Dfds A/s · OMXCOP:DFDS
Dfds A/s — Merger or Acquisition (September 2023)
11 slides from Dfds A/s's merger presentation, Sep 18, 2023
Slide 1: DFDS expands network to Strait of Gibraltar
DFDS expands network to Strait of Gibraltar Investor & analyst conference call 18 September 2023
Slide 2: Agenda
Content • Intro • About FRS Iberia/Maroc • Market drivers Agenda • Development opportunities • Transaction summary The statements about the future in this announcement contain risks and uncertainties. This entails that actual developments may diverge significantly from statements about the future. 2
Slide 3: Acquisition aligned with 'grow & expand' transport network strategy
Acquisition aligned with ‘grow & expand’ transport network strategy Transport network in and around Earnings fully recovered from ESG frontrunner in our sector Europe Covid-19 Decarbonisation short-term Combines ferry infrastructure EBITDA 2023 outlook of on track with road & rail capacity DKK 4.8-5
Slide 4: Ferry network expanded to high-growth Strait of Gibraltar market
Ferry network expanded to high-growth Strait of Gibraltar market Network expands to one of 8% annual average market Attractive transaction terms Europe’s significant ferry markets growth expected next 5 years Ferry infrastructure & operational development opportunities FRS Iberia/Maroc 4
Slide 5: FRS Iberia/Maroc – quality ferry operator on Strait of Gibraltar
FRS Iberia/Maroc – quality ferry operator on Strait of Gibraltar Overview key figures (financials, expected 2023) • A market leading ferry operator focused on reliability Revenue EBITDA- EBIT-margin Employees Fleet DKK bn margin • Founded in 2000, only operator present on 1.0-1.2 18-20% 11-12% 750 7
Slide 6: Ferry market 5-year growth outlook of 8% CAGR
Ferry market 5-year growth outlook of 8% CAGR Balanced Morocco-Europe general cargo* trade • Total EU-Morocco ferry market revenue 10 estimated at DKK 4.5bn, of which freight 25% 8 Millions tons 6 • Market revenue forecast to grow 8% CAGR 4 driven by 10% freight and 7% pax growth 2 0 • Morocco’s gro
Slide 7: FRS Iberia/Maroc is a market leading freight & passenger ferry operator
FRS Iberia/Maroc is a market leading freight & passenger ferry operator Freight: FRS Iberia/Maroc has 28% market share, Passenger: FRS Iberia/Maroc has 30% market share. remaining market split on four competitors Around 60% of passengers are Morrocans. 3m Moroccans reside within EU Cargo traffic (tr
Slide 8: Good opportunities to use DFDS capabilities to drive growth & optimise
Good opportunities to use DFDS capabilities to drive growth & optimise • Expands Mediterranean network to access growth from nearshoring trend • Short-sea Channel capabilities to drive development and optimisation • Freight high-growth segment • Optimise passenger yield and digital distribution Port
Slide 9: Attractive transaction terms and limited leverage impact
Attractive transaction terms and limited leverage impact • EV/EBITDA multiple of ~6x based on 2023 expected EBITDA • Transaction financed by loan financing and existing funds • Financial leverage expected to increase 0.1x on pro forma basis • ROIC accretive at current DFDS return level and EPS accre
Slide 10: Ferry network expansion
Ferry network expansion • Market supported by nearshoring • High-growth freight market • Development opportunities • Attractive terms FRS Iberia/Maroc
Slide 11: Q&A
Q&A