Q1-3 2021 Interim Report
SOLID GROWTH
IN DEMAND
• High freight revenue growth
• Supply chain bottlenecks entailed extra costs in Q3
• Q3 EBITDA maintained on level with 2020
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Q3 2021
• Revenue up 22% to DKK 4.4bn
• Strong growth in Mediterranean
• Slowdown in UK freight flows
• Passenger numbers still held back
by travel restrictions
Outlook 2021
• EBITDA range now expected at
DKK 3.3-3.5bn (DKK 3.2-3.6bn)
• Revenue growth now expected at
23-25% (20-25%)
“Meeting our customers’ needs came at
a cost in a busy Q3. Looking ahead, we
continue on our growth path, supported
by our recent acquisitions of HSF Logis-
tics Group and ICT Logistics.”
Torben Carlsen, CEO
Revenue increased 22% to DKK 4.4bn driven by higher
freight activity in most business units. Q3 passenger
activity was overall below 2020 but picked up in the last
month of the quarter.
The total freight EBITDA for ferry and logistics before
special items increased 6% to DKK 795m driven mainly by
strong growth in the Mediterranean business unit. The
total passenger EBITDA for passenger services in the
Baltic Sea, Channel, and Passenger business units
decreased DKK 43m or 45% to DKK 53m. Total EBITDA of
DKK 848m was on level with 2020.
Supply chain bottlenecks became more widespread in
Europe during Q3, including a high level of impact in the
UK. This entailed extra operating costs for both freight
ferry, port terminal and logistics activities. In addition,
freight volumes to the UK were for periods in Q3 capped
which lowered utilisation on ferry routes.
Outlook 2021
The outlook for freight activities remains overall positive,
although the current slowdown in UK trade flows is
expected to continue in Q4 2021. Passenger travel is
expected to continue to pick up. Revenue growth outlook
is now expected at 23-25% (20-25%). The EBITDA outlook
range before special items is now expected at
DKK 3.3-3.5bn compared to previously DKK 3.2-3.6bn
(2020: DKK 2.7bn). The outlook is detailed on page 10.
Highlights Q3
17 November 2021. Conference call today at 10.00am CET
Access code: 27844331# Phone numbers to the call: DK +45 35445577, US +1 631 913 1422, UK +44 333 300 0804
KEY FIGURES
2021
2020
2020-21
2019-20
2020
DKK m
Q3
Q3
Change, %
LTM
LTM
Change, %
FY
Revenue
4,406
3,598
22.5
16,148
14,218
13.6
13,971
EBITDA before special items
848
846
0.3
3,265
2,734
19.4
2,732
EBIT before special items
332
388
-14.3
1,294
826
56.7
858
Profit before tax and special items
263
324
-18.8
974
570
70.7
583
Profit before tax
291
262
10.9
907
496
83.0
466
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2021
2020
2021
2020
2020-21
2020
DKK m
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full year
Income statement
Revenue
4,406
3,598
12,387
10,209
16,148
13,971
• Ferry Division*
3,029
2,469
8,583
6,905
11,123
9,445
• Logistics Division*
1,633
1,316
4,614
3,858
6,057
5,301
• Non-allocated items
124
91
397
386
502
491
• Eliminations*
-380
-279
-1,207
-939
-1,535
-1,268
Operating profit before depreciation (EBITDA) and
special items
848
846
2,496
1,962
3,265
2,732
• Ferry Division*
705
730
2,112
1,647
2,780
2,315
• Logistics Division*
155
150
382
339
505
462
• Non-allocated items
-12
-34
2
-24
-19
-45
Profit/loss on disposal of non-current assets, net
1
1
3
5
3
5
Operating profit (EBIT) before special items
332
388
1,004
569
1,294
858
Special items, net
28
-62
30
-20
-67
-117
Operating profit (EBIT)
360
326
1,034
548
1,227
741
Financial items, net
-69
-64
-225
-179
-320
-275
Profit before tax
291
262
810
369
907
466
Profit for the period
242
244
720
334
829
442
Profit for the period excluding non-controlling in-
terest
238
238
707
327
813
433
Capital
Total assets
-
-
30,435
26,707
-
27,006
DFDS A/S' share of equity
-
-
11,109
10,434
-
10,511
Equity
-
-
11,214
10,521
-
10,600
Net interest-bearing debt
-
-
12,226
11,736
-
11,361
Invested capital, end of period
-
-
23,795
22,412
-
22,121
Invested capital, average
23,335
22,541
22,813
22,595
22,733
22,500
2021
2020
2021
2020
2020-21
2020
DKK m
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full year
Cash flows
Cash flows from operating activities, before finan-
cial items and after tax
1,147
932
2,634
1,975
3,431
2,772
Cash flows from investing activities
-1,106
-456
-1,616
-1,425
-1,809
-1,618
• Acquisition of enterprises and activities
-962
0
-962
-14
-962
-14
• Other investments, net
-143
-456
-654
-1,411
-846
-1,603
Free cash flow
41
475
1,018
550
1,622
1,155
Repayment of lease liabilities and lease interest
-233
-162
-655
-519
-816
-679
Adjusted free cash flow (FCFF)
-192
313
363
32
806
475
Key operating and return ratios
Average number of employees
-
-
8,175
8,213
Number of ships
-
-
80
68
-
70
Revenue growth (reported), %
22.5
-19.6
21.3
-18.9
15.6
-15.8
EBITDA-margin, %
19.3
23.5
20.1
19.2
20.2
19.6
Operating margin, %
7.5
10.8
8.1
5.6
8.0
6.1
Revenue/invested capital average, (times)
-
-
-
-
0.7
0.6
Return on invested capital (ROIC), %
-
-
-
-
4.9
3.0
ROIC before special items, %
-
-
-
-
5.2
3.5
Return on equity, %
-
-
-
-
7.5
4.2
Key capital and per share ratios
Equity ratio, %
-
-
36.8
39.4
-
39.3
Net interest-bearing debt/EBITDA, (times)**
-
-
-
-
3.3
4.2
Earnings per share (EPS), DKK
4.15
4.15
12.30
5.70
14.16
7.56
Dividend paid per share, DKK
0.00
0.00
0.00
0.00
0.00
0.00
Number of shares, end of period, '000
-
-
58,632
58,632
-
58,632
Weighted average number of circulating shares,
'000
-
-
57,735
57,302
-
57,310
Share price, DKK
-
-
341.2
213.0
-
275.2
Market value
-
-
19,571
12,212
-
15,790
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per
1 January 2021. 2020 comparative figures have been restated accordingly.
** The ratio for 2021 includes a pro forma EBITDA for the last twelve month for HSF Logistics Group.
Definitions on page 31.
Key figures
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Quarterly reporting of selected key figures for ESG
(Environment, Social, Governance) was included in the
quarterly report from Q2 2021. Quarterly comparison
figures for 2020 are not available.
Shore power facility in Copenhagen inaugurated in October 2021
ESG key figures
2021
2021
2021
2021
2020
Environmental data*
Unit
Q1
Q2
Q3
Q1-Q3
Full year
Operated ships**
Number
64
67
63
65
66
Total number of days operated
Days
5,757
5,694
5,827
12,278
18,774
CO2e emissions
CO2 emissions per GT mile
gCO2
14.0
13.7
13.2
13.6
13.5
Energy consumption
Total marine fuel consumption
Tonnes HFOe
180,179
198,058
189,772
568,009
619,867
Fuel consumption per nautical mile
kg HFOe/Nm
141.1
137.2
136.0
138.0
135.8
Fuel consumption per GT-nautical mile
g/GT/Nm
4.5
4.4
4.3
4.4
4.3
Oil spills
Spills (>1 barrel)
Number
0
0
0
0
1
2021
2021
2021
2021
2020
Social data*
Unit
Q1
Q2
Q3
Q1-Q3
Full year
Number of employees (end numbers)
FTE
8,059
8,241
8,488
-
7,944
Representation of women
Total workforce gender ratios:
%
24
24
25
-
23
• At sea
%
15
16
18
-
15
• On land
%
28
28
28
-
27
Senior management
%
17
17
17
-
16
Managers
%
10
10
13
-
13
Employees
%
26
26
27
-
26
Safety at sea
Lost-time injury frequency (LTIF)
Incidents/mill. Hours
5.3
3.7
4.8
4.5
4.1
Safety on land
Lost-time injury frequency (LTIF)
Incidents/mill. Hours
5.8
4.1
7.8
5.9
5.9
Fatalities
Colleagues
Accidents
0
1
0
1
0
Contractors
Accidents
0
0
0
0
2
2021
2021
2021
2021
2020
Governance data*
Unit
Q1
Q2
Q3
Q1-Q3
Full year
Representation of women in the Board
%
33
33
33
33
33
Attendance at Board meetings
%
100
100
100
100
96
*All ESG data is excluding HSF Logistics Group.
**The difference between Operated ships and Number of ships on previous page is ships operated through space charter agreements.
ESG Definitions on page 32.
