Strong Q3 results by DSV in an extraordinary market

Photo: DSV

DSV is releasing a strong set of Q3 2021 numbers across all three divisions under extraordinary market conditions. The solid results are illustrated by an EBIT growth for the Group of 52.5 percent in Q3 2021 compared to the same period last year – excluding the impact of the acquisition of Agility’s Global Integrated Logistics business.

“In August, we completed the acquisition of Agility’s Global Integrated Logistics business and took over a well-run company and were joined by a team of skilled new colleagues. The integration is off to a good start, and in the coming period our two organisations will be merged into one. The transport markets continue to be characterised by disruption and imbalances causing extraordinary challenges for both our customers and us. Under the extraordinary market conditions, we are happy to report solid results across all divisions.”

Jens Bjørn Andersen, Group CEO

Outlook for 2021

On 11 October 2021, we pre-released the Q3 2021 numbers and upgraded the outlook for 2021. The guidance for 2021 is reiterated and the expected special items regarding the integration are added:

  • EBIT before special items is expected to be in the range of DKK 15,250-16,000 million
  • The effective tax rate is expected to approximate 23%
  • Transaction and integration costs (special items) is expected to be in the level of DKK 500 million

The integration progresses according to plan and with raised expectations to EBIT contribution

Once fully integrated, Agility’s Global Integrated Logistics business is expected to contribute approx. DKK 3,000 million (previously 2,800 million) to the combined EBIT before special items on an annual basis. The integration is expected to be completed by the end of Q3 2022 and the full-year EBIT effect is expected in 2023. The estimated EBIT impact includes the underlying result in Agility’s Global Integrated Logistics business and synergies from the consolidation of operations, logistics facilities, back-office functions and IT infrastructure.

Around 30% of the EBIT contribution is expected to impact the income statement in 2021, around 85% in 2022 and 100% in 2023.Total transaction and integration costs are expected in the level of DKK 1,500 million. These costs will be charged to the income statement under special items.

Source: DSV

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