DFDS A/S: INTERIM REPORT Q1 2018: STRONG Q1 GROWTH
By GlobeNewswire, May 09, 2018, 01:51:00 AM EDT
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Company announcement no. 38
REVENUE UP 8% TO DKK 3.5BN
EBITDA UP 10%
TO DKK 453M
STRONG LOGISTICS PERFORMANCE IN Q1
Q1 2018
· Revenue growth of 9%, adjusted
· Passenger volumes up 14% boosted by Easter
· Ferry freight volumes up 3% despite negative impact from Easter and a collision
· Profit before special items and tax up 18%
OUTLOOK 2018
· Revenue growth increased to 4% from 2%, excl. U.N. Ro-Ro
· EBITDA range of DKK 3,000-3,200m, incl. U.N. Ro-Ro
· Investments of DKK 5.2bn, incl. U.N. Ro-Ro
"Both growth and earnings were ahead of expectations in Q1 and our full-year growth expectation is now raised to 4% and to 10% including U.N. Ro-Ro. European growth is robust and continues to support our ferry routes and logistics activities. Our continuous improvement projects are on track and will also contribute to earnings this year," says Niels Smedegaard, CEO.
KEY FIGURES
DKK m20182017
2017-182016-17
2017Before special itemsQ1Q1CH. %LTMLTMCH. %FY
Revenue3,4853,2208.2% 14,593 13,9224.8% 14,328EBITDA4534149.5%2,7422,5985.6%2,702EBIT 216 18914.3% 1,8091,6529.5%1,782Profit before tax 204 17318.1% 1,758 1,6168.8%1,727
In Q1, revenue increased 9% adjusted for non-comparable items. Reported revenue was up 8% to DKK 3.5bn.
EBITDA before special items increased 10% to DKK 453m following higher earnings from both ferry routes and logistics activities. The result includes a one-off cost of DKK 15m related to the effects of a freight ferry collision.
Freight ferry volumes were up 3%, including a negative comparison impact from the early Easter in March this year compared to the late Easter in 2017. On the other hand, passenger volumes increased 14% as they were boosted by the Easter timing difference.
There was a high level of activity for several large logistics contracts in Q1 which increased the results considerably for the Nordic and Continent business units.
Outlook 2018
The outlook includes U.N. Ro-Ro after the expected completion of the transaction in June 2018.
The Group's revenue, excluding U.N. Ro-Ro, is now expected to increase by around 4% in 2018 up from previously 2%. The increase is due to higher actvity for both ferry routes and logistics activities. The Group's revenue, including U.N. Ro-Ro, is expected to increase by around 10% in 2018.
The outlook range for EBITDA before special items was DKK 2,650-2,850m before U.N. Ro-Ro. Including U.N. Ro-Ro, the outlook range for EBITDA before special items is DKK 3,000-3,200m (2017: DKK 2,702m).
Investments are expected to amount to around DKK 5.2bn, inluding DKK 3.7bn related to the acquisition of U.N. Ro-Ro.
Read the Interim Report 2018 here:
https://www.nasdaq.com/press-release/dfds-as-interim-report-q1-2018-strong-q1-growth-20180509-00088