DOCSLIB.ORG

Eurotunnel/Seafrance Merger Inquiry Remittal: Final Decision

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Eurotunnel/Seafrance Merger Inquiry Remittal: Final Decision Eurotunnel/SeaFrance merger inquiry remittal Final decision on the question remitted to the Competition and Markets Authority by the Competition Appeal Tribunal on 4 December 2013 and consideration of possible material change of circumstances under section 41(3) Notified: 27 June 2014 © Crown copyright 2014 You may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government- licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. The Competition and Markets Authority has excluded from this published version of the report information which the inquiry group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. Some numbers have been replaced by a range. These are shown in square brackets. Contents Summary .................................................................................................................... 1 Decision ................................................................................................................... 11 1. Introduction ......................................................................................................... 11 2. Background to the remittal .................................................................................. 12 The process on remittal ...................................................................................... 12 The statutory framework and Guidelines ............................................................ 13 The judgment of the CAT and basic approach to the remitted question ............. 16 The judgment of the CAT .............................................................................. 16 Hot lay-up of the vessels ............................................................................... 18 Ex-SeaFrance employees ............................................................................. 18 The interrelationship between vessels and employees ................................. 20 Our basic approach ....................................................................................... 20 Point in time at which the enterprise/asset question must be determined........... 20 FCA decision ...................................................................................................... 24 3. Our assessment of the remitted issue ................................................................. 24 Background to the transaction and reason for period of inactivity ....................... 24 Safeguard procedure (April 2010 to June 2011) ............................................ 25 State aid ........................................................................................................ 26 Invitation of offers to buy SeaFrance as a going concern (July 2011) ........... 26 Liquidation of SeaFrance (November 2011) .................................................. 29 Invitation of further bids (December 2011) .................................................... 30 Formal cessation of activities (January 2012) and invitation of bids for liquidated assets (May 2012) ........................................................................ 31 SeaFrance assets in the UK .......................................................................... 36 Summary of parties’ submissions on the period of inactivity ............................... 37 Our views on the history of the transaction and the period of inactivity............... 38 Consideration of SeaFrance employees ............................................................. 41 Judgment of the CAT ..................................................................................... 41 Arrangements relating to SeaFrance employees........................................... 43 Our views ...................................................................................................... 46 The employee indemnity ............................................................................... 47 Parties’ submissions on indemnity and staff continuity .................................. 50 Our views on the indemnity and staff continuity............................................. 52 Acquired SeaFrance assets ................................................................................ 55 Suitability of the acquired vessels for the Dover–Calais route ....................... 56 Acquired vessels and availability of alternatives ............................................ 58 Berthing slots and booths ................................................................................... 71 Berthing slots ................................................................................................. 71 Other acquired assets ................................................................................... 74 4. Conclusions on the remitted question ................................................................. 86 Assessment of jurisdictional issue applying the approach in the judgment ......... 86 Broader observations on the jurisdictional test ................................................... 92 5. MCC consideration ............................................................................................. 94 Summary of the MCCs put forward by GET, the SCOP and the Mayor and other representatives of Calais ................................................................................... 96 Demand growth ............................................................................................. 96 MCC arguments in relation to the exit of DFDS ............................................. 