Q4 and full-year 2023 interim report
SOLID RESULT
FOR 2023
• EBITDA of DKK 5.0bn in line with Win23
• Revenue up 2% to DKK 27.3bn
• Ferry & Logistics network expanded
• Adjusted free cash flow of DKK 2.8bn
• Total dividend and share buyback of DKK 600m
• EBIT 2024 outlook of DKK 2.0-2.4bn
(2023: DKK 2.3bn)
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Q4 2023
• Challenging freight markets
• EBITDA reduced 5% to DKK 1.0bn
• Cash inflow of DKK 1.5bn from sale
and leaseback of three ferries
• CO2 ferry emission intensity
lowered 2%
Outlook 2024
• EBIT of DKK 2.0-2.4bn
• Revenue growth of 5-8%
• Adjusted free cash flow of around
DKK 1.5bn
“We’re pleased to deliver a solid result
for 2023 despite challenging freight
markets. Our ferry and logistics network
has been expanded significantly, and in
2024 we will focus on unlocking value
as we start executing our new strategic
and financial ambitions.”
Torben Carlsen, CEO
Q4 revenue increased 4.4% to DKK 6.8bn and in-
creased 9.1% adjusted for ferry bunker surcharges. The
adjusted growth was driven by higher ferry revenue
from both freight and passengers as well as revenue
from logistics acquisitions.
The Q4 EBITDA of DKK 1,030m was 5.3% below Q4
2022. The freight ferry EBITDA of DKK 669m was 8.2%
below 2022 due to a spike in oil price spreads in Q4
2022. Underlying freight ferry earnings were above
2022 as higher rates and cost control offset lower vol-
umes. The Q4 passenger EBITDA decreased 12.3% to
DKK 115m due to reversal of a provision in Q4 2022. Lo-
gistics Division’s EBITDA increased 11.5% to DKK 310m
driven by acquisitions while underlying performance
was reduced by lower activity levels and one-off costs.
Full-year revenue increased 1.6% to DKK 27,304m
compared to 2022 and EBITDA increased 1.2% to
DKK 5,034m.
The full-year Adjusted free cash flow was DKK 2,773m,
including an inflow of DKK 1,466m from a sale and
leaseback of three ferries. NIBD/EBITDA was 2.9x at
year-end.
Outlook 2024
Revenue is expected to grow by 5-8% in 2024. The EBIT
outlook for 2024 is DKK 2.0-2.4bn (2023: DKK 2.3bn),
and the Adjusted free cash flow is expected to be
around DKK 1.5bn. The outlook is detailed on page 10.
Highlights Q4
KEY FIGURES
2023
2022
2023
2022
DKK m
Q4
Q4
Change, %
Full-year
Full-year
Change, %
Revenue
6,832
6,542
4.4
27,304
26,873
1.6
Operating profit before depreciation and amortisation (EBITDA)
1,030
1,088
-5.3
5,034
4,974
1.2
Operating profit before amortisation (EBITA)
409
488
-16.2
2,504
2,603
-3.8
Operating profit (EBIT)
358
452
-20.8
2,326
2,468
-5.8
Profit before tax
170
378
-54.9
1,652
2,139
-22.8
9 February 2024. Conference call today at 10.00am CET
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Key figures
2023
2022
2023
2022
DKK m
Q4
Q4
Full-year
Full-year
Income statement
Revenue
6,832
6,542
27,304
26,873
Ferry Division
3,990
4,052
16,493
16,831
Logistics Division
3,173
2,832
12,096
11,423
Non-allocated items
189
144
729
624
Eliminations
-521
-486
-2,013
-2,006
Operating profit before depreciation and amortisation
(EBITDA)
1,030
1,088
5,034
4,974
Ferry Division
783
859
3,907
3,984
Logistics Division
310
278
1,273
1,066
Non-allocated items
-63
-49
-146
-76
Operating profit before amortisation (EBITA)
409
488
2,504
2,603
Operating profit (EBIT)
358
452
2,326
2,468
Financial items, net
-188
-74
-673
-329
Profit for the period
178
384
1,505
2,019
Capital
Total assets
-
-
34,873
34,084
Equity
-
-
13,918
13,135
Net interest-bearing debt
-
-
14,689
14,109
Invested capital, end of period
-
-
28,996
27,554
2023
2022
2023
2022
DKK m
Q4
Q4
Full-year
Full-year
Cash flows
Cash flows from operating activities
598
1,026
3,811
4,480
Cash flows from investing activities
1,057
-491
-1,149
-2,989
Free cash flow
1,655
534
2,662
1,491
Adjusted free cash flow
1,392
326
2,773
825
Key operating and return ratios
Average number of employees (FTE)
-
-
13,191
11,510
Revenue growth (reported), %
4.4
17.2
1.6
47.0
EBITDA-margin, %
15.1
16.6
18.4
18.5
EBITA-margin, %
6.0
7.5
9.2
9.7
EBIT-margin, %
5.2
6.9
8.5
9.2
Return on invested capital (ROIC), %
-
-
7.6
8.7
ROIC before acquisition intangibles (ROIC BAI), %
-
-
10.4
11.7
Return on equity, %
-
-
11.2
16.4
Key capital and per share ratios
Financial leverage, times
-
-
2.9
2.8
Equity ratio, %
-
-
39.9
38.5
Earnings per share (EPS), DKK
3.17
6.71
26.64
35.09
Dividend paid per share, DKK
-
-
5.00
8.00
Number of shares, end of period, '000
-
-
58,632
58,632
Share price, DKK
-
-
223.0
256.4
Definitions on page 33.
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ESG key figures
2023
2022
2023
2022
Unit
Q4**
Q4*
Full-year**
Full-year*
Environmental data
Total distance sailed
Nautical
miles
1,409,087
1,426,876
5,660,684
5,839,619
CO2 emissions
CO2 emissions per GT nautical mile (Own fleet)
gCO2
12.2
12.3
12.1
12.5
CO2 emissions per GT nautical mile (Route network)
gCO2
12.4
12.7
12.3
13.0
Energy consumption
Total fuel consumption (Route network)
Tonnes
188,995
201,734
745,189
799,515
Oil spills
Spills (>1 barrel)
Number
0
0
0
0
Social data
Representation of women
Total workforce:
%
-
-
23
24
Non-officed based
%
-
-
11
12
Office based
%
-
-
44
43
Senior management
%
-
-
18
16
Managers
%
-
-
18
14
Safety at sea
Lost-time injury frequency (LTIF)
Incidents/mio.
hours
4.0
3.4
3.8
4.5
Safety on land
Lost-time injury frequency (LTIF)
Incidents/mio.
hours
8.3
8.2
8.1
7.9
Fatalities
Colleagues
Accidents
0
1
0
1
Contractors
Accidents
0
0
0
0
Governance data
Representation of women in the Board (AGM elected
members)
%
-
-
33
33
Board nationality - non-Danish (AGM elected members)
%
-
-
33
33
Independent directors (AGM elected members)
%
-
-
83
83
Attendance at Board meetings (All Board members)
%
100
100
99
99
Whistle-blower reporting
Cases
16
11
51
33
* 2022 social data excludes ICT Logistics Group (acquired in January 2022), primeRail for LTIF figures (acquired in May 2022) and Lucey Transport Logistics (acquired in September 2022).
** LTIF figures for McBurney Transport Group (acquired in February 2023) and Lucey Transport Logistics (acquired in September 2022) have been incorporated from June 2023. 2023 data excludes Estron Group
(acquired in September 2023).
Definitions on page 33.
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Market overview
Activity levels in Europe remained subdued during Q4
2023 as higher interest rates and inflation raised living
costs for consumers and impacted business earnings
negatively as well. In addition, uncertainty about the
level and direction of economic growth in 2024 has
not receded, not least due to continued geopolitical
tensions.
The economic slowdown led to a general decline in
freight volumes in Q4. Energy prices increased in the
quarter but remained considerably below last year.
On a sector level, volumes from the automotive sector
remained robust as it continued to fulfil demand
backlogs. Conversely, transport flows of construction
materials decreased further during the quarter. Trade
imbalances between continental Europe and the UK
widened in the quarter.
Türkiye’s growth slowed as expected in Q4 as further
interest rate hikes were introduced to curb inflation by
slowing domestic demand. Export volumes were sta-
ble in the quarter.
Ferry passenger tourist volumes were in general sta-
ble in the quarter while passenger transport volumes
slowed down in some regions.
The main changes in average exchange rates in Q4
2023 vs Q4 2022 were depreciation of TRY/DKK by
38%, NOK/DKK by 11%, and SEK/DKK by 4%.
Major events in Q4
Sale and leaseback of three freight ferries lowered
asset ownership
On 17 October 2023, DFDS entered into an agree-
ment with Navigare Capital to sell and leaseback
three freight ferries for a sales price of DKK 1.5bn.
The leasing period is five years and the agreement in-
cludes a right of first refusal to purchase the ferries at
the end of the leasing period. The three ferries are
Flandria Seaways, Humbria Seaways, and Scandia
Seaways built in 2020/2020/2021, respectively.
