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CSAFE Global

 

FSA

DSV strong q3 results DSV is releasing a strong set of Q3 2021 numbers across all three divisions under extraordinary market conditions.

The solid results are illustrated by an EBIT growth for the Group of 52.5 percent in Q3 2021 compared to the same period last year – excluding the impact of the acquisition of Agility’s Global Integrated Logistics business.

DSV is releasing a strong set of Q3 2021 numbers across all three divisions under extraordinary market conditions. The solid results are illustrated by an EBIT growth for the Group of 52.5 percent in Q3 2021 compared to the same period last year – excluding the impact of the acquisition of Agility’s Global Integrated Logistics business.

DSV is reporting good progress in the integration of Agility’s Global Integrated Logistics business, which became part of DSV in August 2021. The operational integration is expected to be fully completed by Q3 2022.

In another company announcement today, DSV is announcing an expansion of the Executive Board. Jens H. Lund will now take on a new role as Group COO and Deputy Group CFO Michael Ebbe is appointed new Group CFO.

Jens Bjørn Andersen, Group CEO: “In August, we completed the acquisition of Agility’s Global Integrated Logistics business and took over a well-run company and were joined by a team of skilled new colleagues. The integration is off to a good start, and in the coming period our two organisations will be merged into one. The transport markets continue to be characterised by disruption and imbalances causing extraordinary challenges for both our customers and us. Under the extraordinary market conditions, we are happy to report solid results across all divisions.”

On 11 October 2021, we pre-released the Q3 2021 numbers and upgraded the outlook for 2021. The guidance for 2021 is reiterated and the expected special items regarding the integration are added: EBIT before special items is expected to be in the range of DKK 15,250-16,000 million; The effective tax rate is expected to approximate 23%; Transaction and integration costs (special items) is expected to be in the level of DKK 500 million; The integration progresses according to plan and with raised expectations to EBIT contribution; Once fully integrated, Agility’s Global Integrated Logistics business is expected to contribute approx. DKK 3,000 million (previously 2,800 million) to the combined EBIT before special items on an annual basis. The integration is expected to be completed by the end of Q3 2022 and the full-year EBIT effect is expected in 2023. The estimated EBIT impact includes the underlying result in Agility’s Global Integrated Logistics business and synergies from the consolidation of operations, logistics facilities, back-office functions and IT infrastructure.

Around 30% of the EBIT contribution is expected to impact the income statement in 2021, around 85% in 2022 and 100% in 2023.

Total transaction and integration costs are expected in the level of DKK 1,500 million. These costs will be charged to the income statement under special items.

A separate company announcement about the launch of a new share buyback programme of up to DKK 5,000 million has been issued today. The programme will run until 8 February 2022 or earlier if finalised.

Due to DSV’s extensive growth in recent years and the growing demand for digitalisation and focus on the ongoing development and optimisation of the business, we hereby announce an expansion of our Executive Board.

Jens H. Lund has been the Group CFO since 2002 and will now take on a new role as Group COO with the responsibility for development and optimisation of the business, digital strategy, IT operations and the continued strengthening of the Group’s infrastructure and global network. Jens has been heavily involved in these areas over the years, and this change in management structure will allow Jens to increase focus on operations and drive and support further development.

Michael Ebbe is appointed new Group CFO. Michael Ebbe has been part of the DSV Group Finance management team since he joined the Group in 2007. Michael currently holds the position as Deputy Group CFO and will continue to be responsible for financial reporting, treasury, international shared service centres, compliance and insurance. Over the years, Michael has been involved in developing DSV’s finance department and played an important role in the integration of acquired companies.

Thomas Plenborg, Chairman of the Board of Directors: “We are strengthening the Executive Board to secure our continued ability to grow and develop our company at a high pace. At the same time, we ensure continuity in the management team. During the last almost 20 years, Jens Lund has been a fantastic Group CFO and has played an important role in the development of DSV. With his broad knowledge of the company and the logistics industry, Jens is the right person to head up areas as the continued development of our IT platform and optimisation of our business. Michael Ebbe has a long history with DSV and he has a strong cooperation with Jens Bjørn, Jens and the rest of the Executive Committee. In the Board of Directors, we are confident that Michael will continue to deliver high quality reporting and drive further progress in DSV.”

DSV’s executive board now consists of: Group CEO Jens Bjørn Andersen; Group COO Jens H. Lund; Group CFO Michael Ebbe.

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