Q3 2024 Interim report
Working through
headwinds
Q3 2024 interim report
Q3 overview
2/29
Q3 2024
→ Revenue up 11% to DKK 8.0bn
Organic growth was 4%
→ EBIT reduced 11% to DKK 785m
→ Adjusted free cash flow of
DKK 396m
→ CO2 ferry emission intensity
lowered 1.6%
Outlook 2024 (updated 1 November
2024)
→ EBIT of DKK 1.5-1.7bn
→ Revenue growth of 8-10%
→ Adjusted free cash flow of around
DKK 1.2bn
CEO’s comments
Q3 was as expected a challenging quarter.
The European slowdown in demand and
manufacturing that began in Q2 became
more widespread in Q3. Instead of a
rebound in Q4, we are now expecting a
further slowdown in the rest of the year.
Despite the market headwinds, we
continued in line with our organic growth
ambitions to protect and grow volumes in
Q3 on the back of our network strength.
This did not, however, translate into
earnings growth as price and margin
pressures were intensified through our
exposure to the automotive sector, the
Baltic region and eastern Europe, and the
new Brexit border checks that are holding
back food exports to the UK.
Our Q3 result was therefore lower than
expected and following our revised view on
Q4 market demand, the 2024 earnings
outlook range was lowered.
We remain committed to moving our green
transition forward even though this entails
extra costs in the short-term. Strengthening
customer service and operating efficiency
through standardisation and digitisation
are also strategic priorities.
Ferry increased volumes in tough market
Our freight ferry network achieved 4%
organic growth in Q3 which was overall in
line with our expectations. Pricing
continued however to be impacted by
overcapacity in some network regions. The
organic passenger volume growth was 2%,
and we’re pleased to report that our new
route network across Strait of Gibraltar had
a successful high season.
“Despite market headwinds,
we continued in line with our
organic growth ambitions to
protect and grow volumes in
Q3 on the back of our
network strength.”
Torben Carlsen, CEO
Logistics challenged by market slowdown
A large part of the Logistics’ network
continued in Q3 to perform on level with
2023, especially the UK/Ireland network.
Earnings pressures did however increase
further in Q3, not least in full-load (FTL)
markets, and this is expected to continue in
Q4. A set of specific actions are being
taken to mitigate headwind impacts and
improve earnings. The Nordic Cold Chain
turnaround is in addition still expected to
be completed by year-end.
Capital distribution
We continue to return excess capital to
shareholders. Our share buyback program
has year-to-date returned DKK 380m to
shareholders besides the dividend of
DKK 168m.
Outlook 2024
The EBIT outlook range is narrowed and
lowered following a Q3 result below
expectations and a weaker market outlook
for Q4. The adjusted free cash flow outlook
is changed to around DKK 1.2bn from
previously DKK 1.5bn.
Q3 overview
Q3
Q3
Change
LTM
LTM
Change
Full-year
2024
2023
%
2023-24
2022-23
%
2023
DKK m
Restated
Restated
Restated
Revenue
7,965
7,190
11
29,389
27,014
9
27,304
EBITDA
1,508
1,556
-3
4,690
4,945
-5
4,890
EBIT
785
886
-11
1,862
2,425
-23
2,326
Adjusted free cash flow
396
521
-24
2,186
1,706
28
2,773
ROIC, %
-
-
-
5.8
8.1
-
7.6
Financial leverage, times
-
-
-
3.3
2.9
-
2.9
7 November 2024
Conference call today at 10.00am CET
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Q3 2024 interim report
Key figures
3/29
Key figures
Q3
Q3
Q1-Q3
Q1-Q3
LTM
Full-year
2024
2023
2024
2023
2023-24
2023
DKK m
Restated*
Restated*
Restated*
Income statement
Revenue
7,965
7,190
22,557
20,472
29,389
27,304
Ferry Division
5,083
4,506
13,930
12,503
17,920
16,493
Logistics Division
3,223
2,985
9,649
8,923
12,822
12,096
Non-allocated items and eliminations
- 341
- 302
- 1,022
- 953
- 1,354
- 1,285
Operating profit before depreciation and
amortisation (EBITDA)
1,508
1,556
3,697
3,897
4,690
4,890
Ferry Division
1,282
1,269
2,960
3,051
3,718
3,808
Logistics Division
256
307
850
930
1,148
1,228
Non-allocated items
- 30
-21
- 113
- 83
- 176
- 146
Operating profit before amortisation (EBITA)
839
926
1,658
2,095
2,068
2,504
Operating profit (EBIT)
785
886
1,504
1,967
1,862
2,326
Financial items, net
- 192
-195
- 589
- 482
- 766
- 659
Profit for the period
571
656
811
1,330
1,000
1,519
Capital
Total assets
-
-
36,727
35,666
-
34,647
Equity
-
-
14,265
13,827
-
13,932
Net interest-bearing debt
-
-
15,368
14,875
-
14,449
Invested capital, end of period
-
-
30,070
29,082
-
28,770
Cash flows
Cash flows from operating activities
996
1,089
2,814
3,113
3,376
3,675
Cash flows from investing activities
- 380
-429
- 2,385
- 2,206
- 1,328
- 1,149
Free cash flows
617
660
429
907
2,048
2,526
Adjusted free cash flows
396
521
793
1,380
2,186
2,773
Q3
Q3
Q1-Q3
Q1-Q3
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)
-
-
14,078
13,035
13,884
13,191
Revenue growth (reported), %
10.8
- 1.8
10.2
0.7
7.6
1.6
EBITDA-margin, %
18.9
21.6
16.4
19.0
16.0
17.9
EBITA-margin, %
10.5
12.9
7.4
10.2
7.0
9.2
EBIT-margin, %
9.9
12.3
6.7
9.6
6.3
8.5
Return on invested capital (ROIC), %
-
-
5.8
8.1
5.8
7.6
ROIC before acquisition intangibles (ROIC BAI), %
-
-
8.2
11.0
8.2
10.5
Return on equity, %
-
-
-
-
7.1
11.3
Key capital and per share ratios
Financial leverage, times
-
-
3.3
2.9
3.3
2.9
Equity ratio, %
-
-
38.8
38.8
-
40.2
Earnings per share (EPS), DKK
10.37
11.68
14.51
23.51
17.85
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
-
-
171.7
233.2
-
223.0
ESG key figures
Emissions per GT mile - Own fleet (CO2)
11.9
12.0
11.9
12.1
12.0
12.1
Lost-time injury frequency (LTIF) - Sea
3.9
3.7
3.8
3.7
3.9
3.8
Lost-time injury frequency (LTIF) - Land
4.8
4.7
7.0
7.9
7.4
8.1
Women ratio - Total workforce
-
-
24
23
-
23
Women ratio - Board of Directors
-
-
33
33
-
33
* IFRS 16 and IAS 1, refer to notes 1 and 9.
Definitions on page 27.
Q3 2024 interim report
Outlook 2024
4/29
→ The outlook was updated on 1
November 2024 in a separate
announcement
→ EBIT range of DKK 1.5-1.7bn
→ Revenue growth of 8-10%
→ Operating capex of around
DKK 1.4bn
→ Adjusted free cash flow of around
DKK 1.2bn
General market growth prospects
Europe’s economic growth expectations for
the rest of 2024 remain subdued with no
rebound expected in Q4 for consumer
demand, 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 Q4. The
positive impact from volume growth is also
in Q4 expected to be offset by
unfavourable market and cost dynamics.
