Ferry Division’s Q4 revenue increased 26.9% to
DKK 3,223m despite 8.2% lower freight volumes as
stockbuilding ahead of Brexit boosted volumes in Q4
2020. The lower revenue from volumes was however
more than offset by the launch of two new freight routes
connecting Ireland-France and Turkey-Spain, respectively,
and a considerable increase in revenue from bunker
surcharges due to a higher oil price. The latter equalled 12
ppt of the revenue growth. In addition, passenger revenue
more than doubled, albeit from a low level, as more
passengers travelled between Norway and Denmark and
duty-free sales on UK routes increased.
Logistics Division’s Q4 revenue increased 76.0% to
DKK 2,541m mainly due to the acquisition of HSF
Logistics Group. Moreover, unit revenue increased to cover
rising carrier costs and customs clearance activities also
increased revenue.
Operating profit before depreciation (EBITDA) and
special items
The Group’s Q4 EBITDA increased 19% to of DKK 915m
driven by higher earnings in both divisions.
The Group’s full-year EBITDA increased 25% to
DKK 3,411m likewise driven by higher earnings in both
divisions.
Ferry Division’s Q4 EBITDA increased 11% to DKK 741m.
The EBITDA for freight ferry activities of DKK 772m was
on level with 2020 as new routes and higher earnings in
Mediterranean offset lower earnings in North Sea and
Channel that last year were boosted by the UK
stockbuilding ahead of Brexit. The EBITDA for the
passenger activities improved DKK 67m to DKK -30m but
remained overall severely reduced by travel restrictions in
Q4 2021.
Logistics Division’s Q4 EBITDA increased 72% to
DKK 211m driven by the acquisition of HSF Logistics
Group. In the existing business, most contract logistics
activities increased earnings due to high demand for
solutions while the earnings of the forwarding activities
were reduced by lags in the cost coverage of rising carrier
costs.
Depreciation and operating profit (EBIT) before
special items
Depreciation in Q4 of DKK 602m increased 25% compared
to 2020, due partly to depreciation on additional
chartered freight ferries deployed on new routes, and
partly to the acquisition of HSF Logistics Group.
Depreciation for the full-year 2021 of DKK 2,087m
increased 11% compared to 2020.
The Group’s Q4 EBIT before special items increased 7% to
DKK 309m. For the full-year 2021, EBIT before special
items increased 53% or DKK 455m to DKK 1,313m.
Special items and operating profit (EBIT) after special
items
In Q4 2021, special items were a net income of DKK 4m as
accounting gains from asset sales and sale of a minority
shareholding were offset by restructuring provisions.
For the full-year 2021, special items were a net income of
DKK 34m.
The Group’s Q4 EBIT after special items increased 63% to
DKK 313m due to a positive variance of DKK 101m for
special items as Q4 2020 included significant one-off
costs. For the full-year 2021, EBIT after special items
increased DKK 607m or 82% to DKK 1,348m.
Financial items
Total finance, net in Q4 was a cost of DKK 54m, a
decrease of DKK 42m compared to Q4 2020. The net
interest cost was on level with 2020 while the variance
for net currency adjustments was positive by DKK 42m.
The latter variance was due to a net gain of DKK 24m in
Q4 2021, mainly related to TRY, while currency
adjustments were a net loss in 2020.
Total finance, net for the full-year 2021 was a cost of
DKK 278m which was on level with 2020.
Profit before special items and tax
The Q4 profit before special items and tax increased 32%
to DKK 255m, and the profit for the period of DKK 256m
was 135% above 2020.
For full-year 2021, the profit before special items and tax
increased 77% to DKK 1,035m and the profit for the
period was DKK 976m.
Earnings per share
Q4 earnings per share (EPS) of DKK 4.39 was 137% higher
than in Q4 2020. For the full-year 2021, earnings per