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DSV, 568 - Interim Financial Report Third quarter 2014

October 29, 2014 at 7:31 AM EDT



Company Announcement No. 568  

29 October 2014

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


(DKKm)   Q3 2014 Q3 2013 YTD 2014 YTD 2013
Net revenue              12,279            11,466            36,043            33,853
Gross profit                2,609              2,522              7,682              7,479
EBIT before special items                   728                 691              1,975              1,880
Operating margin   5.9% 6.0% 5.5% 5.6%
Conversion ratio   27.9% 27.4% 25.7% 25.1%
Profit before tax                   653                 570              1,440              1,584
Adjusted earnings for the period                   512                 490              1,378              1,307
Adjusted free cash flow                        -                      -              1,048              1,281
Diluted adjusted earnings per share of DKK 1 for the period                  2.98                2.74                7.87                7.33

Jens Bjørn Andersen, CEO: "We maintained our momentum in the third quarter of the year. Delivering 5% growth in operating profit, the best interim results yet in the Company's history, we are very pleased with our performance. Although affected by the usual impact of seasonality, activity levels remained high throughout the quarter and DSV gained market share in all business areas. The Air & Sea Division continues to deliver the highest growth rates and best results, whereas the Road Division is affected by price competition. With one quarter left of 2014, we expect to realise a full-year operating profit in the top half of the range we announced at the beginning of the year."

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 2,600-2,700 million against the previous outlook of DKK 2,550-2,700 million.

A separate company announcement about the launch of a new share buyback programme of DKK 300 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              

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


Yours sincerely,