Q2 2024 Interim report
Navigating challenging
markets
Q2 2024 interim report
Q2 overview
2/30
Q2 2024
→ Revenue up 9% to DKK 7.6bn
→ EBIT reduced 28% to DKK 519m
→ Adjusted free cash flow increased
21% to DKK 724m
→ CO2 ferry emission intensity
lowered 3%
Outlook 2024
→ EBIT of DKK 1.7-2.1bn (previously
DKK 2.0-2.4bn)
→ Revenue growth of 8-11%
(unchanged)
→ Adjusted free cash flow of around
DKK 1.5bn (unchanged)
CEO’s comments
Q2 turned out to be more challenging than
expected and we consequently revised the
earnings outlook for 2024 while maintaining
the adjusted free cash flow outlook.
The top priorities for the rest of the year are
to continue to protect our key ferry market
positions and turn Logistics’ earnings trend
around.
In parallel with addressing these priorities,
we will continue to unlock the value of our
expanded network and to move our green
transition forward.
Ferry navigating market & cost headwinds
We continued in Q2 to protect our strategic
Baltic and Channel ferry market positions in
market environments with rate pressure
from overcapacity and limited volume
growth. Our ability to fully pass on cost
increases is therefore currently reduced.
We are confident that the short-term
protection of our route network will ensure
long-term growth and resilience as markets
over time move to rebalance supply and
demand.
Logistics challenged by market headwinds
and underperforming business unit
A large part of our Logistics’ network is
performing well in the face of a challenging
market environment with heightened
margin pressure and large shifts in
customer flows in our Belgian and Dutch
operations. Key focus areas in the rest of
the year are to further adapt the cost base
to the current pricing environment and to
grow volumes organically.
“The top priorities for the rest
of the year are to continue to
protect our key ferry market
positions and turn Logistics’
earnings trend around.”
Torben Carlsen, CEO
In addition to market impacts, Logistics’ Q2
result was lowered by underperformance of
the Nordic Cold Chain business unit. We
expect to complete the ongoing turnaround
of the Nordic unit by year-end.
Overall, we expect Logistics Division’s Q3
result to remain below 2023 while the Q4
2024 result is expected to exceed 2023.
Capital distribution
We continued in Q2 to return excess capital
to shareholders. Besides the dividend of
DKK 168m paid in March 2024, our share
buyback program has year-to-date
returned more than DKK 200m to
shareholders.
Outlook 2024
The EBIT outlook range was lowered
following a Q2 result below expectations
and continued market headwinds expected
for the rest of year. The adjusted free cash
flow outlook is unchanged around
DKK 1.5bn.
Q2 overview
Q2
Q2
Change
LTM
LTM
Change
Full-year
2024
2023
%
2023-24
2022-23
%
2023
DKK m
(Restated)
(Restated)
(Restated)
Revenue
7,580
6,942
9
28,613
27,148
5
27,304
EBITDA
1,232
1,370
-10
4,737
4,930
-4
4,890
EBIT
519
718
-28
1,963
2,514
-22
2,326
Adjusted free cash flow
724
601
21
2,311
1,455
59
2,773
ROIC, %
-
-
-
6.2
8.6
-
7.6
Financial leverage, times
-
-
-
3.1
2.9
-
2.9
14 August 2024
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Q2 2024 interim report
Key figures
3/30
Key figures
Q2
Q2
H1
H1
LTM
Full-year
2024
2023
2024
2023
2023-24
2023
DKK m
(Restated)*
(Restated)*
(Restated)*
Income statement
Revenue
7,580
6,942
14,591
13,282
28,613
27,304
Ferry Division
4,633
4,176
8,847
7,997
17,343
16,493
Logistics Division
3,296
3,088
6,426
5,937
12,584
12,096
Non-allocated items and eliminations
- 348
- 323
- 681
- 651
- 1,314
- 1,285
Operating profit before depreciation and
amortisation (EBITDA)
1,232
1,370
2,189
2,342
4,737
4,890
Ferry Division
990
1,078
1,678
1,781
3,706
3,808
Logistics Division
289
336
594
622
1,199
1,228
Non-allocated items
- 47
-44
- 83
- 62
- 168
- 146
Operating profit before amortisation (EBITA)
572
765
819
1,169
2,154
2,504
Operating profit (EBIT)
519
718
719
1,081
1,963
2,326
Financial items, net
- 202
-160
- 397
- 287
- 769
- 659
Profit for the period
288
537
240
674
1,085
1,519
Capital
Total assets
-
-
36,961
35,219
-
34,647
Equity
-
-
13,869
13,250
-
13,932
Net interest-bearing debt
-
-
15,171
14,984
-
14,449
Invested capital, end of period
-
-
29,468
28,652
-
28,770
Cash flows
Cash flows from operating activities
1,349
1,017
1,817
2,024
3,468
3,675
Cash flows from investing activities
- 351
-253
- 2,005
- 1,777
- 1,377
- 1,149
Free cash flow
998
764
- 188
247
2,091
2,526
Adjusted free cash flow
724
601
397
859
2,311
2,773
Q2
Q2
H1
H1
LTM
Full-year
2024
2023
2024
2023
2023-24
2023
DKK m
(Restated)*
(Restated)*
(Restated)*
Key operating and return ratios
Average number of employees (FTE)
-
-
13,990
12,795
13,684
13,191
Revenue growth (reported), %
9.2
- 3.2
9.9
2.1
4.8
1.6
EBITDA-margin, %
16.3
19.7
15.0
17.6
16.6
17.9
EBITA-margin, %
7.5
11.0
5.6
8.8
7.5
9.2
EBIT-margin, %
6.8
10.3
4.9
8.1
6.9
8.5
Return on invested capital (ROIC), %
-
-
6.2
8.6
6.2
7.6
ROIC before acquisition intangibles (ROIC BAI), %
-
-
8.7
11.6
8.7
10.5
Return on equity, %
-
-
-
-
8.0
11.3
Key capital and per share ratios
Financial leverage, times
-
-
3.1
2.9
3.1
2.9
Equity ratio, %
-
-
37.5
37.6
-
40.2
Earnings per share (EPS), DKK
5.15
9.49
4.23
11.85
19.31
26.89
Dividend paid per share, DKK
0
0
3.00
5.00
3.00
5.00
Number of shares, end of period, '000
-
-
57,970
58,632
-
58,632
Share price, DKK
-
-
196.9
248.4
-
223.0
ESG key figures
Emissions per GT mile - Own fleet (CO2)
11.7
12.0
12.0
12.2
12.1
12.1
Lost-time injury frequency (LTIF) - Sea
3.1
1.9
3.6
3.4
3.7
3.8
Lost-time injury frequency (LTIF) - Land
7.2
7.8
8.0
9.6
7.4
8.1
Women ratio - Total workforce
-
-
25
24
-
23
Women ratio - Board of Directors
-
-
33
33
-
33
* IFRS 16 and IAS 1, refer to notes 1 and 8.
Definitions on page 28.
Q2 2024 interim report
Outlook 2024
4/30
→ EBIT lowered to DKK 1.7-2.1bn from
previously DKK 2.0-2.4bn
→ Revenue growth of 8-11%
(unchanged)
→ Operating capex reduced to
around DKK 1.5bn from previously
DKK 1.75bn
→ Adjusted free cash flow of around
DKK 1.5bn (unchanged)
General market growth prospects
Europe’s economic growth expectations for
the rest of 2024 remain subdued with no
material rebound expected in H2 for
manufacturing volumes or general GDP-
growth.
Key freight outlook assumptions for 2024
Freight ferry volumes are in total expected
to continue to grow organically in H2,
although at a lower level than previously
expected. The positive impact from volume
growth is however expected to be offset by
unfavourable market and cost dynamics.
Margin pressure in transport and logistics
markets continued through Q2 2024 and is
expected to persist in H2 as the demand
rebound is expected to be softer than
previously expected. A reversal in H2 of
overcapacity in haulage markets would
alleviate margin pressures.
Key passenger outlook assumptions
for 2024
Due to FRS Iberia/Maroc’s overweight of
passenger revenue, the activity is reported
as part of the Ferry Division’s passenger
result along with the three other business
units with passenger activities – Passenger,
Channel, and Baltic Sea.
Organic passenger volume growth is still
expected to be positive in H2 driven by
mainly higher Channel volumes and a
smaller positive impact from a continued
recovery in the number of overseas
passengers.
Revenue outlook
The Group’s revenue growth expectation is
unchanged 8-11% compared to 2023. The
revenue growth outlook includes the
agreed acquisition of the international
transport network of Ekol Logistics
announced in April 2024. Completion of the
acquisition is expected end Q3 this year.
The Ferry Division’s revenue is increased by
the addition of FRS Iberia/Maroc and the
introduction of ETS surcharges being
passed through to both freight customers
and passengers. Higher volumes are also
expected to increase revenue, although
this will be partly offset by lower pricing in
some markets.
The Logistics Division’s revenue is
increased by full-year impacts of
acquisitions completed in 2023 and the
agreed Ekol Logistics’ acquisition as well
as pockets of organic growth from
especially contract logistics.
Earnings outlook - EBIT
Based on the above assumptions, the
Group’s EBIT outlook range is lowered to
DKK 1.7-2.1bn from previously DKK 2.0-
2.4bn (2023: DKK 2.3bn).
Comparison of EBIT in H2 between 2023
and 2024 will be impacted by one-off items
reported in 2023. Passenger earnings were
in Q3 2023 increased by the reversal of a
provision related to Covid-19. The sale and
leaseback of three freight ferries in Q4
2023 entailed a one-off gain of DKK 95m
and an increase of depreciation in Q3 2024.
