Q4 Interim and Full-year 2021 Report
GROWTH SET TO
CONTINUE IN 2022
• EBITDA increased 19% to DKK 915m in Q4
• Supply chain bottlenecks eased during Q4
• Early signs of pick-up in passenger numbers
• EBITDA expected to grow more than 20% in 2022
• Total dividend of DKK 8.00 per share planned
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Q4 2021
• Revenue up 46% to DKK 5.5bn
• Full effect of HSF Logistics Group
• Passenger result improved
Outlook 2022
• EBITDA range DKK 3.9-4.4bn
(2021: DKK 3.4bn)
• Revenue growth of 23-27%
• Investments of DKK 2.3bn
“In spite of Covid-19, Brexit, and supply
chain bottlenecks, we delivered a strong
result for 2021. In 2022, we look to
raise both revenue and earnings more
than 20%.”
Torben Carlsen, CEO
Revenue increased 46% to DKK 5.5bn driven by the
acquisition of HSF Logistics Group, higher revenue from
bunker surcharges, and a doubling of passenger revenue
from a low level in Q4 2020. Passenger revenue remained
far below pre-Covid-19 levels through 2021.
EBITDA increased 19% to DKK 915m. The total freight
EBITDA for ferry and logistics before special items
increased 9% to DKK 946m driven mainly by the
acquisition of HSF Logistics Group. Supply chain
bottlenecks eased during Q4 and towards the end of the
quarter UK freight flows also normalised. The total
EBITDA for passenger activities in the Baltic Sea, Channel,
and Passenger business units increased DKK 67m to DKK -
30m.
The Board of Directors proposes to the 2022 AGM a
dividend of DKK 4.00 per share. In addition, the Board of
Directors plan to distribute a further dividend of DKK 4.00
per share in August 2022.
Outlook 2022
The Group’s revenue is expected to increase by 23-27%
compared to 2021. The two main growth drivers are the
full-year impact of the acquisition of HSF Logistics Group
and a recovery in passenger revenue. Freight volumes are
expected to grow in most markets as well. The Group’s
EBITDA before special items is expected to be within a
range of DKK 3.9-4.4bn (2021: DKK 3.4bn). The outlook is
detailed on page 10.
Highlights Q4
8 February 2022. Conference call today at 10.00am CET
Access code: 69658763# Phone numbers to the call: DK +45 35445577, US +1 631 913 1422,
UK +44 333 300 0804
KEY FIGURES
2021
2020
2021
2020
DKK m
Q4
Q4
Change, %
Full year
Full year
Change, %
Revenue
5,482
3,761
45.7
17,869
13,971
27.9
EBITDA before special items
915
769
18.9
3,411
2,732
24.9
EBIT before special items
309
289
6.7
1,313
858
53.1
Profit before tax and special items
255
194
31.6
1,035
583
77.4
Profit before tax
259
97
167.7
1,069
466
129.5
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2021
2020
2021
2020
DKK m
Q4
Q4
Full year
Full year
Income statement
Revenue
5,482
3,761
17,869
13,971
• Ferry Division*
3,223
2,540
11,806
9,445
• Logistics Division*
2,541
1,444
7,155
5,301
• Non-allocated items
129
106
526
491
• Eliminations*
-411
-328
-1,618
-1,268
Operating profit before depreciation (EBITDA) and special
items
915
769
3,411
2,732
• Ferry Division*
741
668
2,852
2,315
• Logistics Division*
211
123
593
462
• Non-allocated items
-37
-21
-35
-45
Profit/loss on disposal of non-current assets, net
-1
0
2
5
Operating profit (EBIT) before special items
309
289
1,313
858
Special items, net
4
-97
34
-117
Operating profit (EBIT)
313
192
1,348
741
Financial items, net
-54
-95
-278
-275
Profit before tax
259
97
1,069
466
Profit for the period
256
109
976
442
Profit for the period excluding non-controlling interest
252
106
958
433
Capital
Total assets
-
-
30,721
27,006
DFDS A/S' share of equity
-
-
11,446
10,511
Equity
-
-
11,554
10,600
Net interest-bearing debt
-
-
13,481
11,361
Invested capital, end of period
-
-
25,369
22,121
Invested capital, average
24,582
22,267
23,324
22,500
2021
2020
2021
2020
DKK m
Q4
Q4
Full year
Full year
Cash flows
Cash flows from operating activities, before financial items
and after tax
850
797
3,484
2,772
Cash flows from investing activities
-1,594
-192
-3,210
-1,618
• Acquisition of enterprises and activities
-803
0
-1,765
-14
• Other investments, net
-790
-192
-1,444
-1,603
Free cash flow
-744
605
274
1,155
Repayment of lease liabilities and lease interest
-274
-161
-929
-679
Adjusted free cash flow (FCFF)
-1,018
444
-655
475
Key operating and return ratios
Average number of employees (FTE)
-
-
8,874
8,213
Number of ships
-
-
80
70
Revenue growth (reported), %
45.7
-6.2
27.9
-15.8
EBITDA-margin before special items, %
16.7
20.5
19.1
19.6
Operating margin before special items, %
5.6
7.7
7.3
6.1
Revenue/invested capital average, (times)
-
-
0.8
0.6
Return on invested capital (ROIC), %
-
-
5.3
3.0
ROIC before special items, %
-
-
5.2
3.5
Return on equity, %
-
-
8.7
4.2
Key capital and per share ratios
Equity ratio, %
-
-
37.6
39.3
Net interest-bearing debt/EBITDA, (times)**
-
-
3.7
4.2
Earnings per share (EPS), DKK
4.39
1.85
16.69
7.56
Dividend paid per share, DKK
0.00
0.00
0.00
0.00
Number of shares, end of period, '000
-
-
58,632
58,632
Weighted average number of circulating shares, '000
-
-
57,416
57,310
Share price, DKK
-
-
349.0
275.2
Market value
-
-
20,018
15,790
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per
1 January 2021. 2020 comparative figures have been restated accordingly.
** The ratio for 2021 includes a pro forma EBITDA for the last twelve month for HSF Logistics Group.
Definitions on page 32.
Key figures
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Quarterly reporting of selected key figures for ESG
(Environment, Social, Governance) was included in the
quarterly report from Q2 2021. Quarterly comparison
figures for 2020 are not available.
Focus on land-based Health & Safety is strengthened to
increase awareness and enforce additional preventive actions
ESG key figures
2021
2021
2021
2021
2021
2020
Environmental data*
Unit
Q1
Q2
Q3
Q4
Full year
Full year
Total number of ferry operating days
Days
5,757
5,694
5,827
5,919
23,197
18,774
CO2 emissions
CO2 emissions per GT mile
gCO2
14.0
13.7
13.2
13.7
13.6
13.5
Energy consumption
Total marine fuel consumption
Tonnes HFOe
180,179
198,058
189,772
203,038
771,738
619,867
Fuel consumption per nautical mile
kg HFOe/Nm
141.1
137.2
136.0
140.5
138.1
135.8
Fuel consumption per GT-nautical mile
g/GT/Nm
4.5
4.4
4.3
4.4
4.4
4.3
Oil spills
Spills (>1 barrel)
Number
0
0
0
0
0
1
2021
2021
2021
2021
2021
2020
Social data*
Unit
Q1
Q2
Q3
Q4
Full year
Full year
Average number of employees
FTE
7,965
8,042
8,208
8,312
8,328
8,213
Representation of women
Total workforce gender ratios:
%
24
24
25
24
24
23
• At sea
%
15
16
18
17
17
15
• On land
%
28
28
28
29
29
27
Senior management
%
17
17
17
17
17
16
Managers
%
10
10
13
14
14
13
Employees
%
26
26
27
27
27
26
Safety at sea
Lost-time injury frequency (LTIF)
Incidents/mill. Hours
5.3
3.7
5.5
2.9
4.3
4.1
Safety on land
Lost-time injury frequency (LTIF)
Incidents/mill. Hours
5.8
4.1
7.8
10.9
7.4
5.9
Fatalities
Colleagues
Fatalities
0
1
0
0
1
0
Contractors
Fatalities
0
0
0
0
0
2
2021
2021
2021
2021
2021
2020
Governance data
Unit
Q1
Q2
Q3
Q4
Full year
Full year
Representation of women in the Board
%
33
33
33
33
33
33
Attendance at Board meetings (All Board members)
%
100
100
100
100
100
96
*All ESG data is excluding the newly acquired HSF Logistics Group.
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Market overview
The overall European freight market continued to grow in
Q4, although some uncertainty about growth expectations
for 2022 started to emerge towards the end of the
quarter.
Turkey’s GDP-growth and further depreciation of the
Turkish Lira (TRY) continued to support industrial
production in the country’s export sector. Activity levels
also continued to grow in the Baltic region and
Scandinavia as well as most parts of Continental Europe.