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Market overview
The overall European freight market continued to grow in
Q3, although with regional differences.
Turkey’s GDP-growth accelerated through the quarter as
continued depreciation of TRY is fuelling industrial
production in the country’s export sector. This is expected
to continue in Q4. Activity levels also continued to grow in
the Baltic region and Scandinavia as well as most parts of
Continental Europe.
Growth in the UK economy remains robust, but supply
chain bottlenecks led to a slowdown in freight flows in the
quarter. Export volumes from the EU to the UK were to
some extent capped to allow supply chains to catch up
with backlogs and mitigate bottlenecks, including the
shortage of truck drivers and port congestion.
The UK has postponed the implementation of full import
border controls to 1 July 2022 from 1 January 2022. Pre-
notification requirements for agri-food products will be
introduced on 1 January 2022 instead of 1 October 2021.
Shortages of truck drivers and transport equipment are
also impacting supply chains across the EU. This has led to
rising haulage costs, longer lead times and less reliable
supply chains as well as congestion in some ports. In
addition, prices have increased for supplies used in ferry
operations. Supply chain bottlenecks are expected to
continue in Q4.
The European market for passenger ferry travel remained
negatively impacted by travel restrictions in the high
season months of July and August. Travel restrictions
were to a large extent removed in Scandinavia towards
the end of the quarter. UK travel restrictions were also
eased at the end of the quarter but testing remains a
requirement when travelling.
The passenger ferry travel market is expected to continue
to recover in Q4, although there is a risk that travel
restrictions are tightened again if Covid-19 outbreaks
increase.
The main changes in average exchange rates in Q3 2021
vs Q3 2020 were a depreciation of TRY/DKK by 16% and
an appreciation of GBP/DKK by 6%.
Major events in Q3
Acquisition of HSF Logistics Group closed
On 14 September 2021, the acquisition of HSF Logistics
Group was completed and HSF Logistics Group was
consolidated in the DFDS Group from the completion date.
The enterprise value of the transaction was DKK 2.5bn
and the equity value was DKK 1.8bn, including payment
for minority interests. See note 5 for details.
HSF Logistics Group is one of Europe’s leading cold chain
logistics providers to meat producers and other food
producers that operate temperature-controlled supply
chains. HSF Logistics Group has around 1,800 employees
with annual revenue of approximately DKK 2.8bn and
EBITDA of DKK 385m.
Acquisition of ICT Logistics
On 15 September 2021, DFDS entered into an agreement
to acquire the Danish freight forwarder ICT Logistics to
further expand and develop DFDS’ European logistics
services. ICT Logistics provides transport solutions
between Scandinavia and Eastern Europe, particularly
Russia, Ukraine, Romania, Latvia, and Lithuania. The
company has 80 employees and annual revenues of DKK
260m. DFDS has owned 19.9% of the shares in ICT
Logistics since 2006.
The transaction is subject to approval by relevant
competition authorities.
Ferry route network development
Route network development and adaptation of capacity
to demand included three major changes in Q3:
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• Oslo-Frederikshavn-Copenhagen reopened 2 July
• Calais-Sheerness, a new unaccompanied freight ferry
route opened 12 July
• Dover-Calais freight capacity and passenger experience
boosted by deployment of a new combined freight and
passenger ferry. The new ferry replaced a ferry built in
1992 that was delivered to new owners early in
November 2021. An accounting gain from the sale of
around DKK 26m will be reported under Special items
in the Q4 report.
Two new logistics centres in Sweden
On 27 September 2021, DFDS entered into an agreement
with CH Square to build two logistics centres in Vaggeryd
and Karlshamn with 37,000m2 and 23,000m2 of capacity,
respectively.
Major events after Q3
100 electric trucks ordered for logistics network
On 6 October 2021, DFDS ordered 100 Volvo FM Electric
trucks for deployment throughout the European logistics
network in 2022 and 2023.
The heavy-duty Volvo FM Electric truck can carry a
maximum weight of 44 tons (Gross Combination Weight)
and is able to drive up to 300 km when fully charged. The
trucks will be used for both short and long trips in supply
chain solutions offered to customers.
Acquisition of Swedish haulier
On 15 October 2021, DFDS acquired the Swedish haulier
GA Åkerierne in an asset transfer agreement. GA Åkerierna
has 19 employees, mostly truck drivers, and operates 20
own trucks and around 100 trailers. The increased haulage
capacity improves the capability to ensure fulfillment of
Swedish contract logistics activities.
ESG actions and plans
This section provides an overview of ESG (Environment,
Social, Governance) actions and plans in addition to the
key figures reported on page 4.
Environment
DFDS’ Climate Action Plan covers both short-term actions
to reduce emissions from existing assets, mainly ferries
and transport equipment, and transformative long-term
actions to become a zero-emission company.
Short-term actions and plans
A number of actions to lower ferry fuel consumption and
emissions are being implemented in 2021, including:
• Shore power facility in Copenhagen taken into use in
October 2021. Dialogue with other ports in the route
network about shore power is increasing
• Latest route planning and propulsion control
technology to improve fuel performance installed on
three ferries
• Anti-fouling hull paint applied to ten ferries to reduce
friction in the water and hence fuel consumption
• LED lighting installed on freight decks on three ferries
• Installation on five ferries of new injection system to
optimise engine combustion and save fuel (PMI VIT)
Fuel and emission savings from the applications are
continuously documented and subsequently applied to
the rest of the fleet as appropriate. CO2 emissions per GT
mile decreased to 13.2 in Q3 2021 from 14.0 Q1 2021 and
from 13.5 for the full-year 2020.
On the logistics side, 100 electric trucks were ordered in
October 2021 following delivery of DFDS’ first electric
truck in August 2021. The remaining trucks will be taken
in to use in 2022 and 2023. The overall ambition is to de-
carbonise the fleet with both electric trucks and trucks
using sustainable fuels for short and long haul
assignments, respectively.
Transformative actions and plans
To deploy a green freight ferry in the route network by
2025, a new focused unit within DFDS, Sustainable Fleet
Projects, has been established. Retrofitting and
newbuilding options are currently being analysed to
decide on the first green ferry’s specifications.
Social
Safety
The Health & Safety organisation was recently streng-
thened with the appointment of a new Global Director for
land-based Health & Safety. The lost-time injury
frequency (LTIF) for land was for Q1-3 2021 on level with
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2020. The LTIF for sea for Q1-3 2021 was 4.5 compared to
4.1 for 2020.
Diversity & Inclusion
DFDS’ ambition to increase female representation among
senior management requires a talented and diverse
employee force, including an improved gender balance.
A number of actions to develop a diverse talent pool are
being implemented:
• Diversity training of senior management and
implementation of D&I (Diversity & Inclusion) toolbox
• New talent mentor program launched in Q3 to develop
talented employees for future manager positions
• Focus on gender diversity is starting to show results:
• Total workforce female gender ratio increased to
25% in Q3 2021 compared to 23% for the full-year
2020
• Ratio of female managers increased from 10% to
13% mainly driven by land positions.
Focus on stress and wellbeing continues with education of
mental health first aid responders in the UK. Stress and
wellbeing seminars were held for both employees and
managers.
Governance
Marianne Dahl has announced that she will not seek re-
election to DFDS’ Board of Directors at the forthcoming
annual general meeting. The nomination process of a new
board member includes special competences as well as
gender and diversity attributes.
A new DFDS Data Ethics policy is expected to be launched
in Q4 2021.
Financial performance
Revenue
The Group’s Q3 revenue was DKK 4,406m, an increase of
22.5% compared to 2020.
The Group’s Q1-3 revenue was DKK 12,387m, an increase
of 21.3% compared to 2020.
Ferry Division’s Q3 revenue increased 22.7% to
DKK 3,029m driven by growth in freight revenue in most
parts of the route network. This included a recovery in
freight volumes and revenue since the lockdowns in 2020
that in some regions or customer segments continued into
Q3 2020. Revenue also increased due to the launch of two
new freight routes connecting Ireland-France and Turkey-
Spain. Passenger revenue was on level with 2020 as lower
passenger volumes were offset by higher revenue per
passenger, including duty-free sales.
Logistics Division’s Q3 revenue increased 24.1% to
DKK 1,633m driven by unit revenue increases reflecting
higher costs of providing logistics solutions given current
supply chain bottlenecks. Moreover, revenue was
increased by customs clearance services and consolidation
of HSF Logistics Group since 14 September 2021.
Operating profit before depreciation (EBITDA) and
special items
The Group’s Q3 EBITDA of DKK 848m was on level with
2020.
The Group’s Q1-3 EBITDA increased 27% to DKK 2,496m
while the EBITDA for the last twelve months was
DKK 3,265m.
Ferry Division’s Q3 EBITDA decreased 3% to DKK 705m as
an increase of 3% in EBITDA for freight ferry activities to
DKK 791m was offset by a lower result for the passenger
Revenue
DKK m
Q3 2021
Q3 2020
Change, %
Change
Ferry Division*
3,029
2,469
22.7
560
Logistics Division*
1,633
1,316
24.1
317
Non-allocated items
124
91
36.2
33
Eliminations
-380
-279
-36.5
-102
DFDS Group
4,406
3,598
22.5
808
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparison figures are re-
stated accordingly.
