Interim Financial Report for Q1 Released
After a strong financial start to the year, our outlook for 2021 has been upgraded.
From Jens Bjorn Andersen, Group CEO:
"Today, we are proud to announce our agreement to unite with Agility's Global Integrated Logistics. The combination of our two groups is a perfect match, and Global Integrated Logistics will add around 23% to DSV Panalpina's annual revenue and strengthen our global network, especially in the Air & Sea division. On eventful day, we are also happy to report 106% growth in EBIT before special items in the first quarter of 2021 and an upgrade of the financial outlook for full year 2021. The strong earnings growth in Q1 was driven by good performance in all business areas, and we benefit from cost discipline and the full-year impact from Panalpina synergies. The markets in air and sea are characterized by strong demand and tight capacity, and it takes an extraordinary effort by our staff to find good solutions for our customers under these challenging market conditions."
The agreement to acquire Agility's Global Integrated Logistics business in an all-share transaction is further described in this announcement and in Company Announcement #881.
Outlook for 2021
Based on the strong start to the year, the full-year outlook for 2021 previously announced is upgraded as follows:
- Operating profit before special items is expected to be in the range of DKK 11,250 - 12,000 million (previously DKK 10,500 - 11,500 million).
- The effective tax rate is expected to approximate 23% (unchanged).
The financial outlook for 2021 is for DSV Panalpina stand-alone and excludes the impact from the acquisition of Global Integrated Logistics. The outlook will be updated upon closing, which is expected in Q3 2021.
A separate company announcement about the launch of a new share buyback program of up to DKK 4,000 million will be issued. The program will run until July 28, 2021 or earlier if finalized.
Investor Relations: Flemming Ole Nielsen, Tel. +45 43 20 33 92, firstname.lastname@example.org
Investor Relations: Mads Kristian Hofmeister, Tel. +45 43 20 33 88, email@example.com
Media: Maiken Riise Andersen, Tel +45 43 20 30 74, firstname.lastname@example.org