10 May 2022  
Consolidated Interim Report Q1 2022 – NTG Nordic Transport Group A/S  
Q1 2022 highlights  
Selected financial information  
•
•
•
•
•
Momentum from 2021 continued into the first quarter  
of 2022.  
For the periods 1 January to 31 March  
(DKKm)  
Q1 2022  
2,177.8  
427.7  
159.5  
99.2  
Q1 2021  
1,540.7  
314.8  
101.4  
66.6  
Change  
41.4%  
35.9%  
57.3%  
48.9%  
-0.8 p.p.  
0.7 p.p.  
5.1 p.p.  
Total growth in net revenue of 41.4%, hereof organic  
growth of 27.2%.  
Net revenue  
Gross profit  
Operating margin of 7.3% in Q1 2022 vs. 6.6% in Q1  
2021.  
Adj. EBIT  
Profit for the period  
Gross margin  
Operating margin  
Conversion ratio  
Acquisition of Aries Global Logistics completed on 6  
May 2022.  
19.6%  
7.3%  
20.4%  
6.6%  
2022 guidance announced on 6 May 2022 maintained:  
Net revenue of DKK 9,700 – 10,200 million and adj.  
EBIT of DKK 700 – 750 million.  
37.3%  
32.2%  
Contacts  
NTG Nordic Transport Group A/S
Forward looking statement  
Investor relations  
Christian D. Jakobsen,  
Group CFO  
Press  
Hammerholmen 47
DK-2650 Hvidovre
+45 7634 0900  
This document contains forward looking statements which are subject to risk factors associated with, amongst others, the economic and  
business circumstances occurring from time to time in the countries and markets in which NTG Nordic Transport Group and its subsidiaries  
operate.  
Mathias Jensen-Vinstrup  
Executive Vice President  
+45 4212 8090, press@ntg.com  
+45 4212 8099, ir@ntg.com  
www.ntg.com  
CVR no. 12546106  
It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables,  
which could cause actual results to differ materially from those currently anticipated. For a description of significant risks and uncertainties  
identified by the Group, reference is made to the 2021 Annual Report. Any subsequent developments are reflected in this report.  
 
10 May 2022  
Financial Highlights  
Income statement (DKKm)  
Q1 2022  
2,177.8  
427.7  
Q1 2021  
1,540.7  
314.8  
Balance sheet (DKKm)  
31/03-2022  
3.3  
31/03-2021  
2.3  
Net revenue  
Additions to property, plant, and equipment (excluding IFRS 16)  
Balance sheet total  
Gross profit  
3,404.7  
-160.7  
752.3  
2,497.1  
-145.8  
448.9  
Operating profit before amortisation, depreciation, and special items (adj.  
EBITDA)  
Net working capital  
211.1  
141.8  
Net interest-bearing debt  
Operating profit before special items (adj. EBIT)  
Special items, net  
159.5  
-13.1  
-15.1  
99.2  
101.4  
-4.2  
Net interest-bearing debt, excluding IFRS 16  
Invested capital  
-37.0  
-150.6  
860.3  
1,415.1  
769.6  
Net financial items  
-9.5  
Total equity  
439.5  
Profit for the period  
66.6  
2.63  
7.45  
NTG Nordic Transport Group A/S' shareholders' share of equity  
Non-controlling interests  
680.2  
371.3  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
3.90  
89.4  
68.2  
16.91  
Financial ratios  
Gross margin  
Q1 2022  
19.6%  
7.3%  
Q1 2021  
20.4%  
6.6%  
Cash flow statement (DKKm)  
Operating activities  
Investing activities  
Q1 2022  
125.7  
-17.2  
108.5  
74.3  
Q1 2021  
43.5  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
-45.1  
-1.6  
37.3%  
52.7%  
99.3%  
22.6%  
0.98  
32.2%  
36.4%  
50.9%  
17.6%  
0.92  
Free cash flow  
Adjusted free cash flow  
Financing activities  
3.5  
-58.8  
49.7  
-57.3  
-58.9  
Cash flow for the period  
Leverage ratio*  
Employees  
Q1 2022  
Q1 2021  
Average number of employees  
1,884  
1,441  
Reference is made to NTG’s 2021 Annual Report, page 76, for definition of key figures and ratios.  
* Ratio is based on last 12 months’ figures.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 May 2022  
Management Report  
Momentum from 2021 continued into the first quarter  
of 2022 with high activity and capacity short in supply  
across all modes of transportation.  
Currency translation effects had a negative impact on  
growth of 1.5 percentage points in Q1 2022. The impact  
was predominantly driven by a depreciation of SEK and  
TRY, partially offset by an appreciation of USD.  
improved operating performance and the development  
in net working capital.  
