In Q1, revenue increased 11% to DKK 3.9bn driven by the expansion in the Mediterranean and stockpiling in UK ahead of the initial Brexit-date end of March. The Easter timing difference vs 2018 lowered passenger revenue.
EBITDA before special items increased 13% to DKK 677m driven by the Mediterranean expansion and strong performance in North Sea.
Baltic Sea’s result was lowered by one-off additional operating costs as capacity was maintained during dockings, one of which was extended. In addition, the Easter timing difference reduced passenger earnings compared to Q1 2018, especially in the Passenger business unit.
Logistics continued to improve performance in UK & Ireland. In Sweden and Belgium earnings were lower as Q1 2018 included peak earnings from a large contract.
The first in a series of six new freight ferries was delivered in February and successfully deployed in March between Istanbul and Trieste.
2019 EBITDA outlook unchanged: DKK 3.8-4.0bn (2018: DKK 3.6bn, restated)
Key figures Q1 2019
- +11% Revenue: DKK 3.9bn (3.5)
- +13% EBITDA: DKK 677m (597)
- -22.3% Profit before tax DKK 159m (204)
Outlook 2019 Unchanged
- 10-12% revenue growth
- EBITDA-range of DKK 3.8-4.0bn (2018: DKK 3.6bn)