98 Assessment of the MCCs proposed by GET and the SCOP ............................ 100 Comparison of the CC’s June 2013 and GET’s current demand projections .... 101 1 Overall short-sea demand ........................................................................... 101 DFDS’s financial performance ..................................................................... 118 DFDS financial performance........................................................................ 119 CMA assessment ........................................................................................ 124 Conclusion on DFDS financial performance ................................................ 126 Conclusion on the MCCs proposed by GET and the SCOP ........................ 127 6. Remedies .......................................................................................................... 127 Remedies specified in the Report ..................................................................... 127 Alternative remedies proposed by GET ............................................................ 128 Alternative remedy proposed by the SCOP ...................................................... 129 Review of the SCOP remedy ....................................................................... 131 Conclusion on the effectiveness of the SCOP proposal .............................. 137 Proportionality .............................................................................................. 138 DFDS’s proposed amendment to the Report remedy ....................................... 138 Review of DFDS remedy proposal .............................................................. 139 Conclusion on DFDS’s proposal .................................................................. 140 Proportionality of remedies in the Report .......................................................... 140 Conclusion on remedy proposals ...................................................................... 142 Appendices A: Chronology of events B: Details of assets acquired by GET/SCOP C: The vessels D: Evidence regarding acquired non-vessel assets E: The French Competition Authority’s decision F: MARPOL regulations G: Press articles concerning DFDS highlighted by GET H: Analysis of the difference between GET demand projections and CC June 2014 projections I: Break-even analysis of DFDS operations on the Dover–Calais route J: DFDS Dover–Calais financials actual, 2014 K: Decision on remedies in the Report Glossary 2 Summary 1. On 6 June 2013, the Competition Commission (CC) published a report (the Report) on the completed acquisition by Groupe Eurotunnel S.A. (GET) of certain assets of former SeaFrance S.A. (SeaFrance). We found that we had jurisdiction in this case as the transaction constituted a relevant merger situation within the meaning of the Enterprise Act 2002 (the Act). We also concluded that the transaction may be expected to result in a substantial lessening of competition (SLC) in the market for the supply of transport services to passengers on the short sea1 and in the market for the supply of transport services to freight customers on the short sea. 2. Following challenges to our decision by GET and the Société Coopérative de Production SeaFrance S.A. (the SCOP),2 the Competition Appeal Tribunal (CAT) found in its judgment dated 4 December 2013 (the judgment of the CAT)3 that the question of whether the CC has jurisdiction by virtue of the fact that in this case two enterprises ceased to be distinct should be remitted to the CC for its reconsideration. 3. This report sets out our decision on the remitted question and our decision
Load more

Recommended publications
  • List of Numeric Codes for Railway Companies (RICS Code) Contact : [email protected]
    List of numeric codes for railway companies (RICS Code) contact : [email protected] reference : http://www.uic.org/rics code short name full name country request date allocation date modifieddate beginvalidityof validityendof recent Freight Passenger Infra- structure Holding Integrated Other url 0006 StL Holland Stena Line Holland BV NL 01/07/2004 01/07/2004 x http://www.stenaline.nl/ferry/ 0010 VR VR-Yhtymä Oy FI 30/06/1999 30/06/1999 x http://www.vr.fi/ 0012 TRFSA Transfesa ES 30/06/1999 30/06/1999 04/10/2016 x http://www.transfesa.com/ 0013 OSJD OSJD PL 12/07/2000 12/07/2000 x http://osjd.org/ 0014 CWL Compagnie des Wagons-Lits FR 30/06/1999 30/06/1999 x http://www.cwl-services.com/ 0015 RMF Rail Manche Finance GB 30/06/1999 30/06/1999 x http://www.rmf.co.uk/ 0016 RD RAILDATA CH 30/06/1999 30/06/1999 x http://www.raildata.coop/ 0017 ENS European Night Services Ltd GB 30/06/1999 30/06/1999 x 0018 THI Factory THI Factory SA BE 06/05/2005 06/05/2005 01/12/2014 x http://www.thalys.com/ 0019 Eurostar I Eurostar International Limited GB 30/06/1999 30/06/1999 x http://www.eurostar.com/ 0020 OAO RZD Joint Stock Company 'Russian Railways' RU 30/06/1999 30/06/1999 x http://rzd.ru/ 0021 BC Belarusian Railways BY 11/09/2003 24/11/2004 x http://www.rw.by/ 0022 UZ Ukrainski Zaliznytsi UA 15/01/2004 15/01/2004 x http://uz.gov.ua/ 0023 CFM Calea Ferată din Moldova MD 30/06/1999 30/06/1999 x http://railway.md/ 0024 LG AB 'Lietuvos geležinkeliai' LT 28/09/2004 24/11/2004 x http://www.litrail.lt/ 0025 LDZ Latvijas dzelzceļš LV 19/10/2004 24/11/2004 x http://www.ldz.lv/ 0026 EVR Aktsiaselts Eesti Raudtee EE 30/06/1999 30/06/1999 x http://www.evr.ee/ 0027 KTZ Kazakhstan Temir Zholy KZ 17/05/2004 17/05/2004 x http://www.railway.ge/ 0028 GR Sakartvelos Rkinigza GE 30/06/1999 30/06/1999 x http://railway.ge/ 0029 UTI Uzbekistan Temir Yullari UZ 17/05/2004 17/05/2004 x http://www.uzrailway.uz/ 0030 ZC Railways of D.P.R.K.