The transaction entailed a financial gain of DKK 95m,
a net reduction of invested capital by DKK 0.6bn, and
a decrease of net interest-bearing debt (NIBD) by DKK
0.7bn. Financial leverage, as measured by
NIBD/EBITDA, decreased 0.15x in 2023 due to the
transaction.
CFO steps down
Karina Deacon is stepping down from her position as
CFO and member of DFDS’ Executive Board to pursue
a non-executive career. Karina Deacon will remain in
her position until no later than end of June 2024 to en-
sure continuity and a smooth transition to the new
CFO. A recruitment process for a new CFO has been
initiated.
Strategy update – Moving Together Towards 2030
On 13 December 2023, updated strategy and
financial ambitions were announced as the Win23
strategy period, 2018-2023, came to an end. Win23’s
key financial ambitions were achieved already in
2022, and again in 2023, as the revenue of DKK 27bn
exceeded the ambition of DKK 25bn and the EBITDA
of DKK 5.0bn was in line with the earnings ambition.
The new strategy shifts focus to unlocking value of the
expanded network by accelerating organic growth
through increased exposure to high-growth markets,
the enhanced network capabilities, and raised
relevance for freight customers requiring bundled
transport and logistics solutions.
The strategy’s green transition pathway includes an
ambition to deploy six green ferries by 2030 which will
contribute to achieve the short-term Ferry emission
intensity reduction target of 45%. The reduction
target for land emission intensity is 75% which will be
achieved through electrification of trucks, port
terminals, and warehouses.
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The short-term financial ambitions of the strategy for
2024-2026 are:
o Increase ROIC to around 10%
o Annual Adjusted free cash flow of minimum
DKK 1.5bn
o Financial leverage, NIBD/EBITDA, of 2.5x by 2026.
The new strategy and financial ambitions were
presented at a Capital Markets Day. All materials are
available from this
link
on dfds.com.
Major events after Q4
Ferry network expansion to Strait of Gibraltar
On 10 January 2024, the acquisition of FRS Iberia/Ma-
roc was completed. The company has a leading posi-
tion on the Strait of Gibraltar short-sea ferry market
connecting Spain and Morocco.
The acquisition expands DFDS’ network to a region
where growth in the coming years is expected to be
supported by nearshoring of supply chains closer to
Europe.
FRS Iberia/Maroc has three routes operated by a to-
tal of 850 staff of which just over 400 are own employ-
ees. Revenue was DKK 1.0bn for 2023.
The main focus of the integration and business plan is
to deploy DFDS’ freight and passenger capabilities to
grow and optimise operations building on expected
annual trade growth of 8% between Morocco and Eu-
rope for the next five years.
DFDS has acquired FRS Iberia/Maroc for a debt-free
price equal to an EV/EBITDA multiple of 6x based on
the expected EBITDA for 2024. The transaction is fi-
nanced by a combination of loan financing and use of
existing cash funds. The transaction increases DFDS’
financial leverage, NIBD/EBITDA, by 0.1x on a pro
forma basis. The transaction is expected to be ROIC
accretive vs the current return level and to be accre-
tive to earnings per share (EPS) from closing.
Capital distribution to shareholders
The Board of Directors proposes to distribute a total
of DKK 600m to shareholders in 2024 through a com-
bination of a dividend and a share buyback.
An ordinary dividend of DKK 3.00 per share equal to
DKK 169m will be proposed for approval by the annual
general meeting (AGM) in March 2024.
The remaining DKK 431m will be distributed through a
share buyback under the Safe Harbour rules starting
on 12 February 2024 and expiring on 31 December
2024. The share buyback corresponds to around 3%
of the market value of DFDS' share capital at the cur-
rent share price.
Lauritzen Fonden Holding has committed to partici-
pate pro rata in the share buyback program with a
share of 41.6%. The share buyback can be stopped or
suspended at any time. See separate announcement
for details.
ESG actions and plans
Environment
Across DFDS’ network our decarbonisation transition
plan is dependent on four main capabilities, which are
increasing efficiency, transitioning to green fuels,
electrifying assets, and implementing circularity in our
value chain.
In Q4 2023, the distance sailed was reduced 1% and
at the same time fuel consumption was reduced 6%
compared to Q4 2022. The increased efficiency was
achieved for both own and chartered vessels de-
ployed across the route network. Own fleet emissions
were reduced 0.8% to 12.2 g/CO2/GT per nautical
mile from 12.3 g/CO2/GT per nautical mile in Q4 2022.
Emissions from the entire route network were lowered
2.4% to 12.4 g/CO2/GT per nautical mile from 12.7
g/CO2/GT per nautical mile in Q4 2022.
Ferry improvements continue to be driven by various
incremental vessel upgrades and the schedule opti-
misation program Every Minute Counts focused on re-
ducing turnaround time in port terminals, schedules
enabling lower speed, and reduced fuel consumption.
Logistics decarbonisation initiatives were in Q4 fo-
cused on further deployment of e-trucks, installation
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of charging stations, and continued development of a
more robust data foundation for the green transition.
40 e-trucks were deployed during Q4 2023, resulting
in a total of 90 e-trucks in operation in Sweden, Den-
mark, Lithuania, Belgium, and the Netherlands by the
end of 2023.
More information on emission reduction initiatives is
available in the Division sections.
Social
Diversity, Equity & Inclusion (DE&I)
The continued focus on driving awareness and target-
ing selected employee segments is beginning to show
strong results. Women’s representation has in-
creased across management as both senior man-
agement and managers were up from 16% to 18%.
There was an increase for the office based female
employees from 43% in 2022 to 44% in 2023. Due to
the impact of acquisitions, there has been a decline
of one percentage point of women across the total
workforce and the non-office based employees.
In Q4 2023, the results of the annual employee en-
gagement survey MyVoice was presented. The survey
showed that general employee engagement and per-
ception of Diversity, Equity and Inclusion is at the
same level as in 2022.
Safety
Focus remains high on ensuring DFDS is a safe place
to work and employees feel secure and protected
from work related illness and injuries. Focus continues
to be on developing an effective safety culture, in-
crease awareness, and improve reporting and
knowledge sharing. In Q4 2023, the implementation of
the new Health & Safety reporting system continued
as planned – raising awareness, improving the speak
up culture, and more reports being made.
LTIF (Lost Time Injury Frequency) for land-based oper-
ations saw a minor increase to 8.3 in Q4 2023 from
8.2 in Q4 2022. The LTIF for the sea-based operation
increased from 3.4 in Q4 2022 to 4.0 in Q4 2023 fol-
lowing a rise in minor incidents.
See divisional sections for more details.
Governance
The number of reported whistleblower cases in-
creased to 16 in Q4 2023 from 11 in Q4 2022 indicat-
ing that efforts to raise awareness of the whistle-
blower system are having an impact. Within the whis-
tleblower system reports can be raised anonymously,
and whistleblowers are safeguarded against poten-
tial retaliation. All cases are handled and treated
confidentially and appropriate consequences are ap-
plied case by case.
Financial performance
Revenue
The Group’s Q4 revenue increased 4.4% to DKK
6,832m and increased 9.1% compared to 2022 ad-
justed for bunker surcharges.
The Ferry Division’s Q4 revenue decreased 1.5% to
DKK 3,990m but increased 5.8% adjusted for bunker
surcharges. Freight ferry revenue, adjusted, was 4.6%
above 2022 as higher rates and ancillary revenue
more than offset a negative impact from lower vol-
umes. Passenger revenue increased 3.4%.
The Logistics Division’s Q4 revenue increased 12.1%
to DKK 3,173m but decreased 5.1% adjusted for ac-
quisitions.
The Group’s full-year revenue was DKK 27,304m, an
increase of 1.6% compared to 2022.
Revenue
DKK m
Q4 2023
Q4 2022
Change, %
Change
Ferry Division
3,990
4,052
-1.5
-62
Logistics Division
3,173
2,832
12.1
341
Non-allocated items
189
144
31.6
45
Eliminations
-521
-486
-7.2
-35
DFDS Group
6,832
6,542
4.4
290
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EBITDA
The Group’s Q4 EBITDA decreased 5.3% to DKK
1,030m as higher Logistics earnings were offset by
lower Ferry earnings.
Ferry Division’s Q4 EBITDA decreased 8.8% to DKK
783m. The EBITDA for freight ferry activities de-
creased 8.2% to DKK 669m due to a negative impact
from a reduction in oil price spreads compared to the
exceptional and temporary spike in spread levels in
Q4 2022. The underlying freight contribution excluding
bunker was above last year as rate increases and
cost savings offset 1.7% lower volumes.
The EBITDA for passenger activities across the net-
work decreased 12.3% to DKK 115m following the re-
versal of a provision in Q4 2022. The underlying result
was thus above 2022 on the back of 5.7% higher pas-
senger volumes.
Logistics Division’s Q4 EBITDA increased 11.5% to
DKK 310m and decreased 13.3% adjusted for a posi-
tive earnings impact from acquisitions. The adjusted
decrease equalled one-off and restructuring costs in
the quarter, and the underlying result was overall on
level with 2022.
The Group’s full-year EBITDA increased 1.2% to
DKK 5,034m.
