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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 OPEraTES A NETWORK OF 25 ROUTES WITH 50 FREIGHT And PAssENGER SHIPS, WHILE DFDS LOGISTICS PROVIDES frEIGHT SOLUTIONS IN EUROPE WITH TraILErs, CONTAINErs, AND raIL. DFDS has 5,100 EMPLOYEES IN 20 COUNTRIES WITH REVENUES OF EUR 1.6 BN. ThE COMPANY Was FOUNDED IN 1866, IS HEadQUarTERED IN COPENhaGEN, AND LISTED ON NASDAQ OMX COPENhaGEN. 2 DFDS ANNUAL REPORT 2011 HEADER REVENUE DFDS GROUP, PRE-TAX PROFIT RETURN ON INVESTED CAPITAL (ROIC) (DKK bn) (DKK M) (%) 12 800 10 11 9 700 10 8 9 600 7 8 500 7 6 6 400 5 5 4 300 4 3 3 200 2 2 100 1 1 0 0 0 1 1 2007 2008 2009 2010 2011 20 2007 2008 2009 2010 2011 2007 2008 2009 2010 MANAGEMENT REPORT 4 Key Figures 5 Foreword 6 Connecting Europe 8 Vision, strategy and goals 9 Market and competitors 10 Management report 17 Growth Strategy 18 The DFDS Way 20 Shipping Division 26 Logistics Division 33 Risk factors 36 Shareholder information 38 CR Report 56 Financial Review FINANCIAL STATEMENTS 62 Income statement 63 Comprehensive income 64 Balance sheet 66 Statement of changes in equity 70 Cash flow statement 71 Notes 122 DFDS Group Companies 123 Statements MANAGEMENT REPORT, OTHER 124 Fleet List 126 Commercial duties 128 Executive Managment 130 Definitions & Glossary DFDS ANNUAL REPORT 2011 3 KEY FIGURES DFDS GROUP KEY FIGURES 2011 DKK MILLION EUR m 1 2011 2010 2009 2008 2007 Income statement Revenue 2 1,560 11,625 9,867 6,555 8,194 8,310 • Shipping Division 1,047 7,798 6,921 4,805 - - • Logistics Division 581 4,330 3,353 1,970 - - • Non-allocated items and eliminations -68 -503 -407 -220 -668 -720 • Ro-Ro Shipping - - - - 3,799 3,680 • Container Shipping - - - - 1,636 1,623 • Passenger Shipping - - - - 1,779 1,932 • Terminal Services - - - - 647 703 • Trailer Services - - - - 963 986 • Tramp - - - - 38 106 Operating profit before depreciation (EBITDA) 2 201 1,495 1,273 804 1,011 1,311 • Shipping Division 190 1,416 1,221 822 - - • Logistics Division 23 171 74 42 - - • Non-allocated items -12 -92 -22 -60 -56 -62 • Ro-Ro Shipping - - - - 784 914 • Container Shipping - - - - 81 133 • Passenger Shipping - - - - 194 249 • Terminal Services - - - - -31 12 • Trailer Services - - - - 31 56 • Tramp - - - - 8 9 Profit on disposal of non-current assets, net 3 26 5 18 45 37 Operating profit (EBIT) before special items 112 835 580 245 467 758 Special items 12 91 102 -71 n.a. n.a. Operating profit (EBIT) 124 925 682 174 467 758 Financing, net -25 -183 -135 -154 -246 -232 Profit before tax 100 742 547 20 221 526 Profit for the year 99 735 522 89 253 412 Profit for the year after minority interests 98 731 509 86 247 400 Profit for analytical purposes 96 716 507 23 227 485 Capital Total assets 1,717 12,795 13,849 9,298 8,610 9,610 DFDS A/S’ share of the equity 927 6,906 6,339 3,641 3,414 3,538 Total equity 935 6,964 6,396 3,688 3,484 3,653 Net interest bearing debt 343 2,555 3,887 4,067 3,425 3,828 Invested capital, average 1,348 10,042 9,061 7,762 7,663 8,107 Average number of employees - 5,096 4,862 3,924 4,301 4,427 Cash flow Cash flow from operating activities before finance and after tax 191 1,419 929 836 983 1,264 Cash flow from investments 29 219 -1,521 -1,265 -345 -151 Acquisition of companies, activities and minority interests -1 -8 -1,417 -39 -40 -35 Other investments 30 227 -104 -1,226 -305 -116 Free cash flow 220 1,638 -592 -429 638 1,113 Operations and return Number of operating ships 49 57 51 60 64 Revenue growth, % 17.8 50.5 3 -20.0 -1.4 10.5 EBITDA-margin, % 12.9 12.9 12.3 12.3 15.8 Operating margin, % 8.0 6.9 2.7 5.7 9.1 Invested capital turnover rate, times 1.16 1.09 0.84 1.07 1.03 Return on invested capital (ROIC) p.a., % 8.6 7.2 2.1 5.8 8.6 Return on equity p.a., % 10.8 10.2 0.7 6.5 14.5 Capital and per share Equity ratio, % 54.4 46.2 39.7 40.5 38.0 Financial gearing, times 0.37 0.61 1.12 1.00 1.08 Earnings per share (EPS), DKK 50 47 11 32 52 Dividend per share, DKK 14.0 8.0 0.0 0.0 15.0 Number of shares at the end of the period, '000 14,856 14,856 8,000 8,000 8,000 Share price at the end of the period, DKK 355 418 358 399 790 Market value, DKK mill. 5,274 6,210 2,864 3,192 6,320 1 Applied exchange rate for euro as of 31 December 2011: 7,4505 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 acquistition of the Norfolkline-Group. 