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DFDS EXPANDS INTO MEDITERRANEAN

 

 

 

 

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Compartir April 12, 2018 01:09 ET |  Source: DFDS A/S

multilang-release

company announcement no. 30

• DFDS acquires U.N. Ro-Ro, the leading Turkish operator of freight shipping routes in the Mediterranean, connecting Turkey with Italy and France

• Geographic expansion of route network to high growth freight market

• U.N. Ro-Ro is highly profitable and the leading operator with a market share twice that of the next competitor in Turkey

• Enterprise value of EUR 950m (DKK 7.1bn)

• Acquisition is earnings accretive from first year

• Financing structured to retain flexibility, including an expected equity issue of approximately 5% of the issued share capital

• Outlook: Expected 2018 EBITDA of DKK 3.0bn-3.2bn (2.65bn-2.85bn)

• Termination of ongoing buy-back and suspension of 2018 dividend

DFDS has today entered into an agreement to acquire 98.8% of U.N. Ro-Ro, Turkey's largest operator of freight shipping routes connecting Europe and Turkey from Turkish private equity firms Actera Group and Esas Holdings.

"With the acquisition of U.N. Ro-Ro, we are expanding into one of Europe's most attractive freight markets which is operationally similar to northern Europe. This gives us opportunity together with the existing strong management team to leverage our network, fleet, experience and skills to develop the business further while supporting the growth of U.N. Ro-Ro's customers", says Niels Smedegaard, CEO of DFDS.

"We are excited to become part of DFDS' network and the development opportunities this brings to both our customers and employees. I am confident that the industry know-how, combined network capabilities, and the financial strength of our new shareholder will allow U.N. Ro-Ro to enhance the competitiveness of Turkish exporters and international logistics companies," says Selçuk Boztepe, CEO of U.N. Ro-Ro.   

Key acquisition terms 
DFDS will acquire U.N. Ro-Ro for EUR 950m (DKK 7.1bn) on a debt free basis, which will be mainly funded through committed debt financing.

The acquisition is expected to be earnings accretive already in 2018. U.N. Ro-Ro's ROIC post acquisition exceeds DFDS' cost of capital.

The transaction is subject to approval by the Turkish, Austrian and German competition authorities as well as Italian authorities in relation to the transfer of the Trieste terminal as a strategic asset. Closing of the transaction is expected to take place in June 2018.

Leading ferry operator connecting Turkey and EU
U.N. Ro-Ro operates five freight shipping routes in the Mediterranean between Turkey and EU: four routes connect to Italy and one to France. The routes carried 202,000 freight units in 2017 corresponding to a 34% share of the total market including land transport. By the end of 2017, U.N. Ro-Ro deployed 12 freight ferries with an average age of 11 years. All freight ships are built by the Flensburg shipyard, where also some of DFDS' most modern and efficient Ro-Ro ships are built. 
In addition, U.N. Ro-Ro operates two port terminals and also provides intermodal solutions. For 2018, revenue of EUR 240m and EBITDA of EUR 97m are expected. The company has 500 employees.

Strategic rationale
DFDS believes that the acquisition of U.N. Ro-Ro provides significant value to its customers, employees and shareholders.

The acquisition expands DFDS' route network to include the fast growing transport market between Turkey and EU. U.N. Ro-Ro's business model of carrying un-accompanied freight units, mainly trailers, on ro-ro ships between Turkey and EU is identical to DFDS' North Sea business model which will allow us to leverage our strong track record in this market.

Further, the integration of U.N. Ro-Ro into DFDS' business model and systems is expected to offer a number of synergies and development opportunities:

• Expansion of services to existing and potential customers of both companies
• Platform for development of transport solutions in new regions
• Combined sales organisations
• Increased fleet allocation flexibility from larger combined fleet

Financing structure and capital distribution adapted to retain flexibility 
The Board of Directors has decided to terminate the current share buyback programme announced in Company Announcement No. 11/2018 and suspend the planned dividend of DKK 7.00 in August to maintain financial flexibility.

Further, in view of the planned fleet renewal, in both DFDS and U.N. Ro-Ro, and potential investment opportunities during the next 12-18 months, the Board of Directors recommends a share issue of approximately 5% of the current share capital  or DKK 1.0bn as part of the financing structure that otherwise consists of committed term loan financing.

An extraordinary general meeting will be held prior to closing of the transaction and the Lauritzen Foundation that holds 42% of DFDS' share capital has confirmed their intention to participate pro rata in a share issue.

The Board of Directors expects to review the capital structure and hence capital distribution for 2019 in connection with the release of the Q4 and year-end report in February 2019.

The ratio between DFDS' NIBD and EBITDA is expected to increase to around 2.5 upon completion of the acquisition, including the share issue, in line with DFDS' targeted leverage ratio of between 2.0 and 3.0.

