DSV, 1046 - INTERIM FINANCIAL REPORT H1 2023

Company Announcement No. 1046 

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

	Q2 2023	Q2 2022	YTD 2023	YTD 2022
Key figures (DKKm)
Revenue	37,727	62,749	78,681	123,874
Gross profit	11,331	14,078	22,722	26,955
Operating profit (EBIT) before special items	4,705	7,453	9,377	13,949
Special items, costs	-	257	-	661
Profit for the period	3,375	5,070	6,662	9,456
Adjusted earnings for the period	3,448	5,333	6,788	10,080
Adjusted free cash flow			8,137	10,688
Ratios
Conversion ratio	41.5%	52.9%	41.3%	51.7%
Diluted adjusted earnings per share of DKK 1 for the last 12 months			69.8	71.8

Jens Bjørn Andersen, Group CEO: “In Q2 2023, we delivered a solid set of results across all three divisions and a strong cash flow. The demand for transport and logistics services is soft, and during the first half of 2023 we have demonstrated our ability to adapt to changing market conditions. The market development outlook is still uncertain, but we see signs of stabilisation and we anticipate gradual improvement in global trade volumes over the next quarters.”

Outlook for 2023
As announced today in Company Announcement no. 1045, we upgrade the full-year outlook for 2023 as follows:

• EBIT before special items is expected to be in the range of DKK 17,000-18,500 million (previously DKK 16,000-18,000 million).
  
  

The upgrade is based on DSV’s performance in H1 2023 and the assumption of a gradual improvement in global trade volumes in H2 2023. As the global logistics markets continue to normalise, we expect a further decline in gross profit yields for air and sea compared to the H1-23 levels.

Share buyback

A separate company announcement about the launch of a new share buyback programme of up to DKK 4.0 billion is issued today. The programme will be concluded no later than 23 October 2023.

Contacts
Investor Relations: Flemming Ole Nielsen, tel. [phone], [e-mail]
Media: Christian Krogslund, tel. [phone], [e-mail]   

Yours sincerely,
DSV A/S

Attachment

• 1046 - Announcement (25.07.2023) - INTERIM FINANCIAL REPORT H1 2023