DFDS: Interim Q4 2020 and Full-year Report

Company announcement no. 6/2021


• Passenger services remained restricted

• Freight earnings boosted by UK stockbuilding

• Mediterranean route network improved performance

• 2021 EBITDA outlook range of DKK 3.0-3.5bn

• Financial leverage, NIBD/EBITDA, expected to decrease in 2021

Q4 2020

• Q4 EBITDA on level with 2019

• Freight earnings up DKK 186m

• Free cash flow of DKK 444m

• NIBD/EBITDA lowered to 4.2

OUTLOOK 2021 (incl. HSF Logistics Group from 1 May)

• EBITDA of DKK 3.0-3.5bn

• Revenue growth of 20-25%

• Investments of around DKK 2.8bn 

• NIBD/EBITDA to decrease around 0.5 ppt

"With the effects of Brexit and the pandemic hopefully soon behind us, our focus increasingly turns to delivering on our long-term growth ambitions," says Torben Carlsen, CEO.

 20202019 20202019 
DKK mQ4Q4Change, %Full yearFull yearChange, %
EBITDA before special items769771-0.22,7323,633-24.8
EBIT before special items28925712.58581,751-51
Profit before tax and special items1941817.25831,472-60.4
Profit before tax97126-23.44661,371-66

Revenue decreased 6% to DKK 3.8bn in Q4 and EBITDA before special items of DKK 769m was on level with 2019.

The result for freight ferry and logistics activities linked to the UK was boosted by extensive stockbuilding ahead of Brexit. In addition, volumes and earnings continued to improve in the Mediterranean business unit. Total EBITDA for freight ferry and logistics activities was DKK 186m above 2019 in Q4.

Tight travel restrictions were in place throughout Q4 and passenger volumes remained subdued in the quarter. In Q4, EBITDA for passenger services was DKK 186m below 2019. This result includes the passenger services in three business units – Passenger, Channel and Baltic Sea. 

Outlook 2021
Uncertainty is elevated going into 2021 due to low visibility on the duration of travel restrictions linked to the pandemic. Longer term effects of Brexit have also yet to emerge. The acquisition of HSF Logistics Group is subject to regulatory approval but assumed consolidated from 1 May 2021.

On this background, revenue is expected to grow by 20-25% and EBITDA before special items is expected to be within a range of DKK 3.0-3.5bn (2020: DKK 2.7bn).

The outlook is detailed on page 9 in the full report.

Read the Q4 2020 Interim Report here:

10 February 2021. Conference call today at 10.00am CET

Access code: 81772821# Phone numbers to the call: DK +45 35445577, US +1 631 913 1422, UK +44 333 300 0804


Torben Carlsen, CEO +45 33 42 32 01

Karina Deacon, CFO +45 33 42 33 42

Søren Brøndholt Nielsen, IR +45 33 42 33 59

Nicole Seroff, Communications: +45 31 40 34 46


This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act


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