The total EBIT comparison impact in H2
2024 of these items is around DKK -175m.
Capital expenditure (Capex)
Operating capex, excluding acquisitions
and other transactions, is reduced to
around DKK 1.5bn in 2024 from previously
DKK 1.75bn. No purchases of new or
second-hand ferries are expected.
Adjusted free cash flow
The Adjusted free cash flow is unchanged
expected to be around DKK 1.5bn in 2024.
Outlook 2024
OUTLOOK 2024
DKK m
Outlook 2024
Previous
outlook 2024
2023
Revenue growth
8-11%
8-11%
27,304
EBIT
1,700-2,100
2,000-2,400
2,326
Per division:
Ferry Division
1,525-1,850
1,675-1,975
2,098
Logistics Division
375-450
525-625
469
Non-allocated items
-200
-200
-242
Capital expenditure (Capex)
-1,500
-1,750
-115
Types:
Operating
-1,500
-1,750
-1,581
Ferries (sale/purchase/new-buildings)
0
0
1,466
Adjusted free cash flow
Around 1,500
Around 1,500
2,773
Disclaimer
The statements about the future in this
announcement contain elements of risk
and uncertainty which means that actual
developments may diverge significantly.
Q2 2024 interim report
Ferry Division
5/30
→ Q2 revenue up 11% to DKK 4.6bn
→ Strait of Gibraltar routes included
from 10 January 2024
→ Q2 EBITDA decreased 8% to
DKK 990m by market headwinds
and lower oil spread hedging
income
→ Q2 EBIT reduced 21% to DKK 508m
by higher depreciation
→ Q2 CO2 ferry emission intensity
lowered 3%
Q2 volumes and activity
Total Q2 freight volumes increased 8.3%
compared to Q2 2023 and increased 4.4%
adjusted for the acquisition of routes on
Strait of Gibraltar and the closure of
Calais-Tilbury.
The Q2 adjusted volume growth was driven
by the Baltic Sea and Channel networks as
both gained share in markets that continue
to be impacted by overcapacity. North Sea
volumes were just below 2023 due to a
decrease in the last month of the quarter
following a dip in automotive and
temperature controlled volumes to the UK.
Mediterranean volumes were overall on
level with 2023.
Q2 passenger volumes increased 40.1% to
1.7m compared to 2023 and increased
6.9% adjusted for the acquisition of routes
on Strait of Gibraltar. The adjusted growth
was driven by more passengers on the
Channel, partly from a higher share in the
coach market.
Ferry Division
Ferry Division
Q1
Q2
H1
H1
Q1
Q2
Q3
Q4
LTM
Full-year
2024
2024
2024
2023
2023
2023
2023
2023
2023-24
2023
DKK m
(Restated)
(Restated)
(Restated)
(Restated)
(Restated)
(Restated)
Revenue
4,214
4,633
8,847
7,997
3,820
4,176
4,506
3,990
17,343
16,493
Freight
3,286
3,285
6,571
6,454
3,269
3,184
2,994
3,235
12,800
12,683
Passenger
928
1,348
2,276
1,543
551
992
1,512
755
4,543
3,810
Operating costs
- 2,519
- 2,584
- 5,103
- 4,485
- 2,271
- 2,214
- 2,300
- 2,332
- 9,735
- 9,116
Ferry operations
- 674
- 698
- 1,372
- 1,070
- 549
- 521
- 536
- 539
- 2,447
- 2,145
Bunker
- 760
- 785
- 1,544
- 1,465
- 752
- 713
- 791
- 865
- 3,200
- 3,120
Port terminal operations
- 913
- 931
- 1,844
- 1,589
- 794
- 796
- 808
- 755
- 3,407
- 3,152
Transport and warehouse solutions
- 171
- 171
- 342
- 360
- 176
- 184
- 166
- 173
- 681
- 699
Employee costs
- 719
- 739
- 1,458
- 1,269
- 630
- 639
- 668
- 666
- 2,792
- 2,603
Sales, general and administration
- 288
- 319
- 608
- 462
- 216
- 246
- 268
- 235
- 1,111
- 965
EBITDA
688
990
1,678
1,781
704
1,078
1,269
758
3,706
3,808
Freight
617
615
1,232
1,422
694
728
511
642
2,386
2,577
Passenger
71
375
446
359
9
350
758
115
1,319
1,232
Other income/costs, net
- 1
0
- 1
- 11
- 2
- 8
- 12
90
78
68
Depreciation and impairment
- 510
- 467
- 977
- 825
- 407
- 419
- 434
- 481
- 1,892
- 1,740
EBITA
178
523
701
946
295
651
824
367
1,891
2,136
Amortisation
- 9
- 15
- 24
- 19
- 9
- 9
- 9
- 9
- 43
- 38
EBIT
169
508
677
927
286
641
814
358
1,849
2,098
Invested capital, end of period
22,659
22,106
22,106
21,501
21,631
21,501
21,870
21,170
22,106
21,170
EBITDA-margin, %
16.3
21.4
19.0
22.3
18.4
25.8
28.2
19.0
21.4
23.1
EBITA-margin, %
4.2
11.3
7.9
11.8
7.7
15.6
18.3
9.2
10.9
13.0
EBIT-margin, %
4.0
11.0
7.7
11.6
7.5
15.4
18.1
9.0
10.7
12.7
Gross Capex (excl. acquisitions and leases)
431
190
621
588
438
150
264
281
1,166
1,132
ROIC before acquisition intangibles,%, LTM
11.4
10.7
10.7
12.9
13.3
12.9
12.5
12.1
10.7
12.1
ROIC, %, LTM
8.9
8.2
8.2
10.1
10.4
10.1
9.8
9.5
8.2
9.5
Average number of employees
7,027
7,081
7,081
6,432
6,327
6,432
6,516
6,546
6,720
6,546
Number of ships
73
72
72
65
65
65
65
66
68
66
Lane metres, '000
10,508
10,613
21,121
19,443
9,647
9,795
9,455
9,545
40,121
38,443
North Sea *
3,522
3,560
7,081
7,108
3,508
3,600
3,408
3,327
13,816
13,843
Mediterranean
1,403
1,370
2,773
2,720
1,345
1,375
1,274
1,412
5,459
5,407
Channel
4,150
4,214
8,363
8,019
3,993
4,026
3,953
3,979
16,295
15,950
Baltic Sea
868
934
1,801
1,596
802
794
820
827
3,449
3,243
Strait of Gibraltar
566
536
1,102
0
0
0
0
0
1,102
0
Capacity utilisation freight, %
60
62
61
57
59
56
53
60
59
57
Number of cars, '000
236
373
609
453
152
301
495
206
1,310
1,154
Passengers, '000
1,114
1,689
2,803
1,825
619
1,205
1,812
866
5,480
4,502
Definitions on page 28.
*Includes volumes for the routes Oslo-Frederikshavn-Copenhagen and Amsterdam-Newcastle.
The Ferry Division operates a network of
ferry routes in and around Europe. The North
Sea and Mediterranean networks only
transport freight while combined freight and
passenger routes are operated by the
Channel, Baltic Sea, and Strait of Gibraltar
networks. Port terminals are operated in
select locations.
Q2 2024 interim report
Ferry Division
6/30
Financial performance
Revenue
Q2 revenue increased 10.9% to
DKK 4,633m compared to 2023 and
increased 2.6% adjusted for the acquisition
of routes on Strait of Gibraltar as well as
bunker and ETS surcharges. The adjusted
freight ferry revenue was on level with 2023
as a positive impact from higher volumes
was offset by lower rates in network areas
with overcapacity. The adjusted passenger
revenue increased 9.9% driven by the
growth in passenger volumes and higher
spend on primarily the Channel. Passenger
revenue was in line with expectations on the
Strait of Gibraltar routes in Q2 2024.
EBITDA
EBITDA decreased 8.1% or DKK 88m to
DKK 990m. The freight ferry EBITDA
decreased 15.5% or DKK 113m to
DKK 615m. The decrease included a
negative impact of DKK -54m from oil
spread hedging income. The remaining
variance was mostly due to a negative
impact from lower freight rates in some
areas and cost increases.
The passenger EBITDA increased 7.1% or
DKK 25m to DKK 375m driven by continued
growth in Channel’s earnings. Strait of
Gibraltar’s Q2 EBITDA was slightly negative
due to seasonality.
EBITA and EBIT
EBITA decreased 19.7% or DKK 128m to
DKK 523m as depreciation and impairment
increased 11.7% or DKK 49m to DKK 467m.
The increase was due to mainly higher
depreciation of dockings following a higher
level of dockings and a general docking
cost increase, a shorter depreciation period
for three freight ferries that was sold and
leased back in 2023, and the addition of
the Strait of Gibraltar routes since January
2024.
An impairment of DKK 33m related to a
passenger ferry was reversed in Q2 2024
following the agreement to sell the Oslo-
Frederikshavn-Copenhagen route.
EBIT decreased 20.8% or DKK 133m to
DKK 508m.
Capex
Capex, excluding acquisitions, amounted
to DKK 190m in Q2 2024 of which the
majority was ferry dockings/upgrades and
scrubber installations.
Invested capital and ROIC
The invested capital at the end of Q2 2024
was lowered by 2.4 % or DKK 0.6bn from
end Q1 2024 to DKK 22.1bn. Compared to
end Q2 2023, the invested capital
increased 2.8% or DKK 0.6bn due to mainly
the addition of the Strait of Gibraltar routes
in January 2024. The invested capital
excluding acquisition intangibles was
reduced 4.5% to DKK 16.7bn compared to
end Q1 2024.