As of 31 March 2022, NTG had a net cash position of  
DKK 37.0 million excluding IFRS 16 lease liabilities.  
Implementation of the final phase of the EU Mobility  
Package and the war in Ukraine further added to  
uncertainties affecting global trade flows.  
Gross profit increased 35.9% to DKK 427.7 million in  
Q1 2022, compared to DKK 314.8 million in Q1 2021,  
corresponding to a gross margin of 19.6% and 20.4%,  
respectively.  
Following recent expansions of NTG’s terminal  
activities, most notably driven by the acquisition of LGT  
Group in 2021, and to uphold financial transparency,  
NTG included all terminal-related costs as part of direct  
costs with effect as of 1 January 2022. Terminal-related  
costs were previously included in other external  
expenses and staff costs. Figures for the comparison  
period have been restated accordingly. For further  
information, reference is made to note 1.  
In spite of challenging dynamics, market conditions  
continued to be supportive, and financial results in both  
divisions exceeded those of the first quarter last year.  
Adj. EBIT increased 57.3% to DKK 159.5 million in Q1  
2022, compared to DKK 101.4 million in Q1 2021.  
In the Road & Logistics division, activity remained high  
in Q1 2022 albeit volume growth gradually diminished  
towards the end of the quarter. Capacity surcharges  
and increasing spot rates supported high organic  
growth in Q1 2022.  
The operating margin was 7.3% for Q1 2022, compared  
to 6.6% in the same period last year.  
Adj. EBIT in the Road & Logistics division increased  
52.5% to DKK 124.0 million in Q1 2022 compared to  
Q1 2021.  
The amendment, which solely affects the Road &  
Logistics division, does not include a reclassification of  
IFRS 16 lease liability amortisation and interest  
expenses related to terminals.  
In the Air & Ocean division, freight rates remained  
elevated in Q1 2022 driven by a combination of  
persistent structural imbalances, elevated uncertainty,  
and unresolved backlogs.  
Adj. EBIT in the Air & Ocean division increased 83.3% to  
DKK 36.3 million in Q1 2022 compared to Q1 2021.  
Special items totalled DKK 13.1 million in Q1 2022,  
compared to DKK 4.2 million in Q1 2021.  
Net revenue in Q1 2022 increased 41.4%, compared to  
Q1 2021, to DKK 2,177.8 million.  
Minorities’ share of adj. EBIT was 10.0% in Q1 2022  
compared to 10.2% in Q1 2021.  
Acquired growth totalled 15.7% in Q1 2022, driven by  
the acquisitions of Cargorange, Twente Express,  
Neptun Transport, and LGT Group completed during  
the course of 2021.  
Net working capital was negative DKK 160.7 million as  
of 31 March 2022, compared to negative DKK 145.8  
million as of 31 March 2021.  
Organic growth totalled 27.2% in Q1 2022, compared  
to the same period last year, mainly due to continued  
shortages of capacity and increasing energy prices  
causing higher freight rates.  
Adjusted free cash flow totalled DKK 74.3 million in Q1  
2022, compared to DKK 3.5 million in Q1 2021. The  
increase was primarily driven by a combination of  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 May 2022  
Management Report, continued  
Update on recent acquisitions  
all customers affected by the war and ensuing  
suspension of services.  
Ukraine and Russia  
On 6 May 2022, NTG completed the acquisition of  
100% of the shares in Aries Global Logistics (AGL), a US-  
based air and ocean freight forwarder.  
As a result of the outbreak of war in Ukraine in Q1 2022,  
NTG suspended shipments to, from, and transiting  
Russian and Belarusian territory, except for medical,  
food, and humanitarian supplies.  
The situation continues to be closely monitored and the  
impact of potential new restrictions and sanctions will  
be evaluated continuously.  
AGL will be included in the consolidated financial  
statements of NTG as of May 2022. The acquisition is  
expected to contribute with approximately DKK 1,400  
million in revenue and approximately DKK 85 million in  
adj. EBIT for the remaining eight months of the year.  
Outlook  
As the saddening situation unfolded, NTG decided to  
pursue a divestment of its Russian and Belarusian  
activities. In April 2022, an agreement to divest the  
Russian and Belarusian activities in a management buy-  
out was signed.  
Based on the expected financial impact of the  
acquisition of AGL for the remainder of 2022, the  
positive development in NTG’s existing business in Q1  
2022, and an expectation of current market conditions  
continuing in Q2 2022, NTG raised its full-year  
expectations for 2022 on 6 May 2022.  
Transaction and integration costs of approximately  
DKK 25 million in total are expected to be charged  
under special items through to finalisation of  
integration in H1 2024, of which DKK 7.0 million have  
been charged under special items in Q1 2022.  
