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The outlook for 2018 was adjusted in the Interim Financial Report, Q3 2018.
DKKm Actual 2018 IFRS 16 Impact Outlook 2019
Operating profit before special items 5,450 +300 - 350 5,900 - 6,300
Adjusted free cash flow 3,916 No impact 4,300
Effective tax rate 23.3% No impact 23%

The operating profit before special items is estimated to be positively impacted by DKK 300-350 million by the change of accounting policies following the implementing of IFRS 16. Adjusted free cash flow is not impacted by IFRS 16.

Adjusted for IFRS 16 impact the expected organic growth in operating profit before special items is 2-9%.

This outlook assumes stable developments in the markets in which we operate. The OECD and IMF project global economic growth at the level of 3% in 2019, with lower growth rates in Europe and USA and higher growth in emerging economies, mainly in Asia.

We expect growth rates in the freight markets to be in line with underlying economic growth and that DSV will be able to gain market share in all the markets, in which we operate.

Our expectations are based on the assumption that currency exchange rates, especially the USD, against the DKK will remain at the current level.

Forward-looking statements

This information includes forward-looking statements on various matters, such as expected earnings and future strategies and expansion plans.

Such statements are uncertain and involve various risks, because many factors, some of which are beyond DSV’s control, may result in actual developments differing considerably from the expectations set out in the 2018 Annual Report.

Such factors include, but are not limited to, general economic and business conditions, exchange rate and interest rate fluctuations, the demand for DSV’s services, competition in the transport sector, operationalproblems in one or more of DSV’s subsidiaries and uncertainty in connection with the acquisition and divestment of enterprises.