The return on invested capital before
acquisition intangibles, ROIC BAI, was
10.7% compared to 12.9% in 2023, and
ROIC was 8.2% compared to 10.1% in 2023.
Freight ferry – transported lane metres, LM ‘000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Q1 Q2 Q3 Q4
LM '000
2022
2023
2024
Q2 2024 interim report
Logistics Division
7/30
→ Revenue was up 7% to DKK 3.3bn
and up 4% excluding acquisitions
→ Heightened margin pressure
continued
→ EBITDA decreased 14% to
DKK 289m by margin pressures,
shift in customer flows, and
underperforming business unit
→ Turnaround of underperforming
business unit ongoing and
expected to complete in Q4 2024
→ EBIT decreased 41% to DKK 85m
Q2 overview and activity
The overall development in Dry Goods
volumes was again in Q2 mixed across
markets. Baltic volumes continued to
decline driven by both the Finnish and
Swedish activities. Activity levels for the
Norwegian and Danish activities remained
soft in the quarter. Sweden-UK volumes
continued above 2023 and the ramp-up of
warehousing utilisation in Sweden
progressed. Scandinavia-Continent
volumes dropped considerably in certain
corridors driven by automotive volume
changes. Continent-UK volumes also
decreased which in turn impacted the
Dutch warehousing utilisation. The
warehousing and transport activities
launched in Poland continued to expand.
Cold Chain volumes increased in the
quarter led by seafood while meat volumes
also increased in certain areas. Three new
UK border checks are being introduced in
2024 for imports from EU which increase
cost and complexity for meat exporters to
the UK. The launch of new customs and
declaration services during Q2 mitigated
the impact of the new border checks.
Scottish and English seafood volumes
picked up during the quarter as expected.
Logistics Division
Logistics Division
Q1
Q2
H1
H1
Q1
Q2
Q3
Q4
LTM
Full-year
2024
2024
2024
2023
2023
2023
2023
2023
2023-24
2023
(Restated)
(Restated)
(Restated)
(Restated)
(Restated)
(Restated)
Revenue
3,130
3,296
6,426
5,937
2,849
3,088
2,985
3,173
12,584
12,096
Dry Goods
1,560
1,663
3,223
3,147
1,562
1,586
1,506
1,577
6,306
6,231
Cold Chain
1,557
1,622
3,179
2,764
1,278
1,487
1,484
1,583
6,246
5,831
Operating costs
Transport and warehousing costs
- 1,967
- 2,083
- 4,050
- 3,801
- 1,874
- 1,927
- 1,876
- 2,004
- 7,930
- 7,681
Gross profit
1,163
1,213
2,375
2,136
975
1,161
1,109
1,170
4,654
4,415
Sales, general and administration
- 190
- 207
- 398
- 349
- 171
- 178
- 182
- 176
- 755
- 706
Employee costs
- 668
- 716
- 1,384
- 1,165
- 517
- 648
- 620
- 696
- 2,700
- 2,481
EBITDA
304
289
594
622
286
336
307
298
1,199
1,228
Other income/costs, net
7
8
15
8
4
4
5
7
26
20
Depreciation and impairment
- 197
- 191
- 388
- 323
- 152
- 170
- 179
- 190
- 758
- 692
EBITA
115
106
221
308
138
170
132
115
468
555
Amortisation
- 21
- 21
- 41
- 42
- 18
- 24
- 16
- 27
- 85
- 86
EBIT
94
85
179
266
120
146
116
87
383
469
Gross profit margin, %
37.1
36.8
37.0
36.0
34.2
37.6
37.2
36.9
37.0
36.5
EBITDA-margin, %
9.7
8.8
9.2
10.5
10.1
10.9
10.3
9.4
9.5
10.1
EBITA-margin, %
3.7
3.2
3.4
5.2
4.8
5.5
4.4
3.6
3.7
4.6
EBIT-margin, %
3.0
2.6
2.8
4.5
4.2
4.7
3.9
2.8
3.0
3.9
Invested capital, end of period
6,903
6,755
6,755
6,305
6,287
6,305
6,472
6,746
6,755
6,746
Gross Capex (excl. acquisitions and
leases)
127
142
269
218
144
74
94
126
489
438
ROIC before acquisition intangibles, %,
LTM
10.2
8.5
8.5
15.2
16.0
15.2
13.4
11.6
8.5
11.6
ROIC, %, LTM
5.2
4.2
4.2
8.0
8.7
8.0
7.0
6.0
4.2
6.0
Average number of employees
5,997
5,880
5,880
5,410
5,159
5,410
5,585
5,696
5,713
5,696
Definitions on page 28.
The Logistics Division provides transport
and logistics solutions through two business
units: Dry Goods and Cold Chain. The
geographical scope of both business units is
focused on the Nordics, northern
continental Europe, and UK/Ireland.
Q2 2024 interim report
Logistics Division
8/30
Volumes between Northern Ireland and
England/Scotland remained solid in the
quarter, even though pricing pressure
increased.
Due to the general slowdown in European
manufacturing, and hence in volumes, the
overcapacity in haulage markets persisted
in the quarter resulting in continued margin
pressure in transport markets.
Financial performance
Revenue
Q2 revenue increased 6.7% to DKK 3,296m
compared to Q2 2023 and increased 4.1%
adjusted for acquisitions. Nordic revenue
was increased by higher activity in several
areas, including continued ramp-up of
warehouse utilisation and handling.
Continent revenue was below 2023 in most
areas due to both volume and pricing
impacts. UK & Ireland revenue was above
2023 as Scottish seafood volumes
recovered and activity levels for most
island of Ireland activities increased.
EBITDA
EBITDA decreased 13.8% or DKK 46m to
DKK 289m and decreased DKK 56m
adjusted for acquisitions. 40% of the
adjusted decrease was due to underper-
formance in the Nordic Cold Chain business
unit relating mainly to the Danish domestic
cold chain distribution network. A
turnaround of the business unit is ongoing
focused on adaptation of the cost base to
match current market pricing. The
turnaround also targets improvements in
trailer/truck utilisation, fleet size reduction,
and planning optimisation.
The turnaround of the Nordic unit is expec-
ted to be completed by the end of the year.
The Q2 EBITDA for all other business units
was 10.7% or DKK 33m below 2023. Two-
thirds of this decrease was due to large
volume reductions for two activity areas. In
Belgium, automotive volumes decreased
between Sweden and the Continent which
in addition lowered warehouse and
equipment utilisation. In the Netherlands,
the warehousing and part-load activities
were impacted by shifts in customer flows,
including insourcing and regulatory
changes in the solar panel market.
The remaining EBITDA decrease was driven
mostly by continued challenging markets
for cold chain flows between the UK and the
Continent as well as lower activity levels in
the Baltic region.
A number of activities improved results in
the quarter following continued growth for
Swedish contract logistics, profitable
expansion in Poland, an improved market
environment for special cargo transports,
and the rebound in Scottish seafood
volumes.
The Division’s Q3 result is overall expected
to remain below 2023 as the Nordic Cold
Chain turnaround progresses and activity
levels in Belgium and the Netherlands are
restored. The Q4 result is expected to
exceed 2023.
EBITA and EBIT
EBITA decreased 37.6% or DKK 64m to
DKK 106m as depreciation increased
DKK 21m to DKK 191m. The majority of the
depreciation increase was due to additions
of cargo carrying equipment and buildings.
Depreciation was increased DKK 8m by
acquisitions.
EBIT decreased 41.5% or DKK 60m to
DKK 85m following lower amortisation of
DKK 3m.
Logistics Division – EBIT per quarter, DKK m
0
20
40
60
80
100
120
140
160
180
Q1 Q2 Q3 Q4
2022
2023
2024
Q2 2024 interim report
Logistics Division
9/30
The EBIT-margin decreased to 2.6% from
4.7% in Q2 2023 driven by the underperfor-
ming Nordic Cold Chain unit. The Q2 2024
EBIT-margin was 4.0% excluding this unit
and acquisitions.
Capex
Capex, excluding acquisitions, amounted
to DKK 142m in Q2 2024 consisting
primarily of cargo carrying equipment,
including charging stations for e-trucks,
and warehouse upgrades, including solar
panel installations.
Invested capital and ROIC
The invested capital at the end of Q2 2024
was lowered by 2.1 % or DKK 148m from
end Q1 2024 to DKK 6.8bn. Compared to
end Q2 2023, the invested capital
increased 7.1% or DKK 450m due to the
Estron acquisition and a higher working
capital. The invested capital excluding
acquisition intangibles was reduced 3.0%
to DKK 4.4bn compared to end Q1 2024.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 8.5%
compared to 15.2% in 2023, and ROIC was
4.2% compared to 8.0% in 2023.
Q2 2024 interim report
ESG review
10/30
→ CO2 emissions from own fleet
reduced by 3%
→ 115 e-trucks in operation + 300 kW
charging facility added
→ Women in management positions
increased from 17% to 20%
ESG actions and plans
Environment
Across DFDS’ network our decarbonisation
transition plan is focused on four main
capabilities: increasing efficiency,
transitioning to green fuels, electrifying
assets, and implementing circularity in our
value chain.
In Q2 2024, the distance sailed was
reduced 2% and at the same time fuel
consumption was reduced 3% compared to
Q2 2023. The increased efficiency was
achieved for both own and chartered
vessels deployed across the route network.
Own fleet emissions were reduced 2.5% to
11.7 g/CO2/GT per nautical mile from 12.0
g/CO2/GT per nautical mile in Q2 2023.
Emissions from the entire route network
were lowered 1.7% to 11.9 g/CO2/GT per
nautical mile from 12.1 g/CO2/GT per
nautical mile in Q2 2023.