EBITA and EBIT
Depreciation in Q4 of DKK 719m was 18.7% or
DKK 113m higher than last year. Around half of the
increase was due to acquisitions and to sale and
leaseback of three freight ferries. The remaining in-
crease was related to primarily addition of ware-
houses, dry dockings, and impacts from changes in
ferry leasing agreements.
The Group’s Q4 EBITA decreased 16.2% or DKK 79m
to DKK 409m. Amortisation in Q4 increased 40.4% or
DKK 15m which included a one-off write-down. One
third of the increase was due to acquisitions.
The Group’s Q4 EBIT hereafter decreased 20.8% or
DKK 94m to DKK 358m.
For the full-year, EBITA decreased 3.8% or DKK 99m
to DKK 2,504m and EBIT decreased 5.8% or
DKK 143m to DKK 2,326m.
Financial items
Total net financial items in Q4 were a cost of
DKK 188m, an increase of DKK 113m compared to Q4
2022. The net interest cost increased DKK 63m driven
by higher interest rates on both financial and leasing
debt as total interest-bearing debt decreased 0.5%
compared to last year.
Exchange rate adjustments amounted to a net loss of
DKK 31m which was a decrease of DKK 57m com-
pared to a gain of DKK25m reported in Q4 2022.
The full-year net financial items was a cost of
DKK 673m, an increase of DKK 344m compared to
2022 driven primarily by higher interest rates.
Profit before and after tax
The Q4 profit before tax decreased DKK 207m to
DKK 170m. The tax was an income of DKK 7m and the
profit for the period was DKK 178m.
The full-year profit before tax decreased 22.8% to
DKK 1,652m. The tax cost was DKK 149m and the
profit for the period was DKK 1,505m, a decrease of
25.5% compared to 2022.
The effective tax rate for 2023 was 8.9% compared to
5.6% in 2022. Excluding prior year adjustments the ef-
fective tax rate was 7.5% compared to 7.1% in 2022.
Earnings per share
Q4 earnings per share (EPS) decreased to DKK 3.17
from DKK 6.71 in Q4 2022, and for the full-year EPS
decreased 24.1% to DKK 26.64.
Cash flow and investments
The Q4 cash flow from operating activities decreased
41.7% to DKK 598m driven mainly by a negative cash
flow from working capital, higher net interest pay-
ments, and more taxes paid.
Q4 investments was a cash inflow of DKK 1,057m fol-
lowing proceeds of DKK 1,466m from the sale and
leaseback of three freight ferries. Operating capex
was DKK -409m excluding the sale.
The Q4 cash flow from financing activities was nega-
tive by DKK 2,101m and included a net loan outflow of
DKK 1,838m which to a large extent was linked to
2023
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repayment of the mortgage liabilities of the three sold
ferries. Payment of lease liabilities was DKK 266m.
The net decrease in cash was DKK 446m and at the
end of 2023 cash amounted to DKK 737m.
The Q4 adjusted free cash flow (FCFE) was
DKK 1,392m, including the inflow from the sale of
three ferries.
The full-year cash flow from operating activities was
DKK 3,811m and after a cash outflow of DKK 1,149m
from investments, the free cash flow was DKK 2,662m.
The cash flow from financing activities was a net out-
flow of DKK 3,115m bringing the net cash flow for the
full-year to an outflow of DKK 454m.
Invested capital and ROIC
Invested capital increased 5.2% or DKK 1.4bn to
DKK 29.0bn at the end 2023 compared to 2022. The
Logistics Division’s invested capital increased DKK
1.9bn to DKK 6.9bn due to acquisitions and expansion
of warehousing capacity. The Ferry Division’s invested
capital decreased on the other hand by DKK 0.5bn
due to mainly the sale and leaseback of three freight
ferries.
The return on invested capital before acquisition in-
tangibles, ROIC BAI, was 10.4% in 2023 compared to
11.7% for 2022. ROIC was 7.6% in 2023 compared to
8.7% for 2022.
Operating profit before depreciation (EBITDA)
DKK m
Q4 2023
Q4 2022
Change, %
Change
Ferry Division
783
859
-8.8
-76
Logistics Division
310
278
11.5
32
Non-allocated items
-63
-49
-28.5
-14
DFDS Group
1,030
1,088
-5.3
-58
EBITDA-margin, %
15.1
16.6
-9.3
-1.5
EBITA and EBIT
DKK m
Q4 2023
Q4 2022
Change, %
Change
EBITDA
1,030
1,088
-5.3
-58
Associates and joint ventures
-6
-5
-6.0
0
Profit/loss on disposals
103
12
n.a.
91
Depreciation and impairment
-719
-606
-18.5
-112
EBITA
409
488
-16.2
-79
Amortisation
-51
-36
-41.7
-15
EBIT
358
452
-20.8
-94
Financial items
DKK m
Q4 2023
Q4 2022
Change, %
Change
Interests, net
-176
-113
-55.2
-63
Foreign exchange gains/losses, net
-31
25
n.a.
-57
Other items, net
19
13
44.4
6
Total finance, net
-188
-74
-152.3
-113
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q1 Q2 Q3 Q4
DKK m
DFDS GROUP - EBITDA
2021 2022 2023
2023
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Q4 and full-year 2023 interim report / p
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Capital structure
At the end of 2023 net-interest-bearing debt (NIBD)
was DKK 14.7bn, an increase of 4.2% from the end of
2022 driven by the increase in the invested capital.
Financial leverage, as measured by the ratio of NIBD
to EBITDA for the last twelve months (LTM), was 2.9x
at the end of 2023 compared to 2.8x at year-end
2022.
Equity
Equity amounted to DKK 13,918m at the end of 2023,
including non-controlling interests of DKK 91m, an in-
crease of 6.0% compared to the end of 2022. Total
comprehensive income for 2023 was DKK 1,343m
while transactions with owners was DKK -560m, in-
cluding a dividend of DKK 281m and a share buyback
of DKK 300m.
The equity ratio increased to 40% at year-end 2023
compared to 39% at year-end 2022.
Outlook 2024
Outlook visibility for 2024 is clouded by an elevated
level of financial uncertainty owing to continued high
inflation and interest rates as well as geopolitical ten-
sions that may or may not result in events which could
further impact economic activity levels in and around
Europe.
The outlook for 2024 builds on multiple assumptions
and may therefore change significantly as the year
progresses.
General market growth prospects
The current consensus 2024 outlook for Europe’s and
Türkiye’s GDP-growth (Gross Domestic Product) is
0.5% and 2.9%, respectively (Source: Thomson
Reuters).
Europe’s economic growth in 2024 is expected to only
rebound slightly as the cost of living remains elevated
by the increase in interest rates. Inflation is expected
to ease during the year and employment levels are re-
silient which could support growth in consumption.
The slight rebound is expected to pick up through the
year and activity levels are likely to be weaker in the
first half-year than in the second half-year. Growth in
northern Europe, including Germany and the UK, is ex-
pected to be lower than in southern Europe. Türkiye’s
expected economic growth is expected to be sup-
ported by a rebound in exports as measures to curb
inflation are likely to hold back domestic demand.
Key freight outlook assumptions for 2024
Freight market volumes are in northern Europe overall
expected to be flattish with a possible volume de-
crease in the first half-year balanced by higher vol-
umes in the second half-year. Rates are targeted to
reflect inflation and cost levels, but demand levels
and competitive dynamics are also likely to impact
rate levels.
Mediterranean freight volumes are expected to regain
some growth momentum in 2024 following disruptions
DKK m
New outlook 2024
2023
Revenue growth
5-8%
27,304
EBIT
2,000-2,400
2,326
Per division:
Ferry Division
1,675-1,975
2,094
Logistics Division
525-625
474
Non-allocated items
-200
-242
Capex
-1,500
-115
Types:
Operating
-1,500
-1,581
Ferries: sale & purchase and new-buildings
n.a.
1,466
Adjusted free cash flow
Around 1,500
2,773
2023
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Q4 and full-year 2023 interim report / p
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in 2023 from an earthquake and a prolonged election
period.
Nearshoring of supply chains closer to European end
markets is also expected to support volume growth.
The war in Ukraine is assumed to continue to stall
freight volume growth in the Baltic region in 2024.
Margin pressure in transport markets is expected to
continue in 2024 driven by overcapacity in haulage
markets, especially in the first half-year.
Key passenger outlook assumptions for 2024
Due to FRS Iberia/Maroc’s overweight of passenger
revenue, the new activity will be reported as part of
the Ferry Division’s passenger result that includes
three other business units with passenger activities –
Passenger, Channel, and Baltic Sea.
Organic passenger volume growth is expected to be
positive in 2024 driven by mainly higher Channel vol-
umes and a smaller positive impact from a continued
recovery in the number of overseas passengers. The
integration of FRS Iberia/Maroc is in addition ex-
pected to add around 1.3m passengers in 2024.
Revenue outlook
The Group’s revenue is expected to grow by 5-8%
compared to 2023 driven by a mix of organic growth
and revenue from acquisitions completed during 2023
and in the beginning of 2024.
The Ferry Division’s revenue is expected to be in-
creased by primarily the addition of FRS Iberia/Maroc
and the introduction of ETS surcharges that will be
passed through to both freight customers and pas-
sengers. Organic volume and price growth is ex-
pected to be offset by lower revenue from bunker sur-
charges.
