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<b>
2014 expectations raised again after another solid quarter
</b>

<br><br>
Quarterly report
<br><br>
Copenhagen, 21 November 2014
<br><br>

• Revenue 7% higher, driven by both organic growth and acquisitions
<br>• Operating profit (EBITDA) increase of 18% to DKK 626m
<br>• Profit before tax and special items increased by 16% to DKK 375m
<br>• Improvement of high-season passenger result
<br>• Adjustments within Baltic Sea network mitigated impact of Russian sanctions
<br>• Full-year EBITDA expectations raised to DKK 1.40-1.45bn (DKK 1.30-1.45bn)
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In Q3, DFDS increased revenue by 7% to DKK 3,567m (DKK 3,339m) and operating profit by 18% to DKK 626m (DKK 530m) before depreciation (EBITDA) and special items. The return on invested capital (ROIC) continued to improve in the quarter. ROIC for the last twelve months (LTM) was 7.9%, up from 7.2% at the end of Q2 2014. 
<br><br>
Higher passenger earnings in the business units Channel and Passenger as well as increasing freight volumes were the major drivers of the improved Q3 result. Shipping operations in the Baltic Sea stabilised during the quarter. Logistics’ result improved by organic revenue growth and two acquisitions made this year and one acquisition made on 18 September 2013.
<br><br>
“In the high-season third quarter our passenger services delivered above our expecta-tions while freight operations overall performed in line with expectations. European market growth is still subdued with the exception of the UK, our most important mar-ket. Continuous actions to streamline and adapt our activities are paying off, also in the Baltic region, whereby the impact of the conflict between Russia and Ukraine was partly mitigated,” says CEO Niels Smedegaard.
<br><br>
DFDS’ preparations and ongoing dialogue with customers to manage the transition to the new environmentally friendly emission rules from next year are progressing ac-cording to plans. Opportunities to optimise the network and improve efficiency are continuously pursued in order to remain competitive.
<br><br>
Following the solid third quarter, the EBITDA outlook for 2014 has been raised to DKK 1.40-1.45bn from previously DKK 1.30-1.45bn.


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<img src="dfds48n1.jpg">
<br><font face=arial size=2><i>DFDS ferry "Dover Seaways"</i></font>



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<br><a href="http://dfds.com" target="_blank">DFDS press release</a>


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