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Q1 2005 Analyst meeting, 25 May 2005. To change the header information go to: View > Header & Footer DFDS Q1 20052 Contents The quarter in brief DFDS.

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Presentation on theme: "Q1 2005 Analyst meeting, 25 May 2005. To change the header information go to: View > Header & Footer DFDS Q1 20052 Contents The quarter in brief DFDS."— Presentation transcript:

1 Q Analyst meeting, 25 May 2005

2 To change the header information go to: View > Header & Footer DFDS Q Contents The quarter in brief DFDS Seaways DFDS Tor Line The quarter in figures Profit forecast 2005

3 To change the header information go to: View > Header & Footer DFDS Q Financial performance, 1st quarter 2005 oRevenue rose by 9% oOperating profit (EBITA) and pre-tax profit are on a par with the same period last year oConsiderable rise in invested capital following the addition of five new ro-ro vessels

4 To change the header information go to: View > Header & Footer DFDS Q Benchmarking DFDS Seaways on a level with most comparable companies DFDS Tor Line lower average than comparable companies

5 To change the header information go to: View > Header & Footer DFDS Q Benchmarking

6 To change the header information go to: View > Header & Footer DFDS Q DFDS Seaways

7 To change the header information go to: View > Header & Footer DFDS Q DFDS Seaways - Market development Positive reception for the upgrading of the Oslo ferry Generally stable market development, particularly in Scandinavia High level of competition due to an increasing range of short-break destinations Changes in duties on land, e.g. in the Netherlands, have influenced on-board sales Introduction of new vessels and consequently greater capacity in Norway primarily aimed at the German market

8 To change the header information go to: View > Header & Footer DFDS Q DFDS Seaways - Financial performance

9 To change the header information go to: View > Header & Footer DFDS Q DFDS Seaways - Financial performance oRevenues negatively affected by fewer departures due to upgrading, and by alterations in Dutch tobacco duties o26% growth in passenger numbers per departure on Oslo route. Upgrading and early Easter helped progress oThe booking situation for the rest of the year is on a par with last year

10 To change the header information go to: View > Header & Footer DFDS Q Upgrading welcomed by customers Customer surveys on Copenhagen-Oslo route revealed that: The surveys were taken in the period immediately prior to the upgrading, and in each of the first 10 weeks after the upgrading 90 percent of passengers said they will probably travel with DFDS Seaways again! 84 percent of passengers stated that they were satisfied or very satisfied with their trip with DFDS Seaways!

11 To change the header information go to: View > Header & Footer DFDS Q On-board sales undergoing transformation Changes in duties ashore have created new conditions for on-board sales Restructuring from mainly tax-free to more conventional shopping The process of improving retail skills is ongoing Continued major potential for shopping as part of income base

12 To change the header information go to: View > Header & Footer DFDS Q New concepts – Sea Shops New, brighter interior with more open areas Retention of traditional tax-free and shop-in-shop concept New product range Renovated shopsTheme shopsNew products

13 To change the header information go to: View > Header & Footer DFDS Q Examples of new products Jack & Stella products PILGRIM jewellery MontBlanc Up-market watches Toys – bestsellers / season Sun-glasses Ver de Terre – RTW for children (outdoor) Ski RTW – accessories Gastronomic specialities International tourist souvenirs & gift articles

14 To change the header information go to: View > Header & Footer DFDS Q Examples of new products More local products and customised themes introduced on non-tax-free routes More seasonal variation, special offers and adaptation to varying customer segments in the course of the year, e.g. ”incoming” guests Performance of existing product groups tested on an ongoing basis

15 To change the header information go to: View > Header & Footer DFDS Q Examples of other measures Logistics optimisation, business intelligence and retail skills Clearer communication of savings and advantages: Best Buys Shopping lists Signage on board and in shops TV on board Etc.

16 To change the header information go to: View > Header & Footer DFDS Q DFDS Tor Line

17 To change the header information go to: View > Header & Footer DFDS Q DFDS Tor Line - Market development Market in North Sea region was stable, with positive developments in areas affected by the new German road tax Growth supported by good progress in Scandinavia, while UK is more subdued - continued lack of balance in east/west traffic East/west traffic in the Baltic region remains affected by over-capacity in the land transport sector - the overall market is however growing Bad weather in the 1st quarter caused some disruption of operations

18 To change the header information go to: View > Header & Footer DFDS Q DFDS Tor Line - Financial performance

19 To change the header information go to: View > Header & Footer DFDS Q DFDS Tor Line - Financial performance oRevenue positively affected by the purchase of Swedish transport activities, increased activity on North Sea routes and Lys-Line, and the DFDS Nordic Terminal oCo-operation agreement with MACS increased volumes between UK and Benelux in the 1st quarter oFirst quarter for BelgoBridge was hit by operational difficulties, resulting in a high level of costs oBad weather increased the general level of costs

20 To change the header information go to: View > Header & Footer DFDS Q New EU member nations influencing the transport market

21 To change the header information go to: View > Header & Footer DFDS Q Open borders, less waiting time, increased capacity by 30%

22 To change the header information go to: View > Header & Footer DFDS Q Rates under pressure in several areas

23 To change the header information go to: View > Header & Footer DFDS Q st quarter 2005 in figures

24 To change the header information go to: View > Header & Footer DFDS Q Revenue rose by 9% to DKK 1,302 m.

25 To change the header information go to: View > Header & Footer DFDS Q Costs and EBITDA development Bad weather in the 1st quarter increased vessels' operating costs for DFDS Tor Line Operational difficulties increased costs for the new BelgoBridge route Training expenses rose for DFDS Seaways in association with upgradings

26 To change the header information go to: View > Header & Footer DFDS Q Depreciation and EBITA development DKK 7 mill. profit on the sales of two multi-purpose vessels in LISCO Slightly lower level of depreciation for ships

27 To change the header information go to: View > Header & Footer DFDS Q EBITA on a par with last year

28 To change the header information go to: View > Header & Footer DFDS Q Financing, tax and profits for the year The cost of financing remained on a par with last year despite a 23% rise in the average net interest- bearing debt

29 To change the header information go to: View > Header & Footer DFDS Q Rate of turnover, invested capital

30 To change the header information go to: View > Header & Footer DFDS Q Newbuilding no. 5 delivered at the beginning of 2005

31 To change the header information go to: View > Header & Footer DFDS Q Stronger equity ratio expected for the whole year

32 To change the header information go to: View > Header & Footer DFDS Q Transition to IFRS, 1st quarter 2005

33 To change the header information go to: View > Header & Footer DFDS Q Profit forecast 2005 Revenue will increase by around 6-8% on the basis of growth in both divisions Net investments of around DKK 500 m.: oDKK 300 m. in connection with the fifth and sixth new ro-ro ships oDKK 100 m. in connection with the upgrading of cruise ferry ships Hedging: oA significant proportion of the expected oil consumption for the remainder of the year is hedged via price regulation agreements and financial contracts oThe majority of the cash flows denominated in USD are hedged oCurrency risks are overall very limited in 2005

34 To change the header information go to: View > Header & Footer DFDS Q Profit forecast 2005 DFDS Seaways' operating profit (EBITA) is expected to rise by around 10-15% DFDS Tor Line's operating profit (EBITA) is expected to rise by around 5-10% A small rise is expected in non-allocated costs For the DFDS Group, pre-tax profits are expected to be approximately DKK 225 m. The profit forecast has been calculated pursuant to IFRS rules. Calculated in the same manner, profits before tax for 2004 were DKK 201 m.

35 To change the header information go to: View > Header & Footer DFDS Q DFDS Q1 2005


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