Key Figures

Financial Highlights*

	2014	2015	2016	2017	2018
Income statement (DKKm)
Revenue	48,582	50,869	67,747	74,901	79,053
Gross profit	10,297	11,201	15,838	16,605	17,489
Operating profit before amortisation, depreciation and special items	3,145	3,575	4,250	5,664	6,212
Operating profit before special items	2,624	3,050	3,475	4,878	5,450
Special items, net	304	58	1,002	525	-
Net financial expenses	306	303	184	556	249
Profit for the year	1,491	2,058	1,678	3,012	3,988
Adjusted earnings	1,835	2,211	2,506	3,484	4,093
Balance sheet (DKKm)
DSV Panalpina A/S shareholders' share of equity	6,052	11,809	13,416	14,835	14,561
Non-controlling interests	29	32	-38	(26)	(29)
Balance sheet total	23,680	27,725	40,367	38,388	38,812
Net working capital	305	22	1,809	1,410	1,767
Net interest-bearing debt	5,859	(546)	8,299	5,575	5,831
Invested capital, including goodwill and customer relationships	11,797	10,977	21,336	20,391	20,381
Gross investment in property, plant and equipment	651	660	728	620	720
Cash flows (DKKm)
Operating activities	1,919	3,160	1,273	4,664	4,301
Investing activities	(461)	(431)	(4,953)	(325)	(444)
Free cash flow	1,458	2,729	(3,680)	4,339	3,857
Adjusted free cash flow	1,472	2,837	1,838	4,835	3,916
Financing activities	(1,569)	1,855	396	(4,715)	(4,000)
Dividends distributed	(270)	(283)	(327)	(342)	(380)
Cash flow for the year	(111)	4,584	(3,284)	(376)	(143)
Financial ratios (%)
Gross margin	21.2	22.0	23.4	22.2	22.1
Operating profit margin	5.4	6.0	5.1	6.5	6.9
Conversion ratio	25.5	27.2	21.9	29.4	31.2
Effective tax rate	26.0	23.5	26.7	20.7	23.3
ROIC before tax including goodwill and customer relationships	21.8	26.8	21.5	23.4	26.7
Return on equity	24.3	23.0	13.2	21.1	27.2
Solvency ratio	25.6	42.6	33.2	38.6	37.5
Gearing ratio	1.9	(0.2)	2.0	1.0	0.9
Share ratios
Earnings per share of DKK 1	8.6	12.1	9.0	16.0	22.0
Diluted adjusted earnings per share of DKK 1	10.5	12.9	13.4	18.4	22.1
Share price at year end (DKK)	188.2	271.7	314.2	488.6	429.2
Proposed dividend per share	1.6	1.7	1.8	2.0	2.25
Staff
Number of full-time employees at year end	22,874	22,783	44,779	45,636	47,394

(*) For a definition of the financial highlights, please refer to page 81 of the 2018 Annual Report.