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activities due to continued travel restrictions. EBITDA for
passenger activities decreased DKK 44m to DKK -85m.
The increase in the freight ferry result was primarily due
to high growth in Mediterranean, including a new route.
The result for the North Sea and Baltic Sea business units
were negatively impacted by supply chain bottlenecks as
extra operating costs were incurred for ferry operations at
sea and in port terminals. Deployment of additional ferries
to match demand also increased costs. Channel’s result
was below 2020 as a positive impact from the new route
between Ireland and France was offset by lower volumes
on the English Channel routes.
Logistics Division’s Q3 EBITDA increased 4% to
DKK 155m as robust results for contract logistics and
consolidation of HSF Logistics Group offset a lower result
for forwarding activities. It was mainly results for
activities linked to the UK that performed below 2020 as
price increases lagged transport cost increases driven by
supply chain bottlenecks.
Depreciation and operating profit (EBIT) before
special items
Depreciation in Q3 of DKK 514m increased 12% compared
to 2020 primarily due to depreciation on additional
chartered freight ferries deployed on new routes.
Depreciation in Q1-3 of DKK 1,486m increased 7%
compared to 2020.
Operating profit before depreciation (EBITDA) & special items
DKK m
Q3 2021
Q3 2020
Change, %
Change
Ferry Division*
705
730
-3.4
-25
Logistics Division*
155
150
3.7
6
Non-allocated items
-12
-34
64.9
22
DFDS Group
848
846
0.3
3
EBITDA-margin, %
19.3
23.5
-18.1
-4.3
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparison figures are re-
stated accordingly.
Associates and joint ventures, profits on disposals and depreciation
DKK m
Q3 2021
Q3 2020
Change, %
Change
EBITDA before special items
848
846
0.3
2
Associates and joint ventures
-3
-2
-63.4
-1
Profit on disposals
1
1
12.0
0
Depreciation and impairment
-514
-458
-12.4
-57
EBIT before special items
332
388
-14.3
-55
Financial items
DKK m
Q3 2021
Q3 2020
Change, %
Change
Interests, net
-73
-64
-15
-9
Foreign exchange gains/losses, net
8
4
89
4
Other items, net
-5
-5
-4
0
Total finance, net
-69
-64
-9
-6
0
200
400
600
800
1.000
1.200
1.400
Q1 Q2 Q3 Q4
DKK m
DFDS GROUP - EBITDA BEFORE SPECIAL ITEMS
2019 2020 2021
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The Group’s Q3 EBIT before special items decreased 14%
to DKK 332m. For Q1-3, EBIT before special items
increased 77% or DKK 436m to DKK 1,004m.
Special items and operating profit (EBIT) after special
items
In Q3 2021, special items were a net income of DKK 28m
mainly derived from an accounting gain from the sale of
an office and warehousing building in Belgium.
In Q1-3 2021, special items were a net income of
DKK 30m.
The Group’s Q3 EBIT after special items increased 11% to
DKK 360m due to a positive variance of DKK 90m for
special items as Q3 2020 included restructuring costs
linked to Covid-19. For Q1-3, EBIT after special items
increased by DKK 486m or 90% to DKK 1,034m.
Financial items
Total finance, net in Q3 was a cost of DKK 69m, an
increase of DKK 6m compared to Q3 2020. The net
interest cost increased DKK 9m following higher interest
costs partly due to additional chartered ferries. This
increase was partly offset by a positive variance on net
currency adjustments.
Total finance, net in Q1-3 was a cost of DKK 225m which
was an increase of DKK 45m compared to the same period
in 2020.
Profit before special items and tax
The Q3 profit before special items and tax decreased 19%
to DKK 263m. The profit for the period of DKK 242m was
1% below 2020. For Q1-3, the profit before special items
and tax doubled to DKK 780m and the profit for the
period was DKK 720m.
Earnings per share
Q3 earnings per share (EPS) of DKK 4.15 was on level with
Q3 2020.
For Q1-3, earnings per share (EPS) increased to DKK 12.30
from DKK 5.70 in Q1-3 2020.
Cash flow and investments
The Q3 cash flow from operating activities increased 23%
to DKK 1.1bn as the cash flow was strengthened by a
reduction of DKK 314m in working capital.
Net investments in Q3 amounted to a negative cash flow
of DKK 1,106m, including a first payment of DKK 966m for
the acquisition of HSF Logistics Group in Q3. The Q3 free
cash flow (FCFF) was DKK 41m and DKK -192m adjusted
for payment of lease liabilities including interest.
The Q3 cash flow from financing activities was negative
by DKK 278m. This included a net cash flow from loans of
DKK 114m, payment of lease liabilities of DKK 209m and
a gain of DKK 45m from settlement of a hedging contract.
The Q3 net cash flow was negative by DKK 293m. Cash
and cash equivalents thus decreased to DKK 1,388m at
the end of Q3.
For Q1-3, the cash flow from operating activities was
DKK 2.6bn and the free cash flow (FCFF) before
acquisitions was DKK 2.0bn and DKK 1.3bn adjusted for
payment of lease liabilities including interest. Net
investments in Q1-3 was a negative cash flow of
DKK 1.6bn including acquisitions. The cash flow from
financing activities was negative by DKK 678m bringing
the net cash flow for Q1-3 to a plus of DKK 127m.
Invested capital and ROIC
Invested capital increased 6% to DKK 23.8bn at the end of
Q3 2021 compared to the same period in 2020 following
addition of DKK 2.5bn in invested capital from the
consolidation of HSF Logistics Group. The average
invested capital in Q3 2021 increased 4% compared to Q3
2020.
The return on invested capital, ROIC, for Q3 2021 (last
twelve months) improved to 5.2% before special items
compared to 3.5% for 2020.
Capital structure
At the end of Q3 2021 net-interest-bearing debt (NIBD)
was DKK 12.2bn, an increase of 4% compared to the end
of Q3 2020 due to the acquisition of HSF Logistics Group.
Financial leverage, as measured by the ratio of NIBD to
EBITDA before special items, was a ratio of 3.3 compared
to 4.2 at year-end 2020 and 3.6 at the end of Q2 2021.
The ratio includes a pro forma EBITDA for the last twelve
months for HSF Logistics Group.
2021
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Q1-3 2021 Interim Report / p 10
Equity
Equity amounted to DKK 11,214m at the end of Q3 2021,
including non-controlling interests of DKK 105m. This was
an increase of 7% compared to the end of Q3 2020. Total
comprehensive income for Q3 2021 was DKK 185m. There
were no material transactions with owners in Q3 2021.
The equity ratio was 37% at the end of Q3 2021
compared to 39% at the end of Q3 2020. The decrease
was due to the consolidation of HSF Logistics Group.
Outlook 2021
The key assumptions for freight and passenger activity are
unchanged compared to the outlook included in the Q2
2021 report. Passenger earnings are thus still expected to
be on level with 2020 for the full year.
Revenue outlook
The Group’s revenue growth expectation is now expected
at 23-25% vs 2020 compared to previously 20-25%. The
change is due to higher freight revenue, including price
increases to cover extra costs caused by supply chain
bottlenecks.
EBITDA outlook before special items
The outlook for the Group’s EBITDA before special items is
now expected at DKK 3.3-3.5bn compared to previously
DKK 3.2-3.6bn (2020: DKK 2.7bn).
HSF Logistics Group is consolidated from 14 September
2021. Expectations for 2021 are unchanged revenue of
around DKK 0.9bn and EBITDA before special items of
around DKK 100m.
The EBITDA outlook for the Ferry Division is changed to
DKK 2,775-2,925m from previously DKK 2,650-2,950m in
view of performance above expectations in Q3.
The EBITDA outlook for the Logistics Division has been
reduced to DKK 575-625m from previously DKK 600-
700m to reflect a negative impact from supply chain
bottlenecks.
See also the outlook table for the divisional split.
EBIT outlook before special items
The range for the Group’s EBIT before special items is now
expected at DKK 1.3-1.5bn compared to previously
DKK 1.2-1.6bn (2020: DKK 858m).
Investments
Investments of around DKK 3.2bn are expected in 2021,
compared to previously DKK 3.5bn, of which DKK 1.8bn is
payment for HSF Logistics Group. The reduction of
investment by DKK 300m is due to both lower investment
requirements and postponement of investments into
2022.
Investments in 2021 are expected to comprise:
• Acquisition of HSF Logistics Group: DKK 1,755m
• Ferry newbuildings: DKK 650m
• Dockings and ferry upgrades: DKK 400m
• Port terminals and other equipment: DKK 250m
• Cargo carrying equipment and warehouses, mainly
related to Logistics Division: DKK 150m
• Other investments, including IT and digital: DKK 75m
• Divestments: DKK 75m.
