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Key Figures

  2012 2013 2014 2015 2016
Income statement (DKKm)          
Net revenue 44,912 45,710 48,582 50,869 67,747
Gross profit 10,054 10,005 10,297 11,201 15,838
Operating profit before amortisation, depreciation and special items 3,074 3,052 3,145 3,575 4,250
Operating profit before special items 2,540 2,552 2,624 3,050 3,475
Special items, net 275 129 304 58 1,002
Net financial expenses 246 298 306 303 184
Profit for the year 1,430 1,571 1,491 2,058 1,678
Adjusted earnings 1,745 1,788 1,835 2,211 2,506
Balance sheet (DKKm)          
DSV A/S shareholders' share of equity 5,348 6,218 6,052 11,809 13,416
Non-controlling interests 37 30 29 32 (38)
Balance sheet total 22,794 23,100 23,680 27,725 40,367
Net working capital 307 561 305 22 1,518
Net interest-bearing debt 6,561 5,949 5,859 (546) 8,299
Invested capital, including goodwill and customer relationships 11,953 12,281 11,797 10,977 21,336
Gross investment in property, plant and equipment 453 246 651 660 728
Cash flows (DKKm)          
Operating activities 1,651 1,775 1,919 3,160 1,564
Investing activities (249) (348) (461) (431) (5,244)
Free cash flow 1,402 1,427 1,458 2,729 (3,680)
Adjusted free cash flow 1,509 1,754 1,472 2,837 1,838
Financing activities (1,102) (1,387) (1,569) 1,855 396
Dividends distributed (190) (235) (270) (283) (327)
Cash flow for the year 300 40 (111) 4,584 (3,284)
Financial ratios (%)          
Gross margin 22.4 21.9 21.2 22.0 23
Operating profit margin 5.7 5.6 5.4 6.0 5
Conversion ratio 25.3 25.5 25.5 27.2 22
Effective tax rate 29.2 26.1 26.0 23.5 27
ROIC before tax including goodwill and customer relationships 21.2 21.1 21.8 26.8 22
Return on equity 26.9 27.3 24.3 23.0 13
Solvency ratio 23.5 26.9 25.6 42.6 33
Gearing ratio 2.13 1.95 1.86 (0.15) 2
Share ratios          
Earnings per share of DKK 1 7.81 8.91 8.61 12.09 9
Diluted adjusted earnings per share of DKK 1 9.48 10.05 10.53 12.85 13
Share price at year end (DKK) 145.70 177.80 188.20 271.70 314
Proposed dividend per share 1.25 1.50 1.60 1.70 2
Staff          
Number of full-time employees at year end 21,932 22,021 22,874 22,783 44,779

 

* For a definition of the financial highlights, please refer to page 81 of the 2016 Annual Report