The supply chain bottlenecks that led to a slowdown in
especially UK freight flows in Q3 eased during the quarter,
and towards the end of the quarter UK freight flows had
normalised. There was no material impact on freight flows
in January 2022 following the implementation of further
UK border controls on 1 January 2022 .
The European market for passenger ferry travel remained
negatively impacted by travel restrictions in Q4. Travel
restrictions were to a large extent removed in Scandinavia
but uncertainty about rising infection numbers and testing
requirements held back travel. Travel restrictions between
the UK and neighbouring continental countries were
upheld in most of the quarter and testing requirements
likewise maintained ferry travel at very low numbers.
The main changes in average exchange rates in Q4 2021
vs Q4 2020 were a depreciation of TRY/DKK by 24% and
appreciation of NOK/DKK and GBP/DKK by 8% and 6%,
respectively.
Major events in Q4
Acquisition of HSF Logistics Group completed
The second and final payment for the acquisition of HSF
Logistics Group was completed in Q4. The enterprise value
of the transaction was DKK 2.5bn and the equity value,
including payment for minority interests, was DKK 1.8bn.
See note 5 for details.
125 electric trucks ordered for logistics network
On 6 October 2021, DFDS ordered 100 Volvo FM Electric
trucks for deployment throughout the European logistics
network in 2022 and 2023. An additional 25 trucks were
ordered in December 2021.
The heavy-duty Volvo FM Electric truck can carry a
maximum weight of 44 tons (Gross Combination Weight)
and is able to drive up to 300 km when fully charged. The
trucks will initially mostly be used for shorter trips in
supply chain solutions offered to customers.
Baltic Sea route network boosted by new ferries
The freight capacity and passenger experience will be
boosted by deployment of two ferry new-buildings in
2022.
In December 2021, the first of two combined freight and
passenger ferry new-buildings (ro-pax) was delivered from
the shipyard in China. The new ferry can carry 4,500 lane
metres of freight and cars as well as 600 passengers. CO2
emissions per trailer are expected to be lowered by more
than 20% by the new ferries that comply with the new
design standards of EEDI (Energy Efficiency Design Index).
The new ferry was deployed on the Karlshamn-Klaipeda
route in late January 2022.
Acquisition of Swedish haulier
On 15 October 2021, DFDS acquired the Swedish haulier
GA Åkerierna in an asset transfer agreement. GA Åkerierna
has 19 employees, mostly truck drivers, and operates 20
own trucks and around 100 trailers. The increased haulage
capacity improves the capability to ensure fulfillment of
Swedish contract logistics activities.
Sale of two sideport ships
In December 2021, a sale and lease-back agreement
comprising two sideport and container ships was entered
into with Godby Shipping. The two ships, Lysvik (1997)
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and Lysbris (1998), will continue to be deployed on routes
between Norway, the UK, and the Continent carrying
mainly industrial paper products and containers. The
agreement includes options to extend the charters beyond
2024.
Major events after Q4
Acquisition of ICT Logistics approved
The acquisition of ICT Logistics agreed on 15 September
2021 was approved by relevant competition authorities in
January 2022. The integration was subsequently initiated.
ICT Logistics provides transport solutions between
Scandinavia and Eastern Europe, particularly Russia,
Ukraine, Romania, Latvia, and Lithuania. The company has
80 employees and annual revenue of DKK 260m.
Dividend
The Board of Directors plans to pay a total dividend of
DKK 8.00 per share in 2022 as financial leverage is, all
else being equal, expected to move towards the target
leverage range in 2022. The dividend is planned to be paid
in two instalments of DKK 4.00 per share in March and
August, respectively.
ESG actions and plans
This section provides an overview of ESG (Environment,
Social, Governance) actions and plans in addition to the
key figures reported on page 4.
Environment
DFDS’ Climate Action Plan covers short-term actions to
reduce emissions from existing assets (mainly ferries and
transport equipment), and transformative long-term
actions to de-carbonise operations.
Ferry Division
Fuel efficiency for the fleet decreased in Q4 compared to
Q3 as expected due to the shift in weather conditions
during that time of the year.
From a full-year perspective, the CO2 per GT mile
increased from 13.6 g/CO2/GT mile in 2020 to 13.7
g/CO2/GT mile in 2021. The increase is not a result of
decreasing efficiency but rather due to 2020 being an
abnormal year where a large part of the fleet was laid up
due to Covid-19. As such, 2020 is not a viable
benchmark.
Compared to 2019, full-year efficiency was improved as
CO2 emissions per GT mile of 14.1 g/CO2/GT mile was
reduced to 13.7 g/CO2/GT mile in 2021.
Short-term actions and plans
In 2021, DKK 34m was spent on 19 technical initiatives to
lower fuel consumption and reduce fleet emissions. This
included installation of route planning and propulsion
control technology, anti-fouling hull paint, new injection
systems to optimise engine combustion, and LED lights on
cargo decks. These installations are expected to reduce
emissions by 21,800 t CO2 in 2022.
Transformative actions and plans
DFDS has an ambition to deploy a green freight ferry in
the route network by 2025. In 2021, a new focused
department, Sustainable Fleet Projects, was established
to gather the competencies needed to secure a green
transition of the fleet. Retrofitting and new-building
options are currently being analysed, including new
technologies and fuels. This is done in close collaboration
with our customers and other stakeholders. The overall
aim is to create green corridors in the network that offer
green transport options.
Logistics Division
The overall ambition is to de-carbonise the fleet with
electric trucks and trucks using sustainable fuels for short
and long-haul assignments. 125 electric trucks were
ordered in Q4 2021, following the delivery of a first
electric truck in August 2021. The remaining trucks will be
taken into use in 2022 and 2023. Dialogues are ongoing
with customers about deployment of the first electric
trucks and other initiatives to ensure more sustainable
supply chains.
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Social
Diversity & Inclusion
In 2021, the land-based female ratio increased from 27%
to 29%, and the sea-based female ratio increased from
15% to 17%. The female ratio for senior management and
managers both increased 1 ppt to 17% and 14%,
respectively.
We expect the land-based gender ratio will decrease from
29% in 2021 to 25% in 2022 following the acquisition of
HSF Logistics Group. This is a consequence of the
integration of companies from the historically male-
dominant logistics industry. This increases the challenge
of ensuring that attention to D&I is shared by new
colleagues.
Several actions to improve diversity and inclusion were
implemented in Q4 2021:
• D&I focal point of a case during selection of
participants for Horizon, a 12-month talent
development program
• Development of internal campaign to highlight zero
tolerance policy towards harassment, bullying, and
discrimination
• Education of Mental Health First Aid responders
amongst employees in the UK and Ireland and
wellbeing seminars for employees and managers held
throughout the company.
Safety
The lost-time injury frequency (LTIF) for land-based
operations increased in Q4 2021 compared to Q4 2020,
driven by more incidents in terminals but also due to an
increased focus on reporting of incidents. LTIF in the
Logistics Division improved during Q4 2021 compared to
Q4 2020.
The Q4 LTIF for sea-based operations was on par with Q4
2020 and below the full-year average. The Health &
Safety (H&S) organisation, strengthened with the
appointment of a new Global Director for land-based H&S,
will in 2022 focus on improving employee awareness of
H&S issues and enforce additional preventive actions..
Furthermore, HSF Logistics Group entities will be
integrated and DFDS’ H&S practices will be adopted.
Governance
New DFDS Data Ethics policy launched
We are committed to ensuring that employees, customers,
and business partners can entrust us with their data. Our
Data Ethics policy was approved by the Board of Directors
in Q4 and sets a vision for working with data in an ethical
manner. It is based on three principles: Security,
Confidentiality, and Integrity.
Responsible Procurement Program launched
The work to ensure sustainable supply chains continues: in
Q4 2021, a Responsible Procurement Program was
launched. The program consolidates a range of existing
and new tools such as the Supplier Code of Conduct, ESG
performance, and risk assessments for suppliers, and tools
to measure scope 3 emissions in supply chains. The goal is
to increase transparency throughout supply chains and
ensure that collaboration with major suppliers is aligned
with our ESG framework.
Financial performance
Revenue
The Group’s Q4 revenue was DKK 5,482m, an increase of
45.7% compared to 2020.
The Group’s full-year revenue was DKK 17,869m, an
increase of 27.9% compared to 2020.
Revenue
DKK m
Q4 2021
Q4 2020
Change, %
Change
Ferry Division*
3,223
2,540
26.9
682
Logistics Division*
2,541
1,444
76.0
1,098
Non-allocated items
129
106
22.5
24
Eliminations
-411
-328
-25.3
-83
DFDS Group
5,482
3,761
45.7
1,721
*North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparative figures have
been restated accordingly.
