DSV, 924 - INTERIM FINANCIAL REPORT Q3 2021

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Company Announcement No. 924

Selected key figures and ratios for the period 1 January – 30 September 2021

(DKKm)

Q3 2021

Q3 2020

YTD 2021

YTD 2020

Key figures and ratios

Revenue

49,557

28,125

121,004

84,216

Gross profit

9,823

7,252

25,941

21,322

Operating profit (EBIT) before special items

4,472

2,725

11,110

6,904

Special items, costs

154

453

154

1,479

Profit after tax

3,161

1,337

8,017

3,058

Adjusted earnings for the period

3,331

1,746

8,301

4,339

Adjusted free cash flow

3,718

5,674

Conversion ratio

45.5%

37.6%

42.8%

32.4%

Diluted adjusted earnings per share of DKK 1 for the last 12 months

43.9

21.7


Jens Bjørn Andersen, Group CEO: “In August, we completed the acquisition of Agility’s Global Integrated Logistics business and took over a well-run company and were joined by a team of skilled new colleagues. The integration is off to a good start, and in the coming period our two organisations will be merged into one. The transport markets continue to be characterised by disruption and imbalances causing extraordinary challenges for both our customers and us. Under the extraordinary market conditions, we are happy to report solid results across all divisions.”

Outlook for 2021
On 11 October 2021, we pre-released the Q3 2021 numbers and upgraded the outlook for 2021. The guidance for 2021 is reiterated and the expected special items regarding the integration are added:

  • EBIT before special items is expected to be in the range of DKK 15,250-16,000 million

  • The effective tax rate is expected to be approximately 23%

  • Transaction and integration costs (special items) is expected to be in the level of DKK 500 million in 2021

Synergies and integration costs

Once fully integrated, Agility’s Global Integrated Logistics business is expected to contribute approximately DKK 3,000 million (previously 2,800 million) to the combined EBIT before special items on an annual basis. The integration is expected to be completed by the end of Q3 2022 and the full-year EBIT effect is expected in 2023. The estimated EBIT impact includes the underlying result in Agility GIL and synergies from the consolidation of operations, logistics facilities, back-office functions and IT infrastructure.

Around 30% of the EBIT contribution is expected to impact the income statement in 2021, around 85% in 2022 and 100% in 2023. Total transaction and integration costs are expected in the level of DKK 1,500 million. These costs will be charged to the income statement under special items. We expect that approximately DKK 500 million of the special items (transaction and integration costs) will materialise in 2021 and the rest in 2022.

Share buyback

A separate company announcement about the launch of a new share buyback programme of up to DKK 5,000 million will be issued today. The programme will run until 8 February 2022 or earlier if finalised.

Contacts

Investor Relations: Flemming Ole Nielsen, tel. +45 43 20 33 92, flemming.o.nielsen@dsv.com
Media: Maiken Riise Andersen, tel. +45 43 20 30 74, maiken.r.andersen@dsv.com

Yours sincerely,
DSV A/S

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