Dsv A/s · OMXCOP:DSV
Dsv A/s — DSV Panalpina — FY2019 Earnings Presentation
24 slides from Dsv A/s's earnings presentation, Feb 7, 2020
Slide 1: Full-Year 2019 Results
FULL-YEAR 2019 RESULTS DSV Panalpina A/S Conference call – 7 February 2020, 11.00 am CET
Slide 2: Forward-looking statements
Forward-looking statements “ This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond DSV Panalpina A/S’ control, may cause actual developments and results to differ materially from the “ expectations c
Slide 3: Agenda
Agenda 1 Highlights 2 Integration update 3 Business segments 4 Financial review 5 Outlook 2020 6 Allocation to shareholders 7 Q&A 3 | DSV Panalpina – Annual Report 2019
Slide 4: Highlights
Highlights Gross profit (DKKm) EBIT (DKKm) Management commentary 4.4%* 5.7%* 9.9%* 8.4%* EBIT before special items was in line with outlook for 2019. Q4-19 was the first quarter with full 7,084 23,754 Panalpina impact. 1,784 6,654 17,489 1,338 5,450 4,447 In spite of soft transport markets, the 2019
Slide 5: Integration update
Integration update On track Operational integration Cost synergies As per February 2020, more than 20 countries Target of DKK 2,300 million and expected timeline have been onboarded, representing more than is maintained. 60% of Panalpina volume. No material loss of Panalpina customers since Full-yea
Slide 6: Air & Sea
Air & Sea (DKKm) Q4 2019 Q4 2018 Growth* M&A** FY 2019 FY 2018 Growth* M&A** Management commentary Significant Panalpina impact since 1,808 1,120 +6.4% 582 5,923 4,566 +7.0% 896 August 2019. Gross profit The division delivered solid organic 2,313 1,182 +0.6% 1,081 6,594 4,627 +4.8% 1,594 Gross profi
Slide 7: Air & Sea volumes – significant Panalpina impact
Air & Sea volumes – significant Panalpina impact DSV tonnes PAN tonnes DSV TEU PAN TEU Gross profit/tonne, DKK Gross profit/tonne excl. PAN, DKK Gross profit/TEU, DKK Gross profit/TEU excl. PAN, DKK 7,895 3,317 3,335 3,300 3,255 7,462 7,231 7,187 3,135 3,107 6,730 6,328 2,845 5,230 635,820 442,069 5
Slide 8: Road
Road (DKKm) Q4 2019 Q4 2018 Growth* M&A** FY 2019 FY 2018 Growth* M&A** Management commentary 2019 was impacted by general market 7,988 7,893 (0.6%) 133 31,621 31,243 +1.0% 45 slowdown, in particular in the German Revenue automotive sector and for UK related traffics. 1,532 1,311 +1.5% 28 6,156 5,30
Slide 9: Solutions
Solutions (DKKm) Q4 2019 Q4 2018 Growth* M&A** FY 2019 FY 2018 Growth* M&A** Management commentary For DSV Solutions 2019 was a year 4,729 3,853 +8.7% 504 14,390 13,229 +1.9% 792 with focus on stabilisation and Revenue preparation for future growth. 1,401 837 +8.6% 118 4,969 3,035 +7.1% 218 After a
Slide 10: P&L 2019
P&L 2019 (DKKm) FY 2019 IFRS 16 FY 2019 FY 2018 Organic reported impact* (excl. (excl. growth** Management commentary IFRS 16*) IFRS 16) Significant impact from the implementation of Revenue 94,701 - 94,701 79,053 2.0% IFRS 16 Leases and from the Panalpina Direct costs 70,947 (2,289) 73,236 61,564 G
Slide 11: Cash flow FY 2019
Cash flow FY 2019 (DKKm) FY 2019 FY 2018 Variance (excl. IFRS 16) Management commentary EBIT before special items 6,654 5,450 1,204 Depreciation of right-of-use assets 2,734 30 2,704 Cash flow from operating activities was Depreciation and amortisation of owned assets 904 732 172 EBITDA before speci
Slide 12: Outlook 2020
Outlook 2020 Main assumptions (DKKm) Outlook 2020 Actual 2019 Operating profit before special items 8,200 - 8,700 6,654 Special items, in the level of 1,500 800 Effective tax rate 23% 25.8% Main assumptions We expect growth rates in the transport markets for 2019 to be in line with GDP growth (2-3%)