Margin pressure in transport and logistics
markets, especially in FTL-markets,
increased in Q3 2024 and is expected to
remain elevated in Q4 2024. Automotive
volumes are expected to continue to slow
down and food export volumes to the UK
are expected to also in Q4 be held back by
UK border checks.
Key passenger outlook assumptions
for 2024
The organic passenger revenue growth is
expected to be positive in Q4 driven by
mainly higher Channel volumes and
onboard spending. The Oslo-Frederiks-
havn-Copenhagen route was divested on
31 October 2024.
Revenue outlook
The Group’s revenue growth expectation is
8-10% compared to 2023. The previously
announced growth range was 8-11% as
revenue was included from the acquisition
of the international transport network of
Ekol Logistics announced in April 2024. On
1 November 2024, the share purchase
agreement for this transaction was
however terminated by DFDS.
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
offset from lower pricing is expected to
continue in some markets.
The Logistics Division’s organic revenue
growth is expected to continue to be
positive in Q4, particularly in UK/Ireland
and in parts of the Nordic region.
Earnings outlook - EBIT
Based on the above assumptions, the
Group’s EBIT outlook range is narrowed
and lowered to DKK 1.5-1.7bn from the
previously announced range of DKK 1.7-
2.1bn (2023: DKK 2.3bn).
Comparison of EBIT in Q4 between 2023
and 2024 will be impacted by a one-off
gain of DKK 95m in Q4 2023 from the sale
and leaseback of three freight ferries and a
consequent increase of depreciation. The
total EBIT comparison impact in Q4 2024 of
these items is around DKK -125m.
Capital expenditure (Capex)
Operating capex, excluding acquisitions
and other transactions, is lowered to
around DKK 1.4bn in 2024 from the
previously announced DKK 1.5bn.
Adjusted free cash flow
The Adjusted free cash flow is expected to
be around DKK 1.2bn in 2024 lowered from
the previously announced DKK 1.5bn.
Outlook 2024
OUTLOOK 2024
DKK m
Outlook 2024
Previous
outlook 2024
2023
Revenue growth
8-10%
8-11%
27,304
EBIT
1,500-1,700
1,700-2,100
2,326
Per division:
Ferry Division
1,450-1,600
1,525-1,850
2,098
Logistics Division
300-350
375-450
469
Non-allocated items
-250
-200
-242
Capital expenditure (Capex)
-1,400
-1,500
-115
Types:
Operating
-1,400
-1,500
-1,581
Ferries (sale/purchase/new-buildings)
0
0
1,466
Adjusted free cash flow
Around 1,200
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.
Q3 2024 interim report
Ferry Division
5/29
→ Q3 revenue up 13% to DKK 5.1bn
Organic growth was 2%
→ Q3 EBITDA increased 1% to
DKK 1,282m
→ Q3 EBIT decreased 3% to
DKK 792m by higher depreciation
→ Q3 EBIT decreased 6% adjusted for
acquisitions and 2023 one-off
items
→ Q3 CO2 ferry emission intensity
lowered 1.6%
Q3 volumes and activity
Total Q3 freight volumes increased 6.6%
compared to Q3 2023 and increased 3.4%
adjusted for the acquisition of routes on
Strait of Gibraltar and the closure of
Calais-Tilbury.
The Q3 adjusted volume growth was driven
by market growth for the Mediterranean
network and market share gains by the
Channel and Baltic Sea networks. North
Sea volumes were just below 2023 partly
due to a general slowdown in automotive
volumes. Volumes carried for the Logistics
Division increased, especially on the North
Sea routes.
Q3 passenger volumes increased 51.3% to
2.7m compared to 2023 and increased
1.8% adjusted for the acquired Strait of
Gibraltar routes. The adjusted growth was
driven by more passengers on the Channel
as the number of Baltic Sea passengers
decreased.
Towards the end of Q3, competitor
capacity was reduced further on the
English Channel which longer term is
expected to improve cost coverage.
Between Türkiye and Italy, freight ferry
Ferry Division
Ferry Division
Q1
Q2
Q3
Q1-Q3
Q1-Q3
Q1
Q2
Q3
Q4
LTM
Full-year
2024
2024
2024
2024
2023
2023
2023
2023
2023
2023-24
2023
DKK m
Restated*
Restated*
Restated*
Restated*
Restated*
Restated*
Revenue
4,214
4,633
5,083
13,930
12,503
3,820
4,176
4,506
3,990
17,920
16,493
Freight
3,286
3,285
3,036
9,607
9,448
3,269
3,184
2,994
3,235
12,842
12,683
Passenger
928
1,348
2,047
4,323
3,055
551
992
1,512
755
5,078
3,810
Operating costs
- 2,519
- 2,584
- 2,668
- 7,771
- 6,785
- 2,271
- 2,214
- 2,300
- 2,332
- 10,102
- 9,116
Ferry operations
- 674
- 698
- 754
- 2,126
- 1,606
- 549
- 521
- 536
- 539
- 2,665
- 2,145
Bunker
- 760
- 785
- 763
- 2,307
- 2,256
- 752
- 713
- 791
- 865
- 3,171
- 3,120
Port terminal operations
- 913
- 931
- 980
- 2,824
- 2,397
- 794
- 796
- 808
- 755
- 3,579
- 3,152
Transport and warehouse
solutions
- 171
- 171
- 172
- 514
- 526
- 176
- 184
- 166
- 173
- 687
- 699
Employee costs
- 719
- 739
- 776
- 2,234
- 1,937
- 630
- 639
- 668
- 666
- 2,900
- 2,603
Sales, general and
administration
- 288
- 319
- 357
- 965
- 730
- 216
- 246
- 268
- 235
- 1,200
- 965
EBITDA
688
990
1,282
2,960
3,051
704
1,078
1,269
758
3,718
3,808
Freight
617
615
410
1,642
1,933
694
728
511
642
2,285
2,577
Passenger
71
375
873
1,319
1,117
9
350
758
115
1,434
1,232
Other income/costs, net
- 1
0
- 3
- 4
- 22
- 2
- 8
- 12
90
86
68
Depreciation and impairment
- 510
- 467
- 472
- 1,449
- 1,260
- 407
- 419
- 434
- 481
- 1,930
- 1,740
EBITA
178
523
806
1,507
1,769
295
651
824
367
1,874
2,136
Amortisation
- 9
- 15
- 15
- 39
- 28
- 9
- 9
- 9
- 9
- 48
- 38
EBIT
169
508
792
1,469
1,741
286
641
814
358
1,826
2,098
Invested capital, end of period
22,659
22,106
22,422
22,422
21,870
21,631
21,501
21,870
21,170
22,422
21,170
EBITDA-margin, %
16.3
21.4
25.2
21.3
24.4
18.4
25.8
28.2
19.0
20.7
23.1
EBITA-margin, %
4.2
11.3
15.9
10.8
14.1
7.7
15.6
18.3
9.2
10.5
13.0
EBIT-margin, %
4.0
11.0
15.6
10.5
13.9
7.5
15.4
18.1
9.0
10.2
12.7
Gross Capex (excl.
