RESTATEMENT OF 2018 ACCORDING TO IFRS ON LEASES

| Source: DFDS A/S DFDS A/S

Company announcement
 

  • IFRS 16 effective from 1 January 2019
  • Pro forma unaudited restatement of Q1-3 2018 and Q3 LTM
  • EBITDA for Q3 2018 LTM raised from DKK 2.9bn to DKK 3.5bn
 

With effect from 1 January 2019, DFDS will implement the new IFRS accounting standard on leases requiring all lease contracts, including operating leases, to be recognised in the balance sheet. For DFDS, this entails that operating leases for port terminals, ships, land and buildings, cargo carrying equipment and other assets will be recognised in the balance sheet while lease payments for such assets are converted from operating costs to depreciations and interest costs. Port terminals and ships comprise 66% and 22% of the balance sheet change, respectively.

To provide comparison figures for 2019, a pro forma unaudited restatement of the first three quarters of 2018 and Q3 2018 LTM for the DFDS Group, divisions and business units is enclosed in this announcement.

Contact

Torben Carlsen, CFO: +45 33 42 32 01

Søren Brøndholt Nielsen, IR: +45 33 42 33 59

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Attachments

IFRS 16 restatement 180119