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Ferry Division’s Q4 revenue increased 26.9% to
DKK 3,223m despite 8.2% lower freight volumes as
stockbuilding ahead of Brexit boosted volumes in Q4
2020. The lower revenue from volumes was however
more than offset by the launch of two new freight routes
connecting Ireland-France and Turkey-Spain, respectively,
and a considerable increase in revenue from bunker
surcharges due to a higher oil price. The latter equalled 12
ppt of the revenue growth. In addition, passenger revenue
more than doubled, albeit from a low level, as more
passengers travelled between Norway and Denmark and
duty-free sales on UK routes increased.
Logistics Division’s Q4 revenue increased 76.0% to
DKK 2,541m mainly due to the acquisition of HSF
Logistics Group. Moreover, unit revenue increased to cover
rising carrier costs and customs clearance activities also
increased revenue.
Operating profit before depreciation (EBITDA) and
special items
The Group’s Q4 EBITDA increased 19% to of DKK 915m
driven by higher earnings in both divisions.
The Group’s full-year EBITDA increased 25% to
DKK 3,411m likewise driven by higher earnings in both
divisions.
Ferry Division’s Q4 EBITDA increased 11% to DKK 741m.
The EBITDA for freight ferry activities of DKK 772m was
on level with 2020 as new routes and higher earnings in
Mediterranean offset lower earnings in North Sea and
Channel that last year were boosted by the UK
Operating profit before depreciation (EBITDA) & special items
DKK m
Q4 2021
Q4 2020
Change, %
Change
Ferry Division*
741
668
10.9
73
Logistics Division*
211
123
71.9
88
Non-allocated items
-37
-21
-71.6
-15
DFDS Group
915
769
18.9
146
EBITDA-margin, %
16.7
20.5
-18.4
-3.8
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparative figures have
been restated accordingly.
Associates and joint ventures, profits on disposals and depreciation
DKK m
Q4 2021
Q4 2020
Change, %
Change
EBITDA before special items
915
769
18.9
146
Associates and joint ventures
-4
0
N/A
-4
Profit on disposals
-1
0
205.7
0
Depreciation and impairment
-602
-480
-25.3
-121
EBIT before special items
309
289
6.8
20
Financial items
DKK m
Q4 2021
Q4 2020
Change, %
Change
Interests, net
-73
-72
0.0
0
Foreign exchange gains/losses, net
24
-18
-229.3
42
Other items, net
-5
-5
-7.2
0
Total finance, net
-54
-95
43.8
42
0
200
400
600
800
1,000
1,200
1,400
Q1 Q2 Q3 Q4
DKK m
DFDS GROUP - EBITDA BEFORE SPECIAL ITEMS
2019 2020 2021
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Ferry Division’s Q4 revenue increased 26.9% to
DKK 3,223m despite 8.2% lower freight volumes as
stockbuilding ahead of Brexit boosted volumes in Q4
2020. The lower revenue from volumes was however
more than offset by the launch of two new freight routes
connecting Ireland-France and Turkey-Spain, respectively,
and a considerable increase in revenue from bunker
surcharges due to a higher oil price. The latter equalled 12
ppt of the revenue growth. In addition, passenger revenue
more than doubled, albeit from a low level, as more
passengers travelled between Norway and Denmark and
duty-free sales on UK routes increased.
Logistics Division’s Q4 revenue increased 76.0% to
DKK 2,541m mainly due to the acquisition of HSF
Logistics Group. Moreover, unit revenue increased to cover
rising carrier costs and customs clearance activities also
increased revenue.
Operating profit before depreciation (EBITDA) and
special items
The Group’s Q4 EBITDA increased 19% to of DKK 915m
driven by higher earnings in both divisions.
The Group’s full-year EBITDA increased 25% to
DKK 3,411m likewise driven by higher earnings in both
divisions.
Ferry Division’s Q4 EBITDA increased 11% to DKK 741m.
The EBITDA for freight ferry activities of DKK 772m was
on level with 2020 as new routes and higher earnings in
Mediterranean offset lower earnings in North Sea and
Channel that last year were boosted by the UK
stockbuilding ahead of Brexit. The EBITDA for the
passenger activities improved DKK 67m to DKK -30m but
remained overall severely reduced by travel restrictions in
Q4 2021.
Logistics Division’s Q4 EBITDA increased 72% to
DKK 211m driven by the acquisition of HSF Logistics
Group. In the existing business, most contract logistics
activities increased earnings due to high demand for
solutions while the earnings of the forwarding activities
were reduced by lags in the cost coverage of rising carrier
costs.
Depreciation and operating profit (EBIT) before
special items
Depreciation in Q4 of DKK 602m increased 25% compared
to 2020, due partly to depreciation on additional
chartered freight ferries deployed on new routes, and
partly to the acquisition of HSF Logistics Group.
Depreciation for the full-year 2021 of DKK 2,087m
increased 11% compared to 2020.
The Group’s Q4 EBIT before special items increased 7% to
DKK 309m. For the full-year 2021, EBIT before special
items increased 53% or DKK 455m to DKK 1,313m.
Special items and operating profit (EBIT) after special
items
In Q4 2021, special items were a net income of DKK 4m as
accounting gains from asset sales and sale of a minority
shareholding were offset by restructuring provisions.
For the full-year 2021, special items were a net income of
DKK 34m.
The Group’s Q4 EBIT after special items increased 63% to
DKK 313m due to a positive variance of DKK 101m for
special items as Q4 2020 included significant one-off
costs. For the full-year 2021, EBIT after special items
increased DKK 607m or 82% to DKK 1,348m.
Financial items
Total finance, net in Q4 was a cost of DKK 54m, a
decrease of DKK 42m compared to Q4 2020. The net
interest cost was on level with 2020 while the variance
for net currency adjustments was positive by DKK 42m.
The latter variance was due to a net gain of DKK 24m in
Q4 2021, mainly related to TRY, while currency
adjustments were a net loss in 2020.
Total finance, net for the full-year 2021 was a cost of
DKK 278m which was on level with 2020.
Profit before special items and tax
The Q4 profit before special items and tax increased 32%
to DKK 255m, and the profit for the period of DKK 256m
was 135% above 2020.
For full-year 2021, the profit before special items and tax
increased 77% to DKK 1,035m and the profit for the
period was DKK 976m.
Earnings per share
Q4 earnings per share (EPS) of DKK 4.39 was 137% higher
than in Q4 2020. For the full-year 2021, earnings per
2021
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share (EPS) increased 121% to DKK 16.69 from DKK 7.56
in 2020.
Cash flow and investments
The Q4 cash flow from operating activities increased 6%
to DKK 843m, including a negative cash flow impact of
DKK 94m from an increase in working capital partly due to
the acquisition of HSF Logistics Group.
Net investments in Q4 were a negative cash flow of
DKK 1,594m, including a second and final payment of
DKK 789m for the acquisition of HSF Logistics Group. The
remaining investments of DKK 805m included DKK 616m
of ferry investments, of which DKK 395m was new-
buildings, and DKK 99m in proceeds from sale of a ferries.
In addition, DKK 280m was invested in port terminals and
cargo carrying equipment, including tug-masters, trailers,
and containers.
The Q4 free cash flow (FCFF) was DKK -744m and
DKK -1,018m adjusted for payment of lease liabilities
including interest.
The Q4 cash flow from financing activities was positive by
DKK 319m. This included a net cash inflow from loans of
DKK 561m and payment of lease liabilities of DKK 242m.
The Q4 net cash flow was negative by DKK 487m, and
cash and cash equivalents thus decreased to DKK 902m at
the end of Q4.
For the full-year 2021, the cash flow from operating
activities was DKK 3.5bn and the free cash flow (FCFF)
before acquisitions was DKK 2.0bn and DKK 1.1bn
adjusted for payment of lease liabilities including interest.
Net investments in 2021 were a negative cash flow of
DKK 3.2bn that included acquisitions of DKK 1.8bn. The
cash flow from financing activities was negative by
DKK 359m and the net cash flow for 2021 was negative
by DKK 360m.
Invested capital and ROIC
Invested capital increased 15% to DKK 25.4bn at the end
of Q4 2021 compared to the same period in 2020. The
increase was mostly due to the addition of the invested
capital from the acquisition of HSF Logistics Group. The
average invested capital for the full-year 2021 increased
4% compared to 2020.
The return on invested capital, ROIC, for Q4 2021 (last
twelve months) improved to 5.2% before special items
compared to 3.5% for 2020.