The Logistics Division’s revenue is expected to be in-
creased by a full-year impact of acquisitions com-
pleted in 2023 and organic growth.
Earnings outlook - EBIT
Based on the above assumptions, the Group’s EBIT is
expected to be within a range of DKK 2.0-2.4bn (2023:
DKK 2.3bn).
In comparison to 2023, EBIT will in 2024 be negatively
impacted by several one-off items reported in 2023.
The net bunker cost will be higher in the first half-year
due to a positive earnings impact in 2023 from ele-
vated oil price spreads and related hedging. Passen-
ger earnings were in Q3 increased by the reversal of a
provision related to Covid-19. The sale and leaseback
of three freight ferries in Q4 2023 entailed a one-off
gain of DKK 95m and will moreover increase depreci-
ation in 2024. The total EBIT impact of the above
items is around DKK -300m.
See outlook table for divisional split.
Capital expenditure (Capex)
Operating Capex, i.e. excluding acquisitions and
other transactions, is expected to amount to around
DKK 1.75bn in 2024. No purchases of new or second-
hand ferries are expected.
Adjusted free cash flow
The Adjusted free cash flow is expected to be around
DKK 1.5bn in 2024.
Acquisitions
The acquisition of FRS Iberia/Maroc was completed
on 10 January 2024.
2023
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Various risks and uncertainties pertain to
the outlook
The most important risks and uncertainties are possi-
ble major changes in the demand for ferry services –
freight and passengers – and logistics solutions.
Such demand is to a large extent linked to the level of
economic activity and trade in primarily Europe, espe-
cially northern Europe, and in particular the UK, as
well as adjacent regions, particularly Türkiye.
Demand can also be impacted by competitor ac-
tions, supply chain disruptions, and extraordinary
events such as virus outbreaks and geopolitical
instability.
The outlook can moreover be impacted by political
changes, first and foremost within the EU and Türkiye.
Brexit, the trade agreement that came into effect on 1
January 2021 between the EU and the UK, is yet to be
fully implemented and its possible impact on trade
therefore still constitutes a risk.
Changes in economic variables, especially oil prices,
interest rates, and exchange rates, can furthermore
impact earnings.
Future financial results may therefore differ signifi-
cantly from outlook expectations.
2023
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Ferry optimisations lower emissions
Short-term emission reductions are achieved through
incremental fleet upgrades, including coating of hulls
with silicone-based antifouling paints and hull modifi-
cations, as well as a schedule optimisation program,
Every Minute Counts, to enable bunker savings.
2023
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• Solid underlying Q4 earnings despite
lower volumes
• Bunker cost raised considerably by
lower oil price spreads vs 2022
• 2% lower CO2 ferry emission intensity
Q4 volumes and activity changes
Total Q4 freight volumes decreased 1.6% compared
to Q4 2022 as volumes were lower in all route net-
works except for 2.0% higher Channel volumes. The
lower volumes were in general caused by the eco-
nomic slowdown in Europe through the quarter. Baltic
Sea volumes continued in addition to be impacted by
the war in Ukraine and a consequent reduction of ca-
pacity. The total Dover Strait market contracted 1.3%
in the quarter while total ferry market volumes were
up 6.9%.
Q4 passenger volumes increased 5.7% to 0.9m com-
pared to 2022 driven by more passengers on the
Channel. Volumes on the Baltic Sea as well as on the
Norway-Denmark and Netherlands-UK routes were in
total below Q4 2022, partly due to fewer departures
following adverse weather conditions.
Ferry Division
Ferry Division
2023
2023
2023
2022
2022
DKK m
Q1
Q2
Q3
Q4
Full-
year
Q1
Q2
Q3
Q4
Full-
year
Revenue
3,820
4,176
4,506
3,990
16,493
3,482
4,544
4,753
4,052
16,831
Freight
3,269
3,184
2,994
3,235
12,683
3,125
3,680
3,428
3,322
13,555
Passenger
551
992
1,512
755
3,810
357
864
1,325
730
3,276
Operating costs
-2,248
-2,188
-2,275
-2,306
-9,017
-2,130
-2,520
-2,541
-2,349
-9,541
Ferry operations
-527
-495
-510
-514
-2,046
-457
-397
-505
-528
-1,886
Bunker
-752
-713
-791
-865
-3,120
-817
-1,135
-1,135
-942
-4,030
Port terminal operations
-793
-796
-809
-755
-3,153
-722
-814
-765
-690
-2,991
Transport and warehouse solutions
-176
-184
-165
-173
-698
-134
-174
-137
-190
-634
Employee costs
-630
-639
-668
-666
-2,603
-544
-601
-609
-609
-2,363
Sales, general and administration
-216
-246
-268
-235
-965
-209
-206
-293
-235
-943
EBITDA
727
1,103
1,294
783
3,907
598
1,218
1,310
859
3,984
Freight
717
754
535
669
2,675
689
944
722
728
3,083
Passenger
9
350
758
115
1,232
-91
274
587
131
901
Other income/costs, net
-4
-8
-14
90
65
-2
-2
-5
-3
-12
Depreciation and impairment
-430
-445
-457
-509
-1,841
-435
-456
-442
-445
-1,778
EBITA
293
651
823
365
2,131
161
760
863
411
2,194
Amortisation
-9
-9
-9
-9
-38
-10
-10
-10
-9
-38
EBIT
283
642
813
356
2,094
151
750
854
401
2,156
Invested capital, end of period *
21,689
21,609
21,912
21,263
21,263
21,325
20,864
21,411
21,716
21,716
EBITDA-margin, %
19.0
26.4
28.7
19.6
23.7
17.2
26.8
27.6
21.2
23.7
EBITA-margin, %
7.7
15.6
18.3
9.2
12.9
4.6
16.7
18.2
10.1
13.0
EBIT-margin, %
7.4
15.4
18.1
8.9
12.7
4.3
16.5
18.0
9.9
12.8
Gross Capex (excl. acquisitions and leases)
438
150
264
281
1,132
836
328
621
247
2,031
ROIC before acquisition intangibles, %, LTM
-
-
-
-
12.1
-
-
-
-
12.6
ROIC, %, LTM *
-
-
-
-
9.5
-
-
-
-
9.8
Average number of employees
-
-
-
-
6,546
-
-
-
-
6,138
Number of ships
-
-
-
-
66
-
-
-
-
64
Lane metres, '000
9,647
9,795
9,455
9,545
38,443
10,613
11,528
9,900
9,705
41,748
North Sea **
3,508
3,600
3,408
3,327
13,843
3,625
3,701
3,465
3,421
14,212
Mediterranean
1,345
1,375
1,274
1,412
5,407
1,360
1,431
1,315
1,462
5,568
Channel
3,993
4,026
3,953
3,979
15,950
4,629
5,410
4,220
3,904
18,164
Baltic Sea
802
794
820
827
3,243
999
986
900
918
3,804
Capacity utilisation freight, %
59
56
53
60
57
66
68
56
57
61
Number of cars, '000
152
301
495
206
1,154
100
309
508
208
1,124
Passengers, '000
619
1,205
1,812
866
4,502
283
984
1,704
801
3,772
* Comparison figures have been restated as part of goodwill from a prior acquisition has been reallocated from Logistics Division to Ferry Division.
** Includes volumes for the routes Oslo-Frederikshavn-Copenhagen and Amsterdam-Newcastle.
Definitions on page 33.
2023
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Financial performance
Q4 revenue decreased 1.5% to DKK 3,990m com-
pared to 2022 but increased 5.8% adjusted for bunker
surcharges. Passenger revenue increased 3.4%
driven by growth in passenger volumes and spend.
Freight ferry revenue, adjusted, was up 7.0% as higher
rates and ancillary revenue offset the revenue impact
of the volume decrease.
EBITDA decreased 8.8% or DKK 76m to DKK 783m.
The freight ferry EBITDA decreased DKK 60m to DKK
669m as a considerable increase in the bunker cost
offset higher underlying earnings. The bunker cost
was elevated by a reduction in oil price spreads com-
pared to the spike in 2022. Underlying earnings were
raised by higher rates and operational cost savings
which offset a negative impact from lower volumes in
some markets. The passenger EBITDA decreased
DKK 16m to DKK 115m following the reversal of a pro-
vision in Q4 2022. The underlying result was above
2022 driven by the increase in the number of passen-
gers and higher spend per passenger.
EBITA decreased 11.1% or DKK 45m to DKK 365m. The
result includes a one-off financial gain of DKK 95m
from the sale and leaseback of three freight ferries.
The gain was partly offset by higher depreciation of
DKK 64m driven by mostly dry dockings and impacts
from changes in ferry leasing agreements, including a
higher level of depreciation for the three leased-back
ferries.
The invested capital at the end of 2023 decreased
2.1% or DKK 453m to DKK 21.3bn compared to year-
end 2022. The decrease was due to mainly the sale
and leaseback of three ferries. The invested capital
was DKK 16.9bn excluding acquisition intangibles.
The return on invested capital before acquisition in-
tangibles, ROIC BAI, was 12.1% compared to 12.6% in
2022, and ROIC was 9.5% compared to 9.8% in 2022.
