INTERIM FINANCIAL REPORT, H1 2010
Company Announcement No. 359
Major key figures of the H1 2010 Interim Financial Report for the period ended
30 June 2010
• Revenue amounted to DKK 20,406 million (2009: DKK 18,267 million)
• Gross profit came to DKK 4,585 million (2009: DKK 4,574 million),
corresponding to a gross margin of 22.5%
(2009: 25.0%)
• Operating profit before special items (EBITA) came to DKK 1,038 million
(2009: DKK 804 million), corresponding to an EBITA margin of 5.1% (2009: 4.4%)
• Profit before tax amounted to DKK 769 million (2009: DKK 197 million)
• DSV's share of the profit for the period amounted to DKK 562 million (2009:
DKK 47 million)
• Diluted adjusted earnings per share were DKK 2.9 for the period (2009: DKK
1.8), which amounts to an annualised figure of DKK 5.1 (2009: DKK 4.8)
• Free cash flow for the period adjusted for the acquisition of enterprises
amounted to DKK 416 million
(2009: DKK 795 million)
The results for H1 2010 are deemed very satisfactory.
Outlook for 2010
As a consequence of the increase in activity levels and freight rates, DSV
adjusts the outlook for 2010 previously disclosed.
The full-year 2010 outlook is now:
• Revenue is expected to be in the range of DKK 41,000-43,000 million,
corresponding to an increase of approx.
14-19% relative to the revenue achieved in 2009 (increase, previously
announced: 3-7%)
• Gross profit is expected to be in the range of DKK 9,200-9,400 million
• Operating profit before special items (EBITA) is expected to be in the range
of DKK 2,000-2,200 million (previously announced: DKK 1,900-2,100 million)
• Special items are still not expected to any appreciable extent
• Financials are expected to remain unchanged around DKK 500 million
• The effective tax rate of DSV is expected to amount to approx. 28% and to
remain at this level for the coming periods (previously announced: 30%)
• Free cash flow adjusted for the acquisition of enterprises is maintained at
around DKK 1,200 million
Yours sincerely,
DSV
