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DFDS Annual Report 2010 DFDS Annual Report Header2010 1 2 Header DFDS Annual Report 2010 DFDS Annual Report 2010 DFDS Annual Report Header2010 1 2 Header DFDS Annual Report 2010 DFDS is Northern Europe’s largest MANAGEMENT REPORT FINANCIAL STATEMENTS 4 Key Figures 42 Income statement integrated shipping and logistics 5 Foreword 43 Comprehensive income 6 Vision, strategy and goals 44 Balance sheet company. 7 Market and competitors 46 Statement of changes in equity 8 Business Model 49 Cash flow statement 10 Route network 50 Notes DFDS Seaways operates a network 12 Management report 102 DFDS Group Companies 18 Integration of Norfolkline 103 Statements of 30 routes with 60 freight and pas- 20 Shipping Division 24 Logistics Division MANAGEMENT REPORT, OTHER senger ships , while DFDS Logistics 28 HR report – CSR 104 Fleet List 30 Environment report – CSR 106 Commercial duties provides freight solutions in Europe 32 Shareholder information 108 Executive Managment with trailers, containers, and rail. 34 Risk factors 110 Definitions & Glossary 36 Financial Review DFDS has 5,000 employees in 20 countries, and revenue reaches DKK 12 billion in 2011. The Company was founded in 1866, is headquar- tered in Copenhagen, and is listed on NASDAQ OMX Copenhagen. DFDS Annual Report 2010 Header 3 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 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 4 Key Figures DFDS Annual Report 2010 KEY FIGURES DFDS GROUP 2010 DKK MILLION EUR million 1 2010 2009 2008 2007 2006 Income statement Revenue 2 1,324 9,867 6,555 8,194 8,310 7,524 • Shipping Division 928 6,921 4,805 - - - • Logistics Division 450 3,353 1,970 - - - • Non-allocated items and eliminations -54 -407 -220 -668 -720 -819 • Ro-Ro Shipping - - - 3,799 3,680 3,471 • Container Shipping - - - 1,636 1,623 1,293 • Passenger Shipping - - - 1,779 1,932 1,838 • Terminal Services - - - 647 703 706 • Trailer Services - - - 963 986 918 • Tramp - - - 38 106 117 Operating profit before depreciation (EBITDA) 2 171 1,273 804 1,011 1,311 1,137 • Shipping Division 164 1,221 822 - - - • Logistics Division 10 74 42 - - - • Non-allocated items -3 -22 -60 -56 -62 -50 • Ro-Ro Shipping - - - 784 914 794 • Container Shipping - - - 81 133 128 • Passenger Shipping - - - 194 249 242 • Terminal Services - - - -31 12 12 • Trailer Services - - - 31 56 15 • Tramp - - - 8 9 -4 Profit on disposal of tangible assets 1 5 18 45 37 33 Operating profit (EBIT) before special items 78 580 245 467 758 587 Special items 14 102 -71 I/A I/A I/A Operating profit (EBIT) 91 682 174 467 758 587 Financing, net -18 -135 -154 -246 -232 -193 Profit before tax 73 547 20 221 526 402 Profit for the period 70 522 89 253 412 364 Profit for the period after minority interests 68 509 86 247 400 352 Profit for analytical purposes 68 507 23 227 485 348 Capital Total assets 1,858 13,849 9,298 8,610 9,610 9,991 DFDS A/S' share of the equity 850 6,339 3,641 3,414 3,538 3,154 Total equity 858 6,396 3,688 3,484 3,653 3,265 Net interest bearing debt 521 3,887 4,067 3,425 3,828 4,654 Invested capital, average 1,216 9,061 7,762 7,663 8,107 7,796 Average number of employees - 4,862 3,924 4,301 4,427 4,346 Cash flow Cash flow from operating activities before finance and after tax 125 929 836 983 1,264 1,167 Cash flow from investments -204 -1,521 -1,265 -345 -151 -1,698 • Acquisition of companies, activities and minority interests -190 -1,417 -39 -40 -35 -306 • Other investments -14 -104 -1,226 -305 -116 -1,392 Free cash flow -79 -592 -429 638 1,113 -531 Operations and return Number of operating ships 57 51 60 64 68 Revenue growth, % 50.5 3 -20.0 -1.4 10.5 19.8 EBITDA-margin, % 12.9 12.3 12.3 15.8 15.1 Operating margin, % 6.9 2.7 5.7 9.1 7.8 Invested capital turnover rate, times 1.09 0.84 1.07 1.03 0.97 Return on invested capital (ROIC) p.a., % 7.2 2.1 5.8 8.6 7.0 Return on equity p.a., % 10.2 0.7 6.5 14.5 11.7 Capital and per share Equity ratio, % 46.2 39.7 40.5 38.0 32.7 Financial gearing, times 0.61 1.12 1.00 1.08 1.48 Earnings per share (EPS), DKK 47 11 32 52 46 Dividend per share, DKK 8.0 0.0 0.0 15.0 11.0 Number of shares at the end of the period, '000 14,856 8,000 8,000 8,000 8,000 Share price at the end of the period, DKK 418 358 399 790 680 Market value, DKK mill. 6,210 2,864 3,192 6,320 5,440 1 Applied exchange rate for euro as of 31 December 2010: 7,4544 2 During 2010 a new business area structure was introduced and comparative figures per business area are only available from 2009. 