May 2, 2017

DSV, 646 - Interim Financial Report First quarter 2017

Company Announcement no. 646


2 May 2017

Selected financial and operating data for the period 1 January — 31 March 2017



(DKKm)     Q1 2017 Q1 2016
Net revenue     18,223 15,319
Gross profit     4,220 3,607
Operating profit before special items     1,129 643
Operating margin     6.2% 4.2%
Conversion ratio     26.8% 17.8%
Special items, costs     160 370
Profit before tax     875 319
Adjusted earnings for the period     809 527
Adjusted free cash flow     839 438
Diluted adjusted earnings per share of DKK 1 for the period     4.30 2.83


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." 

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.



Investor Relations
Flemming Ole Nielsen, tel. +45 43 20 33 92,
Funch Olsen, tel. +45 43 20 31 93,

Tina Hindsbo, tel. +45 43 20 36 63,


This announcement has been forwarded to Nasdaq Copenhagen and to the press. It is also available at


Yours sincerely,



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