The activities, including certain entities in Kazakhstan,  
Belarus, and Germany, all part of the former Russian  
group structure within NTG, were divested with  
immediate effect.  
We maintain this guidance, and for the full year 2022 we  
expect to achieve:  
For more details on AGL and the transaction, reference  
is made to Company announcement no. 03 – 22,  
In 2021, the divested activities accounted for  
approximately DKK 83 million in net revenue and  
approximately DKK 3 million in operating profit.  
•
•
Revenue of DKK 9,700 – 10,200 million.  
Adj. EBIT of DKK 700 – 750 million.  
Company announcement no. 06  
investor.ntg.com.  
–
22 and  
The outlook is based on an expectation of the current  
market situation continuing in the second quarter of  
2022, followed by a gradual normalisation in the second  
half of the year.  
Write-downs of DKK 6.1 million and DKK 2.3 million  
related to these assets have been charged under special  
items and financial expenses, respectively, in Q1 2022.  
The acquisition of LGT Group, completed on  
1
September 2021, is progressing according to plan with  
finalisation of integration expected by the end of 2022.  
The Ukrainian activities will continue as a separate legal  
entity within NTG.  
The outlook for 2022 further assumes  
a stable  
No integration costs regarding LGT Group have been  
charged under special items in Q1 2022.  
macroeconomic environment with no additional  
material adverse events affecting regional and global  
cargo volumes and trade patterns.  
The suspension of shipments to, from, and transiting  
Russian and Belarusian territory remains in force  
following the divestment, and NTG continues to do its  
utmost to support and alleviate adverse implications for  
The acquisitions of Cargorange, Twente Express,  
Neptun Transport, and LGT Group contributed with  
DKK 241.8 million in net revenue and DKK 18.3 million  
in adj. EBIT in the first quarter of 2022.  
As uncertainty gradually increased during the first  
quarter of 2022, the assumptions underlying the  
outlook may change.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 May 2022  
Road & Logistics  
Q1 2022 was another demanding quarter for the Road  
& Logistics division as the war in Ukraine resulted in  
elevated uncertainty, unpredictability, and soaring  
energy prices that affected both domestic and cross-  
border transports throughout Europe.  
Acquisitions completed in 2021 further added to  
growth within the division in the first quarter of the  
year.  
Continued shortages of trucks and drivers and soaring  
energy prices are expected to keep freight rates  
elevated in the near term.  
On 1 February 2022, the Mobility Package adopted by  
the European Union took final effect, and the  
implications gradually surfaced towards the end of the  
quarter amid mounting capacity shortages.  
In line with previous quarters, the Road & Logistics  
division retained focus on safeguarding existing  
customer relationships in Q1 2022, at the expense of  
short-term optimisation through increased activity in  
the spot market. A selective approach to onboarding of  
new customers was applied.  
The full effects of the EU Mobility Package remain to be  
seen as vehicles gradually start to return to home within  
statutory eight-week cycles.  
The Road & Logistics division maintained momentum in  
the first quarter of the year, and financial results  
exceeded those of the same period last year on an  
organic basis.  
Focus on securing capacity on behalf of existing  
customers in the short- and medium term remains a key  
priority, and new initiatives are continuously being  
evaluated.  
Selected quarterly financial information  
(DKKm)  
Q1 2021  
1,178.3  
Organic  
%
Acquisitions  
%
Currency  
%
Q1 2022  
%
Net external revenue  
277.9 23.6%  
51.5 21.5%  
26.5 32.6%  
241.8 20.5%  
48.8 20.4%  
18.3 22.5%  
-30.9  
-2.6%  
1,667.1 41.5%  
334.9 40.1%  
124.0 52.5%  
20.1% -0.2 p.p.  
7.4% 0.5 p.p.  
37.0% 3.0 p.p.  
Gross profit  
239.0  
81.3  
-4.4  
-2.1  
-1.8%  
-2.6%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
20.3%  
6.9%  
34.0%  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 May 2022  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue for the division totalled DKK 1,667.1  
million in Q1 2022 compared to DKK 1,178.3 million in  
Q1 2021.  
Adj. EBIT for Q1 2022 totalled DKK 124.0 million, an  
increase of DKK 42.7 million compared to Q1 2021.  
The operating margin was 7.4% for Q1 2022, compared  
to 6.9% in the same period last year.  
Total growth was 41.5%, composed of organic growth  
of 23.6%, effects from acquisitions of 20.5%, and  
currency translation effects of negative 2.6%.  
The development was driven by a conversion ratio  
improvement of 3.0 percentage points to 37.0%, which  
more than offset the gross margin development.  
The increase in revenue was mainly driven by capacity  
surcharges introduced in 2021 to safeguard capacity,  
and intensified efforts to fortify relations with  
customers and partners.  
