Dfds A/s · OMXCOP:DFDS
Dfds A/s — FY2011 Earnings Presentation
15 slides from Dfds A/s's earnings presentation, Mar 1, 2012
Slide 1: Annual Results: Strong 2011, Ready for Challenging 2012
1 ANNUAL RESULTS STRONG 2011 READY FOR CHALLENGING 2012 1 March 2012
Slide 2: Agenda
AGENDA • Overview 2011 • Strategy • Efficiency and growth • Results 2011 • Guidance 2012 – market, numbers and priorities 2 2
Slide 3: Overview 2011
OVERVIEW 2011 • Record result for 2011: • EBITDA before special items up 18% to DKK 1,495m (DKK 1,273m) • Pre-tax profit up 36% to DKK 742m (DKK 546m) • Dividend raised 75% to DKK 14 per share (DKK 8) • Planned synergies from integration of Norfolkline achieved • Turnaround of Logistics Division acc
Slide 4: Strategy
STRATEGY • DFDS’ four principles of strategy unchanged: • Build European network • Integrated solutions • Secure volumes • Constant focus on efficiency of operations • Two strategic priorities for 2012: • Efficiency & contingency planning • Growth 4 4
Slide 5: Efficiency & Contingency Planning
EFFICIENCY & CONTINGENCY PLANNING • DFDS is generally expecting lower volumes and experiencing increased competition in select markets • Local plans to adjust operations to changing market conditions, including challenge of increased competition • Group wide Contingency Plan developed for adjustment
Slide 6: Growth
GROWTH • Outlook for organic growth is limited, although growth is continuing in Baltic region with Russia the main engine • Continue proactively to pursue our growth strategy to build network, gain scale and leverage operating model • Current market situation may provide acquisition opportunities a
Slide 7: DFDS Group - Key Figures P&L 2011
DFDS Group - Key Figures P&L 2011 DKKm 2011 2010 Change % Change REVENUE 11.625 9.867 17,8 1.758 • Revenue up by 17.8% to DKK 11.6bn EBITDA BEFORE SPECIAL ITEMS 1.495 1.273 17,4 222 driven by full-year effect of Norfolkline margin, % 12,9 12,9 n.a. 0 and increased shipping volumes, especially in Bal
Slide 8: Capital and Cash Flow
CAPITAL AND DFDS Group - Key Figures Change CASH FLOW DKKm 2011 2010 % Change • Total assets reduced by 7.6% to DKK TOTAL ASSETS 12.795 13.849 -7,6 -1.054 12.8bn Property, plant and equipment 9.182 9.403 -2,4 -221 • Cash flow from operations up by 81.0% boosted by earnings and reduction in Cash fund
Slide 9: Overview ROIC and Invested Capital
OVERVIEW ROIC AND INVESTED CAPITAL ROIC before special items INV CAP % 2011 2010 ∆ 11/10 2011, DKK m • Group ROIC improved by 1.4 ppt to 8.6% North Sea 9,5 7,1 2,4 4.622 • Target of a Group return of 10% - cost of Baltic Sea 18,7 12,0 6,7 1.364 capital calculated at 6.5% at beginning of 2012 Irish S
Slide 10: Shipping Division - BU Overview
SHIPPING DIVISION - BU OVERVIEW Shipping Division Revenue EBIT before special items • Revenue growth of 12.7% driven by full-year effect of Norfolkline DKK m Act 2011 Act 2010 ∆ 11/10 Act 2011 Act 2010 ∆ 11/10 integration and volume growth, North Sea 3.514 3.131 384 463 380 83 especially in Baltic B
Slide 11: Logistics Division - BU Overview
LOGISTICS DIVISION - BU OVERVIEW • Turnaround accomplished, EBIT before special items improved to DKK 109m from DKK -2m in 2010 Logistics Division Revenue EBIT before special items • Positive contribution from all business DKK m Act. 2011 2010 ∆ 11/10 Act. 2011 2010 ∆ 11/10 areas Nordic Transport 66
Slide 12: Guidance 2012 – Market Outlook
GUIDANCE 2012 – MARKET OUTLOOK • Guidance is based on an assumption of generally softer demand in Northern Europe compared to 2011 • Freight volume growth is expected to continue in the Baltic region (Russia, Baltics, Germany, Sweden), although more subdued at 2-4% • Freight volumes in the North Sea
Slide 13: Guidance 2012 – Key Assumptions & Figures
GUIDANCE 2012 – KEY ASSUMPTIONS & FIGURES • Profits for most activities expected to be unchanged or improve in 2012 • Logistics Division overall expected to improve EBITDA by around 5% • Profits for 3 of 4 business areas in Shipping Division expected to be unchanged • North Sea impacted by increased
Slide 14: Guidance 2012 – Strategic Priorities
GUIDANCE 2012 – STRATEGIC PRIORITIES • Focus on our customers • Meeting increased North Sea competition • Execution of contingency, improvement and efficiency projects • Performance of new activities in Baltic Sea & Channel • Proactive pursuit of growth opportunities 14 14
Slide 15: Q&A
15 Q&A STRONG 2011 READY FOR CHALLENGING 2012 1 March 2012