acquisitions and leases)
431
190
162
783
852
438
150
264
281
1,064
1,132
ROIC BAI, %, LTM
11.4
10.7
10.6
10.6
12.5
13.3
12.9
12.5
12.1
10.6
12.1
ROIC, %, LTM
8.9
8.2
8.0
8.0
9.8
10.4
10.1
9.8
9.5
8.0
9.5
Average number of employees
7,027
7,081
7,207
7,207
6,516
6,327
6,432
6,516
6,546
6,876
6,546
Number of ships
73
72
73
73
65
65
65
65
66
70
66
Lane metres, '000
10,508
10,613
10,079
31,199
28,897
9,647
9,795
9,455
9,545
40,745
38,443
North Sea **
3,522
3,560
3,378
10,460
10,516
3,508
3,600
3,408
3,327
13,787
13,843
Mediterranean
1,403
1,370
1,335
4,108
3,993
1,345
1,375
1,274
1,412
5,521
5,407
Channel
4,150
4,214
4,107
12,470
11,971
3,993
4,026
3,953
3,979
16,449
15,950
Baltic Sea
868
934
868
2,669
2,416
802
794
820
827
3,496
3,243
Strait of Gibraltar
566
536
391
1,493
0
0
0
0
0
1,493
0
Capacity utilisation freight, %
60
62
60
61
56
59
56
53
60
60
57
Number of cars, '000
236
373
692
1,301
948
152
301
495
206
1,507
1,154
Passengers, '000
1,114
1,689
2,741
5,544
3,637
619
1,205
1,812
866
6,410
4,502
*IFRS 16 and IAS 1, refer to notes 1 and 9.
**Includes volumes for the routes Oslo-Frederikshavn-Copenhagen and Amsterdam-Newcastle.
Definitions on page 27.
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.
Q3 2024 interim report
Ferry Division
6/29
capacity was, on the other hand, added by
a competitor in mid-September. Given the
Turkish market’s size and growth prospects
for both ferry and road transport, the
impact of the additional ferry capacity is
foreseen to reduce longer term.
Financial performance
Revenue
Q3 revenue increased 12.8% to
DKK 5,083m compared to 2023 and
increased 2.3% adjusted for the acquisition
of routes on Strait of Gibraltar, bunker and
ETS surcharges, and one-off income items
in 2023.
The adjusted freight ferry revenue was on
level with 2023 as a positive impact from
higher volumes was offset by lower rates in
several network areas.
The adjusted passenger revenue increased
6.5% driven by passenger volume growth
and higher spend on primarily the Channel.
Strait of Gibraltar’s high-season Q3
revenue was in line with expectations.
EBITDA
EBITDA increased 1.0% or DKK 13m to
DKK 1,282m and decreased 1.4% adjusted
for the Strait of Gibraltar acquisition and
one-off income items in 2023.
The freight ferry EBITDA decreased 19.8%
or DKK 101m to DKK 410m. The adjusted
decrease was 7.3% reflecting mainly lower
freight rates and cost increases in some
areas.
The passenger EBITDA increased 15.2% or
DKK 115m to DKK 873m. The adjusted
increase was 2.6% driven by continued
growth in Channel’s earnings offset by the
lower number of Baltic Sea passengers.
Strait of Gibraltar’s high-season Q3 EBITDA
was in line with expectations.
EBITA and EBIT
EBITA decreased 2.1% or DKK 17m to
DKK 806m as depreciation and impairment
increased 8.8% or DKK 38m to DKK 472m.
The depreciation increase was due to
mainly a shorter depreciation period for
three freight ferries that were sold and
leased back in 2023, and the addition of
the Strait of Gibraltar routes since January
2024.
EBIT decreased 2.8% or DKK 23m to
DKK 792m.
Capex
Capex, excluding acquisitions, amounted
to DKK 162m in Q3 2024 of which the
majority was ferry dockings and upgrades.
Invested capital and ROIC
The invested capital at the end of Q3 2024
was DKK 22.4bn, an increase compared to
Q3 2023 of 2.5% or DKK 0.6bn. This was
due to the addition of the Strait of Gibraltar
routes in January 2024 while the sale and
leaseback of three freight ferries in Q4
2023 reduced the invested capital. The
invested capital excluding acquisition
intangibles was lowered 2.4% to
DKK 17.1bn compared to end Q3 2023.
The return on invested capital before
acquisition intangibles, ROIC BAI, was
10.6% compared to 12.5% in 2023, and
ROIC was 8.0% compared to 9.8% 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
Q3 2024 interim report
Logistics Division
7/29
→ Q3 revenue was up 8% to
DKK 3.2bn Organic growth was 7%
→ Margin pressures intensified
→ Q3 EBITDA decreased 17% to
DKK 256m
→ Q3 EBIT decreased 57% to
DKK 50m
Q3 overview and activity
Q3 was a challenging quarter as the
European demand for land transport and
logistics services slowed down further,
particularly in northern continental Europe
and eastern Europe, including the Baltics.
Export volumes to the UK, especially food
products, were held back by the new border
checks while UK/Ireland domestic transport
demand was more robust. On a sector
level, automotive and meat volumes
decreased during the quarter.
DFDS’ Dry Goods achieved organic revenue
growth of 11% despite the soft market
environment driven by additional volume
allocations from existing customers, new
contracts, ramp-up of warehousing, and
other activity expansions. UK/Ireland
activity levels were robust while eastern
European and Baltic volumes decreased.
Competition intensified across the northern
continental European FTL-market, not least
for unaccompanied UK exports, as the
general volume decline and continued
equipment overcapacity reduced rate
levels.
DFDS’ Cold Chain achieved organic
revenue growth of 3%. Solid growth was
Logistics Division
Logistics Division
Q1
Q2
Q3
Q1-Q3
Q1-Q3
Q1
Q2
Q3
Q4
LTM
Full-year
2024
2024
2024
2024
2023
2023
2023
2023
2023
2023-24
2023
Restated*
Restated*
Restated*
Restated*
Restated*
Restated*
Revenue
3,130
3,296
3,223
9,649
8,923
2,849
3,088
2,985
3,173
12,822
12,096
Dry Goods**
1,560
1,663
1,609
4,831
4,653
1,562
1,586
1,506
1,577
6,408
6,231
Cold Chain**
1,557
1,622
1,604
4,784
4,248
1,278
1,487
1,484
1,583
6,367
5,831
Operating costs
Transport and warehousing
costs
- 1,967
- 2,083
- 2,097
- 6,147
- 5,677
- 1,874
- 1,927
- 1,876
- 2,004
- 8,151
- 7,681
Gross profit
1,163
1,213
1,126
3,501
3,245
975
1,161
1,109
1,170
4,671
4,415
Sales, general and
administration
- 190
- 207
- 176
- 574
- 531
- 171
- 178
- 182
- 176
- 749
- 706
Employee costs
- 668
- 716
- 694
- 2,078
- 1,785
- 517
- 648
- 620
- 696
- 2,774
- 2,481
EBITDA
304
289
256
850
930
286
336
307
298
1,148
1,228
Other income/costs, net
7
8
7
22
13
4
4
5
7
29
20
Depreciation and impairment
- 197
- 191
- 192
- 581
- 502
- 152
- 170
- 179
- 190
- 771
- 692
EBITA
115
106
71
291
440
138
170
133
115
406
555
Amortisation
- 21
- 21
- 20
- 62
- 59
- 18
- 24
- 16
- 27
- 89
- 86
EBIT
94
85
50
230
382
120
146
116
87
317
469
Gross profit margin, %
37.1
36.8
34.9
36.3
36.4
34.2
37.6
37.2
36.9
36.4
36.5
EBITDA-margin, %
9.7
8.8
7.9
8.8
10.4
10.1
10.9
10.3
9.4
9.0
10.1
EBITA-margin, %
3.7
3.2
2.2
3.0
4.9
4.8
5.5
4.4
3.6
3.2
4.6
EBIT-margin, %
3.0
2.6
1.6
2.4
4.3
4.2
4.7
3.9
2.8
2.5
3.9
Invested capital, end of
period
6,903
6,755
7,067
7,067
6,470
6,287
6,305
6,470
6,746
7,067
6,746
Gross Capex (excl.