Like previous quarters, the conversion ratio  
improvement was a result of increased efficiency and  
scalability of fixed costs in the division, resulting in gross  
profit growth exceeding growth in fixed costs during the  
quarter, on a like-for-like basis.  
Capacity surcharges and increasing spot rates were the  
main drivers of organic growth in the first quarter of  
2022.  
Gross profit  
Gross profit increased 40.1% to DKK 334.9 million in  
Q1 2022, compared to DKK 239.0 million in Q1 2021,  
corresponding to a gross margin of 20.1% and 20.3%,  
respectively.  
The decrease was primarily driven by rising input factor  
prices caused by driver and truck shortages.  
The abrupt spikes in energy prices in the wake of the  
outbreak of war in Ukraine had an additional adverse  
impact on gross margins in Q1 2022.  
The acquisition of LGT Group and capacity surcharges  
introduced in the second half of 2021 had a partially  
offsetting effect on the gross margin development.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 May 2022  
Air & Ocean  
Freight rates remained elevated in the first quarter of  
2022 with no apparent signs of normalisation following  
Chinese New Year.  
Financial results in the division for the first quarter of  
the year were mainly driven by the division’s activities in  
the US, followed by Sweden, Germany, and Finland.  
The war in Ukraine further added to market imbalances,  
and renewed disruptions to global supply chains caused  
further capacity shortages on trade lanes previously  
transcending Russian and Ukrainian territory.  
Net revenue  
Net revenue for the division totalled DKK 510.6 million  
in Q1 2022, compared to DKK 362.5 million in Q1  
2021.  
The war in Ukraine, soaring energy prices, and existing  
backlogs continued to hamper freight rate  
normalisations in the first quarter of 2022.  
Total growth was 40.9%, composed of organic growth  
of 38.9% and currency translation effects of 2.0%.  
Organic growth was mainly driven by higher freight  
rates.  
The re-emergence of lockdowns in China poses another  
potential trigger of further congestions in the near term.  
Based on the developments in the first quarter of 2022,  
the air and ocean markets are not expected to ease  
notably in the first half of 2022.  
Selected quarterly financial information  
(DKKm)  
Q1 2021  
362.5  
Organic  
140.7  
%
Acquisitions  
%
Currency  
%
Q1 2022  
510.6  
%
Net external revenue  
38.9%  
0.0  
0.0%  
7.4  
2.0%  
40.9%  
Gross profit  
75.8  
19.8  
15.8  
15.9  
20.9%  
80.3%  
0.0  
0.0  
0.0%  
0.0%  
1.9  
0.6  
2.5%  
3.0%  
93.5  
36.3  
23.4%  
83.3%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
20.9%  
5.5%  
18.3%  
7.1%  
-2.6 p.p.  
1.6 p.p.  
12.7 p.p.  
26.1%  
38.8%  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 May 2022  
Air & Ocean, continued  
Gross profit  
Gross profit increased 23.4% to DKK 93.5 million in Q1  
2022, compared to DKK 75.8 million in Q1 2021,  
corresponding to a gross margin of 18.3% and 20.9%,  
respectively.  
Elevated freight rates in Q1 2022 resulting in increasing  
pass-through revenue were the main driver of the  
development.  
Operating profit before special items (adj. EBIT)  
Adj. EBIT for Q1 2022 totalled DKK 36.3 million, an  
increase of DKK 16.5 million compared to Q1 2021.  
The operating margin was 7.1% for Q1 2022, compared  
to 5.5% in the same period last year.  
The operating margin increase was driven by  
a
conversion ratio increase of 12.7 percentage points to  
38.8%.  
The development was supported by a scalable operating  
model with a combination of increasing efficiency and  
persistent cost control.  