OUTLOOK 2021*
DKK m
New outlook
2021
Previous outlook
2021
2020
Revenue growth
23-25%
20-25%
13,971
EBITDA before special items
3,300-3,500
3,200-3,600
2,732
Per division:
Ferry Division
2,775-2,925
2,650-2,950
2,315
Logistics Division*
575-625
600-700
462
Non-allocated items
-50
-50
-45
EBIT before special items
1,300-1,500
1,200-1,600
858
Investments
-3,200
-3,500
-1,618
*Including consolidation of HSF Logistics Group from 14 September 2021
2021
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Logistics
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Q1-3 2021 Interim Report / p 11
Various risks and uncertainties pertain to
the outlook.
The most important among these are
possible major changes in the demand for
ferry – freight and passengers - and logistics
services. For DFDS, such demand is to a large
extent linked to the level of economic
activity in primarily Europe, especially
Northern Europe and in particular the UK, as
well as adjacent regions, particularly Turkey.
Demand can also be impacted by competitor
actions and extraordinary events such as
virus outbreaks. Covid-19 continues to
constitute a significant risk, particularly for
the passenger services.
The outlook can moreover be impacted by
political changes, first and foremost within
EU and Turkey. The introduction of a new
trade agreement between the EU and the
UK, that is yet to be fully implemented, and
its possible consequences constitutes an
important risk.
Changes in economic variables, especially
the oil price and exchange rates, can
furthermore impact earnings.
Future financial results may therefore differ
significantly from expectations.
2021
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Ferry
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Q1-3 2021 Interim Report / p 12
100 new electric trucks ordered
DFDS ordered 100 Volvo FM Electric trucks for deployment
throughout the European logistics network in 2022 and 2023.
The heavy-duty Volvo FM Electric truck can carry a maximum
weight of 44 tons (Gross Combination Weight) and is able to
drive up to 300 km when fully charged.
2021
Management review
Ferry
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Q1-3 2021 Interim Report / p 13
The division is organised in five
business units:
• North Sea
• Baltic Sea
• Channel
• Mediterranean
• Passenger
Q3 market, activity and result trends
Total Q3 freight volumes increased 0.6% compared to
2020 and increased 0.9% compared to 2019. Volumes
were down 1.2% adjusted for structural route changes
compared to 2020 as Channel volumes were down 8.8%
while volumes for all other business units were above
2020.
Total Q3 passenger volumes decreased 33.0% compared
to 2020 and decreased 80.6% compared to 2019.
North Sea
Q3 freight volumes were up 2.8% driven by high growth
on the Gothenburg routes to the UK and Belgium
transporting mainly industrial goods, including
automotive. The growth was partly a recovery from the
lockdowns in 2020. Activity on the routes between the UK
and the Netherlands, Germany and Denmark were overall
on level with 2020 as volumes were capped for periods
during the quarter to ease the congestion in UK ports
caused by shortages of truck drivers and equipment in the
UK.
Q3 EBITDA of DKK 284m was on level with 2020. The
result was negatively impacted by supply chain
bottlenecks that entailed extra operating costs for ferry
operations with regard to both higher prices from suppliers
and more complex port terminal operations. Additional
capacity was also deployed and repositioning costs
increased to match capacity with demand in the network.
Baltic Sea
Q3 freight volumes were up 6.2% adjusted for route
changes. The volume growth was evenly distributed in the
route network supported by additional departures on all
routes, including deployment of a second ferry between
Estonia and Sweden. Passenger volumes were 15.2%
above 2020 driven by a combination of more frequent
departures and fewer travel restrictions compared to
2020.
Q3 EBITDA decreased 15% to DKK 118m as supply chain
bottlenecks contributed to higher ferry operating costs. To
meet demand from freight customers, capacity was
expanded on most routes and a number of ferries were
Ferry Division
Ferry Division
2021
2021
2020*
2020*
2020-21
2020*
DKK m
Q1
Q2
Q3
Q1-Q3
Q1-Q3
Q1
Q2
Q3
Q4
LTM
Full year
Revenue
2,594
2,960
3,029
8,583
6,905
2,628
1,808
2,469
2,540
11,123
9,445
EBITDA before special items
641
765
705
2,112
1,647
525
392
730
668
2,780
2,315
Share of profit/loss of associates and
joint ventures
-3
-2
-3
-8
-6
-2
-2
-2
0
-8
-5
Profit/loss on disposal of non-current
assets, net
1
0
1
2
1
0
0
1
0
2
1
Depreciation and impairment
-387
-420
-422
-1,229
-1,119
-386
-368
-366
-390
-1,619
-1,509
EBIT before special items
251
343
281
876
524
137
23
363
278
1,154
802
EBIT margin before special items, %
9.7
11.6
9.3
10.2
7.6
5.2
1.3
14.7
11.0
10.4
8.5
Special items, net
0
20
0
20
7
0
79
-72
-105
-85
-98
EBIT
251
364
281
896
531
137
102
291
173
1,069
703
Invested capital, average
20,299
20,668
20,539
20,419
20,224
20,214
20,235
20,275
20,259
20,413
20,222
ROIC before special items, %
-
-
-
-
-
-
-
-
-
5.4
3.8
Average number of employees
-
-
-
5,301
5,513
-
-
-
-
5,328
5,452
Lane metres, '000
10,246
11,078
10,602
31,926
29,002
10,079
8,394
10,529
11,883
43,809
40,886
Tons, '000
167
147
162
476
498
194
166
138
166
642
664
Passengers, '000
83
109
388
580
1,310
579
152
578
186
768
1,498
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparative figures have
been restated accordingly.
2021
Management review
Ferry
Logistics
Reports
Financials
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Q1-3 2021 Interim Report / p 14
deployed for shorter periods in the network which
increased costs. In addition, utilisation of the freight
capacity increase between Estonia and Sweden was below
expectations.
Channel
Q3 freight volumes were 8.8% below 2020 adjusted for
the new route between Ireland and France launched on 2
January 2021. The decrease in activity partly reflects a
general slowdown in trade between the UK and the EU as
supply chain bottlenecks in the UK led exporters from the
EU to cap volumes in Q3 to allow UK supply chains to
catch up with backlogs. In addition, a ferry competitor
regained market share by redeploying ferries in the
quarter that were taken out of service last year in
response to lockdowns.
Volumes carried by the new route between Ireland and
France remained high supported by the UK supply chain
bottlenecks.
Q3 passenger volumes were down 44.7% as tight travel
restrictions remained in place through the quarter. Duty-
free sales increased mainly due to higher spend from truck
drivers. Travel restrictions were eased towards the end of
the quarter and volumes in September 2021 were above
2020.
Q3 EBITDA decreased 42% to DKK 78m due to the drop in
both freight and passenger volumes on the English
Channel routes as well as higher operating costs, partly
due to normalisation of sailing schedules.
Mediterranean
Q3 freight volumes increased 12.2% adjusted for the
opening of a new route between Turkey and Spain. The
increase reflects high growth in Turkish exports to Europe
with support from depreciation of the Turkish lira.
Capacity was expanded in the route network to
accommodate the growth, especially between Italy and
Turkey.
Q3 EBITDA increased 47% to DKK 276m driven by the
higher volumes and stable cost levels as well as better
results for the port terminal and rail activities.
Passenger
Both routes sailed in Q3 as the route between Norway and
Denmark was reopened on 2 July 2021. Travel restrictions
were eased towards the end of the quarter as restrictions
in the UK and Norway were tight for most of the quarter.
Passenger volumes were therefore 18.8% below Q3 2020
where restrictions were eased from the beginning of July
until mid-August. Volumes in September 2021 were above
2020.
Q3 EBITDA decreased DKK 44m to DKK -85m. Sailing
schedules were normalised in the quarter. This increased
cost while the anticipated pick up in passenger volumes
over the high season did not materialise. Freight earnings
improved in the quarter. In addition, the organisation was
ramped up in preparation for higher passenger volumes in
Q4 2021.
Non-allocated items
These items primarily include external charter activities.
Q3 EBITDA increased 24% to DKK 34m.
