Assets
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Revenue
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|---|
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KEY FIGURES DFDS GROUP
KEY FIGURES KEY FIGURES
2013 2013
DKK m EUR m? 2013 2012 2011? 2010? 2009: DKK m EUR m" 2013 2012 2011: 2010: 2009?
Incame statement Cash flows
Revenue 1,622 12,097 11,700 11,625 9,867 6,555 Cash flows from operating activities, before
» Shipping Division 1,143 8,530 8,015 7,798 6,921 4,805 Financial items and after tax 201 1,501 905 1,419 929 836
-. Logistics Division 561 4,183 4,259 4,330 3,353 1,970 Cash flows from investing activities -126 943 233 219 -1,521 -1,265
». Non-allocated items and eliminations -8e 616 "574 7503 -407 220 Acquistion of enterprises, activities and minorities -13 -9g9 5 8 -1,417 -39
Other investments, net -113 844 244 22? 7104 "1,226
Operating profit before depreciations (EBITDA) Free cash flow 75 558 1,144 1,638 -592 -429
and special items? 163 1,213 1,089 1,495 1,273 804
-… Shipping Division 154 1,148 992 1,416 1,221 822 Key operating and return ratios
-. Logistics Division 20 149 141 171 74 42 Number of ships 48 49 49 57 51
-=. Non-allocated item 11 784 744 732 22 760 Revenue growth, % 3,4 0.6 17.8 50.5? -20,0
. . EBITDA margin, % 10.0 9.3 12,9 12.9 12.3
Profit on disposal of non-current aSsets, net 1 6 6 26 5 18 Operating margin, % 42 36 72 5.9 37
Operating profit (EBIT) before special items 67 503 418 835 580 245 Turnover, investered capital average, (times) 1.40 1.27 1.20 1.09 0.84
Special items, net e "17 "124 31 102 71 Return on invested capital (ROIC), % 5.7 34 20 72 21
Operating profit (EBIT) 65 486 295 925 682 174 Return on equity, % 49 21 110 10.2 24
Financial items, net -18 "136 "149 -183 7135 7154
Profit before tax 47 350 146 På 547 20 Key capital and per share ratios
Profit for the year . — 44 327 143 735 Bee 89 Equity ratio, % 513 56.3 544 46.2 29.7
Profit for the year exclusive minorities 44 325 144 731 509 86 Interest-bearing net debt/EBITDA, times 1.80 177 171 305 506
. Earnings per share (EPS), OKK 23 10 50 47 11
Capital Dividends per share, DKK 14.0 140 140 80 0.0
Total assets . 1,650 12,311 12,313 12,795 13,849 9,298 Number of shares, end of period, 000 14856 14856 14856 14856 — 8,000
DFDS A/S' share of equity 840 6,863 6,882 6,906 — 6,339 3,641 Share price at the end of the period, DKK 437 2555 355 418 358
Equity . 847 6,318 6936 6964 5,396 3,688 Market value, DKK m 5559 3706 5149 6119 2,743
Net interest-bearing debt 293 2,189 1,929 2,555 3,887 4,067
Invested capital, end of period 1,147 8,555 8,896 3,564 10,341 7,937 1 Applied exchange rate før euro as of 31. December 2013: 7,4603
Invested capital, average 1,157 8,633 3,207 9,691 3,061 7,762 2 The key figures for 2009-2011 have not been restated in accordance with the amendments to IRS 19 'Emtoyee benefits".
3 37% relates tø the acquisition of the Norfolktine-Group.
Average number of employees . 5,930 5,239 5,096 4,862 3,924 £ A change of the number of shares to 13,330,000 was registered by the Oanish Business Authority on 16 January 2014 following a statutory
notice period of one month from the extraordinary general meeting's cancellation of 10.5% of the share capital on 16 December 2013
4 DFOS ANNUAL REPORT 2013 KEY FIGURES DFDS GROUP
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REPORT 2013
variety of consumer and
goods - supported by a European
network of road, rail and eee
carriers and, not least, DEDS' network
Giro NES
The main activity is the transport of
Land part loads, both ambient and
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performance enhancing and cost efficient
seals including warehous-
Huss USER
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can bring their own cars on all rautes.
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gers and their requirements for an
enjoyable maritime experience.
Key facts
. 80% of total revenues are generated
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GUR FINANCIAL GOALS
RETURN ON INVESTED CAPITAL (RO!C] DIVIDEND AND PAYOQUT RATIO NET INTEREST-BEARRING DEBT/EBITBA
BEFORE SPECIAL ITEMS AND COST OF CAPITAL (DKK] (%) BEFORE SPECIAL ITEMS
[%) (TIMES)
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8 14 140
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— WACC 9... DIVIDEND PER SHARE
— ROIE — PAYQUT RATIO, %
10% RETURN ON INVESTED CAPITAL DISTRIBUTION TO SHAREHOLDERS CAPITAL STRUCTURE
In 2013, DFDS' return on invested Cap-
ital was 5.8%, excluding special items,
implying a gap of 4.2 ppt to the goal of
a 10% return. Around 2.5 ppt of the gap
was due to the extraordinary situation
on the Channel. Another 1.0 ppt of the
gap is driven by the shipping activities
on the southern part of the North Sea.
Together, the two areas account for
more than 80% of the gap. A third, and
upcoming, challenge is the introduction
of more expensive low sulphur fuel in
2015, which is expected to initially
increase DFDS' cost level. See page 13
DFDS' distribution policy is to pay an
annual dividend of DKK 14 per share.
In addition, excess capital, as defined
by the target capital structure, will be
distributed to shareholders as an extra
dividend and/or buyback of shares.
Distribution of dividend and excess
capital can be suspended in connection
with large investments, including ac-
quisitions, and other strategic events.
In 2013, DFDS distributed DKK 831m
to shareholders, including ordinary
dividends of DKK 203m and buy-back
for a review of how DFDS expects to of shares of DKK 628m.
overcome these challenges in the com-
ing years to achieve a 10% return.
8 DFDS ANNUAL REPORT 2013 — FINANCIAL GOALS
The capital structure is defined by
the ratio of net interest-bearing debt
(NIBD) to operating profit before depre-
ciations (EBITDA). The target capital
structure is a NIBD/EBITDA multiple of
minimum 2.0 and maximum 3.0. This
implies that excess capital will be dis-
tributed to shareholders if the multiple
is below 2.0, and distribution will be
reduced if the multiple exceeds 3.0.
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diction to consider the transaction,
1.e. could Eurotunnel's transaction be
considered to be a transfer of assets or
the transfer of an enterprise. AU other
challenges to the CC's ruling were dis-
missed by the CAT.
The provisional findings of the UK com-
petition authorities will be announced
in mid-March 2014 and a final decision
is due in early May 2014. Including pro-
cessing of appeal options, we estimate
that the exceptional competitive situa-
tion on the Channel will be resolved by
the end 2014.
Baltic and Russian logistics network
expanded through acquisition
DFDS completed the acquisition of
the Swedish transport and Logistics
company Karlshamn Express Group
in September 2013. The acquisition
expands and develops DFDS' platform
for providing transport and Logistics
solutions between Sweden and the
Baltics, Russia and the CIS countries.
Moreover, the acquisition supports
DFDS' route network as the company
is a major customer on DEDS' route
between Karlshamn and Klaipeda.
Karlshamn Express had total revenues
of SEK 225m (DKK 197m) in 2012
and 81 employees. The main activity
of the company is the transport of full
and part loads between Sweden and
Baltics/Russia. In addition, it provides
- KFN MMIAIOME Samme Me
domestic transport and warehousing
services. Karlshamn Express' head
office and warehousing facilities are
located in Karlshamn. The company
also has offices in Liepaja, Ventspils,
Klaipeda and Kaliningrad.
Re-organisation of Channel activities
From 1 January 2014, the two western
Channel routes, Dieppe-Newhaven and
Le Havre-Portsmouth, will be trans-
ferred from the Channel business area
to France & Mediterranean. The latter
business area has provided port ter-
minal and agency services tø Channel,
and to simplify the business structure
these activities will be transferred back
to Channel. Reporting numbers will be
restated accordinglu.
OPERATIONS AND FINANCE
Market trends
After a slow start in Q1, volume growth
gradually picked up during the rest
of the year, apart from the Baltic area
where lower activity in the Russian
economy reduced volumes.
Shipped lane metres of freight in-
creased by 20.9% in 2013, driven by
the full-year impact of the Dover-Calais
route and addition of two routes on the
Western Channel and one route in the
Mediterranean. Adjusted for the Channel
and France & Mediterranean business ar-
BAM PRAPTAET BUT
eas, volume growth was 5.5%, of which
around a third was driven by the addi-
tional volumes between Sweden and
UK following the renewal and expansion
of a Swedish customer agreement, as
mentioned above.
Growth in the Baltic region was flat
overall due to a slowdown in trade with
Russia. Volumes grew in the Swe-
den-Lithuania/Estonia corridors while
they declined in the trades relating to
Russia. Organic growth was around
5% in the North Sea region, although
unevenly distributed with flat growth in
the Denmark/Germanu-UK corridor and
higher growth in the Sweden-Continent
and Benelux-UK corridors.
Pricing was weak in all areas through-
out the year following the recessionary
environment of 2012. The growing
volumes in the North Sea region are ex-
pected to contribute to a firmer pricing
environment in 2014.
Volume growth in the Logistics Divi-
sion was 3.2% overall. Volumes were
up by 1.7% in the Nordic area, where
Swedish and Danish traffic recorded
strong growth which was offset by
lower volumes in Norwegian traffic.
Volumes were up by 2.56% in the
Continent area with growth unevenly
distributed as some trades achieved
double digit growth while volumes
declined in other areas, particularly
container volumes between Ireland
and the Continent as margin improve-
ment was prioritised. Volumes were
up by 6.0% in the UK & Ireland area,
driven by distribution activities in
Scotland and England, while volumes
remained subdued in the Northern
Ireland market.
As in the shipping market, pricing was
weak in most areas throughout the year.
The number of passengers rose by
15.0%, primarily due to the full-year
impact of the Dover-Calais route and the
addition of two routes on the Western
Channel. Adjusted for this, the number
of passengers increased by 1.9%, with
the highest growth achieved by the
Amsterdam-Newcastle route.
Transition strategy to new
sulphur rules
From 1 January 2015, a new set of rules
will limit the sulphur emissions to 0.1%
from the current limit of 1.0% in SECAs
(Sulphur Emission Control Areas). These
areas include the Baltic Sea, the North
Sea and the Channel, which are DFDS'
primary market areas.
The price of MGO (Marine Gas Cil]
with a content of 0.1% sulphur is
currently 40-50% higher than 1.0%
bunker fuel and this price difference
is expected to continue in the future.
In 2013, DFDS” bunker cost was DKK
1.9bn, equal to 16% of revenue. The
cost ratio was 11% net of bunker
surcharges. All else being equal, a
switch ta MGO in 2015 entails a cost
increase of around DKK 800m.
DFDS' transition strategy to overcome
the considerable financial challenge of
the new rules has three elements:
« Installation of scrubbers on 21 ships
by 2017, a total investment of DKK
750m. See page 47 for more informa-
tion on scrubbers
-=. Roadshows and meetings ongoing to
prepare freight customers and market
for a cost increase
-= Consolidation of routes.
Efficiency and improvement projects
In 2013, there was a continued focus on
efficiency and improvement projects:
«. Customer Focus Initiative: Aims to
strengthen DFDS' customer relations
through better understanding of the
context for purchasing decisions and
customer satisfaction regarding DFDS"
performance and services. In 2013,
roll-out continued to 30 locations.
During the year, we received feedback
from over 3,500 freight customers
and 27,000 passengers. We heard that
we are doing well overall, although
we can still improve our performance.
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The most often highlighted areas for
improvement were communicating
faster when issues occur and provid-
ing new solutions. Customer feedback
continued in 2013. The passenger
system, Seabook, was implement-
ed on the Channel routes in Q3
2012 and during 2013 a number of
In November 2013, the bi-annual Em-
ployee Engagement Survey, Bearing,
was launched, ending with a response
rate of 76%, a slight increase from
RETURN ON INVESTEB CAPITAL (RGIC) 2013
Invested capital,
average, DKK m
ROIC? 2013, %
Profit variance us
target”, BKK m
is applied to develop action plans tar- performance issues were resolved. 2011. Overall, the survey shows satis- DFDS Group 8,633 5.8 7363
geted to improve our performance and In 2014, the roll-out will continue factory scores for job satisfaction and Shipping Division 8,077 6.5 -283
customer satisfaction. In 2014, cus- to the Baltic routes and in 2015 motivation. The survey also identifies
tomer focus continues with an annual — to the remaining passenger routes. areas for improvement. More informa- North Sea 4,270 5.7 "141
. . ; 5 . . ; . . Baltic Sea 1,232 17.9 97
freight survey and bi-weekly meetings The Logistics system, Velocity, was tion about HR in DFOS is available on Channel 1 206 80 233
at the activity level to discuss current — successfully implemented in Brugge pages 43-44 of the CR report. Passenger 903 15.7 51
customer service issues and how our and Peterborough in 2013 and the France & Mediterranean 755 n.a. n.a.
solutions can be improved. The results — system is expected to be fully im- CFI - sales training Non-allocated 431 0.7 40
of the past year have been encour- plemented in the Logistics Division In 2013, sales training for 225 sales Logistics Division 795 87 -10
aging, supporting our continuous by the end of 2015. The Shipping managers across the Group was com-
customer focus initaitive. Division's freight system, Phoenix, pleted as part of CFI (Customer Focus Nordic 271 6.7 3
was fully implermented at the end Initiative]. Sales training programmes Continent 325 8.5 >
i . . i . me UK & Ireland 183 13.1 6
Light Capital: The project success- of 2012. The onboard maintenance will continue in 2014. Non-allocated 18 0.0 >
fully released more than DKK 300m system, Sertica, was successfully
of cash tied up in working capital in implemented in the port workshops New shipping emission target Norvallocated, Group —259 1.2. 765
2013 (inventory and trade receiva- in Immingham, and further rollout After achieving a 10% reduction of 1 ROIC excluding special items
bles/payables). The result exceeded is planned in 2014. Sertica has also bunker consumption over a five year 7 DEDS' target is a return of 10%
the project's initial goal of DKK 300m. been chosen as the general pro- period, the new target is a 5% reduc-
The goal for 2014 is to release a curement platform, and integration tion to be achieved by 2017. Shipping
further DKK 100m of cash. with accounting systems is ongoing. emissions amount to more than 90% CUSTOMER SATISFACTION
Customers' online experience was of DFDS" total emissions. For more in- DFDS j CSAT NPS: ScaL
ONE Finance: Establishment of a improved on a number of passenger formation on the environmental impact Services Cale
group-wide finance service centre ships following installation of new of DEDS' activities, see pages 46-48 Freight shipping services ? 80 33. Very Good
in Poland expected to comprise communication devices. in the CR report. Transport & Logistics solutions ? 78 19 Good
Passenger services ? 7,8 27 Good
150 positions. In December 2013,
the migration of 65 positions from
the former finance service centre in
Belfast was completed. AU migrations
are expected to be completed by
October 2014.
PEOPLE AND THE ENVIRONMENT
Employees
The total average number of employees
rose by 13.2% in 2013 to 5,930, primar-
ily as a result of the full-year impact of
Significant events after 2013
In January 2014, DFDS acquired
STEF's Logistics activities in Scotland
and STEF acquired the continental
distribution and handling activities of
DFDS Logistics located in Boulogne.
1 Shipping and Logistics customer scores are the simple average of all units within each Division
2? Passenger customer scores are the simple average of all customer responses in BU Passenger
3 Net Promoter? and NPS? are registered trademarks of Bain & Company, Inc., Fred Reichheld and
Satmetrix Systems, Inc.
CSAT asks customers "How would you rate the overall performance, products and services of DFDS?” and is meas-
ured on a 10-point scale (1-Not satisfied at all; 10-Fully satisfied)
NPS asks customers "How likely would you be to recommend the products/services of DFDS?” on a 10-point scale
Group IT systems
The implementation of the IT strat-
egy for introducing Group systems
(1-Not at all likely; 10-Extremely likely]. The NPS is an aggregate score created by subtracting the percentage of de-
the opening of the Dover-Calais route tractors (those who gave scores from 1 to 6) from the percentage of promoters (those who gave scores of 9 and 10).
and the acquisition of LØ Lines.
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invested capital of 10%. In the Shipping
Division, the requirement is an EBIT
margin mostly above 10%, while the
requirement in the Logistics Division is
an EBIT margin of 2-3%.
Camposition of invested capital
In 2013, invested capital was reduced
by 3.9%, mostly driven by a reduction
of total net working capital of DKK
445m. The Light Capital project contrib-
uted DKK 360m of the reduction related
to the change in the net working capital
of inventory and trade receivables/
payables.
At the end of 2013, total invested
capital was DKK 8,555m, of which 85%
consisted of ships and 11% consisted of
port terminals, land and buildings and
cargo carrying equipment. The Shipping
Division's invested capital was DKK
8,002m, corresponding to 94% of the
Group's total invested capital. Logistics
Division's invested capital amounted
to DKK 848m. The invested capital of
non-allocated items was negative.
Investments in 2013 and planned
future investments
In 2013, total investments amounted
to DKK 943m, including the ongoing
construction of two freight ships (ARK),
installation of three scrubbers, the
acquisition of a Swedish transport com-
pany and maintenance investments.
