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 |
| Net revenue | 18,735 | 17,205 | 55,882 | 50,130 |
| Gross profit | 4,114 | 4,019 | 12,551 | 11,839 |
| Operating profit before special items | 1,313 | 1,003 | 3,682 | 2,546 |
| Operating margin | 7.0% | 5.8% | 6.6% | 5.1% |
| Conversion ratio | 31.9% | 25.0% | 29.3% | 21.5% |
| 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 | 4.96 |
3.69 |
13.63 |
9.79 |
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.
Contacts
Investor Relations
Flemming Ole Nielsen, tel. +45 43 20 33 92, flemming.o.nielsen@dsv.com
Ronni Funch Olsen, tel. +45 43 20 31 93, ronni.f.olsen@dsv.com
Media
Tina Hindsbo, tel. +45 43 20 36 63, tina.hindsbo@dsv.com
This announcement has been forwarded to Nasdaq Copenhagen and to the press. It is also available at www.dsv.com.
Yours sincerely,
DSV A/S