The outlook for 2018 was adjusted in the Interim Financial Report, First Quarter 2018.
(DKKm) 2017 Actual 2018 outlook previous 2018 outlook adjusted
Operating profit before special items 4,878 5,000-5,400 5,100-5,400
Effective tax rate 21% 23% 23%
Adjusted free cash flow 4,835 4,000 4,000

This outlook assumes stable developments in the markets in which we operate. The OECD and IMF project global economic growth at the level of 3.5-4% in 2018, 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.

Furthermore, we expect the remaining synergies from the UTi integration, amounting to DKK 200 million, to be realised. No further restructuring costs are expected.

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 2017 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.