Freight still driving DFDS results

2021-08-30T16:38:16+00:00 August 30th, 2021|Finance|

DFDS reported a revenue increase of DKK1.4 bill or 51% to DKK4.2 bill in the second quarter of this year, compared with 2Q20.

This growth was driven almost entirely by the freight activities, i.e. freight ferry and logistics, as passenger activities remained negatively impacted by tight travel restrictions during the quarter.

Freight EBITDA before special items increased by DKK400 mill or 71% to DKK961 mill driven mainly by the Mediterranean, North Sea and Channel business units.

The passenger EBITDA also improved by DKK4 mill to a negative DKK70 mill.

Total EBITDA increased 77% to DKK897 mill, compared to 2Q20.

Both freight and passenger earnings were significantly negatively impacted by the lockdowns, which occurred in 2Q20. Compared to 2Q19, a normal operating year, the freight EBITDA was up DKK268 mill or 38%, while the passenger EBITDA was down DKK369 mill.

The outlook for the rest of this year for freight activities remains positive, while passenger travel is picking up slower than expected.

Consolidation of earnings from the purchase of HSF Logistics Group is now expected in September, 2021. Revenue is still forecast to grow 20-25%.

The EBITDA range for the year before special items is unchanged at DKK3.2-3.6 bill (2020 = DKK2.7 bill).

“Our freight activities delivered strong results in 2Q21, also compared to 2019. Not least the Mediterranean route network continues to do well. We look forward to welcoming passengers back once travel restrictions are eased and uncertainty reduced,” said CEO Torben Carlsen (pictured).