DSV Financial Performance
P&L 2022
(DKKm)
Headlines
Q4 2022 Q4 2021
Growth*
FY 2022
FY 2021
Growth*
Revenue
51,231
61,302
(18.9%)
235,665
182,306
24.3%
Gross profit
11,656
11,674
(3.1%)
52,149
37,615
33.3%
EBIT before special items
4,749
5,113
(10.6%)
25,204
16,223
48.0%
Profit for the period
3,789
3,237
17,671
11,254
P&L items
Cost base (staff, other ext., depreciations)
6,907
6,561
26,945
21,392
Special items, costs
324
1,117
478
Financial items, FX adj. (gain in "()")
(402)
204
(276)
56
Net financial costs, other
317
198
1,142
785
Management commentary
•
•
Revenue in Q4-22 was impacted by
lower freight rates and declining
volumes. Gross profit has been less
volatile than revenue.
Cost base impacted by inflation and
higher currency rates - especially in the
second half of 2022.
Relevant cost initiatives are being
implemented to protect conversion
ratio.
Foreign exchange adjustments are
mainly related to intra-group loans and
have no cash impact.
Effective tax rate at 24% for the full year
- in line with expectations.
EPS growth of 60% - driven by strong
earnings growth. We expect a
normalisation in 2023.
KPIs
•
Gross margin (%)
22.8
19.0
22.1
20.6
Operating margin (%)
9.3
8.3
10.7
8.9
Conversion ratio (%)
40.7
43.8
48.3
43.1
Effective tax rate (%)
21.6
26.2
23.9
24.5
Employees (end of period)
76,283
77,958
Diluted adjusted EPS 12 months
81.4
50.9
59.9%
*) Growth rates are in constant currencies and including M&A.
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