… mmm MAMMAS omme MT
In 2014, total investments are expected
to amount to DKK 1,100m, including
the remaining investment in two freight
newbuildings (ARK), installation of sev-
en scrubbers and an upgrade of two pas-
senger ships. Maintenance investments
are expected to increase considerably in
2014 compared to an average year as
a high number of ships will be docking
and, in addition, several special projects
are planned. Maintenance investments
in port terminals, equipment and IT
systems will, similarly, be higher than
in an average year.
Corporate governance
DFDS A/S is subject to Danish law and
listed on the NASDAQ OMX Copenhagen.
Corporate governance in DFOS is based
on Danish legislation and regulations,
including the Danish Companies Act, the
rules for listed companies on NASDAQ
OMX Copenhagen, the Danish recommen-
dations for good corporate governance
and the companu's articles of associa-
tion, as well as other relevant rules.
Information on corporate governance at
DFDS is available on wmw.dfdsgroup.com:
-. Statutory report on corporate
governance, www.dfdsgroup.com
RAMA RÆTAET BESET
==. Materials from DFDS' most recent
AGM, www.dfdsgroup.com/investors
DFDS' CR report is included on pages
33-52 of this annual report. The report
annualgeneralmeeting/previgusagm/
==. Remuneration policu,
www.døfdsgroup.com/about/governance/
remunerationpolic
-= Diversity policy, www.dfdsgroup.com
About/Governance/DiversityPolicy/
Directors are elected at the Annual
General Meeting for at term of one year
at a time, and new Directors are elected
according to the applicable rules of the
Danish Companies Act. Staff representa-
tives are elected by the employees.
Resolutions to amend the Articles af
Association require announcement to
the shareholders at least three weeks
before a General Meeting and an aordi-
nary majority of votes cast if at least
two-thirds of the capital is represented,
unless other adoption requirements are
imposed by the Danish Companies Act.
Corporate Responsibility (CR)
DFDS' CR activities create value for
our stakeholders and contribute to
DFDS being a preferred partner. The
framework and objectives for DFDS"
CR activities are managed by the CR
Committee, which reports to the Exec-
utive Management.
is also available as a separate docu-
ment on www.dfdsgroup.com/about
crreport/. The report outlines strategy,
objectives and policies, and reports
on the activities and results of six CR
focus areas.
Safety and security
The safety of our passengers, crew and
frejight, as well as the security of our
ships and port facilities, are of para-
mount importance to DFDS.
Our safety and security work is regulated
by international and national conventions
and Legislation and, moreover, by the
additional objectives and requirements
managed through DFDS' Safety Man-
agement Systems. As per International
Safety Management (ISM) guidelines, all
information regarding safety measures
and conditions is regularly distributed to
all ships. This includes a comprehensive
reporting scheme from the ships in order
to identify weak links and establish safe-
guards to mitigate the risk of these.
Tragically, an accident on board PATRIA
SEAWAYS in November 2013 cost the
Life of one of our crew members. The
accident occurred during repair works in
an elevator shaft, and DFDS immediate-
ly informed all ships about the accident
and preliminary precautions to avoid
similar accidents in the future. The
precautions will be evaluated as soon
as the authorities have completed their
report about the accident and the cause
of it has been established. Psycholog-
ical assistance was provided for the
ship's crew following the accident. DFDS
has provided the bereaved family with
necessary assistance.
The report on pages 38-42 accounts for
DFDS' safety and security work.
Qutlock 2014
Economic growth is expected to be
moderately positive in 2014 following
a pick-up in activity in the second half
of 2013. The sustainability and strength
of the upswing remains uncertain. In
addition, the overall level of Capacity
utilisation in the transport sector is still
modest and competition continues to
be intense.
DFDS' profit forecast for 2014 is there-
fore based on a Cautiously positive
growth scenario. Earnings in 2014 are
also expected to be burdened buy a sig-
nificant loss on the Channel activities.
The Group's EBITDA before special items
is expected to increase by DKK 1,250-
1,400m, driven by revenue growth of
around 6% and margin improvement.
ST
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(LESESESSEITEN
OU LEES DELE LEES
rs Gi usle
[Ii
Head of business area
Kell Robdrup (South)
Morgan Olausson (North)
Share of Shipping Division
revenue 2013
37%
Routes
Ships
Gothenburg-Brevik/lmmingham
Gothenburg-Tilbury
Gothenburg-Brevik/Ghent
Esbjerg-Immingham
Esbjerg-Harwich
Cuxhaven-Immingham
Vlaardingen-Felixstrowe
Vlaardingen-immingham
Rosyth-Zeebrugge
17 ro-ro ships
1 ro-pax ship
Port terminals
Gothenburg
Esbjerg
Vlaardingen
Immingham
Ghent
Customer segments
Forwarding companies & hauliers
Manufacturers of heavy industrial goods (automotive,
forest and paper products, metals, chemicals)
Primary market areas
Sweden
Great Britain
Denmark
Germany
Benelux
Norway
Main competitors
Stena Line
Cobelfret
P&0 Ferries
Road and rail transport
NORTH SEA 2013 2012
.DKK m Q1 Qe Q3 Q4 FY Q1 02 03 Q4 FY
Revenue 807 841 815 832 3,295 843 828 797 807 3,275
EBIT before special items 47 67 67 103 284 58 al 37 50 186
Invested Capital 4,449 4217? 4,178 3,879 4,270 4645 4,405 4561 4,538 4,382
ROIC before special items p.a., % 4.2 6.4 6.4 10.4 6.7 5.0 3.7 3.2 4.4 4.2
Lane metres freight, "000 2,517 2,582 2,648 2,666. 10,513 2,482 2,411 2,428 2,474 9,795
-= Sweden-UK volumes boosted
by major customer agreement
ercapacity en Sweden-UK
reduced by closure of competitor
route in March
s» Capacity reduced on Gothen-
burg-Tilbury
-= Turnarcund of port terminal
in Gothenburg launched
». Total EBIT up bu 53% to DKK 284m
Market and activity trends
Freight volumes increased by 7.3% in
2013, mainly driven by higher volumes
in three corridors: Holland-UK, Swe-
den-UK and Sweden-Belgium. As the UK
economy resumed growth during 2013,
and a route was closed by a competi-
tor in late 2012, volumes rebounded
on Vlaardingen-Felixstowe. On Goth-
enburg-Immingham, volumes were
boosted by the return of all volumes
from a major Swedish freight forwarder
in March, where a competing route was
closed. This growth was balanced by
lower volumes on Gothenburg Tilbury
as one of two ships was removed from
the route due to lower paper volumes.
High volume growth was achieved on
Gothenburg-Ghent from both new and
existing customers, primarily in the
automotive sector.
Volumes between Denmark and UK de-
clined slightly following outsourcing of
production to other regions and increas-
ing competition from road transport and
low ferry rates on the Channel.
The pricing environment was weak on
all routes as the overall capacity utilisa-
tion of freight carriers in the North Sea
region was relatively subdued during
the year.
Port terminal operations benefited
from the increase in volumes, although
earnings at Immingham and Gothen-
burg were below return requirements.
In September 2013, a turnaround
project in Gothenburg was initiated
which is expected to improve earnings
considerably in 2014.
Outlook
Overall volume growth is expected
to be flat in 2014 as capacity is
reduced on three routes following
rotation of ships and deployment of
the new ARK ships, plus the impact
of extended dockings for three scrub-
ber installations. The pricing envi-
ronment is forecast to remain weak
as the overall capacity utilisation of
carriers in the region is expected to
remain subdued in 2014 and price
competition is, therefore, expected
to continue to be strong.
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CHANNEL
NEWHAVEN — DOVER
PORTSMOUTH åg
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rn
(5:03
Head of business area
Carsten Jensen
Share of Shipping Division
revenue 2013
21%
Routes -= Dover-Ounkirk
« Dover-Calais
» Portsmouth-Le Havre
= Dieppe-Newhaven
Ships -= 3 short sea ferries
5 ro-pax ships
Port terminals
Dunkirk
Customer segments
Forwarding companies & hauliers
Car passengers
Coach operators
Primary market areas
Great Britain
Continental Europe
Main competitors
Eurotunnel
P&O Ferries
MuyFerryLink
Brittany Ferries
20 DFDS ANNUAL REPORT 2013 SHIPPING DIVISION
CHANNEL 2013 20l2
DKK m Q1 De Q3 Q4 FY Q1 De 03 Q4 FY
Revenue 374 456 600 428 1,858 237 321 A4e 386 1,386
EBIT before special items "61 746 ar "39 "104 "39 745 49 97 7132
Invested capital 1,278 1,302 1,339 1,280 1,296 1,146 1,123 1,288 1,257 1,292
ROIC before special items p.a., % -19.1 714.11 12.5 "12.2 78.0 -13.6 -16.0 15.2 -30.9 "10.2
Lane metres freight, "000 3,366 3,543 3,764 3,876 14,549 2,480 2,500 2,716 3,039 10,735
Passengers, 000 697 1,003 1,575 778 4,053 501 879 1,334 735 3,449
- Significant loss due tø continued
overcapacity in ferry market
-. Full-gear impact from Dover-Calais
start-up and acquisition of LD Lines
-= Total EBIT improved by DKK 28m
to DKK -104m
Market and activity trends
Freight volumes increased by 35.5%,
and 25.565% adjusted for the full-year im-
pact of the addition of Le Havre-Ports-
mouth and Dieppe-Newhaven in Q4
2012. The adjusted volume growth
was entirely driven by Dover-Calais as
volumes on Dover-Dunkirk were 4.4%
lower in 2013, partly due to 3.4% few-
er sailings. Volumes on Dover-Calais
increased by 159,5% in 2013, driven
by the full-year impact of the ramp up
of capacity since the start of operations
in February 2012 and achievement of
a market share of just above 10% in
2013. DFDS' total freight market share
on the Dover Strait was 24% at the
end of 2013, up from 19% in 2012.
The total freight market rose by 4.7%
in 2013.
Passenger volumes increased by 18.4%
and 8.3% adjusted for the full-year im-
pact of the addition of the two Western
Channel routes. The adjusted volume
growth was likewise entirely driven
by Dover-Calais as volumes on Dover-
Dunkirk were 8.2% lower in 2013.
Volumes on Dover-Calais increased by
57.0% in 2013, driven by the full-year
impact of the ramp up of capacity and
achievement of a market share of 6% in
2013. DFDS' total passenger car market
share on the Dover Strait was reduced
to 19% at the end of 2013 from 20% in
2012 due to the loss of market share on
Dover-Dunkirk. The total passenger car
market rose by 2.8% in 2013.
The operation of the concession route
Dieppe-Newhaven was in line with
expectations in 2013, while perfor-
mance on Le Havre-Portsmouth was
not satisfactoru.
The pricing environment for both
freight and passengers was weakened
by overcapactitu, particularly on the
Dover-Calais corridor. The business
area's operating loss was primarily
driven by the overcapacity on the
Dover-Calais corridor. See page 9 for
a review of the extraordinary compe-
tition circumstances impacting ferry
operations on the Channel.
Gutlook
The operating loss will continue as
long as the overcapacity on the Dover
Strait persists. The financial outlook
for 2014 is, therefore, contingent on
when the UK Competition Commis-
sion's Eurotunnel/SeaFrance merger
inquiry is finalised and the outcome
of the inquiry. Provisional findings are
planned to be published in mid-March
2014 and a final decision is planned
for early May 2014. Allowing time for
appeal options, DFDS expects a final
decision to be implemented by the
end of 2014.
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PASSENGER
PASSENGER 2013 2012
DKK m Q1 De Q3 Q4 FY Q1 De 03 Q4 FY
Revenue 304 472 606 376 1,758 296 474 595 396 1,761
EBIT before special items -84 53 160 13 142 7106 57 147 14 lle
Invested capital 903 834 848 851 903 1,041 1,073 1,024 1,082 950
ROIC before special items p.a., % -37.2 25.4 755 6.1 15.7 -40.7 2l.e 57,4 52 11.7
Lane metres freight, '000 139 174 160 168 6541 142 150 152 163 607
Passengers, '000 264 366 444 3089 1,383 252 368 A27 310 1,357
Head of business area
Brian Thorsted Hansen
Share of Shipping Division
revenue 2013
20%
Raoutes = Copenhagen-Oslo
- Amsterdam-Newcastle
« Esbjerg-Harwich
Ships = 1 ro-pax ship
- 4 passenger ships
Port terminals » Copenhagen
Customer segments = Mini Cruise
Passengers with cars
Business conferences
Forwarding companies/hautiers
Primary market areas
Denmark
Sweden
Norway
Great Britain
Benelux
Germany
Overseas markets
Main competitors
Color Line
P&O Ferries
Stena Line
Airlines and road transport
22 DFDS ANNUAL REPORT 2013 SHIPPING DIVISION
-». Record passenger volumes on
Amsterdam-Newcastle
-= Growth in overseas passengers
on Copenhagen-Csle
. Unplanned docking on Esbjerg-
Harwich in high season
-+ Savings of 15% an bunker cost
- Total EBIT up by 27% to DKK låem
Market and activity trends
Overall passenger volumes grew by
1.9%, although with an uneven distri-
bution across markets and routes. The
Dutch and German markets experienced
solid growth leading to 4.5% volume
growth on Amsterdam-Newcastle.
The growth in the number of passen-
gers from overseas markets was also
solid and was the main driver of 1.2%
volume growth on Copenhagen-Oslo.
Volumes in the UK, Danish and Norwe-
gian markets were on a level with 2012.
Passenger volumes were reduced by
a two-week docking of DANA SIRENA
on Esbjerg-Harwich in June following
a quay collison in Harwich.
Yields on Amsterdam-Newcastle were
supported by solid growth in the high-
yield car market which offset a negative
impact from a decline in the pound
sterling. On Copenhagen-Oslo, yields
were reduced by a continued high level
of competition, a higher share of low-
er-yielding segments in the passenger
mix and a large decline in the Norwe-
gian krone. Income from onboard sales
increased driven by the higher volume,
targeted price increases and a higher
sales margin following cost reductions.
Earnings on all routes were supported
by a 15% lower bunker cost.
QGutlook
The upgrade of the two passenger
ships on Copenhagen-Oslo in January
and March 2014 is expected to
support increased sales in the Family
and Business Conference segments in
2014. On Amsterdam-Newcastle, the
positive trend of 2013 is expected to
continue underpinned by further focus
on the car market, including new mar-
kets in Belgium and France. Likewise
on Esbjerg-Harwich, where the focus
will increasingly be on the car market
as competition in other segments
continues to strengthen.
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CONTINENT
Head of business area Jens Antonsen CONTINENT 2013 2012
Share of Logistics Division's — 46% DKK m Q1 Q2 Q3 Q4 FY Q1 De Q3 Q4 FY
revenue, 2013
Revenue 482 500 490 494 1,966 496 493 494 481 1,964
Main Activities Door-to-door full & part load transport solutions: EBIT before special items 8 10 le 7 37 0 6 5 7 19
» Holland-UK/lreland Invested capital 325 335 293 324 323 330 344 307 338 336
" Germany-UK/ltaly ROIC before special items p.a., % 7,7 3.0 11.8 6.0 8.5 0.1 5.4 5.1 6.3 42
- Belgium-UK/Scandinavia Units, "000 47.0 504 482 482 1938 476. 481 477 456 188,9
= France-Scandinavia
Dcor-to-door container transport solutions:
- Ireland-Continent
Door-to-door rail transport solutions:
= |taly-UK/Germany/Benelux
+ NWarehousing UK & Italy
» APL contracts
Equipment
Joint Nordic/Continent equipment pool:
2,350 trailers
75 tractor units
3,750 containers
850 swap bodies
VSASs on two container
ships operated by other shipping companies
Warehouses
Vlaardingen
Immingharm
Milano
Rotterdam
Sales offices
Hamburg
Vlaardingen
Ghent
Brugge
Immingham
Rotterdam
Milano
Dublin
Customer segments
Industrial producers (automotive, paper)
Producers of high value goods
Producers of temperature controlled goods
Retailers
3rd party containers
Primary competitors
Cobelfret
P&EO Ferrymasters
LKU/ Walter
European trailer operators
Sarmskip
Lo-Lo carriers
26 OFDS ANNUAL REPORT 2013
LOGISTICS DIVISION
-» Strong turnarcund of profitability
- Full-year impact of nøn-vessel,
deor-to-deor container solutions
on Iretand-Continent
- High srowth af UK-Continent
full loads
»… Rail solutions impacted by
inconsistent service delivery
af carriers
. Total EBIT up by 95% to BKK 3Y7m
Market and activity trends
Volumes increased by 2.6% in 2013
driven by high growth of the full load
activities between Holland/Northern
Germanu/ltaly and UK. Margins far these
activities were also improved in 2013
as cost control measures became more
efficient. The margin for the container
activity between Holland and Ireland
likewise improved following the move
to operate as a NVOCC [non-vessel op-
erating container carrier) at the end of
2012. Although this reduced volumes,
the greater focus on customer solutions
increased profitabilitu.
Volume growth was flat for the full
load activity between Belgium and
UK and balance issues and fierce
competition lowered Margins. For the
Belgium-Scandinavia trade, market
conditions were more stable and a
higher result was achieved.
The rail activities between UK and
Italy were reorganised during the year,
including the closure and relocation
of the Ipswich office to Immingham, to
improve future transport planning. The
combination of a weak Italian economy
and inconsistent service delivery of the
rail carriers reduced the result.
Qutlook
Following the successful restructur-
ing in 2013 of the Ireland-Continent
container trade, financial performance
in 2014 is expected to be on a level
with 2013. Focus will be on further de-
velopment of customer solutions and
continuous improvement of operations,
particularly the rail activities and the
Belgium-UK traffic.
