DSV Q3 2023 Financial Performance and NEOM Joint Venture Update
P&L details - Air & Sea
Air & Sea (DKKm)
Divisional revenue
Direct costs
Gross profit
Other external expenses
Staff costs
FY 2018
FY 2019
FY 2020
FY 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
FY 2022
Q1 2023
Q2 2023
Q3 2023
YTD 2023
36,972
51,151
73,689
131,901
45,887
47,282
45,339
35,923
174,431
26,213
22,993
21,912
71,118
27,779
38,634
56,780
108,132
37,250
37,707
36,204
28,646
139,807
19,186
16,239
15,702
51,127
9,193
12,517
16,909
23,769
8,637
9,575
9,135
7,277
34,624
7,027
6,754
6,210
19,991
1,854
2,267
2,870
3,366
1,076
1,028
1,097
1,043
4,244
1,023
883
762
2,668
3,560
5,093
6,048
6,598
2,033
2,082
2,276
2,080
8,471
2,093
2,005
1,873
5,971
3,779
5,157
7,991
13,805
5,528
6,465
5,762
4,154
21,909
3,911
3,866
3,575
11,352
EBITDA before special items
Depreciation of right-of-use assets
484
679
708
220
216
217
249
902
214
216
222
652
Amortisation and depreciation of owned assets
86
167
286
329
84
86
90
89
349
71
76
72
219
EBIT before special items
3,693
4,506
7,026
12,768
5,224
6,163
5,455
3,816
20,658
3,626
3,574
3,281
10,481
Gross margin, %
24.9
24.5
22.9
18.0
18.8
20.3
20.1
20.3
19.8
26.8
29.4
28.3
28.1
Operating margin, %
10.0
8.8
9.5
9.7
11.4
13.0
12.0
10.6
11.8
13.8
15.5
15.0
14.7
Conversion ratio, %
40.2
36.0
41.6
53.7
60.5
64.4
59.7
52.4
59.7
51.6
52.9
52.8
52.4
Number of full-time employees (end of period)
12,130
21,516
18,008
24,675
23,700
23,292
23,225
23,032
23,032
22,270
21,695
21,569
21,569
Air & Sea split and volume
Air
Revenue, DKKm
Gross profit DKKm
Airfreight, ton
GP/ton, DKK
Sea
18,892
4,627
689,045
6,715
27,134
6,594
1,071,266
6,155
44,756
10,275
1,272,405
8,075
70,846
13,051
1,510,833
8,638
24,207
4,695
410,911
11,426
25,032
5,052
402,594
12,549
22,499
4,793
375,990
12,748
18,853
90,591
14,265
12,166
11,691
38,122
4,063
368,477
11,026
18,603
3,727
3,574
3,089
10,390
1,557,972
11,941
327,712
11,373
316,456
11,294
324,436
968,604
9,521
10,727
Revenue, DKKm
Gross profit DKKm
18,080
4,566
24,017
5,923
28,933
6,634
Sea freight, TEU
1,442,348
GP/TEU, DKK
3,166
1,907,126
3,106
2,204,902
3,009
61,055
10,718
2,493,951
4,298
21,680
3,942
667,653
5,904
22,250
4,523
690,621
6,549
22,840
17,070
83,840
11,948
10,827
10,221
32,996
4,342
680,683
6,379
3,214
626,190
5,133
16,021
3,300
3,180
3,121
9,601
2,665,147
6,011
588,207
641,924
653,817
1,883,948
5,610
4,954
4,774
5,096
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