    [Show full text]
  • General Court of the European Union PRESS RELEASE No 5/15 Luxembourg, 15 January 2015
    General Court of the European Union PRESS RELEASE No 5/15 Luxembourg, 15 January 2015 Judgment in Case T-1/12 Press and Information France v European Commission The General Court confirms that the aid granted by the SNCF to SeaFrance is incompatible with the internal market SeaFrance, now wound up, was a French public limited company that was indirectly 100% owned by the French public entity the SNCF. It operated maritime passenger and freight transport services between the ports of Calais and Dover. In 2009, SeaFrance owned six vessels and employed 1 550 staff. From 2008, SeaFrance’s financial situation systematically deteriorated owing to unfavourable conditions, internal difficulties and industrial action. The SNCF therefore set up a credit line in favour of SeaFrance. That rescue aid was approved by the Commission on 18 August 2010.1 The French authorities subsequently notified the Commission of a restructuring aid package in favour of SeaFrance along with a restructuring plan. That restructuring was to be financed mainly by State aid in the form of a recapitalisation of SeaFrance in the amount of €223 million. Following a complaint of a competitor of SeaFrance, the French authorities communicated, at the end of 2011, a modified restructuring plan: the recapitalisation of SeaFrance was now to be limited to €166.3 million and to be accompanied by two loans granted by the SNCF. The first loan, of €99.7 million, was intended to finance the restructuring, while the second loan sought to replace a loan pertaining to one of the vessels of the fleet. By decision of 24 October 2011,2 the Commission found that the rescue aid agreed in 2010 and the restructuring measures set out in the 2011 plan (recapitalisation and loans) constituted State aid incompatible with the internal market.
    [Show full text]
  • The Media Guide to European Ferry Travel 2013
    The Media Guide to European Ferry Travel 2013 www.aferry.co.uk/offers Inside: • The latest routes & prices • Free ferry apps • Customer ferry reviews • Free wine offers 12:26 PM Back Resultsttss Dover to Calais some extra text too begin my Carrier testing to see the font size and whatat it should 27 Aug 2012 27 Aug 2012 £ 12:34 PM PMPM The World’s Leading Ferry Website 13:55 13:25 Dover Calais £75.00£75.0075 00 16:25 13:55 From: Calais Dover Dover 1h 30m 1h 30m To: 14:20 14:50 Calais App now available Dover Calais £80.00800.0000 17:25 15:55 Calais Dover Depart: 1h 30m 1h 30m 15 Jun 2012 at 15:00 15:30 Return: 0930 for iPhone & Android mobiles Dover Calais £85.000 14 Feb 2012 at 1800 18:25 17:55 Calais Dover 1h 30m 1h 30m Passengers: ONN 16:55 16:25 x 2 Dover Dunkerque £90.00 V x 1 16:25 13:55 ehicle: Dunkerque Dover 1h 30m 1h 30m SEARCH Finding The Best Ferry Deal Has Never Been Easier Ferry Useful Information Online 24/7 Use our one stop shop - To search, compare and book. Search AFerry for: With AFerry, you have access to the largest selection of ferries in Europe and beyond. Up to the minute ferry news. For all ferry routes and more: Fantastic prices and offers all year round. www.aferry.co.uk/ferry-routes.htm Compare the prices of ferries to Choose from all the famous ferry Our top tips to get the cheapest ferries.
