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DFDS hit hard by corona

DFDS hit hard by corona

15-08-2020 12:00:00

The travel restrictions imposed to limit the spread of Covid-19 created an exceptional negative set of circumstances for the passenger activities that led to a drop in their EBITDA of DKK 366m compared to 2019.

Freight ferry and logistics activities performed better than expected in Q2 with a decrease in EBITDA of DKK 117m, including non-allocated items, with Logistics only decreasing DKK 7m.

Revenue decreased DKK 1.4bn to DKK 2.8bn in Q2 and EBITDA before special items decreased DKK 483m to DKK 507m.

“Our outlook is improved. Freight volumes have picked up and the demand
for ferry travel is encouraging on oureopened passenger routes. It is uncertain whether the pickup in demand is sustainable and we therefore remain alert”, says Torben Carlsen, CEO, DFDS.

The outlook for 2020 has improved following a faster than expected pickup in freight volumes towards the end of Q2 and in July. The reopening of all passenger services
and a quick pickup in demand from passengers, especially between Norway and Denmark, has also reduced uncertainty.

As a consequence of the improved outlook, EBITDA before special items is now expected to be DKK 2.2-2.5bn in 2020. The expectation for EBITDA before special items
was previously that it was likely to be reduced towards DKK 2bn.

Source: DFDS

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