Shipping and logistics company DFDS increased its profit before tax by 52% in 2016 to DKK 1.6 bn, an all-time high. Freight volume grew by 21 %.
Revenue increased by 8% in 2016 adjusted for currency changes and excluding revenue from bunker surcharges. Reported revenue increase[ds_preview]d by 2% to DKK 13.8 bn.
The route network carried 21% more freight volumes and 12% more passengers in 2016. The volume growth was boosted by an expansion of ferry capacity in the Channel business unit during the year. Ex-cluding Channel, the route network carried 6% more freight volumes and 1% more passengers in 2016.
The revenue growth was in line with the latest growth expectation of 4%, excluding revenue from bunker surcharges. Due mainly to the depreciation of the British pound during 2016, the growth was lower than the revenue growth outlook of 6% included in the Q4 and Year-end Report for 2015 released in February 2016.
Operating profit before depreciation (EBITDA) and special items increased by 27% to DKK 2.6 bn. The Shipping Division’s EBITDA before special items increased by 28% to DKK 2.4 bn while the Logistics Division’s EBITDA before special items increased by 8% to DKK 252 mill. Profit for the year for DFDS was DKK 1.55 bn. (DKK 1.0 bn in 2015).
Financial leverage remained on level with 2015 as the increase in EBITDA balanced an increase in debt. The leverage ratio of net-interest-bearing debt (NIBD) to operating profit (EBITDA) before special items was 0.9 at year-end. The equity ratio was 51% at year-end 2016 compared to 52% in 2015.