acquisitions and leases)
127
142
196
465
312
144
74
94
126
591
438
ROIC BAI, %, LTM
10.2
8.5
6.9
6.9
13.4
16.0
15.2
13.4
11.6
6.9
11.6
ROIC, %, LTM
5.2
4.2
3.2
3.2
7.0
8.7
8.0
7.0
6.0
3.2
6.0
Average number of employees
5,997
5,880
5,827
5,827
5,585
5,159
5,410
5,585
5,696
5,797
5,696
*IFRS 16 and IAS 1, refer to notes 1 and 9.
**In October 2023 Belfast transport and warehouse activities were moved from Dry Goods to Cold Chain – comparative numbers have not been restated.
Definitions on page 27.
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.
Q3 2024 interim report
Logistics Division
8/29
achieved in the corridor between Northern
Ireland and England while Scottish seafood
volumes were overall flat. Danish export
volumes were increased while the domestic
distribution network was focused on
improving operating efficiency as part of
the ongoing turnaround of these activities.
There was a decline in food export volumes
to the UK following the new UK border
checks on food which are making trading
for food exporters more cumbersome and
costly. Pressure on rate levels increased
further during the quarter.
Financial performance
Revenue
Q3 revenue increased 8.0% to DKK 3,223m
compared to Q3 2023 and increased 7.1%
adjusted for acquisitions. The adjusted
revenue growth was driven mainly by the
Dry Goods activities and the UK/Ireland
Cold Chain activities.
EBITDA
EBITDA decreased 16.6% or DKK 51m to
DKK 256m. The majority of activities,
around 70% of revenue, maintained or
improved earnings but this was more than
offset by lower earnings for the remainder
of the activities.
The main earnings improvement drivers
were continued solid results for the
UK/Ireland activities and the majority of the
Nordic activities within both transport and
contract logistics. Earnings were also
improved by a successful turnaround of the
German cold chain activity since mid-2023,
the Bruges closure, and an uplift for the
special cargo activity between the
Continent and the UK.
Earnings for Nordic Cold Chain and the
Dutch and Belgian activities, that were
significantly reduced during Q2, were as
expected in Q3 below 2023. Nordic Cold
Chain’s turnaround is ongoing and still
expected to yield a break-even result by
the year-end, also due to the termination of
a large lossmaking contract. The earnings
recovery of the Dutch and Belgian activities
is supported by targeted projects to
diversify the customer mix, restore
balanced volume flows, and warehouse
utilisation levels.
Q3 earnings were in addition lowered by the
slowdown in the automotive sector, falling
demand in eastern Europe and the Baltic
region, plus the new Brexit border checks. A
further decrease of margins in the FTL-
market also lowered earnings.
A set of specific actions are being taken to
improve earnings for activities impacted by
the adverse market conditions focused on
price increases, asset utilisation, and
balancing of transport flows. Targeted
improvement projects are ongoing for
seven areas.
EBITA and EBIT
EBITA decreased 46.7% or DKK 62m to
DKK 71m as depreciation increased
DKK 13m to DKK 192m. The majority of the
depreciation increase was due to additions
of cargo carrying equipment and buildings.
EBIT decreased 56.6% or DKK 66m to
DKK 50m following an increase in
amortisation of DKK 4m.
The EBIT-margin decreased to 1.6% from
3.9% in Q3 2023. For around 70% of the
revenue, the EBIT-margin was 4.1%.
Capex
Capex, excluding acquisitions, amounted
to DKK 196m in Q3 2024 consisting
primarily of cargo carrying equipment,
including charging stations for e-trucks,
and warehouse upgrades, including solar
panel installations.
Logistics Division – EBIT per quarter, DKK m
0
20
40
60
80
100
120
140
160
180
Q1 Q2 Q3 Q4
2022
2023
2024
Q3 2024 interim report
Logistics Division
9/29
Invested capital and ROIC
The invested capital at the end of Q3 2024
was DKK 7.1bn, an increase of 9.2% from
end Q3 2023 driven primarily by higher
working capital, warehouse expansions,
transport equipment capex as well as
remeasurements of right-of-use assets. The
invested capital excluding acquisition
intangibles increased 16.0% to DKK 4.7bn
compared to Q3 2023.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 6.9%
compared to 13.4% in 2023, and ROIC was
3.2% compared to 7.0% in 2023.
Q3 2024 interim report
ESG review
10/29
ESG data
Q3**
Q3*
Q1-Q3**
Q1-Q3*
LTM
Full-year*
Unit
2024
2023
2024
2023
2023-24
2023
Environmental data
Nautical miles
Total distance sailed
1,410,472
1,445,716
4,167,501
4,251,597
5,576,588
5,660,684
CO2 emissions
CO2 emissions per GT nautical mile (Own fleet)
gCO2
11.9
12.0
11.9
12.1
12.0
12.1
CO2 emissions per GT nautical mile (Route network)
gCO2
12.0
12.2
12.1
12.3
12.2
12.3
Energy consumption
Total fuel consumption (Route network)
Tonnes
181,263
185,705
541,183
556,194
730,178
745,189
Oil spills
Spills (>1 barrel)
Number
0
0
0
0
0
0
Social data
Representation of women
Total workforce:
%
-
-
24
23
-
23
Non-officed based
%
-
-
14
12
-
11
Office based
%
-
-
44
44
-
44
Senior management
%
-
-
18
18
-
18
Managers
%
-
-
20
19
-
18
Safety at sea
Incidents/mio. hours
Lost-time injury frequency (LTIF)
3.9
3.7
3.8
3.7
3.9
3.8
Safety on land
Incidents/mio. hours
Lost-time injury frequency (LTIF)
4.8
4.7
7.0
7.9
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
100
100
99
100
99
Whistle-blower reporting
Cases
16
12
61
35
77
51
Definitions on page 28
* 2023 Q3 ESG data excludes D.R Macleod (acquired in May 2023): Health & Safety and Estron Group (acquired in September 2023): Representation of women & Health &
Safety ** 2024 Q3 Environmental data excludes FRS Iberia/Maroc (acquired January 2024).