Outlook 2018
The Group's revenue in 2018 is expected to increase around 8% (2%).

The outlook range for EBITDA before special items is DKK 3,000m-3,200m (2,650m-2,850m).

Investments are expected to amount to around DKK 5bn (1.1bn).


Investor and analyst call

 

https://globenewswire.com/news-release/2018/04/12/1468923/0/en/DFDS-EXPANDS-INTO-MEDITERRANEAN.html

Publicación q1 9 Mayo

 

https://www.dfds.com/group/investors/calendar

Alcista y con per 12

 

Nueva adquisición

 

https://assets.ctfassets.net/mivicpf5zews/2rpT7RWqBKmyyaS8yE2CO/7c1f97f18fd78f37484ffbb93e2e40e4/DFDS_UNRR_Investor_call_12-04-2018.pdf

Se pone interesante, superados los 380, y per 13

Se pone interesante, análisis técnico, fuerte compra

 

https://es.investing.com/equities/dfds-technical

Publicación q1 record

 

 

DFDS A/S: INTERIM REPORT Q1 2018: STRONG Q1 GROWTH

By GlobeNewswire,  May 09, 2018, 01:51:00 AM EDT

Vote up A A A

 

Company announcement no. 38   

REVENUE UP 8% TO DKK 3.5BN



 
   





EBITDA UP 10%  TO DKK 453M



 
     



STRONG LOGISTICS PERFORMANCE IN Q1
   

Q1 2018

· Revenue growth of 9%, adjusted

· Passenger volumes up 14% boosted by Easter

· Ferry freight volumes up 3% despite negative impact from Easter and a collision

· Profit before special items and tax up 18%

OUTLOOK 2018

· Revenue growth increased to 4% from 2%, excl. U.N. Ro-Ro

· EBITDA range of DKK 3,000-3,200m, incl. U.N. Ro-Ro

· Investments of DKK 5.2bn, incl. U.N. Ro-Ro

"Both growth and earnings were ahead of expectations in Q1 and our full-year growth expectation is now raised to 4% and to 10% including U.N. Ro-Ro. European growth is robust and continues to support our ferry routes and logistics activities. Our continuous improvement projects are on track and will also contribute to earnings this year," says Niels Smedegaard, CEO.

KEY FIGURES














DKK m20182017
2017-182016-17
2017Before special itemsQ1Q1CH. %LTMLTMCH. %FY







Revenue3,4853,2208.2% 14,593 13,9224.8% 14,328EBITDA4534149.5%2,7422,5985.6%2,702EBIT  216 18914.3% 1,8091,6529.5%1,782Profit before tax 204 17318.1% 1,758 1,6168.8%1,727

In Q1, revenue increased 9% adjusted for non-comparable items. Reported revenue was up 8% to DKK 3.5bn.

EBITDA before special items increased 10% to DKK 453m following higher earnings from both ferry routes and logistics activities. The result includes a one-off cost of DKK 15m related to the effects of a freight ferry collision. 

Freight ferry volumes were up 3%, including a negative comparison impact from the early Easter in March this year compared to the late Easter in 2017. On the other hand, passenger volumes increased 14% as they were boosted by the Easter timing difference.

There was a high level of activity for several large logistics contracts in Q1 which increased the results considerably for the Nordic and Continent business units.

Outlook 2018

The outlook includes U.N. Ro-Ro after the expected completion of the transaction in June 2018.

The Group's revenue, excluding U.N. Ro-Ro, is now expected to increase by around 4% in 2018 up from previously 2%. The increase is due to higher actvity for both ferry routes and logistics activities. The Group's revenue, including U.N. Ro-Ro, is expected to increase by around 10% in 2018.

The outlook range for EBITDA before special items was DKK 2,650-2,850m before U.N. Ro-Ro. Including  U.N. Ro-Ro, the outlook range for EBITDA before special items is DKK 3,000-3,200m (2017: DKK 2,702m).

Investments are expected to amount to around DKK 5.2bn, inluding DKK 3.7bn related to the acquisition of U.N. Ro-Ro.

Read the Interim Report 2018 here:

 

https://www.nasdaq.com/press-release/dfds-as-interim-report-q1-2018-strong-q1-growth-20180509-00088

Proxima resistencia 408

 

Análisis tecnico, fuerte compra

 

https://es.investing.com/equities/dfds-technical

Superando resistencias y se aproxima a los 400 dkk

Tira con fuerza, han ampliado rutas y flotas, crecimiento asegurado y per bajo, infravalorada

A punto de ponerse en subida libre, per 15, no está cara y han ampliado rutas y flotas, la última adquisición en Turquia

DFDS to deploy two new ro-pax ferries in the Baltic

http://www.cruiseandferry.net/articles/dfds-to-deploy-two-new-ro-pax-ferries-in-the-baltic