Key Figures

Financial Highlights*

	2015	2016	2017	2018	2019**
Results(DKKm)
Revenue	50,869	67,747	74,901	79,053	94,701
Gross profit	11,201	15,838	16,605	17,489	23,754
Operating profit before amortisation, depreciation (EBITDA) before special items	3,575	4,250	5,664	6,212	10,292
Operating profit (EBIT) before special items	3,050	3,475	4,878	5,450	6,654
Special items, net	58	1,002	525	-	800
Net financial expenses	303	184	556	249	858
Profit for the year	2,058	1,678	3,012	3,988	3,706
Adjusted earnings	2,211	2,506	3,484	4,093	4,456
Financial position (DKKm)
DSV Panalpina A/S shareholders' share of equity	11,809	13,416	14,835	14,561	49,430
Non-controlling interests	32	-38	-26	-29	(111)
Total equity and liabilities	27,725	40,367	38,388	38,812	97,557
Net working capital	22	1,809	1,410	1,767	3,125
Net interest-bearing debt	(546)	8,299	5,575	5,831	18,355
Invested capital, including goodwill and customer relationships	10,977	21,336	20,391	20,381	68,595
Gross investment in property, plant and equipment	660	728	620	720	1,000
Cash flows (DKKm)
Operating activities	3,160	1,273	4,664	4,301	6,879
Investing activities	(431)	(4,953)	(325)	(444)	1,371
Free cash flow	2,729	(3,680)	4,339	3,857	8,250
Adjusted free cash flow	2,837	1,838	4,835	3,916	3,678
Financing activities	1,855	396	(4,715)	(4,000)	(7,484)
Share buyback	(1,419)	-	(1,559)	(4,161)	(4,888)
Dividends distributed	(283)	(327)	(342)	(380)	(423)
Cash flow for the year	4,584	(3,284)	(376)	(143)	766
Financial ratios (%)
Gross margin	22.0	23.4	22.2	22.1	25.1
Operating profit margin	6.0	5.1	6.5	6.9	7.0
Conversion ratio	27.2	21.9	29.4	31.2	28.0
Effective tax rate	23.5	26.7	20.7	23.3	25.8
ROIC before tax***	26.8	21.5	23.4	26.7	13.4
Return on equity (ROE)	23.0	13.2	21.1	27.2	11.6
Solvency ratio	42.6	33.2	38.6	37.5	50.7
Gearing ratio	(0.2)	2.0	1.0	0.9	1.8
Share ratios
Earnings per share of DKK 1	12.1	9.0	16.0	22.0	18.7
Diluted earnings per share of DKK 1	12.0	8.9	15.8	21.6	18.4
Diluted adjusted earnings per share of DKK 1	12.9	13.4	18.4	22.1	22.1
Number of shares issued ('000)	192,500	190,000	190,000	188,000	235,000
Number of treasury issued ('000)	8,606	4,509	5,917	9,985	6,140
Share price at year end (DKK)	271.7	314.2	488.6	429.2	767.8
Proposed dividend per share	1.7	1.8	2.0	2.25	2.5
Non-Financials
CO2 energy efficiency - Sea	6.6	6.9	6.3	6.1	5.6
CO2 energy efficiency - Air	622.0	601.9	607.0	588.5	579.9
CO2 energy efficiency - Road	72.0	73.9	72.3	71.5	67.9
Employees	22,783	44,779	45,636	47,394	61,216
Employee turnover ratio	17.6	25.5	17.4	20.1	23.2
Rate of absence due to illness	3.3	2.1	2.0	2.4	2.1

(*) For a definition of the financial highlights, please refer to page 83 of the 2019 Annual Report.
(**) The implementation of IFRS 16 Leases as from 1 January 2019 had a material impact on the financial statements and key ratios for 2019. Comparative figures for 2015-2018 have not been restated.
(***) For the calculation of ROIC before tax DKK 10 billion have been added to invested capital at the beginning of the year.