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Key Figures

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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 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.