2002 - DFDS

Welcome to the
Annual General Meeting
of Shareholders of DFDS A/S
8 April 2003

2
Agenda
1. Report by the Supervisory Board on the Company’s activities
in the past year
2. Presentation of the annual report, complete with the
management and auditors’ report for adoption, and a
resolution for formal approval of the acts of the Supervisory
and Executive Boards
3. The Supervisory Board’s proposal for application of the profit
according to the financial statements as adopted
4. Election of members to the Supervisory Board
5. Appointment of two auditors
6. Proposals from the Supervisory Board
2

3
DFDS’ strategy
! Focus on two main business areas: overnight passenger
shipping and and freight liner shipping primarily based on ro-ro
liner shipping
! Geographic focus: Northern Europe
! Strengthen and expand market position through organic growth
and company acquisitions/alliances
! Introduce new customer concepts where indicated by market
conditions (ro-pax, lo-lo)
! Reduce the average age and ownership share of the fleet in
order to boost productivity and flexibility and to lower cost levels:
• Passenger fleet: average age max. 15 years, ownership share 75%
• Freight ship fleet: average age max. 10 years, ownership share
50%
3

4
Financial goals
! Short-term goal to achieve a return on booked invested capital
that as a minimum corresponds to DFDS’ estimated cost of
capital of 6.9% after tax
! In the longer term, it is DFDS’ clear ambition to achieve a level
of return that exceeds the cost of capital
4

6
Kursudvikling 2002
Price trend 2002
120
110
Index
100
90
80
70
2001 2002
DFDS
Peer Group Index (Silja Line, Viking Line, Finnlines, P&O)
All-share index of the Copenhagen Stock Exchange
6

New headquarters
8

9
Special items
! Write-down of DKK 150 million on older freight ships
! Reversal of DKK 326 million of deferred taxes as a result of
DFDS’ entry into the Danish tonnage tax regime
! Extraordinary costs of DKK 116 million relating to the final
settlement with DSV on the sale of DFDS Dan Transport for
DKK 5.5 billion
9

Adjusted operating profit
(EBITA) by division
DKK millions 2002 2001 2000
DFDS Seaways 127 100 98
DFDS Tor Line 192 115 39
DFDS Group Management -36 -31 -44
Adjusted operating profit (EBITA)* 283 184 93
Non-recurring items -164 141 -40
DFDS Group, total 119 325 53
*After adjustment for profit/loss on ships, buildings and terminals, w rite-dow ns,
and discontinued operations
10

DFDS Seaways 2002
DKK millions 2002 2001
Revenue 2,267 2,109
Operating profit (EBITA) 128 75
Adjusted operating profit (EBITA) 127 100
Operating profit margin, % 5.6 3.6
Invested capital 2,124 2,088
Return on invested capital (ROIC) % 5.0 3.8
Passengers, '000 1,894 1,806
11

DFDS Seaways 2002
Passenger distribution by route
Amsterdam-
Newcastle
27%
Copenhagen/
Trelleborg-
Gdansk
2%
Esbjerg-
Harwich
7%
Copenhagen/
Helsingborg-
Oslo
43%
Gothenburg-
Kristiansand-
Newcastle
12%
Cuxhaven-
Harwich
9%
12

DUKE OF SCANDINAVIA
13

KING OF SCANDINAVIA
SOLD IN MARCH 2002
ADMIRAL OF SCANDINAVIA
SOLD IN JULY 2002
14

DUCHESS OF SCANDINAVIA
15

DFDS Canal Tours

17
DFDS Tor Line
! Purchase of 66% stake in Lys-Line Rederi A/S, effective
1 January 2002
! Acquisition of 100% of share capital of KST Shipping
AS, effective 1 January 2003
! Acquisition of 100% of share capital of Latlines SIA,
effective 1 December 2002
! Final settlement with DSV on the sale of DFDS Dan
Transport and three-year freight agreement signed with
DFDS Transport Group
17

DFDS Tor Line 2002
DKK millions 2002 2001
Revenue 2,642 2,237
Operating profit (EBITA) 32 161
Adjusted operating profit (EBITA) 192 115
Operating profit margin, % 1.2 7.2
Invested capital 3,624 3,023
Return on invested capital (ROIC) % 1.1 5.8
Lane metres, '000 7,389 7,101
18

Maasvlakte terminal - Rotterdam
Maasvlakte
-
–
19

Fleet renewal –
ro-ro liner shipping
• Freight capacity: 4,000 lane
metres
• Service speed: 22 knots
20

DANA GLORIA
Ro/pax SHIPS
DANA SIRENA
21

Income statement 2002
DKK millions 2002 2001
Revenue 4,870 4,309
Profit/loss on sale of ships, buildings and terminals -14 166
Operating profit before depreciation (EBITDA) 768 781
Depreciation and impairment -649 -456
Operating profit (EBITA) 119 325
Operating profit (EBITA) excl. write-downs and profit/loss 283 184
Goodwill amortization -5 -1
Profit before financing, etc. (EBIT) 114 324
Financing, net -133 -33
Profit before tax -19 291
Tax 335 -38
Extraordinary items -116 0
Profit for the year before minority interests 200 253
22