Q3 2024 interim report
ESG review
11/29
Q3 2024 interim report
Group review
12/29
→ Capital distribution of DKK 600m
to shareholders on track
→ Q3 cash flow reduced by lower
earnings, working capital, and
interest costs
→ Financial debt reduced 4% and
financial interest cost lowered
while leasing debt increased
→ Financial leverage increased by
acquisition of FRS Iberia/Maroc
and lower earnings
Major Q3 events
DFDS exited space charter agreement
on Dover-Calais
DFDS exited the space charter agreement
with P&O Ferries covering the Dover-Calais
route effective from end August 2024. With
P&O Ferries’ agreement to enter into a
separate space charter agreement with the
third ferry operator on Dover-Calais, Irish
Ferries, the terms of a continuing space
charter arrangement would have changed.
Read more here.
Major events after Q3
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. The transaction was
completed on 31 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 was around
DKK 400m.
Read more here.
DFDS terminated share purchase
agreement for Turkish acquisition
In April 2024, an agreement was entered
into to acquire the international transport
network of Ekol Logistics, a Turkish
transport and logistics company.
As noted in the acquisition announcement
released 9 April 2024, completion of the
transaction was conditional upon regula-
tory approvals and certain contractual
conditions. As certain contractual condi-
tions were not satisfied by the prescribed
deadline, DFDS terminated on 1 November
2024 the share purchase agreement and
consequently the transaction.
Capital distribution to shareholders
A total of DKK 600m is to be distributed to
shareholders in 2024 through a combina-
tion of dividend and 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 Q3 2024, a
total of 1,691,654 shares were purchased
for DKK 337m.
Financial performance
Revenue
The Group’s Q3 revenue increased 10.8% to
DKK 7,965m compared to 2023 following
higher revenue in both divisions. The
increase was 3.9% adjusted for
acquisitions and bunker/ETS surcharges.
The Ferry Division’s Q3 revenue increased
12.8% to DKK 5,083m compared to 2023
and increased 2.3% adjusted for the
acquisition the Strait of Gibraltar routes,
bunker/ETS surcharges, and one-off items.
The Logistics Division’s Q3 revenue
increased 8.0% to DKK 3,223m compared
to 2023 and increased 7.1% adjusted for
acquisitions.
The Group’s Q1-Q3 revenue was DKK
22,557m, an increase of 10.2% compared
to the same period in 2023.
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
Q3 2024 interim report
Group review
13/29
EBITDA
The Group’s Q3 EBITDA decreased 3.0% or
DKK 47m to DKK 1,508m.
The Ferry Division’s Q3 EBITDA increased
1.0% or DKK 13m to DKK 1,282m. The
Logistics Division’s Q3 EBITDA decreased
16.6% or DKK 51m to DKK 256m. Non-
allocated items was a cost of DKK 30m
compared to DKK 21m in 2023.
The Group’s Q1-3 EBITDA decreased 5.1%
to DKK 3,697m while the EBITDA for the last
twelve months was DKK 4,690m.
EBITA and EBIT
Q3 depreciation increased 8.3% or DKK
52m to DKK 674m following increases of
DKK 38m in the Ferry Division and DKK 13m
in the Logistics Division.
The Group’s Q3 EBITA decreased 9.4% or
DKK 87m to DKK 839m. Amortisation in Q3
increased 36.1% or DKK 14m to DKK 54m.
Q1-3 EBITA decreased 20.8% to
DKK 1,658m. The Group’s Q3 EBIT
decreased 11.4% or DKK 101m to DKK
785m and for Q1-3 EBIT decreased 23.6%
to DKK 1,504m.
Financial items
Total net financial items in Q3 were a cost
of DKK 192m, a decrease of DKK 3m
compared to Q3 2023.
The net interest cost on financial debt
decreased DKK 7m to DKK 119m following a
3.8% reduction of the financial debt. The
net interest rate was on level 2023.
The net interest cost on leasing debt
increased DKK 22m to DKK 69m following a
12.3% increase in leasing debt and a higher
interest rate.
Exchange rate adjustments in Q3 2024
amounted to a net gain of DKK 7m
compared to a net loss of DKK 17m in Q3
2023.
Operating profit before depreciation (EBITDA)
Q3 2024
Q3 2023
Change, %
Change
DKK m
Restated
Ferry Division
1,282
1,269
1.0
13
Logistics Division
256
307
- 16.6
- 51
Non-allocated items
- 30
- 21
- 41.0
- 9
DFDS Group
1,508
1,556
- 3.0
- 47
EBITDA-margin, %
18.9
21.6
- 12.5
- 2.7
Revenue
DKK m
Q3 2024
Q3 2023
Change, %
Change
Ferry Division
5,083
4,506
12.8
577
Logistics Division
3,223
2,985
8.0
238
Non-allocated items
200
185
8.1
15
Eliminations
- 541
- 487
- 11.1
- 54
DFDS Group
7,965
7,190
10.8
776
EBITA and EBIT
Q3 2024
Q3 2023
Change, %
Change
DKK m
(Restated)
EBITDA
1,508
1,556
- 3.0
- 47
Associates and joint ventures
- 3
- 7
51.8
4
Profit/loss on disposals
8
0
n.a.
8
Depreciation and impairment
- 674
- 622
- 8.3
- 52
EBITA
839
926
- 9.4
- 87
Amortisation
- 54
- 40
- 35.0
- 14
EBIT
785
886
- 11.4
- 101
DFDS GROUP - EBIT
0
200
400
600
800
1,000
1,200
Q1 Q2 Q3 Q4
DKK m
2022
2023
2024
Q3 2024 interim report
Group review
14/29
Total net financial items in Q1-Q3 was a
cost of DKK 589m, an increase of 22.2% or
DKK 107m compared to Q1-Q3 2023.
Profit before and after tax
The Q3 profit before tax decreased 14.2%
or DKK 98m to DKK 593m. The tax cost was
DKK 22m and the profit for the period was
DKK 571m.
The Q1-Q3 profit before tax decreased
38.4% to DKK 914m and the Q1-Q3 profit
for the period was DKK 811m.
Earnings per share
Q3 earnings per share (EPS) decreased
11.2% to DKK 10.37 from DKK 11.68 in Q3
2023, and for Q1-Q3 EPS decreased 38.3%
to DKK 14.51 from DKK 23.51 in Q1-3 2023.
Cash flow and investments
The Q3 cash flow from operating activities
decreased 8.5% to DKK 996m following
mainly the lower result and the higher net
interest payment. The Q3 working capital
cash flow was negative due to primarily a
decrease in customer prepayments linked
to the passenger high-season.
Q3 investments was a cash outflow of
DKK 380m consisting of DKK 363m of
operating capex and an earn-out payment
of DKK 17m related to a previous
acquisition.
The Q3 cash flow from financing activities
was negative by DKK 723m and included a
net loan outflow of DKK 344m. Payment of
lease liabilities was DKK 240m.
The net cash decrease was DKK 107m and
at the end of Q3 2024 cash amounted to
DKK 1,126m.