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RISK FACTORS
EEG REEEERRERRRREEEHHHE E
RISK MANAGEMENT IS AN INTEGRAL PART OF THE MANAGEMENT OF DFDS. RISKS AND OPPORTUNITIES
ARE REVIEWED REGULARLY AND REPORTED TO THE BOARD OF DIRECTORS TO ENABLE APPROPRIATE
RESPONSES AND ACTIONS.
GENERAL AND SPECIFIC
OPERATIONAL RISKS
Macro-economic and market risks
Risks of major fluctuations in earn-
ings Caused by changes in market and
economic conditions are highest for the
Group's shipping activities and lowest
før the transport and logistics activities.
The difference in risk profile is due to a
high proportion of fixed costs in ship-
ping as opposed to a low share of fixed
costs in transport and Logistics.
The market for shipping of freight and
passengers is impacted by changes
in customer demand, which in turn is
governed by the general state of the
economu. Decreasing demand can lead
to overcapacity, which can only be
remedied by deployment of a ship[s)]
with less capacity or by removal of a
ship from a route or, ultimately, by route
closure, Overcapacity tends to increase
downward pressure on prices and,
hence, a risk of lower profitabilitu.
Partly in order to counteract cyclical
demand risk, part of the freight fleet
consists of chartered vessels. DFDS
aims to charter a certain share of the
28 DFDS ANNUAL REPORT 2013
fleet on contracts of less than a year
with options for extensions, which
facilitates opportunities for redelivery
of ships at a few months" notice. ALL
passenger ships in the fleet are owned
by DFDS, which limits the options for
adapting passenger Capacity in the
short term. DFDS" container activities
deploy chartered ships through vessel
sharing agreements with other shipping
companies, which provides flexibility.
DFDS' Logistics activities to a large ex-
tent lease equipment and subcontract
haulage. This results in a high propor-
tion of variable costs and, therefore,
less cyclical risk.
DFDS" geographic diversification across
Northern Europe, including activities
focussed on Russia and the surround-
ing countries, reduces dependence on
trends in the different regions. In addi-
tion, a large number of routes and other
activities balances commercial risks,
including opportunities for reallocation
of ships between routes.
The freight- and passenger-shipping mar-
kets are also impacted by industry-specif-
ic market conditions, including changes
in market conditions faced by competing
RISK FACTORS
forms of transport such as road, rail and
air - the latter of which mainly impacts
the passenger sector. In addition, markets
are impacted by changes in local and
regional competition, such as the opening
of competing routes and capacity increas-
es on existing routes.
On a few routes, a significant proportion
of freight volumes are derived from a
few industrial customers. The risk inher-
ent in such relationships is mitigated by
entering into contracis with a duration
of several years.
Risks associated with business
development and investment
DEDS' growth strategy embodies
business development and investment
risks related to organic growth driven
by acquisition of tonnage and growth
driven by acquisition of companies
and activities. The most important
risk associated with organic growth is
related to expansion of capacity on a
route by deployment of a larger ship,
or ships. The acquisition of companies
and activities involves significant risks,
which are proportionate to the size of
the investment and the complexity of a
subsequent integration process.
Risks associated with business deve-
lopment ventures are managed by
thorough planning and decision-
making processes governed by inter-
nal policies and guidelines for invest-
ment decisions, including a required
rate of return.
The shipping charter market
DFDS mainly charters freight ships for
varying periods. Such charters are sub-
ject to price risks (charter rates) and
risks concerning availability of ships
that fit operational requirements.
Similar risks, including counterparty
risks, are relevant when chartering out
excess tonnage. In addition, there is a
price risk related to acquiring or order-
ing ships at cycle peaks. In connection
with the ordering of ships, there is a
default risk related to the shipyard,
which can lead to additional costs,
including delayed deliveru.
Due to the ongoing process of replacing
and renewing the DFDS fleet, the sale of
tonnage or the cancellation of contracts
may result in gains, losses and costs
that are not included in annual profit
forecasts.
Operational, security and
environmental risks
The main operational risks are asso-
ciated with ships and port terminals.
Technical problems and accidents
may lead to unplanned periods in
dock, interruption of schedules, and
Loss of revenue. Replacement tonnage
can usually be deployed at short
notice through chartering. In order
to minimise operational risks, DFDS
has a systematic and comprehensive
maintenance programme in place for
all ships, including periods in dock at
regular intervals. In addition, extreme
weather conditions can cause delays
and cancellations, and strikes in ports
can also disrupt services.
DFDS uses freight and passenger
ships, port terminals, warehouses and
cargo-carrying equipment, all of which
are subject to the usual safety risks
associated with equipment of this
type. These risks are controlled and
minimised partly through compliance
with safety requirements and rautines,
as well as preventative work, and part-
ly through insurance against risk. See
pages 38-42 for reporting on health
and safety.
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1404014E098
tion of a new set of rules in 2015 that
reduces the sulphur content in bunkers
from 1.0% to 0.1% in the Baltic Sea, the
North Sea and the Channel. Bunker with
a sulphur content of 0.1% is presently
around 40-50% more expensive than
bunker with a 1.0% sulphur content.
There are considerable risks related to
the transition to the use of 0.1% MGO
(Marine Gas Oil] and these are detailed
in the CR report on pages 33-52.
Other significant political risks concern
changes to taxation arrangements for
staff at sea, abolition of duty-free sales
in Norway if the country were to join
the EU, cancellation of VAT exemption
on tickets and on-board sales, and
changes of tonnage tax schemes.
DFDS actively monitors these issues,
including by participating in industry
organisations.
Financial risks
DFDS is exposed to a range of finan-
cial risks. The primary risks relate
to changes in oil prices, exchange
rates and interest rates. DFDS is also
exposed to liquidity risks in terms
of payments and counterparty risk.
Managing financial risk is based on
Group policies and guidelines for the
respective risk areas. Risk is managed
centrally, as per Group policu. The
Executive Board regularly receives
reports on financial positions and
discusses financial risks. The Board of
Directors also receives reporting on
the management of financial risks.
Following the first issue of corporate
bonds in 2012, DFDS continued to diver-
sify the loan portfolio through an issue
of five-year unsecured NOK-denominat-
ed bonds in 2013 (2012: NOK 500m
with four-year maturity). The bonds
are listed on the Oslo Støck Exchange
and were sold at a value of NOK 700m
to a number of institutional investors
in Norwau, Sweden and Denmark. The
issue was an additional supplement
to, and partial replacement of, existing
bank debt and ship loans. To support the
ongoing diversification of the loan port-
folio, DFDS expects to issue corporate
bonds on a regular basis, and the market
for corporate bonds is therefore closely
monitored. In connection with DEDS'
focus on streamlining the cash manage-
ment set-up, new drawing rights were
negotiated to maintain sufficient liquidi-
ty and maintain cash pool facilities.
DFDS' shipping activities are asset-
based and involve a relatively high
level of capital intensity. At the same
time, the demand for transport services
is to some extent cuclical. This entails
a risk of significant fluctuations in
earnings, and financial flexibility is
30 DFDS ANNUAL REPORT 2013 RISK FACTORS
maintained through a solid capital
structure. A target capital structure has
been adopted of a net interest-bearing
debt/EBITDA before special items ratio
between a minimum of 2.0x and a
maximum of 3.0x. DFDS owns several
unpledged ships and, given the oppor-
tunity of issuing additional corporate
bonds, refinancing risks are considered
to be limited.
The table on page 29 accounts in great-
er detail for DFDS" financial risk expo-
sure. Please also refer to notes 26 and
27 for more detail regarding financial
risks. For the individual areas of risk,
the following can be highlighted:
-. Bunker: The freight industry is very
dependent on the oil price and it is
therefore characterized by a high
level of oil price hedging. The hedging
level is affected by capacity utili-
sation, such that higher utilisation
implies a higher level of hedging. It is
estimated that a price change of 1%
compared to the price level at the end
of 2013 (approximately USD 508 per
ton) would entail a negative impact
on financial performance of approxi-
mately DKK 7.3m.
- Interest: At the end of December
2013, the proportion of net fixed-in-
terest loans was 60%, which is
consistent with the objective of a
hedging level of 40-70%. When cal-
culating interest rate risks, long-term
charter contracts are included under
fixed-interest loans. It is estimated
that an increase in interest rates of
1%, compared to the level at the end
of December 2013, would have a neg-
ative impact on financial performance
of approximately DKK 13m.
-= Currency: Transaction risks have not
been hedged. They primarily concern
SEK, NCK, GBP and USD. Due to some
instability in the Eurozone, EUR risks
are monitored continuously, but not
hedged. USD risk is hedged in connec-
tion with hedging of bunker.
- Liquidity: DFOS systematically and
regularly conducts internal credit
assessments of all financial counter-
parts. The internal credit assessment
is based on ratings from international
credit rating agencies. The Board of
Directors approve general limits on
deposits, etc. with DFDS' counterparts
on this basis. At present, the risks are
estimated to be limited.
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140
Investor relations
Søren Brøndholt Nielsen, Director,
IR & Corporate Planning
Phone: +45 3342 3359
E-mail: soeren.broendholt&ædfds.com
Shareholder Secretariat
Helle Hvidtfeldt Jensen, Secretary
Phone: +45 3342 3271
E-mail: shareholderædfds.com
Financial calendar
Annuat General Meeting
26 March 2014 at 14:00
Radisson SAS Falconer Hotel
and Conference Centre
Falkoner Allé 9
DK-2000 Frederiksberg, Denmark
Reporting 2014
Q1, 23 May
H1, 21 August
Q3, 21 November
32 DFDS ANNUAL REPORT 2013
INDEXEB PRICE DEVELOPMENT FOR BFDS ANB INDEX, 2013
EOMPANY ANNDUNCEMENTS 2013/2014
Updated Heading
[INDEX]
180 K
170
160 Na ( i FL
150 Nm r Ala v
140 P
NZ
130 Wow, IwW
vr w"
120 eee SST
mn per TTT SOVw SN
100 re NNE Oy mee TT
90
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2013 2013
— DFDS — INDEX PEER GROUP
— ALL SHARE INDEX OMX COPENHAGEN (OMXCPI)
DFDS SHARE: PRICE DEVELOPMENT AND TRADING, 2013
(SHARE PRICE, DKK] [NO. OF SHARES, 1,000)
500 3.0
450 ; 25
20
400 aA ny [NV
VO 15
350
1.0
300 rr | | 05
250 Are nad kø ef ut td al Al | 9
JAN FEB JUL AUG NOV DEC
2013 2013
— DF0S —— TRØDING VOLUME, NO. OF SHARES
DFDS SHARE & SHAREHOLDERS
25-02-2014 Postponement of UK Competition Commission's timeline
18-02-2014 Award of share options
31-01-2014 DFDS Logistics expansion through acquisition in Scotland
09-01-2014 Timeline for UK Competition Commission remittal announced
07-01-2014. Tribunal's judgment not appealed
17-12-2013 Financial calender 2014
16-12-2013 Summary of extraordinary general meeting
04-12-2013 Tribunal requires further review of UK Competition Commission's ruling
02-12-2013 Ruling concerning the channel to be announced on 4 December
20-11-2013 Notice of extraordinary general meeting
20-11-2013 Progress continued in 03
20-11-2013 DFOS to distribute excess capital to shareholders
09-09-2013 Reporting of transactions in DFDS' shares and associated securities by senior
employees and their related parties
06-09-2013 Purchase of own shares from A.P. Møller - Maersk completed
05-09-2013 DFDS commits to buy own shares from A.P. Møller - Maersk
22-08-2013 DFDS made progress in Qe2
11-07-2013 Baltic & Russian logistics network expanded through acquisition
24-06-2013 DFDS no longer part of Scandlines sales process
06-06-2013. Ruling by UK Competition Commission
23-05-2013 Upgrade of Copenhagen-Oslo route in 2014
22-05-2013 Result as expected in stagnating market
17-05-2013 Logistics Division: new comparison figures 2012
03-05-2013. Information concerning a possible transaction
22-03-2013 DFDS A/S - summary of annual general meeting, 22 March 2013
15-03-2013 DFDS A/S - election of employee representatives to the Baard of Directors
12-03-2013 New corporate bond issue of NOK 7OOm completed
11-03-2013 DFDS contemplates bond issue
07-03-2013 Renewal & expansion of Swedish customer agreement
28-02-2013 Notice to convene the annual general meeting of OFOS A/S
28-02-2013 DFDS maintains strong position despite headwind
15-02-2013 Two newbuilding contracts finalized
05-02-2013 Award of share options
03-01-2013 Negotiations on newbuilding contracts ongoing
|
i
Refs ERR
DFDS AND CORPORATE RESPONSIBILITY (CR)
SOCIAL RESPONSIBILITY INSPIRES VALUE CREATION FOR OUR STAKEHOLDERS AND OUR COMPANY
CHALLENGING TRANSITION TO GREENER
INFRASTRUCTURE IN 2015
New rules regulating the permitted
level of sulphur in bunker fuel are set to
increase fuel costs by 40-50%. The new
rules, coming into førce on 1 January
2015, represent a considerable chat-
lenge for DFDS and the rest of the ferry
industry in Northern Europe.
In line with our environmental policu,
we support initiatives to make our
world greener - as long as it happens
in a sensible way and on a level
playing field versus our competition,
including other transport modes.
From the ouiset, we took on the re-
sponsibility of adapting our business to
the new rules and contributing to mak-
ing society greener. We are, however,
responsible for protecting the inter-
ests of all our stakeholders and have,
therefore, worked actively to achieve
some mitigation or financial support
concerning the transition to the new
rules - so far without any success.
What is important now is that the rules
are implemented as announced Without
any last minute concessions that would
change the level playing field. Ferry
operators, like DFDS and others, who
in good faith have made substantial in-
34 DFDS ANNUAL REPORT 2013
CR REPORT
vestments should be rewarded (over the
course of time) for acting responsibly to
contribute to a greener infrastructure.
Our strategy for overcoming the
challenge of the new rules has three
elements: installation of scrubbers
on up to 20 ships at a cost of DKK
750m, preparing customers for the
transition to 3 higher shipping cost
and analysing requirements for con-
solidation of routes.
For DFDS, and all other ferry oper-
ators, the new rules will entail a
substantial negative financial impact.
Prices to customers will increase,
shifting some volumes from sea to
land. We foresee that several ferry
routes in Northern Europe will close
and jobs will be lost across the ferry
industry. Another potential negative
impact is increased road congestion.
The resulting economic impact is, of
course, not a desirable scenario for
our shareholders either.
To adapt and facilitate the transition to
a greener infrastructure, we successful-
ly initiated testing of scrubber technol-
ogy in 2009, and became a front-runner
by successfully operating a scrubber
onboard one of our ro-ro freight ships.
Today, DFDS is considered by many
experts to be the leading shipping
company when it comes to applying
the scrubber technology.
On another positive note, we have
expanded the section on community
work in the report. Supporting local
communities within our network is an
important way for BEDS to give back to
societu. The activities also involve vol-
untary work by our employees, for ex-
ample when serving hometess people
in Oslo and Copenhagen a Christmas
lunch on board our passenger ships.
Enjou the report!
NIELS SMEDEGAARD,
PRESIDENT & CEO
Our approach to corporate
responsibility
DFDS is responsible for a large number
of employees and their working condi-
tions, and for health and safety at work.
We area vital part of Europe's infra-
structure as we operate the largest ferry
route network in Northern Europe and
provide transport and logistics solutions
across Europe. We are responsible for
passenger safety, for customers" freight
and for the environmental impact of
our activities. We are also responsible
for creating a return on shareholders'
investment in DFDS - and much more.
We manage our corporate responsibil-
ities through the implementation of
policies and standards. In several areas,
specific targets are set for CR actions
-— for example, reducing emissions -
and this year we are introducing cus-
tomer satisfaction targets.
In addition to policies, DFØS lives by
an ethical code of conduct, which acts
as a supplement to the standards of
behaviour to which we aspire, as de-
fined in The DFDS Wau.
Qur CR strategy
Our CR strategy aims to create and
protect value for all stakeholders,
thereby underpinning DFDS" position
as a preferred supplier and employer.
Identifying stakeholders and under-
standing their needs and requirements
are important priorities in the strategy.
Stakeholders and their expectations
are listed on pages 36-37. CR perspec-
tives are embedded in the organisation
through internal initiatives and action
plans, but also through actively involv-
ing stakeholders in relevant working
processes.
The strategy also involves communica-
tion of our goals and actions to stake-
holders and ongoing improvements to
our CR reporting.
Managing CR
The CR strategy, and overall goals and
policies, are set by the CR Committee,
which reports tø Executive Manage-
ment. The Committee is composed of
managers with direct responsibility for
implementing CR in business areas and
Group functions. Niels Smedegaard,
CEO, has overall responsibility for the
CR Committee.
The Committee meets at least once
every three months. The intention is
that external stakeholders are invited
to participate in at least two meetings
per year. Twice a year, the chair of the
Committee will report to Executive
Management, and once a year to the
Board of Directors. An important task
sg
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The table shows our stakeholders, how we cooperate, and progress on CR related activities
Stakeholders
= Freight customers
= Passengers
Who are they?
Freight forwarders and hauliers
Producers of heavy industrial goods
Food producers
Producers of consumer goods
Retailers
individuals, families and groups
Coach operators and travel agencies
How de we work together?
Customer satisfaction surveys,
including online
Service calls and contact by letter
before departure
Ongoing relationship, including meetings
and follow-up with customers
Town hall customer meetings
Via freight and ticket booking agents
What do they expect of us?