Decarbonisation activities
The key environmental challenge is to decarbonise
ferry operations by continually increasing efficiency
and in parallel replace fossil fuels with low- and zero-
emission fuels.
DFDS’ Climate Action Plan includes short-term ac-
tions to reduce emissions from the existing fleet and
transformative long-term actions to decarbonise.
Short-term emission reductions were achieved
through incremental fleet upgrades, including coating
hulls with silicone-based antifouling paints and hull
modifications, as well as the Every Minute Counts
schedule optimisation program.
The improvement of fuel efficiency continued in Q4
2023. CO2 emissions per GT nautical mile decreased
across the entire route network, including both owned
and chartered vessels. Own fleet emissions were re-
duced 0.8% to 12.2 gCO2 per GT NM from 12.3 gCO2
per GT NM in Q4 2022. Emissions from the entire route
network decreased 2.4% to 12.4 gCO2 per GT NM
from 12.7 gCO2 per GT NM in Q4 2022.
For the full-year, CO2 emissions were reduced 5.4%
across the route network from 13.0 gCO2 per GT NM
in 2022 to 12.3 gCO2 per GT NM in 2023. Own fleet
emissions were reduced 3.2% to 12.1 gCO2 per GT NM
from 12.5 gCO2 per GT NM in 2022.
Social performance
The representation of women has been stable in 2023
for both the land-based and the sea-based
Ferry Division
2023
2023
2023
2022
2022
Q1
Q2
Q3
Q4
Full-
year
Q1
Q2
Q3
Q4
Full-
year
Representation of women, Sea, %
19
20
20
19
19
18
19
20
19
19
Representation of women, Land, %
30
31
30
30
30
29
30
30
30
30
Lost-time injury frequency (LTIF), Sea*
4.3
4.0
3.7
4.0
3.8
3.8
4.8
5.2
3.4
4.5
Lost-time injury frequency (LTIF), Land*
14.9
14.1
4.1
11.7
11.3
14.2
7.7
13.6
8.1
11.1
* 2022 LTIF figures excludes primeRail, acquired in May 2022
2023
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organisations within the Ferry Division. In the land-
based organisation, the representation of women
stayed at the same level of 30% in Q4 2023 com-
pared to the same quarter last year. In the sea-based
organisation, the ratio of 19% in Q4 2022 was likewise
maintained in Q4 2023.
The land-based LTIF increased from 8.1 in Q4 2022 to
11.7 in Q4 2023. Root causes were mainly behavioral
with slips, trips, and fall accidents as the most com-
mon. Accidents in northern European terminals had a
major impact on performance in Q4 and going for-
ward focus will be on boosting the Ferry health &
safety focus through the newly established Terminal
Excellence function.
The sea-based LTIF increased from 3.4 in Q4 2022 to
4.0 in Q4 2023. The sea-based safety organisation
continues to focus on a true safety culture and on
sharing lessons learned from accidents and near-
misses throughout the organisation.
2023
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• Earnings reduced by continued
slowdown in transport markets and
one-off costs
• Contract logistics markets more
robust
• Acquisitions performing as
expected
• 90 e-trucks in operation
Q4 overview and activity changes
Road transport volumes, for both dry and cold chain
goods, were lower in most corridors in Q4 reflecting
the general economic slowdown in Europe. The over-
capacity in haulage markets continued which raised
price pressure in the quarter as customers increased
tender activity. Automotive volumes continued to be
quite firm while transports of construction materials
remained at a low level in the quarter.
Activity levels for contract logistics solutions, includ-
ing warehousing, remained more robust compared to
the transport market and utilisation in the new ware-
housing facilities in Sweden, the Netherlands, the UK,
and Poland developed in line with expectations.
Financial performance
Q4 revenue increased 12.1% to DKK 3,173m com-
pared to Q4 2022 and decreased 5.1% adjusted for
acquisitions. The adjusted decrease was driven by
primarily lower activity for road transport, especially
of cold chain products and construction materials.
The closure of the Bruges office also reduced revenue
as did a decline in surcharge levels for amongst other
things fuel and energy costs. Warehousing and other
contract logistics revenue was overall above 2022.
EBITDA increased 11.5% to DKK 310m and decreased
13.3% adjusted for acquisitions. A large part of the
adjusted decrease of DKK 37m was due to one-off
and restructuring costs, including closure of the
Logistics Division
Logistics Division
2023
2023
2023
2022
2022
DKK m
Q1
Q2
Q3
Q4
Full-
year
Q1
Q2
Q3
Q4
Full-
year
Revenue
2,849
3,088
2,985
3,173
12,096
2,666
2,979
2,947
2,832
11,423
Dry Goods
1,562
1,586
1,506
1,577
6,231
1,418
1,618
1,553
1,569
6,158
Cold Chain
1,278
1,487
1,484
1,583
5,831
1,251
1,349
1,388
1,252
5,240
Operating costs
Transport and warehousing costs
-1,864
-1,917
-1,864
-1,991
-7,636
-1,850
-2,084
-2,045
-1,925
-7,904
Gross profit
985
1,172
1,121
1,182
4,460
816
894
902
907
3,520
Sales, general and administration
-169
-179
-182
-176
-706
-158
-142
-116
-84
-499
Employee costs
-517
-648
-620
-696
-2,481
-442
-478
-490
-545
-1,955
EBITDA
299
345
319
310
1,273
216
274
297
278
1,066
Other income/costs, net
4
5
5
7
20
-5
4
3
10
12
Depreciation and impairment
-163
-180
-190
-201
-733
-132
-135
-135
-149
-551
EBITA
140
169
135
116
560
79
143
165
139
526
Amortisation
-18
-24
-16
-27
-86
-12
-12
-13
-15
-52
EBIT
122
145
118
89
474
68
131
152
123
474
Gross profit margin, %
34.6
37.9
37.6
37.2
36.9
30.6
30.0
30.6
32.0
30.8
EBITDA-margin, %
10.5
11.2
10.7
9.8
10.5
8.1
9.2
10.1
9.8
9.3
EBITA-margin, %
4.9
5.5
4.5
3.7
4.6
3.0
4.8
5.6
4.9
4.6
EBIT-margin, %
4.3
4.7
4.0
2.8
3.9
2.5
4.4
5.2
4.4
4.1
Invested capital, end of period *
6,396
6,401
6,591
6,877
6,877
4,312
4,442
4,829
4,984
4,984
Gross Capex (excl. acquisitions and leases)
144
74
94
126
438
68
198
138
294
698
ROIC before acquisition intangibles, %
-
-
-
-
11.4
-
-
-
-
14.9
ROIC, %, LTM *
-
-
-
-
5.9
-
-
-
-
8.2
Average number of employees
-
-
-
-
5,696
-
-
-
-
4,544
* Comparison figures have been restated as part of goodwill from a prior acquisition has been reallocated from Logistics Division to Ferry Division.
Definitions on page 33.
2023
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Bruges office. Earnings were moreover reduced by the
decline in volumes.
EBITA decreased 16.2% or DKK 22m to DKK 116m and
the EBITA-margin decreased to 3.7% from 4.9% in Q4
2022.
The invested capital increased 38.0% or DKK 1.9bn to
DKK 6.9bn at the end of 2023. Invested capital added
by acquisitions amounted to DKK 1.5bn. The remain-
ing increase was primarily related to expansion of
warehousing capacity. The invested capital was
DKK 4.5bn excluding acquisition intangibles.
The return on invested capital before acquisition in-
tangibles, ROIC BAI, was 11.4% compared to 14.9% in
2022, and ROIC decreased to 5.9% compared to
8.2% in 2022.
Decarbonisation activities
In Q4 2023 our preliminary decarbonisation target of
a 75% reduction in CO2e intensity from road transport
and warehousing was confirmed and extended to all
land-based activity.
In parallel, the deployment of more e-trucks in several
countries continued in Q4 with the deployment of an
additional 40 of the total 125 e-trucks ordered. By
year-end 2023, DFDS operated the largest fleet of
heavy-duty e-trucks in Europe with 90 trucks deployed
in Sweden, Denmark, Belgium, Lithuania, and Nether-
lands.
Social performance
The share of women’s representation in the Logistics
Division was reduced from 17% in Q4 2022 to 15% in
Q4 2023. The decline was due to acquisitions made
during the year. Despite the structural challenges
within the industry DFDS continues to maintain a
strong and dedicated focus on Diversity, Equity & In-
clusion to improve minority representation.
The safety performance for the Logistics division im-
proved in Q4 2023 as the LTIF was reduced to 8.2
compared to 10.1 in Q4 2022. For the full year, the
LTIF increased to 8.0 from 7.5 in 2022. The increase
was partly related to acquisition of companies with
trucking operations that due to the nature of the busi-
ness have more incidents compared to other types of
logistics activities.
