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View Annual Report DFDS ANNUAL REPORT 2009 HEADER 1 DFDS ANNUAL REPORT 2009 NORTHERN EUROPE’S LEADING SEA-BASED TRANSPORT NETWORK 2 HEADER DFDS ANNUAL REPORT 2009 DFDS – Northern Europe’S leading sea-based transport network DFDS’ shipping network integrates freight and passenger services: We deliver high frequency and reliable freight services to haulage and forwarding companies. 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 3,900 people and operates a fleet of approximately 50 ships. DFDS was founded in 1866, is headquatered in Copenhagen and listed on NASDAQ OMX Copenhagen. ManageMENT report 3 DFDS 2009 4 Route network 6 Key Figures 7 Foreword 8 Vision, strategy and goals 10 Management report 16 DFDS’ external world 18 Ro-Ro Shipping 24 Container Shipping 28 Passenger Shipping 32 Terminal Services 36 Trailer Services 40 FSS – Customer focus 42 Environment report (CSR) 44 HR report (CSR) 46 Shareholder information 48 Risk factors 50 Financial review FINANCIAL stateMENTS 56 Income statement 57 Comprehensive income 58 Balance sheet 60 Statement of changes in equity 62 Cash flow statement 63 Notes 108 DFDS Group Companies 109 Statements ManageMENT report, other 110 Fleet list 112 Commercial duties 114 Executive management 116 Corporate Governance in DFDS 118 Definitions and glossary DFDS ANNUAL REPORT 2009 HEADER 3 2009 WAS A CHALLENgiNG YEAR whERE dfds ACHIEVED A RESULT THAT WAS AMONG THE BEST IN OUR SECTOR. WE TOOK A DEcisivE STEP TOWARds OUR visiON OF A EUROPEAN SEA-BASED TRANSPORT NETWORK THROUGH THE AcqUisiTION OF NORFOLKLINE, AND DFDS is NOW STRONGLY POsiTIONED TO FULfiLL THE FUTURE EXPECTATIONS OF OUR CUSTOMERS. 2010 wiLL BE A CHALLENgiNG AND ExciTING YEAR wiTH FOCUS ON NAvigATING THROUGH CONTINUED difficULT MARKET CONdiTIONS AND ON THE fiRST PHASE OF INTEGRATING DFDS AND NORFOLKLINE. 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 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 4 HDFDSEAD ERROUTE NETWORK DFDS ANNUAL REPORT 2009 SKOGN DFDS ROUTE NETWORK HAMINA Per March 2010 OSLO ST. PETERSBURG MOSS BREVIK HALDEN KRISTIANSAND GREENOCK GOTHENBURG MOSCOW KARLSHAMN BELFAST AARHUS KLAIPEDA COPENHAGEN NEWCASTLE ESBJERG DUBLIN MIDDLESBROUGH BALTIYSK FREDERICIA LIVERPOOL KIEL SASSNITZ WATERFORD (MUKRAN) IMMINGHAM CUXHAVEN HAMBURG AMSTERDAM (IJMUIDEN) AVONMOUTH HARWICH ROTTERDAM TILBURY CHATHAM RATINGEN GHENT ZEEBRUGGE BILBAO DFDS ANNUAL REPORT 2009 DFDS ROUTE NETHWEAORDERK 5 SKOGN HAMINA OSLO ST. PETERSBURG MOSS BREVIK HALDEN KRISTIANSAND GREENOCK GOTHENBURG MOSCOW KARLSHAMN BELFAST AARHUS KLAIPEDA COPENHAGEN NEWCASTLE ESBJERG DUBLIN MIDDLESBROUGH BALTIYSK FREDERICIA LIVERPOOL KIEL SASSNITZ WATERFORD (MUKRAN) IMMINGHAM CUXHAVEN HAMBURG AMSTERDAM (IJMUIDEN) AVONMOUTH HARWICH ROTTERDAM TILBURY CHATHAM RATINGEN GHENT ZEEBRUGGE RELIABILITY FREQUENCY CAPACITY BILBAO 6 KEY FIGURES DFDS ANNUAL REPORT 2009 KEY FIGURES DFDS GrOUP Key Figures 2009 DKK MILLION 2005 2006 2007 2008 2009 EUR MILLION 1 Income statement Revenue 2 6,278 7,524 8,310 8,194 6,555 881 n Ro-Ro Shipping 3,471 3,680 3,799 2,997 403 n Container Shipping 1,293 1,623 1,636 1,165 157 n Passenger Shipping 1,838 1,932 1,779 1,620 218 n Terminal Services 706 703 647 555 75 n Trailer Services 918 986 963 776 104 n Tramp 117 106 38 - - n Non-allocated items 131 172 176 189 25 n Eliminations -950 -892 -844 -747 -101 Operating profit before depreciation (EBITDA) 2 890 1,137 1,311 1,011 786 106 n Ro-Ro Shipping 794 914 784 519 70 n Container Shipping 128 133 81 5 1 n Passenger Shipping 242 249 194 314 42 n Terminal Services 12 12 -31 -14 -2 n Trailer Services 15 56 31 36 5 n Tramp -4 9 8 - - n Non-allocated items -50 -62 -56 -74 -10 Profit on disposal of tangible assets 29 33 37 45 18 2 Operating profit (EBIT) 433 587 758 467 174 23 Financing, net -202 -193 -232 -246 -154 -21 Profit before tax 231 402 526 221 20 3 Profit for the period 193 364 412 253 89 12 Profit for the period after minority interests 175 352 400 247 86 12 Profit for analytical purposes 182 348 485 227 23 3 Capital Total assets 8,457 9,991 9,610 8,610 9,298 1,249 DFDS A/S' share of the equity 2,803 3,154 3,538 3,414 3,641 489 Total equity 2,904 3,265 3,653 3,484 3,688 496 Net interest bearing debt 3,970 4,654 3,828 3,425 4,067 547 Invested capital, average 6,667 7,796 8,107 7,663 7,762 1,043 Average number of employees 4,215 4,346 4,427 4,301 3,924 - Cash flow Cash flow from operating activities before finance