DSV, 1086 - 2023 ANNUAL REPORT
01 Februar 2024 - 7:30AM
DSV, 1086 - 2023 ANNUAL REPORT
Company Announcement No.
1086
CEO Jens Bjørn Andersen: “DSV delivered solid
financial results for 2023, in line with our expectations. In a
market characterised by declining demand for transport services
across most markets, we demonstrated our ability to adapt to
changing market conditions, and our dedicated employees continued
to deliver excellent customer service. During 2023, we were happy
to announce an exclusive logistics joint venture with NEOM Company,
and we have continued the work to strengthen our network services
and industry expertise. We also made important progress on the
sustainability agenda, developing roadmaps for our decarbonisation
efforts.
Today, the previously announced changes to our executive
management team will take effect, and this is my last day as Group
CEO. I would like to take this opportunity to thank customers,
suppliers and partners – and not least my fantastic DSV colleagues
across the globe – for your support and confidence in DSV and me
over the years. Jens Lund and a strong team around him are now
ready to take over and continue DSV’s journey, and I wish everybody
all the best.”
Selected key figures and ratios for the period 1 January
- 31 December
2023
|
|
Q4 2023 |
Q4 2022 |
YTD 2023 |
YTD 2022 |
| Key
figures (DKKm) |
|
|
|
|
| Revenue |
36,528 |
51,231 |
150,785 |
235,665 |
| Gross profit |
10,447 |
11,656 |
43,818 |
52,149 |
| Operating profit
(EBIT) before special items |
3,950 |
4,749 |
17,723 |
25,204 |
| Special items,
costs |
- |
- |
- |
1,117 |
| Profit for the
period |
2,937 |
3,789 |
12,407 |
17,671 |
| Adjusted earnings
for the period |
|
|
12,650 |
18,765 |
| Adjusted free cash
flow |
|
|
11,471 |
22,810 |
| Proposed dividend
per share (DKK) |
|
|
7.00 |
6.50 |
|
Ratios |
|
|
|
|
| Operating margin
(%) |
10.8 |
9.3 |
11.8 |
10.7 |
| Conversion ratio
(%) |
37.8 |
40.7 |
40.4 |
48.3 |
| Diluted adjusted
earnings per share of DKK 1 for the last 12 months |
|
|
58.7 |
81.4 |
| |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (EBIT) before special items |
|
|
|
|
| Air & Sea |
2,882 |
3,816 |
13,363 |
20,658 |
| Road |
467 |
451 |
2,009 |
2,040 |
|
Solutions |
610 |
546 |
2,355 |
2,701 |
Q4 2023 resultsFor Q4 2023, revenue amounted to
DKK 36,528 million (Q4 2022: DKK 51,231 million). The decline of
26.3% (in constant currencies) was mainly due to lower freight
rates and declining volumes in the Air & Sea division. This was
largely a continuation of the trends from previous quarters, but
with signs of stabilisation, mainly in sea freight where the volume
growth turned positive towards the end of the year.
For Q4 2023, gross profit came to DKK 10,447 million (Q4 2022:
DKK 11,656 million). The decline of 7.5% (in constant currencies)
was primarily due to lower air volumes and a continued
normalisation of gross profit yields.
EBIT before special items was DKK 3,950 million for Q4 2023 (Q4
2022: DKK 4,749 million), a decline of 13.9% (in constant
currencies). All three divisions performed in line with
expectations. In the Air & Sea division, the decline in gross
profit was partly offset by cost reductions, while Road and
Solutions both achieved growth in EBIT in Q4 2023.
EBIT before special items for the year was DKK 17,723 million
and was within the guidance range of DKK 17,500-18,500 million.
Outlook for 2024
- EBIT before special items is expected to be in the range of DKK
15,000 - 17,000 million.
- The effective tax rate of the Group
is expected to be approximately 24%.
The outlook assumes global GDP growth around 3% in 2024, and
that the markets for air and sea freight will grow 3-4% in 2024. We
target profitable, above market growth, but our strategic growth
initiatives may only have a gradual impact in 2024.
For Road, we expect a flat or low-growth market, while the
market for Solutions (contract logistics) is expected to see higher
growth rates in 2024.
We continue to monitor activity closely across our organisation
and adjust capacity and cost base accordingly.
We assume that the currency exchange rates, especially the US
dollar against DKK, will remain at the current level.
The geopolitical and macroeconomic environment remains
uncertain, and unforeseen changes may therefore impact our
financial results.
New share buyback programmeA separate company
announcement about a new share buyback programme of DKK 1,000
million will be issued today. The programme starts 1 February 2024
and will run until 23 April 2024.
DividendThe Board of Directors proposes
ordinary dividends of DKK 7.00 per share for 2023 (2022: DKK 6.50
per share).
Investor teleconferenceDSV will host an
investor teleconference on 1 February 2024, at 11.00 CET. Please
refer to investor.dsv.com for details.
ContactsInvestor 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
- 1086 - Announcement (01.02.2024) - 2023 ANNUAL REPORT
- DSV-2023-12-31-en
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