2021
Management review
Ferry
Logistics
Reports
Financials
Contact
Q1-3 2021 Interim Report / p 15
Ferry Division
2021
2021
2020
2020
2020-21
2020
DKK m
Q1
Q2
Q3
Q1-Q3
Q1-Q3
Q1
Q2
Q3
Q4
LTM
Full year
North Sea*
Revenue
971
1,117
991
3,079
2,467
944
707
816
953
4,033
3,420
EBITDA before special items
301
378
284
963
826
291
252
282
342
1,304
1,168
EBIT before special items
150
229
142
521
420
145
122
154
190
711
610
Invested capital
6,762
6,811
6,253
6,470
5,925
5,931
5,964
5,856
6,054
6,347
5,951
ROIC before special items, %
-
-
-
-
-
-
-
-
-
11.0
10.1
Lane metres freight, '000
3,358
3,609
3,362
10,329
9,270
3,350
2,657
3,264
3,758
14,087
13,028
Tons, '000
167
147
162
476
498
194
166
138
166
642
664
Baltic Sea
Revenue
306
361
382
1,049
957
323
307
327
310
1,359
1,268
EBITDA before special items
83
111
118
311
354
97
119
138
80
391
434
EBIT before special items
51
68
80
199
230
57
78
95
39
238
268
Invested capital
1,525
1,320
1,689
1,595
1,571
1,712
1,642
1,646
1,844
1,605
1,625
ROIC before special items, %
-
-
-
-
-
-
-
-
-
14.7
16.4
Lane metres freight, '000
1,104
1,199
1,108
3,411
3,340
1,140
1,100
1,099
1,094
4,505
4,434
Passengers, '000
40
53
79
173
162
39
54
69
47
220
209
Channel
Revenue
568
643
681
1,892
1,446
512
361
573
566
2,458
2,012
EBITDA before special items
74
104
78
256
205
39
32
135
129
385
334
EBIT before special items
-16
7
-18
-26
24
-22
-27
73
67
41
91
Invested capital
1,701
2,250
2,133
1,914
1,748
1,811
1,779
1,677
1,573
1,867
1,713
ROIC before special items, %
-
-
-
-
-
-
-
-
-
2.0
5.2
Lane metres freight, '000
4,531
4,923
4,767
14,222
13,359
4,404
3,939
5,016
5,672
19,893
19,031
Passengers, '000
38
50
224
311
870
367
98
406
119
430
989
Mediterranean
Revenue
670
743
740
2,152
1,441
581
331
529
631
2,783
2,071
EBITDA before special items
248
257
276
781
401
147
66
188
230
1,011
631
EBIT before special items
155
154
160
469
119
55
-26
90
126
595
245
Invested capital
9,558
9,408
9,182
9,421
9,850
9,858
9,910
9,798
9,535
9,496
9,787
ROIC before special items, %
-
-
-
-
-
-
-
-
-
5.9
2.4
Lane metres freight, '000
1,191
1,265
1,229
3,685
2,828
1,087
696
1,045
1,206
4,891
4,034
Passenger
Revenue
31
40
184
255
427
209
27
190
62
317
489
EBITDA before special items
-100
-120
-85
-305
-230
-87
-101
-42
-143
-448
-373
EBIT before special items
-124
-147
-109
-380
-351
-130
-146
-75
-172
-553
-524
Invested capital
629
731
751
672
759
871
673
634
575
664
722
ROIC before special items, %
-
-
-
-
-
-
-
-
-
-83.9
-73.1
Lane metres freight, '000
61
82
136
278
205
99
2
104
154
432
359
Passengers, '000
5
6
84
95
279
173
3
104
21
116
300
Non-allocated items
Revenue
86
102
105
293
304
102
111
91
132
425
436
EBITDA before special items
36
36
34
106
92
39
24
28
31
137
122
EBIT before special items
35
33
25
93
82
32
23
27
29
123
112
The invested capital in the quarter is shown as per the end of the period.
For the full year and LTM, the invested capital is shown as an average.
* North Sea port logistics activities have been transferred from the Ferry
Division to the Logistics Division per 1 January 2021. 2020 comparison
figures are restated accordingly.
2021
Management review
Ferry
Logistics
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Financials
Contact
Q1-3 2021 Interim Report / p 16
The division is organised in three
business units:
• Nordic
• Continent
• UK & Ireland
Q3 market, activity and result trends
Total Q3 logistics volumes decreased 1.1% compared to
2020.
HSF Logistics Group was consolidated from 14 September
in the Nordic and Continent business units. Volume figures
are not reported.
Starting with the Q4 2021 report, the Logistics Division
will be reorganised in two business units: Dry Goods and
Cold Chain. The Cold Chain activities embedded in DFDS’
three existing business units – Nordic, Continent and UK &
Ireland – will be merged with the HSF Logistics Group to
form a focused Cold Chain business unit. Remaining
activities will be organised in a new business unit: Dry
Goods.
Nordic
Q3 transported units decreased 4.9%. Supply chain
bottlenecks reduced forwarding volumes between
Scandinavia and the UK due to shortages of truck drivers
and equipment, particularly in the UK. Some automotive
flows were disrupted by production stops. Contract
logistics and specialised solutions in Sweden increased
activity. The Finnish operations also continued to expand
activity in the quarter.
Q3 EBITDA increased 5% to DKK 42m as improved results
for contract logistics and addition of HSF Logistics Group
offset lower results for forwarding traffics, particularly
those linked to the UK, as supply chain bottlenecks
increased costs.
Continent
Q3 transported units were on level with 2020 as volumes
between the Netherlands/Belgium/Germany and the UK
were held back by shortages of truck drivers and
equipment in the UK. Volumes were in periods during the
quarter capped to avoid additional congestion in UK ports.
Automotive production stops continued to create
imbalances in flows between Belgium and Scandinavia.
Q3 EBITDA decreased 8% to DKK 51m as lower margins
for UK traffics and the automotive imbalances were only
partly offset by addition of HSF Logistics Group.
UK & Ireland
Q3 transported units increased 2.2% as supply chain
bottlenecks lowered activity for some activities while
parts of the cold chain activities in both Scotland and
Logistics Division
Logistics Division
2021
2021
2020*
2020*
2020-21
2020*
DKK m
Q1
Q2
Q3
Q1-Q3
Q1-Q3
Q1
Q2
Q3
Q4
LTM
Full year
Revenue
1,426
1,554
1,633
4,614
3,858
1,394
1,147
1,316
1,444
6,057
5,301
EBITDA before special items
101
126
155
382
339
95
95
150
123
505
462
Profit/loss on disposal of non-current
assets, net
0
1
0
1
4
2
2
0
0
0
3
Depreciation and impairment
-62
-61
-73
-195
-222
-74
-74
-74
-70
-266
-292
EBIT before special items
39
66
83
188
121
22
22
76
52
240
173
EBIT margin before special items, %
2.7
4.2
5.1
4.1
3.1
1.6
1.9
5.8
3.6
4.0
3.3
Special items, net
0
-19
25
6
-11
0
-4
-7
-1
6
-12
EBIT
39
46
108
194
110
22
18
69
51
245
161
Invested capital, average**
1,469
1,497
2,720
2,094
1,661
1,737
1,727
1,584
1,465
1,977
1,613
ROIC before special items, %
-
-
-
-
-
-
-
-
-
9.7
8.5
Average number of employees
-
-
-
2,218
2,117
-
-
-
-
2,161
2,112
Units, '000
132
141
136
409
383
136
114
134
142
551
525
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparative figures have
been restated accordingly.
** Increase in invested capital in Q3-2021 is impacted by acquisition of HSF Group.
2021
Management review
Ferry
Logistics
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Financials
Contact
Q1-3 2021 Interim Report / p 17
England maintained a high level of activity. Customs
clearance services were expanded for both food and non-
food customers.
Q3 EBITDA increased 14% to DKK 63m mostly driven by
the cold chain activities and customs clearance services.
Logistics Division
2021
2021
2020
2020
2020-21
2020
DKK m
Q1
Q2
Q3
Q1-Q3
Q1-Q3
Q1
Q2
Q3
Q4
LTM
Full year
Nordic*
Revenue
444
503
531
1,478
1,205
453
366
387
453
1,932
1,659
EBITDA before special items
31
35
42
108
90
32
18
40
41
149
131
EBIT before special items
13
16
20
49
29
12
-2
19
22
70
50
Invested capital***
388
407
1,364
635
403
465
409
372
379
582
399
ROIC before special items, %
-
-
-
-
-
-
-
-
-
10.5
10.4
Units, '000 **
29.8
32.9
27.9
91
77.5
27.7
23.1
26.7
31.4
121.9
108.9
Continent*
Revenue
644
685
738
2,067
1,762
633
523
605
661
2,728
2,423
EBITDA before special items
31
41
51
122
124
28
41
55
41
163
166
EBIT before special items
6
18
24
48
41
-2
13
30
15
62
55
Invested capital***
580
514
2,065
937
742
799
710
625
588
874
711
ROIC before special items, %
-
-
-
-
-
-
-
-
-
5.2
6.1
Units, '000
57.5
60.9
56.4
174.8
163.0
58.4
48.0
56.5
61.6
236.4
224.5
UK & Ireland*
Revenue
443
478
492
1,413
1,181
403
357
421
430
1,843
1,611
EBITDA before special items
39
50
63
152
125
34
36
55
41
192
165
EBIT before special items
20
31
40
91
52
12
11
28
16
107
67
Invested capital
545
561
540
526
515
527
544
507
458
522
504
ROIC before special items, %
-
-
-
-
-
-
-
-
-
16.4
10.6
Units, '000
45.2
47.6
51.4
144.2
142.8
49.9
42.6
50.3
49.0
193.2
191.8
Non-allocated items
Revenue
35
36
37
108
74
27
26
20
15
123
89
EBITDA before special items
0
0
0
0
0
0
0
0
0
0
0
EBIT before special items
1
0
0
1
0
0
0
0
0
1
0
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparative figures have
been restated accordingly.
