By
Michele Witthaus |
Annual results for DFDS indicate that the ferry group achieved a record operating profit of DKK 1.5bn in 2011, with an 18 per cent increase on the previous year. Pre-tax profit was DKK 742m (up 36 per cent) and free cash flow was DKK 1.6bn.
The group said that it had met its goals for the integration of Norfolkline and the turnaround of DFDS Logistics during the year. It added that most business areas were expected to remain unchanged or show improved profits in 2012, but a higher oil price and increased competition would mean that the record result of 2011 could not be sustained.
Several activities that did not underpin the group’s strategy were divested in 2011. DFDS said this, together with a proposed dividend of DKK 14.00 per share (an increase of 75 per cent from DKK 8.00 last year) made the company financially stronger and more focused, with an ability to finance future growth.
“In 2011, we succeeded in achieving our two most important strategic objectives: the planned synergies from the integration of Norfolkline were reached, and then some, and the profit from logistics activities was improved significantly by more than 100 million kroner,” said DFDS CEO Niels Smedegaard. “We are very proud and satisfied with the record result that has been achieved in a demanding year for the transport sector. It looks as if market conditions are set to become more challenging in 2012. We therefore foresee limited organic growth, but envisage opportunities to grow by acquisitions.”