Interim Financial Report for Q1 2019 released
We delivered strong results in Q1 2019, with healthy top-line growth across all divisions and a 15% underlying growth in EBIT
30-04-2019
Jens Bjørn Andersen, Group CEO comments:
”We delivered strong results in Q1 2019, with healthy top-line growth across all divisions and a 15% underlying growth in EBIT. As previously announced, we have entered into an agreement to join forces with Panalpina and we expect that this transaction will close end Q3 this year. We are very much looking forward to teaming up with Panalpina, and while preparing for the integration, we are focused on delivering good customer service and managing the day to day operations. Our Q1 report is a clear testament to this."
The financial performance for Q1 2019 fully lived up to the expectations for 2019 originally published. However, to facilitate the listing of new shares for the Exchange Offer to the shareholders of Panalpina, DSV withdraws its outlook for 2019 effective as of today. We expect to publish a new financial outlook once the combination with Panalpina is completed.
Selected financial and operating data for the period 1 January - 31 March 2019
| (DKKm) | Q1 2019 | Q1 2018 excl. IFRS 16 |
| Revenue | 19,979 | 18,380 |
| Gross profit | 5,114 | 4,120 |
| Operating profit before special items | 1,454 | 1,156 |
| Operating margin | 7.3% | 6.3% |
| Conversion ratio | 28.4% | 28.1% |
| Profit after tax | 963 | 769 |
| Adjusted earnings for the period | 993 | 786 |
| Adjusted free cash flow | 540 | 448 |
| Diluted adjusted earnings per share of DKK 1 for the last 12 months | 23.4 | 18.4 |
A separate company announcement about the launch of a new six-month share buyback programme of up to DKK 3,500 million will be issued today.