DSV, 556 - Interim Financial Report H1 2014

30.07.2014

 

 

Company Announcement No. 556

  30 July 2014


Selected financial and operating data for the period 1 January - 30 June 2014

   

(DKKm)   Q2 2014 Q2 2013 YTD 2014 YTD 2013
Net revenue              12,162            11,406            23,764            22,387
Gross profit                2,608              2,553              5,073              4,957
EBIT before special items                   701                 680              1,247              1,189
Operating margin   5.8% 6.0% 5.2% 5.3%
Conversion ratio   26.9% 26.6% 24.6% 24.0%
Special items, net                        -                   23                 300                   25
Profit before tax                   626                 576                 787              1,014
Adjusted earnings for the period                   493                 465                 866                 817
Adjusted free cash flow                       760                 674
Diluted adjusted earnings per share of DKK 1 for the period                  2.83                2.60                4.92                4.57


Jens Bjørn Andersen, CEO: "We maintained the positive growth trend in number of shipments in all our business areas in the second quarter of 2014. We are gaining market share in a highly competitive market and are seeing a positive development in both earnings and cash flow despite an adverse currency effect. The earnings growth owes to our global air and sea freight activities, which reported top line growth and increased productivity. The European road freight and contract logistics markets are characterised by fierce price competition, which had an impact on our earnings in these business areas. The development in earnings and cash flow shows that the streamlining and cost management initiatives we have launched in 2014 were well-timed and will help fortify DSV's position among the most profitable global providers of freight forwarding services. We still see good possibilities for growth, both organically and through acquisitions."

DSV maintains its full-year outlook for 2014 previously announced. However, operating profit before special items is expected to be in the range of DKK 2,550 - 2,700 million against the previous outlook of DKK 2,500 - 2,700 million.

A separate company announcement about the launch of a new share buyback programme of DKK 400 million will be issued today.

Inquiries relating to the Interim Financial Report may be addressed to:

Jens Bjørn Andersen, CEO, tel. +45 43 20 30 40
Jens H. Lund, CFO, tel. +45 43 20 30 40
Flemming Ole Nielsen, Director Investor Relations, tel. +45 43 20 33 92 or by email to investor@dsv.com              

This announcement is available on the Internet at www.dsv.com. The announcement has been prepared in Danish and in English. In the event of discrepancies, the Danish version shall apply.

 

Yours sincerely,
DSV A/S