DFDS — Earnings Release 2013

Feb 28, 2014

Copenhagen, 2014-02-28 08:03 CET (GLOBE NEWSWIRE) -- Announcement no. 07

• Operating profit increased by 11% in 2013 to DKK 1.2bn
• Pre-tax profit increased by 36% to DKK 367m
• Cash flow from operations increased by 64% to DKK 1.5bn
• Distribution of DKK 386m through dividend and share buy-back
• In 2014, an operating profit of DKK 1.25-1.40bn is expected

In 2013, DFDS achieved an increase in operating profit (EBITDA) of 11% to DKK
1,213m before special items. Turnover increased by over 3% to DKK 12.1bn.
Higher capacity utilisation and operational efficiencies improved the operating
margin from 9.3% in 2012 to 10.0% in 2013. Profit before tax and special items
increased by 36% to DKK 367m.

“Progress was achieved partly through a sharp focus on customers, which has
strengthened our market share, and partly through continuous streamlining of
operations. We have benefited from growth in the North Sea market, but
declining activity in Russia has reduced volumes in the Baltic Sea region. We
improved our result in the English Channel, but the area remains a major
challenge,” says DFDS’ CEO Niels Smedegaard.

Following a focused effort in 2013, we succeeded in releasing cash of over DKK
300m from working capital. This contributed to increase cash flow from
operations to DKK 1.5bn. The free cash flow (FCF) of DKK 558m equals a cash
flow yield of 10%.

In accordance with DFDS’ capital and distribution policy, a dividend of DKK
14.00 per share of nominal value DKK 100, equal to DKK 186m, and a share
buy-back of DKK 200m is proposed (see separate announcement on share buy-back).

Outlook for 2014
“DFDS is strongly positioned, both financially and strategically, even though
market growth is expected to remain low and competitive pressures will persist.
In 2014, we will continue to work on creating synergies by expanding our
European network through acquisitions. Our focus on improvements and
streamlining will continue at full strength,” says Niels Smedegaard.

Revenues are expected to rise by around 6%, of which 2% points reflect the
full-year impact of company acquisitions in 2013. Operating profit (EBITDA) is
expected to be DKK 1,250–1,400m before special items. The result for 2014 will
still be negatively impacted by operations on the Channel, irrespective of the
UK competition authorities' final decision in May. Investments are expected to
comprise around DKK 1.1bn.

DKK m 2013 2012 Change Change Q4 Q4 Change Change
% 2013 2012 %

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Revenue 12,097 11,700 3.4 397 2,994 2,886 3.7 108
EBITDA before 1,213 1,089 11.4 124 277 184 50.5 93
special items
Profit before 367 270 35.9 97 67 -23 n.a. 90
tax and special
items

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Special items -17 -124 n.a. 107 1 -27 n.a. 28
Profit before 350 146 139.7 204 68 -50 n.a. 118
tax

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DFDS’ Annual Report for 2013 is published and available on www.dfdsgroup.com.

     Niels Smedegaard, CEO
     +45 33 42 34 00

     Torben Carlsen, CFO
     +45 33 42 32 01

     Søren Brøndholt Nielsen, IR
     +45 33 42 33 59