Capital structure
At the end of Q4 2021 net-interest-bearing debt (NIBD)
was DKK 13.5bn, an increase of 19% compared to the end
of Q4 2020. The increase was primarily due to the
acquisition of HSF Logistics Group. Financial leverage, as
measured by the ratio of NIBD to EBITDA before special
items, was a ratio of 3.7 compared to 4.2 at year-end
2020. The ratio for 2021 includes a pro forma EBITDA for
the last twelve months for HSF Logistics Group.
Equity
Equity amounted to DKK 11,554m at the end of Q4 2021,
including non-controlling interests of DKK 108m. This was
an increase of 9% compared to the end of Q4 2020. Total
comprehensive income for Q4 2021 was DKK 332m. There
were no material transactions with owners in Q4 2021.
The equity ratio was 38% at the end of Q4 2021
compared to 39% at the end of Q4 2020. The decrease
was due to the consolidation of HSF Logistics Group.
Outlook 2022
The outlook for 2022 builds on multiple assumptions that
may change significantly as the year progresses.
Visibility continues to be reduced by Covid-19, particularly
with regard to its effect on European passenger ferry
markets.
General market growth prospects
The current consensus outlook for GDP-growth in 2022
(Gross Domestic Product) for Europe and Turkey is 4.0%
and 3.5%, respectively (Source: Thomson Reuters).
Turkey’s export to Europe benefited from the depreciation
of TRY vs EUR in 2021 and this trend is expected to
continue in 2022. Inflation is expected to be elevated in
2022 and this is likely to increase the imbalance between
Turkey’s export and import growth. Geopolitical risks
related to Turkey could dampen the expected growth,
both short and long-term.
Key freight outlook assumptions for 2022
Freight volumes are expected to grow in most of our
markets in 2022.
2021
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The North Sea and Channel ferry business units as well as
the Logistics Division have a high share of activities linked
to the UK. Freight volumes linked to the UK market are
expected to grow in 2022 following the slowdown in
2021, especially across the Channel.
The UK freight market will in 2022 still be in a transition
phase as final implementation of the Brexit trade
agreement is completed in steps during 2022.
The entry of a third ferry operator on the Dover Strait
creates considerable overcapacity in the market,
especially since freight volumes have declined since 2019.
The overcapacity is likely to increase price pressure in the
market and reduce incumbents’ market share.
The Mediterranean business unit is expected to benefit in
2022 from continued growth in Turkish export volumes
supported by capacity expansion and further optimisation
of operations.
Ferry and logistics volumes are expected to continue to
grow in the Baltic region. Additional freight ferry capacity
has been attracted in recent years and capacity growth is
expected to exceed market growth in 2022. Our
deployment of two new combined freight and passenger
ferries is expected to strengthen the customer offering in
2022.
The Logistics Division’s revenue and earnings are expected
to grow significantly in 2022, primarily due to the full-
year impact of the HSF Logistics Group acquired with
effect from 14 September 2021. Margins for both the Dry
and Cold Chain forwarding and logistics activities are
expected to improve in 2022, partly due to a higher level
of cost coverage.
Freight flows may also in 2022 be impacted by supply
chain bottlenecks, although it is anticipated that such
impacts will be less severe than in 2021.
In February 2022, the EU Mobility Package comes into
effect concerning alignment of minimum wages for truck
drivers across member states, return of trucks to country
of origin, and cabotage rules. DFDS is well prepared to
comply with the new rules. The package is expected to
entail a general cost increase for haulage services.
Key passenger outlook assumptions for 2022
The EBITDA for passenger services across business units -
Passenger, Channel and Baltic Sea - was reduced by
around DKK 1bn in 2020 compared to 2019, and remained
on level with 2020 in 2021. This was a consequence of
the travel restrictions that were imposed to limit the
spread of Covid-19.
The outlook initially assumes that around 50% of the
EBITDA decrease of the two previous years is regained in
2022. The current most likely scenario is that travel
restrictions will continue to limit travel in Q1 2022 while
subsequent easings of restrictions and a gradual return to
historic travel patterns are expected to increase the
number of passengers compared to 2021. The number of
passengers in 2021 was 83% below the pre-Covid-19
level in 2019.
The entry of a third ferry operator on the Dover Strait
creates considerable overcapacity in the market. The
overcapacity is likely to increase price pressure in the
market and reduce incumbents’ market share. Duty-free
sales are expected to mitigate these effects somewhat.
OUTLOOK 2022
DKK m
Outlook 2022
2021
Revenue growth
23-27%
17,869
EBITDA before special items
3,900-4,400
3,411
Per division:
Ferry Division
3,050-3,450
2,852
Logistics Division
900-1,000
593
Non-allocated items
-50
-35
Investments
-2,300
-3,210
Types:
Operating
-1,400
-975
Ferries: sale & purchase and new-buildings
-800
-490
Acquisitions
-100
-1,745
2021
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The high season for ferry travel is Q3 and the outlook is
thus especially sensitive to the scope of travel restrictions
in this quarter.
Revenue outlook
The Group’s revenue is expected to increase by 23-27%
compared to 2021.
The two main growth drivers are the full-year impact of
the acquisition of the HSF Logistics Group, and the
assumed recovery in passenger volumes. In addition,
freight volumes are expected to grow in most markets in
2022.
Earnings outlook
Based on the above assumptions, the Group’s EBITDA
before special items is expected to be within a range of
DKK 3.9-4.4bn (2021: DKK 3.4bn). See outlook table for
divisional split.
Investments
Investments of around DKK 2.3bn are expected in 2022:
• One combined freight and passenger ferry new building
and exercise of a purchase option to buy one freight
ferry: DKK 800m
• Dockings and ferry upgrades, including energy
efficiency projects: DKK 600m
• Port terminals and other equipment: DKK 300m
• Cargo carrying equipment and warehouses, mainly
related to Logistics Division: DKK 400m
• Other investments, including digital and the acquisition
of ICT Logistics completed in January 2022:
DKK 200m.
Capital structure
The financial leverage, as measured by the ratio between
NIBD and EBITDA, is expected to decrease from 3.7 at
year-end 2021 towards the target range of 2.0-3.0 by
year-end 2022. This includes payment of dividend as
proposed on page 6.
Various risks and uncertainties pertain
to the outlook
The most important among these are possible major
changes in the demand for ferry services – for freight and
passengers - and logistics solutions.
Such demand is to a large extent linked to the level of eco-
nomic activity and trade in primarily Europe, especially
northern Europe, and in particular the UK, as well as adja-
cent regions, particularly Turkey.
Demand can also be impacted by competitor actions, sup-
ply chain disruptions, and extraordinary events such as vi-
rus outbreaks. Covid-19 continues to constitute a signifi-
cant risk, particularly for the passenger ferry services.
The outlook can moreover be impacted by political changes,
first and foremost within the EU and Turkey. The introduc-
tion of a new trade agreement between the EU and the UK,
that is yet to be fully implemented, and its possible conse-
quences on trade constitutes an important risk.
Changes in economic variables, especially oil prices and ex-
change rates, can furthermore impact earnings.
Future financial results may therefore differ significantly
from the outlook expectations.
2021
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Baltic Sea route network boosted by new ferries
The freight capacity and passenger experience will be boosted
by deployment of two ferry new-buildings in 2022. The first
ferry, Aura Seaways, is here on her way from China to the
Balctic Sea where she was deployed on the Karlshamn-
Klaipeda route in late January 2022.
2021
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Q4 Interim and Full-year 2021 Report / p 14
The division is organised in five
business units:
• North Sea
• Mediterranean
• Channel
• Baltic Sea
• Passenger
Q4 market, activity and result trends
Total Q4 freight volumes decreased 8.2% compared to
2020 and increased 4.1% compared to 2019. The decrease
compared to 2020 was due to 15.1% lower volumes on all
UK routes following stockbuilding ahead of Brexit that
boosted volumes in Q4 2020.
Total Q4 passenger volumes increased 55.1% compared
to 2020 and decreased 70.8% compared to 2019.
North Sea
Q4 freight volumes were down 8.5% due to lower volumes
on all UK routes as stockbuilding ahead of Brexit boosted
volumes in Q4 2020. Volumes between Sweden and
Belgium were above last year. The supply chain
bottlenecks that impacted operations in Q3, especially UK
routes, eased through the quarter and operations were
normalised at the end of the quarter.
Q4 EBITDA of DKK 325m was 5% lower than in 2020 due
to the extra volumes transported in 2020 as part of the
UK stockbuilding.
Mediterranean
Q4 freight volumes increased 6.4% adjusted for the
opening of a new route between Turkey and Spain. The
increase reflects continued growth in Turkish exports to
Europe supported by depreciation of the Turkish lira. The
route network capacity was expanded with one ferry in
the quarter to accommodate the growth, especially
between Italy and Turkey.