Logistics Division
2023
2023
2023
2022
2022
Q1
Q2
Q3
Q4
Full-
year
Q1
Q2
Q3
Q4
Full-
year
Representation of women, Land, %*
17
17
15
15
15
17
17
17
17
17
Lost-time injury frequency (LTIF), Land*
10.7
5.7
5.9
8.2
8.0
11.2
5.7
4.1
10.1
7.5
* 2022 ESG data excludes ICT Logistics Group (acquired in January 2022), Lucey Transport Logistics (acquired in September 2022). LTIF figures for
McBurney Transport Group (acquired in February 2023) and Lucey Transport Logistics (acquired in September 2022) have been incorporated from
June 2023. 2023 data excludes Estron Group (acquired in September 2023)
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Management statement
Executive Board Tor ben Carlsen , CEO . Karina Deacon , CFO
Board of Directors Cla us V. Hem mingsen , Ch air , Klaus Nyborg , Vi ce Chai r ,
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DFDS Group - Income statement
2023
2022
2023
2022
DKK m
Note
Q4
Q4
Full-year
Full-year
Revenue
3
Costs
Ferry and other ship operation and maintenance
-1,420
-1,557
-5,485
-6,426
Port terminal operations
-788
-732
-3,264
-3,090
Transport and warehouse solutions
-1,795
-1,679
-6,743
-6,657
Employee costs
-1,501
-1,265
-5,572
-4,726
Cost of sales, general and administration
-297
-221
-1,206
-1,000
Operating profit before depreciation and amortisation (EBITDA)
Share of profit/loss of associates and joint ventures
-6
-5
-26
-14
Profit/loss on disposal of non-current assets, net
Depreciation, ferries and other ships
-409
-347
-1,477
-1,447
Depreciation and impairment losses, other non-current assets
-310
-260
-1,138
-924
Operating profit before amortisation (EBITA)
Amortisation and impairment losses, intangibles
-51
-36
-178
-135
Operating profit (EBIT)
Financial income
Financial costs
-244
-128
-753
-409
Profit before tax
Tax on profit
-148
-120
Profit for the period
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
-1
Profit for the period
Earnings per share
Basic earnings per share (EPS) of DKK 20, DKK
Diluted earnings per share (EPS-D) of DKK 20, DKK
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DFDS Group – Statement of Comprehensive income
2023
2022
2023
2022
DKK m
Q4
Q4
Full-year
Full-year
Profit for the period
Other comprehensive income
Items that will not be reclassified subsequently to the Income statement:
Remeasurement of defined benefit pension obligations
-21
-46
-21
-46
Tax on items that will not be reclassified to the Income statement
Items that will not be reclassified subsequently to the Income statement
-15
-36
-15
-36
Items that are or may be reclassified subsequently to the Income statement:
Value adjustment of hedging instruments:
Value adjustment for the period
-137
-119
Value adjustment transferred to operating costs
-110
Value adjustment transferred to financial costs
-5
Value adjustment transferred to non-current tangible assets
Tax on items that may be reclassified to the Income statement
-8
-41
Foreign exchange adjustments, subsidiaries
-32
-177
Items that are or may be reclassified subsequently to the Income statement
-76
-146
Total other comprehensive income after tax
-91
-5
-161
Total comprehensive income
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
-1
Total comprehensive income
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DFDS Group - Balance sheet
Equity and liabilities
Assets
2023
2022
DKK m
Note
31 Dec.
31 Dec.
Goodwill
Other non-current intangible assets
Software
Development projects in progress
Non-current intangible assets
Land and buildings
Terminals
Ferries and other ships
Equipment, etc.
Assets under construction and prepayments
Right-of-use assets
Non-current tangible assets
Investments in associates, joint ventures and securities
Receivables
Prepaid costs
Deferred tax
Derivative financial instruments
Other non-current assets
Non-current assets
Inventories
Trade receivables
Receivables from associates and joint ventures
Other receivables
Prepaid costs
Derivative financial instruments
Cash
Current assets
Assets
2023
2022
DKK m
31 Dec.
31 Dec.
Share capital
Reserves
-451
-284
Retained earnings
Equity attributable to equity holders of DFDS A/S
Non-controlling interests
Equity
Interest-bearing liabilities
Lease liabilities
Deferred tax
Pension and jubilee liabilities
Other provisions
Derivative financial instruments
Non-current liabilities
Interest-bearing liabilities
Lease liabilities
Trade payables
Payables to associates and joint ventures
Other provisions
Corporation tax
Other payables
Derivative financial instruments
Prepayments
Current liabilities
Liabilities
Equity and liabilities
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DFDS Group - Statement of changes in equity 1 January - 31 December 2023
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2023
-543
-28
Comprehensive income for the period
Profit for the period
Other comprehensive income
-208
-14
-160
-1
-161
Total comprehensive income
-208
Transactions with owners:
Acquisition, non-controlling interests
-25
-8
Dividend paid
-293
-293
-293
Dividend on treasury shares
Share-based payments
Share buyback
-21
-279
-300
-300
Cash from sale of treasury shares related to exercise of share options
-1
Transactions with owners
-21
-515
-536
-25
-560
Equity at 31 December 2023
-480
-48
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DFDS Group - Statement of changes in equity 1 January - 31 December 2022
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2022
-366
-5
-25
Comprehensive income for the period
Profit for the period
Other comprehensive income
-177
-78
Total comprehensive income
-177
Transactions with owners:
Acquisition, non-controlling interests
-1
Addition related to acquisition, non-controlling interests
Dividend paid
-235
-235
-235
Dividend paid, non-controlling interests
-3
-3
Dividend on treasury shares
Extraordinary dividend paid
-235
-235
-235
Extraordinary dividend on treasury shares
Share-based payments
Purchase of treasury shares
-2
-30
-32
-32
Transactions with owners
-2
-468
-470
-4
-474
Equity at 31 December 2022
-543
-28
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DFDS Group – Statement of cash flows
2023
2022
2023
2022
DKK m
Note
Q4
Q4
Full-year
Full-year
Operating profit before depreciation and amortisation (EBITDA)
Adjustments for non-cash operating items, etc.
-3
Change in working capital
-113
-338
Payment of pension liabilities and other provisions
-19
-25
-44
-97
Interest received, etc.
Interest paid, etc.
-253
-127
-734
-388
Taxes paid
-109
-20
-240
-109
Cash flows from operating activities
Investments in ferries including dockings, etc.
-255
-171
-998
-1,747
Sale of ferries
Investments in other non-current tangible assets
-151
-359
-578
-1,026
Sale of other non-current tangible assets
Investments in non-current intangible assets
-26
-20
-83
-70
Acquisition of enterprises, associates, joint ventures, and activities, net of cash acquired incl. earn-outs
4
-1,033
-280
Divestment of enterprises and associates
-2
Other investing cash flows
-3
-14
Cash flows from investing activities
-491
-1,149
-2,989
Free cash flows
Proceed from bank loans and loans secured by mortgage in ferries
Repayment and instalments of bank loans and loans secured by mortgage in ferries
-1,959
-590
-4,141
-2,632
Proceed from issuance of corporate bonds
Repayment of corporate bonds incl. settlement of cross currency swap
-1,000
Payment of lease liabilities
-266
-213
-935
-963
Settlement of forward exchange contracts related to leases
Acquisition of treasury shares and share buyback
-300
-32
Other financing cash flows
-8
-33
Dividends paid to non-controlling interests
-3
Dividends paid to equity holders of DFDS A/S
-281
-459
Cash flows from financing activities
-2,101
-797
-3,115
-1,203
Net cash flows
-446
-263
-454
Cash and cash equivalents at beginning of period
Foreign exchange and value adjustments of cash and cash equivalents
-2
Cash and cash equivalents at end of period *
* At 31 December 2023 DKK 14m (31 December 2022: DKK 175m) of the cash was deposited on restricted bank accounts.
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Note 1 Accounting policies and significant estimates
Basis of reporting
This section provides an overview of the Groups principal accounting policies as well
as new and amended IFRS standards and interpretations.
Accounting policies
This interim report has been prepared in accordance with IAS 34 ‘Interim Financial
Reporting’ as adopted by the EU and additional Danish disclosure requirements for
interim reports of listed companies. The interim report has been prepared using the
same accounting policies, judgements and estimates as for the annual report for
2022 except as described below.
Special Items
As from 2023 special items are not presented separately in the income statement,
reference is made to note 2.6 of the 2022 annual report. Comparative figures have
been restated.
Reallocation of goodwill
During the year comparison figures for segments and divisions have been restated as
part of goodwill from a prior acquisition has been reallocated from Logistics Division
to Ferry Division. Hence the primary financial statements has not been impacted.
Introducing EBITA as a new sub-total
To improve comparability of results, management has, in 2023, introduced EBITA in
the income statement defined as result before interest, tax and amortisation.
Implementation of new or changed accounting standards and interpretations
DFDS has adopted all new, amended, or revised accounting standards and interpre-
tations (IFRSs) endorsed by the EU effective for the accounting period beginning on
1 January 2023 none of which has had material impact on the Group’s financial
statements.
Significant estimates
In the view of Management, the areas where accounting estimates and assessments
are significant remain the same as per DFDS’ latest annual report.
In the preparation of the Interim Report, Management undertakes several account-
ing estimates and judgements and makes assumptions which provide the basis for
recognition and measurement of the assets, liabilities, revenues and expenses of the
Group and the Parent Company. These estimates, judgements and assumptions are
based on historical experience and other factors which Management considers rea-
sonable under the circumstances, but which by their nature are uncertain and unpre-
dictable. The assumptions may be incomplete or inaccurate, and unanticipated
events or circumstances may occur, for which reason the actual results may deviate
from the applied estimates, judgements, and assumptions.