With the completion of the acquisition of AGL on 6 May  
2022, revenue and volumes of the Air & Ocean division  
are expected to double on an annualised basis, and the  
transaction is expected to significantly strengthen the  
division’s  
activities  
globally.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 May 2022  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q1 2022  
2,177.8
-1,750.1
Q1 2021  
1,540.7
-1,225.9
(DKKm)  
Q1 2022  
Q1 2021  
Net revenue  
Direct costs  
Profit for the period  
99.2
66.6
Items that may be reclassified to the income statement:  
Gross profit  
427.7
-45.9
314.8
-42.4
Foreign exchange adjustments of subsidiaries  
0.3
0.9
Other external expenses  
Staff costs  
Items will not be reclassified to the income statement:  
-170.7
-130.6
Actuarial adjustments on retirement benefit obligations  
22.0
22.3
-0.6
0.3
Operating profit before amortisation, depreciation, and special items  
(adj. EBITDA)  
211.1
141.8
Other comprehensive income  
Total comprehensive income  
Amortisation and depreciation of intangible and tangible fixed assets  
Operating profit before special items (adj. EBIT)  
Special items, net  
-51.6
159.5
-13.1
0.8
-40.4
101.4
-4.2
121.5
66.9
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
108.9
12.6
59.2
7.7
Financial income  
0.2
Financial costs, other  
-15.9
-9.7
Profit before tax  
131.3
-32.1
99.2
87.7
-21.1
66.6
Tax on profit for the period  
Profit for the period  
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
86.3
12.9
58.8
7.8
Earnings per share  
Earnings per share (DKK)  
3.90
3.82
2.63
2.60
Diluted earnings per share (DKK) for the period  
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CVR no. 12546106  
 
10 May 2022  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q1 2022  
-47.3
Q1 2021  
-36.2
(DKKm)  
Q1 2022  
Q1 2021  
Repayment of lease liabilities  
Repayments of other financial liabilities  
Operating profit before special items  
159.5
101.4
-11.8
0.3
Amortisation and depreciation etc.  
Share-based payments  
51.6
1.2
40.4
1.0
Shareholders and non-controlling interests  
Change in working capital etc.  
-37.9
-70.0
Purchase of treasury shares  
0.0
-3.5
-21.0
0.0
Change in provisions  
-2.2
0.8
-3.3
0.2
Dividends paid to non-controlling interests  
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
-0.3
-0.5
Financial income received  
4.1
0.1
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
Special items  
-8.5
-7.4
-7.5
-2.2
-58.8
49.7
-57.3
-58.9
-18.3
-13.1
-12.3
-4.2
Cash and cash equivalents at 1 January*  
99.5
235.9
Cash flow from operating activities  
125.7
43.5
Cash flow for the period  
49.7
0.2
-58.9
0.8
Currency translation adjustments  
Cash and cash equivalents at 31 March*  
Purchase of property, plant, and equipment  
Disposal of tangible assets  
-3.3
3.9
-2.3
0.5
149.4
177.8
Statement of adjusted free cash flow  
Acquisition of business activities  
Changes in other financial assets  
0.0
-37.1
-6.2
Free cash flow  
108.5  
13.1  
0.0  
-1.6  
4.2  
-17.8
Special items  
Cash flow from investing activities  
Free cash flow  
-17.2
108.5
-45.1
-1.6
Acquisition of business activities  
Repayment of lease liabilities reversed  
Adjusted free cash flow  
37.1  
-36.2  
3.5  
-47.3  
74.3  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 14.5 million at 31 March and  
DKK 111.9 million at 1 January (Q1 2021: DKK 0 million at both beginning and ending of period).  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 May 2022  
BALANCE SHEET, equity and liabilities  
BALANCE SHEET, assets  
(DKKm)  
31/03-2022 31/12-2021 31/03-2021  
(DKKm)  
31/03-2022 31/12-2021 31/03-2021  
Share capital  
453.0
227.2
453.0
104.7
453.0
-81.7
Intangible assets  
857.2
72.2
857.2
77.9
545.2
76.1
Reserves  
Property, plant, and equipment  
Right-of-use assets  
744.7
60.0
712.4
27.8
536.8
17.4
NTG A/S shareholders' share of equity  
680.2
557.7
371.3
Non-controlling interests  
89.4
76.2
68.2
Other receivables  
Total equity  
769.6
633.9
439.5
Deferred tax assets  
49.5
49.4
12.1
Deferred tax liabilities  
2.7
2.7
1.4
Total non-current assets  
1,783.6
1,724.7
1,187.6
Pensions and similar obligations  
Provisions  
95.7
2.6
118.5
2.8
149.0
3.0
Trade receivables  
1,351.6
1,211.0
