Interim financial report for Q3 2017 released

Continous improvement with a strong commercial and operational performance

DSV Q3 2017

Jens Bjørn Andersen, CEO:

A strong commercial and operational performance in Q3 has driven earnings growth of more than 30% and a volume performance in line with or above the market. We are pleased to see our business continuously improving, and based on this, we upgrade our expectations for 2017 and launch a five-month share buyback programme of DKK 1,250 million


Selected finanical and operating data for Q3 2017:


Net revenue 18,735
Gross profit 4,114
Operating profit before special items 1,313
Operating margin 7.0%
Conversion ratio 31.9%

Special items, costs 123
Profit before tax 1,041
Adjusted earnings for the period 941
Adjusted free cash flow -
Diluted adjusted earnings per share of DKK 1 for the period 4.96

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 4,700-4,900 million (previously DKK 4,500-4,700 million).
  • Net financial expenses, excluding foreign exchange adjustments, are expected to approximate DKK 300 million (unchanged).
  • Adjusted free cash flow is expected to approximate DKK 4,400 million (previously DKK 4,250 million).
  • The effective tax rate is expected to be 23% (unchanged).

The revised expectations are partly driven by higher than expected activity levels, mainly in the Air & Sea division. At the same time, the cost synergies from the UTi integration have been achieved faster than expected in 2017. As a consequence, the remaining full-year impact from cost synergies is now expected to be DKK 200 million in 2018 (previously DKK 300 million).

A separate company announcement about the launch of a five-month share buyback programme of DKK 1,250 million will be issued today.


Full report available here

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