Q1 2005Analyst meeting, 25 May 2005

DFDS Q1 2005 2

Contents

• The quarter in brief

• DFDS Seaways

• DFDS Tor Line

• The quarter in figures

• Profit forecast 2005

DFDS Q1 2005 3

Financial performance, 1st quarter 2005

o Revenue rose by 9%

o Operating profit (EBITA) and pre-tax profit are on a par with the same period last year

o Considerable rise in invested capital following the addition of five new ro-ro vessels

DFDS GROUP

DKK million 1Q04 1Q05change,

% 2004

Revenue 1.198 1.302 9 5.723

Operating profit (EBITA) -46 -49 -7 376

Operating profit margin, % -3,8 -3,8 - 6,6

Pre-tax profit -93 -96 -3 201

Average invested capital 5.530 6.519 18 6.034

Return on invested capital (ROIC), % -3,4 -3,0 - 5,8

DFDS Q1 2005 4

Benchmarking

Average age own fleet, 2004

0

5

10

15

20

25

30

Nor

folk

line

Uni

ty L

ine

DF

DS

Tor

Lin

e

Brit

tany

Fer

ries

Birk

a

ICG

Fin

nlin

es

Cob

elfr

et

PO

Fer

ries

Tallin

k

Sca

ndlin

es

Ste

na L

ine

Sea

Fra

nce

Vik

ing

Line

Silja

Fjo

rd L

ine

Col

or L

ine

DF

DS

Sea

way

s

Pol

ferr

ies

Eck

erö

no. of years

DFDS Seaways on a level with

most comparable companies

DFDS Tor Line lower average

than comparable companies

DFDS Q1 2005 5

Ownership share of fleet, 2004

0

10

20

30

40

50

60

70

80

90

100

Tran

sfen

nica

Finnlin

es

Norfo

lkline IC

G

Unity

Line

DFDS Tor

Line

PO F

errie

s

Scand

lines

Cobelf

ret

Britta

ny F

errie

s

Fjord

Line

DFDS Sea

ways

Tallin

k

Stena

Line Silja

Polfer

ries

Birka

SeaFra

nce

Viking

Line

Color L

ine

%

Benchmarking

DFDS Q1 2005 6

DFDS Seaways

DFDS Q1 2005 7

DFDS Seaways - Market development

Positive reception for the upgrading of the Oslo ferry

Generally stable market development, particularly in Scandinavia

High level of competition due to an increasing range of short-break destinations

Changes in duties on land, e.g. in the Netherlands, have influenced on-board sales

Introduction of new vessels and consequently greater capacity in Norway primarily

aimed at the German market

DFDS Q1 2005 8

DFDS Seaways - Financial performance

DFDS Seaways - no. of passengers, '000 (continuing routes)

0

100

200

300

400

500

600

700

1Q 2Q 3Q 4Q

2003 2004 2005

DFDS Q1 2005 9

DFDS Seaways - Financial performance

o Revenues negatively affected by fewer departures due to upgrading, and by alterations in Dutch tobacco duties

o 26% growth in passenger numbers per departure on Oslo route. Upgrading and early Easter helped progress

o The booking situation for the rest of the year is on a par with last year

DFDS SEAWAYS

DKK million 1Q04 1Q05change,

% 2004

Revenue 336 319 -5 1.934

Operating profit (EBITA) -100 -93 7 119

Operating profit margin, % -29,8 -29,2 - 6,2

Average invested capital 1.606 1.535 -4 1.572

Return on invested capital (ROIC), % -24,9 -24,2 - 7,0

Passengers, '000 297 301 1 1.693

DFDS Q1 2005 10

Upgrading welcomed by customers

Customer surveys on Copenhagen-Oslo route revealed that:

The surveys were taken in the period immediately prior to the upgrading, and in each of

the first 10 weeks after the upgrading

90 percent of passengers said they will probably travel with DFDS Seaways again!

84 percentof passengers stated that they were satisfied or very satisfied with their trip with DFDS Seaways!

