Annual report 2016 released

Jens Bjørn Andersen, CEO:

"While maintaining momentum in our integration efforts in 2016, we kept focus on running the business, leading to very satisfactory results in all divisions. We expect to complete the integration of UTi and continue to take market share in 2017 creating earnings growth of 21-29%".

(DKKm) 2016:

• Net revenue 67,747
• Gross profit 15,838
• Operating profit before special items 3,475
• Operating margin 5.1%
• Conversion ratio 21.9%
• Adjusted earnings for the period 2,506
• Adjusted free cash flow 1,838
• Diluted adjusted earnings per share of DKK 1 13.40
• Proposed dividend per share (DKK) 1.80

Outlook for 2017

Operating profit before special items is expected to be in the range of DKK 4,200-4,500 million

• Net financial expenses are expected to approximate DKK 300 million
• The effective tax rate of the Group is expected to be approximately 25%
• Adjusted free cash flow is expected to be approximately DKK 3,500 million

The Group expects further integration costs of approx. DKK 500 million in relation to the integration of UTi Worldwide Inc. The integration costs will be charged to the income statement under special items in 2017.

Full report available at investor.dsv.com