3 Heraf 37% vedrørende overtagelsen af Norfolkline-koncernen. DFDS Annual Report 2010 Foreword 5 We are moving on DFDS continued to streamline been to abandon the freight and solutions. We must improve our its operations and focus on passenger market in the Irish margins and our utilisation of creating value for its customers Sea, through the sale of two capital by becoming more ef- throughout 2010. Our staff and routes and the closure of two ficient in such areas as business partners delivered outstanding others. processes, procurement and efforts under difficult conditions. operations, as well in our use This decision reflects our of fuel. The proof that their efforts have strategic priority to emphasise borne fruit is reflected in our profitability rather than size. To maintain our leading posi- figures. In 2010, we achieved tion, we must recruit, develop significant growth and earnings Priorities for 2011 and retain the most talented on a par with the best in the 2011 will be an important year staff. Diversity at the workplace BENT ØSTERGAARD industry, just as our profits in for DFDS. In the course of the will also be a competitive factor, Chairman of the Board 2009 were among the best. year, the synergies deriving in parallel with the expansion from our integration plan must of the DFDS network. We will Thanks to these results, DFDS’ be seen to be reflected in our therefore continue to demon- finances have been healthy results and live up to our own strate to the world that DFDS during the financial crisis, which expectations and those of our is a modern, responsible and has enabled us to not only partners and customers. innovative workplace. defend our market position, but also pursue an aggressive At the same time, the operation Our expectations towards growth strategy. of our core activities must be 2011 are high, as is our improved and demonstrate that determination to fulfil them. Stronger network and the coupling between sea and We believe that the year will profitable growth land transport makes strate- underscore “The DFDS Way” With the purchase of Norfolkline gic sense in the long term as enabling a continued expan- in 2010, DFDS is now positioned well as economic sense in the sion of our network of sea and NIELS SMEDEGAARD as Northern Europe’s leading short term. Achieving a marked land transport in Europe. President & CEO company within our sector. improvement in earnings in our logistics operations is therefore It is crucial for us that our future a strategic priority in 2011. growth is profitable and creates value. Following the Norfolkline Innovative operations acquisition, this prioritisation Creating value for our customers has led to several difficult but in highly competitive markets necessary decisions. One of the requires a business model which most important of these has offers innovative services and 6 Vision, strategy and goals DFDS Annual Report 2010 Vision, strategy and goals Vision • Securing freight volumes finance. In several countries eral, via a separate Freight Sales DFDS operates the widest and for the network through a both freight and passenger op- Solutions unit. most reliable integrated ship- stronger combination of sea erations are conducted and the ping and logistics network in and land transport administrative functions for Financial targets Europe. both areas are merged based DFDS’ long-term target is to Most of the integration process on a standard concept for joint obtain a return on invested Our customers value the easy for Norfolkline is expected to operations in every country. capital exceeding Group capital access and positive experience be implemented by the end of costs by 30-50%. The capital of our freight and passenger 2011 and completed by the end • A culture of improvement that costs correspond to a minimum services. of 2012. In 2011, in particular, reduces costs and increases return requirement on returns the integration task will have efficiency on an ongoing basis: on invested capital, and have The people of DFDS continue to the highest strategic priority for We will focus on promoting been calculated at 6.5% in early deliver efficient and innovative DFDS. processes and a culture of 2011. transportation services for our knowledge-sharing across customers as they have done In parallel with the integra- divisions and business areas, The calculation of capital costs since 1866.
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