Impairment considerations due to the current macro environment
Impairment testing is undertaken at year-end unless indications of impairment occur
during the year. In Q4 2023 Management has performed an impairment test for all
cash generating units (CGUs) and concluded that no impairments nor reversals of
prior year impairments are necessary.
IFRS 16 practical expedient
From Q1 2024, DFDS will no longer apply the practical expedient not to account for
each lease component within lease contracts separately. DFDS will instead separate
the non-lease components from the lease components. In addition, DFDS has
elected to no longer capitalise short-term leases of ferries, but only those expected
to be extended resulting on a total lease term exceeding 12 months from com-
mencement date. The changes are assessed to give more relevant information, bet-
ter aligned with market practice. The changes are considered a change in account-
ing policy and comparable figures will be restated retrospectively.
DFDS’s accounting policy has historically been not to separate the non-lease com-
ponents from the lease components (except for terminals), and instead accounted
for the contracts in their entirety (the practical expedient). Furthermore, short term
leases (with a term below one year) for ferries have historically been recognised on
2023
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the balance sheet as a lease liability and a right-of-use asset that is depreciated in-
stead of expensing the lease cost directly in the income statement.
DFDS’s preliminary assessment indicates that this change in policy will reduce the 31
December 2023 right-of-use assets (DKK -232m), right-of-use liabilities (DKK -221m)
and retained earnings (DKK -11m). Depreciation in 2023 is expected to be reduced by
DKK -140m and operating cost to increase by DKK 158m. Minor impact is expected
on interest cost, profit on disposal of non-current assets, exchange rate gain/loss,
prepaid cost and other payables. As a result, EBITDA is expected to decrease by
DKK 158m, EBIT by DKK 18m and profit before tax by DKK 16m. ROIC is not expected
to be visibly impacted while leverage is expected to increase by 0.05 points.
Note 2 Segment Information
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Full-year 2023
External revenue
15,271
12,008
25
27,304
Intragroup revenue
1,222
88
704
2,013
Total revenue
16,493
12,096
729
29,317
Operating profit before depreciation and amortisation
(EBITDA)
3,907
1,273
-146
5,034
Operating profit before amortisation (EBITA)
2,131
560
-187
2,504
Operating profit (EBIT)
2,094
474
-242
2,326
Invested capital, end of period
21,263
6,877
855
28,996
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Full-year 2022
External revenue
15,503
11,352
18
26,873
Intragroup revenue
1,329
71
606
2,006
Total revenue
16,831
11,423
624
28,879
Operating profit before depreciation and amortisation
(EBITDA)
3,984
1,066
-76
4,974
Operating profit before amortisation (EBITA)
2,194
526
-118
2,603
Operating profit (EBIT)
2,156
474
-162
2,468
Invested capital, end of period
21,716
4,984
853
27,554
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Note 3 Revenue
All material revenue is recognised when each separate obligation in the customer
contract is fulfilled following the "over-time principle". Most transports carried out by
the Ferry Division are characterised by short delivery time (most sailings are less than
30 hours while sailings to/from Türkiye are up to 72 hours). Transports carried out by
Logistics Division can take delivery over a longer period, but the impact is insignifi-
cant.
On board sales is recognised according to the “a point in time” principle and amount
to DKK 1,656m (Full year 2022: DKK 1,327m).
Revenue includes revenue recognised from contracts with customers in accordance
with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities
amounts to DKK 405m (Full year 2022: DKK 374m).
Full-year 2023
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
5,700
-
0
5,700
Mediterranean
4,624
-
0
4,624
Baltic Sea
1,256
-
0
1,256
Continent
-
4,844
0
4,844
Nordic
-
3,857
0
3,857
UK/Ireland
3,691
3,308
0
6,998
Other
0
0
25
25
Total
15,271
12,008
25
27,304
Product and services
Seafreight and shipping logistics solutions
9,939
1
0
9,940
Transport solutions
705
11,691
0
12,396
Passenger seafare and on board sales
3,568
0
0
3,567
Terminal services
588
7
0
595
Charters
363
0
0
363
Agency and other revenue
108
310
25
442
Total
15,271
12,008
25
27,304
Full-year 2022
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
5,630
-
0
5,630
Mediterranean
4,471
-
0
4,471
Baltic Sea
1,496
-
0
1,496
Continent
-
4,416
0
4,416
Nordic
-
4,418
0
4,418
UK/Ireland
3,906
2,518
0
6,424
Other
0
0
18
18
Total
15,503
11,352
18
26,873
Product and services
Seafreight and shipping logistics solutions
10,425
27
0
10,452
Transport solutions
595
10,820
0
11,415
Passenger seafare and on board sales
2,982
0
0
2,982
Terminal services
953
6
0
959
Charters
331
0
0
331
Agency and other revenue
216
498
18
733
Total
15,503
11,352
18
26,873
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Note 4 Acquisition of enterprises and sale of activities
2024
FRS Iberia Group
On 17 September 2023 it was announced that DFDS Group had entered an agree-
ment to acquire FRS Iberia/Maroc, a division of the German short-sea ferry company
FRS GmbH & Co. KG. Closing of the transaction was completed 10 January 2024.
The purchase price amounts to DKK 1.5bn.
FRS Iberia/Maroc operates three short-sea ferry routes across the Strait of Gibraltar
connecting Spain and Morocco. The acquisition is aligned with DFDS’ strategy to de-
velop and expand the transport network focused on moving goods in trailers by ferry,
road & rail as well as moving passengers.
The acquisition expands DFDS’ Mediterranean route network that today connects
Europe with Türkiye and Tunisia, respectively. The region’s organic market growth is
expected to continue to exceed growth levels in northern Europe underpinned by
nearshoring of manufacturing supply chains to end markets in Europe.
Due to the acquisition date being 10 January 2024 DFDS has only had limited access
to data to complete the initial accounting for the acquisition. A full overview will be
disclosed in the Q1 2024 announcement.
2023
McBurney Transport Group
On 28 February 2023, the acquisition of McBurney Transport Group based in North-
ern Ireland was completed and the DFDS Group obtained control as from this date.
The acquisition is included in the Logistics Division.
The company is focused on moving cold chain and dry goods in trailers by road and
ferry between the island of Ireland and the UK. The acquisition of McBurney Transport
Group is aligned with DFDS’ strategic focus on cold chain logistics. It overlaps with
existing activities in the region and offers opportunities to connect with other parts of
DFDS’ pan-European transport network.
The preliminary purchase price allocation shows the following:
DFDS paid DKK 1,178m for the acquired company. In addition, an earn-out agree-
ment was entered into according to which the seller is entitled to additional payment
based on the McBurney Transport Groups’ financial performance for the following 12
months period after the acquisition. Trade receivables have been recognised at the
acquisition date at a fair value of DKK 236m equal to their face value.
In connection with the acquisition, DFDS has measured identifiable intangible assets
i.e., customer relationships etc. which are recognised in the acquisition balance
sheet at their fair value. The preliminary fair value is DKK 214m at the acquisition
date.
DKK m
Preliminary
fair value at
acquisition
date
Non-current intangible assets
214
Land and buildings
144
Equipment etc.
331
Inventories
4
Trade receivables including work in progress services
236
Other receivables
33
Cash at hand and in bank
229
Deferred tax liability
-93
Interest bearing debt
-159
Trade payables
-123
Other current liabilities
-67
Net assets acquired
749
Goodwill
446
Total purchase price
1,195
Contingent consideration assumed
-17
Cash and bank balances acquired
-229
Fair value of the purchase price
949
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Note 4 Acquisition of enterprises and sale of activities
(continued)
Following recognition of acquired identifiable assets and liabilities at their fair value,
the goodwill related to the acquisition is preliminarily measured at DKK 446m.
The goodwill represents primarily the value of the staff and know-how taken over and
expected synergies from combining the acquired Group with the existing DFDS activi-
ties and network. The goodwill is not deductible for tax purposes.
Other 2023 acquisitions
On 1 September 2023 it was announced that DFDS Group had acquired all activities
from Lundby Åkeri AB headquartered in Sweden. DFDS Group obtained control as
from this date and following the acquisition the acquired activities are included in the
Logistics Division. The purchase price for the acquired activities amounts to DKK
18m.
On 18 July 2023 it was announced that DFDS Group had entered an agreement to
acquire all shares in Estron Group headquartered in Rotterdam, Netherlands. Clos-
ing of the transaction was completed on 11 September 2023. The purchase price for
the acquired activities amounts to DKK 52m and the acquired cash amounted to DKK
18m.
On 22 May 2023 it was announced that DFDS Group had acquired all activities from
D.R. MacLeod headquartered in Scotland. DFDS Group obtained control as from this
date and the acquired activities is after the acquisition included in the Logistics Divi-
sion. The purchase price for the acquired activities amounts to DKK 26m.
2022
The purchase price allocation for Lucey Transport Logistics (acquired 30 September
2022), primeRail (acquired 10 May 2022) and ICT Logistics (acquired 19 January
2022) are finalised and unchanged compared to 31 December 2022. For further de-
tails of these acquisitions, refer to the Annual Report for 2022.
