Jens Bjørn Andersen, CEO:
With more than 50% growth in earnings and cash flow we are very satisfied with the Group’s performance in the first half of 2017. Only 18 months after the acquisition of UTi Worldwide, our productivity and financial results are at an all-time high. On the back of a strong start to 2017, we upgrade our expectations for the year and start a new share buyback programme of one billion DKK.
Selected financial and operating data for the period 1 January - 30 June 2017:
Net revenue 37,147
Gross profit 8,437
Operating profit before special items 2,369
Operating margin 6.4%
Conversion ratio 28.1%
Special items, costs 248
Profit before tax 1,845
Adjusted earnings for the period 1,637
Adjusted free cash flow 2,038
Diluted adjusted earnings per share of DKK 1 for the period 8.69
The consolidated full-year outlook for 2017 previously announced is adjusted as follows:
- Operating profit before special items is expected to be in the range of DKK 4,500-4,700 million (previously DKK 4,300-4,600 million).
- Net financial expenses, excluding foreign exchange adjustments, are expected to approximate DKK 300 million (unchanged).
- Free cash flow is expected to approximate DKK 3,750 million (previously DKK 3,500 million).
- The effective tax rate is expected to be 23% (previously 25%).
A separate company announcement about the launch of a new share buyback programme of DKK 1,000 million will be issued today.
Full report available here