Company Announcement No. 663
26 October 2017
Selected financial and operating data for the period 1 January - 30 September 2017
|(DKKm)||Q3 2017||Q3 2016||YTD 2017||YTD 2016|
|Operating profit before special items||1,313||1,003||3,682||2,546|
|Special items, costs||123||155||371||866|
|Profit before tax||1,041||763||2,886||1,537|
|Adjusted earnings for the period||941||692||2,578||1,829|
|Adjusted free cash flow||3,047||1,248|
|Diluted adjusted earnings per share of DKK 1 for the period||
Jens Bjørn Andersen, CEO: "A strong commercial and operational performance in Q3 has driven earnings growth of more than 30% and a volume performance in line with or above the market. We are pleased to see our business continuously improving, and based on this, we upgrade our expectations for 2017 and launch a five-month share buyback programme of DKK 1,250 million."
The consolidated full-year outlook previously announced for 2017 is adjusted as follows:
- Operating profit before special items is expected to be in the range of DKK 4,700-4,900 million (previously DKK 4,500-4,700 million).
- Net financial expenses, excluding foreign exchange adjustments, are expected to approximate DKK 300 million (unchanged).
- Adjusted free cash flow is expected to approximate DKK 4,400 million (previously DKK 4,250 million).
- The effective tax rate is expected to be 23% (unchanged).
The revised expectations are partly driven by higher than expected activity levels, mainly in the Air & Sea division. At the same time, the cost synergies from the UTi integration have been achieved faster than expected in 2017. As a consequence, the remaining full-year impact from cost synergies is now expected to be DKK 200 million in 2018 (previously DKK 300 million).
A separate company announcement about the launch of a five-month share buyback programme of DKK 1,250 million will be issued today.
Tina Hindsbo, tel. +45 43 20 36 63, email@example.com
This announcement has been forwarded to Nasdaq Copenhagen and to the press. It is also available at www.dsv.com.