Improvements in CO2 efficiency continue to
be driven by various incremental vessel
upgrades and the schedule optimisation
program Every Minute Counts focused on
reducing turnaround time in port terminals,
improving schedules enabling lower speed,
and reducing fuel consumption.
ESG review
ESG data
Q2**
Q2*
H1**
H1*
LTM
Full-year*
Unit
2024
2023
2024
2023
2023-24
2023
Environmental data
Nautical miles
Total distance sailed
1,410,775
1,437,821
2,757,029
2,805,881
5,611,832
5,660,684
CO2 emissions
CO2 emissions per GT nautical mile (Own fleet)
gCO2
11.7
12.0
12.0
12.2
12.1
12.1
CO2 emissions per GT nautical mile (Route network)
gCO2
11.9
12.1
12.1
12.4
12.2
12.3
Energy consumption
Total fuel consumption (Route network)
Tonnes
180,416
185,593
359,920
370,489
734,620
745,189
Oil spills
Spills (>1 barrel)
Number
0
0
0
0
0
0
Social data
Representation of women
Total workforce:
%
-
-
25
24
-
23
Non-officed based
%
-
-
14
13
-
11
Office based
%
-
-
44
44
-
44
Senior management
%
-
-
19
15
-
18
Managers
%
-
-
20
17
-
18
Safety at sea
Incidents/mio. hours
Lost-time injury frequency (LTIF)
3.1
1.9
3.6
3.4
3.7
3.8
Safety on land
Incidents/mio. hours
Lost-time injury frequency (LTIF)
7.2
7.8
8.0
9.6
7.4
8.1
Fatalities
Colleagues
Accidents
0
0
0
0
0
0
Contractors
Accidents
0
0
0
1
0
1
Governance data
Representation of women in the Board (AGM elected members)
%
-
-
33
33
-
33
Board nationality - non-Danish (AGM elected members)
%
-
-
33
33
-
33
Independent directors (AGM elected members)
%
-
-
67
83
-
83
Attendance at Board meetings (All Board members)
%
100
96
100
98
99
99
Whistle-blower reporting
Cases
27
7
45
23
73
51
Definitions on page 29
* 2023 Q2 ESG data excludes McBurney Transport Group (acquired in February 2023).
** 2024 Q2 Environmental data excludes FRS Iberia/Maroc (acquired January 2024).
Q2 2024 interim report
ESG review
11/30
Social
Diversity, Equity & Inclusion (DE&I)
The continued focus on driving DE&I
awareness and targeting selected
employee segments is beginning to show
strong results.
Women’s representation in management
positions increased notably from 17% in H1
2023 to 20% in H1 2024. Women
representation within senior management
has also increased from 15% in H1 2023 to
19% in H1 2024.
For the total workforce, women represent-
tation increased to 25% in H1 2024
compared to 24% in H1 2023.
Safety
DFDS overall safety performance continues
to be a high priority area. Focus is on
improving the safety awareness through
active campaigns towards highly exposed
groups of employees as well as further
strengthening the reporting culture.
LTIF (Lost Time Injury Frequency) for land-
based operations decreased from 7.8 in Q2
2023 to 7.2 in Q2 2024. The LTIF for the
sea-based operation increased from 1.9 in
Q2 2023 to 3.1 in Q2 2024.
Governance
The roll-out of the updated version of the
DFDS Code of Conduct is ongoing. The
increased awareness about the importance
of reporting and speaking up is impacting
the number of reported whistleblower
cases. In Q2 2023, seven cases were
reported and in Q2 2024 this increased to
27. All cases are reviewed by Legal and
local HR and measures taken as
appropriate.
Ferry
Decarbonisation activities
The key environmental challenge is to
decarbonise ferry operations by continually
increasing efficiency and by in parallel
replacing fossil fuels with low- and zero
emission fuels.
Delivering on the green transition requires
collaboration with a range of stakeholders,
including public institutions and authorities.
We therefore actively engage in research,
development, and deployment (RD&D)
projects that are seeking, or have received
public funding, from amongst others the
European Union or national governments.
DFDS has been named EU Blue Champion
as the only Danish company. The Blue
Champion initiative aims to decarbonise
the blue economy and drive the green
transition in the wider maritime sector.
Companies named as blue champions are
eligible to receive financial advisory
support from the European Investment
Bank (EIB) to support growth and
commercialise their blue economy and
decarbonisation projects.
Social performance
The representation of women has been
increasing in 2024 for both the land-based
and the sea-based organisations within the
Ferry Division. H1 2024 saw an improve-
ment for the land-based operation with an
increase from 31% in 2023 to 33% in H1
2024. The sea-based operation also
increased from 20% in H1 2023 to 21% in H1
2024. The acquisition of FRS Iberia/Maroc
has been a positive driver of both data
points.
The land-based LTIF for the Ferry division
declined from 14.1 in Q2 2023 to 11.6 in Q2
2024. This improvement continues the
positive overall trend from recent quarters.
In Q2, the Ferry numbers include the
recently acquired FRS business.
The sea-based LTIF increased from 1.9 in
Q2 2023 to 3.1 in Q2 2024. The sea-based
safety organisation continues to focus on
the safety culture and on sharing lessons
learned from accidents and near misses
throughout the organisation.
Logistics
Decarbonisation activities
Logistics decarbonisation initiatives were in
Q2 2024 focused on further deployment of
e-trucks, installation of charging stations,
and continued development of a more
robust data foundation for the green
transition.
During Q2 another 10 e-trucks were
deployed in Germany and planning was
ongoing for the deployment of an
additional 100 e-trucks during Q3 2024–
Q2 2025.
In Q2 2024, another charging facility in
Vlaardingen with a capacity of 300kW was
added. In addition, DFDS invested in a
mobile charging station, which allows for
both a more efficient operation of the e-
trucks on the one hand, and on the other
hand provides more flexibility to implement
electric trucks in locations without existing
charging stations more promptly. The
solution will be located in Cuxhaven,
Germany to bridge the waiting time until the
permanent charging station is installed and
ready to use.
Social performance
The share of women’s representation in the
Logistics Division was reduced from 17% in
H1 2023 to 15% in H1 2024. The decline was
due mainly to acquisitions made during the
period. Despite the structural challenges
within the industry DFDS continues to
maintain a strong and dedicated focus on
Diversity, Equity & Inclusion to improve
minority representation.
The safety performance of the Logistics
Division was lowered slightly as the Q2
2024 LTIF increased to 6.2 compared to 5.7
in Q2 2023. The Q2 performance improved
compared to the previous quarter following
more daylight hours which has a positive
impact on injuries related to trucking.
Q2 2024 interim report
Group review
12/30
→ Q2 cash flow boosted by working
capital inflow
→ Capital distribution of DKK 600m
to shareholders on track
→ Financial leverage increased by
acquisition of FRS Iberia/Maroc
Major Q2 events
Logistics network expanded to Türkiye
In April 2024, an agreement was entered
into to acquire the international transport
network of Ekol Logistics, a leading Turkish
transport and logistics company head-
quartered in Istanbul.
The acquired network transports goods
between Türkiye and Europe with own
offices and facilities in 10 European
countries. The acquisition will on
completion expand DFDS’ network to a
high-growth region supported by
nearshoring of supply chains closer to
Europe.
Read more here.
New CFO appointed
Karen Dyrskjøt Boesen was in April 2024
appointed new CFO for the DFDS Group
starting on 1 July 2024. She replaces
Karina Deacon that left on 8 May.
Karen Dyrskjøt Boesen (53) has a strong
background from both Danish and
international companies with executive
roles spanning the commercial and
business development side to strategy,
finance, and performance related roles.
Read more here.
Oslo cruise ferry route divested
In June 2024, an agreement was entered
into to divest the Oslo-Frederikshavn-
Copenhagen (OFC) cruise ferry route to
Gotlandsbolaget. Completion of the
transaction is expected in October 2024.
Revenue in 2023 was DKK 0.9bn equal to
3% of the DFDS Group’s total revenue. The
sales price of the OFC routes is approxi-
mately DKK 400m.
Read more here.
Major events after Q2
DFDS to leave space charter agreement
on Dover-Calais
DFDS will leave the space charter
agreement with P&O Ferries covering the
Dover-Calais route effective from end
August 2024. With P&O Ferries’ recent
agreement to enter into an additional and
separate space charter agreement with the
third ferry operator on Dover-Calais, Irish
Ferries, the terms of a continuing space
charter arrangement would change. At this
point in time, it is assessed that DFDS will
be in a better commercial position by
operating outside such a space charter
agreement.
Read more here.
Capital distribution to shareholders
A total of DKK 600m is to be distributed to
shareholders in 2024 through a
combination of a dividend and a share
buyback.
An ordinary dividend of DKK 3.00 per share
equal to DKK 168m was paid in March
2024.
A share buyback under the Safe Harbour
rules of up to DKK 431m was initiated on
12 February 2024 with expiry on 31
December 2024. At the end of Q2 2024, a
total of 951,430 shares were purchased for
DKK 198m.
Reduction of share capital
On 16 April 2024, the share capital was
reduced by nominally DKK 13,239,620 from
DKK 1,172,631,560 to DKK 1,159,391,940
by cancellation of 661,981 treasury shares
of nominally DKK 20 each.
