DSV on the up...

DSV has reported growth of 37.8% in Q2, 2017 EBIT before special items, leading to significant margin expansion. With more than 50.0% growth in earnings and cash flow, the Company stated that it was very satisfied with the Group’s performance in the first half of 2017. Only 18 months after the acquisition of UTi Worldwide, the Company’s productivity and financial results are at an all-time high.

Q2, 2017 net revenue increased 7.5% to DKK18,924.0 million as gross profit rose by just 0.1% to DKK4,217.0 million. Operating margin increased to 6.6% from 5.1%. For the H1, 2017 period, net revenue increased 12.8% to DKK37,147.0 million as gross profit grew 7.9% to DKK8,437.0 million. EBIT before special items climbed 53.5% to DKK2,369.0 million as the operating margin reached 6.4%, from 4.7%. H1, 2017 was impacted by one extra month of UTi activities, whilst EBIT was positively impacted by further cost reductions in connection with the integration of UTi.

In the Air and Sea business segment, activity levels accelerated throughout Q2. Reported development in gross profit was negatively affected by classification differences between DSV and UTi last year. Approximately 5.0% of original UTi business has been terminated. Q2, 2017 net revenue increased 5.4% to DKK8,873.0 million, as gross profit decreased 3.9% to DKK2,217.0 million. EBIT before special items climbed 57.9% to DKK843.0 million as the operating margin reached 9.5% from 6.3%. Sea gross profits dropped 3.9% to DKK1,145.0 million as TEUs increased 3.6%. Gross profits per TEU dropped 7.2%. Air gross profits declined 4.0% to DKK1,072.0 million as volumes, measured in tonnes, increased 2.6%. Gross profits per tonne fell 6.4%.

H1, 2017 net revenue increased 12.1% to DKK17,343.0 million, as gross profit increased 3.5% to DKK4,333.0 million. EBIT before special items climbed 61.7% to DKK1,533.0 million as the operating margin reached 8.8% from 6.1%. Sea gross profits rose 2.2% to DKK2,228.0 million as TEUs increased 9.6%. Gross profits per TEU dropped 6.7%. Air gross profits increased 5.0% to DKK2,105.0 million as volumes, measured in tonnes, increased 10.4%. Gross profits per tonne fell 4.9%.

In the Road segment, Q2, 2017 net revenue increased 4.3% to DKK7,684.0 million, as gross profit decreased 3.2% to DKK1,316.0 million. EBIT before special items declined 9.4% to DKK281.0 million as the operating margin fell to 3.7% from 4.2%. Gross profit and EBIT were impacted by fewer working days in Q2, 2017.

H1, 2017 net revenue increased 9.0% to DKK15,317.0 million, as gross profit increased 5.1% to DKK2,749.0 million. EBIT before special items climbed 24.6% to DKK659.0 million as the operating margin reached 4.3% from 3.8%.

In the Solutions segment, Q2, 2017 net revenue increased 21.1% to DKK2,913.0 million, as gross profit increased 3.1% to DKK690.0 million. EBIT before special items climbed 42.2% to DKK128.0 million as the operating margin reached 4.4% from 3.7%. Growth was mainly driven by retail and eCommerce business, with the consolidation of infrastructure ongoing leading to improved utilisation and productivity.

H1, 2017 net revenue increased 25.7% to DKK5,591.0 million, as gross profit increased 12.9% to DKK1,361.0 million. EBIT before special items climbed 41.6% to DKK194.0 million as the operating margin reached 3.5% from 3.1%.

Looking ahead, on the back of a strong start to 2017, DSV has upgraded expectations for the year and also announced the start a new share buyback programme of DKK1.0 billion. The consolidated full-year outlook for 2017 suggests that operating profit before special items is expected to be in the range of DKK4,500-4,700 million (previously DKK4,300-4,600 million). Free cash flow is expected to approximate DKK3,750 million (previously DKK3,500 million).

Source: Analytiqa

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