Company Announcement No. 882

Selected key figures and ratios for the period 1 January - 31 March 2021

(DKKm)  Q1 2021Q1 2020
Key figures and ratios    
Revenue  33,61627,309
Gross profit  7,7856,684
Operating profit (EBIT) before special items  3,0671,566
Profit after tax  2,329331
Adjusted earnings for the period  2,390755
Adjusted free cash flow  1,690915
Conversion ratio  39.4%23.4%
Diluted adjusted earnings per share of DKK 1 for the last 12 months  33.719.0

Jens Bjørn Andersen, Group CEO: “Today, we are proud to announce our agreement to unite with Agility’s Global Integrated Logistics. The combination of our two groups is a perfect match, and Global Integrated Logistics will add around 23% to DSV Panalpina’s annual revenue and strengthen our global network, especially in the Air & Sea division. On an eventful day, we are also happy to report 106% growth in EBIT before special items in the first quarter of 2021 and an upgrade of the financial outlook for full-year 2021. The strong earnings growth in Q1 was driven by good performance in all business areas, and we benefit from cost discipline and the full-year impact from Panalpina synergies. The markets in air and sea are characterised by strong demand and tight capacity, and it takes an extraordinary effort by our staff to find good solutions for our customers under these challenging market conditions.

The agreement to acquire Agility’s Global Integrated Logistics business in an all-share transaction is further described in this announcement and in Company Announcement No. 881.

Outlook for 2021

Based on the strong start to the year, the full-year outlook for 2021 previously announced is upgraded as follows:

  • Operating profit before special items is expected to be in the range of DKK 11,250 - 12,000 million (previously DKK 10,500-11,500 million).
  • The effective tax rate is expected to approximate 23% (unchanged).

The financial outlook for 2021 is for DSV Panalpina stand-alone and excludes the impact from the acquisition of Global Integrated Logistics. The outlook will be updated upon closing, which is expected in Q3 2021.

Share buyback

A separate company announcement about the launch of a new share buyback programme of up to DKK 4,000 million will be issued today. The programme will run until 28 July 2021 or earlier if finalised.


Investor Relations: Flemming Ole Nielsen, tel. +45 43 20 33 92, flemming.o.nielsen@dsv.com
Investor Relations: Mads Kristian Hofmeister, tel. +45 43 20 33 88, madskristian.hofmeister@dsv.com
Media: Maiken Riise Andersen, tel. +45 43 20 30 74, maiken.r.andersen@dsv.com  

Yours sincerely,
DSV Panalpina A/S