1,046.8
Other receivables  
104.3
163.9
1.3
93.6
211.4
1.1
84.6
177.8
0.3
Financial liabilities  
Lease liabilities  
101.3
609.6
105.1
594.4
8.1
Cash and cash equivalents  
Corporation tax  
468.4
Total non-current liabilities  
811.9
823.5
629.9
Total current assets  
Total assets  
1,621.1
3,404.7
1,517.1
3,241.8
1,309.5
2,497.1
Provisions  
67.1
68.3
57.3
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
25.6
179.7
1,289.3
212.6
48.9
131.0
161.1
1,180.5
210.4
33.1
19.1
131.1
1,008.0
185.5
26.7
Total current liabilities  
Total liabilities  
1,823.2
2,635.1
3,404.7
1,784.4
2,607.9
3,241.8
1,427.7
2,057.6
2,497.1
Total equity and liabilities  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
10 May 2022  
STATEMENT OF CHANGES IN EQUITY – 1 January – 31 March 2022  
NTG A/S  
shareholder’s  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
633.9
99.2
Equity at 1 January  
453.0
0.0
-10.3
0.0
1.9
0.0
0.6
0.0
0.6
0.6
113.1
86.3
0.0
557.7
86.3
0.6
76.2
12.9
-0.3
0.0
Profit for the period  
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
0.0
0.0
0.3
0.0
0.0
22.0
22.0
108.3
22.0
22.6
108.9
22.0
Other comprehensive income, net of tax  
Total comprehensive income for the period  
0.0
0.0
-0.3
12.6
22.3
0.0
0.0
121.5
Transactions with shareholders:  
Share-based payments  
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.5
1.2
-1.7
1.2
-1.7
0.0
0.0
0.0
1.2
-1.7
Tax on share-based payments  
Dividends distributed  
0.0
0.0
0.0
-3.5
-0.3
4.4
-3.5
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 31 March  
0.0
0.0
0.0
0.0
-0.3
0.0
0.0
14.1
13.6
235.0
14.1
13.6
680.2
18.5
14.2
769.6
0.0
0.0
0.6
453.0
-10.3
89.4
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 May 2022  
STATEMENT OF CHANGES IN EQUITY – 1 January – 31 March 2021  
NTG A/S  
shareholder’s  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
393.0
66.6
Equity at 1 January  
453.0
0.0
-4.4
0.0
0.0
0.0
0.0
0.0
0.0
-5.8
0.0
1.0
0.0
0.0
1.0
1.0
-110.5
58.8
0.0
332.3
58.8
1.0
60.7
7.8
Profit for the period  
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
0.0
-0.1
0.0
0.9
0.0
-0.6
0.0
-0.6
0.0
-0.6
Tax on other comprehensive income  
Other comprehensive income, net of tax  
Total comprehensive income for the period  
0.0
0.0
0.0
0.0
-0.6
58.2
0.4
-0.1
7.7
0.3
0.0
59.2
66.9
Transactions with shareholders:  
Share-based payments  
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-4.8
1.0
0.0
1.0
0.0
0.0
0.0
1.0
0.0
Dividends distributed  
Purchase of treasury shares  
0.0
-1.8
0.0
-19.2
0.0
-21.0
0.0
0.0
-21.0
0.0
Addition of non-controlling interests  
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 31 March  
0.0
0.0
0.0
0.0
-0.2
0.0
-0.2
-0.3
0.1
-0.5
0.0
0.0
0.0
0.1
0.0
-1.8
-6.2
-18.4
-70.7
-20.2
371.3
-0,2
68.2
-20.4
439.5
453.0
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 13  
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CVR no. 12546106  
 
10 May 2022  
Notes  
Note 1 – Accounting policies  
interpretations have had a material impact on NTG  
Nordic Transport Group’s Financial Statements.  
The Interim Financial Report has been prepared in  
accordance with IAS 34 “Interim Financial Reporting” as  
adopted by the EU and additional requirements in the  
Danish Financial Statements Act.  
Accounting practice change, terminal-related costs  
The presentation of direct terminal costs has been  
updated effective 1 January 2022, resulting in terminal  
facility expenses and staff costs being presented as  
Direct costs (formerly Other external expenses and  
Staff costs). Comparative figures for 2021 have been  
consequently restated and the impact is disclosed in the  
table below. The restatement only concerns the Road &  
Logistics segment.  
Accounting policies, judgements and significant  
estimates applied in preparation of the Interim Financial  
Report are consistent with those applied in the  
consolidated financial statements for 2021, except for  
the presentational update to terminal-related costs.  
Reference is made to note 1.1 of NTG Nordic Transport  
Group’s 2021 Annual Report for a description of  
accounting policies. For a definition of financial key  
figures and financial ratios, please see page 76 of NTG  
Nordic Transport Group’s 2021 Annual Report.  