The Q3 2024 adjusted free cash flow (FCFE)
was DKK 396m and for LTM it was
DKK 2,186m, including an inflow from the
sale and leaseback of three ferries in 2023.
The Q1-Q3 cash flow from operating
activities decreased 9.6% or DKK 299m to
DKK 2,814m. The decrease was mainly
driven by the period’s lower result and the
higher net interest payment. Q1-Q3
operating capex was an outflow of
DKK 1,249m and acquisition capex, mostly
for FRS Iberia/Maroc, was DKK 1,136m. The
cash flow from financing activities was a
net outflow of DKK 42m bringing the Q1-Q3
net cash flow to DKK 387m.
The Q1-Q3 adjusted free cash flow (FCFE)
was DKK 793m compared to DKK 1,380m in
Q1-Q3 2023.
Invested capital and ROIC
Invested capital increased 3.4% or
DKK 1.0bn to DKK 30.1bn at the end of Q3
2024 compared to 2023. The increase was
mainly due to the acquisition of FRS
Iberia/Maroc.
The return on invested capital before
acquisition intangibles, ROIC BAI, was 8.2%
in Q3 2024 compared to 11.0% for Q3 2023.
ROIC was 5.8% in Q3 2024 compared to
8.1% for Q3 2023.
Capital structure
At the end of Q3 2024 net-interest-bearing
debt (NIBD) was DKK 15.4bn, an increase of
3.3% from the end of Q3 2023 driven by the
increase in the invested capital.
Financial leverage, as measured by the
ratio of NIBD to EBITDA for the last twelve
months (LTM), was 3.3x at the end of Q3
2024 compared to 2.9x at the end of Q3
2023 and 2.9x at year-end 2023.
Equity
Equity amounted to DKK 14,265m at the
end of Q3 2024, including non-controlling
interests of DKK 75m, an increase of 3.2%
compared to the end of Q3 2023.
Compared to year-end 2023, the equity
increased 2.4% or DKK 333m. Total
comprehensive income for Q1-3 2024 was
DKK 827m while transactions with owners
was DKK -493m, including a dividend of
DKK 168m and a share buyback of
DKK 337m.
The equity ratio was 39% at the end of Q3
2024 which was on level with Q3 2023 and
a decrease compared to 40% at year-end
2023.
Financial items
Q3 2024
Q3 2023
Change, %
Change
DKK m
Restated
Interests, net
- 188
- 173
- 9.0
- 16
Foreign exchange gains/losses, net
7
- 17
- 140.0
24
Other items, net
- 11
- 5
- 109.7
- 6
Total finance, net
- 192
- 195
1.6
3
Q3 2024 interim report
Management statement
15/29
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 ,
Q3 2024 interim report
Financials
16/29
DFDS Group - Income statement
Q3
Q3
Q1-Q3
Q1-Q3
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
- 1,598
- 1,418
- 4,683
- 4,148
- 6,132
- 5,597
Port terminal operations
- 1,014
- 834
- 2,919
- 2,475
- 3,707
- 3,263
Transport and warehouse solutions
- 1,859
- 1,645
- 5,415
- 4,972
- 7,220
- 6,776
Employee costs
- 1,609
- 1,409
- 4,732
- 4,071
- 6,234
- 5,572
Cost of sales, general and administration
- 377
- 327
- 1,109
- 909
- 1,406
- 1,206
Operating profit before depreciation and amortisation
(EBITDA)
Share of profit/loss of associates and joint ventures
- 3
- 7
- 5
- 20
- 11
- 26
Profit/loss on disposal of non-current assets, net
Depreciation, ferries and other ships
- 374
- 342
- 1,191
- 986
- 1,570
- 1,365
Depreciation, other non-current assets
- 301
- 281
- 900
- 807
- 1,202
- 1,108
Reversal of Impairment losses
Operating profit before amortisation (EBITA)
Amortisation and impairment losses, intangibles
- 54
- 40
- 155
- 127
- 205
- 178
Operating profit (EBIT)
Financial income
Financial costs
- 205
- 201
- 648
- 513
- 855
- 739
Profit before tax
Tax on profit
- 22
- 35
- 103
- 155
- 96
- 148
Profit for the period
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
- 1
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
Q3
Q3
Q1-Q3
Q1-Q3
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
- 107
- 89
- 130
- 267
- 119
Value adjustment transferred to operating costs
- 1
- 15
- 8
- 110
- 9
- 110
Value adjustment transferred to financial costs
- 4
- 10
Foreign exchange adjustments, subsidiaries
Items that are or may be reclassified subsequently to the Income
statement
- 39
- 78
- 71
- 60
- 146
Total other comprehensive income after tax
- 39
- 78
- 71
- 75
- 162
Total comprehensive income
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
- 1
Total comprehensive income
Q3 2024 interim report
Financials
17/29
DFDS Group - Balance sheet, Assets
30 Sep.
30 Sep.
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
7
Total current assets
Assets
DFDS Group - Balance sheet, Equity and Liabilities
30 Sep.
30 Sep.
31 Dec.
2024
2023
2023
DKK m
Note
Restated
Restated
Share capital
Reserves
- 454
- 377
- 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
7
Liabilities
Equity and liabilities
Q3 2024 interim report
Financials
18/29
DFDS Group - Statement of changes in equity 1 January - 30 September 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
- 50
Total comprehensive income
- 50
Transactions with owners:
Acquisition, non-controlling interests
- 20
- 7
Dividend paid
- 176
- 176
-
- 176
Dividend on treasury shares
Dividend paid, non-controlling interests
- 2
- 2
Share-based payments
Share buyback
- 34
- 304
- 337
- 337
Cash from sale of treasury shares related to exercise of share options
- 2
0
Reduction of share capital by cancellation of treasury shares
- 13
-
-
0
Total transactions with owners
- 13
- 19
- 439
- 471
- 22
- 493
Equity at 30 September 2024
- 415
- 67
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.
Q3 2024 interim report
Financials
19/29
DFDS Group - Statement of changes in equity 1 January - 30 September 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
- 101
- 71
0
- 71
Total comprehensive income
- 101
Transactions with owners:
Acquisition, non-controlling interests
- 25
- 8
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
- 521
- 542
- 25
- 567
Equity at 30 September 2023
- 512
- 49
Q3 2024 interim report
Financials
20/29
DFDS Group - Statement of cash flows
Q3
Q3
Q1-Q3
Q1-Q3
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
- 289
- 277
- 181
- 224
- 295
- 338
Payment of pension liabilities and other provisions
- 12
- 6
- 31
- 25
- 50
- 44
Interest received, etc.
Interest paid, etc.
- 191
- 162
- 626
- 482
- 847
- 725
Taxes paid
- 40
- 44
- 128
- 131
- 237
- 240
Cash flows from operating activities
Investments in ferries including dockings, etc.