Adjusted income statement 2002
DKK millions 2002 2001
Revenue 4,870 4,309
Profit/loss on sale of ships, buildings and terminals 0 0
Operating profit before depreciation (EBITDA) 782 615
Depreciation and impairment -499 -431
Operating profit (EBITA) 283 184
Goodwill amortization -5 -1
Profit before financing, etc. (EBIT) 278 183
Financing, net -133 -33
Profit before tax 145 150
Tax 9 -38
Profit after tax 154 112
Extraordinary items 46 141
Profit for the year before minority interests 200 253
23

Balance sheet 2002
DKK millions 2002 2001
Intangible assets 102 31
Tangible assets 5,362 5,083
Investments 33 165
Receivables 820 941
Cash at bank and in hand, etc. 565 617
Total assets 6,882 6,837
Equity 2,604 2,540
Minority interests 146 140
Provisions 189 511
Short- and long-term interest-bearing debt 3,090 2,895
Other short-term debt 852 751
Total liabilities 6,882 6,837
24

Statement of changes
in equity 2002
DKK millions
Equity at 1 January 2002 2,540
Distributed dividend -68
Profit for the year 189
Foreign exchange adjustments, etc. 7
Value adjustment of hedging instruments -65
Equity at 31 December 2002 2,604
25

Cash flow 2002
DKK millions 2002 2001
Cash flow from operating activities before investments 832 688
Total investments -801 -2,004
Sale of assets, etc. 305 165
Cash flows from investing activities -496 -1,839
Cash flows from operating activities 336 -1,151
Cash flows from loans and other financial items -268 -631
Financing, net -123 -33
Changes in cash at bank and in hand, etc. 55 1,814
Cash flows from financing activities -336 1,151
26

Brent, USD per barrel
40
35
30
25
20
15
Trends in oil prices and USD
exchange rate 2002/03
USD/DKK
BRENT
9
8.5
8
USD/DKK
7.5
7
6.5
02
/27/2003
03
/31/2003
/06/
2002
03 /13/2002
04 /17/2002
05 /22/2002
06 /26/2002
07 /31/2002
09 /04/2002
10 /09/2002
11 /11/2002
12 /08/2002
01 /06/2003
02 /02/2003
02
2002
01
/02/

28
MidCap + companies
! Auriga Industries
! Monberg & Thorsen
! FLS Industries
! Nordisk Solar
! Danske Trælast
! DFDS
! Kbh. Lufthavne
! Bang & Olufsen
! Bryggerigruppen
! ØK
! Aarhus Oliefabrik
! Radiometer
! Chr. Hansen
! Genmap
! Forstædernes Bank
! Ringkjøping Landbobank
! Roskilde Bank
! SparNord Bank
! Sydbank
! Codan
! Foras Holding
! Simcorp
28

29
Profit forecast 2003
! Oil prices and foreign currencies of particular
importance to DFDS (SEK, USD, NOK, GBP, EUR)
are expected to remain at the same level as at the
beginning of March 2003
! Increase in turnover of about 5%
! Investments in ships of approx. DKK 700 million before
sale of ships
! Low level of investment apart from company
acquisitions
! Uncertainty relating to economic trends is greater than
normal due to the situation in Iraq
29

30
Profit forecast 2003
! DFDS Seaways expects a slightly better operating
profit (EBITA) than in 2002
! DFDS Tor Line expects a somewhat higher operating
profit (EBITA) than in 2002 (after adjustment for writedowns
and profit/loss on the sale of ships, buildings
and terminals)
! The DFDS Group expects to achieve a profit before
tax, extraordinary items and minority interests in
the region of DKK 140-160 million
30

Application of profit 2002
DKK millions 2002
Recommended dividend, DKK 7 per share 56
Dividends, treasury shares -3
Retained earnings 136
DFDS A/S' share of profit for the year 189
31

Balance sheet 2002
DKK millions 2002 2001
Intangible assets 102 31
Tangible assets 5,362 5,083
Investments 33 165
Receivables 820 941
Cash at bank and in hand, etc. 565 617
Total assets 6,882 6,837
Equity 2,604 2,540
Minority interests 146 140
Provisions 189 511
Short- and long-term interest-bearing debt 3,090 2,895
Other short-term debt 852 751
Total liabilities 6,882 6,837
32

The Supervisory Board of
DFDS A/S
Ivar Samrén Svend Jakobsen Jill Lauritzen Melby
Chairman
Deputy Chairman
Ingar Skaug Anders Moberg
33

The Supervisory Board of
DFDS A/S
Ole Adamsen Claus Arnhild
Employee-elected Employee-elected
Ib Sørensen
Employee-elected
34

Thank you for your
kind attention!