Interim report for Q1 2017 released

Jens Bjørn Andersen, CEO:

"A very strong set of Q1 numbers brings us even closer to our goal of reaching pre-UTi performance levels and margins. All three divisions have recorded a significant increase in earnings in the quarter, which is very satisfactory. In addition to following our integration plans, we have increased our sales efforts in order to secure future market share gains".

(DKKm) Q1 2017:

• Net revenue 18,223
• Gross profit 4,220
• Operating profit before special items 1,129
• Operating margin 6.2%
• Conversion ratio 26.8%
• Special items, costs 160
• Profit before tax 875
• Adjusted earnings for the period 809
• Adjusted free cash flow 839
• Diluted adjusted earnings per share of DKK 1 for the period 4.30

Gross profit and EBIT before special items for Q1 2017 were positively impacted by property gains of approx. DKK 125 million. In combination with the underlying financial performance for the quarter this leads to an upward adjustment of the full-year outlook for 2017 as follows:

• Operating profit before special items is expected to be in the range of DKK 4,300-4,600 million (previously DKK 4,200-4,500 million).
• All other expectations for the full-year performance are unchanged.