Group review
Moving Together Towards 2030
Strategies & financial ambitions
Unlocking value, 2024-2026
• Protect & Grow Profits
• Standardise to simplify
• Digitise to transform
• Moving to green
• Be a great place to work
Green transition, 2024-2030
• 45% reduction in ferry emission
intensity
• Six green ferries in operation by
the end of 2030
• 75% reduction of land emission
intensity
Financial ambitions, 2024-
2026/27
• Annual Adjusted free cash flow of
DKK 1.5bn
• Capex of DKK 1.5-2.0bn annually
• ROIC of around 10% by 2027
• NIBD/EBITDA of 2.5x by 2026
See full strategy update here
Q2 2024 interim report
Group review
13/30
Following the share capital reduction,
the share capital of DKK 1,159,391,940 is
divided into 57,969,597 shares of nominally
DKK 20.
Financial performance
Revenue
The Group’s Q2 revenue increased 9.2% to
DKK 7,580m compared to 2023 following
higher revenue in both divisions. The
increase was 3.1% adjusted for acquisitions
and bunker/ETS surcharges.
The Ferry Division’s Q2 revenue increased
10.9% to DKK 4,633m compared to 2023
and increased 2.6% adjusted for the
acquisition the Strait of Gibraltar routes
and bunker/ETS surcharges.
The Logistics Division’s Q2 revenue
increased 6.7% to DKK 3,296m compared
to 2023 and increased 4.1% adjusted for
acquisitions.
The Group’s H1 revenue was DKK 14,591m,
an increase of 9.9% compared to H1 2023.
EBITDA
The Group’s Q2 EBITDA decreased 10.0%
or DKK 137m to DKK 1,232m.
The Ferry Division’s Q2 EBITDA decreased
8.1% or DKK 88m to DKK 990m following
lower freight earnings while passenger
earnings were above 2023. The Logistics
Division’s Q2 EBITDA decreased 13.8% or
DKK 46m to DKK 289m. Non-allocated
items was a cost of DKK 47m compared to
DKK 44m in 2023.
The Group’s H1 EBITDA decreased 6.5% to
DKK 2,189m while the EBITDA for the last
twelve months was DKK 4,737m.
EBITA and EBIT
Q2 depreciation increased 17.0% or
DKK 101m to DKK 702m following increases
of DKK 82m in the Ferry Division and DKK
21m in the Logistics Division. Depreciation
related to Non-allocated items decreased
DKK 2m.
Operating profit before depreciation (EBITDA)
Q2 2024
Q2 2023
Change, %
Change
DKK m
(Restated)
Ferry Division
990
1,078
- 8.1
- 88
Logistics Division
289
336
- 13.8
- 46
Non-allocated items
- 47
- 44
- 7.9
- 3
DFDS Group
1,232
1,370
- 10.0
- 137
EBITDA-margin, %
16.3
19.7
- 17.6
- 3.5
Revenue
DKK m
Q2 2024
Q2 2023
Change, %
Change
Ferry Division
4,633
4,176
10.9
456
Logistics Division
3,296
3,088
6.7
207
Non-allocated items
204
177
15.0
27
Eliminations
- 552
- 500
- 10.4
- 52
DFDS Group
7,580
6,942
9.2
638
DFDS GROUP - EBIT
0
200
400
600
800
1,000
1,200
Q1 Q2 Q3 Q4
DKK m
2022
2023
2024
Q2 2024 interim report
Group review
14/30
Following the agreement to divest the Oslo-
Frederikshavn-Copenhagen route, a
previous impairment of DKK 33m related to
one of the route’s passenger ferries was
reversed in Q2 2024.
The Group’s Q2 EBITA decreased 25.3% or
DKK 193m to DKK 572m. Amortisation in Q2
increased 13.9% or DKK 7m to DKK 53m. H1
EBITA decreased 29.9% to DKK 819m.The
Group’s Q2 EBIT hereafter decreased
27.8% or DKK 200m to DKK 519m and for
H1 EBIT decreased 33.5% to DKK 719m.
Financial items
Total net financial items in Q2 were a cost
of DKK 202m, an increase of DKK 41m
compared to Q2 2023.
The net interest cost increased DKK 47m to
DKK 209m consisting of DKK 141m of
interest cost on financial debt and
DKK 68m of interest cost on leasing debt.
The increase in the interest cost on
financial debt was entirely due to a higher
interest rate as financial debt was reduced
2.5% compared to end Q2 2023.
The interest cost increase on leasing debt
was due to a combination of a higher
interest rate and a 12.3% increase in
leasing debt.
Exchange rate adjustments amounted to a
net gain of DKK 9m compared to a gain of
DKK 16m in Q2 2023.
Total net financial items in H1 was a cost of
DKK 397m, an increase of 38.4% or
DKK 110m compared to H1 2023.
Profit before and after tax
The Q2 profit before tax decreased 43.2%
or DKK 241m to DKK 317m. The tax cost
was DKK 29m and the profit for the period
was DKK 288m.
The H1 profit before tax decreased 59.5%
to DKK 321m and the H1 profit for the
period was DKK 240m.
Earnings per share
Q2 earnings per share (EPS) decreased to
DKK 5.15 from DKK 9.49 in Q2 2023, and for
H1 EPS decreased to DKK 4.23.
Cash flow and investments
The Q2 cash flow from operating activities
increased 32.7% to DKK 1,349m compared
to Q2 2023 following a positive cash flow
from working capital of DKK 357m that
offset the lower operating result and the
higher net interest payment. The working
capital cash flow increase was partly
driven by seasonality.
Q2 investments was a cash outflow of
DKK 351m consisting of DKK 330m of capex
and an earn-out payment of DKK 22m
related to a previous acquisition.
The Q2 cash flow from financing activities
was negative by DKK 711m and included a
net loan outflow of DKK 289m related
primarily to repayment of corporate bonds.
Payment of lease liabilities was DKK 298m.
The net cash increase was DKK 287m and
at the end of Q2 2024 cash amounted to
DKK 1,232m.
The Q2 2024 adjusted free cash flow (FCFE)
was DKK 724m and for LTM it was
DKK 2,311m, including an inflow from the
sale and leaseback of three ferries in 2023.
The H1 cash flow from operating activities
was DKK 1,817m. H1 operating capex was
an outflow of DKK 886m and acquisition
capex, mostly FRS Iberia/Maroc, was
DKK 1,119m. The cash flow from financing
activities was a net inflow of DKK 681m
bringing the H1 net cash flow to DKK 493m.
The H1 adjusted free cash flow (FCFE) was
DKK 397m compared to DKK 859m in H1
2023.
Invested capital and ROIC
Invested capital increased 3.1% or
DKK 0.9bn to DKK 29.5bn at the end of Q2
2024 compared to 2023. The increase was
mainly due to acquisitions. Compared to
end Q1 2024, the Q2 2024 invested capital
decreased 2.7% or DKK 0.8bn.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 8.7%
in Q2 2024 compared to 11.6% for 2023.
ROIC was 6.2% in Q2 2024 compared to
8.6% for 2023.
Capital structure
At the end of Q2 2024 net-interest-bearing
debt (NIBD) was DKK 15.2bn, an increase of
1.2% from the end of Q2 2023 driven by the
EBITA and EBIT
Q2 2024
Q2 2023
Change, %
Change
DKK m
(Restated)
EBITDA
1,232
1,370
- 10.0
- 137
Associates and joint ventures
- 1
- 5
85.4
4
Profit/loss on disposals
9
1
n.a.
7
Depreciation and impairment
- 668
- 600
- 11.3
- 68
EBITA
572
765
- 25.3
- 193
Amortisation
- 53
- 47
- 13.9
- 7
EBIT
519
718
- 27.8
- 200
Financial items
Q2 2024
Q2 2023
Change, %
Change
DKK m
(Restated)
Interests, net
- 209
- 162
- 29.1
- 47
Foreign exchange gains/losses, net
16
9
74.6
7
Other items, net
- 9
- 8
- 14.9
- 1
Total finance, net
- 202
- 160
- 25.8
- 41
Q2 2024 interim report
Group review
15/30
increase in the invested capital. Compared
to end Q1 2024, the Q2 2024 NIBD
decreased 6.9% or DKK 1.1bn.
Financial leverage, as measured by the
ratio of NIBD to EBITDA for the last twelve
months (LTM), was 3.1x at the end of Q2
2024 compared to 2.9x at the end of Q2
2023 and 2.9x at year-end 2023.
Equity
Equity amounted to DKK 13,869m at the
end of Q2 2024, including non-controlling
interests of DKK 75m, an increase of 4.7%
compared to the end of Q2 2023.
Compared to year-end 2023, the equity
decreased 0.5% or DKK 63m. Total
comprehensive income for Q2 2024 was
DKK 287m while transactions with owners
was DKK -357m, including a dividend of
DKK 168m and a share buyback of
DKK 198m.
The equity ratio was 38% at the end of Q2
2024 which was on level with Q2 2023 and
a decrease compared to 40% at year-end
2023.