NTG Nordic Transport Group has implemented all new  
EU-approved standards and interpretations effective as  
of 1 January 2022. None of these standards and  
Impact on total 2021 figures from presentational update of terminal-related costs  
Q1 2021  
Impact  
0.0  
Q2 2021  
Q3 2021  
Impact  
0.0  
Q4 2021  
Impact  
0.0  
FY 2021  
Impact  
0.0  
(DKKm)  
Published  
1,540.7  
Restated Published  
Impact  
0.0  
Restated Published  
Restated Published  
Restated Published  
Restated  
7,301.9  
Net revenue  
Direct costs  
1,540.7  
-1,225.9  
1,720.0  
-1,351.4  
1,720.00  
-1,372.7  
1,869.5  
-1,470.9  
1,869.5  
-1,500.8  
2,171.7  
-1,682.1  
2,171.7  
-1,728.6  
7,301.9  
-5,709.8  
-1,205.4  
-20.5  
-21.3  
-29.9  
-46.5  
-118.2  
-5,828.0  
Gross profit  
335.3  
-47.4  
-20.5  
5.0  
314.8  
-42.4  
368.6  
-54.3  
-21.3  
5.2  
347.3  
-49.1  
398.6  
-47.7  
-29.9  
5.6  
368.7  
-42.1  
489.6  
-60.1  
-46.5  
6.2  
443.1  
-53.9  
1,592.1  
-209.5  
-683.5  
699.1  
-118.2  
22.0  
96.2  
0.0  
1,473.9  
-187.5  
-587.3  
699.1  
Other external expenses  
Staff costs  
-146.1  
141.8  
15.5  
0.0  
-130.6  
141.8  
-159.4  
154.9  
16.1  
0.0  
-143.3  
154.9  
-163.6  
187.3  
24.3  
0.0  
-139.3  
187.3  
-214.4  
215.1  
40.3  
0.0  
-174.1  
215.1  
Adj. EBITDA  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 14  
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CVR no. 12546106  
 
10 May 2022  
Note 2 – Segment information and net revenue  
NTG Nordic Transport Group mainly derives revenue  
from freight forwarding services related to transport of  
goods throughout Europe and worldwide by road, air,  
and ocean.  
Road & Logistics  
Air & Ocean  
Q1 2022  
Eliminations etc.  
Total  
Q1 2022  
(DKKm)  
Q1 2022  
Q1 2021  
1,182.6  
-4.3  
Q1 2021  
363.8  
-1.3  
Q1 2022  
Q1 2021  
Q1 2021  
1,546.5  
-5.8  
Segment net revenue  
1,672.2  
-5.1  
511.9  
-1.3  
0.2  
0.1  
-0.2  
-0.1  
0.0  
2,184.3  
-6.5  
Net revenue (between segments)  
Net revenue (external)  
-0.1  
1,667.1  
334.9  
-48.3  
1,178.3  
239.0  
510.6  
93.5  
-3.2  
362.5  
75.8  
0.1  
2,177.8  
427.7  
-51.6  
1,540.7  
Gross Profit  
-0.7  
314.8  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-37.7  
-2.3  
-0.1  
-0.4  
0.3  
-40,4  
124.0  
81.3  
36.3  
19.8  
-0.8  
159.5  
101.4  
*Total assets and liabilities for each segment are not reported because such amounts are not regularly provided to the CODM (Chief Operating Decisions Maker)  
Net Revenue per country (DKKm)  
Q1 2022  
729.3  
410.7  
221.3  
213.2  
603.3  
Q1 2021  
510.1  
271.3  
165.7  
164.7  
428.9  
Denmark  
Sweden  
Germany  
Finland  
Other countries  
Total  
2,177.8  
1,540.7  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 May 2022  
Note 3 – Leases  
the commencement date, any initial costs associated to  
the lease and other directly related costs including  
dismantling and restoration costs.  
each asset’s useful life and the relevant lease term and  
adjusted for any remeasurements of the lease liability.  
Contracts are assessed at inception to determine  
whether NTG Nordic Transport Group is entering a  
lease. If a lease is identified, a right-of-use asset and a  
corresponding lease liability are recognised in the  
balance sheet at the contract’s commencement date.  
Subsequent to recognition, lease liabilities are  
measured at amortised cost using the effective interest  
method, adjusted for any remeasurements or contract  
modifications. Lease payments are allocated between  
reduction of the liability and interest expenses. Interest  
expenses are charged to the income statement over the  
lease period to produce a constant periodic rate of  
interest on the remaining balance of the liability for each  
period.  
Lease liabilities are initially measured at the present  
value of future leasing payments under the contract,  
discounted using either the interest rate implicit in the  
contract, or (if the implicit interest rate is not available)  
an incremental borrowing rate appropriate for NTG  
Nordic Transport Group.  