DFDS Q1 2005 11

On-board sales undergoing transformation

Changes in duties ashore have created new conditions for on-board sales

Restructuring from mainly tax-free to more conventional shopping

The process of improving retail skills is ongoing

Continued major potential for shopping as part of income base

DFDS Q1 2005 12

New concepts – Sea Shops

• New, brighter interior with more open areas

• Retention of traditional tax-free and shop-in-shop concept

• New product range

Renovated shops Theme shops New products

DFDS Q1 2005 13

Examples of new products

Jack & Stella products

PILGRIM jewellery

MontBlanc

Up-market watches

Toys – bestsellers / season

Sun-glasses

Ver de Terre – RTW for children (outdoor)

Ski RTW – accessories

Gastronomic specialities

International tourist souvenirs & gift articles

DFDS Q1 2005 14

Examples of new products

• More local products and customised themes introduced on non-tax-free routes

• More seasonal variation, special offers and adaptation to varying customer

segments in the course of the year, e.g. ”incoming” guests

• Performance of existing product groups tested on an ongoing basis

DFDS Q1 2005 15

Examples of other measures

Logistics optimisation, business intelligence and retail skills

Clearer communication of savings and advantages:

• Best Buys

• Shopping lists

• Signage on board and in shops

• TV on board

• Etc.

DFDS Q1 2005 16

DFDS Tor Line

DFDS Q1 2005 17

DFDS Tor Line - Market development

Market in North Sea region was stable, with positive developments in areas

affected by the new German road tax

Growth supported by good progress in Scandinavia, while UK is more subdued -

continued lack of balance in east/west traffic

East/west traffic in the Baltic region remains affected by over-capacity in the land

transport sector - the overall market is however growing

Bad weather in the 1st quarter caused some disruption of operations

DFDS Q1 2005 18

DFDS Tor Line - Financial performance

DFDS Tor Line - lane metres, '000

0

500

1.000

1.500

2.000

2.500

3.000

1Q 2Q 3Q 4Q

2003 2004 2005

DFDS Q1 2005 19

DFDS Tor Line - Financial performance

o Revenue positively affected by the purchase of Swedish transport activities, increased activity on North Sea routes and Lys-Line, and the DFDS Nordic Terminal

o Co-operation agreement with MACS increased volumes between UK and Benelux in the 1st quarter

o First quarter for BelgoBridge was hit by operational difficulties, resulting in a high level of costs

o Bad weather increased the general level of costs

DFDS TOR LINE

DKK million 1Q04 1Q05change,

% 2004

Revenue 869 988 14 3.815

Operating profit (EBITA) 64 58 -9 304

Operating profit margin, % 7,4 5,9 - 8,0

Average invested capital 3.982 5.063 27 4.527

Return on invested capital (ROIC), % 6,4 4,6 - 6,2

Lane metres, '000 2.445 2.527 3 9.920

DFDS Q1 2005 20

New EU member nations influencing the transport market

DFDS Q1 2005 21

Open borders, less waiting time, increased capacity by 30%

Open borders reduced waiting time and released 30% more trucking capacity – at no cost. (Source: LKW Walter)

30% MORECAPACITYIN TRUCKINGBECOMESAVAILABLE

01 May 2004

DFDS Q1 2005 22

Rates under pressure in several areas

German LKW Maut cost increase 01 Jan. 2005 is more than neutralizedthrough trucking cost reductions

Polish drivers are engaged in UKwhere driver shortages exist

“NEW EU” trucks engaged in wider area –Polish drivers now covering Intra-EU alsofrom Spain

More is invested in “New EU” and deployed in Western Europe on top of the previously released truckingcapacity.

1,000 km rate drops Euro 200compared to < 1 year ago.~ 20% down?

DFDS Q1 2005 23

1st quarter 2005 in figures

DFDS Q1 2005 24

Revenue rose by 9% to DKK 1,302 m.

0

200

400

600

800

1.000

1.200

1.400

DFDS Seaw ays DFDS Tor Line DFDS Group

DK

K m

ill.