Reliability and safety
High frequency and capacity
Easy to work with and travel with
Timely information about changes
Informed employees who solve problems
Proposals for improvements
Ongoing adaptation of on-board facilities
to meet customer requirements
Clear understanding of customer
requirements
Progress in 2013
Continued roll-out of Customer Focus
Initiative launched
Regular customer satisfaction surveys
New passenger sales & marketing
organisation in UK
Continuous improvement of online
booking interface
Sales training of over 200 sales managers
Plans for 2014/2015
Continuation of Customer Focus Initiative
Upgrading of InfoBridge, freight booking
and information system
Upgrading of the passenger areas on
passenger ships during docking
Continued sales training
Cargo Care, further development of
damage prevention
New CRM system
Further roll-out of new booking system
for passengers
- Employees
- Trade unions
6,000 employees, on shore and at sea
(year-end 2013)
Trade unions
Sailors' unions
The International Labour Organization (ILO)
Daily management
Annual performance and development
reviews
Weekly newsletter for employees
Employee survey every two years
(Bearing)
Regular meetings and courses
Zoom (management development
programme]
» Town hall meetings
Healthy and safe working environment
Reasonable terms and conditions of
employment
Rewarding extra effort
Career development paths
Option of on-the-job learning
Ethical and consistent management
and working conditions
Diversity
2
Diversity study undertaken
Diversity policy development
New development programme for
specialists
Boot camps for managers
Promoting safety culture through
ongoing training
Introduction of HR system across
the whole Group
Diversity programme
Focus on talent management
Public-sector and
government agencies
(on land and at sea)
36
DFDS ANNUAL REPORT 2013
The International Maritime Organization
(IMO)
European Maritime Safety Agency (EMSAJ
Organisations that investigate accidents
at sea
Working environment agencies
Maritime and coastguard agencies
Environmental agencies
Local authorities
Customs & Excise, immigration departments
Port authorities
Highways agencies
National tourism bodies
CR REPORT
Meetings with industry associations
Processes for compliance with regulations
Campaigning
Investigation of incidents
Meetings with national governments
and ministers
Promoting tourism in regions/countries
Compliance and risk reduction
Information on security and immigration
control
Accessibility
High quality in occupational safety
and health
Continuous reduction of environmental
impacts including emissions, introduction
of fuels with low sulphur content, improve-
ment of anti-fouling paint, responsible
scrapping and waste processing
= Instaltation of three sulphur scrubbers
= Development of systematic management
of safety processes
Installation of additional sulphur scrubbers
Implementation of system for managing
security-related processes
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SAFETY AND SECURITY
THE SAFETY OF PEOPLE IS OF PARAMOUNT
SAFETY AND SECURITY - SER
Highlights
» One fatality recorded in 2013
» Several fires on board ships
-» Continuous improvement of safety
and incident reporting
-=. Design and implementation of
a global platform to facilitate
Operational Safety Performance
in the Fleet
Our approach
Part of DEDS' customer service is to
ensure systematic implementation
and monitoring of safety standards.
Safety processess build on continu-
cous improvement and sharing of best
practices. In our approach to managing
health and safety (H&S), employees,
passengers, freight customers and
regulators are key stakeholders.
Corporate safety and security objectives
and requirements are determined by
national and international regulations.
Under the International Safety Manage-
ment (ISM] Code, the International Ship
and Port Facility Security Code (ISPS)
and the Maritime Labor Convention
(MLC), all maritime safety measures and
security factors must be reported for all
ships on an ongoing basis, and all ships
must report any incidents on board. This
I8& NENS ANNIJAL REPORT 2013
CR REPORT
can be done anonymously under a 'no
blame" policy according to Company
Procedures and international safety
guidelines. In our Logistics business, we
are guided by industrial and highways
regulations as standard.
The ISM code aims to ensure that all
relevant standards are respected, and
that safety contingency plans work. This
applies to safety equipment, safe ship
construction, management procedures,
training of crews, drills, document
control, and formal safety monitoring,
structured management reviews and
auditing principles.
The ISM code also requires a designated
person ashore to ensure safe operations
and a link between the shore-based
management and the captain and crew
on board. Safety and security audits
are held on all ships in the fleet at least
once a year. Findings are detailed, ana-
lyzed, measured and shared to promote
best practice and continuously promote
a strong safety culture on board. In addi-
tion, inspections are also carried out as
a separate task during the year.
DFDS" Health, Safety and Environment
Policy, which is reviewed annually by
Management, strives to deliver improve-
ment through active demonstration of
IMPORTANCE TO DFDS
commitment and leadership at all levels
in the shipping and logistics businesses.
This means practising what we preach,
where all managers behave in a way that
demonstrates safety and accountabilitu.
Operational Safety Performance is part
of "THE DFDS WAY”, where the imple-
mentation and roll-out of global systems
support the DFDS Operating Model in
striving for continuous improvements
and applying best standards across flags.
Our security management is governed
by the International Ship and Port Fa-
cility Security (ISPS) Code, which helps
protect against terrorist attacks and
other disruptions. Shipping and logistics
are subject to security inspections
on a regular basis. Audits are held in
conjunction with safety audits. The fleet
regularly takes part in exercises with
different countries" emergency services,
in order to train staff, exchange experi-
ences and ensure the ships are prepared
for any eventualitu.
We monitor the ships” performance on
external surveys, accidents, incidents
and near-misses, and review the out-
comes of regular audits on a monthly ba-
sis. This approach involves clear targets
for shipping safety at business unit level.
Our Marine Standards experts, People
Shipping incidents reported” 2013 2012 2011 2010 2009
Near-miss reports (average per ship) 645 38.5 31.7 13.4 48
Lost time injury frequency [LTIF) 7.0 3.3 2.9 6.6 8.0
Fatalities 1 0 0 0 0
+ Data excludes the subsidiaries AB DFOS SEAWAYS (Lithuania) and DFOS Logistics AS (Norway)
LTIF ON DFDS PASSENGER AND FREIGHT SHIPS
[LOST TIME INJURY FREQUENCY)
The following ships recorded no lost time
accidents for 365 days or møre by the end
of December 2013
Ficaria Seaways 1,337
Anglia Seaways 1,046
Flandria Seaways 1,010
Begonia Seaways 849
Magnolia Seaways 847
Lysblink Seaways 569
Petunia Seaways 483
Primula Seaways 408
Dover Seaways 402
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DFDS' Safety Management System
Safety management continues to be op-
erated by the local management teams
of each individual operating entity to
maintain flexibility and proportionality
of response based on risk. Thus, more
safety controls are operated for higher
risk activity (port terminals) than lower
risk activity (offices), e.g. formalised
inspection regimes only operated on
higher risk sites.
The national and international safe-
ty legislation applicable across the
DFDS Group has a common basis in EU
Legislation allowing an internal safety
management standard to be developed
for application within the DFDS Group's
'Dru” activities based on a UK model of
safety management. The system is de-
tailed in a Safety Framework Document,
a guidance document providing a model
for safety management throughout
'dru” activity (port terminals [freight
and passenger operations], warehouses
and offices). Internal auditing has been
performed on a risk-prioritised basis
using the Safety Framework Document
to assess compliance; the audit pro-
gramme will continue in 2014, again, on
a risk-prioritised basis.
A basic risk survey was completed in
2013 to form the basis of a more for-
malised audit programme for 2014. Risk
rating factors included annual safety
performance, previous audit history
and the risk profile (e.g. higher-risk port
terminal, lower-risk office activity). The
audit programme commenced in the
last quarter 2013 and will be continued
into 2014.
Reporting
The network of 'data responders'
covering 55 operational sites continued
to develop in 2013 with the addition
of a port terminal in Gothenburg and
additional Channel ports (Newhaven,
Portsmouth, Le Havre and Dieppe). The
safety performance of newcomers to
the DFDS Group is monitored but only
included in Group safety performance
statistics at the start of each full report-
ing year. Thus, safety performance for a
Swedish transport company, Karlshamn
Express Group, acquired during 2013
has not been included in 2013 safety
statistics but will be included from 1
January 2014 along with the relocation
of a finance service centre from Belfast
to Poznan.
Due to the wide variance across op-
erational entities/sites, the reporting
system is both simple so as to not
overburden small low-risk units, and
get sophisticated enough to allow
the reporting of injury accident detail
allowing generation of causal analy-
sis. Causal analysis is used to inform
managers of trends for actioning and to
feed into managers” 'safety action plans'
to ensure the proactive management of
safetu.
Safety performance data is collated
into a monthly report made available to
management. The reporting system has
been developed to seek increased caus-
al understanding by the identification
of 'funsafe acts' and 'unsafe conditions'.
Data on non-injury 'accident potential',
near-misses and hazard observations,
is part of this development. The mod-
ified reporting system will begin from
January 2014.
Manual handling, slip/trip and
tug-driving have been identified as
major causes of injury accidents (both
lost-time and minor) in 2013 (as in
2012). As these causes are largely
within the control of the individual,
the main thrust of safety performance
improvement in 2013 was the devel-
opment of an overall safety culture
within the workforce to grow the
concept of personal responsibility for
safety. Safety culture development is
complementary to the overall culture
of The DFØS Wau, which among other
things promotes continuous improve-
ment and sharing of best practices. In-
creased awareness has led to changes
1 Definition: Lost-Time Injury Accident Frequency Rate (LTA-AFR) is the frequency of løst work days per one million man-hours (exposure hours). A lost waork-day is time lost fram an
injury which results in an individual being unable to return to work on a scheduled work shift on the day following the injury.
40 DFDS ANNUAL REPORT 2013
CR REPORT
ACCIDENT FREQUENCY RATE MOVING ANNUAL TOTAL 2013
[AFR]
14
le
10
8
5 mn eee ——
4
2
O
AUG SEPT OCT NOV DEC
2013 2013 2013 2013 2013
— DFDS GROUP — SHIPPING DIVISION —— LOGISTICS DIVISION 2012 AVERAGE
LOST-DAYS DISTRIBUTION CHART
(EVENTS)
30
25
p
20 +
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10
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te
data responders and insurance claims
processors.
Safety E-training was used extensive-
ly in the UK in 2013 with 570 users
completing a total on 4,531 safety
modules; subjects varied but included
Risk Assessment, Manual Handling, Slip/
Trips, Fire Safety and Display Screen
Equipment. Roll-out of this system of
'core' modules is planned for Denmark
and The Netherlands during early 2014,
with Germany and France following.
This methodology provides a very
flexible, resource-effective approach
to safety training. Supported by the
provision of short, in-house, training
courses on a variety of safety topics,
such as risk assessment and event
investigation, made available as a form
of mentoring to personnel to assist in
developing skills in operating the Group
safety management system.
DFDS has the capacity for in-house spe-
cialist safety training with four qualified
trainers, three at Immingham and one at
Dover, for the delivery of IOSH (Institu-
tion of Occupational Safety & Health)
42 DFDS ANNURL REPORT 2013
CR REPORT
Managing Safely training. This is high
quality, externally approved, specialist
safety training.
In 2013, the Immingham Seaways
Terminal delivered 4-day JØSH Manag-
ing Safety courses tø 51 managers and
1-day IOSH Working Safely courses to
230 personnel. This training programme
will continue in 2014 until all person-
nel have received the requisite type of
training.
Specialised IMDG (International Mar-
itime Dangerous Goods Code) code
training is also provided in-house.
Next steps/commitments 2014
-. Reporting to be extended to capture
accident potential for causal analysis
«. Risk-prioritised auditing programme
tø continue
-=. Roll-out programme for on-line
training modules
-. Support improvement actions at
individual sites based on Causal
analysis
- 15% improvement target from
2013 performance level has been
set for 2014
COMBINEB INJURY CARUSAL ANALYSIS (LTAS & MINGR])
LTAs Minors Combined
Cause [48 Total] [118 Tot.] (166 Total)
'E' Manual Handling 12 [25%] 29 (25%) 41 (25%)
'F' Slip/Trip 10 (21%) 23 (19%] 33 (20%)
'T” Tug Driving 12 [25%] 10 (8%] 22 (13%)
'D' Struck something fixed/stationary OD (--] 16 (14%] 16 (10%)
'B' Struck by a moving/falling object 3 (6%) 12 (10%] 15 (9%)
"0' Other 4 (8%] 10 (8%] 14 (8%]
"C" Fall from height 4 [8%] 3 (3%) 7 (4%]
'C' Struck by a moving vehicle 3 (6%) 4 (3%) 7 (49%]
”N” Handtool O (--] 5 (4%) 5 (3%)
'A' Contact with moving machinery O(--] 4 [3%] 4 (2%)
'H” Trapped by collapse/overturn O [--] 1 (1%] 1 (1%)
'M' Injured by an animal O [--) 1 (1%] 1 (1%)
SAFETY CULTURE DEVELOPMENT AS PART CF THE DFDS WAY
The DFDS Way operating modet Safety Culture
Customer Driven Customers want to use reputable organisations; this requires
good Health £ Safety practices and records
Continuous Improvement SMS [Safety Management Systern) drive is to zero injury
accidents and healthy workforce
Best Practice Performance comparison identifies good practice for
promoting best practice between business areas within the
Group
Leveraging Scale Group-wide SMS creates supportive network of safety
advisors replacing isolated individuals
Performance Culture Safety culture requires individuals to change their existing
attitudes and behavigurs; DFDS is becoming a learning
organisation
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Talent and capability development
During the year our employees con-
tinued to perform at a high level. We
are committed to helping our people
perform at their best and achieve their
full potential through ongoing training
and development. People review and
agree on development objectives dur-
ing their annual appraisal with their
manager. We continue to develop and
strengthen our internal training pro-
grammes, such as ZOOM (Leadership
programme) and FOCUS (specialist
programme).
Continued growth of our leadership
pipeline and focus on succession plan-
ning are important før DFDS' future de-
velopment. Hence, one of our priorities
for 2014 is to design and implement
an internal programme for our High
Potentials. The participants for this
programme are talented employees
with a potential ta grow, eventually,
into senior management positions. As
a natural derivation of this, we aim to
conduct a more structured approach to
succession planning in DFDS. An identi-
fication process of the development
needs of successors will be established
in H1 2014.
Based on the analusis of required needs,
3 structure of relevant career paths and
development initiatives will be deter-
mined and designed.
.
.
RR re een Te
værn Farmer
To ensure relevant development for the
level of Vice Presidents and above, a
process of developing a programme will
begin in 2014. The programme will be
launched during H2 2014.
We have implemented the "DFOS Way
of Selling” during 2013. This requires
further training and coaching throughout
2014 and will primarily be done at local
destinations, including both sales repre-
sentatives and managers, Furthermore,
centralized training will be offered twice
a year (February and October) to new
employees.
In 2013 we hired the second batch
of Shipping & Logistics trainees.
We now have 11 trainees in our
pool, who all are located in DFDS
businesses across the group. We
will continue to hire young trainees
into the companu. DFDS is now also
approved as a place of education for
Danish waiters and makers of Danish
open sandwiches.
Employment policies and
employee relations
Our employment policies are devel-
oped to reflect local, legal, cultural and
employment requirements. We aim to
be recognized as an employer of choice
and therefore seek to maintain high
standards and good employee relations
wherever we operate.
In addition, an important area of focus
is to meet and comply with internation-
ally recognised human rights. A policy
to support DFDS' commitment not to
violate such rights is under preparation.
In 2013, with one exception, no fines,
lawsuits or breaches of rules were
registered in the HR area.
Local communities
Our UK Apprentice Scherme [Seafarers)
has turned out to be an extremely pos-
itive project, as apart from generating
a high level of interest in the local
communitu, it received national news
coverage of the shipping communi-
ty. The scheme is seen by industry
experts as 'setting the standards' in
seafarer training and making a real
attempt to regenerate the British
Merchant Navu. Qut of the six original
candidates, four are on track to com-
plete their EDH (Efficient Deck Hand)
Tickets in January 2014.
Further to this, a major 'side benefit"
is an improvement in morale, and
increased engagement and commitment
from our existing workforce on board
as they recognise the Apprenticeship
Scheme as a firm example of DFDS
"Walking the walk” - when we talk
about our commitment to both the
British Flag and British Seafarers.
lt has considerably enhanced DEDS' pro-
file in the local communitu, leading to
a substantial increase in the number of
applications for our Seasonal Catering
Crew for 2014 as many people had read
in the newspaper that DFDS is a good
place to work.
And it doesn't stop here. In January
2014, the scheme will be expanded to
include Engine Rating Apprentices and
at the end of 2014 another two-year
programme for an additional six deck
apprentices will be initiated. The result
of these initiatives is that for every re-
tirement over the coming years, a newly
qualified Able Bodied Seafarer Deck or
Engine hand will be waiting in the wings.
When we seek to attract new entrants,
we cannot promise a job for life in DFDS.
We sau: come to DFDS and we can start
you on the path of a Career for Life.
Having gained any one of our Ratings,
apprentices can, if they have the right
competence and aptitude, become a
Captain or Chief Enginer within a space
of 15 years. This is made possible
through the long-standing Rating to
Officer conversion courses that are avail-
able in Nautical Colleges around the UK.
Looking ahead, in 2014 we intend to
explore the development of a Europe-
an-wide DFDS Apprenticeship scheme
- aiming to attract bright young people
into all areas of our business at the very
ground level.
HR organisation: People & Ships
Responsibility for HR lies with People
& Ships. People & Ships is responsible
for employees and human-resource
development in both the Shipping and
Logistics divisions, as well as in the
central functions, including Technical
Organisation and operating ships.
Employees at sea and on land are sub-
ject to a number of collective-bargain-
ing agreements that vary according to
seniority and rank/pay grade and under
which flag a ship is sailing.
HR and CR work is co-ordinated by
DEDS' Director of Environment &
Sustainability, who is chair of the CR
Committee and who reports to the
Executive Vice President for People &
Ships. This ensures high-quality health
and safety management at sea and on
land in accordance with The DFDS Wau.
