Company Announcement No. 836

Selected key figures and ratios for the period 1 January - 30 June 2020

(DKKm)Q2 2020Q2 2019YTD 2020YTD 2019
Key figures and ratios    
Gross profit7,3865,28514,07010,399
Operating profit (EBIT) before special items2,6131,6314,1793,085
Special items, costs515191,02619
Profit after tax1,3901,1491,7212,112
Adjusted earnings for the period1,8381,1962,5932,189
Adjusted free cash flow  3,3561,802
Operating margin9.1%8.1%7.5%7.7%
Conversion ratio35.4%30.9%29.7%29.7%
Diluted adjusted earnings per share of DKK 1 for the last 12 months  20.823.5

Jens Bjørn Andersen, Group CEO: “Recent months have developed better than we anticipated when the COVID-19 crisis started, and we are pleased to report 63% growth in EBIT before special items for Q2 2020 and 37% growth for the first half of the year. Strong cost management and the continued successful integration of Panalpina have been important drivers for our results. COVID-19 has created an extraordinary market situation in air freight, and here we have been able to help our customers and have benefitted from the legacy Panalpina freighter network. The uncertainty remains higher than normal, but based on a strong first half of 2020 we are now able to reinstate guidance for the full year. We now expect EBIT before special items on level with the guidance we gave to the market before this crisis started.”

Outlook for 2020

Based on the financial performance in the first half of 2020, guidance for full-year 2020 is reinstated as follows:

  • Operating profit before special items is expected to be in the range of DKK 8,200-8,700 million
  • Special items, costs for 2020 are expected in the level of DKK 2,300 million (previously DKK 2,500 million)
  • The effective tax rate is expected in the level of 25%

The guidance is based on assumptions of a gradual improvement of the global freight markets over the third and fourth quarters as markets reopen and with no material disruptions of global supply chains. We expect that transport volumes will remain below last year, but the negative run rate will lessen. Furthermore, we expect that the integration of Panalpina and implementation of cost saving initiatives will continue as planned.

Due to the COVID-19 situation, it must be stressed that the basic assumptions behind the guidance are more uncertain than normal.


Investor Relations
Flemming Ole Nielsen, tel. +45 43 20 33 92,
Frederikke Anna Linde, tel. +45 43 20 31 95,
Mads Kristian Hofmeister, tel. +45 43 20 33 88,


Maiken Riise Andersen, tel. +45 43 20 30 74,  

Yours sincerely,
DSV Panalpina A/S