Q2 2024 interim report
Management statement
16/30
Management
statement
Executive Board Torben Carlsen , CEO . Karen Dyrskjøt Boesen , CFO
Board of Directors Claus V. Hemmingsen , Chair , Klaus Nyborg , Vice Chair , Minna Aila , Anders Götzsche ,
Q2 2024 interim report
Financials
17/30
DFDS Group - Income statement
Q2
Q2
H1
H1
LTM
Full-year
2024
2023
2024
2023
2023-24
2023
DKK m
Note
(Restated)
(Restated)
(Restated)
Revenue
3
Costs
Ferry and other ship operation and maintenance
- 1,585
- 1,335
- 3,085
- 2,730
- 5,952
- 5,597
Port terminal operations
- 963
- 826
- 1,905
- 1,641
- 3,528
- 3,263
Transport and warehouse solutions
- 1,808
- 1,689
- 3,557
- 3,327
- 7,006
- 6,776
Employee costs
- 1,597
- 1,406
- 3,123
- 2,662
- 6,033
- 5,572
Cost of sales, general and administration
- 394
- 316
- 732
- 582
- 1,357
- 1,206
Operating profit before depreciation and amortisation
(EBITDA)
Share of profit/loss of associates and joint ventures
- 1
- 5
- 2
- 13
- 14
- 26
Profit/loss on disposal of non-current assets, net
Depreciation, ferries and other ships
- 406
- 328
- 818
- 645
- 1,538
- 1,365
Depreciation, other non-current assets
- 296
- 273
- 600
- 526
- 1,182
- 1,108
Reversal of impairment losses
Operating profit before amortisation (EBITA)
Amortisation and impairment losses, intangibles
- 53
- 47
- 101
- 88
- 191
- 178
Operating profit (EBIT)
Financial income
Financial costs
- 206
- 184
- 443
- 337
- 832
- 739
Profit before tax
Tax on profit
- 29
-21
- 81
- 120
- 109
- 148
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 - Statement of comprehensive income
Q2
Q2
H1
H1
LTM
Full-year
2024
2023
2024
2023
2023-24
2023
DKK m
(Restated)
(Restated)
(Restated)
Profit for the period
Other comprehensive income
Items that will not be reclassified subsequently to the Income
statement:
Remeasurement of defined benefit pension obligations
- 21
- 21
Tax on items that will not be reclassified to the Income statement
Items that will not be reclassified subsequently to the Income
statement
- 15
- 15
Items that are or may be reclassified subsequently to the Income
statement:
Value adjustment of hedging instruments:
Value adjustment for the period
- 12
- 22
- 248
- 119
Value adjustment transferred to operating costs
- 17
- 65
- 7
- 95
- 23
- 110
Value adjustment transferred to financial costs
- 1
- 5
Foreign exchange adjustments, subsidiaries
- 6
Items that are or may be reclassified subsequently to the Income
statement
- 14
- 100
- 146
Total other comprehensive income after tax
- 14
- 115
- 162
Total comprehensive income
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
Total comprehensive income
Q2 2024 interim report
Financials
18/30
DFDS Group - Balance sheet, Assets
30 Jun.
30 Jun.
31 Dec.
2024
2023
2023
DKK m
Note
(Restated)
(Restated)
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
9
Total current assets
Assets
DFDS Group - Balance sheet, Equity and Liabilities
30 Jun.
30 Jun.
31 Dec.
2024
2023
2023
DKK m
Note
(Restated)
(Restated)
Share capital
Reserves
- 403
- 299
-451
Retained earnings
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
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 relating to assets classified as held for sale
9
Liabilities
Equity and liabilities
Q2 2024 interim report
Financials
19/30
DFDS Group - Statement of changes in equity 1 January – 30 June 2024
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2024
- 481
- 48
Comprehensive income for the period
Profit for the period
Other comprehensive income
Total comprehensive income
Transactions with owners:
Acquisition, non-controlling interests
- 19
- 7
Dividend paid
- 176
- 176
- 176
Dividend on treasury shares
Share-based payments
Share buyback
- 19
- 179
- 198
- 198
Reduction of share capital by cancellation of treasury shares
- 13
Total transactions with owners
- 13
- 5
- 320
- 338
- 19
- 357
Equity at 30 June 2024
- 444
- 54
On 15 March 2024, the Annual General Meeting decided to reduce DFDS A/S’ share capital by nominally DKK 13,239,620 from DKK 1,172,631,560 to DKK 1,159,391,940 by cancelling 661,981 treasury shares of nominally DKK 20 each.
Following the share capital reduction, the share capital of DKK 1,159,391,940 is divided into 57,969,597 shares of nominally DKK 20 each.
Q2 2024 interim report
Financials
20/30
DFDS Group - Statement of changes in equity 1 January - 30 June 2023 (Restated)
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Restated balance at 1 January 2023
- 543
- 28
Comprehensive income for the period
Profit for the period
Other comprehensive income
- 1
Total comprehensive income
- 1
Transactions with owners:
Dividend paid
- 293
- 293
- 293
Dividend on treasury shares
Share-based payments
Purchase of treasury shares
- 21
- 279
- 300
- 300
Total transactions with owners
- 21
- 545
- 566
- 566
Equity at 30 June 2023
- 543
- 49
Q2 2024 interim report
Financials
21/30
DFDS Group - Statement of cash flows
Q2
Q2
H1
H1
LTM
Full-year
2024
2023
2024
2023
2023-24
2023
DKK m
Note
(Restated)
(Restated)
(Restated)
Operating profit before depreciation and amortisation (EBITDA)
Adjustments for non-cash operating items, etc.
Change in working capital
- 125
- 284
- 338
Payment of pension liabilities and other provisions
- 6
- 11
- 20
- 19
- 44
- 44
Interest received, etc.
Interest paid, etc.
- 248
- 198
- 428
- 330
- 827
- 725
Taxes paid
- 27
- 53
- 87
- 87
- 241
- 240
Cash flows from operating activities
Investments in ferries including dockings, etc.
- 175
- 117
- 596
- 509
- 1,085
- 998
Sale of ferries
Investments in other non-current tangible assets
- 158
- 110
- 296
- 300
- 574
- 578
Sale of other non-current tangible assets
Investments in non-current intangible assets
- 26
- 17
- 46
- 37
- 92
- 83
Acquisition of enterprises, associates, joint ventures, and activities, net of cash acquired incl. earn-outs
4
- 22
- 33
- 1,119
- 982
- 1,171
- 1,033
Other investing cash flows
- 1
- 5
- 1
- 18
- 14
Cash flows from investing activities
- 351
- 253
- 2,005
- 1,777
- 1,377
- 1,149
Free cash flows
- 188
Proceed from bank loans and loans secured by mortgage in ferries
Repayment and instalments of bank loans and loans secured by mortgage in ferries
- 2,050
- 536
- 4,230
- 1,795
- 6,575
- 4,141
Proceed from issuance of corporate bonds
Repayment of corporate bonds incl. settlement of cross currency swap
- 305
- 305
- 305
Payment of lease liabilities
- 298
- 199
- 540
- 376
- 963
- 799
Settlement of forward exchange contracts related to leases
Acquisition of treasury shares and share buyback
- 126
- 198
- 300
- 198
- 300
Other financing cash flows
- 7
- 15
- 8
Dividends paid to equity holders of DFDS A/S
- 168
- 281
- 168
- 281
Cash flows from financing activities
- 711
- 716
- 343
- 1,955
- 2,980
Net cash flows
- 96
- 454
Cash and cash equivalents at beginning of period
Foreign exchange and value adjustments of cash and cash equivalents
- 1
Cash and cash equivalents at end of period
Q2 2024 interim report
Financials
22/30
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 2023 except as described below.
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.
In the preparation of the interim report, management
undertakes several accounting estimates and
judgements 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,
judgements 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, judgements, and
assumptions.
Impairment considerations due to the current macro
environment
Impairment testing is undertaken at year-end unless
indications of impairment occur during the year.
IFRS 16 practical expedient
From Q1 2024, DFDS no longer applies the practical
expedient not to account for each lease component
within lease contracts separately. DFDS now
separates the non-lease components from the lease
components. In addition, DFDS has elected to no
longer capitalise short-term leases of ferries, but only
those expected to be extended resulting in a total
lease term exceeding 12 months from commencement
date. The change is assessed to give more relevant
information and is better aligned with market practice.
The changes are considered a change in accounting
policy and comparative figures have been restated
retrospectively.
DFDS’s accounting policy has historically been not to
separate the non-lease components from the lease
components (except for terminals), and instead to
account for the contracts in their entirety (the
practical expedient). Furthermore, short term leases
(with a term below one year) for ferries have
historically been recognised on the balance sheet as a
lease liability and a right-of-use asset that is
depreciated instead of expensing the lease cost
directly in the income statement. The restatement is
disclosed in note 8.
Had the change not been implemented, the 30 June
2024 right-of-use assets would have been DKK 221m
higher and lease liabilities DKK 217m higher.
Operating cost in H1 would have been lower by DKK
76m. Depreciation in H1 would be DKK 79m higher.
Minor impact of the change affects profit after tax,
interest cost, profit on disposal of non-current assets,
exchange rate gain/loss, prepaid cost and other
payables.
IAS 1 amendments to classification of liabilities with
covenants
With the introduction of amendments to IAS 1 in 2024,
a liability will be classified as non-current when DFDS
has the right to defer settlement of the liability for at
least twelve months after the reporting period. The
right must have substance and exist at the end of the
reporting period. The classification of the liability is
unaffected by the likelihood that the DFDS will
exercise that right. Where compliance with covenants
on or before the end of the reporting period is required,
this determines whether such a right exists at the end
of the reporting period.
Previous requirements for classifying a liability as
current or non-current established that a liability is
current if, among others, DFDS did not have an
unconditional right to defer settlement of the liability
for at least twelve months after the reporting period.
Comparative figures have been restated accordingly,
refer to note 8.
Maritime Emission Trading Scheme (ETS)
From January 2024, DFDS is included in the scope of
companies subject to ETS. Initial recognition of
emission certificates will be at cost (Intangible) when
able to exercise control. Cost will be recognised
monthly based on measured emissions at hedged
prices - for certificates covered by hedging - and at
spot prices - for those not covered by hedges.
The corresponding liability is presented under
provisions and remeasured at the end of the period to
reflect latest spot prices-except if covered by hedging
agreements. Changes in the provision are reported
under working capital in the cash-flow statement.
Revenue from passing on ETS costs to customers is
recognised when the voyage starts.