- 131
- 233
- 727
- 742
- 982
- 998
Sale of ferries
Investments in other non-current tangible assets
- 228
- 126
- 524
- 427
- 676
- 578
Sale of other non-current tangible assets
Investments in non-current intangible assets
- 23
- 20
- 69
- 57
- 95
- 83
Acquisition of enterprises, associates, joint ventures, and activities, net of cash acquired incl. earn-outs
4
- 17
- 52
- 1,136
- 1,033
- 1,136
- 1,033
Other investing cash flows
- 3
- 10
- 8
- 11
- 11
- 14
Cash flows from investing activities
- 380
- 429
- 2,385
- 2,206
- 1,328
- 1,149
Free cash flows
Proceed from bank loans and loans secured by mortgage in ferries
Repayment and instalments of bank loans and loans secured by mortgage in ferries
- 1,211
- 387
- 5,441
- 2,182
- 7,399
- 4,141
Proceed from issuance of corporate bonds
Repayment of corporate bonds incl. settlement of cross currency swap
- 305
- 305
Payment of lease liabilities
- 240
- 194
- 780
- 570
- 1,010
- 799
Settlement of forward exchange contracts related to leases
Acquisition of treasury shares and share buyback
- 139
- 337
- 300
- 337
- 300
Other financing cash flows
- 8
- 7
- 8
- 7
- 8
Dividends paid to non-controlling interests
- 2
- 2
- 2
Dividends paid to equity holders of DFDS A/S
- 168
- 281
- 168
- 281
Cash flows from financing activities
- 723
- 572
- 42
- 915
- 2,107
- 2,980
Net cash flows
- 107
- 8
- 59
- 454
Cash and cash equivalents at beginning of period
Foreign exchange and value adjustments of cash and cash equivalents
Cash and cash equivalents at end of period *
* At 30 September 2024 DKK 0m (30 September 2023: DKK 14m) of the cash was deposited on restricted bank accounts.
Q3 2024 interim report
Financials
21/29
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 9.
Had the change not been implemented, the 30
September 2024 right-of-use assets would have been
DKK 244m higher and lease liabilities DKK 253m
higher. Operating cost in Q1-Q3 2024 would have been
lower by DKK 115m. Depreciation in Q1-Q3 2024 would
be DKK 116m 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 9.
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
Q1-Q3 2023 (Restated)
External revenue
11,599
8,859
14
20,472
Intragroup revenue
903
64
526
1,493
Total revenue
12,503
8,923
539
21,965
Operating profit before depreciation and amortisation (EBITDA)
3,051
930
- 83
3,897
Operating profit before amortisation (EBITA)
1,769
440
- 115
2,095
Operating profit (EBIT)
1,741
382
- 155
1,967
Invested capital, end of period
21,870
6,470
742
29,082
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Q1-Q3 2024
External revenue
12,975
9,578
4
22,557
Intragroup revenue
956
71
603
1,629
Total revenue
13,930
9,649
607
24,186
Operating profit before depreciation and amortisation (EBITDA)
2,960
850
- 113
3,697
Operating profit before amortisation (EBITA)
1,507
291
- 140
1,658
Operating profit (EBIT)
1,469
230
- 195
1,504
Invested capital, end of period
22,422
7,067
581
30,070
Q3 2024 interim report
Financials
22/29
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 1,517m (Q1-Q3
2023: DKK 1,251m).
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 365m (Q1-Q3 2023: DKK
267m).
Q1-Q3 2024
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
4,414
-
0
4,414
Mediterranean
4,446
-
0
4,446
Baltic Sea
971
-
0
971
Continent
-
3,639
0
3,639
Nordic
-
3,079
0
3,079
UK/Ireland
3,144
2,860
0
6,004
Other
-
-
4
4
Total
12,975
9,578
4
22,557
Product and services
Seafreight and shipping logistics solutions
7,744
0
0
7,744
Transport solutions
476
9,286
0
9,762
Passenger seafare and on board sales
3,805
0
0
3,805
Terminal services
456
6
0
463
Charters
341
0
0
341
Agency and other revenue
151
286
4
442
Total
12,975
9,578
4
22,557
Q1-Q3 2023
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
4,390
-
0
4,390
Mediterranean
3,394
-
0
3,394
Baltic Sea
968
-
0
968
Continent
-
3,614
0
3,614
Nordic
-
2,839
0
2,839
UK/Ireland
2,847
2,406
0
5,253
Other
-
-
14
14
Total
11,599
8,859
14
20,472
Product and services
Seafreight and shipping logistics solutions
7,421
0
0
7,422
Transport solutions
499
8,543
0
9,043
Passenger seafare and on board sales
2,870
0
0
2,869
Terminal services
443
5
0
448
Charters
267
0
0
267
Agency and other revenue
98
310
14
423
Total
11,599
8,859
14
20,472
Q3 2024 interim report
Financials
23/29
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 757m. 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.
Others
During Q1-Q3 2024 DFDS has paid DKK 38m for earn-
outs related to the acquisitions of McBurney Transport
Group and Freeco Logistics made in prior years. DKK
17m of the earn-outs was paid during Q3 2024.
2023
The purchase price allocations for McBurney
Transport Group, Estron Group, D.R. MacLeod, and
Lundby Åkeri AB are unchanged compared to
December 2023 and are considered final. 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
- 61
Net assets acquired
762
Goodwill
757
Total purchase price
1,519
Cash and bank balances acquired
- 421
Fair value of the purchase price
1,098
Q1-Q3 2024
Q1-Q3 2023
DKK m
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
113
113
322
322
Securities (Level 3)
2
2
2
2
Financial liabilities
Derivatives (Level 2)
104
104
72
72
Q3 2024 interim report
Financials
24/29
Note 6 Events after Balance sheet
date
On 9 April 2024 an agreement was entered to acquire
the international network of Ekol Logistics, a Turkish
transport and logistics company. Completion was
conditional upon regulatory approval and certain
contractual conditions. As certain contractual
conditions were not satisfied by the prescribed
deadline, DFDS terminated the share purchase
agreement and consequently the transaction.
DFDS is currently assessing the full financial
ramifications of the termination which will be
accounted for in Q4 2024.
Note 7 Assets classified as held for
sale
The carrying amount of assets classified as held for
sale at 30 September, 2024, is DKK 541m (2023:
1,267m), with liabilities directly associated with assets
classified as held for sale of DKK 127m (2023: none).
Assets held for sale at 30 September, 2024 are linked
to the Oslo-Frederikshavn-Copenhagen route. The
transaction resulting in the reclassification of assets
held for sale was 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 412m 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.
Note 8 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
308m, equivalent to 3,55% compared to Q3 2023.
Operating profit before depreciation and amortisation
(EBITDA) decreased by DKK 324m equivalent to 17.8%
compared to Q3 2023.
Profit before tax decreased by DKK 1,676m compared
to Q3 2023.
The Parent Company’s net interest-bearing debt
increased by DKK 3,007m equivalent to 41.0%
compared to 31 December 2023.
