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2019 ANNUAL REPORT Company Announcement No

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2019 ANNUAL REPORT Company Announcement No 7 February 2020 2019 ANNUAL REPORT Company Announcement No. 815 “Q4 2019 was in line with our expectations and we can report EBIT of DKK 6,654 million for 2019, an 8.4% organic growth on 2018. 2019 was a strong year for our company – not least thanks to the acquisition of Panalpina in August 2019. A large part of our organisation is now working hard on the integration and things are progressing well. For 2020, we expect EBIT in the DKK 8,200-8,700 million range, and our shareholders can expect significant returns via share buybacks. It is difficult to predict the market situation in 2020; currently the corona virus situation is impacting global supply chains and creating uncertainty. However, at this stage it is not possible to predict the financial impact,” says Jens Bjørn Andersen, CEO. Selected financial highlights for 2019 (1 January - 31 December 2019) Full-year Full-year (DKKm) Q4 2019 Q4 2018 2019 2018 Revenue 30,122 20,945 94,701 79,053 Gross profit 7,084 4,447 23,754 17,489 EBIT before special items 1,784 1,338 6,654 5,450 Special items 609 - 800 - Operating margin 5.9% 6.4% 7.0% 6.9% Conversion ratio 25.2% 30.1% 28.0% 31.2% Adjusted earnings 4,456 4,093 Adjusted free cash flow 3,678 3,916 Diluted adjusted earnings per share of DKK 1 22.1 22.1 Proposed dividend per share (DKK) 2.50 2.25 EBIT before special items Air & Sea 1,195 897 4,506 3,693 Road 272 239 1,251 1,147 Solutions 340 223 1,013 709 Q4 2019 results For Q4 2019, revenue amounted to DKK 30,122 million (Q4 2018: DKK 20,945 million). Panalpina's estimated contribution for the quarter was DKK 9,353 million. The organic growth rate was negative by 1.1%. For Q4 2019, gross profit came to DKK 7,084 million (Q4 2018: DKK 4,447 million). Panalpina's estimated contribution for the quarter was DKK 1,841 million. The organic growth in gross profit came to 4.4% for the Group and was mainly driven by the Air & Sea and Solutions divisions. EBIT before special items was up by 9.9% (in constant currencies, adjusted for IFRS 16 and the inclusion of Panalpina) to DKK 1,784 million for Q4 2019 (Q4 2018: DKK 1,338 million). The growth was mainly driven by the Air & Sea DSV Panalpina A/S, Hovedgaden 630, 2640 Hedehusene, Denmark, tel. +45 43 20 30 40, CVR No. 58233528, www.dsv.com. DSV Panalpina Group We provide and manage supply chain solutions for thousands of companies every day – from the small family run business to the large global corporation. Our reach is global, yet our presence is local and close to our customers. 60,000 employees in more than 80 countries work passionately to deliver great customer experiences and high-quality services. Read more at www.dsv.com and Solutions divisions. Panalpina's estimated contribution for the quarter was DKK 175 million and was positively impacted by cost synergies. Dividend The Board of Directors proposes ordinary dividends of DKK 2.50 per share for 2019 (2018: DKK 2.25 per share). Outlook for 2020 • EBIT before special items is expected to be in the range of DKK 8,200-8,700 million. • Special items are expected in the level of DKK 1,500 million • The effective tax rate of the Group is expected to be approximately 23%. Share buy-back A separate company announcement about the launch of a new share buyback programme of up to DKK 6,000 million will be issued today. The programme will run until 30 July 2020. Investor teleconference DSV will host an investor teleconference on 7 February 2020 at 11.00 a.m. CET. Please refer to investor.dsv.com for details. Contacts Investor Relations Flemming Ole Nielsen, tel. +45 43 20 33 92, [email protected] Frederikke Anna Linde, tel. +45 43 20 31 95, [email protected] Media Christian Krogslund, tel. +45 43 20 41 28, [email protected] Yours sincerely, DSV Panalpina A/S DSV PANALPINA ANNUAL REPORT 2019 2 DSV Panalpina Annual Report 2019 Contents CONTENTS Management’s commentary Financial statements DSV Panalpina Group INTRODUCTION CONSOLIDATED FINANCIAL STATEMENTS We provide and manage supply chain solutions for Five-year overview . 3 Statements 2019 . 43 thousands of companies every day – from the small Letter from CEO . 