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DSV, 1065 - INTERIM FINANCIAL REPORT Q3 2023

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Company Announcement No. 1065

Selected key figures and ratios for the period 1 January - 30 September 2023

Q3 2023Q3 2022YTD 2023YTD 2022
Key figures (DKKm)
Revenue35,57660,560114,257184,434
Gross profit10,64913,53833,37140,493
Operating profit (EBIT) before special items4,3966,50613,77320,455
Special items, costs-456-1,117
Profit for the period2,8084,4269,47013,882
Adjusted earnings for the period2,8644,8199,65214,899
Adjusted free cash flow10,80316,763
Ratios
Conversion ratio41.3%48.1%41.3%50.5%
Diluted adjusted earnings per share of DKK 1 for the last 12 months63.178.8

Jens Bjørn Andersen, Group CEO: “In markets characterised by soft freight volumes and declining rates, we delivered solid results during the first nine months of 2023. The results reflect our flexible business model and, not least, our dedicated employees, who continue to delivergood customer service and efficiently manage our capacity. A real recovery in global freight volumes does not seem to materialise in 2023, but based on the performance so far, we raise the lower end of our 2023 EBIT guidance.

Finally, I will add a comment to the recently announced changes to the Executive Board, which will have effect in September 2024. This will not impact our operations or the execution of our strategy. It will be business as usual, and in the senior management team we are committed to securing a good handover process.”

Outlook for 2023
Based on our performance in the first nine months of 2023 and our expectations for Q4 2023, we narrow the full-year outlook for 2023 as follows:

  • EBIT before special items is expected to be in the range of DKK 17,500-18,500 million (previously DKK 17,000-18,500 million).

Share buyback
A separate announcement about the launch of a new share buyback programme of up to DKK 2.5 billion is issued today. The programme will be concluded no later than 31 January 2024.

Contacts
Investor Relations: Flemming Ole Nielsen, tel. +45 43 20 33 92, flemming.o.nielsen@dsv.com
Media: Christian Krogslund, tel. +45 43 20 41 28, christian.krogslund@dsv.com

Yours sincerely,

DSV A/S

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