DFDS A/S: Q1 2020 Interim Report
Company announcement no. 12/2020
Managing through Covid-19• Short term focus on mitigating earnings and cash impacts• All freight activities continue operations• Financial position remains strong• Full-year EBITDA is likely to be reduced towards DKK 2bn
(2019: DKK 3.6bn)
Q1 2020• Revenue down 1% to DKK 3.8bn• EBITDA down 10% to DKK 610m• Passenger earnings reduced by travel restrictions• Improved result for Baltic Sea OUTLOOK 2020• EBITDA is likely to be reduced towards DKK 2bn (2019: DKK 3.6bn)• Investments of around DKK 1.6bn (previously DKK 2.3bn)”We are adapting operations to secure continued reliable and efficient transportation across Europe. With our strong network and experienced people, we are well positioned to meet both challenges and opportunities,” says Torben Carlsen, CEO.
Revenue decreased 1% to DKK 3.8bn in Q1 and EBITDA before special items decreased 10% to DKK 610m. Covid-19 had up until mid-March a limited impact on revenue and earnings, particularly on freight. From mid-March, two passenger routes were suspended and passenger travel on other routes was reduced to only essential travel. Freight activities were also negatively impacted from mid-March.Outlook 2020Due to the current exceptionally high uncertainty, the outlook and its assumptions may change significantly as the year progresses.EBITDA before special items for 2020 is likely to be reduced towards DKK 2bn. The outlook – that is significantly more uncertain than usual – builds on a number of assumptions of which key elements are freight volumes and the impact of travel restrictions on passenger route operations and volumes. The current suspension of passenger activity has a significant financial impact that may amount to up to around 60% of the potential decrease in EBITDA in 2020 compared to 2019.The outlook assumptions are detailed on page 8 in the full report.
Read the Q1 2020 Interim Report here:https://www.dfds.com/en/about/investors/reports-and-presentations/q1-report-2020
7 May 2020. Conference call today at 10.00am CETAccess code: 83076826#Phone numbers to the call: DK +45 35445577, US +1 631 913 1422, UK +44 333 300 0804
ContactTorben Carlsen, CEO +45 33 42 32 01Karina Deacon, CFO +45 33 42 33 42Søren Brøndholt Nielsen, IR +45 33 42 33 59Gert Jakobsen, Communications +45 33 42 32 97
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActAttachmentQ1 2020 Interim Report_MANAGING THROUGH COVID19