Slide 13: Allocation to shareholders
Allocation to shareholders Total announced allocation to shareholders In 2019, a total of 7.4 million shares were bought back at a purchase price of DKK 4,888 million (average price of DKK 664.1 per share). At 31 December 2019, DSV Panalpina held 6.1 million treasury shares. New share buyback progra
Slide 14: Teleconference dial-in numbers
To attend the teleconference, please dial one of the following phone numbers: Danish participants + 45 82 33 31 94 International participants +44 (0) 333 300 9263 US participants +1 646 722 4903 To ask questions press "0" and then "1" 14 | DSV Panalpina – Annual Report 2019
Slide 15: Appendix
Appendix 15 | DSV Panalpina – Annual Report 2019
Slide 16: Trade lane statistics
Trade lane statistics Pro forma 2019 Other 13% Other 9% APAC - EMEA 17% Intra Americas 6% APAC - EMEA 28% Intra Americas 9% Intra APAC 10% EMEA - APAC 14% APAC - Americas 9% 1.7 million tonnes of air freight APAC - Americas 2.6 million TEUs sea freight 11% EMEA - APAC 10% Americas - EMEA 9% Intra EM
Slide 17: Growth tables Q4-19 and full-year 2019
Growth tables Q4-19 and full-year 2019 DSV Group Currency translation Q4-19 (excl. IFRS (DKKm) Q4-18 adjustments M&A, net* Organic growth Organic growth** 16)*** IFRS 16 Impact*** Q4-19 Revenue 20,945 210 9,197 (230) (1.1%) 30,122 - 30,122 Gross profit 4,447 51 1,816 197 4.5% 6,511 573 7,084 EBIT be
Slide 18: Growth tables Q4-19 and full-year 2019
Growth tables Q4-19 and full-year 2019 DSV Road Currency translation Q4-19 (excl. IFRS (DKKm) Q4-18 adjustments M&A, net* Organic growth Organic growth** 16)*** IFRS 16 Impact*** Q4-19 Revenue 7,893 9 133 (47) (0.6%) 7,988 - 7,988 Gross profit 1,311 1 28 20 1.5% 1,360 172 1,532 EBIT before special i
Slide 19: P&L 2019
P&L 2019 Quarter Full-year (DKKm) Q4 2019 IFRS 16 impact* Q4 2019 Q4 2018 FY 2019 IFRS 16 impact* FY 2019 FY 2018 reported (excl. IFRS 16*) (excl. IFRS 16) reported (excl. IFRS 16*) (excl. IFRS 16) Revenue 30,122 - 30,122 20,945 94,701 94,701 79,053 Direct costs 23,038 (573) 23,611 16,498 70,947 (2,
Slide 20: IFRS 16 impact – divisions
IFRS 16 impact – divisions Quarter Full-year (DKKm) Q4 2019 IFRS 16 impact* Q4 2019 Q4 2018 FY 2019 IFRS 16 impact* FY 2019 FY 2018 reported (excl. IFRS 16*) (excl. IFRS 16) reported (excl. IFRS 16*) (excl. IFRS 16) Air & Sea Revenue 18,077 - 18,077 9,838 51,151 - 51,151 36,972 Gross profit 4,121 34
Slide 21: Quarterly P&L details
Quarterly P&L details DSV Group (DKKm) Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Revenue 18,223 18,924 18,735 19,019 74,901 18,380 19,491 20,237 20,945 79,053 19,979 20,079 24,521 30,122 94,701 Direct costs 14,003 14,707 1
Slide 22: Quarterly P&L details
Quarterly P&L details Air & Sea (DKKm) Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Divisional revenue 8,470 8,873 9,044 8,817 35,204 8,414 9,095 9,625 9,838 36,972 9,411 9,682 13,981 18,077 51,151 Direct costs 6,354 6,656 6,
Slide 23: Quarterly P&L details
Quarterly P&L details Road (DKKm) Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Divisional revenue 7,633 7,684 7,514 7,796 30,627 7,676 7,862 7,812 7,893 31,243 8,102 7,833 7,698 7,988 31,621 Direct costs 6,200 6,368 6,235 6,5
Slide 24: Investor contact information
Investor contact information Share information Financial calendar 2020 DSV Panalpina A/S is listed on the Copenhagen Stock Exchange under 16 Mar. 2020 Annual General meeting the symbol ‘DSV’. 30 Apr. 2020 Interim Financial Report, First Quarter 2020 For further company information, please visit: www