Future steps/commitments 2014/15
-+. Align HR processes across the Group
-=. Further development of internal
training programmes
= Implement diversity policy
-. Report on diversity targets and
progress
-=. Create career paths for employees
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ENVIRONMENT
DFDS SHOULD BE RECOGNISED AS AN ENVIRONMENTAL LEADER IN OUR SECTOR. FOCUSED ON REDUCING
EMISSIONS, A RESPONSIBLE RECYCLING POLICY AND, IN PARTNERSHIP WITH STAKEHOLDERS, CONTRIBUTING
TO EFFECTIVE AND CONSIDERED DEVELOPMENT OF ENVIRONMENTAL REGULATIONS
Highlights
-= On track to reduce bunker consump-
tion by 5% in 2017
- Strategy and plans for transition to
fuel with lower sulphur content in
2015 are in place
- Consolidated measurement of non-
ship related CO, emissions initiated
-=. Non-ship related CO, emissions
amount to less than 10% of total
emissions
Qur approach
DFDS' environmental work is governed
by our environmental policies, which
have been drawn up by the companu's
management and approved by the
Board of Directors.
The framework for environmental work
and reporting is driven and managed by
DFDS' CR Committee, which is chaired
by the companu's Director of Envi-
ronment & Sustainability. Day-to-day
environmental initiatives are primarily
driven by the Technical organisation
and by the Environment & Sustainability
department. Both departments are part
of the People & Ships organisation.
The work is also driven by local
initiatives and individual departments
46 DFDS ANNUAL REPORT 2013
ER REPORT
and employees according to The DFDS
Way's goals of continuous improvement
and sharing of 'Best Practices".
DFDS' environmental report covers initi-
atives both at sea and on shore.
At sea
The work to reduce fuel consumption
and therefore CO, emissions at sea
consists of three main focus areas:
A: The interface between
ship and shore
This involves sailing plans, arrival and
departure times, coordination between
ship and shore on arrival and departure,
load planning and stevedoring, etc. The
aim is to ensure that the ship spends
as little time as possible in port with a
view to spending as much time as possi-
ble at sea so that speed can be lowered
and fuel consumption reduced.
B: Technical optimisation
Technical optimisation covers e-naviga-
tion, including IT programmes, which plan
optimal sailings on the basis of detailed
information about the ship and route plus
continuous information about current,
water depth, wave direction and height,
wind, optimisation of the ship's trim, etc. ft
also includes the optimisation of engines,
use of more energy-optimised propellers
and rudders, cleaning the bottoms of
ships and saving energy consumption on
board. This covers hundreds of initiatives
for purnps, heating, lighting, etc.
C: Behaviour on board
Individual employees and teams can
significantly influence energy consump-
tion through their behaviour on board.
There has already been a significant
change in attitude, resulting in every in-
dividual having a target of contributing
to a reduction in energy consumption to
a greater degree.
Laws and regulations
Shipping's environmental work is
controlled by international, national and
regional conventions and environmental
Legislation which are continuously being
approved and implemented for shipping.
For DFDS, this particularly involves
conventions and legislation introduced
by the United Nations" International
Maritime Organization, the EU and gov-
ernments of individual countries. The
majority of the regulations which are
of significance for shipping's efforts to
Limit pollution from ships are part of the
so-called MARPOL Convention.
The MARPOL Convention regulates the
use of environmentally hazardous sub-
stances, the handling and discharge into
the marine environment of potentially
environmentally darmaging substances
(for example ordinary waste water, wa-
ter containing oil or ballast water), plus
emission of potentially environmentally
damaging substances such as CO», NOx
and sulphur dioxide into the atmosphere
from ships' engines.
Furthermore, the so-called AFS Con-
vention controls the use of anti-fouling
bottom paints on ships.
The routines and processes required in
order to comply with these regulations
are described and documented in the
company's ISM [International Safety
Management) safety control system,
a complete, updated edition of which
is available on ali ships and which is
maintained and updated by the Marine
Standards Department.
The company and the individual ships
are continuously audited, both by the
authorities and internally, in order
to ensure that the regulations and
necessary routines are known and
complied with.
Ashore
Legislation regulating land-based activ-
ities is mainly national, parts of which
are derived from EU directives.
Environmental efforts ashore are
partly initiated by a department for
Environment & Sustainability in the
People & Ships Division. There are
also initiatives implemented by local
management.
Ashore, we are obliged to comply with
legislation regarding climate change,
for example Carbon Reduction Commit-
ment (CRC) in the United Kingdom - a
government scheme to improve the
energy efficiency of medium-sized and
large energy consumers. We work in a
targeted manner to improve the energy
efficiency of buildings, facilities and
equipment in ports and terminals.
As part of our customer service, the
Logistics activities in Ghent, Gothenburg,
Belfast and Hamburg are ISO 14001
and/or ISO 9001 certified. DFDS Sea-
ways PLC is ISO 9001 certified.
Environmental risks
The most important commercial risk
factors are changes tø environmental
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1404014E0
fulfilled, both for our shipping and our
logistics activities.
It is, however, a concern that national
authorities introduce their own regula-
tions in this area, when work is being
done on corresponding regulations at
EU level, for example the MRV regula-
tions mentioned previously. The MRV
regulation will determine the measuring
and reporting methods for all shipping
activities in the EU and is expected to
be approved so that 2018 becomes the
first reporting year.
In the spring of 2013, CROWN SEAWAYS
became the first ship in the DFDS fleet
to be issued with the International
Energy Efficiency Certificate by DNV.
Target for reduction in CO, emissions
DFDS' target of reducing the ships" COz
emissions in the period 2007-2012
by 10% was achieved in 2012. A new
target of a further 5% reduction for
the period 2013-2017 has now been
set. In this context, it is a paradox
that the measures which are required
to comply with the forthcoming SOx
emissions requirements will have 3
direct negative effect on a ships's CO,
footprint emissions.
In 2013, we have made progress on
setting a specific target for CO, emissions
from activities other than ships. This work
is expected to be completed in 2014.
48 DFDS ANNUAL REPORT 2013
CR REPORT
Environmental improvements
to ships” activities
In 2013, average bunkers consumption
in g/GT/Nm was 1.8% lower than in
2012 adjusted for the addition of ships
from LD Lines in Q4 2012.
In 2013, the Port of Gothenburg ap-
proved ships equipped with scrubbers
to be treated equally to ships fuelled
by MGO alone. This implies that ships
installed with scrubbers are now also
entitled to environmental discounts on
port fees. Four of DEDS' ships, which
already have scrubbers installed, will
therefore benefit from this in 2014.
Many initiatives have been implement-
ed or extended in the course of 2013,
including:
- Installing energy-optimised propellers
and rudders on a range of ships
« Frequency control and optimising
ventilation on ships
-+. Energy-saving lighting
Improvements ta activities ashore
Ashore, port and terminal facilities and
distribution hubs are also being made
more energy-efficient, including through
the establishment of Energy Manage-
ment Teams (EMTs).
Replacing the fleet of trucks with the
more energy-efficient and environmen-
tally-friendly EURO 5 trucks has been
completed, so the entire fleet of own
trucks now conforms to the EURO 5
standard. In the course of the year, a
number of electric-powered vans have
been acquired for local transport in
Denmark. In addition, at Immingham the
following measures have been adopted:
- Invested in Telematic systems for
monitoring fuel consumption on the
managed truck fleet
== Reduced the top speed to 85 km per
hour for trucks
-. Use of Telematic system information
to decide which lorries are best at
specific operations
These initiatives are expected to col-
lectively reduce diesel consumption by
approximately 5%.
Our fleet of trailers is also being upgrad-
ed continuouslu. The fleet of UK-based,
extra-long, environmentally friendly
trial trailers is being increased and,
similarly, 100 extra "Huckepack” trailers
have been acquired, which are particu-
Larly suitable for combined road and rail
transport.
Electricity consumption is a key area
for our terminals and warehouses, and
significant measures have also been
implemented here in 2013.
New low-energy lighting at our ware-
houses in iImmingham is estimated to
save 200 tons of CO, per year.
Improved refrigeration systems and
low-energy lighting at our warehouses
in Belfast and Larkhall have reduced
consumption by approximately 10%.
A multi-year contract for the supply of
"green” electricity has been entered into
for the terminal in Vlaardingen.
Land power
The project mentioned in the 2012 re-
port to develop land power in the ports
of Ghent, Immingham and Gothenburg,
and on the six ships which dock at these
ports, has been discontinued. This is due
partly to greatly increased costs and
partly to a lack of commitment buy the
other external partners involved. DFDS
is, however, continuously investigating
similar projects. It must be noted here
that several countries are working on
legislation which may make cheap-
er power possible for precisely such
purposes.
Waste processing
Waste is produced by most activities
on board ships, in logistics centres,
in ports and by our offices. We are
developing particularly effective and
environmentally friendly plans for the
processing and remaoval of waste in
partnership with an external company
and in accordance with the regula-
tions which apply in the countries
in which we operate. A total of nine
locations and ships were covered by
this plan in the course of 2013 and
the work to extend the system will
continue in the years to come. In the
locations and ships covered by this
programme, the share of recycled
materials rose from 22% in 2012 to
47% in 2013.
Scrapping ships
As the IMO's draft Hong Kong Conven-
tion from 2009 on the environmentally
friendly scrapping of ships has still not
been ratified, in 2013 DFDS has adopted
its own set of rules which resemble
the proposed text of the Hong Kong
Convention on all significant points.
DFDS will comply with these rules for
the scrapping of ships until the IMO's
convention has been adopted. DFDS had
no scrapping activities
in 2013.
Next steps/commitments 2014/15
-=. Further development of the plan to
reduce bunkers consumption by 5%
over the next five years
». Continued focus on reducing energy
consumption on board ships through
local and central initiatives
- Investing in technical equipment for. "|
cleaning exhaust gases of sulphur,
including further development of '
existing systems
-= System for improved measuring of
the companu's total CO, emissions
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our custorners a significant cost saving
in their distribution costs.
Working with our major retail custom-
ers, we continue to grow our fleet of
supercube trailers. Having the ability
to deliver up to 50 pallets per site
visit creates a significant reduction in
congestion on busy sites and offers a
reduction in road miles of up to 50%.
CO, measurement
DFDS now offer customers a tool to
measure CO, usage on many routes and
also a comparison With other transport
modes. Custormners can now measure the
benefit of switching shipping routes or
switching from road to rail and actively
track the benefits over the year.
Acknowledgement
DFDS was voted 'Logistics company of
the year” by the Irish Exporters Associa-
tion in 2013.
Next steps/commitments 2014/2015
-=. Expand cooperation with major
customers on health and safety
-= Launch of new website focused on
best practice in health and safety and
driver training
-=. New driver training programme to
ensure both our drivers and sub-
contractors are fully conversant
with our standards
50 OFDS ANNUAL REPORT 2013
CR REPORT
-. Explore opportunities to reduce car-
bon foøotprint by using bio fuel and/
or food customers" waste food oils
converted into road fuel
-. Reduce miles from source to end cus-
tomer in food logistics in partnership
with major customers by mapping
supply chains, including storage loca-
tions
Our passengers (B2C]
Passenger travel services are offered on
13 routes in DEDS's route network. More
than five million passengers travelled
on those routes in 2013. Short crossings
between France and the UK across the
English Channel recorded the highest
passenger volume, with 4.Om passen-
gers. Similar to the English Channel,
the passenger routes in the Baltic
Sea mainly serve the demand for car
transportation and attracted 206,000
passengers in 2013. Meanwhile, some
1.4m passengers were carried on the
three overnight cruise ferry routes that
connect the Netherlands, the UK, Den-
mark and Norwau.
A key goal for DFDS is to offer its cus-
tomers throughout Europe an experience
that meets or exceeds their expecta-
tions. In order to reach that goal, a safe
journey for all passengers is of utmost
importance. Safety on board is of the
highest priority. More information on
regulations and initiatives is available
in the 'Safety and Security" section of this
CR report, on pages 38-41. In addition to
taking full responsibility for passenger
safety, understanding customer needs is
the cornerstone of the DFDS approach to
meeting customer expectations.
A special Passenger Competence Centre
(PCC) continues foster a cCustomer-cen-
tric approach within our organizationat
structure, The purpose is to increase
consistency of passenger operations
and to show 'one face to the customer',
The goals and tasks of the PCC include
a unified level of customer service,
making sure that all activities and ser-
vices meet DFDS standards, conformity
in marketing communication and an
overall travel experience that meets the
highest standards on all DFDS routes.
Customer surveys and customer
service projects
Over the years at DFDS, we have devel-
oped a strong sense of our customers"
expectations through our ongoing and
comprehensive Customer Satisfaction
Surveys (CSS). These surveys give us a
deeper understanding of our customers"
needs, and we transform those findings
into day-to-day operations and services
on board. The CSS offers customers the
possibility to give feedback to DFDS and
contribute to our ongoing process of
assuring that their on board experience
meets their expectations.
Over 61,000 customers have responded
to our extensive questionnaire, resulting
in extremely valuable input into how we
best can invest our resources.
The upgrade of both ships on Copenha-
gen-Oslo is an investment of DKK 120m
that was shaped by input from guests
who have already sailed with us and
guests that will be sailing with us in the
years to come.
Two important initiatives were contin-
ued in 2013 to help us continue our
commitment to customer service.
The Customer Focus Initiative (CFI) is a
key initiative for DFØS. The project uses
further research on customer values
that is vital to retaining and improving a
high level of satisfaction. CF's parame-
ters cover many facilities and service ar-
eas on board our ships like restaurants,
recreational facilities and entertainment
on board. More information on CFI is
available on page 12.
Our Compax initiative focuses on DFDS
passenger operations in the Baltic Sea.
By locking for places where service
can be improved throughout the entire
voyage, from ticket purchase to disem-
barking, the Compax project team seeks
to raise customer satisfaction on the
Baltic routes.
Data protection
Our customer improvement projects
require addressing customers' needs
through analysis of customer informa-
tion. DFDS consistently respects data
privacy and complies with the Europe-
an Data Protection Directive (95/46/
EC) as well as with the national data
protection acts in the countries where
we operate. Marketing communication
is sent only to individuals who have ex-
plicitly agreed to accept it. DFDS further
follows the mandates of the proposed
"European General Data Protection
Regulation” to ensure compliance with
new regulation.
Passenger rights
DFDS follows the European Mari-
time Passenger Rights Regulations
(1177/2010) that were put in place in
December 2012. In accordance with
the regulation, DFDS ensures that
assistance is offered to disabled pas-
sengers and to those with reduced mo-
bility. From booking to port facilities
and, ultimately, their vogyage on board
a DFDS ship, passengers with special
needs are supported and informed
every step of the wau. Other sections
of the Regulations require that DFDS
provide transparency in pricing across
countries and the entitlement of pas-
sengers to certain rights in the event
of delays or cancellations.
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1404014E
SUPPLIERS
WE COOPERATE WITH MORE THAN 1,000 SUPPLIERS IN MØRE THAN 13 COUNTRIES
Highlights
»=. DFDS sources goods and services for
around 50 ships, over 30 locations
and 7,500 units of cargo carrying
equipment
« Around 5,000 purchase orders
each month
-. All supply contracts include our
Supplier Code of Conduct
-=. New Group Procurement organization
in place
-=. Closer cooperation with business
-=. New sourcing tools: e-RFx and
e-auctions
« Continued consolidation of
supplier base
Our approach
The Group Procurement function is
part of the Finance Division of DFDS.
Focus in the sourcing process is on
selecting suppliers with the best fit
for the needs, demands - including
CR requirements - and value for
money for DFØS.
We cooperate with more than 1,000
suppliers in more than 13 countries
and strive to add value to the com-
pany through efficient procurement
and close Cooperation with internal
as well as external partners. We
value a close dialogue and cooper-
ation with our suppliers in our daily
activities.
52 DFØS ANNUAL REPORT 2013
CR REPORT
The Procurement organisation is located
in Denmark, France, UK, and Lithuania.
Creating value for the companu:
Developments 2013
In 2013, Group Procurement welcomed
new members to the team in order to
ensure we could provide the necessary
support to the business.
An important event in 2013 was the in-
itiation of a group-wide project, Project
100. The objective is to achieve a DKK
100m improvement of OFDS' EBIT by
2015 through more efficient procure-
ment. In order to achieve this target, we
have started to embrace procurement
tools such as e-RFx and e-auctions.
The first e-auction involved suppliers of
lubrication oil, of which large volumes
are consumed by our ships. The prepa-
ration process for e-auctions, as well
as other supplier negotiations, include
exploration of new ways to enhance
cooperation on procurement with the
business units in line with our new
procurermnent strategy finalised in 2013.
This includes:
-= Closer cooperation with business
units: before entering into a tender a
detailed analysis and documentation
of the business unit's supply require-
ments is made. This identifies the
potential for substantial reductions
in required volumes and number of
articles to be purchased, as well as
significant savings. This process also
results in less waste being produced.
» Integration of the marine purchasing
processes in the maintenance system
SERTICA, thus achieving full integra-
tion with ships” maintenance planning
and the financial and controlling
processes. This allows for more trans-
parent and automated processes and
more just-in-time deliveries, reducing
the need for stocks on board and the
amount of cash tied up in stocks.
+ Consolidation of volumes across
offices and business units to reduce
the number of suppliers and improve
commercial terms.
Responsible procurement
In accordance with The OFDS Wau, col-
laboration and engagement are central
to responsible procurement.
DFDS chooses suppliers who operate In
a decent and respectful manner.
