Financial outlook for 2020

DKKm Outlook 2020 Actual 2019
Operating profit before special items 8,200-8,700 6,654
Special items in the level of 1,500 800
Effective tax rate 23% 25.8%

We expect growth rates in the transport markets for 2019 to be in line with GDP growth (2-3%) with the highest growth in APAC and lower growth in Americas and EMEA.

Due to the ongoing integration, it is likely that organic volume growth (legacy DSV business) will be close to the underlying market.

For Panalpina legacy business, there is a risk of a 5% volume loss in the first year of integration. It is assumed that integration synergies will be achieved as expected. We assume that currency rates remain at current level (6 February 2020).