DSV Q3 2023 Financial Performance and NEOM Joint Venture Update
Management commentary
•
Continued strong cash conversion.
Significant NWC improvement due to
lower revenue and continued
optimisation of processes.
NWC at 2.2% of annual revenue.
Gearing ratio at 1.4x and new share
buyback programme launched.
Weighted average duration of long-
term corporate bonds and drawn credit
facilities was 8.0 years at the end of
Q3-23.
Cash flow 9M 2023
(DKKm)
EBITDA before special items
Change in working capital
Tax, interest, change in provisions, etc.
Special items
Cash flow from operating activities
9M 2023
9M 2022
Variance
17,687
2,208
24,151
12
(6,464)
2,196
•
•
(5,133)
(4,147)
(986)
(263)
(523)
260
14,499
19,493
(4,994)
Cash flow from investing activities
Free cash flow
(1,664)
(495)
(1,169)
•
12,835
18,998
(6,163)
•
Cash flow from financing activities
(14,176)
(15,024)
848
Calculation of adjusted free cash flow:
Free cash flow
12,835
18,998
Acquisition of subsidiaries reversed
607
Special items reversed
263
523
Repayment of lease liabilities
(2,902)
(2,758)
10,803
16,763
(5,960)
Adjusted free cash flow
KPIs
Net working capital (NWC)
NWC in % of revenue
3,186
2.2
8,636
3.5
Net interest-bearing debt (NIBD)
32,333
27,277
Gearing ratio (NIBD/EBITDA before special items)
1.4x
0.9x
ROIC before tax (%)
17.9
24.7
ROIC before tax (excl. goodwill and customer relationships, %)
75.7
98.7
10
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