Q4 EBITDA increased 29% to DKK 297m driven by the
higher volumes as well as improved results for the port
terminal and rail activities.
Channel
Q4 freight volumes were 16.8% below 2020 adjusted for
the new route between Ireland and France launched on 2
January 2021. The volume decrease versus Q4 2020
mainly reflects the boost from stockbuilding ahead of
Brexit in the UK last year. Volumes carried by the new
Ferry Division
Ferry Division
2021
2021
2020*
2020*
DKK m
Q1
Q2
Q3
Q4
Full year
Q1
Q2
Q3
Q4
Full year
Revenue
2,594
2,960
3,029
3,223
11,806
2,628
1,808
2,469
2,540
9,445
EBITDA before special items
641
766
704
741
2,852
525
392
730
668
2,315
Share of profit/loss of associates and
joint ventures
-3
-2
-3
-4
-13
-2
-2
-2
0
-5
Profit/loss on disposal of non-current assets, net
1
0
1
2
4
0
0
1
0
1
Depreciation and impairment
-387
-420
-422
-455
-1,684
-386
-368
-366
-390
-1,509
EBIT before special items
251
343
281
284
1,160
137
23
363
278
802
EBIT margin before special items, %
9.7
11.6
9.3
8.8
9.8
5.2
1.3
14.7
11.0
8.5
Special items, net
0
20
0
-8
12
0
79
-72
-105
-98
EBIT
251
364
281
277
1,172
137
102
291
173
703
Invested capital, average
20,299
20,668
20,539
20,371
20,442
20,214
20,235
20,275
20,259
20,222
ROIC before special items, %
-
-
-
-
5.3
-
-
-
-
3.8
Average number of employees
-
-
-
-
5,381
-
-
-
-
5,452
Lane metres, '000
10,246
11,078
10,602
11,085
43,011
10,079
8,394
10,529
11,883
40,886
Tons, '000
167
147
162
157
633
194
166
138
166
664
Passengers, '000
83
109
388
289
869
579
152
578
186
1,498
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparative figures have
been restated accordingly.
2021
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Q4 Interim and Full-year 2021 Report / p 15
route between Ireland and France remained high in the
quarter.
Q4 passenger volumes were up 9.4% as travel restrictions,
including testing requirements, remained in place through
most of the quarter. Duty-free sales increased mainly due
to higher spend from truck drivers. A new border shop in
the port of Calais was opened in the quarter.
Q4 EBITDA decreased 21% to DKK 102m due to the drop
in freight volumes on the English Channel routes as well
as higher operating costs. This was partly offset by
earnings from the new route and a higher result for
passenger services.
Baltic Sea
Q4 freight volumes were down 3.5% as capacity between
Sweden and Estonia was reduced from two ferries in 2020
to one ferry in this quarter. Volumes were otherwise above
last year in the rest of the route network.
Passenger volumes were 13.7% below 2020 due to
capacity reduction between Sweden and Estonia.
Q4 EBITDA of DKK 80m was on level with 2020 as the
lower freight and passenger volumes were offset by lower
ferry operating costs.
Passenger
Passenger volumes increased to 118k from 21k in Q4
2020. The increase was mainly driven by more passengers
between Norway and Denmark, partly due to fewer
departures in 2020, and partly due to easing of travel
restrictions in the quarter. The number of passengers
between the UK and the Netherlands was still at a very
low level due to more severe travel restrictions.
Q4 EBITDA increased DKK 56m to DKK -87m following
the uplift in activity between Norway and Denmark.
Non-allocated items
These items primarily include external charter activities.
Q4 EBITDA decreased 18% to DKK 25m.
2021
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Q4 Interim and Full-year 2021 Report / p 16
Ferry Division
2021
2021
2020
2020
DKK m
Q1
Q2
Q3
Q4
Full year
Q1
Q2
Q3
Q4
Full year
North Sea*
Revenue
971
1,117
991
1,081
4,161
944
707
816
953
3,420
EBITDA before special items
301
378
284
325
1,287
291
252
282
342
1,168
EBIT before special items
150
229
142
169
690
145
122
154
190
610
Invested capital
6,762
6,811
6,253
5,930
6,362
5,931
5,964
5,856
6,054
5,951
ROIC before special items, %
-
-
-
-
10.6
-
-
-
-
10.1
Lane metres freight, '000
3,358
3,609
3,362
3,439
13,769
3,350
2,657
3,264
3,758
13,028
Tons, '000
167
147
162
157
633
194
166
138
166
664
Mediterranean
Revenue
670
743
740
841
2,993
581
331
529
631
2,071
EBITDA before special items
248
257
276
297
1,078
147
66
188
230
631
EBIT before special items
155
154
160
166
635
55
-26
90
126
245
Invested capital
9,558
9,408
9,182
9,192
9,375
9,858
9,910
9,798
9,535
9,787
ROIC before special items, %
-
-
-
-
6.3
-
-
-
-
2.4
Lane metres freight, '000
1,191
1,265
1,229
1,349
5,034
1,087
696
1,045
1,206
4,034
Channel
Revenue
568
643
681
728
2,619
512
361
573
566
2,012
EBITDA before special items
74
104
78
102
358
39
32
135
129
334
EBIT before special items
-16
7
-18
10
-16
-22
-27
73
67
91
Invested capital
1,701
2,250
2,133
2,040
1,939
1,811
1,779
1,677
1,573
1,713
ROIC before special items, %
-
-
-
-
-1.2
-
-
-
-
5.2
Lane metres freight, ‘000
4,531
4,923
4,767
5,094
19,316
4,404
3,939
5,016
5,672
19,031
Passengers, ‘000
38
50
224
130
441
367
98
406
119
989
Baltic Sea
Revenue
306
361
382
333
1,381
323
307
327
310
1,268
EBITDA before special items
83
111
118
80
391
97
119
138
80
434
EBIT before special items
51
68
80
26
226
57
78
95
39
268
Invested capital
1,525
1,320
1,689
1,620
1,600
1,712
1,642
1,646
1,844
1,625
ROIC before special items, %
-
-
-
-
14.0
-
-
-
-
16.4
Lane metres freight, ‘000
1,104
1,199
1,108
1,056
4,467
1,140
1,100
1,099
1,094
4,434
Passengers, ‘000
40
53
79
41
214
39
54
69
47
209
Passenger
Revenue
31
40
184
208
463
209
27
190
62
489
EBITDA before special items
-100
-120
-85
-87
-392
-87
-101
-42
-143
-373
EBIT before special items
-124
-147
-109
-108
-488
-130
-146
-75
-172
-524
Invested capital
629
731
751
699
677
871
673
634
575
722
ROIC before special items, %
-
-
-
-
-72.6
-
-
-
-
-73.1
Lane metres freight, '000
61
82
136
147
425
99
2
104
154
359
Passengers, '000
5
6
84
118
214
173
3
104
21
300
Non-allocated items
Revenue
86
102
105
164
456
102
111
91
132
436
EBITDA before special items
36
36
34
25
131
39
24
28
31
122
EBIT before special items
35
33
25
22
115
32
23
27
29
112
The invested capital in the quarter is shown as per the end of the period.
For the full year and LTM, the invested capital is shown as an average.
* North Sea port logistics activities have been transferred from the Ferry
Division to the Logistics Division per 1 January 2021. 2020 comparison
figures are restated accordingly.
2021
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Q4 Interim and Full-year 2021 Report / p 17
The division is organised in two
business units:
• Dry Goods
• Cold Chain
Q4 market, activity and result trends
Total Q4 logistics volumes increased 3.2% compared to
2020, excluding HSF Logistics Group.
HSF Logistics Group was consolidated from 14 September
in the Cold Chain business unit. Volume figures are not
reported for HSF Logistics Group in 2021.
The Logistics Division has been reorganised in two
business units: Dry Goods and Cold Chain. The Cold Chain
activities embedded in DFDS’ three former business units –
Nordic, Continent and UK & Ireland – were merged with the
HSF Logistics Group to form the Cold Chain business unit.
The remaining activities of the former business units are
organised in Dry Goods. Comparative figures for the new
business units have been restated accordingly.
Dry Goods
The number of units transported in Q4 decreased 1.5%.
Forwarding volumes between the UK and Scandinavia/
Continent were below Q4 2020 due to the stockbuilding
last year ahead of Brexit. This was partly offset by higher
volumes between the UK and Northern Ireland as well as
an increase in Irish volumes. The demand for contract
logistics solutions was robust, although some automotive
flows were reduced by supply chain bottlenecks.
Q4 EBITDA decreased 23% to DKK 66m due to lower
earnings for the forwarding activities. This was mostly due
to lags in cost coverage of rising carrier costs and
imbalances in some traffics, partly caused by disruptions
of customer production flows. The result for contract
logistics and specialised transport solutions were above
2020.
