DSV, 1150 - 2024 ANNUAL REPORT
04 Febbraio 2025 - 7:31AM
UK Regulatory
DSV, 1150 - 2024 ANNUAL REPORT
Company Announcement No. 1150
Solid financial results in Q4 and full-year 2024 driven
by strong organic volume growth
- The DSV Group improved its
performance in Q4 2024 and reported solid full-year results for
2024 driven by continued organic above-market growth.
- While gross profit
decreased by 1.2% compared to 2023 and EBIT before special items by
8.4% in constant currencies, earnings growth returned in the second
half of 2024, despite the Road division being impacted by a weaker
market in Q4 2024.
- Adjusted free cash
flow came to DKK 5,550 million for the year, impacted by increased
net working capital, which was driven by higher activity levels and
freight rates combined with temporary capital tied up in projects
under development.
- Diluted adjusted
earnings per share was DKK 51.6 per share for 2024 compared to 58.7
in the previous year.
- Full-year 2025 guidance for EBIT before
special items of DKK 15,500-17,500 million, excluding impact from
the announced acquisition of Schenker.
Group CEO Jens H. Lund: “We delivered solid
financial results for 2024, in line with our expectations, and
returned to earnings growth in the second half of the year. We
successfully executed on our strategy and grew our volumes ahead of
the market, driven by our commercial initiatives and supporting our
customers overcome supply chain challenges.
With the announced acquisition of Schenker, we are
reinforcing our platform for future growth. We also progressed on
the sustainability agenda and are on track to reach our
decarbonisation targets as well as supporting our customers in
their ambitions to reduce their carbon footprint.
I would like to thank our customers, suppliers and, most of
all, my dedicated DSV colleagues for their hard work and support. I
am very much looking forward to continuing the journey together
with the employees from Schenker. Together, we will create a
leading player within global transport and logistics.”
Selected key figures and ratios for the period 1 January
- 31 December 2024
Key figures (DKKm) |
Q4 2024 |
Q4 2023 |
FY 2024 |
FY 2023 |
Revenue |
43,514 |
36,528 |
167,106 |
150,785 |
Gross profit |
10,788 |
10,447 |
42,974 |
43,818 |
Operating profit (EBIT) before
special items |
3,936 |
3,950 |
16,096 |
17,723 |
Special item, costs |
729 |
- |
853 |
- |
Profit for the period |
2,225 |
2,937 |
10,175 |
12,407 |
Adjusted earnings for the
period |
2,849 |
2,998 |
11,103 |
12,650 |
Adjusted free cash flow |
1,354 |
668 |
5,550 |
11,471 |
|
|
|
|
|
Ratios |
|
|
|
|
Conversion ratio |
36.5% |
37.8% |
37.5% |
40.4% |
Diluted adjusted earnings per
share of DKK 1 for
the last 12 months |
|
|
51.6 |
58.7 |
|
|
|
|
|
Operating profit before special items |
|
|
|
|
Air & Sea |
3,103 |
2,882 |
11,888 |
13,363 |
Road |
311 |
467 |
1,864 |
2,009 |
Solutions |
531 |
610 |
2,328 |
2,355 |
Performance in Q4 2024
While the market remained
influenced by the challenging macroeconomic and geopolitical
situation with disruptions related to the Red Sea, DSV delivered a
solid financial performance in Q4 2024 with an EBIT before special
items of DKK 3,936 million, which is above the same period in 2023
in constant currencies. The positive development was primarily
driven by positive organic above-market growth in all three
divisions.
Air & Sea continued the positive commercial development and
gained market share with an organic volume growth of 7% in Q4 2024
compared to the same period in 2023. In combination with stable
gross profit yields for both air and sea, the division delivered
gross profit growth of 8.3% and EBIT before special items growth of
8.4%.
Besides the normal seasonality impact, the Road division was
negatively impacted by weaker market conditions in Q4 2024 due to
reduced macroeconomic activity, especially in Europe and within
automotive, and by one-off costs related to operational challenges
and a write-off of receivables in the US activities. Weaker demand
and low freight rates in combination with cost pressure from
suppliers led to pressure on gross profit and EBIT before special
items in the quarter, which decreased by 9.8% and 33.4%,
respectively, for the quarter.
Solutions reported a stable gross profit which was up by 0.8%,
while EBIT before special items decreased 12.4% in Q4 2024 compared
to the same period in 2023. While the division reported a positive
development in customer wins and activity growth, the ramp-up of
new sites and an increase in warehousing capacity led to
temporarily lower utilisation.
EBIT before special items for the full year was DKK 16,096
million and was within the recent guidance range of DKK
16,000-17,000 million.
Outlook for 2025
The full-year guidance for
2025 excludes impact from the announced acquisition of Schenker,
which is still expected to close in Q2 2025.
- EBIT before special items is expected to be in the range of DKK
15,500-17,500 million.
- The effective tax rate of the Group is expected to be
approximately 24%.
The outlook for the air and sea freight market assumes continued
growth in global volumes of around 3% in line with global GDP
forecast, despite the current macroeconomic and geopolitical
uncertainties. We continue to target profitable growth above the
underlying market, based on the strategic commercial initiatives in
2024 and we assume slightly lower to stable gross profit yields for
both air and sea.
For the road market, we expect flat to low-single digit market
growth, with market conditions still expected to be weak during the
first half-year. Gross profit margins in the Road division are
expected to remain stable or slightly improve compared to 2024. The
contract logistics market is expected to achieve low- to mid-single
digit growth rates. In 2025, DSV Solutions will continue to focus
on improving the warehouse utilisation rate through our commercial
initiatives.
We assume that the currency exchange rates, especially the US
dollar against DKK, will remain at the current level. The
macroeconomic and geopolitical environment, including the situation
in the Red Sea remains uncertain, and unforeseen changes may
therefore impact our financial results. We continue to monitor
activity closely across our organisation and adjust capacity and
cost base accordingly.
Dividend
The Board of Directors proposes
ordinary dividends of DKK 7.00 per share for 2024 (2023: DKK 7.00
per share).
Investor teleconference
DSV will host an
investor teleconference on 4 February 2025, at 11.00 CET. Please
refer to investor.dsv.com for details.
Contacts
Investor Relations:
Stig Frederiksen, tel. +45 43 20 33 92,
stig.frederiksen@dsv.com
Alexander Plenborg, tel. +45 43 20 33 73,
alexander.plenborg@dsv.com
Media:
Jonatan Rying Larsen, tel. +45 25 41 77 37,
press@dsv.com
Yours sincerely,
DSV A/S
- 1150 - Announcement (04.02.2025) - 2024 ANNUAL REPORT
- DSV-2024-12-31-en.zip
Grafico Azioni DSV AS (TG:DS81)
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Da Feb 2025 a Mar 2025
Grafico Azioni DSV AS (TG:DS81)
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Da Mar 2024 a Mar 2025