Note 5 Fair value measurement of financial instruments
The table discloses fair value and carrying amount of financial instruments meas-
ured at fair value in the balance sheet. Furthermore, categorisation of the valuation
method according to the fair value hierarchy is stated.
Transfers between levels of the fair value hierarchy are considered to have occurred
at the date of the event or change in circumstances that caused the transfer.
There were no transfers between the levels in the fair value hierarchy in 2023.
Techniques for calculating fair values:
Derivatives
DFDS' usage of derivatives includes interest rate swaps, bunker swaps, forward ex-
change contracts and currency swaps. The fair values on interest rate swaps have
been calculated by discounting the expected future interest payments. The discount
rate for each interest payment is estimated on the basis of a swap interest curve,
which is calculated based on a wide spread of market interest rates. The fair value
on forward exchange contracts are based on interest curve calculations in DFDS'
Treasury system. Calculations are based on a spread of market interest rates in the
various currencies. Calculation on bunker swaps are based on quoted forward curve
from various financial institutions.
Full-year 2023
Full-year 2022
DKK m
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
175
175
346
346
Securities (Level 3)
2
2
2
2
Financial liabilities
Derivatives (Level 2)
95
95
48
48
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Note 6 Supplementary financial information on
the Parent Company
As a result of DFDS A/S ' issuance of corporate bonds on the Oslo Stock Exchange
there is a requirement to provide certain supplementary financial information on the
Parent Company. The following financial information has been prepared using the
same accounting policies as for the Annual Report for 2022, except for special items
that will not be presented separately in the income statement, reference is made to
note 2.6 of the 2022 annual report. Comparative figures have been restated. DFDS
has adopted all new, amended or revised accounting standards and interpretations
(IFRSs) endorsed by the EU effective for the accounting period beginning on 1 January
2023. For further description reference is made to note 1 Accounting policies.
The Parent Company’s revenue decrease by DKK 329m, equivalent to 2.83% com-
pared to Full year 2022. Operating profit before depreciation (EBITDA) decreased by
DKK 236m equivalent to 8.87% compared to Full year 2022.
Profit before tax decreased by DKK 108m compared to Full year 2022.
The Parent Company’s net interest-bearing debt increased by DKK 662m compared
to 31 December 2022.
2023
2022
DKK m
Full-year
Full-year
Income statement
Revenue
11,292
11,621
Operating profit before depreciation and amortisation (EBITDA)
2,422
2,658
Operating profit before amortisation (EBITA)
1,019
1,200
Operating profit (EBIT)
964
1,157
Financial items, net
536
451
Profit before tax
1,500
1,608
Profit for the period
1,500
1,608
Assets
Non-current intangible assets
476
448
Non-current tangible assets
7,831
8,635
Investments in subsidiaries
11,465
9,289
Investments in associates, joint ventures and securities
2
2
Non-current receivables from subsidiaries
28
60
Other non-current assets
132
280
Non-current assets
19,933
18,714
Current receivables from subsidiaries
1,151
1,064
Receivables from associates and joint ventures
25
22
Cash
381
489
Other current assets
1,316
1,412
Current assets
2,872
2,988
Total assets
22,806
21,702
Equity and liabilities
Equity
11,453
10,649
Non-current liabilities to subsidiaries
41
63
Other non-current liabilities
4,852
4,008
Non-current liabilities
4,893
4,071
Current liabilities to subsidiaries
2,479
1,868
Other current liabilities
3,981
5,114
Current liabilities
6,460
6,982
Total equity and liabilities
22,806
21,702
Equity ratio, %
50.2
49.1
Net interest-bearing debt
7,793
7,131
2023
Management review
Ferry
Logistics
Reports
Financials
Contact
Q4 and full-year 2023 interim report / p
32
Note 7 Events after Balance sheet date
On 10 January 2024, the Group completed the acquisition of FRS Iberia/Maroc, a key
player on the Strait of Gibraltar short-sea ferry market connecting Spain and Mo-
rocco.
No other material events have occurred after 31 December 2023 that have
consequences for the Q4 2023 interim report.
2023
Management review
Ferry
Logistics
Reports
Financials
Contact
Q4 and full-year 2023 interim report / p
33
Definitions
Operating profit before depreciation (EBITDA)
Profit before interest, tax, depreciation, amortisation, and impairment on non-current assets
Operating profit before amortisation (EBITA)
Profit before interest, tax, and amortisation
Operating profit (EBIT)
Profit before interest and tax
Operating margin, %
Operating profit (EBIT)
Revenue
× 100
Net operating profit after taxes (NOPAT)
Operating profit (EBIT) minus payable tax for the period adjusted for the tax effect of net finance cost
Invested capital
Non-current intangible and tangible assets plus net working capital (non-interest bearing current assets minus non-interest bearing current liabili-
ties) minus pension and jubilee liabilities and other provisions
Net Interest-bearing debt (NIBD)
Interest-bearing liabilities (excluding provision for pensions) minus interest-bearing assets minus cash and securities
LTM
Last twelve months
Acquisition intangibles
Intangible assets recognised in connection with acquiring enterprises and activities (Goodwill and Other non-current intangible assets)
Return on invested capital (ROIC), %
Net operating profit after taxes (NOPAT LTM)
Average invested capital LTM
× 100
ROIC before acquisition intangibles (ROIC BAI), %
Net operating profit after taxes (NOPAT LTM) excluding amortisation on acquisition intangible assets
Average invested capital excluding acquisition intangible assets LTM
× 100
Free cash flow
Cash flow from operating activities minus cash flow from investing activities
Adjusted free cash flow (FCFE)
Free cash flow excluding acquisitions/divestments minus payment of lease liabilities and currency contracts related to leases
Return on equity, %
Profit for the period excluding non-controlling interests
Average equity excluding non-controlling interests
× 100
Equity ratio, %
Equity at end of period
Total assets
× 100
Financial leverage, times
Net Interest-bearing debt (NIBD)
EBITDA LTM incl. pro forma EBITDA for acquired companies
Earnings per share (EPS)
Profit for the period excluding non-controlling interests
Weighted average number of ordinary shares in circulation
Dividend per share
Dividend for the year
Number of shares at the end of the period
Number of ships
Owned and chartered ships, including slot charter and vessel sharing agreements
Passenger
Comprise activities related to persons travelling with or without car and who is carried on a ro-pax or passenger cruise ferry across the DFDS route
network.
Rounding’s may in general cause variances in sums and percentages in this report.
2023
Management review
Ferry
Logistics
Reports
Financials
Contact
Q4 and full-year 2023 interim report / p
34
ESG Definitions
Total distance sailed
Total distance sailed for vessels in commercial operation
CO2 emissions per GT nautical mile (Own fleet)
Emissions measured as gCO2 per gross tonnage nautical mile for vessels in commercial operation (Own fleet)
CO2 emissions per GT nautical mile (Route network)
Emissions measured as gCO2 per gross tonnage nautical mile for vessels in commercial operation (Route network)
Total fuel consumption (Route network)
Total consumption of heavy fuel oil (HFO) and marine gas oil (MGO) for vessels in commercial operation (Route network)
Spills (>1 barrel)
Incidents of oil spills larger than one barrel into the sea from vessels in operation
Total workforce
Percentage of women in total workforce (end of period)
Non-office based
Percentage of women of total number of non-office based employees (end of period)
Office based
Percentage of women of total number of office based employees (end of period)
Senior management
Percentage of women of total number of senior management positions defined as EVPs and VPs (end of period)
Managers
Percentage of women of total number of management positions, excluding senior management, defined as positions with responsibility for at least
one other employee (end of period)
Lost time injury frequency (LTIF), sea
Number of registered work-related accidents disabling a seafarer to work for more than 24 hours per one million exposure hours
Lost time injury frequency (LTIF), land
Number of registered work-related accidents disabling a land-based employee work for more than 24 hours per one million exposure hours
Colleagues
Number of fatalities among employees caused by work-related accidents
Contractors
Number of fatalities among third-party contractors caused by work-related accidents while operating for DFDS
Representation of women on Board of Directors
(AGM elected members)
Percentage of women of total number of members of the Board of Directors, excluding staff appointed members, elected at the Annual General
Meeting
Board nationality – non-Danish (AGM elected mem-
bers)
Percentage of non-Danish members of total number of members of the Board of Directors elected at the Annual General Meeting
Independent directors (AGM elected members)
Percentage of independent directors of total number of members of the Board of Directors elected at the Annual General Meeting
Attendance at Board meetings (All Board members)
Percentage of total number of Board meetings attended (Not gender specific)
Whistle-blower reporting
Number of cases of whistle-blower reports
2023
Management review
Ferry
Logistics
Reports
Financials
Contact
Q4 and full-year 2023 interim report / p
35
CVR 14 19 47 11
9 February 2024
Company announcement no.: 05/2023
Contact
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
Dennis Kjærsgaard Sørensen, Media, +45 42 30 38 47
Disclaimer
The statements about the future in
this announcement contain risks and uncertainties
and actual developments may therefore diverge
significantly from statements about the future.
DFDS was founded in 1866 and is headquartered and
listed in Copenhagen .