Cold Chain
The number of units transported in Q4 decreased 10.1%,
excluding HSF Logistics Group, due to lower activity levels
in both UK and continental operations. This was due to
lower aquaculture harvesting in Scotland, less demand for
UK exports, as well as negative impacts from Covid-19 in
both demand and supply chains. The latter especially
impacted the distribution centres in the Netherlands. The
Scandinavia forwarding and domestic distribution
activities were negatively impacted by truck driver
shortages in the quarter.
Q4 EBITDA increased from DKK 37m in Q4 2020 to
DKK 145m in Q4 2021 mainly driven by the addition of
HSF Logistics Group.
Logistics Division
Logistics Division
2021
2021
2020*
2020*
DKK m
Q1
Q2
Q3
Q4
Full year
Q1
Q2
Q3
Q4
Full year
Revenue
1,426
1,554
1,633
2,541
7,155
1,394
1,147
1,316
1,444
5,301
EBITDA before special items
101
126
155
211
593
95
95
150
123
462
Profit/loss on disposal of non-current assets, net
0
1
0
-2
-1
2
2
0
0
3
Depreciation and impairment
-62
-61
-73
-127
-322
-74
-74
-74
-70
-292
EBIT before special items
39
66
83
81
269
22
22
76
52
173
EBIT margin before special items, %
2.7
4.2
5.1
3.2
3.8
1.6
1.9
5.8
3.6
3.3
Special items, net
0
-19
25
-4
2
0
-4
-7
-1
-12
EBIT
39
47
109
77
271
22
18
69
51
161
Invested capital, average**
1,469
1,497
2,720
4,091
2,520
1,737
1,727
1,584
1,465
1,613
ROIC before special items, %
-
-
-
-
8.6
-
-
-
-
8.5
Average number of employees
-
-
-
-
2,774
-
-
-
-
2,112
Units, '000
132
141
136
135
544
136
114
134
142
525
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 January 2021. 2020 comparative figures have
been restated accordingly.
** Increase in invested capital in Q3 and Q4 2021 is impacted by acquisition of HSF Group.
2021
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Q4 Interim and Full-year 2021 Report / p 18
Logistics Division
2021
2021
2020
2020
DKK m
Q1
Q2
Q3
Q4
Full year
Q1
Q2
Q3
Q4
Full year
Dry Goods
Revenue
1,208
1,297
1,254
1,407
5,166
1,155
960
1,066
1,201
4,381
EBITDA before special items
70
83
93
66
312
64
57
95
86
301
EBIT before special items
23
38
44
20
125
14
7
46
36
103
Invested capital
1,038
989
922
1,103
1,009
1,262
1,167
1,033
991
1,125
ROIC before special items, %
-
-
-
-
9.8
-
-
-
-
7.5
Units, '000
79.0
85.1
77.9
83.4
325.4
77.3
62.3
75.2
84.6
299.4
Cold Chain
Revenue
359
407
544
1,360
2,669
361
313
368
358
1,400
EBITDA before special items
31
43
63
145
281
31
38
55
37
161
EBIT before special items
16
28
39
62
145
8
16
30
15
70
Invested capital*
475
492
3,037
3,122
1,512
528
495
472
434
488
ROIC before special items, %
-
-
-
-
7.7
-
-
-
-
10.9
Units, '000**
53.5
56.2
57.7
51.5
218.9
58.8
51.4
58.3
57.3
225.8
* The quarterly invested capital is shown as per the end of the period. For the full-year, the invested capital is shown as an average.
In Q3 2021, Cold Chain’s invested capital includes HSF Logistics Group.
** Unit volumes for HSF Logistics Group are not included.
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Management statement
Executive Board Torben Carlsen , CEO . Ka rina Deaco n , CFO
Board of directors Clau s Hemmin gsen , Chai r . Klaus N yborg , Vice Chair
2021
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2021
2020
2021
2020
DKK m
Note
Q4
Q4
Full year
Full year
Revenue
3
Costs
Ferry and other ship operation and maintenance
-1,363
-675
-3,880
-2,569
Freight handling
-681
-662
-2,598
-2,383
Transport solutions
-1,258
-815
-3,893
-2,905
Employee costs
-1,079
-719
-3,444
-2,862
Costs of sales and administration
-185
-120
-643
-520
Operating profit before depreciation (EBITDA) and special items
Share of profit/loss of associates and joint ventures
-4
-13
-5
Profit/loss on disposal of non-current assets, net
-1
Depreciation, ferries and other ships
-358
-291
-1,322
-1,153
Depreciation, other non-current assets
-244
-190
-766
-721
Operating profit (EBIT) before special items
Special items, net
4
-97
-117
Operating profit (EBIT)
Financial income
Financial costs
-77
-97
-307
-280
Profit before tax
Tax on profit
-4
-94
-24
Profit for the period
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
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
DFDS Group Income statement
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2021
2020
2021
2020
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
-29
-59
Tax on items that will not be reclassified to the Income statement
-25
-25
Items that will not be reclassified subsequently to the Income statement
-29
-59
Items that are or may be reclassified subsequently to the Income statement:
Value adjustment of hedging instruments:
Value adjustment for the period
-73
-103
Value adjustment transferred to operating costs
-20
-56
Value adjustment transferred to financial costs
Value adjustment transferred to non-current tangible assets
-43
-7
-139
-38
Tax on items that may be reclassified to the Income statement
-1
Foreign exchange adjustments, subsidiaries
-37
Items that are or may be reclassified subsequently to the Income statement
-39
-1
-124
-147
Total other comprehensive income after tax
-30
-9
-206
Total comprehensive income
Attributable to:
Equity holders of DFDS A/S
Non-controlling interests
Total comprehensive income
DFDS Group – Statement of Comprehensive income
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DFDS Group - Balance sheet
Assets
2021
2020
DKK m
Full year
Full year
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
Pension assets
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 classified as held for sale
Total current assets
Assets
Equity and liabilities
2021
2020
DKK m
Full year
Full year
Share capital
Reserves
-396
-273
Retained earnings
Proposed dividends
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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Reserves
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Proposed
dividends
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2021
-394
-25
Comprehensive income for the period
Profit for the period
Other comprehensive income
Items that will not be reclassified subsequently to the Income statement:
Remeasurement of defined benefit pension obligations
-1
Tax on items that will not be reclassified to the Income statement
-25
-25
-25
Items that will not subsequently be reclassified to the Income statement
-1
Items that are or may be reclassified subsequently to the Income statement:
Value adjustment of hedging instruments for the period
Value adjustment transferred to operating costs
-56
-56
-56
Value adjustment transferred to financial costs
Value adjustment transferred to non-current tangible assets
-139
-139
-139
Tax on items that will be reclassified to the Income statement
-1
-1
-1
Foreign exchange adjustments, subsidiaries
Items that are or may subsequently be reclassified to the Income statement
-151
-1
-124
-124
Total other comprehensive income after tax
-151
-8
-1
-9
Total comprehensive income
-151
Transactions with owners
Proposed dividend at year-end
-235
Addition regarding acquisition, non-controlling interests
Share-based payments
Purchase of treasury shares
-4
-71
-75
-75
Cash from sale of treasury shares related to exercise of share options
Transactions with owners
-249
-15
-12
Equity at 31 December 2021
-366
-5
-25
DFDS Group - Statement of changes in equity 1 January - 31 December 2021
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Reserves
DKK m
Share
capital
Translation
reserve
Hedging
Reserve
Treasury
shares
Retained
earnings
Proposed
dividends
Equity
attributable
to equity
holders
of DFDS A/S
Non-
controlling
interests
Total
Equity at 1 January 2020
-357
-28
Comprehensive income for the period
Profit for the period
Other comprehensive income
Items that will not subsequently be reclassified to the income statement:
Remeasurement of defined benefit pension obligations
-59
-59
-59
Items that will not subsequently be reclassified to the Income statement
-59
-59
-59
Items that are or may be reclassified subsequently to the Income statement:
Value adjustment of hedging instruments for the period
-103
-103
-103
Value adjustment transferred to operating costs
Value adjustment transferred to financial costs
Value adjustment transferred to non-current tangible assets
-38
-38
-38
Tax on items that will be reclassified to the Income statement
Foreign exchange adjustments, subsidiaries
-37
-37
-37
Items that are or may subsequently be reclassified to the Income statement
-37
-119
-147
-147
Total other comprehensive income after tax
-37
-119
-50
-206
-206
Total comprehensive income
-37
-119
Transactions with owners
Acquisition, non-controlling interests
-1
Cancellation of proposed dividend at year-end 2019*
-235
Share-based payments
Sale of treasury shares
Cash from sale of treasury shares related to exercise of share options
-2
Transactions with owners
-235
-1
Equity at 31 December 2020
-394
-25
* Reference is made to separate announcement from 18 March 2020 where the Board of Directors, due to the current financial environment, has decided not to propose the payment of a dividend at the Annual General Meeting
DFDS Group - Statement of changes in equity 1 January - 31 December 2020
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2021
2020
2021
2020
DKK m
Q4
Q4
Full year
Full year
Operating profit before depreciation (EBITDA) and special items
Cash flow effect from special items related to operating activities
-7
-22
-51
-125
Adjustments for non-cash operating items, etc.
