DSV Annual Report 2022
6
DSV Annual Report 2022 Introduction
Highlights 2022
Group results
EBIT before special items
EBIT before special items was up 48.0% for 2022, in
line with our latest outlook for the year. Growth com-
pared to 2021 was driven by strong performance
across all business areas and geographical regions and
by the addition of Agility Global Integrated Logistics
(GIL), which was fully integrated during the year.
2022 Actual
2022 Outlook
2021 Actual
16,223
Adjusted free cash flow
The earnings growth was converted to cash, and the
adjusted free cash flow was also impacted by improved
net working capital. In line with our capital allocation
policy, we allocated DKK 21,633 million to sharehold-
ers in 2022 through share buyback and dividend.
ROIC before tax
The increase in ROIC (pre-tax) was driven by the
strong earnings growth, while invested capital stayed
stable in 2022. Earnings and ROIC for 2022 were
boosted by the extraordinary market conditions. We
maintain our 2026 target of a minimum ROIC of 20%.
2022 Actual
2021 Actual
8,659
Gross profit
DKK 52,149 million
Air & Sea
67%
of total
Road
15%
25,204
24,500
- 25,500
Solutions
18%
of total
of total
22,810
EBIT before
special items
DKK 25,204 million
2022 Actual
25.1%
2021 Actual
19.6%
+33.3%
growth in 2022
Air & Sea
81% of total
Road
8%
of total
+48.0%
growth in 2022
Solutions
11%
of total
Growth including M&A and in constant currencies.
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