The Annual General Meeting held yesterday was brief this year – starting at 15:00 and ending approximately an hour and a half later. No proposed resolutions had been submitted in advance, so the agenda was short and uncontroversial.
The 2016 Annual Report and all other agenda items were quickly resolved and approved.
A strong ONE DSV – ready to take market share
Both Chairman of the Board Kurt K. Larsen and CEO Jens Bjørn Andersen presented a strong DSV that had succeeded in completing most of the integration of UTi Worldwide Inc. as planned as well as performed in the upper end of the forecasted spectrum for 2016.
The company is in great shape, and our employees are in sync with the management and very motivated to perform.
– CEO Jens Bjørn Andersen
A very content CFO Jens Lund took over from Kurt K. Larsen and Jens Bjørn Andersen and supported the statements of a strong DSV with a presentation of the results in the 2016 Annual Report.
The shareholders take the stand
All shareholders had great praise for DSV this year, as they were impressed with how well the integration of UTi Worldwide Inc. had been executed and very happy to see that results had remained very satisfactory and – not least – that the share price had gone up (by 16% in 2016).
A few interested and poignant questions were raised, here’s a selection:
Q: Will DSV be taking a break from M&A?
A: Yes. M&A on a larger scale will not be on the agenda until the business as a whole has completed the integration of UTi. Having said that, great M&A opportunities do not always come at an opportune time. We do, however, have great respect for the huge efforts put in by all employees in 2016 – not least our colleagues in Global IT – and the aim is “to take a breather” on the M&A front until the organisation has recovered.
Q: Is DSV concerned about back-sourcing, especially in the light of President Trump’s administration?
A: Not really. Modern day supply chains are so complex that a complete back-sourcing scenario is highly unlikely. Even if back-sourcing becomes a major trend in the US, it’s not detrimental to DSV. Road US and Solutions US will then profit from increased business – even if Air & Sea suffers a loss.
After the Q&A, Chairman of the Board Kurt K. Larsen made the final remarks and bid the shareholders goodbye.
The specifics of the voting for each agenda item are available here
Find more financial information about DSV at our investor site