Change in working capital
-94
Payment of pension liabilities and other provisions
-10
-8
-33
-31
Cash flow from operating activities, gross
Interest received, etc.
Interest paid, etc.
-90
-87
-302
-276
Taxes paid
-52
Cash flow from operating activities, net
Investments in ships including dockings, rebuildings, and ships under construction (incl. settlement of forward exchange contracts) related thereto*
-616
-169
-1,145
-1,422
Sale of ferries
Investments in other non-current tangible assets
-280
-28
-421
-195
Sale of other non-current tangible assets
Investments in non-current intangible assets
-24
-20
-62
-70
Acquisition of enterprises, associates, joint ventures, and activities
-803
-1,765
-14
Sale of shares in associated company
Other investing cash flows
-3
-146
Cash flow to/from investing activities, net
-1,594
-192
-3,210
-1,618
Cash flow before financing activities, net
-806
-1
Proceed from bank loans and loans secured by mortgage in ships
Repayment and instalments of bank loans and loans secured by mortgage in ships
-687
-146
-1,349
-1,791
Payment of lease liabilities
-242
-141
-834
-602
Settlement of forward exchange contracts related to leases
Proceeds from sale of treasury shares
Acquisition of treasury shares
-75
Cash received from exercise of share options
Other financing cash flows
-60
-60
Cash flow to/from financing activities, net
-359
-458
Net increase (decrease) in cash and cash equivalents
-487
-360
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 **
* The full year 2021 cash flow includes an amount of DKK 18.6m related to a net settlement of a vessel swap where DFDS buys a vessel of DKK 332.4m, sells a vessel of DKK 165.1m, and settles a loan receivable of DKK 148.7m.
** At 31 December 2021 DKK 167m (31 December 2020: DKK 147m) of the cash was deposited on restricted bank accounts.
DFDS Group – Statement of cash flows
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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 2020 except as described below.
Implementation of new or changed accounting standards and interpretations
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 2021
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. However, considering Covid-
19 certain significant estimates have been revisited in Q4 2021 compared to year-end
2020, particularly related to passenger traffic which is still being impacted by travel
restrictions. A review of significant accounting estimates did not give rise to a change in
estimates.
In the preparation of the Interim Report, Management undertakes several accounting
estimates and assessments 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, assessments and assumptions are based on historical
experience and other factors which Management considers reasonable under the
circumstances, but which by their nature are uncertain and unpredictable. 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, assessments, and
assumptions.
Impairment considerations
Impairment testing is undertaken at year-end unless indications of impairment occur during
the year. In Q4 2021 Management has revisited forecasts for all CGUs and concludes that no
impairments nor reversals are necessary.
Other areas
DFDS has taken part in various government compensation schemes following Covid-19.
Wage compensation is reducing the staff costs in the Income statement and contributions
from voluntary salary reduction are deducted in wages, salaries, and remuneration.
Remuneration and wage compensation amount to DKK 0m in Q4 2021 and DKK 55m for
full-year 2021.
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Note 2 Segment Information
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Full year 2021
External revenue
10,770
7,081
18
17,869
Intragroup revenue
1,036
74
508
1,618
Total revenue
11,806
7,155
526
19,487
Operating profit (EBITDA) before special items
2,852
593
-34
3,411
Operating profit (EBIT) before special items
1,160
269
-116
1,313
Operating profit after special items (EBIT)
1,172
271
-96
1,348
Invested capital, average
20,442
2,520
361
23,324
DKK m
Ferry
Division*
Logistics
Division*
Non-
allocated
Total
Full year 2020
External revenue
8,690
5,263
18
13,971
Intragroup revenue
755
39
474
1,268
Total revenue
9,445
5,301
491
15,238
Operating profit (EBITDA) before special items
2,315
462
-45
2,732
Operating profit (EBIT) before special items
802
173
-117
858
Operating profit after special items (EBIT)
703
161
-124
741
Invested capital, average
20,222
1,613
665
22,500
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 Janu-
ary 2021. 2020 comparative figures have been restated accordingly.
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Note 3 Revenue
Full year 2021
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North Sea
3,849
-
0
3,849
Mediterranean
2,968
-
0
2,968
English Channel
2,603
-
0
2,603
Baltic Sea
1,350
-
0
1,350
Continent
-
3,156
0
3,156
Nordic
-
2,327
0
2,327
UK/Ireland
-
1,598
0
1,598
Other
0
0
18
18
Total
10,770
7,081
18
17,869
Product and services
Seafreight and shipping logistics solutions
8,432
98
0
8,530
Transport solutions
24
6,778
0
6,802
Passenger seafare and on board sales
976
0
-1
976
Terminal services
851
6
0
856
Charters
311
0
0
311
Agency and other revenue
176
199
18
393
Total
10,770
7,081
18
17,869
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 charaterised by short delivery time (most sailings are less than 30 hours while
sailings to/from Turkey are up to 72 hours). Transports carried out by Logistics Division can
take delivery over a longer period, but the impact is insignificant.
On board sales is recognised according to the “a point in time” principle and amount to DKK
449m (2020: DKK 313m).
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 336m (2020: DKK 348m).
Full year 2020
DKK m
Ferry
Division
Logistics
Division
Non-
allocated
Total
Geographical markets
North sea*
3,692
-
0
3,692
Mediterranean
2,052
-
0
2,052
English Channel
1,972
-
0
1,972
Baltic sea
1,207
-
0
1,207
Continent*
-
2,280
0
2,280
Nordic*
-
1,507
0
1,507
UK/Ireland*
-
1,243
0
1,243
Other
0
0
18
18
Total
8,923
5,030
18
13,971
Product and services
Seafreight and shipping logistics solutions
6,750
0
0
6,750
Transport solutions*
24
4,980
0
5,005
Passenger seafare and on board sales
968
0
0
968
Terminal services*
664
2
0
667
Charters
317
0
0
317
Agency and other revenue*
199
47
17
264
Total
8,923
5,030
18
13,971
* North Sea port logistics activities have been transferred from the Ferry Division to the Logistics Division per 1 Janu-
ary 2021. 2020 comparative figures have been restated accordingly.
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Note 4 Special items
2021
2020
DKK m
Full year
Full year
Acquisition and integration costs relating to HSF Logistics Group
-29
-
Accounting gain on sale of Liverpool Seaways
-
110
Accounting gain on sale of Gothia Seaways
20
-
Accounting gain on sale of Calais Seaways
26
-
Accounting gain on sale of office and warehousing building in Belgium
31
-
Restructuring cost
-63
-102
Reversal of accrued cost related to Jubilee shares
4
4
Accounting gain related to disposal of associated companies
16
-
Impairment of a passenger ferry and a terminal in the business unit Passenger
-
-100
Reversal/Impairment of a freight ferry made in connection with reclassification
from/to asset held for sale
29
-29
Special items, net
34
-117
Note 5 Acquisition of enterprises and sale of activities
2021
HSF Acquisition
On 14th September 2021, the acquisition of the HSF Logistics Group was completed. HSF
Logistics Group is one of Europe’s leading cold chain logistics providers to meat producers
and other food producers that operate temperature-controlled supply chains. The
acquisition significantly strengthens DFDS’ cold chain activities and the offering to cold
chain logistics customers.
DFDS also acquired most of the existing minority shareholders and thus holds more than
99% of the ownership of the HSF Logistics Group as of 31 December 2021.
The total acquisition price was DKK 1,755m (including DKK 58m related to minority
shareholders) of which DKK 966m was paid in cash in September and DKK 789m was paid
in cash in October. Cash in the acquired company amounted to DKK 4m. Accordingly the
liquidity effect was DKK 1,751m.
HSF Logistics Group revenue included in the 2021 reporting is DKK 1.0bn and EBITDA of DKK
120m. If the transaction had been completed as of 1st January 2021 revenue from 1
January to 31 December 2021 is estimated to have been DKK 3.3bn and EBITDA of DKK
368m. The Group has elected to measure the non-controlling interests in the acquiree at
their proportionate share of the acquired net assets. Acquisition and integration costs
amounts to DKK 29m which are included under special items. The preliminary purchase
price allocation shows the following:
DKK m
Preliminary fair
value at acquisi-
tion date
Non-current intangible assets
619
Land and buildings
281
Equipment etc.
