DSV Annual Report 2022
Michael Ebbe
CFO
Financial review
The Group delivered strong results for 2022, achieving 33% growth in
gross profit. EBIT before special items was DKK 25,204 million
and in line with the expected level of DKK 24,500-25,500 million.
up 48%
Income statement (DKKm)
Revenue
Direct costs
Gross profit
Gross margin
Other external expenses
Staff costs
Operating profit before amortisation and
depreciation (EBITDA) before special items
Amortisation and depreciation
2022
2021
Growth*
235,665 182,306
183,516 144,691
52,149 37,615
24.3%
33.3%
22.1%
5,559
16,315
20.6%
4,173
13,025
30,275 20,417
Operating profit (EBIT) before special items
5,071
25,204 16,223
4,194
48.0%
Conversion ratio
Special items, costs
Net financial expenses
48.3%
1,117
866
43.1%
478
841
Profit before tax
23,221
14,904
Tax on profit for the year
5,550
3,650
Profit for the year
17,671
11,254
Growth including M&A and in constant currencies.
= III
Strong performance in an extraordinary year
2022 was an eventful year with volatile freight markets,
heightened geopolitical unrest, historically high inflation rates
and a macroeconomic slowdown. The market for air and sea
shifted from congestion, lack of capacity and record-high
freight rates in the first half of the year to declining volumes
and rapidly falling rates in the second half. The markets for
road and contract logistics were less volatile - but certainly
also impacted by the changes in the world around us.
For DSV, it was also an integration year. We completed the
integration of Agility's Global Integrated Logistics business
(GIL) less than one year after the closing of the transaction
- a new record for us.
Across all business areas, we achieved growth in earnings in
2022 with the strongest performance in Air & Sea and Solu-
tions. In the extraordinary market conditions, we delivered 48%
growth in EBIT before special items. And very importantly, we
converted the earnings to cash. Adjusted free cash flow was up
by 163.4% compared to 2021, and in line with our capital allo-
cation policy, we allocated DKK 21,633 million to shareholders
through share buyback and dividend.
Earnings per share (diluted and adjusted) was up 59.9% in 2022,View entire presentation