4 family-run business to the large global corporation . Highlights 2019 . 6 Income statement . 44 Our reach is global, yet our presence is local and close DSV and Panalpina - Achieving more together . 8 Statement of comprehensive income . 44 to our customers . More than 60,000 employees in Cash flow statement . 45 more than 80 countries work passionately to deliver STRATEGY AND FINANCIAL TARGETS Balance sheet . 46 great customer experiences and high quality services . Vision and strategy . 10 Statement of changes in equity . 47 Industry and markets . 11 Notes to the consolidated financial statements . 48 Read more at www .dsv .com Technological trends . 13 Outlook and financial targets . 14 Definition of financial highlights . 83 Capital structure and allocation . 15 Group company overview . 84 FINANCIAL PERFORMANCE 2019 STATEMENTS Financial review . 16 Management’s statement . 92 Air & Sea . 19 Independent auditor’s report . 93 Road . 23 Solutions . 26 PARENT COMPANY FINANCIAL STATEMENTS Parent Company financial statements 2019 . 97 CORPORATE GOVERNANCE DSV Panalpina A/S Hovedgaden 630 AND SHAREHOLDER INFORMATION 2640 Hedehusene Risk management . 29 Denmark Corporate governance . 34 Tel. +45 43 20 30 40 Board of Directors and Executive Board . 37 E-mail: [email protected] Shareholder information . 38 CVR-No 58 23 35 28 Corporate responsibility at DSV Panalpina . 40 Annual Report for the year ended 31 December 2019 - 43rd financial year OTHER INFORMATION Quaterly financial highlights . 42 Published 7 February 2020 3 DSV Panalpina Annual Report 2019 Introduction FIVE-YEAR OVERVIEW Financials 2019* 2018 2017 2016 2015 Ratios 2019 2018 2017 2016 2015 Results (DKKm) Financial ratios (%) Revenue 94,701 79,053 74,901 67,747 50,869 Gross margin 25.1 22.1 22.2 23.4 22.0 Gross profit 23,754 17,489 16,605 15,838 11,201 Operating margin 7.0 6.9 6.5 5.1 6.0 Operating profit before amortisation, Conversion ratio 28.0 31.2 29.4 21.9 27.2 depreciation (EBITDA) before special items 10,292 6,212 5,664 4,250 3,575 Effective tax rate 25.8 23.3 20.7 26.7 23.5 Operating profit (EBIT) before special items 6,654 5,450 4,878 3,475 3,050 ROIC before tax** 13.4 26.7 23.4 21.5 26.8 Special items, cost 800 - 525 1,002 58 Return on equity (ROE) 11.6 27.2 21.1 13.2 23.0 Net financial expenses 858 249 556 184 303 Solvency ratio 50.7 37.5 38.6 33.2 42.6 Profit for the year 3,706 3,988 3,012 1,678 2,058 Gearing ratio 1.8 0.9 1.0 2.0 (0.2) Adjusted earnings 4,456 4,093 3,484 2,506 2,211 Share ratios Cash flow (DKKm) Earnings per share of DKK 1 18.7 22.0 16.0 9.0 12.1 Operating activities 6,879 4,301 4,664 1,273 3,160 Diluted earnings per share of DKK 1 18.4 21.6 15.8 8.9 12.0 Investing activities 1,371 (444) (325) (4,953) (431) Diluted adjusted earnings per share of DKK 1 22.1 22.1 18.4 13.4 12.9 Free cash flow 8,250 3,857 4,339 (3,680) 2,729 Number of shares issued (’000) 235,000 188,000 190,000 190,000 192,500 Adjusted free cash flow 3,678 3,916 4,835 1,838 2,837 Number of treasury shares (’000) 6,140 9,985 5,917 4,509 8,606 Financing activities (7,484) (4,000) (4,715) 396 1,855 Share price at year end (DKK) 767.8 429.2 488.6 314.2 271.7 Share buyback (4,888) (4,161) (1,559) - (1,419) Proposed dividend per share (DKK) 2.5 2.25 2.00 1.80 1.70 Dividends distributed (423) (380) (342) (327) (283) Cash flow for the year 766 (143) (376) (3,284) 4,584 Financial position (DKKm) 2019 2018 2017 2016 2015 DSV Panalpina A/S shareholders’ share of equity 49,430 14,561 14,835 13,416 11,809 Non-Financials Non-controlling interests (111) (29) (26) (38) 32 CO2e energy efficiency – Sea 5.6 6.1 6.3 6.9 6.6 Balance sheet total 97,557 38,812 38,388 40,367 27,725 CO2e energy efficiency – Air 579.9 588.5 607.0 601.9 622.0 Net working capital 3,125 1,767 1,410 1,809 22 CO2e energy efficiency – Road 67.9 71.5 72.3 73.9 72.0 Net interest-bearing debt 18,355 5,831 5,575 8,299 (546) Employees 61,216 47,394 45,636 44,779 22,783 Invested capital 68,595 20,381 20,391 21,336 10,977 Employee turnover ratio 23.2 20.1 17.4 25.5 17.6 Gross investment in property, plant and equipment 1,000 720 620 728 660 Rate of absence due to illness 2.1 2.4 2.0 2.1 3.3 * The implementation of IFRS 16 Leases as from 1 January 2019 had a material impact on the financial For a definition of key figures and ratios, please refer to page 83.
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