DSV Q3 2023 Financial Performance and NEOM Joint Venture Update
P&L 9M 2023
(DKKm)
Headlines
Q3 2023
Q3 2022
Growth*
9M 2023
9M 2022
Growth*
Revenue
35,576
60,560
(38.1%)
114,257
184,434
(36.2%)
Gross profit
10,649
13,538
(17.0%)
33,371
40,493
(15.1%)
•
EBIT before special items
4,396
6,506
(28.2%)
13,773
20,455
(30.6%)
Profit for the period
2,808
4,426
9,470
13,882
P&L items
Cost base (staff, other ext., depreciations)
6,253
7,032
19,598
20,038
Special items, costs
456
1,117
Financial items, FX adj. (gain in "()")
327
(167)
265
126
Net interest costs
302
273
882
825
KPIs
Gross margin (%)
29.9
22.4
29.2
22.0
Operating margin (%)
12.4
10.7
12.1
11.1
Conversion ratio (%)
41.3
48.1
41.3
50.5
Effective tax rate (%)
25.5
25.5
25.0
24.5
Employees (end of period)
75,188
76,715
Diluted adjusted EPS 12 months
63.1
78.8
(19.9%)
Average diluted number of shares
214,110
233,985
*) Growth rates are in constant currencies.
Management commentary
•
•
•
•
Revenue was impacted by significant
decline in freight rates and declining
volumes.
Gross margin was supported by
continued high yields in Air & Sea and
improved margins in both Road and
Solutions.
Reduction of cost base compared to
last year, despite 4-5% cost inflation in
2023. 1,500 fewer FTEs compared to
September 2022.
Negative FX adjustments in Q3-23 —
mainly related to intercompany
balances.
EPS supported by reduced number of
shares.
9View entire presentation