ANNOUNCEMENT NO. 20/2023
- Revenue up 9% to DKK 6.3bn
- EBITDA up 23% to DKK 1.0bn
- Passenger recovery continued
- Slowdown in freight volumes
- EBITDA outlook of DKK 4.5-5.0bn unchanged
Q1 2023
- 7% lower CO2 emissions per GT nautical mile
- ROIC increased to 9.0% from 4.6%
- Acquisition of McBurney completed
OUTLOOK 2023, UNCHANGED
- EBITDA of DKK 4.5-5.0bn
- Revenue at same level as 2022
- Investments of DKK 1.6bn
“Our Q1 result was ahead of our expectations. We are however closely monitoring our markets as we continue to develop growth opportunities to enhance our customer offerings,” says Torben Carlsen, CEO.
| KEY FIGURES | |||||||
| 2023 | 2022 | 2022-23 | 2021-22 | 2022 | |||
| DKK m | Q1 | Q1 | Change, % | LTM | LTM | Change, % | Full-year |
| Revenue | 6,341 | 5,837 | 9 | 27,376 | 20,249 | 35 | 26,873 |
| Operating profit before depreciation (EBITDA) | 1,007 | 821 | 23 | 5,160 | 3,404 | 52 | 4,974 |
| Operating profit (EBIT) | 362 | 207 | 75 | 2,623 | 1,286 | 104 | 2,468 |
| Profit before tax | 229 | 149 | 54 | 2,220 | 1,026 | 116 | 2,139 |
Q1 revenue increased 9% to DKK 6.3bn driven by the continued recovery in passenger numbers and spending, price increases for freight services to cover rising energy and other costs, and a positive impact from acquisitions.
Q1 EBITDA increased 23% to DKK 1,007m. The EBITDA for the freight ferry activities increased 4% to DKK 717m and the EBITDA for the Logistics Division increased 38% to DKK 299m.
Freight volumes between the UK and Continent/Scandinavia declined in Q1, especially on the English Channel, while domestic transport volumes, also in the UK, were more robust. The war in Ukraine lowered freight volumes in the Baltic region compared to 2022.
The Q1 EBITDA for passenger activities across the route network increased DKK 100m to DKK 9m which was on level with Q1 2019, the latest pre-Covid-19 year.
For the last twelve months (LTM) 2023-22, EBITDA increased 4% to DKK 5,160m.
Outlook 2023
The outlook for EBITDA of DKK 4.5-5.0bn is unchanged. Revenue is overall still expected to remain at the same level as 2022. The investment outlook of around DKK 1.6bn is also unchanged, excluding acquisitions.
The outlook is detailed on page 9 in the full report.
Read the Q1 2023 interim report here:
https://www.dfds.com/en/about/investors/reports-and-presentations/q1-report-2023
11 May 2023. Conference call today at 10.00am CET
Register ahead of the call via this link. Access code is mailed after registration.
Follow live-streaming of call via this link.
Contact
Torben Carlsen, CEO +45 33 42 32 01
Karina Deacon, CFO +45 33 42 33 42
Søren Brøndholt Nielsen, IR +45 33 42 33 59
Communications: +45 31 16 28 47
About DFDS
DFDS provides ferry and transport services in and around Europe, generating annual revenues of around DKK 27bn.
To over 10,000 freight customers, we deliver high reliability through ferry & port terminal services and transport & logistics solutions.
For millions of passengers, we provide safe overnight and short sea ferry services.
Our 12,000 employees are located on ferries, terminals, distribution centres, and in offices across 20 countries. DFDS was founded in 1866, headquartered in Copenhagen, and listed on Nasdaq Copenhagen.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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