Dfds A/s · OMXCOP:DFDS
Dfds A/s — Shareholder Meeting (April 2003)
35 slides from Dfds A/s's shareholder meeting presentation, Apr 8, 2003
Slide 1: Welcome to the Annual General Meeting of Shareholders of DFDS A/S
Welcome to the Annual General Meeting of Shareholders of DFDS A/S 8 April 2003
Slide 2: Agenda
Agenda 1. Report by the Supervisory Board on the Company’s activities in the past year 2. Presentation of the annual report, complete with the management and auditors’ report for adoption, and a resolution for formal approval of the acts of the Supervisory and Executive Boards 3. The Supervisory Boa
Slide 3: DFDS' strategy
DFDS’ strategy ! Focus on two main business areas: overnight passenger shipping and and freight liner shipping primarily based on ro-ro liner shipping ! Geographic focus: Northern Europe ! Strengthen and expand market position through organic growth and company acquisitions/alliances ! Introduce new
Slide 4: Financial goals
Financial goals ! Short-term goal to achieve a return on booked invested capital that as a minimum corresponds to DFDS’ estimated cost of capital of 6.9% after tax ! In the longer term, it is DFDS’ clear ambition to achieve a level of return that exceeds the cost of capital 4 4
Slide 5: ante be
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Slide 6: Price trend 2002
Kursudvikling Price trend 20022002 120 110 Index 100 90 80 70 2001 2002 DFDS Peer Group Index (Silja Line, Viking Line, Finnlines, P&O) All-share index of the Copenhagen Stock Exchange 6 6
Slide 7: Slide 7
Slide 8: New headquarters
New headquarters 8
Slide 9: Special items
Special items ! Write-down of DKK 150 million on older freight ships ! Reversal of DKK 326 million of deferred taxes as a result of DFDS’ entry into the Danish tonnage tax regime ! Extraordinary costs of DKK 116 million relating to the final settlement with DSV on the sale of DFDS Dan Transport for
Slide 10: Adjusted operating profit (EBITA) by division
Adjusted operating profit (EBITA) by division DKK millions 2002 2001 2000 DFDS Seaways 127 100 98 DFDS Tor Line 192 115 39 DFDS Group Management -36 -31 -44 Adjusted operating profit (EBITA)* 283 184 93 Non-recurring items -164 141 -40 DFDS Group, total 119 325 53 *After adjustment for profit/loss o
Slide 11: DFDS Seaways 2002
DFDS Seaways 2002 DKK millions 2002 2001 Revenue 2,267 2,109 Operating profit (EBITA) 128 75 Adjusted operating profit (EBITA) 127 100 Operating profit margin, % 5.6 3.6 Invested capital 2,124 2,088 Return on invested capital (ROIC) % 5.0 3.8 Passengers, '000 1,894 1,806 11
Slide 12: DFDS Seaways 2002: Passenger distribution by route
DFDS Seaways 2002 Passenger distribution by route Gothenburg- Esbjerg- Kristiansand- Amsterdam- Harwich Newcastle Newcastle 7% 12% 27% Cuxhaven- Harwich Copenhagen/ 9% Trelleborg- Gdansk 2% Copenhagen/ Helsingborg- Oslo 43% 12
Slide 13: Duke of Scandinavia
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Slide 14: King of Scandinavia / Admiral of Scandinavia
KING OF SCANDINAVIA SOLD IN MARCH 2002 ADMIRAL OF SCANDINAVIA SOLD IN JULY 2002 14
Slide 15: Duchess of Scandinavia
DUCHESS OF SCANDINAVIA 15
Slide 16: DFDS Canal Tours
DFDS Canal Tours
Slide 17: DFDS Tor Line
DFDS Tor Line ! Purchase of 66% stake in Lys-Line Rederi A/S, effective 1 January 2002 ! Acquisition of 100% of share capital of KST Shipping AS, effective 1 January 2003 ! Acquisition of 100% of share capital of Latlines SIA, effective 1 December 2002 ! Final settlement with DSV on the sale of DFDS
Slide 18: DFDS Tor Line 2002
DFDS Tor Line 2002 DKK millions 2002 2001 Revenue 2,642 2,237 Operating profit (EBITA) 32 161 Adjusted operating profit (EBITA) 192 115 Operating profit margin, % 1.2 7.2 Invested capital 3,624 3,023 Return on invested capital (ROIC) % 1.1 5.8 Lane metres, '000 7,389 7,101 18
Slide 19: Maasvlakte terminal - Rotterdam
Maasvlakte Maasvlakte terminal terminal -- Rotterdam Rotterdam Maasvlakte – - 19
Slide 20: Fleet renewal - ro-ro liner shipping
Fleet renewal – ro-ro liner shipping • Freight capacity: 4,000 lane metres • Service speed: 22 knots 20
