Company announcement no. 19/2021
2021 OFF TO A GOOD START
- Fast recovery from Brexit transition
- Mediterranean continued its progress
- Passenger services remained restricted
- EBITDA increased 23% to DKK 750m
Q1 2021
- Mediterranean’s EBITDA up DKK 101m
- Freight total EBITDA up DKK 165m
- High activity on new Irish route
- Acquisition of HSF Logistics Group
OUTLOOK 2021 (raised 23 April)
- EBITDA of DKK 3.2-3.6bn
- Revenue growth of 20-25%, unchanged
“We came through Brexit better than expected thanks to our focus on customer needs and thorough preparations. Next on our agenda is a successful integration of HSF Logistics Group,” says Torben Carlsen, CEO.
| Key figures | |||||||
| 2021 | 2020 | 2020-21 | 2019-20 | 2020 | |||
| DKK m | Q1 | Q1 | Change, % | LTM | LTM | Change, % | FY |
| Revenue | 3,768 | 3,813 | -1.2 | 13,925 | 16,535 | -15.8 | 13,971 |
| EBITDA before special items | 750 | 610 | 23.0 | 2,872 | 3,565 | -19.4 | 2,732 |
| EBIT before special items | 278 | 133 | 109.4 | 1,003 | 1,650 | -39.2 | 858 |
| Profit before tax and special items | 202 | 98 | 106.0 | 687 | 1,411 | -51.3 | 583 |
| Profit before tax | 192 | 96 | 99.4 | 562 | 1,324 | -57.6 | 466 |
Freight revenue increased 5% to DKK 3.7bn in Q1 while passenger revenue decreased 72% to DKK 0.1bn. Total revenue decreased 1% to DKK 3.8bn.
Freight EBITDA before special items increased DKK 165m or 25% to DKK 836m while the passenger EBITDA decreased DKK 42m to DKK -93m. Total EBITDA increased 23% to DKK 750m. The improved result for freight ferry and logistics activities was mainly driven by the Mediterranean business unit and activities linked to the Brexit transition.
Tight travel restrictions for passengers were in place throughout Q1 and passenger volumes therefore remained subdued in the quarter. Passenger services are provided in three business units – Passenger, Channel and Baltic Sea.
Outlook 2021
The EBITDA outlook for 2021 was raised on 23 April 2021 following stronger than expected freight results for most business units. Revenue is still expected to grow by 20-25% while the range for EBITDA before special items was raised to DKK 3.2-3.6bn from previously DKK 3.0-3.5bn (2020: DKK 2.7bn). Uncertainty remains high and significant changes to outlook assumptions may still occur in the rest of the year.
The outlook is detailed on page 8 in the full report.
Read the Q1 2021 Interim Report here:
https://www.dfds.com/en/about/investors/reports-and-presentations/q1-report-2021
11 May 2021. Conference call today at 14.00am CET
Access code: 75366786# Phone numbers to the call: DK +45 35445577, US +1 631 913 1422, UK +44 333 300 0804
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
Nicole Seroff, Communications: +45 31 40 34 46
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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