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2009 Annual Report Introduction · About DSV - Global Transport and Logistics

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2009 Annual Report Introduction · About DSV - Global Transport and Logistics 2009 Annual Report introducTION · ABOUT DSV - Global Transport AND LogisticS About DSV Global Transport and Logistics DSV is a global supplier of transport and logistics solutions. The Group has companies in more than 60 countries all over the world. Together with our partners and agents, our staff of around 21,300 employees offer local distribution, European road transport, air and seafreight within and between the largest continents, and professional overall solutions in more than 110 countries. DSV ROAD transports all kinds of freight by road all over Europe in a quick, efficient, REVENUE (DKK) flexible and environmentally friendly manner – creating good connections to the rest of MILLION the world. 36,085 OPERATING PROFIT (DKK)* DSV AIR & SEA is an international freight forwarder which plans and effects the forwarding of all kinds of air and seafreight in a quick, efficient, safe and environmentally 1,703 MILLION friendly manner within and between continents, whether on short-sea routes in Europe or intra-Asia routes, always combining the means of transports when most appropriate. NUMBER OF EMPLOYEES: DSV SOLUTIONS designs and offers logistics solutions across the full supply chain from 21,280 design through freight management, customs clearance, warehousing and distribution to information management and e-business support. * before special items (EBITA) 2 2009 DSV annual report cONTENTS · introducTION Road REVENUE (DKK) introducTION DKK 18,390 MILLION About DSV – Global Transport and Logistics 2 OPERATING PROFIT* DKK 597 MILLION A stronger and more complete DSV 4 NUMBER OF EMPLOYEES Financial highlights 7 9,858 Financial targets and capital structure 8 Air & Sea REVENUE (DKK) 14,062 MILLION OPERATING PROFIT (DKK)* MANAGEMENT’S REVIEW 955 MILLION Financial review 9 NUMBER OF EMPLOYEES 5,925 Road – Divisional review 14 Air & Sea – Divisional review 18 REVENUE (DKK) Solutions Solutions – Divisional review 22 5,788 MILLION OPERATING PROFIT (DKK)* Shareholder information 26 196 MILLION Corporate governance 28 NUMBER OF EMPLOYEES 5,497 Risk factors 28 * before special items (EBITA) Corporate governance statement 29 Corporate social responsibility statement 30 Execcutive and Supervisoty Boards 33 ENDORMENTS Management’s statement 34 Independent auditors’ report 35 Consolidated fINANcIAL statementS Income statement 36 Statement of comprehensive income 36 Balance sheet 37 Cash flow statement 38 Statement of changes in equity 39 Notes 40 Group Structure 71 DSV history 74 Annual REport ParenT CD containing 2009 Annual Report of Parent 75 Countries in wich DSV has its own companies 3 2009 DSV annual report introducTION · A stronger AND more complete DSV DSV A/S cEO’s report A stronger and more complete DSV In many ways, 2009 was an extraordinary year for DSV DSV Air & Sea the most profitable in which the integration of ABX LOGISTICS (ABX) and the In our Air & Sea Division we saw an unprecedented, rapid crisis in the world economy impacted on our finacial results decline in both container and airfreight rates, but we ex- and our company in general. perienced the conclusion of this effect during the summer period. This was primarily caused by capacity in both sea The main reasons were volatility in freight volumes, freight and airfreight being taken out of the market. rates, exchange rates and fuel prices to a degree never experienced before, but as a consequence of our asset During the year, we expanded our contribution ratio to a light business model combined with an aggressive cost level never experienced before in DSV. This was caused by cutting programme, we achieved results that we consider the generally lower rate levels, but to a large degree also by satisfactory. the fact that we managed to maximise our buying power in the market. Asset-light strategy is the way forward The year started relatively weak with a significant drop in Since the summer period, we have experienced rapidly international trade, partly because our customers ran down increasing rate levels. We believe that rate levels will show their inventories, which had a negative impact on both a moderately upward trend in 2010. In all likelihood this will revenue and contribution margin. also lead to a somewhat lower contribution ratio in 2010. In 2009, we cherished more than ever before our flexible For the second year running, the Air & Sea Division was business model without fixed capacity in the form of trucks, the most profitable business unit of DSV. We welcome this ships and aeroplanes. We therefore successfully managed development and we believe that growth rates for the to keep our exposure to operational fixed costs at a very markets in which the Division operates will exceed growth low level, and the lesson learned in 2009 was that the DSV rates in other parts of the world. strategy of being asset light is the way forward. 