** Excluding volumes related to automotive Logistics contract.
*** Increase in invested capital in Q3-2021 is impacted by acquisition of HSF Group.
The invested capital in the quarter is shown as per the end of the period. For the full year and LTM, the invested capital is shown as an average.
2021
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2021
2020
2021
2020
2020-21
2020
DKK m
Note
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full year
Revenue
3
Costs
Ferry and other ship operation and maintenance
-973
-601
-2,517
-1,894
-3,192
-2,569
Freight handling
-668
-598
-1,917
-1,721
-2,580
-2,383
Transport solutions
-925
-711
-2,635
-2,090
-3,449
-2,905
Employee costs
-830
-705
-2,365
-2,143
-3,084
-2,862
Costs of sales and administration
-162
-137
-457
-400
-578
-520
Operating profit before depreciation (EBITDA) and special items
Share of profit/loss of associates and joint ventures
-3
-2
-9
-6
-9
-5
Profit/loss on disposal of non-current assets, net
Depreciation, ferries and other ships
-333
-278
-963
-862
-1,254
-1,153
Depreciation, other non-current assets
-181
-180
-522
-531
-712
-721
Impairment losses, other non-current assets
Operating profit (EBIT) before special items
Special items, net
4
-62
-20
-67
-117
Operating profit (EBIT)
Financial income
Financial costs
-78
-69
-230
-201
-324
-280
Profit before tax
Tax on profit
-49
-18
-90
-35
-78
-24
Profit for the period
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
Profit for the period
Earnings per share
Basic earnings per share (EPS) of DKK 20, DKK
Diluted earnings per share (EPS-D) of DKK 20, DKK
DFDS Group Income statement
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2021
2020
2021
2020
2020-21
2020
DKK m
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full year
Profit for the period
Other comprehensive income
Items that will not be reclassified subsequently to the Income statement:
Remeasurement of defined benefit pension obligations
-30
-29
-59
Items that will not be reclassified subsequently to the Income statement
-30
-29
-59
Items that are or may be reclassified subsequently to the Income statement:
Value adjustment of hedging instruments:
Value adjustment for the period
-104
-30
-38
-103
Value adjustment transferred to operating costs
-16
-37
-37
Value adjustment transferred to financial costs
-2
Value adjustment transferred to non-current tangible assets
-65
-96
-31
-103
-38
Tax on items that may be reclassified to the Income statement
-2
-2
Foreign exchange adjustments, subsidiaries
-9
-10
-109
-37
Items that are or may be reclassified subsequently to the Income statement
-57
-100
-86
-146
-86
-147
Total other comprehensive income after tax
-57
-100
-86
-177
-116
-206
Total comprehensive income
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
Total comprehensive income
DFDS Group – statement of Comprehensive income
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DFDS Group - Balance sheet
Assets
2021
2020
2020
DKK m
Q1-Q3
Q1-Q3
Full year
Goodwill
Other non-current intangible assets
Software
Development projects in progress
Non-current intangible assets
Land and buildings
Terminals
Ferries and other ships
Equipment, etc.
Assets under construction and prepayments
Right-of-use assets
Non-current tangible assets
Investments in associates, joint ventures and securities
Receivables
Prepaid costs
Deferred tax
Derivative financial instruments
Other non-current assets
Non-current assets
Inventories
Trade receivables
Receivables from associates and joint ventures
Other receivables
Prepaid costs
Derivative financial instruments
Cash
Current assets
Assets classified as held for sale
Total current assets
Assets
Equity and liabilities
2021
2020
2020
DKK m
Q1-Q3
Q1-Q3
Full year
Share capital
Reserves
-356
-269
-273
Retained earnings
Proposed dividends
Equity attributable to equity holders of DFDS A/S
Non-controlling interests
Equity
Interest-bearing liabilities
Lease liabilities
Deferred tax
Pension and jubilee liabilities
Other provisions
Other payables
Derivative financial instruments
Non-current liabilities
Interest-bearing liabilities
Lease liabilities
Trade payables
Payables to associates and joint ventures
Other provisions
Corporation tax
Other payables
Derivative financial instruments
Prepayments
Current liabilities
Liabilities
Equity and liabilities
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Reserves
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Proposed
dividends
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2021
-394
-25
Comprehensive income for the period
Profit for the period
Other comprehensive income
Items that are or may be reclassified subsequently to the Income statement:
Value adjustment of hedging instruments for the period
Value adjustment transferred to operating costs
-37
-37
-37
Value adjustment transferred to financial costs
-2
-2
-2
Value adjustment transferred to non-current tangible assets
-96
-96
-96
Tax on items that will be reclassified to the Income statement
-2
-2
-2
Foreign exchange adjustments, subsidiaries
Items that are or may subsequently be reclassified to the Income statement
-100
-2
-86
-86
Total other comprehensive income after tax
-100
-2
-86
-86
Total comprehensive income
-100
Transactions with owners
Addition regarding acquisition, non-controlling interests
Vested share-based payments
Purchase of treasury shares
-4
-71
-75
-75
Cash from sale of treasury shares related to exercise of share options
Transactions with owners
-22
-22
-20
Equity at 30 September 2021
-378
-25
DFDS Group - Statement of changes in equity 1 January - 30 September 2021
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Reserves
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Proposed
dividends
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2020
-357
-28
Comprehensive income for the period
Profit for the period
Other comprehensive income
Items that will not subsequently be reclassified to the income statement:
Remeasurement of defined benefit pension obligations
-30
-30
-30
Items that will not subsequently be reclassified to the Income statement
-30
-30
-30
Items that are or may be reclassified subsequently to the Income statement:
Value adjustment of hedging instruments for the period
-30
-30
-30
Value adjustment transferred to operating costs
Value adjustment transferred to financial costs
Value adjustment transferred to non-current tangible assets
-31
-31
-31
Tax on items that will be reclassified to the Income statement
Foreign exchange adjustments, subsidiaries
-108
-108
-109
Items that are or may subsequently be reclassified to the Income statement
-108
-43
-146
-146
Total other comprehensive income after tax
-108
-43
-24
-176
-177
Total comprehensive income
-108
-43
Transactions with owners
Acquisition, non-controlling interests
Cancellation of proposed dividend at year-end 2019*
-235
Vested share-based payments
Cash from sale of treasury shares related to exercise of share options
-2
Transactions with owners
-235
Equity at 30 September 2020
-465
-26
* Reference is made to separate announcement from 18 March 2020 where the Board of Directors, due to the current financial environment, has decided not to propose the payment of a dividend at the Annual General Meeting
DFDS Group - Statement of changes in equity 1 January - 30 September 2020
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2021
2020
2021
2020
2020-21
2020
DKK m
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full year
Operating profit before depreciation (EBITDA) and special items
Cash flow effect from special items related to operating activities
-9
-43
-44
-104
-66
-125
Adjustments for non-cash operating items, etc.
Change in working capital
Payment of pension liabilities and other provisions
-7
-7
-23
-23
-31
-31
Cash flow from operating activities, gross
Interest received, etc.
Interest paid, etc.
-56
-68
-218
-191
-303
-276
Taxes paid
-7
-4
-59
-58
Cash flow from operating activities, net
Investments in ships including dockings, rebuildings, and ships under construction (incl. settlement of forward exchange contracts) related thereto*
-121
-417
-529
-1,253
-698
-1,422
Sale of ferries
Investments in other non-current tangible assets
-56
-30
-141
-166
-169
-195
Sale of other non-current tangible assets
Investments in non-current intangible assets
-10
-14
-38
-50
-58
-70
Acquisition of enterprises, associates, joint ventures, and activities
-962
-962
-14
-962
-14
Other investing cash flows
-2
-167
-146
Cash flow to/from investing activities, net
-1,106
-456
-1,616
-1,425
-1,809
-1,618
Cash flow before financing activities, net
-15
Proceed from bank loans and loans secured by mortgage in ships
Repayment and instalments of bank loans and loans secured by mortgage in ships
-264
-320
-662
-1,645
-808
-1,791
Payment of lease liabilities
-209
-143
-592
-461
-733
-602
Settlement of forward exchange contracts related to leases
Proceeds from sale of treasury shares
Acquisition of treasury shares
-75
-75
Cash received from exercise of share options
Other financing cash flows
-60
-60
Cash flow to/from financing activities, net
-278
-270
-678
-464
-671
-458
Net increase (decrease) in cash and cash equivalents
-293
-103
Cash and cash equivalents at beginning of period
Foreign exchange and value adjustments of cash and cash equivalents
-2
-2
Cash and cash equivalents at end of period **
* The Q1-Q3 2021 cash flow includes an amount of DKK 18.6m related to a net settlement of a vessel swap where DFDS buys a vessel of DKK 332.4m, sells a vessel of DKK 165.1m, and settles a loan receivable of DKK 148.7m.