Q1-Q3
Q1-Q3
LTM
Full-year
2024
2023
2023-24
2023
DKK m
Restated
Restated
Income statement
Revenue
8,972
8,665
11,600
11,292
Operating profit before depreciation and amortisation (EBITDA)
1,497
1,821
1,782
2,106
Operating profit before amortisation (EBITA)
583
933
643
993
Operating profit (EBIT)
518
892
564
938
Financial items, net
- 288
1,014
- 719
583
Profit before tax
230
1,906
- 155
1,521
Profit for the period
262
1,914
- 131
1,521
Assets
Non-current intangible assets
725
464
-
476
Non-current tangible assets
6,499
6,379
-
7,395
Investments in subsidiaries
14,539
11,822
-
11,465
Investments in associates, joint ventures and securities
2
2
-
2
Non-current receivables from subsidiaries
21
30
-
28
Other non-current assets
84
227
-
132
Non-current assets
21,870
18,925
-
19,497
Current receivables from subsidiaries
1,192
993
-
1,151
Receivables from associates and joint ventures
30
23
-
25
Cash
250
638
-
381
Other current assets
1,174
1,448
-
1,316
Current assets
2,646
3,102
-
2,872
Assets classified as held for sale
528
1,267
-
0
Total assets
25,043
23,294
-
22,370
Equity and liabilities
Equity
11,212
11,928
-
11,481
Non-current liabilities to subsidiaries
38
64
-
41
Other non-current liabilities
8,273
5,489
-
5,263
Non-current liabilities
8,311
5,553
-
5,304
Current liabilities to subsidiaries
2,886
2,432
-
2,479
Other current liabilities
2,518
3,380
-
3,105
Current liabilities
5,404
5,813
-
5,584
Liabilities relating to assets classified as held for sale
116
0
-
0
Total equity and liabilities
25,043
23,294
-
22,370
Equity ratio, %
44.8
51.2
-
51.3
Net interest-bearing debt
10,336
7,555
-
7,329
Q3 2024 interim report
Financials
25/29
Note 9 Restatement Restatement
Income statement (extract)
Q3 2023
Q1-Q3 2023
Full year 2023
As
reported
Adjust.
Restated
As
reported
Adjust.
Restated
As
reported
Adjust.
Restated
DKK m
IFRS 16
IFRS 16
IFRS 16
Ferry and other ship operation and
maintenance
- 1,389
- 28
- 1,418
- 4,065
- 83
- 4,148
- 5,485
- 112
- 5,597
Port terminal operations
- 835
1
- 834
- 2,476
1
- 2,475
- 3,264
1
- 3,263
Transport and warehouse solutions
- 1,636
- 9
- 1,645
- 4,948
- 24
- 4,972
- 6,743
- 33
- 6,776
Cost of sales, general and administration
- 327
0
- 327
- 909
0
- 909
- 1,206
0
- 1,206
Operating profit before depreciation and
amortisation (EBITDA)
1,592
- 37
1,556
4,004
- 106
3,897
5,034
- 144
4,890
Profit/loss on disposal of non-current
assets, net
- 2
2
0
8
2
11
111
2
113
Depreciation, ferries and other ships
- 368
27
- 342
- 1,068
82
- 986
- 1,477
112
- 1,365
Depreciation, other non-current assets
- 287
6
- 281
- 829
22
- 807
- 1,138
30
- 1,108
Operating profit before amortisation
(EBITA)
927
- 1
926
2,095
0
2,095
2,504
0
2,504
Operating profit (EBIT)
888
- 1
886
1,968
0
1,967
2,326
0
2,326
Financial income
6
0
6
31
0
31
80
0
80
Financial costs
- 200
- 1
- 201
- 517
3
- 513
- 753
14
- 739
Profit before tax
693
- 2
691
1,482
3
1,485
1,652
14
1,667
Tax on profit
- 35
0
- 35
- 155
0
- 155
- 148
0
- 148
Profit for the period
658
- 2
656
1,327
3
1,330
1,505
14
1,519
Attributable to:
Equity holders of DFDS A/S
658
- 2
656
1,323
3
1,326
1,501
14
1,516
Non-controlling interests
- 1
0
- 1
3
0
3
3
0
3
Profit for the period
658
- 2
656
1,327
3
1,330
1,505
14
1,519
Balance sheet (extract)
30 Sep 2023
Full year 2023
As
reported
Adjust.
IAS 1
Restated
As
reported
Adjust.
IAS 1
Restated
DKK m
IFRS 16
IFRS 16
Assets
Right-of-use assets
5,041
- 159
4,883
5,826
- 226
-
5,600
Non-current tangible assets
20,786
- 159
20,627
21,543
- 226
-
21,317
Non-current assets
28,286
- 159
28,128
28,918
- 226
-
28,691
Prepaid costs
417
- 1
416
400
0
-
400
Current assets
6,272
- 1
6,271
5,955
0
-
5,956
Assets
35,825
- 159
35,666
34,873
- 226
-
34,647
Equity and liabilities
Retained earnings
12,936
3
12,939
13,105
14
-
13,119
Equity attributable to equity holders of DFDS A/S
13,732
2
13,735
13,827
14
-
13,840
Equity
13,825
2
13,827
13,918
14
-
13,932
Interest-bearing liabilities
7,838
0
700
8,538
8,116
600
8,716
Lease liabilities
4,298
- 52
4,246
5,018
- 132
-
4,886
Non-current liabilities
12,686
- 51
700
13,335
13,756
- 131
600
14,225
Interest-bearing liabilities
3,404
- 700
2,704
1,281
- 600
681
Lease liabilities
875
- 111
764
1,055
- 109
-
946
Current liabilities
9,314
- 111
- 700
8,503
7,199
- 109
- 600
6,491
Liabilities
22,000
- 162
21,838
20,955
- 240
-
20,715
Equity and liabilities
35,825
- 159
35,666
34,873
- 226
-
34,647
Q3 2024 interim report
Financials
26/29
Note 9 Restatement (continued)
Statement of cash flows (extract)
Q3 2023
Q1-Q3 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)
1,592
- 37
1,556
4,004
- 106
3,897
5,034
- 144
4,890
Change in working capital
- 277
0
- 277
- 225
1
- 224
- 338
0
- 338
Interest paid, etc.
- 164
2
- 162
- 489
6
- 482
- 734
9
- 725
Cash flows from operating activities
1,123
- 34
1,089
3,212
- 99
3,113
3,811
- 135
3,675
Free cash flows
695
- 34
660
1,006
- 99
907
2,662
- 135
2,526
Payment of lease liabilities
- 228
34
- 194
- 669
99
- 570
- 935
135
- 799
Cash flows from financing activities
- 606
34
- 572
- 1,014
99
- 915
- 3,115
135
- 2,980
Net cash flows
89
0
89
- 8
0
- 8
- 454
0
- 454
Key figures (extract)
Net interest-bearing debt
-
-
-
15,038
- 163
14,875
14,689
- 241
14,449
Invested capital, end of period
-
-
-
29,242
- 159
29,082
28,996
- 226
28,770
ROIC before acquisition intangibles (ROIC
BAI), %
-
-
-
10.9
0.2
11.0
10.4
0.1
10.5
Return on invested capital (ROIC), %
-
-
-
8.0
0.1
8.1
7.6
0.1
7.6
Financial leverage, times
-
-
-
2.9
0
2.9
2.9
0
2.9
Earnings per share (EPS), DKK
11.72
- 0.04
11.68
23.46
0.05
23.51
26.64
0.25
26.89
Q3 2024 interim report
Financials
27/29
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.
Rounding
Rounding may in general cause variances
in sums and percentages in this report.
Definitions
Q3 2024 interim report
Financials
28/29
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
Q3 2024 interim report
Financials
29/29
7 November 2024
Company announcement no.: 80/2024
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
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