    [Show full text]
  • Transport Research Market Uptake (Market-Up) Deliverable: D 2.1
    Project ID: 265841 Transport Research Market Uptake (Market-up) Deliverable: D 2.1 Characterisation of the context of RTD initiatives per sectoral area Lead partner: UNIZA Consortium: Project co-funded by the European Commission TIS (PORTUGAL) - Co-ordinator within the Seventh Framework Programme CLEPA (BELGIUM) EMEC (BELGIUM) FRAUNHOFER (GERMANY) BME (HUNGARY) INOVA+ (PORTUGAL) UNIZA (SLOVAKIA) UA (BELGIUM) INNOVA (ITALY) Due Date of Deliverable: October 2011 Start Date of Project: 1 October 2010 Completion Date of Deliverable: December 2011 Duration: 24 Months Dissemination Level PU Public X PP Restricted to other programme participants (including the Commission Services) RE Restricted to a group specified by the consortium (including the Commission Services) CO Confidential, only for members of the consortium (including the Commission Services) Market-up D2.1: Characterisation of the context of RTD initiatives per sectoral area Foreword This report, FP7 Market-up project Deliverable 2.1, was prepared by the team at UNIZA with contributions from all members of the project consortium. The key data concerning Member States was collected by the Market-up team and provided to Transport NCP‟s for validation purposes. Market-up team is particularly thankful to the NCPs from Denmark, Austria, Latvia, Portugal, Slovakia, France and Lithuania for their contribution in the review of our findings. Opinions on main findings on barriers and particularly those faced by the transport SMEs were discussed with Technological Platforms during data collection and specific discussion topics have circulated and feedback asked for. Main findings from D2.1 were also presented in the Review Workshop held on the 26th October in Brussels, which discussion helped to improve our analysis and to enrich the discussion on perspectives for innovation in the transport sector.
    [Show full text]
  • Multi-Level Port Resilience Planning in the UK: How Can Information Sharing Be Made Easier? Technological Forecasting and Social Change
    Shaw DR, Grainger A and Achuthan K (2017) Multi-level port resilience planning in the UK: How can information sharing be made easier? Technological Forecasting and Social Change. Special issue on Disaster Resilience. Multi-level port resilience planning in the UK: How can information sharing be made easier? Duncan R. Shaw, Nottingham University Business School, Jubilee Campus, Nottingham, UK. (corresponding author) Email: [email protected], Tel: +44 (0) 115 8467756. Andrew Grainger, Nottingham University Business School, Jubilee Campus, Nottingham, UK. [email protected]. Kamal Achuthan, Centre for Transport Studies, Department of Civil, Environmental and Geomatic Engineering, University College London, [email protected]. Abstract Port resilience planning is a subset of the wider disaster resilience literature and it is concerned with how port stakeholders work together to make port systems more resilience. Port stakeholders include government departments, the port operator, ship operators, importers, agents and logistics firms. Ports are vital for the operation of cities and whole countries, especial island nations like the UK. Single port systems are multi-level systems with complex operational-level relationships and interdependencies. Additional levels to this include government and the policy-level. Preparing for the crises and disasters that might befall ports requires information sharing between stakeholders about key dependencies and alternative actions. The complexity of ports presents barriers to information sharing; as do commercial and political sensitivities. This paper uses a multi-level case study on the UK’s system of ports to propose an approach to information sharing that uses the subjectivity of information from a supplier’s perspective and from a user’s perspective to reduce barriers of complexity, confidentiality and political sensitivity.
