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Key Figures

 

Financial Highlights*

  2013 2014 2015 2016 2017
Income statement (DKKm)          
Net revenue 45,710 48,582 50,869 67,747 74,901
Gross profit 10,005 10,297 11,201 15,838 16,605
Operating profit before amortisation, depreciation and special items 3,052 3,145 3,575 4,250 5,664
Operating profit before special items 2,552 2,624 3,050 3,475 4,878
Special items, net 129 304 58 1,002 525
Net financial expenses 298 306 303 184 556
Profit for the year 1,571 1,491 2,058 1,678 3,012
Adjusted earnings 1,788 1,835 2,211 2,506 3,484
Balance sheet (DKKm)          
DSV A/S shareholders' share of equity 6,218 6,052 11,809 13,416 14,835
Non-controlling interests 30 29 32 -38 (26)
Balance sheet total 23,100 23,680 27,725 40,367 38,388
Net working capital 561 305 22 1,809 1,410
Net interest-bearing debt 5,949 5,859 (546) 8,299 5,575
Invested capital, including goodwill and customer relationships 12,281 11,797 10,977 21,336 20,391
Gross investment in property, plant and equipment 246 651 660 728 620
Cash flows (DKKm)          
Operating activities 1,775 1,919 3,160 1,273 4,664
Investing activities (348) (461) (431) (4,953) (325)
Free cash flow 1,427 1,458 2,729 (3,680) 4,339
Adjusted free cash flow 1,754 1,472 2,837 1,838 4,835
Financing activities (1,387) (1,569) 1,855 396 (4,715)
Dividends distributed (235) (270) (283) (327) (342)
Cash flow for the year 40 (111) 4,584 (3,284) (376)
Financial ratios (%)          
Gross margin 21.9 21.2 22.0 23.4 22.2
Operating profit margin 5.6 5.4 6.0 5.1 6.5
Conversion ratio 25.5 25.5 27.2 21.9 29.4
Effective tax rate 26.1 26.0 23.5 26.7 20.7
ROIC before tax including goodwill and customer relationships 21.1 21.8 26.8 21.5 23.4
Return on equity 27.3 24.3 23.0 13.2 21.1
Solvency ratio 26.9 25.6 42.6 33.2 38.6
Gearing ratio 2.0 1.9 (0.2) 2.0 1.0
Share ratios          
Earnings per share of DKK 1 8.9 8.6 12.1 9.0 16.0
Diluted adjusted earnings per share of DKK 1 10.1 10.5 12.9 13.4 18.4
Share price at year end (DKK) 177.8 188.2 271.7 314.2 488.6
Proposed dividend per share 1.5 1.6 1.7 1.8 2.0
Staff          
Number of full-time employees at year end 22,021 22,874 22,783 44,779 45,636
           
*) For a definition of the financial highlights, please refer to page 81 of the 2017 Annual Report.