** At 30 September 2021 DKK 167m (30 September 2020: DKK 147m) of the cash was deposited on restricted bank accounts.
DFDS Group – Statement of cash flows
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Note 1 Accounting policies and significant estimates
Basis of reporting
This section provides an overview of the Groups principal accounting policies as well as new
and amended IFRS standards and interpretations..
Accounting policies
This interim report has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’
as adopted by the EU and additional Danish disclosure requirements for interim reports of
listed companies. The interim report has been prepared using the same accounting policies,
judgements and estimates as for the annual report for 2020 except as described below.
Implementation of new or changed accounting standards and interpretations
DFDS has adopted all new, amended, or revised accounting standards and interpretations
(IFRSs) endorsed by the EU effective for the accounting period beginning on 1 January 2021
none of which has had material impact on the Group’s Financial Statements.
Significant estimates
In the view of Management, the areas where accounting estimates and assessments are
significant remain the same as per DFDS’ latest annual report. However, considering Covid-
19 certain significant estimates have been revisited in Q3 2021 compared to year-end
2020, particularly related to passenger traffic which is still being impacted by travel
restrictions. A review of significant accounting estimates did not give rise to a change in
estimates.
In the preparation of the Interim Report, Management undertakes several accounting
estimates and assessments and makes assumptions which provide the basis for recognition
and measurement of the assets, liabilities, revenues and expenses of the Group and the
Parent Company. These estimates, assessments and assumptions are based on historical
experience and other factors which Management considers reasonable under the
circumstances, but which by their nature are uncertain and unpredictable. The assumptions
may be incomplete or inaccurate, and unanticipated events or circumstances may occur, for
which reason the actual results may deviate from the applied estimates, assessments, and
assumptions.
Impairment considerations due to Covid-19
Impairment testing is undertaken once a year unless indications of impairment occur. The
consequences of Covid-19 are still considered such an indication and consequently, DFDS
has in Q3 2021 revisited its impairment calculations from year-end 2020. The Covid-19
situation is still an impairment indicator, particularly for passenger traffic and it is still
reasonable to assume that the situation from a long-term perspective is temporary. DFDS’
main assets have a long lifetime and the impairment tests at year-end 2020 showed
significant headroom for all other CGU’s than the Oslo-Frederikshavn-Copenhagen route. In
Q3 2021 Management has revisited forecasts for all CGUs and concludes that the
assumptions applied at year-end 2020 remains valid, hence no impairments nor reversals
have been recognised.
Receivables
The practice for recognising expected credit losses etc. remains the same as at year-end
2020.
Other areas
DFDS has taken part in various government compensation schemes following Covid-19.
Wage compensation is reducing the staff costs in the Income statement and contributions
from voluntary salary reduction are deducted in wages, salaries, and remuneration.
Remuneration and wage compensation amount to DKK 2m in Q3-2021 and year to day
amount to DKK 56m.
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Note 2 Segment Information
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Q1-Q3 2021
External revenue
7,821
4,551
15
12,387
Intragroup revenue
762
63
382
1,207
Total revenue
8,583
4,614
397
13,594
Operating profit (EBITDA) before special items
2,112
382
2
2,496
Operating profit (EBIT) before special items
876
188
-59
1,004
Operating profit after special items (EBIT)
896
194
-56
1,034
Invested capital, average
20,419
2,094
299
22,813
DKK m
Ferry
Division*
Logistics
Division*
Non-
allocated
Total
Q1-Q3 2020
External revenue
6,353
3,831
26
10,209
Intragroup revenue
552
27
360
939
Total revenue
6,905
3,858
386
11,148
Operating profit (EBITDA) before special items
1,647
339
-24
1,962
Operating profit (EBIT) before special items
524
121
-76
569
Operating profit after special items (EBIT)
531
110
-92
548
Invested capital, average
20,224
1,661
710
22,595
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 Janu-
ary 2021. 2020 comparative figures have been restated accordingly.
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Note 3 Revenue
Q1-Q3 2021
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
2,778
-
0
2,778
Baltic Sea
1,023
-
0
1,023
English Channel
1,881
-
0
1,881
Mediterranean
2,139
-
0
2,139
Continent
-
1,979
0
1,979
Nordic
-
1,377
0
1,377
UK/Ireland
-
1,194
0
1,194
Other
0
0
15
15
Total
7,821
4,551
15
12,387
Product and services
Seafreight and shipping logistics solutions
6,154
87
0
6,241
Transport solutions
17
4,416
0
4,433
Passenger seafare and on board sales
642
0
0
642
Terminal services
641
5
0
646
Charters
237
0
0
237
Agency and other revenue
130
42
15
187
Total
7,821
4,551
15
12,387
All material revenue is recognised when each separate obligation in the customer contract
is fulfilled following the “over-time principle”. Most transports carried out by the Ferry
Division are characterised by short delivery time (most sailings are less than 30 hours while
sailings to/from Turkey are up to 72 hours). Transports carried out by Logistics Division can
take delivery over a longer period, but the impact is insignificant.
On board sales is recognised according to the “a point in time” principle and amount to
DKK 266m (Q1-Q3 2020: DKK 271m).
Revenue includes revenue recognised from contracts with customers in accordance with
IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to
DKK 237m (Q1-Q3 2020: DKK 245m).
Q1-Q3 2020
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North sea*
2,583
-
0
2,583
Baltic sea
911
-
0
911
English Channel
1,430
-
0
1,430
Mediterranean
1,429
-
0
1,429
Continent*
-
1,678
0
1,678
Nordic*
-
1,116
0
1,116
UK/Ireland*
-
1,037
0
1,037
Other
0
0
26
26
Total
6,353
3,831
26
10,209
Product and services
Seafreight and shipping logistics solutions
4,790
1
0
4,790
Transport solutions*
4
3,635
0
3,638
Passenger seafare and on board sales
819
0
0
819
Terminal services*
389
86
0
475
Charters
245
0
0
245
Agency and other revenue*
107
110
26
242
Total
6,353
3,831
26
10,209
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 Janu-
ary 2021. 2020 comparative figures have been restated accordingly.
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Note 4 Special items
2021
2020
DKK m
Q1-Q3
Q1-Q3
Acquisition and integration planning costs relating to HSF Logistics Group
-25
-
Accounting gain on sale of Liverpool Seaways
-
110
Accounting gain on sale of Gothia Seaways
20
-
Accounting gain on sale of office and warehousing building in Belgium
31
-
Accrual of the total estimated costs (estimated fair value) related to the DFDS
shares awarded to DFDS employees as a special one-off award in connection with
DFDS’ 150 years anniversary in December 2016. The costs accrue from December
2016 to February 2020
-
-2
Termination cost in connection with restructuring
-
-129
Reversal of accrued cost related to Jubilee shares
4
-
Special items, net
30
-20
Note 5 Acquisition of enterprises and sale of activities
2021
HSF Acquisition
On 14th September 2021, the acquisition of the HSF Logistics Group was completed. HSF
Logistics Group is one of Europe’s leading cold chain logistics providers to meat producers
and other food producers that operate temperature-controlled supply chains. The
acquisition significantly strengthens DFDS’ cold chain activities and the offering to cold
chain logistics customers.
The results are consolidated and included in the Logistic Division under Nordic & Continent
Business Units as of this date. DFDS also acquired most of the existing minority
shareholders and thus holds more than 99% of the ownership of the HSF Logistics Group as
of 30 September 2021.
The total acquisition price was DKK 1,755m (including DKK 58m related to minority
shareholders) of which DKK 966m was paid in cash in September and DKK 789m recognised
as deferred consideration under other payables as of 30th September 2021. Cash in the
acquired company amounted to DKK 4m. Accordingly the liquidity effect as of 30
September 2021 was DKK 962m with reference to cash flow statement.
HSF Logistics Group revenue included in the Q3-2021 reporting is DKK 129m and an EBITDA
of DKK 15m. If transaction were completed as of 1st January 2021 revenue from 1 January
to 30 September 2021 would have been DKK 2.3bn and an EBITDA of DKK 262m. The Group
has elected to measure the non-controlling interests in the acquiree at their proportionate
share of the acquired net assets. Transaction and acquisition costs amounts to DKK 25m
which are included under special items. The preliminary purchase price allocation shows the
following:
DKK m
Preliminary
fair value at
acquisition
date
Non-current assets
1,780
Current assets
498
Total assets
2,278
Non-current liabilities
573
Current liabilities
700
Total liabilities
1,273
Non-controlling interests' share of acquired net assets
2
Fair value of acquired net assets
1,003
Total purchase price
Cash consideration
930
Deferred consideration
825
Fair value of the purchase price
1,755
Goodwill at acquisition
752
Due to the acquisition date being 14th September 2021 the above purchase price allocation
is preliminary and will be subject to adjustments on several items in the opening balance.
Goodwill occurring from the transaction is related to synergies and will be subject to an
annual impairment test. A more detailed fair value overview will be presented in Q4-2021
announcement.