4 Includes two newbuildings for delivery in 2012 4 DFDS ANNUAL REPORT 2011 FOREWORD STRONG 2011 READY FOR CHALLENGING 2012 Goals for 2011 achieved the UK. A number of initiatives have been In 2011, we succeeded in achieving our launched to meet the new competition. two most important strategic objec- Just as DFDS is in motion, so is the world tives: The planned synergies from the around us. integration of Norfolkline were reached, and more, and the earnings from logistics We are moving closer to our customers activities improved significantly. In 2012, DFDS will move even closer to our customers. To improve customer Record results increase dividend service and add value to customers, we Annual pre-tax profit for the DFDS Group are striving to optimise our understan- was a record DKK 742m. Activities that ding of customer needs and execution of do not support Group strategy were dive- customer service. The Customer Focus BENT ØSTERGAARD sted, and DFDS entered 2012 as a more improvement project will start at the Chairman of the board focused and financially strong company. beginning of Q2. The project will involve Without compromising our capacity the whole Group, and preparations are to fund future growth, we propose to underway. increase the annual dividend to DKK 14 per share, equivalent to a payout of DKK Adding value through social 208m. responsibility DFDS’s first comprehensive report on Contingency for possible mild corporate responsibility (CR) is contained recession in 2012 in this annual report. Continued develop- DFDS is strongly positioned, but there ment of DFDS’ role as a responsible is evidence to suggest that 2012 will corporate citizen should contribute to ad- be impacted by a mild recession. In the ding value to our customers, employees, first months of the year, demand in the partners, shareholders and other stake- markets around the North Sea has been holders, as well as to the environment. NIELS SMEDEGAARD declining, while the Baltic area remains Our ambition is to be our stakeholders’ President & CEO robust, driven by growth in Russia and preferred partner. the surrounding countries. DFDS is ready for new growth Since August 2011, we have been work- Market conditions in 2012 are expected ing on a contingency plan to address any to be less favourable than in 2011. We decline in freight volumes, which are es- therefore foresee limited organic growth sential for our financial performance. We – but, on the other hand, we envisage have a plan, and the organisation is ready opportunities to grow through acquisiti- to meet any new challenges. ons. DFDS is ready for new growth, also financially. New routes, new competition The Baltic route network was expan- A huge effort from our staff, close col- ded by two new routes in 2011, and in laboration with our partners, and, not February 2012, we launched a new route least, our loyal customers have enabled between Dover and Calais. Following the us to make much greater progress than opening of a new competing route in Ja- anticipated in 2011. Thank you all for nuary 2012, competition has increased in your contribution and co-operation. the freight market between Sweden and DFDS ANNUAL REPORT 2011 5 HEADER Rail Service 26.10.2011 CONNECTING EUROPE DFDS’ TraNSPORT NETWORK IS drIVEN BY 5,100 EMPLOYEES CREATING SOLUTIOns FOR FREIGHT SKOGN CUSTOMErs AND PassENGErs TRONDHEIM The network combines sea and land transport. 80% of revenues are BERGEN generated by freight and 20% by passengers. HAMINA OSLO HELSINKI ST. PETERSBURG UST-LUGA KAPELLSKÄR The route network comprise routes dedicated to freight and routes BREVIK MOSS HALDEN STOCKHOLM PALDISKI combining passengers and freight. An important success factor is HALLSBERG KRISTIANSAND deployment of ships that satisfies customer’s needs and demand on GREENOCK ROSYTH individual routes allowing for a combination of satisfied customers CLYDEPORT GOTHENBURG GRANGEMOUTH LARKHALL and sound finances. BALLINA BELFAST NEWCASTLE RIGA AARHUS HELSINGBORG KARLSHAMN On the freight side DFDS’ organisation includes local sales offices ESBJERG DUBLIN and own transport companies. The latter are mostly specialised in IMMINGHAM FREDERICIA MOSCOW TAULOV COPENHAGEN KLAIPEDA LIVERPOOL transport solutions combining several modes of transport – sea, road WATERFORD ALMA-ATA and rail. KIEL SASSNITZ PETERBOROUGH CUXHAVEN LÜBECK AVONMOUTH FELIXSTOWE HAMBURG MINSK IPSWICH Passenger trips are increasingly sold via the internet, where our goal DAVENTRY HARWICH AMSTERDAM (IJMUIDEN) RHOON is to make it as easy and inspiring as possible for customers to book TILBURY ROTTERDAM (VLAARDINGEN) HANNOVER CHATHAM ANTWERP DOVER ZEEBRUGGE RATTINGEN their ideal trips.
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