DSV Q3 2023 Financial Performance and NEOM Joint Venture Update
P&L details - Road and Solutions
Road (DKKm)
Divisional revenue
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
31,243
31,621
30,395
35,416
10,188
10,835
10,406
10,078
41,507
10,094
9,650
9,036
28,780
Direct costs
25,935
25,465
24,257
28,321
8,250
8,761
8,417
8,168
33,596
8,118
7,627
7,112
22,857
Gross profit
Other external expenses
Staff costs
5,308
6,156
6,138
7,095
1,938
2,074
1,989
1,910
7,911
1,976
2,023
1,924
5,923
1,326
1,060
1,021
1,122
341
373
342
369
1,425
363
367
354
1,084
2,706
2,864
2,799
3,149
871
904
895
873
3,543
902
918
838
2,658
EBITDA before special items
1,276
2,232
2,318
2,824
726
797
752
668
2,943
711
738
732
2,181
Depreciation of right-of-use assets
862
828
858
205
202
193
185
785
185
179
178
542
Amortisation and depreciation of owned assets
129
119
100
109
23
29
34
32
118
31
34
32
97
EBIT before special items
1,147
1,251
1,390
1,857
498
566
525
451
2,040
495
525
522
1,542
Gross margin, %
17.0
19.5
20.2
20.0
19.0
19.1
19.1
19.0
19.1
19.6
21.0
21.3
20.6
Operating margin, %
3.7
4.0
4.6
5.2
4.9
5.2
5.0
4.5
4.9
4.9
5.4
5.8
5.4
Conversion ratio, %
21.6
20.3
22.6
26.2
25.7
27.3
26.4
23.6
25.8
25.1
26.0
27.1
26.0
Number of full-time employees (end of period)
12,850
13,644
14,003
16,888
17,001
16,484
16,496
16,701
16,701
16,291
16,234
16,642
16,642
Solutions (DKKm)
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
Divisional revenue
Direct costs
13,229
14,390
14,608
18,734
6,162
6,182
5,841
6,224
24,409
5,625
5,898
5,538
17,061
10,194
9,421
9,239
12,081
3,840
3,858
3,516
3,877
15,091
3,340
3,525
3,157
10,022
Gross profit
Other external expenses
Staff costs
3,035
4,969
5,369
6,653
2,322
2,324
2,325
2,347
9,318
2,285
2,373
2,381
7,039
955
1,088
1,089
1,338
423
405
448
483
1,759
453
420
453
1,326
1,141
1,306
1,449
1,664
525
552
600
577
2,254
588
613
599
1,800
EBITDA before special items
939
2,575
2,831
3,651
1,374
1,367
1,277
1,287
5,305
1,244
1,340
1,329
3,913
Depreciation of right-of-use assets
1,326
1,422
1,546
461
486
525
595
2,067
557
585
600
1,742
Amortisation and depreciation of owned assets
230
236
248
330
124
128
139
146
537
139
142
145
426
EBIT before special items
709
1,013
1,161
1,775
789
753
613
546
2,701
548
613
584
1,745
Gross margin, %
22.9
34.5
36.8
35.5
37.7
37.6
39.8
37.7
38.2
40.6
40.2
43.0
41.3
Operating margin, %
5.4
7.0
7.9
9.5
12.8
12.2
10.5
8.8
11.1
9.7
10.4
10.5
10.2
Conversion ratio, %
23.4
20.4
21.6
26.7
34.0
32.4
26.4
23.3
29.0
24.0
25.8
24.5
24.8
Number of full-time employees (end of period)
20,025
22,777
21,478
31,866
31,845
31,730
32,588
32,077
32,077
31,511
31,736
32,506
32,506
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