    [Show full text]
  • Workshop 2013 02-2
    WORKSHOP 2013 Sota el patrocini de: Cercle Fundació Abertis Fundació Cercle d'Infraestructures d’Infraestructures Relator: Lluís Inglada (Institut Cerdà) Comitè organitzador: Pere Macias Modest Batlle Toni Brunet Sergi Loughney El futur de les Carles Cabrera Lluís Inglada infraestructures Josep Maria Oliveras Sílvia Borges de transport: Secretaria de redacció: Silvia Borges [email protected] competència o Disseny i maquetació: complementarietat Fabrizio Rodilossi [email protected] entre modes Impressió: Gràfiques Ossó [email protected] Correcció: Glòria Farrés Castell de Castellet i La Gornal D.L. B-27.592-2013 4 de octubre de 2013 El futur de les infraestructures de transport: competència o complementarietat entre modes a jornada de treball de les Fundacions Abertis i participació del director del Port de Barcelona, José Al- Cercle d'Infraestructures al Castell de Castellet berto Carbonell, de Jaume Bonavia, director d'Alfil Lo- de Foix es va dedicar, el 2013, a les relacions de gistics, i del director de Logística de BASF, José Curado. complementarietat i de competència entre mo- Com és habitual, en el Workshop van participar també Ldes de transport. alts dirigents de les administracions competents en in- Cal recordar que aquell any la crisi econòmica era espe- fraestructures i transports, el secretari general d’Infraes- cialment intensa, i que en el camp de les infraestructu- tructures del Ministeri de Foment, Manuel Niño, el se- res tots els indicadors d'activitat assenyalaven mínims. cretari general de Territori i Mobilitat de la Generalitat, En aquest context van voler presentar experiències que Ricard Font, i el Sr. Patrick Boeuf, responsable del sector poguessin assenyalar camins de sortida al sector.
    [Show full text]
  • Direct Ferries Dover Calais
    Direct Ferries Dover Calais Lorrie is ignitible: she medicates restfully and bowls her hart. Antarthritic Gayle Germanized aurally. Fastigiate and presentive Paulo shake-up outstation and warehousing his damsons contiguously and presently. There is ruimte voor zowel de alternatieve links below you ride a direct ferries dover calais may apply any ferry with direct capacity there. Dover calais dover calais via the direct ferries dover calais at direct ferries promo code from immingham can accept commercial routes show sailing? Comarit also like our direct ferries dover calais dover calais route and direct ferry is. How thunder is the ferry said from France to England? What is een scala aan op basis van adelaide, direct ferries to norway, making statements based on a direct ferries from. Directferriescouk Reviews Review Centre. Direct ferries app due to calais i fail to direct ferries cross channel coast of any advice please consider the ultimate freedom when we only. To theme the latest times prices and deals or of direct with P O Aug 19 2016. Between Dublin and Holyhead and then Dover to Calais provides the. Compare the direct ferries to dover priory railway station to dieppe and tailored travel during your chosen destination, but my direct ferries dover calais? Why should I buy a bad ticket Freightlink The commercial Ferry. Kiel to calais i remember fondly venus and calais dover. Op de populaire lijnen Dover-Duinkerken Dunkerque en Dover-Calais. Find out to northern africa, moet je in my booking online at least one wek is dover calais route was sold out how do i get booked online.
    [Show full text]
  • A RPL Through RDF: Expressive Navigation in RDF Graphs
    A RPL through RDF: Expressive Navigation in RDF Graphs Harald Zauner1, Benedikt Linse1,2,TimFurche1,3, and François Bry1 1 Institute for Informatics, University of Munich, Oettingenstraße 67, 80538 München, Germany 2 Thomson Reuters, Landsberger Straße 191a, 80687 München, Germany 3 Oxford University Computing Laboratory, Wolfson Building, Parks Road, Oxford, OX1 3QD, England http://rpl.pms.ifi.lmu.de/ Abstract. RPL (pronounced “ripple”) is the most expressive path lan- guage for navigating in RDF graphs proposed to date that can still be evaluated with polynomial combined complexity. RPL is a lean language well-suited for integration into RDF rule languages. This integration en- ables a limited form of recursion for traversing RDF paths of unknown length at almost no additional cost over conjunctive triple patterns. We demonstrate the power, ease, and efficiency of RPL with two appli- cations on top of the RPL Web interface. The demonstrator implements RPL by transformation to extended nested regular expressions (NREs). For these extended NREs we have implemented an evaluation algorithm with polynomial data complexity. To the best of our knowledge, this demo is the first implementation of NREs (or similarly expressive RDF path languages) with this complexity. 1Motivation With the promise of exciting “new kinds of usage scenarios”, you finally got your boss at company C to embrace linked data and connect your community forum and contact database to other online communities and FOAF profiles of your contacts. Your boss now wants to put that technology to use: “I want to cooperate with X on topic Y ! Can you get me the name of any person that works at X and that’s connected to us via people that are also interested in Y (so that they have an interest in connecting us).
