Dfds A/s · OMXCOP:DFDS
Dfds A/s — Q1 2014 Earnings Presentation
13 slides from Dfds A/s's earnings presentation, May 23, 2014
Slide 1: Q1 2014 Investor Presentation, Copenhagen
23 May 2014 Copenhagen
Slide 2: Contents
CONTENTS ° Overview ¢ Financials ¢ Trends and priorities ¢ Outlook The statements about the future in this announcement contain an element of risk and uncertainty, both in general and specific terms, and this means that actual developments may diverge considerably from the statements about the futur
Slide 3: Outlook for 2014 reaffirmed by Q1 result
OUTLOOK FOR 2014 REAFFIRMED BY Q1 RESULT * O1 result slightly ahead of expectations, full-year outlook reaffirmed ¢ 5% revenue increase driven by organic growth and acquisitions ¢ Q1 EBITDA increase on a comparable basis, but 9% decrease to DKK 91m due to Easter timing difference and a one-off incom
Slide 4: DFDS Group - EBITDA
DFDS Group - EBITDA DKK m before special items per division Q1 2014 IMPACTED BY ar = NON-COMPARABLE ITEMS * 75 ¢ Reported EBITDA decrease of DKK 9m to 50 DKK 91m 25 ¢ Easter impact us LY estimated at DKK 15m “ Q1 2013 Q1 2014 mLogistics Division m Shipping Division m™Non-allocated ¢ One-off income o
Slide 5: Key P/L figures
Change 01 2014 KEY P/L FIGURES DKK m* 9114 9113 usLY REVENUE 2,848 2,713 135 EBITDA BEFORE SI 91 _:100 9 ¢ Result from associates up by DKK 9m margin, % 3.2 3.7 0.5 to DKK 7m driven by improved P/L associates ? -2 9 earnings of Gothenburg port terminal Gain/loss asset sales a) 2 2 (65% ownership) De
Slide 6: DFDS Group revenue development Q1 2014
BKK m DFDS Group revenue development Q1 2014 2,860 Q1 2014 REVENUE G&EBIT zea 2,820 2,800 2,780 2,760 Main revenue drivers: ¢ North Sea: Volume growth « Passenger: Easter timing difference, 2,740 extended upgrade dockings 2,720 ¢ Nordic: Acquisition of Karlshamn 2,700 Fe Express & organic growth 216
Slide 7: Q1 2014 cash flows
Q1 2014 CASH FLOWS * Free cash flow in 01 2014 was DKK -30m * Positive cash flow of DKK 100m from working capital due to seasonal increase of passenger prepayments * Investments of DKK 203m include dockings, upgrade of two passenger ships, scrubber installations and ARK vessels * Buy-back of DKK 28m
Slide 8: Financial leverage approaching target of 2.0
FINANCIAL LEVERAGE APPROACHING TARGET OF 2.0 * NIBD/EBITDA was 1.9 end Q1 2014 * 50% of buy-back programme expected to be completed next week ¢ Dividend payout early Qe has further increased leverage ¢ New corporate bond issue considered in Qe for general corporate purposes Capital structure & distr
Slide 9: Market trends
MARKET TRENDS ¢ Freight volumes growing in North Sea region, recovery of UK economy continues ¢ Russian ban on meat imports has considerable impact on reefer market in Baltic region creating spare capacity of drivers in Baltic region ¢ Yield pressure on Channel continues as over capacity maintained
Slide 10: Ban on Eurotunnel ferry operations provisionally confirmed
BAN ON EUROTUNNEL FERRY OPERATIONS PROVISIONALLY CONFIRMED * Competition & Market Authority (CMA) provisionally confirmed that Eurotunnel should be barred from operating a ferry service from Dover ¢ CMA maintained view on market circumstances, and thereby the original remedy of closing Eurotunnel’s
Slide 11: Outlook 2014 unchanged
OUTLOOK 2014 UNCHANGED ¢ 6% revenue increase, of which 2% acquisitions * EBITDA range of DKK 1.25-1.40bn ¢ Increase of depreciation vs 2013 due to high number of dockings, scrubber installations & ARK ships . Investments of DKK 1,100m include: 11 * Dockings: DKK 250m * ARK ships: DKK 300m * Scrubber
Slide 12: Our strategic priorities in 2014
OUR STRATECIC PRIORITIES IN 2014 1. 12 Customer focus Training and certification of sales force continues Customer satisfaction measurements ongoing Roll out of sales operation model and CRM system upgrade Continue streamlining of operations through efficiency & improvement projects Release a furthe
Slide 13: Q1 overall on track
Q1 OVERALL ON TRACK Q&A 23 May 2014 Copenhagen Le