DFDS: Q2 2021 INTERIM REPORT
ANNOUNCEMENT NO. 26/2021
SOLID GROWTH IN FREIGHT VOLUMES
- Q2 EBITDA increased 77% to DKK 897m
- Mediterranean continued strong performance
- Passenger volumes remain impacted by travel restrictions
Q2 2021
- Freight EBITDA up DKK 400m
- Significant recovery from 2020-lockdowns
- EBITDA for Mediterranean route network improved DKK 191m
- ESG-reporting expanded
OUTLOOK 2021, UNCHANGED
- EBITDA of DKK 3.2-3.6bn
- Revenue growth of 20-25%
- No passenger recovery from 2020 expected in 2021
“Our freight activities delivered strong results in Q2, also compared to 2019. Not least the Mediterranean route network continues to do well. We look forward to welcoming passengers back once travel restrictions are eased and uncertainty reduced,” says Torben Carlsen, CEO.
KEY FIGURES
| 2021 | 2020 | 2020-21 | 2019-20 | 2020 | |||
| DKK m | Q2 | Q2 | Ch. % | LTM | LTM | Ch. % | FY |
| Revenue | 4,213 | 2,798 | 50.6 | 15,340 | 15,092 | 1.6 | 13,971 |
| EBITDA before special items | 897 | 507 | 77.0 | 3,263 | 3,083 | 5.8 | 2,732 |
| EBIT before special items | 394 | 48 | n.a. | 1,349 | 1,156 | 16.7 | 858 |
| Profit before tax and special items | 315 | -32 | n.a. | 1,035 | 893 | 15.8 | 583 |
| Profit before tax | 328 | 11 | n.a. | 878 | 878 | 0.0 | 466 |
Revenue increased DKK 1.4bn or 51% to DKK 4.2bn following lockdowns in Q2 2020. The growth was driven almost entirely by the freight activities, i.e. freight ferry and logistics, as passenger activities remained negatively impacted by tight travel restrictions in the quarter.
Freight EBITDA before special items increased DKK 400m or 71% to DKK 961m driven mainly by the Mediterranean, North Sea and Channel business units. The passenger EBITDA improved DKK 4m to DKK -70m. Total EBITDA increased 77% to DKK 897m compared to 2020.
Both freight and passenger earnings were significantly negatively impacted by lockdowns in Q2 2020. Compared to Q2 2019, a normal operating year, the freight EBITDA was up DKK 268m or 38% while the passenger EBITDA was down DKK 369m.
Outlook 2021
The outlook for freight activities remains positive while passenger travel is picking up slower than expected. Consolidation of earnings from the HSF Logistics Group is now expected in September 2021. Revenue is still expected to grow 20-25%. The range for EBITDA before special items is unchanged DKK 3.2-3.6bn (2020: DKK 2.7bn) compared to the upgrade on 23 April 2021.
The outlook is detailed on page 9 in the full report.
Read the Q2 2021 Interim Report here:
17 August 2021. Conference call today at 10.00am CET
Access code: 553848736# Phone numbers to the call: DK , US , UK 4
Contact
Torben Carlsen, CEO
Karina Deacon, CFO
Søren Brøndholt Nielsen, IR
Nicole Seroff, Communications:
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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