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DSV, 957 - INTERIM FINANCIAL REPORT Q1 2022

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DSV A/S
DSV A/S

Company Announcement No. 957

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

Q1 2022

Q1 2021

Key figures (DKKm)

Revenue

61,125

33,616

Gross profit

12,877

7,785

Operating profit (EBIT) before special items

6,496

3,067

Special items, costs

404

-

Profit for the period

4,386

2,329

Adjusted earnings for the period

4,747

2,390

Adjusted free cash flow

4,858

1,690

Ratios

Conversion ratio

50.4%

39.4%

Diluted adjusted earnings per share of DKK 1 for the last 12 months

60.5

33.7


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.

Contacts

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


Media:

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

Yours sincerely,
DSV A/S

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