Slide 1: Solid start to 2023
Solid start to 2023 Q1 2023 investor call 11 May 2023
Slide 2: Agenda
Content • Q1 2023 overview • Results Agenda • ESG update • 2023 outlook 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: Q1 result well in line with forecast, uncertainty slowed freight volumes
Q1 result well in line with forecast, uncertainty slowed freight volumes • Solid Q1 result achieved Q1 EBITDA before special items DKK m • Freight market developments mixed 2023 1,007 • Continued slowdown in Channel and Baltic Sea volumes 2022 822 • Freight ferry and logistics results supported by h
Slide 4: Reporting simplified to strengthen focus on overall direction
Reporting simplified to strengthen focus on overall direction • Reporting segments aligned with financial statements’ segments • Division reporting tables expanded with additional key figures • Financials per business unit no longer reported to reduce ‘moving parts’ complexity • Special items in Inc
Slide 5: Revenue – continued passenger recovery, organic freight slowdown
Revenue – continued passenger recovery, organic freight slowdown • Passenger up DKK 198m as number of Change in revenue, Q1 2023 vs Q1 2022 passengers increased 119% driven by DKK m Covid-19 recovery 6,500 • Freight ferry up DKK 140m as lower volumes were offset by higher revenue 6,250 6 177 -18 per
Slide 6: Q1 2023 income statement
Q1 2023 income statement DFDS Group P/L DKK m Q1 22 Q1 23 Δ Δ Revenue 5,837 6,341 503 9% Ferry Division 3,482 3,820 338 10% Freight ferry 3,172 3,312 140 4% Passenger 310 508 198 64% • EBITDA up 23% driven by passenger Logistics Division 2,666 2,849 183 7% recovery and higher Logistics result EBITDA
Slide 7: Returns improved, Capex lowered, and leverage in target range
Returns improved, Capex lowered, and leverage in target range • ROIC before acquisition intangibles increased DKK bn Q1 2022 Q1 2023 Δ Δ to 12.0% and ROIC increased to 9.0% Returns Invested capital, end 26.4 29.0 2.6 10% ROIC before acquisition intangibles 6.3% 12.0% 5.7% n.a. • Capex reduced by com
Slide 8: Interest-bearing debt overview
Interest-bearing debt overview • Interest-bearing debt of DKK 12.1 bn, Interest-bearing debt, excl. lease liabilities, Q1 2023 excluding IFRS 16 lease liabilities 10% • Bond issue of NOK 1.5bn: NOK 1bn with 3 year maturity and NOK 500m with 5 year 36% 20% maturity. NOK principals and NIBOR 3M swappe
Slide 9: Ferry Division – passenger growth, freight navigates lower volumes
Ferry Division – passenger growth, freight navigates lower volumes DKK m Q1 22 Q1 23 Δ Δ Revenue 3,482 3,820 338 10% • Q1 EBITDA up 21% to DKK 727m Freight ferry 3,172 3,312 140 4% driven by passenger recovery Passenger 310 508 198 64% EBITDA 598 727 128 21% Margin 17.2% 19.0% 1.8% • Ferry freight E
Slide 10: Logistics Division – earnings improved by organic & acquisition growth
Logistics Division – earnings improved by organic & acquisition growth DKK m Q1 22 Q1 23 Δ Δ Revenue 2,666 2,849 183 7% • Q1 EBITDA up 38% to DKK 299m and up Dry Goods 1,418 1,562 144 10% 21% adjusted for acquisitions Cold Chain 1,251 1,278 27 2% Gross profit 816 985 169 21% Margin 30.6% 34.6% 4.0%
Slide 11: Key Q1 ESG actions
Key Q1 ESG actions • Ferry CO2 emission intensity reduced 7% across route network in line with Climate Action Plan • 27 of 125 ordered e-trucks deployed in Q1 – deployment expected to double by end Q2 • Solar panel installations completed in Winterswijk and Neuenkirchen-Vörden • ESG targets for CO2
Slide 12: 2023 Outlook
Current situation 2023 OUTLOOK Click icon to add picture
Slide 13: Outlook for 2023 unchanged
Outlook for 2023 unchanged • Outlook in line with current DKK m Outlook 2023 2022 expectations for European economy Revenue growth On level 26,873 EBITDA before special items 4,500-5,000 4,955 • Ferry Division EBITDA still expected below 2022 due to freight slowdown, Per division: Ukraine war, and C
Slide 14: Key current priorities for 2023
Key current priorities for 2023 • Monitor activity closely and adapt capacity to demand changes – as always • Organic growth • Growth through M&A and other initiatives • Cash flow generation • Emission intensity short-term reductions and safety improvements • Move green transformation projects forwa
Slide 15: Q&A
Q&A