Our suppliers must accept to conform to
the DFDS Supplier Code of Conduct and
all applicable international conventions
and national Legislation in the country
where production or services are per-
formed. Specifically, our suppliers must
respect the following:
- Laws relating to child labour, coercion
or involuntary labour
». Rules regarding safety and the
workplace
-. ILO Declaration on Fundamental
Principles and Rights at Works
-. Rules relating to employee discrim-
ination on grounds of race, religion,
age, nationality, sexual orientation
or gender
-=. Regulations on anti-corruption and
anti-bribery, including all sub-
contractors and business partners
-. Environmental regulations that apply
in the country where the product
is manufactured or the service
performed.
For procurement related to shipping,
our internal audit programme validates
that a supplier is on the relevant mar-
itime authority database as required
under the EU Marine Equipment
Directive 1996. A supplier will achieve
the Wheelmark and be included in the
database if it satisfies these criteria.
DFDS follows the Global Ship Manage-
ment System approach to validating
that a supplier meets safety and envi-
ronmental requirements, and that it has
achieved its Wheelmark.
We try to protect our commercial value
from being negatively affected by issues
relating to security, product safety, qual-
ity, environmental protection and social
responsibility.
Moving ahead
A major focus for Group Procurement
in 2014 will be to continue the integra-
tion and collaboration process across
the DFDS Group to ensure continuous
improvement and adaptation of best
practices in line with The DFDS Wau.
Next steps/commitment 2014/15
-= After two successful e-auctions in
2013, DFDS will continue to use
e-auctions as an efficient tool for
purchasing of products and services
that are suited to this method
- Continue to pursue our goal of im-
proving DFDS" EBIT by DKK 100m in
2015 through more efficient procure-
ment processes
-. Focus on development and imple-
mentation of standard systems and
processes
-. Implement contract database
-. Further development of procurement
tools
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Non-allocated items amounted to a
cost of DKK 84m compared to a cost
of DKK 44m in 2012. The higher cost
level is attributable to an income in
201? from a reversal of a provision for
jubilee tiabilities and higher costs in
2013 for bonus schemes, several large
acquisition projects and other projects
undertaken during the year.
Associates and profit on sale of assets
The share of loss in associates was
DKK -6m as operations of the Ålus-
borg port terminal in Gothenburg were
lossmaking in 2013. Profit on the sale
of non-current assets amounted to DKK
6m, mainly from the sale of cargo-carry-
ing equipment.
Depreciation, impairment and EBIT
Total depreciation and write-downs
increased by 4.5% to DKK 710m, driven
by DKK 37m higher ship depreciations
in the Shipping Division.
Operating profit (EBIT) after special
items was DKK 486m, an increase of
64.8% as special items in 2012 was a
net cost of DKK -l24m.
Financing
The net cost of financing was reduced by
8.,5% to DKK 136m, primarily due to a
reduction in the net interest cost of DKK
gm as the average net interest-bearing
debt decreased by 12.9%. A financial
receivable related to the sale of a pas-
senger ship, was written down by DKK
?7m but more than offset by a positive
variance on other financial items.
REVENUE AND INVESTED CAPITAL
(DKKm) [TIMES]
14 14
le 2
Operating profit (EBIT) before special 10 0
items was DKK 503m, an increase of
20.3%. 8 8
. 5 0.6
Special items
Special items in 2013 were a net cost 4 0.4
of DKK -17m. The individual items are
shown on page 53. See also note 7. 2 0.2
0 0
7l REVENUE
71 AVERAGE INVESTED
CAPITAL
- TURNOVER RATE,
INVESTED CAPITAL
54 DFDS ANNUAL REPORT 2013 — FINANCIAL REVIEW
DFDS GROUP 2013 2012
DKK m Q1 Qe2 Q3 Q4 FY Q1 Qe Q3 Q4 FY
Revenue 2,713 3,051 3,339 2,994. 12,097 2,674 2,971 3,169 2,886. 11,700
Operating profit before depreciation
(EBITDA) and special items 100 307 529 277 1,213 109 293 503 184 1,089
Share of profit of associates 2 -1 5 2 ”b 2 0 3 2 3
Profit/loss on disposal
of non-current assets 2 2 2 0 6 2 3 1 0 6
Depreciation and impairment -173 -185 7175 -177 -710 7163 7171 -167 -178 679
Operating profit (EBIT) before
special items 73 123 351 102 503 754 125 340 8 418
Operating profit margin (EBIT), % 2.7 4.0 10.5 3.4 4.2 2.0 4.2 10.7 0.3 3.6
Special iterns, net -1 -1 716 1 717 0 -57 -30 -27 "124
Operating profit (EBIT) 74 122 335 103 486 54 58 310 -19 295
Profit before tax -118 93 307 68 350 -98 22 272 -50 146
Invested capital, average 8,687 8,549 8,619 8,587? 8,633 9,452 9,356 9,118 8,898 9,207
Return on invested capital (ROIC) p.a., % -3.4 56 15.5 50 5.7 -2.3 3.0 13.7 -0.8 34
DFDS GROUP - EBITDA BEFORE SPECIAL ITEMS FREE CASH FLOW CAPITAL STRUCTURE
PER QUARTER
[DKK Mm]
600
500
400
300
200
100
7 2011 %4 2012 %% 2013
(DKK M]
2,000
2009
2010
2011
2012
2013
(%-SHARE OF CAPITAL)
100
i
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74. EQUITY AND DEFERRED
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BALANCE SHEET 31 DECEMBER (aessers;
BALANCE SHEET 31 DECEMBER t(e9urrv no unsmes)
DKK "000 DKK 7000
Note 2013 2012 Note 2013 2012
Goodwill 424,748 369,862 Share capital 17 1,485,608 1,485,608
Other non-current intangible assets 14,740 2,403 Reserves -351,612 71,138
Software 74,999 49,721 Retained earnings 4,943,031 5,259,049
Development projects in progress 50,101 55,823 Proposed dividends 186,200 207,985
Non-current intangible assets 11 564,588 477,809 Equity attributable to equity holders of BFOS A/S 6,263,227 6,881,504
Land and buildings 110,67? 105822 Non-controlling interests 54,923 54,306
Terminals 569,321 603,695 Equity 6,318,150 6,935,810
Ships 6,705,730 7,227,716
Equipment, etc. 387,338 376,576 HEE
Assets under construction and prepayments 570,789 42,860 Interest bearing liabilities 2e 2,297,550 2,406,291
Deferred tax 18 130,204 126,823
Non-current tangible assets le 8,343,850 8,356,669 Pension and jubilee Liabilities 20 277,9300 277,892
Other provisions el 19,951 40,894
Investments in associates 15 3,785 6,847 Non-current tjabilities 2,725,705 2,851,900
Receivables 14 49,840 112,533
Securities 15 19,756 20,668
Deferred tax 18 82,730 95,850 Interest bearing liabilities 2e 1,100,065 826,893
Trade payables 1,444,534 1,067,555
Other non-current assets 156,109 235,898 Other provisions el 25,690 49,422
Corporation tax 25 8,501 22,379
Non-current assets 9,064,547 3,070,376 Other payables 23 576,517 448,361
Deferred income 24 111,521 110,406
Inventories 16 149,777 152,266 ves
Receivables 14 1,776,970 1,766,830 Current liabilities 3,266,828 2,525,616
Prepayments 31,133 85,700 Liabilities 5,992,533 — 5,377,516
Securities 15 15,432 15,795
Cash 1,151,008 1,196,994 Equity and liabilities 12,310,683 12,313,326
Current assets 3,184,326 3,217,585
Assets classified as held for sale 33 61,810 25,365
Total current assets 3,246,136 3,242,950
Assets 12,310,683 12,313,326
Em DENS ØNIN IØ DEDODT 2/1 FONCNIINOTEN FINONTIQI SCTOAOTEMENTS
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STATEMENT OF CHANGES IN EQUITY. 2. s8nuarv - 31 DECEMBER
DKK "000
Reserves
Equity
attributable to
Share Translation Hedging Revaluation Treasury Retained Propøsed — eguity holders Non-controlling
capital reserve reserve of securities shares earnings dividends af DFDS A/S interests Total
Equity at 1 January 2012 1,485,608 -35,281 -59,330 622 -35,271 5,342,817 207,985 6,905,906 57,675 6,963,581
Change in accounting policies "25,440 "25,440 "25,440
Restated equity at 1 January 2012 1,485,608 "35,281 59,330 "622 "35,271 5,317,377 207,985 6,880,466 57,675 6,938,141
Comprehensive income for the year
Profit for the year — i 143,527 — 143,527 40 143,487
Other comprehensive income
items that will not be reclassified subsequently to the Income statement: . … En —
Remeasurement of defined benefit pension obligations 2,988 "2,388 — — 72,988
Tax on items that will not be reclassified to the Income statement 1,147 1,147 1,147
Items that will not be reclassified subsequently to the Income statement 0 0 0 0 0 "1,841 "1,841 0 "1,841
Items that are ør may be reclassified subsequently to the Income statement: — KEN — — i
Value adjustment for the year . -8,806 — — "8,906 — | 8,906.
Value adjustment transferred to operating cøsts —— -2,080 — — "2,080 — 2,390
Value adjustment transferred to financial costs 14,058 — — 14,058 eN . 14,058
Foreign exchange adjustments, foreign enterprises 55,902 —…— 55,302 71 56,643
Unrealized value adjustment of securities -1,089 — "1,089 . En "1,089 .
Realized value adjustment of securities transferred to the Income statement 1,491 1,491 1,491
Items that are or may be reclassified subsequently to the Income statement 0 55,902 3,062 402 0 a 0 59,403 741 60,150
Total other comprehensive income after tax 0 55,902 3,062 402 0 "1,841 0 57,525 741 58,266
Total comprehensive income 0 55,902 3,062 402 (1 141,686 9 201,052 701 201,753
Transactions With owners
Disposal, non-controlling interests BENE — 848 me 848 4,070 — "eee
Proposed dividends — — -207,985 207,985 Q . — 2
Dividends paid — . -203,047 -203,047 — "203.047
Dividends own shares NE 4,938 "4,938 0 — ao
Vested regarding share-based payments 4,736 4,736 — 4,736
Other adjustments 72,551 "2,551 "2,551
Total transactions with owners 2012 0 0 0 a 0 -200,014 0 -200,014 74,078 ”204,084
Equity at 31 December 2012 1,485,608 20,621 "56,268 220 "35,271 5,259,049 207,985 6,881,504 54,306 6,935,810
The Parent Companw's share capital, which is not divided into different classes of shares, is divided into 14,856,081 shares of ØKK 100 each. AIL shares rank equally. There are no restrictions on voting rights. The shares are fully paid up.
The majority of amounts included in Other Comprehensive Income relates to Group companies which are taxed under tonnage tax schemes. There are no tax on this.
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Note 1 Segment information
DKK 7000
Note 1 Segment information (continued)
The segments together with allocation of operating profit, assets and liabilities, etc. are identical with the internal
reporting structure of the Group. Management has defined the Groups business segments based on the reporting regularly
presented to the Group Executive Management, which also forms the basis for management's decisions.
The costs of the segments are the directly registered costs including a few systematically allocated indirect costs,
primarily concerning group functions.
The accounting policies regarding the preparation of the individual segment, including transactions between segments,
are in accordance with the accounting policies of the Group. Non-allocated costs therefore reflect the general functions,
which cannot reasonably be allocated tø the segments. The costs consist primarily of costs concerning the Executive
Board and Board of Directors, but also parts of Group functions like Treasury, Investor relation, Legal, Communication,
Financial Control and depreciation on the Group's IT-systerns, etc. In addition the elimination of transactions between
segments is included. Transactians between segments are concluded at arm's length terms.
Segment assets include assets, which are directly related to the segment, including non-current intangible, non-current
tangible and other non-current assets, inventories, receivables, prepayments, cash in hand and at bank of Group
enterprises and deposits at the Parent Company. Segment liabilities include current and non-current liabilities.
Shipping Divisions activities are divided into five business areas: North Sea, Baltic Sea, Channel, Passenger and France &
Mediterranean.
The Shipping Division's activities are operation of ro-ro and ro-pax tonnage, but also operation of the passenger ships.
In addition, operations of the harbour terminals along the Groups main routes are included. The customers for ro-ro and
ro-pax tonnage are mainly transportation and shipping companies as well as manufacturers of heavy industrial goods
with a high demand for sea transportation. The main customers for Passenger cover passengers with own cars, Mini
Cruises, conferences and tour operators.
Logistics Divisions activities are divided into three business areas: Nordic, Continent and UK & Ireland.
The Logistics Division's activities are full- and part load transportation, and also warehousing and Logistics solutions
for larger customers. In addition the division operates (o-lo tonnage and also transport on railwayu. The customers are
primarily importers/exporters and manufacturers of heavy industrial goods.
Shipping Logistics Non-
2013 Division Division allocated Total
External revenue 7,989,527 4,092,994 14,567 12,097,088
Intragroup revenue 540,899 30,064 275,761 306,724
Revenue 8,530,426 4,183,058 290,328 13,003,812
Operating expenses, external -7,078,886 -3,468,799 -336,803 -10,884,488
Intragroup operating expenses -303,155 -565,357 -38,012 -306,724
Operating profit before depreciation (EBITDA)
and special items 1,148,385 148,902 "84,687 1,212,600
Share of profit/loss in associates 6,825 639 0 "6,186
Profit on disposal of non-current assets, net 1,963 4,413 0 6,376
Depreciation of ships and other non-current assets -618,628 "62,123 "23,401 -704,152
Impairment losses on ships and other non-current assets "3,023 686 -3,288 5,625
Operating profit (EBIT) before special items 521,872 92,517 -111,376 503,013
Special items, net -1,609 0 -15,446 -17,055
Operating profit (EBIT) 520,263 92,517 "126,822 485,958
Financial items, net -136,347
Profit before tax 349,611
Tax on profit "22,928
Profit for the year 326,683
Total assets 9,441,242 1,822,897 1,046,544 12,310,683
Investments in associates 0 3,783 0 3,783
Capital expenditures of the year 756,453 180,852 42,589 379,894
Assets held for sale, reference is made to note 33 48,270 0 13,540 61,810
Liabilities 2,007,114 1,081,684 2,903,735 5,992,533
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Note 4 Staff costs 2013 2012 Note 5 Auditor's fees 2013 2012
Wages, salaries and remuneration 1,715,292 1,583,008 Audit fees 7,549 7,255
Defined contribution pension plans 82,524 68,714 Other assurance engagements 238 229
Defined benefit pension plans, reference is made to note 20 2,553 4,577 Tax and VAT advice 3,511 2,673
Other social security costs 192,519 166,285 Non-audit services 1,769 1,089
Share-based payment, reference is made to note 19 5,702 4,736
Other staff costs 153,910 128,503 Total fees to KPMG 13,167 11,246
Total staff costs 2,152,500 1,955,823
Of this, remuneration to the Executive Board: DKK "000
Wages and salaries 10,160 9,896
Bonus 8,114 0 Note 6 Profit on disposal of non-current assets, net 2013 2012
Defined contribution pension plans 1,014 9889 Profit on di lof i d .
Share-based payment, reference is made to note 19 2,716 2,354 ilg i on DR osal of property, plant and equipment 6.74 4,894
Other staff cost 533 554 quipment, etc. 746 8
Other 0 1,840
Total remuneration to Executive Board 22,537 13,793 . . .
Profit on disposal of property, plant and equipment 6,745 £,734
Remuneration tø the Board of Directors and Audit Committee: L di: lof i q .
Chairman 750 750 Loss on p052 of property, plant and equipment 370 63
Deputy chairmen 950 950 qulpment, etc.
Other members of the Board of Directors 2,325 2,550 Loss on disposal of property, plant and equipment 370 -263
Total remuneration, Board of Directors and Audit Committee 4,025 4,250 Total profit on disposal of non-current assets, net 6,376 6,471
Full time equivalents (FTE), average 5,930 5,239
Remuneration to the chairman of the Audit Committee amounts to DKK 100k (2012: DKK 100k] and remuneration to other
members of the Audit Committee amounts to DKK 50k (2012: DKK 50k) each. No remuneration is paid to members of other
committees.
In connection with a Change of control of the Group, the members of the Executive Board can - within the first 12 months of
the event - trigger termination of their employment on similar terms as if the Company had terminated the employment of
the members of the Executive Board, however, with an increased redundancy payment of up to 12 months salary.
er MEN ONINI OL OCOMDT OMI TZ FOAONCAIINOTEN CINONFIDI STOTEMENTS =- NOTES
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Nate8S Tax 2013 2Ole Note 3 Tax [continued]
Current tax -17,898 -14,091 The majority of the shipping activities performed in the Danish, Lithuanian, Dutch, Norwegian, French and English enter-
Current joint tax contributions -2,000 -12,894 prises in the Group are included in tonnage tax schemes where the taxable income related to transportation of passengers
Deferred tax for the year -3,975 24,879 and freight is calculated based on the tonnage deployed during the year. Taxable income related to other activities is taxed
Adjustment to corporation tax in respect of prior years 12,938 17,276 according to the normal corporate income tax rules.
Adjustment to deferred tax in respect of prior years -1,168 6,957
Adjustment of corporate income tax rate -4,814 18,339 DFOS A/S and its Danish subsidiaries and Danish taxed branches are Within the Danish Act of compulsory joint taxation
Write-down of deferred tax assets -1,549 -41,647 with LF investment ApS and J. Lauritzen A/S and these twø companies' Danish controlled enterprises. In accordance with
the Danish rules on joint taxation, DFDS A/S' 100% owned Danish subsidiaries are jointly and severally liable for DFDS A/S'
Tax for the year "18,466 "1,181 corporation tax liabilities towards the Danish tax authorities while DFDS A/S and its Danish subsidiaries only are subsidiary
and pro rata liable for the corporation tax liabilities towards the Danish tax authorities for all other companies that are part
Tax for the year is recognised as follows: of the Danish joint taxation, LF investment ApS is the administration company in the joint taxation and settles all payments
Tax in the income statement "22,928 72,328 of corporation tax with the tax authorities.
