Q1 2022 INTERIM REPORT
ANNOUNCEMENT NO. 15/2022
- Unchanged full-year earnings outlook of more than 20% growth
- Q1 EBITDA increased 9% to DKK 822m
- Logistics boosted by HSF integration and margin improvement
- Passenger recovery ahead of expectations
- Baltic Sea freight volumes lowered by war in Ukraine
Q1 2022
- Freight ferry volumes continued to grow
- Passenger ferry markets recovered through the quarter
- HSF in line with expectations
OUTLOOK 2022
- EBITDA range DKK 3.9-4.4bn (2021: DKK 3.4bn)
- Revenue growth increased to around 30% (previously 23-27%)
“Continuously adapting to challenges and opportunities, we remain on track to raise earnings more than 20% in 2022,”
says Torben Carlsen, CEO.
| KEY FIGURES | |||||||
| 2022 | 2021 | 2021-22 | 2020-21 | 2021 | |||
| DKK m | Q1 | Q1 | Change, % | LTM | LTM | Change, % | FY |
| Revenue | 5,725 | 3,768 | 51.9 | 19,826 | 13,925 | 42.4 | 17,869 |
| EBITDA before special items | 822 | 750 | 9.5 | 3,482 | 2,872 | 21.2 | 3,411 |
| EBIT before special items | 214 | 278 | -23.0 | 1,249 | 1,003 | 24.5 | 1,313 |
| Profit before tax and special items | 147 | 202 | -27.3 | 980 | 687 | 42.6 | 1,035 |
| Profit before tax | 149 | 192 | -22.5 | 1,026 | 562 | 82.7 | 1,069 |
Ferry Division’s revenue was increased by higher freight and passenger activity as well as a rise in bunker surcharge revenue. Logistics Division’s revenue was increased by the acquisition of HSF Logistics Group in September 2021 and ICT Logistics in January 2022 as well as higher activity and yield increases for the existing activities. Group revenue increased 52% to DKK 5.7bn.
EBITDA increased 9% to DKK 822m. The total freight EBITDA for ferry and logistics activities before special items increased 10% to DKK 926m driven mainly by growth in the Mediterranean business unit, improved logistics performance, and the acquisition of HSF Logistics Group. The war in Ukraine reduced Baltic Sea’s freight volumes and the result.
The total EBITDA for passenger activities in the Baltic Sea, Channel, and Passenger business units decreased 12% to DKK -104m. Earnings were reduced by the re-opening of Oslo-Frederikshavn-Copenhagen in a low season market environment with passenger numbers still recovering from Covid-19. This offset higher Channel earnings as all ferries have continuously operated in this market.
Outlook 2022
The revenue growth outlook is increased to around 30% compared to 2021 due to significantly higher revenue from oil surcharges as well as higher passenger revenue (previously 23-27%). EBITDA before special items is unchanged DKK 3.9-4.4bn (2021: DKK 3.4bn).
The outlook is detailed on page 10 in the full report.
Read the Q1 2022 interim report here:
https://www.dfds.com/en/about/investors/reports-and-presentations/q1-report-2022
11 May 2022. Conference call today at 10.00am CET
Access code: 71227226# 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
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