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Note 5 Acquisition of enterprises and sale of activities
(continued)
2021 (continued)
ICT Logistics
On 15 September 2021 DFDS entered into an agreement to acquire 100% of the share
capital of the Danish freight forwarder ICT Logistics. DFDS has owned 19.9% of the shares in
ICT Logistics since 2006. Closing of the transaction is subject to regulatory approval.
2020
There has been no significant acquisitions nor disposals in 2020.
Note 6 Fair value measurement of financial instruments
The table discloses fair value and carrying amount of financial instruments measured at fair
value in the balance sheet. Furthermore, categorisation of the valuation method according
to the fair value hierarchy is stated.
Transfers between levels of the fair value hierarchy are considered to have occurred at the
date of the event or change in circumstances that caused the transfer.
There were no transfers between the levels in the fair value hierarchy in Q1-Q3 2021.
Techniques for calculating fair values
Derivatives
DFDS' usage of derivatives includes interest rate swaps, bunker swaps, forward exchange
contracts and currency swaps. The fair values on interest rate swaps have been calculated
by discounting the expected future interest payments. The discount rate for each interest
payment is estimated on the basis of a swap interest curve, which is calculated based on a
wide spread of market interest rates. The fair value on forward exchange contracts are
based on interest curve calculations in DFDS' Treasury system. Calculations are based on a
spread of market interest rates in the various currencies. Calculation on bunker swaps are
based on quoted forward curve from various financial institutions.
Q1-Q3 2021
Q1-Q3 2020
DKK m
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
84
84
262
262
Securities (Level 3)
10
10
10
10
Financial liabilities
Derivatives (Level 2)
99
99
230
230
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Note 7 Supplementary financial information on
the Parent Company
As a result of DFDS A/S' issuance of corporate bonds on Oslo Stock Exchange there is a
requirement to provide certain supplementary financial information on the Parent Company.
The following financial information has been prepared using the same accounting policies as
for the Annual Report for 2020.
The Parent Company’s revenue increased by DKK 570m, equivalent to 10% compared to
Q1-Q3 2020. Operating profit before depreciation and special items (EBITDA) increased by
DKK 50m from DKK 1,312m, equivalent to an increase of 4% compared to Q1-Q3 2020.
Profit before tax increased from DKK 256m in Q1-Q3 2020 to DKK 262m in Q1-Q3 2021.
The Parent Company’s net interest-bearing debt decreased from DKK 4,718m at 31
December 2020 to DKK 4,296m at 30 September 2021.
2021
2020
2020-21
2020
DKK m
Q1-Q3
Q1-Q3
LTM
Full year
Income statement
Revenue
6,046
5,476
7,955
7,385
Operating profit before depreciation (EBITDA) and
special items
1,362
1,312
1,808
1,758
Operating profit (EBIT) before special items
99
72
131
104
Special items, net
-25
-47
-150
-172
Operating profit (EBIT)
73
25
-19
-68
Financial items, net
189
231
160
203
Profit before tax
262
256
141
135
Profit for the period
277
254
163
140
Assets
Non-current intangible assets
409
391
400
Non-current tangible assets
5,541
5,476
5,458
Right-of-use assets
485
960
1,404
Investments in affiliated companies, associates and
joint ventures
8,459
6,624
6,760
Non-current receivables from affiliated companies
51
269
261
Other non-current assets
55
151
110
Non-current assets
15,000
13,871
14,393
Current receivables from affiliated companies
647
833
699
Receivables from associates and joint ventures
24
48
27
Cash
984
346
735
Other current assets
1,274
1,396
1,381
Current assets
2,930
2,623
2,842
Assets
17,930
16,494
17,236
Equity and liabilities
Equity
9,542
9,541
9,382
Non-current liabilities
2,026
2,913
3,093
Current liabilities to affiliated companies
2,095
1,946
2,139
Other current liabilities
4,267
2,094
2,622
Current liabilities
6,362
4,039
4,762
Equity and liabilities
17,930
16,494
17,236
Equity ratio, %
53.2%
57.8%
54.4%
Net interest-bearing debt
4,296
4,020
4,718
2021
Management review
Ferry
Logistics
Reports
Financials
Contact
Q1-3 2021 Interim Report / p 31
Definitions
Operating profit before depreciation (EBITDA)
Profit before depreciation and impairment on non-current assets
Operating profit (EBIT)
Profit after depreciation and impairment on non-current intangible and tangible assets
Operating margin
Operating profit (EBIT) before special items
Revenue
×!100
Net operating profit after taxes (NOPAT)
Operating profit (EBIT) minus payable tax for the period adjusted for the tax effect of net finance cost
Invested capital
Net working capital (non-interest bearing current assets minus non-interest bearing current liabilities) plus non-current intangible and tangible
assets minus pension and jubilee liabilities and other provisions
Net Interest-bearing debt
Interest-bearing liabilities (excluding provision for pensions) minus interest-bearing assets minus cash and securities
LTM
Last twelve months
Return on invested capital (ROIC)
Net operating profit after taxes (NOPAT)!
Average invested capital
× 100
Adjusted free cash flow (FCFF)
Cash flow from operating activities excluding net interest received and paid minus cash flow from net investments and payment of lease
liabilities and interest
Return on equity
Profit for the period excluding non-controlling interests!
Average equity excluding non-controlling interests
× 100!
Equity ratio
Equity at end of period!
Total assets
×!100
Earnings per share (EPS)
Profit for the period excluding non-controlling interests
Weighted average number of ordinary shares in circulation
×!100
P/E ratio
Share price at the end of the period!
Earnings per share (EPS)
× 100
Dividend per share
Dividend for the year!
Number of shares at the end of the period
× 100!
Market value
Number of shares, ex. treasury shares, end of period times share price end of period
No. of ships
Owned and chartered ships, including slot charter and vessel sharing agreements
Unit
Logistics Division transported units are defined as a trailer or container regardless of whether the unit carries a full load or part loads.
Logistics Division also reports revenue from activities not reporting units, e.g. warehousing activities, managed contracts, workshops, customs
clearance and other fees
Roundings may in general cause variances in sums and percentages in this report.
2021
Management review
Ferry
Logistics
Reports
Financials
Contact
Q1-3 2021 Interim Report / p 32
ESG definitions
Operated ships
Number of ships, owned and chartered, deployed in own route network with fuel consumption included in own CO2 reporting
Total number of days operated
Total number of deployment days for operated ships
CO2 emissions per GT nautical mile
Emissions measured as gCO2 per gross tonnage nautical mile for operated ships
Total marine fuel consumption
Total consumption of heavy fuel oil (HFO) and marine gas oil (MGO) for operated ships
Fuel consumption per nautical mile
Total consumption of heavy fuel oil (HFO) and marine gas oil (MGO) per nautical mile for operated ships
Fuel consumption per GT nautical mile
gCO2 per gross tonnage-nautical mile
Spills (>1 barrel)
Incidents of oil spills larger than one barrel into the sea from operated ships
Number of employees
Average fulltime equivalent number of employees
Total workforce gender ratio
Percentage of women in FTE workforce
Senior management gender ratio
Percentage of women of total number of senior management positions defined as EVPs and VPs
Manager gender ratio
Percentage of women of total number of management positions, excluding senior management, defined as positions with responsibility for at
least one other employee!
Employee gender ratio
Percentage of women of number of employees, excluding senior management and managers
At sea
Percentage of women of number of employees at sea
On land
Percentage of women of number of employees on land
Lost time injury frequency (LTIF), sea
Number of registered work-related accidents disabling a seafarer to work for more than 24 hours per one million exposure hours!
Lost time injury frequency (LTIF), land
Number of registered work-related accidents disabling a land-based employee work for more than 24 hours per one million exposure hours
Colleagues
Number of fatalities among employees caused by work-related accidents
Contractors
Number of fatalities among third-party contractors caused by work-related accidents while operating for DFDS
Representation of women on Board of Directors
Percentage of women of the total number of members of the Board of Directors, excluding staff appointed members
Attendance at Board meetings, %
Percentage of total number of Board meetings attended
2021
Management review
Ferry
Logistics
Reports
Financials
Contact
Q1-3 2021 Interim Report / p 33
CVR 14 19 47 11
www.dfds.com
17 November 2021
Company announcement no.: 35/2021
Contact
Torben Carlsen, CEO: +45 33 42 32 01
Karina Deacon, CFO, +45 33 42 33 42
Søren Brøndholt Nielsen, IR: +45 33 42 33 59
Nicole Seroff, Communications: +45 31 40 34 46
Disclaimer
The statements about the future in
this announcement contain risks and uncertainties
and actual developments may therefore diverge
significantly from the statements about the future.
About DFDS
DFDS provides ferry and transport services in and around
Europe, generating annual revenues of DKK 19bn.
To over 10,000 freight customers, we deliver high
performance and superior reliability through ferry & port
terminal services and transport & logistics solutions.
For more than five million passengers, we provide safe
overnight and short sea ferry services.
Our 10,000 employees are located on ferries, terminals,
distribution centres and in offices across more than 20
countries. DFDS was founded in 1866, is headquartered in
Copenhagen, and listed on NASDAQ Copenhagen.