Slide 21: Ro/pax ships
DANA GLORIA Ro/pax SHIPS DANA SIRENA 21
Slide 22: Income statement 2002
Income statement 2002 DKK millions 2002 2001 Revenue 4,870 4,309 Profit/loss on sale of ships, buildings and terminals -14 166 Operating profit before depreciation (EBITDA) 768 781 Depreciation and impairment -649 -456 Operating profit (EBITA) 119 325 Operating profit (EBITA) excl. write-downs and p
Slide 23: Adjusted income statement 2002
Adjusted income statement 2002 DKK millions 2002 2001 Revenue 4,870 4,309 Profit/loss on sale of ships, buildings and terminals 0 0 Operating profit before depreciation (EBITDA) 782 615 Depreciation and impairment -499 -431 Operating profit (EBITA) 283 184 Goodwill amortization -5 -1 Profit before f
Slide 24: Balance sheet 2002
Balance sheet 2002 DKK millions 2002 2001 Intangible assets 102 31 Tangible assets 5,362 5,083 Investments 33 165 Receivables 820 941 Cash at bank and in hand, etc. 565 617 Total assets 6,882 6,837 Equity 2,604 2,540 Minority interests 146 140 Provisions 189 511 Short- and long-term interest-bearing
Slide 25: Statement of changes in equity 2002
Statement of changes in equity 2002 DKK millions Equity at 1 January 2002 2,540 Distributed dividend -68 Profit for the year 189 Foreign exchange adjustments, etc. 7 Value adjustment of hedging instruments -65 Equity at 31 December 2002 2,604 25
Slide 26: Cash flow 2002
Cash flow 2002 DKK millions 2002 2001 Cash flow from operating activities before investments 832 688 Total investments -801 -2,004 Sale of assets, etc. 305 165 Cash flows from investing activities -496 -1,839 Cash flows from operating activities 336 -1,151 Cash flows from loans and other financial i
Slide 27: Trends in oil prices and USD
Brent, USD per barrel 01 /0 2/ 15 20 25 30 35 20 40 02 02 /0 6/ 20 03 02 /1 3/ 20 USD/DKK 04 02 /1 7/ 20 05 02 /2 BRENT 2/ 20 06 02 /2 6/ 20 07 02 /3 1/ 20 09 02 /0 4/ 20 10 02 /0 9/ 20 11 02 /1 1/ 20 12 exchange rate 2002/03 02 /0 8/ 20 01 02 /0 6/ 20 02 03 Trends in oil prices and USD /0 2/ 20 02
Slide 28: MidCap+ companies
MidCap+ companies ! Auriga Industries ! Radiometer ! Monberg & Thorsen ! Chr. Hansen ! FLS Industries ! Genmap ! Nordisk Solar ! Forstædernes Bank ! Danske Trælast ! Ringkjøping Landbobank ! DFDS ! Roskilde Bank ! Kbh. Lufthavne ! SparNord Bank ! Bang & Olufsen ! Sydbank ! Bryggerigruppen ! Codan !
Slide 29: Profit forecast 2003
Profit forecast 2003 ! Oil prices and foreign currencies of particular importance to DFDS (SEK, USD, NOK, GBP, EUR) are expected to remain at the same level as at the beginning of March 2003 ! Increase in turnover of about 5% ! Investments in ships of approx. DKK 700 million before sale of ships ! L
Slide 30: Profit forecast 2003
Profit forecast 2003 ! DFDS Seaways expects a slightly better operating profit (EBITA) than in 2002 ! DFDS Tor Line expects a somewhat higher operating profit (EBITA) than in 2002 (after adjustment for write- downs and profit/loss on the sale of ships, buildings and terminals) ! The DFDS Group expec
Slide 31: Application of profit 2002
Application of profit 2002 DKK millions 2002 Recommended dividend, DKK 7 per share 56 Dividends, treasury shares -3 Retained earnings 136 DFDS A/S' share of profit for the year 189 31
Slide 32: Balance sheet 2002
Balance sheet 2002 DKK millions 2002 2001 Intangible assets 102 31 Tangible assets 5,362 5,083 Investments 33 165 Receivables 820 941 Cash at bank and in hand, etc. 565 617 Total assets 6,882 6,837 Equity 2,604 2,540 Minority interests 146 140 Provisions 189 511 Short- and long-term interest-bearing
Slide 33: The Supervisory Board of DFDS A/S
The Supervisory Board of DFDS A/S Ivar Samrén Svend Jakobsen Jill Lauritzen Melby Chairman Deputy Chairman Ingar Skaug Anders Moberg 33
Slide 34: The Supervisory Board of DFDS A/S
The Supervisory Board of DFDS A/S Ole Adamsen Claus Arnhild Employee-elected Employee-elected Ib Sørensen Employee-elected 34
Slide 35: Thank you for your kind attention!
Thank you for your kind attention!