Copenhagen, 13. August 2009
“We are very satisfied with DFDS Seaways' performance in Q2 as a combination of
more efficient operations and lower bunker costs provided a boost to financial
performance, despite the difficult market conditions. Freight market
conditions, however, are still very difficult, but we are pleased that the
decline in volumes has eased off since Q1. The low level of activity still
makes the ongoing streamlining of our operations and the adaptation of our
costs a necessity. Therefore, in May we launched a comprehensive improvement
project for ship operations, which we expect to provide annual savings of up to
DKK 100 million from 2010 onwards." says CEO Niels Smedegaard about the
development in Q2.
“The latest booking figures for DFDS Seaways support a continued positive trend
in this business area for the rest of the year. Visibility in the freight
market is currently lower, and that creates greater uncertainty about
developments in the second half of the year in this area. Our freight
organisation does, however, enjoy a strong position in the market as a result
of adjustments already implemented", says Niels Smedegaard concerning the
prospects for the rest of 2009.
DFDS will continue to pursue opportunities to strengthen the long-term market
position.
Significant events, Q2 (comparison figures: Q2 2008):
• Revenue was reduced by 25% to DKK 1.6 billion. Adjusted for bunker
surcharges, revenue was reduced by 20%
• Operating profit before depreciation (EBITDA) was reduced by 19% to DKK 238
million
• EBITDA margin rose to 14.4% (13.3%)
• Pre-tax profit was DKK 33 million (DKK 127 million)
• Lower freight volumes led to a drop in financial performance for Ro-Ro
Shipping, although the general market decline was less than in Q1
• Passenger Shipping improved financial performance by DKK 50 million
• Progress from Q1 continued for Trailer Services
• Pre-tax profit for the whole year is still expected to be around zero