Note 2 Segment Information
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
H1 2024
External revenue
8,207
6,379
5
14,591
Intragroup revenue
640
47
401
1,088
Total revenue
8,847
6,426
407
15,679
Operating profit before depreciation and amortisation (EBITDA)
1,678
594
- 83
2,189
Operating profit before amortisation (EBITA)
701
221
- 102
819
Operating profit (EBIT)
677
179
- 138
719
Invested capital, end of period
22,106
6,755
607
29,468
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
H1 2023 (Restated)
External revenue
7,384
5,893
6
13,282
Intragroup revenue
613
44
348
1,006
Total revenue
7,997
5,937
354
14,288
Operating profit before depreciation and amortisation (EBITDA)
1,781
622
- 62
2,342
Operating profit before amortisation (EBITA)
946
308
- 85
1,169
Operating profit (EBIT)
927
266
- 111
1,081
Invested capital, end of period
21,501
6,305
845
28,652
Q2 2024 interim report
Financials
23/30
Note 3 Revenue
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 Türkiye 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 866m (H1 2023:
DKK 696m).
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 235m (H1 2023: DKK 192m).
H1 2024
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
2,845
-
0
2,845
Mediterranean
2,875
-
0
2,875
Baltic Sea
624
-
0
624
Continent
-
2,420
0
2,420
Nordic
-
2,091
0
2,091
UK/Ireland
1,863
1,868
0
3,731
Other
-
-
5
5
Total
8,207
6,379
5
14,591
Product and services
Seafreight and shipping logistics solutions
5,311
17
0
5,328
Transport solutions
317
6,182
0
6,500
Passenger seafare and on board sales
1,945
0
0
1,945
Terminal services
315
4
0
319
Charters
220
0
0
220
Agency and other revenue
99
175
5
280
Total
8,207
6,379
5
14,591
H1 2023
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
2,842
-
0
2,842
Mediterranean
2,288
-
0
2,288
Baltic Sea
614
-
0
614
Continent
-
2,411
0
2,411
Nordic
-
1,961
0
1,961
UK/Ireland
1,640
1,520
0
3,160
Other
-
-
6
6
Total
7,384
5,893
6
13,282
Product and services
Seafreight and shipping logistics solutions
5,080
0
0
5,080
Transport solutions
344
5,679
0
6,023
Passenger seafare and on board sales
1,415
0
- 1
1,414
Terminal services
292
4
0
297
Charters
171
0
0
171
Agency and other revenue
82
209
7
297
Total
7,384
5,893
6
13,282
Q2 2024 interim report
Financials
24/30
Note 4 Acquisition of enterprises and
sale of activities
2024, FRS Iberia Group
On 17 September 2023 it was announced that DFDS
Group had entered into an agreement to acquire 100%
of FRS Iberia/Maroc, a division of the German short-
sea ferry company FRS GmbH & Co. KG. Closing of the
transaction was completed 10 January 2024. The
acquisition is included in the Ferry Division.
FRS Iberia/Maroc operates three short-sea ferry
routes across the Strait of Gibraltar connecting Spain
and Morocco. The acquisition is aligned with DFDS’
strategy to develop and expand the transport network
focused on moving goods in trailers by ferry, road &
rail as well as moving passengers.
The acquisition expands DFDS’ Mediterranean route
network that today connects Europe with Türkiye and
Tunisia, respectively. The region’s market growth is
expected to continue to exceed growth levels in
northern Europe underpinned by nearshoring of
manufacturing supply chains closer to end markets in
Europe.
DFDS paid DKK 1,519m for the acquired company.
Cash in the acquired company amounted to DKK
421m. Accordingly, the cash flow effect was DKK
1,098m.
In connection with the acquisition DFDS has not
identified any intangible assets to be recognised.
Following recognition of acquired identifiable assets
and liabilities at their fair value, the goodwill related to
the acquisition is measured at DKK 764m. Goodwill
relates to the Ferry division. The goodwill represents
primarily the value of purchasing the unique and
integrated network of sea-based transport of cargo
and passengers between Morocco and Europe as well
as the value of the staff taken over, and the expected
synergies from combining the acquired activities with
the existing DFDS activities and network. The goodwill
is not deductible for tax purposes.
The preliminary purchase price allocation is shown
below.
2023
The purchase price allocations for McBurney
Transport Group and D.R. MacLeod are unchanged
compared to December 2023 and are considered
final. The purchase price allocations for Lundby Åkeri
AB and Estron Group are still preliminary but
unchanged compared to 31 December 2023. For
further details of these acquisitions, refer to the annual
report for 2023.
Note 5 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 2024.
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 of interest rate
swaps have been calculated by discounting the
expected future interest payments. The discount rate
for each interest payment is estimated based on
market interest rates. The fair value of forward
exchange contracts and bunker contracts are
calculated based on actual forward curves.
DKK m
Preliminary fair value at
acquisition date
Land and buildings
18
Ships
631
Terminals
15
Equipment etc.
4
Inventories
10
Trade receivables
85
Other receivables
37
Cash at hand and in bank
421
Deferred tax liability
- 38
Interest bearing debt
- 240
Trade payables
- 121
Other current liabilities
- 68
Net assets acquired
755
Goodwill
764
Total purchase price
1,519
Cash and bank balances acquired
- 421
Fair value of the purchase price
1,098
H1 2024
H1 2023
DKK m
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
195
195
342
342
Securities (Level 3)
2
2
2
2
Financial liabilities
Derivatives (Level 2)
11
11
77
77
Q2 2024 interim report
Financials
25/30
Note 6 Supplementary financial
information on the Parent Company
As a result of DFDS A/S' issuance of corporate bonds
on the 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 2023,
except for those described in note 1 Accounting
policies. Comparative figures have been restated.
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 2024. For further description
reference is made to note 1 Accounting policies.
The Parent Company’s revenue increased by DKK
219m, equivalent to 4.03% compared to Q2 2023.
Operating profit before depreciation and amortisation
(EBITDA) decreased by DKK 173m equivalent to
18.13% compared to Q1 2023.
Profit before tax decreased by DKK 300m compared
to Q2 2023.
The Parent Company’s net interest-bearing debt
increased by DKK 3,032m equivalent to 41.37%
compared to 31 December 2023.
Note 7 Events after Balance sheet
date
No material events have occurred after 30 June 2024
that have consequences for the Q2 2024 interim
report.
H1
H1
LTM
Full-year
2024
2023
2023-24
2023
DKK m
(Restated)
(Restated)
Income statement
Revenue
5,641
5,423
11,511
11,292
Operating profit before depreciation and amortisation (EBITDA)
780
953
1,934
2,106
Operating profit before amortisation (EBITA)
170
374
788
993
Operating profit (EBIT)
129
348
719
938
Financial items, net
- 208
- 127
502
583
Profit before tax
- 79
221
1,221
1,521
Profit for the period
- 73
223
1,226
1,521
Assets
Non-current intangible assets
726
459
-
476
Non-current tangible assets
6,692
7,829
-
7,395
Investments in subsidiaries
14,494
10,462
-
11,465
Investments in associates, joint ventures and securities
2
2
-
2
Non-current receivables from subsidiaries
23
33
-
28
Other non-current assets
142
209
-
132
Non-current assets
22,079
18,993
-
19,497
Current receivables from subsidiaries
1,251
1,142
-
1,151
Receivables from associates and joint ventures
26
22
-
25
Cash
455
558
-
381
Other current assets
1,346
1,437
-
1,316
Current assets
3,078
3,158
-
2,872
Assets classified as held for sale
526
0
-
0
Total assets
25,683
22,150
-
22,370
Equity and liabilities
Equity
11,063
10,325
-
11,481
Non-current liabilities to subsidiaries
56
56
-
41
Other non-current liabilities
8,708
6,348
-
5,226
Non-current liabilities
8,764
6,404
-
5,267
Current liabilities to subsidiaries
2,832
2,335
-
2,479
Other current liabilities
2,909
3,087
-
3,143
Current liabilities
5,741
5,422
-
5,621
Liabilities relating to assets classified as held for sale
116
0
-
0
Total equity and liabilities
25,683
22,150
-
22,370
Equity ratio, %
43.1
46.6
-
51.3
Net interest-bearing debt
10,361
7,703
-
7,329
Q2 2024 interim report
Financials
26/30
Note 8 Restatement Note 8 Restatement
Income statement (extract)
Q2 2023
H1 2023
Full year 2023
As
reported
Adjust.
As
reported
Adjust.
As
reported
Adjust.
DKK m
IFRS 16
Restated
IFRS 16
Restated
IFRS 16
Restated
Ferry and other ship operation and
maintenance
- 1,306
- 29
- 1,335
- 2,675
- 54
- 2,730
- 5,485
- 112
- 5,597
Port terminal operations
- 826
0
- 826
- 1,641
0
- 1,641
- 3,264
1
- 3,263
Transport and warehouse solutions
- 1,681
- 7
- 1,689
- 3,312
- 15
- 3,327
- 6,743
- 33
- 6,776
Cost of sales, general and administration
- 318
2
- 316
- 582
0
- 582
- 1,206
0
- 1,206
Operating profit before depreciation and
amortisation (EBITDA)
1,404
- 34
1,370
2,411
- 70
2,342
5,034
- 144
4,890
Profit/loss on disposal of non-current
assets, net
2
- 1
1
10
0
11
111
2
113
Depreciation, ferries and other ships
- 357
29
- 328
- 700
55
- 645
- 1,477
112
- 1,365
Depreciation and impairment losses,
other non-current assets
- 280
7
- 273
- 541
15
- 526
- 1,138
30
- 1,108
Operating profit before amortisation
(EBITA)
765
0
765
1,168
0
1,169
2,504
0
2,504
Operating profit (EBIT)
718
1
718
1,080
1
1,081
2,326
0
2,326
Financial income
29
- 5
23
50
0
50
80
0
80
Financial costs
- 186
3
- 184
- 341
4
- 337
- 753
14
- 739
Profit before tax
560
- 2
558
789
5
794
1,652
14
1,667
Tax on profit
- 21
0
- 21
- 120
0
- 120
- 148
0
- 148
Profit for the period
539
- 2
537
669
5
674
1,505
14
1,519
Attributable to:
Equity holders of DFDS A/S
536
- 2
533
665
4
670
1,501
14
1,516
Non-controlling interests
3
0
3
4
0
4
3
0
3
Profit for the period
539
- 2
537
669
5
674
1,505
14
1,519
Balance sheet (extract)
June 2023
Full year 2023
As
reported
Adjust.