Tax in other comprehensive income 4,462 1,147
Adjustment of prior years' tax in 2013 primarily relates to the final settlement and utilisation of tax losses between the
Tax for the year "18,466 "1,181 English companies and between the Danish companies in the Group.
Tax in the income statement can be broken down as follows: Adjustment of prior years' tax in 2012 primarily relates to the Final settlement and utilisation of tax losses between the
Profit before tax 349,611 145,815 English companies in the Group.
Of this, tonnage taxed income -314,374 -176,527
Profit before tax (corporate income tax] 35,237 -30,712
DKK 7000
25% tax of profit before tax 78,809 7,678
Adjustment of calculated tax in foreign subsidiaries compared to 25% 2,442 292 Note 10 Earnings per share 2013 2012
Tax effect of; Profit for the year 326,683 143,487
Non-taxable items -16,177 11,471 Attributable to non-controlling interests "1,457 40
Tax asset for the year, not recognised -8,750 "21,673 -
Utilisation of non-capitalized tax asset 10,878 2651 Attributable to DFDS Group 325,226 143,527
Adjustments of tax in respect of prior years 5,407 925
Weighted average number of issued ordinary shares 14856081 14,856,081
Corporate income tax -19,893 760 Weighted average number of treasury shares -924,164 -352,714
Tonnage tax -3,035 -3,088
Tax in the income statement -22,928 -2,328 Weighted average number of ordinary shares 13,931,917? 14,503,367
Weighted average number of share options issued 23,577 0O
Effective tax rate 66 16
Effective tax rate before adjustment of prior years' tax 81 22 Weighted average number of ordinary shares (diluted) 13,955,494 14,503,367
Tax in other comprehensive income can be broken down as follows: Basic £arnings per share (EPS) of OKK 100 in DKK 25.34 9.30
Deferred tax 4,462 1,147 Diluted earnings per share (EPS-D) of DKK 100 in DKK 23.30 9.90
Total tax in other comprehensive income 4,462 1,147 When calculating diluted earnings per share for 2013, 52,406 share options (2012: 254,802) have been omitted as they are
66 DFOS ANNUAL REPORT 2013 CONSOLIDATED FINANCIAL STATEMENTS - NOTES
out-of-the-moneu, but potentially the share options might dilute earnings per share in the future.
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000. 440
000. HM!
DKK "000
Note 12 Non-current tangible assets
Assets under
DKK 7000
Note 12 Non-current tangible assets (continued)
Assets under
construction
Land and Equipment and pre-
buildings — Terminals Ships etc. payments Total
Cost at 1 January 2013 127,937 826,454 11,762,554 952,493 42,860 13,712,298
Foreign exchange adjustments -3,050 -5,842 -207,544 -15,124 "2,172 -233,732
Addition on acquisition of enterprises 13,505 0 0 16,191 58 29,754 !
Additions 844 2,057 66,254 88,525 674812 ? 832,492
Disposals 0o Q -52,499 -61,468 "125 -114,092
Transfers Be 82 140,056 3,802 -144,644 -786 ;
Transferred to assets classified
as held for sale 0 0 "85,545" 0 0 85,545
Cost at 31 December 2013 139,318 822,587 11,623,276 984,419 570,789 14,140,389
Depreciation and impairment losses
at 1 January 2013 22,115 222,759 4,534,838 575917 0 5,355,629
Foreign exchange adjustments 841 2,712 94,320 -10,304 O -107,095
Depreciation charge 5,690 33,219 568,678 80,148 0 687,735
Disposals 0 0 52,499 -52,155 0 -104,654
Transfers 0 0 "4,261 3,475 0 -786 ;
Transferred to assets classified
as held for sale 0 0 -34,2807 Q 0 -34,290
Depreciation and impairment løsses
at 31 December 2013 28,646 253,266 4,917,546 597,081 0 5,796,539
Carrying amount at 31 December
2013 110,672 569,321 6,705,730 387,338 570,789 8,343,850
Hereof assets held under
Finance leases 0 0 0 48,506 0 48,506
1 Addition on acquisition of entreprises relates to the purchase of Karlshamn Express Group.
2 Primarily relates to construction of two newbuildings (r0-ro ships].
3 Transferred to non-current intangible assets.
4 The transfer relates to the ship VILNIUS SEAWAYS, which is classified as held for sale.
68 DFDS ANNUAL REPORT 2013 CONSOLIDATED FINANCIAL STATEMENTS - NOTES
construction
Land and Equipment and pre-
buildings Terminals Ships etc. payments Total
Cost at 1 January 2012 121,520 826,238 11,397,728 864,887 583,23? 13,793,610
Foreign exchange adjustments 2,666 8,537 151,245 12,678 185 175,311
Additian on acquisition of enterprises 0 0 117,159 3,536 0 120,695
Additions 3,751 7,023 72,892 80,630 108,856 273,352
Disposals 0 -16,060 -42,392 -21,655 -570,653 ? -651,360
Transfers 0 516 66,522 12,417 -78,765 690
Cost at 31 December 2012 127,337 826,454 11,762,554 952,493 42,860 13,712,298
Depreciation and impairment losses
at 1 January 2012 17,116 202,399 3,887,026 504,967 0 4,611,508
Foreign exchange adjustments 358 3,436 50,918 8,917 0 63,629
Depreciation charge 4,641 33,673 537,886 77,575 0 653,775
Impairment charge 0 0 102,000 1,720 oa 103,720
Reversal of prior years impairment
charge O 689 0 0 Q 7689
Disposals 0 -16,060 -42,992 -17,262 0 -76,314
Depreciation and impairment losses
at 31 December 2012 22,115 222,759 4,534,838 575,817 oa 5,355,629
Carrying amount at 31 December
2012 105,822 603,695 7,227,716 376,576 42,868 8,356,6659
Hereof assets held under
Finance leases 0 0 0 60,797 0 50,797
1 Transferred from non-current intangible assets.
2 Disposals relates tø cancellation of newbuilding contracts for two freight ships (ro-ro].
On the basis of the impairment test performed in 2013 there has been no impairment loss on ships (2012: DKK 27 million
on two passenger ships and DKK 75 million on three sideport ships, a total of DKK 102 million). For further information
regarding the impairment tests reference is made to note 37.
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Note 14 Receivables (continued) 2013 2012 Note 14 Receivables (continued)
Receivables that are past due, but not impaired: Minimum lease Hereof Financing Carrying
2012 payments element amount
Days past due:
Up to 30 days 382,680 317,550 0-1 year 31,722 -6,682 25,040
31-60 days 30,119 75,280 1-5 years 54,296 74,460 49,836
61-90 days 16,468 23,736 After 5 gears 0 O 0
91-120 days 12,441 8,090
More than 120 days 18,580 39,106 Total 86,018 "11,142 74,876
Past due, but not impaired 460,388 463,762
DKK "000
Movements in write-downs, which are included in the above trade receivables:
Note 15 Securities 2013 2012
Write-downs at 1 January 46,673 40,764 ”
Foreign exchange adjustment -2,127 918 Listed bonds 15,432 15,795
Addition on acquisition of enterprises 6,537 o Listed shares 1,843 2,155
Write-downs 3,573 14,379 Other shares and equity investments 17,782 17,782
Realized losses -9,587 -8,288 Other investments 731 731
Reversed write-downs "561 71,100 …=
Totalt securities 35,188 36,463
Write-downs at 31 December 44,508 46,673
Classified as follows:
Non-current securities 19,756 20,668
Age distribution of write-downs: Current securities 15,432 15,795
Days past due: Total securities 35,188 36,463
Up to 30 days 2,899 1,955
31-60 days 2,842 2,913 …. ve 4 ,
61-90 days 575 838 Securities are assets classified as "available for sale'.
- d 750 1,249 « . ; ; ; ; ;
931-120 days Other shares and equity investments as well as other investments consist of some minor unlisted enterprises and holdings.
More than 120 days 37,442 33,718 . ; : ; >
These investments are not remeasured to fair value because the fair value Cannot be measured reliably. Instead the securi-
Write-downs at 31 December 44,508 46,673 ties are recognised at cost reduced by write-downs, if any.
Write-downs and realized losses are recognised in operational cost in the income statement.
Write-downs on trade receivables are caused by customers bankruptcy or uncertainty about the customers ability and
willingness to pau.
Financial leasing receivables (lessor)
End of 2012 a part of "Other non-current receivables' and "Other receivables and current assets' included a receivable
regarding a financial lease out contract. The financial lease receivables were related to the ship Queen of Scandinavia,
which accounting wise was sold to former lessee in 2011, The receivable have been settled in 2013 in connection with the
charterer taking full and final legal ownership over the ship.
"MENS OMNIA REPODT 2013 CONSOLIDATED FINANCIAL STATEMENTS - NOTES
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Note 18 Share options
DKK "ODO
Note 19 Share options (continued)
The decision to grant share options is made by the Board of Directors. Share options have been granted to the Executive
Board and some executive employees. Each share option gives the holder of the option the right to acquire one existing
share in the Parent Company of nominal DKK 100. The share option scheme equals a right to acquire 3.1% of the share
Capital (2012: 1.7%) if the remaining share options are exercised.
Share options granted as from 2008 have been granted at an exercise price equal to the average share price of the Parent
Companuy's shares 20 days before the grant with an addition of 5%.
Vesting is done on a straight Line basis over a period of three years from the date of grant for share options granted as from
2010, Share options granted in 2009 were fully vested from the date of grant, Special conditions apply regarding illness and
death and if the capital structure of the Parent Company is changed, etc.
The share options can be exercised when a minimum of 3 years and a maximum of 5 years have elapsed since the grant
dates. The options can only be exercised within a period of 4 weeks after publication of annual or interim reports.
Share options granted can only be settled with shares. A part of the treasury shares is reserved før settling the outstanding
share options.
No share options were exercised during 2013 (2012: no exercises).
The calculated cost of vested share options for the year is recognised in the income statement with DKK 5.7 million
(2012: DKK 4.7 million).
The calculated fair values are based on the Black-Scholes formula for measuring share options.
The outstanding options at 31 December 2013 have an average weighted time to maturity of 2.4 years (2012: 2.6 years).
Assumptions concerning the calculation of fair value at time of grant:
Expected
dividend Fair value
Market Risk-free per share per option
Exercise priceat Expected interest IDKKJat Expected at time of
Year of grant price grant date volatility rate grant date term — granting
2013 234.00 282.0 26.20% 0.50% 12 4 years 31.89
20le 346.00 326.0 27.95% 0.74% le 4 years 42.51
2011 (Executive employees) 465.00 435.0 35,73% 2P.å2% le 4 years 99.61
2011 (Executive Board) 442.00 445.0 30.33% 2.06% 10 4 years 99.88
2010 334.40 334.8 34.20% 2.87% 10 5 years 103.34
2009 357.28 334.4 31.28% 2.86% 10 5 years 85.60
Auerage
exercise Average
Executive Executive Resigned priceper fairvalue Total fair
Board employees employees option per option value
2013 Number Number Number Total DKK DKK DKK 7000
Qurtstanding at 1 January 136322 108,480 10,000 254,802 391.07 7.90 2,013
Transferred between categories o 71,583 1,583 a 381.56 772.47 123
Granted during the year 109,753 110,517 0 220,270 294.00 129.35 28,491
Forfeited during the year -10,000 0 -10,000 "20,000 640.67 0.00 0
Outstanding at 31 December 236,075 217,414 1,583 455,072 333.11 102.94 46,843
Of this exercisable at the
end of the year 35,750 0 0 35,750 340.80 63.72 2,278
2012
Outstanding at 1 January 75,750 32,405 30,000 138,155 485.84 20.95 2,895
Granted during the year 70,572 75,075 0. 146,647 346.00 11.73 1,720
Forfeited during the year -10,000 Q "20,000 -30,000 607.20 0.00 0
Outstanding at 31 December 136,322 108,480 10,000 254,802 391.07 7.90 2,013
Of this exercisable at the
end of the year 20,000 0 10,000 30,000 546.19 0.53 16
FI) NENS ANNLIAL DEPOART 201 3
CONSOLIDATED FINANCIAL STATEMENTS - NOTES
The expected volatility for 2009-2010 is based on the historic volatility for the past 5 years while the expected volatility
for 2011 to the Executive employees and the Executive Board is based on the historic volatility for the past 3 and 2 years
respectivelu. The expected volatility for 2012 is based on the historic volatility for the past 3 years. The expected volatility
for 2013 is based on the historic volatility for the past 4 years. The risk free interest rate is based on 5 year Danish govern-
ment bonds.
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Note 20 Pension and jubilee Labilities fcontinued] 2013 2012 Note 20 Pension and jubilee liabilities (continued) 2013
Expenses included in administration costs: Sensitivity analysis
Administration costs paid from the plan assets 1,321 4,259
Reported obligation 31 December 1,077,631
Total included in administration costs regarding defined benefit plans 1,321 4,259
Discount rate -0.5% point compared to assumptions 1,188,630
Expenses recognised as Financial costs in the Income statement: Discount rate +0.5% point compared to assumptions 981,076
Interest costs 41,592 42,503
Interest income -31,1289 -30,688 Salary increase -0.5% point compared to assumptions 1,074,384
Interest cost on asset ceiling 28 2e Salary increase +0.5% point compared to assumptions 1,081,495
Total included in financial costs regarding defined benefit plans 10,491 11,837 Mortality -1 year compared with used mortality tables 1,048,405
Mortality +1 year compared with used mortality tables 1,108,243
Total expenses for defined benefit plans recognised in the Income statement 14,355 20,673
Weighted average duration on the liabilities end of 2013 is 17.7 years for the Group.
Expenses recognised in Other comprehensive income: The Group expects tø make a contribution of DKK 30.5 million (expected for 2013: DKK 35.0 million) to the defined benefit
Remeasurements of plan obligations 68,624 32,275 plans in 2014.
Remeasurements of plan assets "46,291 -20,759
Change in asset ceiling "1,376 1,472
Maturity analysis of the obligations 2013 201le
Total included in Other comprehensive income regarding defined benefit plans 20,957 2,888
0-1 year 22,791 29,939
Plan assets consist of the following: 1-5 years 95,612 102,999
Listed shares (of this no DFDS A/S shares) 387,9328 391,510 After 5 years 959,228 890,908
Unlisted shares 0 19,145
Corporate bonds 171014 109,492 1077631 1,023,846
Government and mortgage bonds 24,999 7,246
Cash and cash equivalents 8,371 8,704 ”
Real estate 26,526 31,224 DKK 7000
Other assets (primarily insured plans) 198,825 195,574 Note 21 Other provisions 2013 2012
817,663 . 762,895 Other provisions at 1 January 90,316 93,688
Actuarial calculations are performed annually for all defined benefit plans. Assumptions regarding future mortality are ERE EET TRE ER re 35
based on actuarial advice in accordance with published statistics and experience in each country. The following significant Used during th 330 7 >
assumptions have been used for the actuarial calculations: sed during the year .. 01 52,796
Reversal of unused provisions -17,760 6,466
Average weighted assumptions: " 2013 2012 Other provisions at 31 December 45,641 90,316
Discount rate 4.3% 4.3% Other provisions are expected to be payable in:
Social security rate 0.2% 0.3% 0-1 year 25,690 49,422
Future salary increase 0.7% 0.7% 1-5 years 19,951 40,894
Future pension increase 2.7% 2.3%
Inflation 2.6% 2.2% Other provisions at 31 December 45,641 90,316
1 ALL factors are weighted at the pro rata Share of the individual actuarial obligation.
Significant actuarial assumptions for the determination of the retirement benefit obligation are discount rate, expected
future remuneration increases and expected mortality. The sensitivity analysis below have been determined based on
reasonably likely changes in the assumptions occurring at the end of the period.
74. DFDS ANNUAL REPORT 2013 == CONSOLIDATED FINANCIAL STATEMENTS - NOTES
Of the Group's provision of DKK 45.6 million (2012: DKK 90.3 million), DKK 0,0 million (2012: DKK 29.8 million) relates
to concession agreement, DKK 13.0 miltion (2012: DKK 14.9 million) is redelivery provision regarding leased operating
equipment, DKK 23.9 million (2012: DKK 38.2 million) is calculated net present value of earn out agreement regarding the
acquisition of the route Kapellskår-Paldiski and DKK 8.7 million (2012: DKK 7.4 million) regarding other provisions.
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Note 26. Information on financial instruments 2013 2012
Carrying amount per category of financial instruments:
Derivatives (hedge accounting), financial assets 2,531 14,912
Derivatives (economical hedge), financial assets 72 18,075
Loans and receivables (assets) 2,975,115 3,043,370
Financial assets available for sale 35,188 36,463
Derivatives (hedge accounting), financiat ljabilities -162,804 56,271
Derivatives [economical hedge), financial Liabilities -44 "27,167
Financial tiabilities measured at amortised Cost -4,953,084 -4,407,722
Tatal -2,102,926 "1,378,340
Hierarchy of financial instruments measured at fair value
The table below ranks financial instruments carried at fair value by valuation method. The different levels have been
defined as follows:
- Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content
(modification or repackaging).
- Level 2: Quoted prices in an active market for similar assets or Liabilities or other valuation methods where all
material input is based on observable market data.
- Level 3: Valuation methods where possible material input is not based on observable market data.