884
Deferred tax
2
Non-current assets
1,786
Inventories
17
Trade receivables including work in progress services
403
Other receivables
74
Cash at hand and in bank
4
Current assets
498
Total assets
2,285
Deferred tax
155
Interest bearing debt
413
Non-current liabilities
568
Trade payables
322
Interest bearing debt
297
Other current liabilities
97
Current liabilities
716
Total liabilities
1,284
Non-controlling interests' share of acquired net assets
2
Fair value of acquired net assets
999
Total purchase price
Cash consideration
1,755
Fair value of the purchase price
1,755
Goodwill at acquisition
756
The above purchase price allocation is preliminary and can be subject to adjustments.
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 fair value is calculated to DKK 538m at acquisition date.
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Following recognition of acquired identifiable assets and liabilities at their fair value, the
goodwill related to the acquisition is measured at DKK 756m. The goodwill represents
primarily the value of the staff and know-how taken over; expected synergies from
combining the acquired Group with the existing DFDS activities and network. The goodwill is
not deductible for tax purposes.
2021 Insignificant acquisitions
In October 2021 the acquisition of the Swedish haulier GA Åkerierna AB headquartered in
Hjälteby was completed in an asset transfer agreement and DFDS Group obtained control.
DFDS paid DKK 14m for the acquired activity. The acquisition is not affecting the financial
statements of DFDS Group.
2022 ICT Logistics
On 15 September 2021 DFDS entered into an agreement to acquire 80.1% of the share
capital of the Danish freight forwarder ICT Logistics. DFDS has owned 19.9% of the shares in
ICT Logistics since 2006. Closing of the transaction took place 19 January 2022. DFDS paid
DKK 69m for the acquired Group.
At the date of this report, it is impractical to disclose the provisional fair values of the
acquired assets, liabilities, contingent liabilities, as well as the expected goodwill, due to the
timing of this acquisition. In addition the acquisition is not expected to significantly affect
the financial statements of DFDS Group.
2020
There was no significant acquisitions nor disposals in 2020.
Note 6 Fair value measurement of financial instruments
The table discloses fair value and carrying amount of financial instruments measured 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 2021.
Techniques for calculating fair values
Derivatives
DFDS' usage of derivatives includes interest rate swaps, bunker swaps, forward exchange
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 2021
Full year 2020
DKK m
Fair value
Carrying
amount
Fair value
Carrying
amount
Financial assets
Derivatives (Level 2)
58
58
226
226
Securities (Level 3)
10
10
10
10
Financial liabilities
Derivatives (Level 2)
83
83
201
201
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Note 7 Supplementary financial information on
the Parent Company
As a result of DFDS A/S' issuance of corporate bonds on 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 2020. However, 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 2021. For further description reference is made to
note 1 Accounting policies.
The Parent Company’s revenue increased by DKK 865m, equivalent to 12% compared to
full-year 2020. Operating profit before depreciation and special items (EBITDA) increased by
DKK 13m from DKK 1,758m in full-year 2020 to DKK 1,771m in full-year 2021, equivalent
to an increase of 1%.
Profit before tax decreased from DKK 135m in full-year 2020 to DKK 106m in full-year
2021.
The Parent Company’s net interest-bearing debt increased from DKK 4,718m at 31
December 2020 to DKK 6,264m at 31 December 2021.
2021
2020
DKK m
Full year
Full year
Income statement
Revenue
8,250
7,385
Operating profit before depreciation (EBITDA) and special items
1,771
1,758
Operating profit (EBIT) before special items
77
104
Special items, net
-55
-172
Operating profit (EBIT)
22
-68
Financial items, net
85
203
Profit before tax
106
135
Profit for the period
131
140
Assets
Non-current intangible assets
423
400
Non-current tangible assets
6,088
5,458
Right-of-use assets
1,209
1,404
Investments in affiliated companies, associates and joint ventures
8,387
6,760
Non-current receivables from affiliated companies
47
261
Other non-current assets
70
110
Non-current assets
16,224
14,393
Current receivables from affiliated companies
712
699
Receivables from associates and joint ventures
23
27
Cash
475
735
Other current assets
1,195
1,381
Current assets
2,405
2,842
Assets
18,629
17,236
Equity and liabilities
Equity
9,355
9,382
Non-current liabilities
3,193
3,093
Current liabilities to affiliated companies
3,429
2,139
Other current liabilities
2,652
2,622
Current liabilities
6,082
4,762
Equity and liabilities
18,629
17,236
Equity ratio, %
50.2%
54.4%
Net interest-bearing debt
6,264
4,718
2021
Management review
Ferry
Logistics
Reports
Financials
Contact
Q4 Interim and Full-year 2021 Report / p 32
Definitions
Operating profit before depreciation (EBITDA)
Profit before depreciation and impairment on non-current assets
Operating profit (EBIT)
Profit after depreciation and impairment on non-current intangible and tangible assets
Operating margin
Operating profit (EBIT) before special items
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
Net working capital (non-interest bearing current assets minus non-interest bearing current liabilities) plus non-current intangible and tangible assets minus
pension and jubilee liabilities and other provisions
Net Interest-bearing debt
Interest-bearing liabilities (excluding provision for pensions) minus interest-bearing assets minus cash and securities
LTM
Last twelve months
Return on invested capital (ROIC)
Net operating profit after taxes (NOPAT)
Average invested capital
× 100
Adjusted free cash flow (FCFF)
Cash flow from operating activities excluding net interest received and paid minus cash flow from net investments and payment of lease liabilities and interest
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
Earnings per share (EPS)
Profit for the period excluding non-controlling interests
Weighted average number of ordinary shares in circulation
× 100
P/E ratio
Share price at the end of the period
Earnings per share (EPS)
× 100
Dividend per share
Dividend for the year
Number of shares at the end of the period
× 100
Market value
Number of shares, ex. treasury shares, end of period times share price end of period
No. of ships
Owned and chartered ships, including slot charter and vessel sharing agreements
Units
Logistics Division transported units are defined as a trailer or container regardless of whether the unit carries a full load or part loads.
Logistics Division also reports revenue from activities not reporting units, e.g. warehousing activities, managed contracts, workshops, customs clearance and
other fees
Roundings may in general cause variances in sums and percentages in this report.
2021
Management review
Ferry
Logistics
Reports
Financials
Contact
Q4 Interim and Full-year 2021 Report / p 33
ESG definitions
Total number of ferry operating days
Total number of deployment days for ferries in operation
CO2 emissions per GT nautical mile
Emissions measured as gCO2 per gross tonnage nautical mile for ferries in operation
Total marine fuel consumption
Total consumption of heavy fuel oil (HFO) and marine gas oil (MGO) for ferries in operation
Fuel consumption per nautical mile
Total consumption of heavy fuel oil (HFO) and marine gas oil (MGO) per nautical mile for ferries in operation
Fuel consumption per GT nautical mile
gCO2 per gross tonnage-nautical mile
Spills (>1 barrel)
Incidents of oil spills larger than one barrel into the sea from ferries in operation
Average number of employees (FTE)
Average fulltime equivalent number of employees
Total workforce gender ratio
Percentage of women in FTE workforce
Senior management gender ratio
Percentage of women of total number of senior management positions defined as EVPs and VPs
Manager gender ratio
Percentage of women of total number of management positions, excluding senior management, defined as positions with responsibility for at
least one other employee
Employee gender ratio
Percentage of women of number of employees, excluding senior management and managers
At sea
Percentage of women of number of employees at sea
On land
Percentage of women of number of employees on land
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
Percentage of women of the total number of members of the Board of Directors, excluding staff appointed members
Attendance at Board meetings
Percentage of total number of Board meetings attended. (Not gender specific)
2021
Management review
Ferry
Logistics
Reports
Financials
Contact
Q4 Interim and Full-year 2021 Report / p 34
CVR 14 19 47 11
www.dfds.com
8 February 2022
Company announcement no.: 5/2022
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
Nicole Seroff, Communications: +45 31 40 34 46
Disclaimer
The statements about the future in
this announcement contain risks and uncertainties
and actual developments may therefore diverge
significantly from the statements about the future.
About DFDS
DFDS provides ferry and transport services in and around
Europe, generating annual revenues of more than
DKK 20bn.
To over 10,000 freight customers, we deliver high
performance and superior reliability through ferry & port
terminal services and transport & logistics solutions.
For millions of passengers, we provide safe overnight and
short sea ferry services.
Our 10,000 employees are located on ferries, port
terminals, distribution centres, and in offices across more
than 20 countries. DFDS was founded in 1866, is
headquartered in Copenhagen, and listed on NASDAQ
Copenhagen.