announcement no. 10
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Q4 2016
· Continued growth in freight volumes
· 6% revenue growth, adjusted
· Profit before special items and tax increased 50% to DKK 268m
· ROIC increased to 17.8%
OUTLOOK 2017
· Revenue growth of 4%, adjusted
· EBITDA outlook of DKK 2.6-2.8bn
· Investments of DKK 0.9bn plus expected payment of
DKK 0.8bn for two Channel-ferries
"We have raised our earnings level considerably during 2016. Nontheless, our pursuit of improvement will continue. We are especially excited about exploring digital opportunities to improve customer satisfaction and operational efficiency," says Niels Smedegaard, CEO.
| Key figures | ||||||
| DKK m | Q4 | Q4 | FY | FY | ||
| Before special items | 2016 | 2015 | Chg. % | 2016 | 2015 | Chg. % |
| Revenue | 3,351 | 3,324 | 0.8% | 13,790 | 13,473 | 2.4% |
| EBITDA | 513 | 418 | 22.6% | 2,588 | 2,041 | 26.8% |
| EBIT | 271 | 201 | 34.8% | 1,644 | 1,199 | 37.0% |
| Profit before tax | 268 | 178 | 50.2% | 1,600 | 1,079 | 48.4% |
Revenue increased by 6% in Q4 adjusted for currency changes and excluding revenue from bunker surcharges. Reported revenue was up by 1% to DKK 3.4bn.
EBITDA before special items increased in Q4 by 23% to DKK 513m following higher earnings in primarily the Shipping Division.
Revenue increased for the full-year by 8% adjusted for currency changes and excluding revenue from bunker surcharges. Reported revenue was up by 2% to DKK 13.8bn.
EBITDA before special items increased for the full-year by 27% to DKK 2,588m following higher earnings in primarily the Shipping Division.
The Shipping Division`s route network carried 17% higher freight volumes and 6% more passengers in Q4. The full-year growth rates were 21% and 12% respectively.
Increased distribution to shareholders
DFDS` Board of Directors has decided to increase the distribution to shareholders in light of the higher level of earnings and alignment of the financial leverage to the policy on capital structure and distribution.
The proposed dividend is increased by 33% to DKK 8.00 per share and two share buybacks totalling DKK 800m are launched for completion on 21 February and 15 August respectively. See page 6 and separate announcement for details.
Outlook 2017
The Group`s revenue growth is expected to be around 4%, excluding revenue from bunker surcharges.
The Group`s EBITDA before special items is expected to be within a range of DKK 2,600-2,800m (2016: DKK 2,588m).
Read the Interim Report Q4 2016:
https://www.dfds.com/Downloadables/DFDS_Interim_Report_Q4_2016.pdf