Company announcement no. 35/2021
SOLID GROWTH IN DEMAND
- High freight revenue growth
- Supply chain bottlenecks entailed extra costs in Q3
- Q3 EBITDA maintained on level with 2020
Q3 2021
- Revenue up 22% to DKK 4.4bn
- Strong growth in Mediterranean
- Slowdown in UK freight flows
- Passenger numbers still held back by travel restrictions
OUTLOOK 2021
- EBITDA range now expected at DKK 3.3-3.5bn (DKK 3.2-3.6bn)
- Revenue growth now expected at 23-25% (20-25%)
“Meeting our customers’ needs came at a cost in a busy Q3. Looking ahead, we continue on our growth path, supported by our recent acquisitions of HSF Logistics Group and ICT Logistics,” says Torben Carlsen, CEO.
| KEY FIGURES | |||||||
| 2021 | 2020 | 2020-21 | 2019-20 | 2020 | |||
| DKK m | Q3 | Q3 | Change, % | LTM | LTM | Change, % | FY |
| Revenue | 4,406 | 3,598 | 22.5 | 16,148 | 14,218 | 13.6 | 13,971 |
| EBITDA before special items | 848 | 846 | 0.3 | 3,265 | 2,734 | 19.4 | 2,732 |
| EBIT before special items | 332 | 388 | -14.3 | 1,294 | 826 | 56.7 | 858 |
| Profit before tax and special items | 263 | 324 | -18.8 | 974 | 570 | 70.7 | 583 |
| Profit before tax | 291 | 262 | 10.9 | 907 | 496 | 83.0 | 466 |
Revenue increased 22% to DKK 4.4bn driven by higher freight activity in most business units. Q3 passenger activity was overall below 2020 but picked up in the last month of the quarter.
The total freight EBITDA for ferry and logistics before special items increased 6% to DKK 795m driven mainly by strong growth in the Mediterranean business unit. The total passenger EBITDA for passenger services in the Baltic Sea, Channel, and Passenger business units decreased DKK 43m or 45% to DKK 53m. Total EBITDA of DKK 848m was on level with 2020.
Supply chain bottlenecks became more widespread in Europe during Q3, including a high level of impact in the UK. This entailed extra operating costs for both freight ferry, port terminal and logistics activities. In addition, freight volumes to the UK were for periods in Q3 capped which lowered utilisation on ferry routes.
Outlook 2023
The outlook for freight activities remains overall positive, although the current slowdown in UK trade flows is expected to continue in Q4 2023. Passenger travel is expected to continue to pick up. Revenue growth outlook is now expected at 23-25% (20-25%). The EBITDA outlook range before special items is now expected at
DKK 3.3-3.5bn compared to previously DKK 3.2-3.6bn (2020: DKK 2.7bn).
The outlook is detailed on page 10 in the full report.
Read the Q3 2023 Interim Report here:
https://www.dfds.com/en/about/investors/reports-and-presentations/q3-report-2021
17 November 2023. Conference call today at 10.00am CET
Access code: 27844331# 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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