4 2009 DSV annual report A stronger AND more complete DSV · introducTION DSV Road trimmed for 2010 The Road Division also experienced a slow start of the We therefore success- year with volumes dropping as much as 20% in certain geographical areas. We experienced large overcapacity of fully managed to keep hauliers in Europe, which meant that lower freight rates in the market could be offset by lower supplier costs. our exposure to operational We started the year with unsatisfactory results in three of Europe’s most important countries for DSV: Germany, fixed costs at a very low France and Spain. During the year, we were forced to make changes in senior management positions in all three coun- level, and the lesson learned tries, and we are now more comfortable with the situation than ever before. The momentum seems to have changed, in 2009 was that the DSV and we feel a new sense of optimism, leaving us to believe that the weak performance in 2009 will be outweighed by better results in 2010. strategy of being asset light We are of the opinion that we have a very unique platform is the way forward. in Europe with a full and dense network of DSV branches and good collaboration with our subcontractors. We aim to benefit from this strategic advantage in 2010. Stronger global sales organisation Despite the general decline in international transport vol- Satisfactory contribution from Solutions umes, we managed to gain market shares in 2009 in DSV’s The Solutions Division delivered overall satisfactory results main markets, particularly within the Road Division and for in 2009. It is the least asset-light of our three Divisions. seafreight. The cross-selling opportunities between the Divisions are extensive and will be enhanced even further This Division was also hit by the consequences of the in the future enabling us to gain further market shares. We economic crisis and the de-stocking effect experienced recently substantially enlarged our unit dealing with global in 2009, leaving more idle space in our warehouses than accounts, and we have appointed one of our most experi- previously. enced country managers as Chief Commercial Officer for all three DSV Divisions. The reason for this is that DSV has Still, we surpassed previous year’s performance in certain now reached a size that makes it possible to attract more countries, and the Solutions Division still delivers added large multinational customers, which several new initiatives value, i.a. by very sophisticated operations developed in all planned for 2010 will hopefully show. countries in Europe in close cooperation with customers and the two other Divisions. Reduced cost base During 2009, we systematically reduced our cost base A complete and strong DSV and were successful in achieving operational leverage and The uncertainty about future developments in international increasing productivity per employee. Since the acquisition trade is fairly high, but we still feel that the DSV Group is of ABX at the end of 2008, we have managed to reduce more complete and in better shape than ever before. the total number of employees of DSV by approximately 20%. Even though it was a tough and very difficult task Through the acquisition of ABX in 2008, we achieved and we had to say goodbye to many loyal and experienced a better balance between the three Divisions of DSV, employees, we had to adjust our cost base to the new and enabling us to offer a true one-stop shopping experience lower activity level. to our customers. We are now a truly global player in the transport market capable of offering services to all parts of The cost of labour is the highest cost component of DSV, the world, to a large degree even within our own network and consequently a substantial reduction of employees was of offices. necessary. We have the clear impression that we are ready for a potential rebound in world trade and that the first increase in activity will be handled within the existing low cost environment. 5 2009 DSV annual report introducTION · A stronger AND more complete DSV Responsibility and environment With the continued In 2009, we experienced an increased focus from both customers and shareholders on corporate social responsibil- support of our ity matters. As a consequence, we joined the United Nations Global Compact initiative, and we are now in the process of describing and implementing the relevant policies. Several of loyal customers and these initiatives have had our attention for many years, but dedicated employees will now become part of a more structured process. DSV’s impact on climate and environment caused by we are ready to meet greenhouse gases, particulate matter, etc., has been closely measured for years and we have further expanded our the challenges ahead. work in this field so that we can now indentify the overall carbon footprint of DSV. During 2010, we will pursue a strategy which will involve a clear ambition of reducing our carbon footprint.
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