Subsequent to recognition, right-of-use assets are  
depreciated on a straight-line basis over the shorter of  
Right-of-use assets are initially measured at cost,  
equivalent to the relevant recognised lease liability  
adjusted for any leasing payments made on or before  
2022  
2021  
Other plant and  
Other plant and  
(DKKm)  
Land & buildings  
equipment  
248.6  
0.0  
Total  
712.4  
0.0  
Land & buildings  
equipment  
214.5  
2.2  
Total  
553.7  
2.2  
Opening balance 1 January  
Additions from business combinations  
Additions during the period  
Disposals during the period  
Depreciation for the period  
Foreign currency translation  
Carrying amount at 31 March  
463.8  
0.0  
339.2  
0.0  
31.0  
-3.0  
60.9  
91.9  
-8.4  
1.2  
23.2  
24.4  
-4.8  
-5.4  
-0.1  
-12.9  
-0.4  
-4.7  
-19.6  
-1.1  
-29.8  
-0.7  
-49.4  
-1.8  
-24.6  
-0.8  
-37.5  
-1.2  
471.1  
273.6  
744.7  
327.0  
209.8  
536.8  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 May 2022  
Note 4 – Related party transactions  
NTG Nordic Transport Group’s related parties include  
the Group’s Board of Directors, the Executive Board  
and close family members of these persons. Related  
parties also include companies in which these persons  
have significant influence.  
None of the related parties have control of NTG Nordic  
Transport Group.  
NTG Nordic Transport Group had the following  
transactions with related parties during the interim  
period:  
(DKKm)  
Q1 2022  
Q1 2021  
Rent and leasing from related parties  
0.0  
-3.0  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 May 2022  
Note 5 – Treasury shares  
Treasury shares are bought back to meet obligations  
relating to acquisition of minority shareholders’ shares  
in NTG subsidiaries under the “Ring-the-Bell” concept  
and to cover obligations arising under share-based  
incentive programs and potentially for other purposes  
such as payment in relation to M&A transactions.  
Nominal  
value  
(DKKm)  
Part of  
share  
capital  
Market  
value  
(DKKm)  
Number of  
shares  
Treasury shares 1 January  
Value adjustment  
515,751  
10.3  
2.28%  
275.4  
-63.9  
211.5  
Treasury shares 31 March  
515,751  
10.3  
2.28  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
10 May 2022  
Note 6 – Events after the reporting period  
Conversion of the acquisition’s financial reporting to  
Group principles is pending, and as such no disclosure of  
the acquisition’s past financial results can be made.  
In April 2022, an agreement to divest the Russian and  
Belarusian activities in a management buy-out was  
signed, and as such the entities will be deconsolidated  
from the Group in Q2 2022. The transaction has  
warranted a fair value adjustment of the related assets  
and liabilities in Q1 2022, resulting in a total write-down  
of DKK 8.4 million (DKK 6.1 million as special items and  
DKK 2.3 million as financial costs). For further  
information, reference is made to the Management’s  
Review.  
On 6 May 2022, NTG completed the acquisition of  
100% of the shares in Aries Global Logistics (AGL) that  
was announced in company announcement no. 03 - 22  
on 29 March 2022. AGL will be included in the  
consolidated financial statements of NTG as of May  
2022. For further information, reference is made to the  
Management’s Review.  
The transaction values 100 % of the shares in AGL at  
USD 70 million on a cash and debt free basis, settled by  
cash consideration. This excludes  
a contingent  
consideration based on realised performance in a  
period following closing of the transaction. Valuation of  
the contingent consideration is not yet assessed by  
Management, and disclosure is therefore not possible.  
At the time these financial statements were authorised  
for issue, the Group had not completed accounting for  
the acquisition of AGL. Therefore, fair values of  
acquired assets and liabilities are not disclosed.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 19  
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CVR no. 12546106  
 
10 May 2022  
Statement of the Board of Directors and the Executive Board
The Board of Directors and the Executive Board have
today discussed and approved the Interim Report of
NTG Nordic Transport Group A/S for the period 1
January 2022 to 31 March 2022.
Financial Reporting as adopted by the EU and additional
Danish disclosure requirements for interim financial
reporting of listed companies. In our opinion, the interim
consolidated financial statements give a true and fair
view of NTG Nordic Transport Group A/S’ consolidated
assets, liabilities and financial position at 31 March
2022 and of the results of NTG Nordic Transport Group
A/S’ consolidated operations and cash flows for the
period 1 January 2022 to 31 March 2022.
Furthermore, in our opinion the Management report
includes a fair review of the development in NTG Nordic
Transport Group A/S’ operations and financial
conditions, the results for the period, cash flows and
financial position as well as a description of the most
significant risks and uncertainty factors that NTG
Nordic Transport Group A/S faces.
The interim consolidated financial statements of NTG
Nordic Transport Group A/S, which have not been
audited or reviewed by the Company’s auditor, have
been prepared in accordance with IAS 34 Interim
Hvidovre, 10 May 2022
Executive Board  
Michael Larsen
Group CEO
Christian D. Jakobsen
Group CFO
Board of Directors  
Eivind Kolding
Jørgen Hansen
Finn Skovbo Pedersen
Chairman of the board
Deputy chairman of the board Board member
Carsten Krogsgaard Thomsen Jesper Præstensgaard
Karen-Marie Katholm
Board member
Board member
Board member
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106