 9 107.1 5 Revenue Passenger Shipping 105 105 0.7 0 Terminal Shipping -4 7 n.a. 11 Revenue, DKK mill. Q209 Q210 Change, % Change Trailer Shipping 13 3 -74.4 -10 Ro-Ro Shipping 736 917 24.6 181 Costs re Norfolkline 0 -16 n.a. -16 Container Shipping 287 291 1.2 3 Non-allocated items -20 0 n.a. 20 Passenger Shipping 443 476 7.6 34 DFDS Group 233 329 41.4 96 Terminal Services 135 179 32.5 44 Trailer Services 201 255 27.3 55 Eliminations etc. -154 -167 8.4 -13 DFDS Group 1,648 1,951 18.4 303 Management's statement DFDS Interim report Q2 2010 Page 4/22 Balance sheet, investments and cash flow DKK mill. DFDS Group - EBITDA per quarter Total assets at the end of H1 amounted to DKK 9.5 500 billion, an increase of 2.2% compared to the end of 400 2009 and an increase of 1.1% compared to the end of H1 2009.
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