1Q03 1Q04 1Q05

DFDS Q1 2005 25

Costs and EBITDA development

• Bad weather in the 1st

quarter increased vessels'

operating costs for DFDS Tor

Line

• Operational difficulties

increased costs for the new

BelgoBridge route

• Training expenses rose for

DFDS Seaways in

association with upgradings

DFDS GROUP

DKK million 1Q04 1Q05

Revenue 1.198 1.302

Ships' operating costs 636 698in % of revenue 53 54Charter costs 122 131in % of revenue 10 10Staff costs 280 314in % of revenue 23 24Other costs 89 97in % of revenue 7 7

Operating profit before depreciations (EBITDA) 72 62EBITDA-margin, % 6,0 4,8

DFDS Q1 2005 26

Depreciation and EBITA development

• DKK 7 mill. profit on the

sales of two multi-purpose

vessels in LISCO

• Slightly lower level of

depreciation for ships

DFDS GROUP

DKK million 1Q04 1Q05

Operating profit before depreciations (EBITDA) 72 62

Profit/loss on sale of ships, buildings and terminals1 7

Depreciations, ships 99 101in % of revenue 8,3 7,8Write-down ships - -in % of revenue - -Depreciations, other assets 20 17in % of revenue 2 1

Operating profit (EBITA) -46 -49EBITA-margin, % -3,9 -3,8

DFDS Q1 2005 27

EBITA on a par with last year

-130

-110

-90

-70

-50

-30

-10

10

30

50

70

90

DFDS Seaw ays DFDS Tor Line Non allocated items DFDS Group

DK

K m

ill.

1Q03 1Q04 1Q05

DFDS Q1 2005 28

Financing, tax and profits for the year

• The cost of financing

remained on a par with last

year despite a 23% rise in

the average net interest-

bearing debt

DFDS GROUP

DKK million 1Q04 1Q05

Operating profit (EBITA) -46 -49

Goodwill/badwill, net 0 0in % of revenue 0 0Financing, net -47 -48in % of revenue -3,9 -3,6

Pre-tax profit -93 -96

Tax 2 -1in % of pre-tax profit -2 1

Profit before minority interests -91 -97

DFDS Q1 2005 29

Rate of turnover, invested capital

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

1Q03 1Q04 1Q05

DK

K m

ill.

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

Tim

es

Revenue Average invested capital

Turnover rate invested capital, times

DFDS Q1 2005 30

Newbuilding no. 5 delivered at the beginning of 2005

-350

-300

-250

-200

-150

-100

-50

0

50

100

1Q04 1Q05

DK

K m

ill.

Cash f low from operations before investments Net investments Free cash f low

DFDS Q1 2005 31

Stronger equity ratio expected for the whole year

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

1Q03 1Q04 1Q05

DK

K m

ill.

0

5

10

15

20

25

30

35

40

%

Net interest-bearing debt Equity ratio

DFDS Q1 2005 32

Transition to IFRS, 1st quarter 2005

Change of comparative figures in connection with transition to IFRS

Profit Balance sheet 1 January 2004 Balance sheet 31 March 2004

DKK mill. 1Q 2004 Assets Liabilities Equity Assets Liabilities Equity

Present accounting policies (95) 6.999 4.471 2.528 7.294 4.892 2.402

Adjustments:

Goodwill/negative goodwill 1 33 - 33 34 - 34

Docking costs 7 25 - 25 32 - 32

Share-based payment (6) - 6 (6) - 8 (8) Defined benefit schemes (1) - 82 (57) (2) 82 (59)

Tax effect - - (25) - - (25) -

Minority interest - - (165) 165 - (167) 167

Total adjustments 1 58 (102) 160 64 (102) 166

New accounting policies (IFRS) (94) 7.057 4.369 2.688 7.358 4.790 2.568

DFDS Q1 2005 33

Profit forecast 2005

Revenue will increase by around 6-8% on the basis of growth in both divisions

Net investments of around DKK 500 m.:

o DKK 300 m. in connection with the fifth and sixth new ro-ro ships

o DKK 100 m. in connection with the upgrading of cruise ferry ships

Hedging:

o A significant proportion of the expected oil consumption for the remainder of the year is hedged via price regulation agreements and financial contracts

o The majority of the cash flows denominated in USD are hedged

o Currency risks are overall very limited in 2005

DFDS Q1 2005 34

Profit forecast 2005

DFDS Seaways' operating profit (EBITA) is expected to rise by around 10-15%

DFDS Tor Line's operating profit (EBITA) is expected to rise by around 5-10%

A small rise is expected in non-allocated costs

For the DFDS Group, pre-tax profits are expected to be approximately DKK 225 m.

The profit forecast has been calculated pursuant to IFRS rules. Calculated in the same manner, profits before tax for 2004 were DKK 201 m.

DFDS Q1 2005 35

DFDS Q1 2005