Company Announcement No. 957

Selected key figures and ratios for the period 1 January 31 March 2022

 Q1 2022Q1 2021
Key figures (DKKm)  
Gross profit12,8777,785
Operating profit (EBIT) before special items6,4963,067
Special items, costs404-
Profit for the period4,3862,329
Adjusted earnings for the period4,7472,390
Adjusted free cash flow4,8581,690
Conversion ratio50.4%39.4%
Diluted adjusted earnings per share of DKK 1 for the last 12 months60.533.7

Jens Bjørn Andersen, Group CEO: For Q1 2022, we report a strong set of results, with earnings growth across all divisions and a strong cash flow. We are tracking the plans for the GIL integration and are on track for completion in Q3 2022. The markets continue to be impacted by tight capacity and congestion, and in March we saw the return of COVID-19 lockdowns in China – a reminder to us all that the pandemic is still not over.

The difficult situation in Ukraine is on everyone’s mind. DSV shipments to and from Russia and Belarus have stopped, except certain humanitarian shipments, and we are in the process of divesting and exiting our activities in Russia. The direct financial impact is not material as the combined revenue in Ukraine, Russia and Belarus represents less than 1% of the Group’s revenue. Still, the situation has impacted the markets negatively in several ways, especially for air and road transports, and we continue to do our best to find capacity and alternative solutions for our customers.”

Outlook for 2022
Uncertainty related to the global economy has increased in recent months; however, we expect that the continued disruptions of global supply chains will support a high demand for our services. Based on DSV’s strong performance in Q1 2022 and our expectations for the remainder of the year, we upgrade the full-year outlook for 2022 as follows:

  • EBIT before special items is expected to be in the range of DKK 21,000-23,000 million (previously DKK 18,000-20,000 million).

Share buyback

A separate company announcement about the launch of a new share buyback programme of up to DKK 6,000 million will be issued 27 April 2022. The programme will be concluded no later than 25 July 2022.


Investor Relations:
Flemming Ole Nielsen, tel. +45 43 20 33 92, flemming.o.nielsen@dsv.com
Sebastian Rosborg, tel. +45 43 20 33 87, sebastian.rosborg@dsv.com


Maiken Riise Andersen, tel. +45 43 20 30 74, maiken.r.andersen@dsv.com  

Yours sincerely,