2013 Level 1 Level 2 Level 3
Derivatives (hedge accounting), financial assets 0 2,531 0
Derivatives (economical hedge), financial assets O 7e Q
Financial assets available for sale 16,675 0 0
Assets held for sale (non-recurring fair value measurement) o 0 61,810
Derivatives (hedge accounting), financial Liabilities 0 -162,804 0
Derivatives (economical hedge), financial liabilities 0 "44 [3]
Total 16,675 "160,145 61,810
2012 Level 1 Level 2 Level 3
Derivatives (hedge accounting), financial assets 0 14,912 0
Derivatives (economical hedge), financial assets 0 18,075 0
Financial assets available før sale 17,950 0 0
Assets held for sale (non-recurring fair value measurement) 0 0 25,365
Derivatives (hedge accounting), financial Liabilities 0 56,271 0
Derivatives (economical hedge), financial liabilities 0 "27,167 O
Total 17,950 "50,451 25,365
Derivative financial assets and abilities are all measured at level 2, Reference is made to note 27 for description of the valuation
method. Financial assets available for sale measured at level 1 comprise listed shares and bonds and is measured at the quoted
prices. Assets held for sale (non-recurring fair value measurement) comprise the former Norfolkline domicite in Scheveningen
with a carrying amount of DKK 13.5 million and the ro-pax ship VILNIUS SEAWAYS with a carrying amount of DKK 48.3 million,
reference is made to note 33 for further information on assets held for sale. The fair value of the building is based on a valuation
made by an independent real estate broker, and the fair value of the ship is based on valuations from independent ship brokers.
Einancial assets available for sale also comprise other shares and equity investments as well as other investments. These
are some minor unlisted enterprises and holdings. They are measured at cost reduced by write-downs, if any, and conse-
quentlu, they are not included in the fair value hierarchy.
Note 27 Financial and operational risks
DFDS' risk management policy
The most important financial risk factors for DFØS are diesel and bunker prices, interest rates, currencies, investments and
liquidity. it is the policy of the Group not to enter into active speculation in financial risks. The intention of the financial risk
management of the Group is only to manage the financial risks attached to operational and financial activities.
The Board of Directors annually approves the financial risk management policy and strategy. In addition, DFDS has estab-
lished a Bunker Committee which monitors hedging levels and market development on a monthly basis. Please refer to the
section Risk Factors in the Management review.
Financial risks
Currency risks
Financial currency risks arise from transtation of net investments in foreign companies and from other investments or liabil-
ities denominated in foreign currencies. Currency risks are monitored continuously to ensure compliance with the financial
risk management policu.
DFDS aims to actively reduce currency exposure by matching the currency positions, obtaining multi-currency loans and
by directing all currency balance positions towards the Parent Company DFDS A/S (the transaction risk) if possible. The
Group uses forward exchange contracts, currency options and currency swaps to hedge forecasted transactions in foreign
currencies.
Transaction risks
The Group's and the Parent Company's mast substantial currency balance positions are in SEK, GBP, NOK and USD. A
strengthening of SEK, GBP, NOK and USD, as indicated below, against the DKK at 31 December would have increased/
decreased equity and profit or loss by the amounts presented below. The Parent Company is furthermore exposed against
fluctuations in EUR vs. DKK.
DKK million
Hypotheticat effect of reasonable possible change against ØKK 2013 20le
SEK, equity and profit or loss effect, 10% strengthening ” 11.7 -13.9
GBP, equity and profit or loss effect, 10% strengthening " 13.3 45
NOK, equity and profit or loss effect, 10% strengthening " -20.4 -25.0
USD, equity effect, 10% strengthening " 31.1 13.5
194 all subsidiaries are operating in their own functional currency no effect will occur on the equity. Hedge is only done in the Parent: Company.
The sensitivity analysis on currency risk has been prepared under the assumptions that the effect is calculated on the
balance sheet items at the balance sheet date; the included hedges are 100% effective and based on the actual market
situation and expectations to the development in the currencies. The analysis assumes that all other variables, in particular
interest rates, remain constant.
Translation risks
Translation risks relate to translation of profit and loss and equity of foreign group enterprises into DKK. These risks are ta
some extent covered by loans in the respective foreign currencies. Derivatives are to some extent used to hedge translation
risks. The Group's most substantial translation risks are GBP, SEK and NOK. An increase in these currencies of 10% com-
pared to the average exchange rates for 2013 would in respect of GBP have affected the result for 2013 by DKK -0.1 million
(2012: DKK -3.1 million), in respect of SEK by. DKK 3.2 million (2012: DKK -4.1 million), and in respect of NOK by DKK €e.1
million (2012: DKK -9.6 million).
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Note 27 Financial and operational risks (continued)
Assumptions for the maturity table:
The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are
estimated based on existing market conditions.
The undiscounted cash flows related to derivative financial ljabilities are presented at gross amounts unless the parties
according to the contract have a right or obligation to settle at net amount.
Credit risks
DFDS' primary financial assets are trade receivables, other receivables, cash and derivative financial instruments. The credit
risk is primarily attributable to trade receivables and other receivables.
The amounts in the balance sheet are stated net of write-downs on receivables, which has been estimated based on a spe-
cific assessment of the present economic situation før the specific customer.
DFDS' risks regarding trade receivables are not considered unusual and no material risk is attached tø a single customer or
cooperative partner. According to the Group's policy of undertaking credit risks, current credit ratings of all major custorners
and other cooperative partners are performed. A few counterparties have provided guarantees for pauments and delivery of
ships for the benefit of DFDS. These guarantees constitute totally DKK 1.9 million in 2013 (2012: DKK 3.0 million). Besides
the write-downs mentioned in Note 14 no other write-downs on receivables have been recognised and no insurance cover
has been taken out on any of the receivables.
Internal credit ratings are prepared on a systematical and current basis for all financial counterparties. The internal credit
rating is based on ratings from international credit rating companies. On the basis of the internal credit rating the Board of
Directors have approved general limits for deposits, etc. with financial counterparties.
Capital management
In 2013 the Group defined a new capital structure target and capital pay-out policy. DFDS targets a net interest bearing
debt/EBITDA ratio of minimum 2.0x and maximum 3.0x which is believed to be an appropriate level given the current per-
formance and financial projections. The net interest bearing debt/EBITDA ratio may at certain times deviate from the target,
primarily if OFOS makes sizeable acquisitions and other strategic initiatives.
At year end 2013 the equity ratio for the Group was 51% (2012: 56%). Based on the present uncertain market conditions,
the aim is to have an equity ratio of 40% as a minimum.
The capital pay-cut policy of DFDS is to annually pay out a minimum of DKK 14 per share with a nominal value of DKK
100, unless the net interest bearing debt/EBITDA ratio exceeds 3.0 or unless a couple of other circumstances are not met.
Further information on the Capital structure and pay-out policy can be found under DFDS share and shareholder chapter in
the Management report.
Due to the Group's sustained solid capital structure and net interest bearing debt/EBITDA level the proposed dividend for
2013 is DKK 14.00 per share equal to 57% of the profits excluding Minority interests (2012: DKK 14.00 per share or 140%
of the profits excluding minority interests).
The Group's cost of capital (WACC) was calculated at 6.0% (2012: 6.0%]) and the return on invested capital (ROIC) was 5.7%
(2012: 3.4%). DFDS" target is a return on invested capital of approximately 10%.
9 DENS ANNIIØL DEFPNRT 201113 CANSALIDATED FINANCIAL STATEMENTS - NOTES
Note 27 Financial and operational risks (continued]
Expected timing of recycling to profit and loss
2013 af gains/losses recognised in the equity
Notional
Expected future — Hedge Time to principal After
transactions instrument maturity amount Q-lyear 1-3 years 375 years Byears Fair value
Interest Interest swaps 0-3 years 901,685 -13,524 -4,191 0 0 -17,715
Goods purchased Bunker contracts
(tons) Q-1 years 49,500 2,528 0 O 0 2,528
Sales and goods Forward exchange
purchased contracts 0-1 years 318,582 -7,359 0 0 0 -7,359
"18,255 -4,191 0 0 "22,446
DKK 7000
Expected timing of recycling to profit and loss
2012 of gains/tosses recognised in the equity
Notional
Expected future — Hedge Time to principal After
transactions instrument maturity amount O-lyear 1-3 years 3-5 years 5 years Fair value
Interest Interest swaps 0-4 years 1,188,445 "26,304 -19,698 862 0 -46,864
Goods purchased Bunker contracts 0-9
[tons] months 66,501 -9,406 0 0 Q 79,406
Sales and goods Fonward exchange 0-9
purchased contracts months 187,383 30 o 0o 0 30
"35,680 -19,698 "862 D "56,240
The fair values on interest 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 values on forward exchange contracts are based on interest curve calculations in DFDS' Treasury system. Calcula-
tions are based on a spread of market interest rates in the various currencies. Calculation on bunker contracts are based on
quoted forward curve from various financial institutions,
There has been no gains or losses recognised in the income statement in 2012 and 2013 due to inefficiency in hedging of expect-
ed future cash flows.
Operaticnat risks
Operational risks arise from the cash flow transactions. The size of the transactions made through the financial year is
affected by the change in different market rates such as interest and foreign exchange rates. Currency risks are monitored
continuously to ensure compliance with the financial risk management policy.
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Note 31. Acquisiticn and sale of enterprises and activities (continued) Note 31 Acquisition and sale of enterprises and activities (continued)
DKK million Preliminary fair value at acquisition date Acquisition completed 31 January 2014
On 31 January 2014 the acquisition of the two Scottish companies Stef Transport Limited and Seagull Transport Limited
Acquisition Date 18 September 2013 31 January 2014" from STEF was completed. After the acquisition the DFDS Group has 100% ownership of the acquired companies. The
acquired companies are consolidated in the consolidated financial statements of DFDS A/S as from this date.
Intangible assets 15.3 O
Tangible assets 28.8 13.5 The acquisition is 100% made by the subsidiary DFDS Logistics Limited and the acquired companies are after the acquisi-
tion included in Business Unit UK and Ireland. DFDS pay DKK 17,0 million for the acquisition of the two companies.
Non-current assets 44.1 13.3
Receivables 365 128 As DFDS has only gained control over the activities shortly before issuing the financial statements, the assessment of the
Cash 9.0 361 acquired business, assets and ljabilities is not yet completed. The initial high-level and preliminary assessment of the fair
value of the acquired identifiable assets and Liabilities results in the recognition of a preliminary measured goodwill of DKK
Current assets 45,5 48.9 77.4 million at acquisition date. The difference represents the value of assets, whose fair value cannot be reliably measured,
including the value of the staff and know-how taken over and expected synergies from combining the acquired companies
Total assets 89.6 62.2 with the existing DFDS network and in particular the activities in Scotland. The valuation of these assets is either subject to
.… great uncertainty or beyond DFDS' control. Accordingly, these fair values are deemed not to be retiable.
Provisions 0.1 0.1
Bank debt 15.7 Ad,4 Goodwill relates to Business Unit UK and Ireland.
Non-current ljabilities 16.8 44,5 Trade receivables have been recognised at the acquisition date at a fair value of DKK 11.0 million, which is DKK 0.5 million
Trade payables 115 5.7 lower than their gross value.
Other current liabilities 18.6 2.4
As a part of the transaction the continental distribution and handling activities of DFDS Logistics located in Boulogne sur
Current Gabilities 30.1 8.1 Mer were sold to STEF as per 31 January 2014. The activities were part of the Business Unit UK and Ireland. The transferred
activities included six employees, transport contracts and lease of buildings in Boulogne sur Mer. The sales price amounts
Total Liabilities 46.9 52.6 to.DKK 0.9 million. No balance sheet items were transferred. The sale results in a gain of DKK 0.9 million which will be
recognised in the income statement for 2014.
Fair value of acquired net assets 42.7 9,6
Total purchase price
Cash consideration 106.4 17.0
Goodwill at acquisition 63.7 7.4
1 Acquisition not recognised in 2013.
80 DFDS ANNUAL REPORT 2013 CONSOLIDATED FINANCIAL STATEMENTS - NOTES
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Note 31. Acquisition and sale of enterprises and activities (continued)
The goodwill relates to Business Unit Channel.
The transaction has resulted in a net liquidity outflow for the DFDS Group of DKK 5 million as cash of DKK 97 million is
included in the acquired net assets whereas DFDS has paid DKK 102 million to Louis Dreyfus Armateurs.
The parties" final review and approval of the acquisition balance as at 25 September 2012 is still outstanding, however no
significant changes are expected.
Trade receivables have been recognised at the acquisition date at a fair value of DKK 37 million, which is equal to their
gross value.
DFDS Group incurred transaction costs of OKK 4.9 million, which are recognised in the income statement.
DKK 128.4 million of the total of DKK 11,699.9 million in revenues for the DFDS Group in 2012, relates to the acquired
company. DKK -44,3 million of the total of DKK 152.0 million in profit before tax for the DFDS Group in 2012 relates to the
acquisition.
IF the acquisition had occurred at the beginning of the financial year, total revenue for the year would amount to approxi-
mately OKK 12,096.4 million, and profit before tax to approximately DKK 150.8 million.
Ålusborg Ro/Ro
DFDS and C.Port's joint acquisition of Ålvsborg Ro/Ro AB is accounting wise treated as a "igint venture”, which in the consol-
idated financial staternents of the DFDS Group is recognized in one line according to the equity method as from 3 May 2012.
Consequentlu, this acquisition is not comprised by the disclosure requirements in IFRS 3.
Note 33 Alssets held for sale 2013 2012
Non-current assets, former Norfolkline domicile in Scheveningen 13,540 25,365
Non-current assets, ro-pax ship VILNIUS SERAWAYS 48,270 Q
Tatal assets held for sale 61,810 25,365
2013
DFDS continues to search for a buyer to the former Norfolkline domicile in Scheveningen, and the domicile is expected to
be sold during 2014. The globalt financial crisis, which has led to an increase in the selling time on the real estate market, is
after DFDS' opinion one of the reasons that the building has not yet been sold. DFDS does not expect to involve the building
in the companu's future operation, why the building's carrying amount is still expected to be recovered through 3 sale. The
domicile is therefore still recognised as an asset held for sale and the carrying amount at 31 December 2013 has, based on
3 valuation from an independent real estate broker, been impaired by DKK 11.8 million to DKK 13.5 million reflecting best
estimate of fair value.
In 2013 the ro-pax ship VILNIUS SEAWAYS has been taken out of the route network and is put up for sale. The ship is char-
tered out and is expected to be sold during 2014. Consequentluy, the ship has been classified as an asset held for sale, and
the carrying amount at 31 December 2013 has, based on valuations from independent ship brokers, been impaired by DKK
3.0 million to DKK 48.3 million reflecting best estimate of fair value.
2012
DFDS continues to search for a buyer to the former Norfolkline domicile in Scheveningen, and the domicile is expected to
be sold during 2013. The global financial crisis, which has led to an increase in the selling time on the real estate market, is
after DFDS' opinion one of the reasons that the building has not yet been sold. OFDS does not expect to involve the building
in the companu's future operation, why the building's carrying amount is still expected to be recovered through a sale.
Note 34 Guarantees, collateral and contingent Liabilities
DKK 7000
Note 32 Acquisition of non-controlling interests 2013 2012
AB DFDS Seaways -Pel 7344
North Sea Terminal AS 0 "2,878
Cash flow from acquisition of non-controlling interests "2el "3,222
Acquisition of shares in AB DFDS Seaways during 2013 amounts to DKK 0.2 million (2012: DKK 0.3 million), equivalent to
an ownership of 0.05% (2012: 0.08%)] after which the company is owned 96.5% (2012: 96.5%)]. Negative goodwill of DKK
0.6 million (2012: DKK 0.8 million) is recognised directly in the equity.
2012
Acquisition of shares in North Sea Terminal AS during 2012 amounts to DKK 2.9 million, equivalent to an ownership of
34%, where after the company is owned 100% (2011: 66%), The purchase price is equal to the carrying amount of the 34%.
On that background there is neither goodwill or badwill relating to the transaction.
8. DFØS ANNUAL REPORT 2013 CONSOLIDATED FINANCIAL STATEMENTS - NOTES
Guarantees amount to DKK 370.1 million (2012: DKK 395,2 million] for the Group. In addition, DFDS A/S has provided an
unlimited guarantee for a subsidiary to cover any obligations under a Payment Service Agreement for creditcard payments.
The Group is in 2013 as well as in 2012 part in various legal disputes. The outcome of these disputes is not considered
likely to influence DFDS significantly, besides what is already recognised in the balance sheet.
In terms of the contaminated land in one of the subsidiaries discovered in 2005, there is still no obligation to clean up the
land. If such obligation should occur, the Group has the possibility to get the cost adjusted in the original purchase price for
the company. The seller has made a deposit of DKK 24.0 million on a bank account in the name of DFDS to cover this.
Certain ships and ships under construction with a total carrying amount of DKK 4,720.4 million have been pledged as secu-
rity for mortgage on ships with a total carrying amount of DKK 2,062.5 million. Furthermore, land and buildings with 3 total
carrying amount of DKK 8.7 million have been pledged as security for mortgage on land and buildings with a total carrying
amount of. DKK 7.4 million.
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Note 36 Retated party transactions
Lauritzen Fonden, Copenhagen with a nominal shareholding of 42.8 % exercises de facto control over DFDS A/S. According-
ly, the members of the Board of Directors and the Executive Board at Lauritzen Fonden are also related parties.
Furthermore, related parties comprise all companies owned by Lauritzen Fonden, DFDS' subsidiaries and associates, refer-
ence is made to note 41 and note 13, and these companies” Executive Board, Board of Directors, executive employees and
close members of the family of those.
Apart from intra-group balances and transactions (primary charter hire, financing and commissions, etc.), which are elimi-
nated on consolidation, usual Executive Board remuneration and Boar