    [Show full text]
  • Concurrence Et Transport
    Concurrences REVUE DES DROITS DE LA CONCURRENCE | COMPETITION LAW REVIEW Concurrence et transport Conférence l Concurrences N° 4-2015 www.concurrences.com Jean-François Cordet Préfet de la région Nord-Pas-de-Calais Lille Grégoire Marlot Directeur régulation Europe économie, SNCF Réseau, Paris Anne Yvrande-Billon Vice-présidente, Autorité de régulation des activités ferroviaires (ARAF), Paris Umberto Berkani Rapporteur général adjoint, Autorité de la concurrence, Paris Sylvain Justier Avocat associé, Magenta, Paris Jean-François Benevise Directeur régional, DIRECCTE du Nord-Pas-de-Calais, Lille Conférence Concurrence et transport Lille, 16 avril 2015 Institut Pasteur DISCOURS D’oUVERTURE DEUXIÈME PARTIE Jean-François Cordet Préfet de la région Nord-Pas-de-Calais Lille Enjeux et problématiques du secteur du transport PREMIÈRE PARTIE au regard du droit Concurrence et de la concurrence régulation dans L’action de l’Autorité de la concurrence dans le secteur des transports Art. Intellectuelle). Personal use of this document is authorised within the limits Intellectuelle and DRM protection. L. 335-2 Code de la Propriété L 122-5 le secteur ferroviaire Umberto Berkani Rapporteur général adjoint, Autorité de la concurrence, Paris La concurrence dans le transport ferroviaire : Enjeux et problématique Complémentarité et interaction du droit Grégoire Marlot de la concurrence et du droit sectoriel Directeur régulation Europe économie, SNCF Réseau, Paris Sylvain Justier Avocat associé, Magenta, Paris Quelles perspectives d’ouverture à la concurrence du marché du transport ferroviaire en France ? Anne Yvrande-Billon DISCOURS DE CLÔTURE Jean-François Benevise Vice-présidente, Autorité de régulation des activités ferroviaires (ARAF), Paris Directeur régional, DIRECCTE du Nord-Pas-de-Calais, Lille Concurrences + www.concurrences.com The papers of this conference délit pénalement sanctionné jusqu'à 3 ans d'emprisonnement et 300 000 € d'amende (art.
    [Show full text]
  • Reference List Ferries and River Cruise Vessels
    REFERENCE LIST FERRIES AND RIVER CRUISE VESSELS DAMEN SHIPREPAIR & CONVERSION Member of the DAMEN SHIPYARDS GROUP Admiraal de Ruyterstraat 24 phone +31 (0)10 204 12 22 [email protected] 3115 HB Schiedam fax +31 (0)10 473 25 77 www.damenshiprepair.com P.O. Box 22 311 AA Schiedam The Netherlands VESSEL CUSTOMER COUNTRY TYPE OF WORK YEAR VESSEL CUSTOMER COUNTRY TYPE OF WORK YEAR BERLIOZ MyFerryLink France Docking 2015 COUTANCES Brittany Ferries BAI SA France Docking 2008 PONT AVEN Brittany Ferries BAI SA France Docking 2015 STENA BRITANNICA Stena Line UK Ltd. UK PROJ-Yard 2008 RODIN MyFerryLink France Docking 2015 PRIDE OF HULL P&O Ferries Limited UK PROJ-Port 2008 NORD PAS DE CALAIS MyFerryLink France Docking 2015 PRIDE OF ROTTERDAM P&O Ferries Limited UK PROJ-Port 2008 SPIRIT OF FRANCE P&O Ferries Limited UK Docking 2015 KING OF SCANDINAVIA Cedervall & Söner Ab SWEDEN PROJ-VERT 2008 PRIDE OF BURGUNDY P&O Ferries Limited UK Docking 2015 STENA PARTNER Stena Line B.V The Netherlands PROJ-Yard 2008 PRIDE OF KENT P&O Ferries Limited UK Docking 2015 PRIDE OF ROTTERDAM P&O North Sea Ferries B.V. The Netherlands PROJ-Port 2008 PRIDE OF CUTERBURY P&O Ferries Limited UK Docking 2014 PRIDE OF HULL P&O Ferries Limited UK PROJ-Port 2008 SVEN SISTERS DFDS France Afloat repair 2014 STENA TRANSFER Stena Line UK Ltd. UK PROJ-Yard 2008 EUROPEAN SEAWAYS P&O Ferries Limited UK Docking 2014 STENA PARTNER Stena Line B.V The Netherlands PROJ-Yard 2008 DIEPPE SEAWAYS DFDS UK Docking 2014 STENA TRANSPORTER Stena Line UK Ltd.
