DFDS: Pre-tax profit 221 mio. kr.

"Our entire sea-based transport network was impacted by declining volumes in the second half of 2008," says CEO Niels Smedegaard.

"Especially in the fourth quarter, both in the North Sea and the Baltic Sea. When we take the deteriorating and volatile market conditions into account - as well as one-off

costs due to many adjustments - we are satisfied with an operating profit of a billion kroner," adds Niels Smedegaard.

After the first six months of 2008 it was clear to the management, that a general fall in demand was in sight. Therefore a number of adjustments were initiated to reduce costs:

 Return and chartering out of ships to reduce the capacity of the route network

 Fewer departures and optimisation of bunker consumption to reduce fleet's operating costs  Route closures  Renegotiation of collective agreements and more flexible crewing principles  General adaptation of the organisation to a lower level of activity.

"We started adapting to the market early on and are continuing to do so. So we are well prepared for 2009, which will be a very challenging year", says Niels Smedegaard.

"We are also highly aware of maintaining a clear focus on serving passengers and freight customers efficiently and competitively."

On the basis of the current market environment with a downturn in freight volumes of around 25%, the forecast for 2009 is an operating profit (EBITDA) that is around 20% lower compared to 2008. The forecast is subject to significant uncertainty.

"Our profit level is naturally affected by the difficult market conditions. But when the winds change and fill our sails once again, DFDS is well positioned to gain market share through our customer focus, stable operations, financial strength and streamlined organisation", says Niels Smedegaard.

The annual general meeting will be held on 1 April 2009.

Source: DFDS