and after tax 711 1,167 1,264 983 836 112 Cash flow from investments -855 -1,698 -151 -345 -1,304 -175 n Acquisition of companies, activities and minority interests -328 -306 -35 -40 -39 -5 n Other investments -527 -1,392 -116 -305 -1,265 -170 Free cash flow -144 -531 1,113 638 -468 -63 Operations and return Number of operating ships 66 68 64 60 51 Revenue growth, % 9.7 19.8 10.5 -1.4 -20.0 EBITDA-margin, % 14.2 15.1 15.8 12.3 12.0 Operating margin, % 6.9 7.8 9.1 5.7 2.7 Invested capital turnover rate, times 0.94 0.97 1.03 1.07 0.84 Return on invested capital (ROIC) p.a., % 6.0 7.0 8.6 5.9 2.1 Return on equity p.a., % 6.8 11.7 14.5 6.5 0.7 Capital and per share Equity ratio, % 34.3 32.7 38.0 40.5 39.7 Financial gearing, times 1.42 1.48 1.08 1.00 1.12 Earnings per share (EPS), DKK 23 46 52 32 11 Dividend per share, DKK 7.5 11.0 15.0 0.0 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 382 680 790 399 358 Market value, DKK mill. 3,056 5,440 6,320 3,192 2,864 1) Applied exchange rate for euro as of 31 December 2009: 744.15 2) During 2007 a new business area structure was introduced and comparative figures per business area are only available from 2006. DFDS ANNUAL REPORT 2009 FOREWORD 7 ROUGH WATERS AND EXPANSION We achieved a result for 2009 among the best in the sector, and we took a decisive step towards our vision of a European, sea-based transport network. Early in 2009, when it became clear that the global recession would inevitably cause a significant decline in financial performance, we set ourselves the financial goal of achieving one of the best results in the sector. As a result of a great team effort, a number of significant operational adjustments and DFDS’ strategically solid market position in Northern Europe, we have met this goal. BENT ØSTERGAARD NIELS SMEDEGAARD CHAIRMAN OF THE BOARD PRESIDENT AND CEO ROUGH waters Our business model was challenged in 2009 by the historically steep decline in freight volume at the start of the year caused by the recession. In all material respects, our strategy and business model have been validated. This applies to the value of a network of routes that reduces the vulnerability of each individual activity, and also to integrated passenger and freight routes. It applies to our capacity to secure freight volumes through long-term industrial contracts and our own trailer business, plus the insight and understanding of the freight market that follows. On top of this comes our focus on creating value for freight customers through solutions that cuts across business areas. Finally, our increasingly integrated management model has ensured an effective implementation of operational adjustments. However, the recession has also raised questions about the flex- ibility of our tonnage. Our business model must be able to handle the sudden fluctuations that undoubtedly from time to time will impact the market. One priority is to optimise our ability to plan and manage the balance between owned and chartered tonnage, particularly with regard to the flexibility from timing of the return or extension of chartered tonnage. EXpansion DFDS’ network strategy is the driving force behind the acquisition of Norfolkline. This acquisition will enable us to achieve significant econo- mies of scale and make progress toward our vision of a European, sea- based transport network. The merger of our companies will generate significant synergies, and we expect that the transaction will enhance our profitability as soon as the market recovers. The acquisition is still subject to approval by the relevant competition authorities. THANK you! An unusually low degree of visibility characterised 2009, and a degree of uncertainty still surrounds the future economic outlook. In this situation, we are therefore particularly grateful for the loyalty and perseverance of our staff, customers, shareholders and other partners. 8 STRATEGY DFDS ANNUAL REPORT 2009 FROM ROUTES TO NETWORKS The increasing size of freight customers encourages consolidation in DFDS’ vision order to support delivery of competitive transport solutions. These require wide market coverage, innovative customer concepts and ef- n A European, sea-based transport network that provides ficient information systems. There is also a need for ongoing streamlining competitive, differentiated and value-generating transport of operations in order to achieve lower unit costs.
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