    [Show full text]
  • Dfds Annual Report 2015
    DFDS ANNUAL REPORT 2015 RECORD EBITDA OF DKK 2,041 m ACHIEVED IN 2015 RETURN ON INVESTED CAPITAL INCREASED TO 13.7% DISTRIBUTION TO SHAREHOLDERS OF DKK M PLANNED FOR 2016 950 CONTENTS 3 Shipping and Logistics Network 6 Vision, Strategy and Priorities 9 Key Figures 10 Management Report 17 Shipping Division 22 Logistics Division 26 Risk Factors 29 The DFDS Share and Shareholders 32 Financial Review 35 Consolidated Financial Statements 74 Parent Company Financial Statements 92 Fleet List 94 Commercial Duties 97 Executive Management 98 Definitions and Glossary 99 The History of DFDS ANNUAL REPORT DFDS ANNUAL REPORT 2015 DFDS provides shipping and transport services in Europe and has an ANNUAL REVENUE OF MORE THAN DKK 13 BILLION. To OVER 8,000 FREIGHT CUSTOMERS, we deliver high performance and superior reliability through shipping and port terminal services, and transport and logistics solutions. For MORE THAN SIX MILLION PASSENGERS, many travelling in their own cars, we provide safe overnight and short sea ferry services. We have 6,600 EMPLOYEES spread across offices in 20 countries. DFDS was established in 1866, is headquartered in Copenhagen and is LISTED ON NASDAQ COPENHAGEN. 2 ANNUAL REPORT DFDS ANNUAL REPORT 2015 DFDS GROUP PEOPLE & SHIPS / FINANCE FINANCIAL CALENDER 2016 SHIPPING DIVISION LOGISTICS DIVISION Annual General Meeting • Shipping services for • Door-to-door transport 31 March 2016 at 14:00 freight and passengers solutions Radisson SAS Falconer Hotel • Bespoke industry solutions • Contract logistics, including and Conference
    [Show full text]
  • Management Report 2012
    Management Report 2012 Société anonyme with share capital of 300,219,278 euros Registered offIce: 2, rue Robert Esnault-Pelterie, 75007 Paris Mailing address: 10-14, rue de Rome, 93290 Tremblay-en-France Paris Trade and Company Register: 552,043,002 1 Contents Page 1 CORPORATE GOVERNANCE .................................................................................................................. 3 1.1 The Board of Directors ............................................................................................................................ 3 1.2 The CEO Committee ............................................................................................................................ 36 1.3 The Group Executive Committee .......................................................................................................... 36 1.4 Share capital and shareholder structure ............................................................................................... 39 2 ACTIVITY ................................................................................................................................................. 44 2.1 Highlights of the 2012 financial year ..................................................................................................... 44 2.2 Market and environment ....................................................................................................................... 46 2.3 Strategy ................................................................................................................................................
    [Show full text]