As
reported
Adjust.
DKK m
IFRS 16
IAS 1
Restated
IFRS 16
IAS 1
Restated
Assets
Right-of-use assets
4,824
- 204
-
4,620
5,826
- 226
-
5,600
Non-current tangible assets
21,786
- 204
-
21,582
21,543
- 226
-
21,317
Non-current assets
29,291
- 204
-
29,087
28,918
- 226
-
28,691
Prepaid costs
411
- 1
-
410
400
0
-
400
Current assets
6,132
- 1
-
6,131
5,955
0
-
5,956
Assets
35,423
- 204
-
35,219
34,873
- 226
-
34,647
Equity and liabilities
Retained earnings
12,253
4
-
12,258
13,105
14
-
13,119
Equity attributable to equity holders of DFDS A/S
13,127
5
-
13,132
13,827
13
-
13,840
Equity
13,245
4
-
13,250
13,918
13
-
13,932
Interest-bearing liabilities
8,129
-
1,300
9,429
8,116
-
600
8,716
Lease liabilities
4,069
- 92
-
3,977
5,018
- 129
-
4,889
Non-current liabilities
12,804
- 91
1,300
14,013
13,756
- 128
600
14,228
Interest-bearing liabilities
3,390
-
- 1,300
2,090
1,281
-
- 600
681
Lease liabilities
850
- 117
-
733
1,055
- 112
-
942
Current liabilities
9,374
- 117
- 1,300
7,956
7,199
- 112
- 600
6,487
Liabilities
22,178
- 208
-
21,969
20,955
- 240
-
20,715
Equity and liabilities
35,423
- 204
-
35,219
34,873
- 226
-
34,647
Q2 2024 interim report
Financials
27/30
Note 8 Restatement (continued)
Note 9 Assets classified as held for sale
The carrying amount of assets classified as held for sale at 30 June, 2024, is DKK 539m (2023: none), with liabilities directly associated with
assets classified as held for sale of DKK 127m (2023: none).
Assets held for sale at 30 June, 2024 are linked to the Oslo-Frederikshavn-Copenhagen route. The transaction resulting in the reclassification of
assets held for sale is expected to be completed by October 2024. In connection with the transaction, previously recognised impairment losses
of DKK 33m have been reversed in relation to ships. Assets classified as held for sale comprise mainly ships of DKK 410m and terminal right-of-
use asset of DKK 127m.
Liabilities relating to assets classified as held for sale constitute right-of-use liabilities linked the Oslo and Copenhagen terminals.
Statement of cash flows (extract)
Q2 2023
H1 2023
Full year 2023
As
reported
Adjust.
Restated
As
reported
Adjust.
Restated
As
reported
Adjust.
Restated
DKK m
IFRS 16
IFRS 16
IFRS 16
Operating profit before depreciation and
amortisation (EBITDA)
1,404
- 34
1,370
2,411
- 70
2,342
5,034
- 144
4,890
Change in working capital
- 124
- 1
- 125
53
1
54
- 338
- 0
- 338
Interest etc, paid
- 200
3
- 198
- 334
4
- 330
- 734
9
- 725
Cash flows from operating activities
1,049
- 33
1,017
2,089
- 65
2,024
3,811
- 135
3,675
Free cash flows
796
- 33
764
312
- 65
247
2,662
- 135
2,526
Payment of lease liabilities
- 231
33
- 199
- 441
65
- 376
- 935
135
- 799
Cash flows from financing activities
- 748
33
- 716
- 408
65
- 343
- 3,115
135
- 2,980
Net cash flows
48
0
48
- 96
0
- 96
- 454
0
- 454
Key figures (extract)
Net interest-bearing debt
-
-
-
15,193
- 209
14,984
14,689
- 241
14,449
Invested capital, end of period
-
-
-
28,856
- 204
28,652
28,996
- 226
28,770
ROIC before acquisition intangibles, %,
LTM
-
-
-
11.4
0.2
11.6
10.4
0.1
10.5
ROIC, %, LTM
-
-
-
8.4
0.1
8.5
7.6
0.1
7.6
Financial leverage, times
-
-
-
2.9
0
2.9
2.9
0
2.9
Earnings per share (EPS), DKK
9.53
- 0.04
9.49
11.77
0.08
11.85
26.64
0.25
26.89
Q2 2024 interim report
Financials
28/30
Operating profit before depreciation
(EBITDA)
Profit before interest, tax, depreciation,
amortisation, and impairment on non-
current assets
Operating profit before amortisation
(EBITA)
Profit before interest, tax, and amortisation
Operating profit (EBIT)
Profit before interest and tax
Operating margin, %
Operating profit (EBIT)
x 100
Revenue
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
Non-current intangible and tangible assets
plus net working capital (non-interest
bearing current assets minus non-interest
bearing current liabilities) minus pension
and jubilee liabilities and other provisions
Net Interest-bearing debt (NIBD)
Interest-bearing liabilities (excluding
provision for pensions) minus interest-
bearing assets minus cash and securities
LTM
Last twelve months
Acquisition intangibles
Intangible assets recognised in connection
with acquiring enterprises and activities
(Goodwill and Other non-current intangible
assets)
Return on invested capital (ROIC), %
Net operating profit after
taxes (NOPAT LTM)
x 100
Average invested
capital LTM
ROIC before acquisition intangibles
(ROIC BAI), %
Net operating profit after
taxes (NOPAT LTM)
excluding amortisation
on acquisition intangible
assets
x 100
Average invested capital
excluding acquisition
intangible assets LTM
Free cash flow
Cash flow from operating activities minus
cash flow from investing activities
Adjusted free cash flow (FCFE)
Free cash flow excluding
acquisitions/divestments minus payment of
lease liabilities and currency contracts
related to leases
Return on equity, %
Profit for the period
excluding non-controlling
interests
x 100
Average equity excluding
non-controlling interests
Equity ratio, %
Equity at end of period
x 100
Total assets
Financial leverage, times
Net Interest-bearing debt
(NIBD)
x 100
EBITDA LTM incl. pro
forma EBITDA for
acquired companies
Earnings per share (EPS)
Profit for the period
excluding non-controlling
interests
x 100
Weighted average
number of ordinary
shares in circulation
Dividend per share
Dividend for the year
x 100
Number of shares at the
end of the period
Number of ships
Owned and chartered ships, including slot
charter and vessel sharing agreements
Passenger
Comprise activities related to persons
travelling with or without car and who is
carried on a ro-pax or passenger cruise
ferry across the DFDS route network.
Definitions
Q2 2024 interim report
Financials
29/30
Total distance sailed
Total distance sailed for vessels in
commercial operation
CO2 emissions per GT nautical mile
(Own fleet)
Emissions measured as gCO2 per gross
tonnage nautical mile for vessels in
commercial operation (Own fleet)
CO2 emissions per GT nautical mile
(Route network)
Emissions measured as gCO2 per gross
tonnage nautical mile for vessels in
commercial operation (Route network)
Total fuel consumption (Route network)
Total consumption of heavy fuel oil (HFO)
and marine gas oil (MGO) for vessels in
commercial operation (Route network)
Spills (>1 barrel)
Incidents of oil spills larger than one barrel
into the sea from vessels in operation
Total workforce
Percentage of women in total workforce
(end of period)
Non-office based
Percentage of women of total number of
non-office based employees (end of period)
Office based
Percentage of women of total number of
office based employees (end of period)
Senior management
Percentage of women of total number of
senior management positions defined as
EVPs and VPs (end of period)
Managers
Percentage of women of total number of
management positions, excluding senior
management, defined as positions with
responsibility for at least one other
employee (end of period)
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 (AGM elected members)
Percentage of women of total number of
members of the Board of Directors,
excluding staff appointed members,
elected at the Annual General Meeting
Board nationality – non-Danish
(AGM elected members)
Percentage of non-Danish members of
total number of members of the Board of
Directors elected at the Annual General
Meeting
Independent directors
(AGM elected members)
Percentage of independent directors of
total number of members of the Board of
Directors elected at the Annual General
Meeting
Attendance at Board meetings
(All Board members)
Percentage of total number of Board
meetings attended (Not gender specific)
Whistle-blower reporting
Number of cases of whistle-blower reports
ESG Definitions
Q2 2024 interim report
Financials
30/30
14 August 2024
Company announcement no.: 59/2024
Contact
Torben Carlsen, CEO: +45 33 42 32 01
Karen Boesen, CFO +45 20 58 58 40
Søren Brøndholt Nielsen, IR: +45 33 42 33 59
Dennis Kjærsgaard Sørensen, Media: +45 42 30 38 47
DFDS was founded in 1866 and is headquartered and listed in
Copenhagen.
Disclaimer
The statements about the future in this announcement contain
risks and uncertainties and actual developments may therefore
diverge significantly from statements about the future.
Addresses of DFDS’ subsidiaries, locations and offices are available from www.dfds.com