12 August 2022  
Consolidated Interim Report H1 2022 – NTG Nordic Transport Group A/S  
Q2 2022 highlights  
Selected financial information  
•
•
•
•
Solid performance in both divisions with double- to  
triple-digit growth in net revenue and operating profit.  
For the period 1 January 2022 to 30 June 2022  
Change  
1,008.9  
185.9  
YTD 2022  
4,906.7  
960.9  
YTD 2021  
3,260.7  
662.1  
Change  
1,646.0  
298.8  
(DKKm)  
Q2 2022  
2,728.9  
533.2  
Q2 2021  
1,720.0  
347.3  
Total growth in net revenue of 58.7%, hereof organic  
growth of 25.0%.  
Net revenue  
Gross profit  
Operating margin of 7.9% in Q2 2022 vs. 8.0% in Q2  
2021.  
Adj. EBIT  
216.8  
137.5  
79.3  
376.3  
238.9  
137.4  
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.  
Profit for the period  
Gross Margin  
Operating margin  
Conversion ratio  
169.4  
102.9  
66.5  
268.6  
169.5  
99.1  
19.5%  
7.9%  
20.2%  
8.0%  
-0.7 p.p.  
-0.1 p.p.  
1.1 p.p.  
19.6%  
7.7%  
20.3%  
7.3%  
-0.7 p.p.  
0.4 p.p.  
3.1 p.p.  
40.7%  
39.6%  
39.2%  
36.1%  
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.  
 
12 August 2022  
Financial Highlights  
Income statement (DKKm)  
Q2 2022  
2,728.9  
533.2  
Q2 2021 YTD 2022 YTD 2021  
Balance sheet (DKKm)  
30/06-2022  
7.1  
30/06-2021  
3.9  
Net revenue  
1,720.0  
347.3  
4.906,7  
960.9  
3,260.7  
662.1  
Additions to property, plant, and equipment (excl. IFRS 16)  
Balance sheet total  
Gross profit  
4,582.2  
38.8  
2,664.8  
-162.9  
369.4  
Net working capital  
Operating profit before amortisation, depreciation,  
and special items (adj. EBITDA)  
271.9  
154.9  
483.0  
296.7  
Net interest-bearing debt  
1,347.2  
545.2  
Operating profit before special items (adj. EBIT)  
Special items, net  
216.8  
0.0  
137.5  
0.0  
376.3  
-13.1  
-15.5  
268.6  
10.96  
19.77  
238.9  
-4.2  
Net interest-bearing debt, excluding IFRS 16  
Invested capital  
-186.1  
886.1  
2,121.7  
925.3  
Net financial items  
-0.4  
-15.5  
102.9  
4.19  
-25.0  
169.5  
6.82  
Total equity  
544.2  
Profit for the period  
169.4  
7.07  
19.77  
NTG A/S' shareholders' share of equity  
Non-controlling interests  
837.5  
478.5  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
87.8  
65.7  
10.72  
10.72  
Financial ratios  
Gross margin  
Q2 2022  
19.5%  
7.9%  
Q2 2021  
20.2%  
8.0%  
YTD 2022  
19.6%  
7.7%  
YTD 2021  
20.3%  
7.3%  
Cash flow statement (DKKm)  
Operating activities  
Investing activities  
Q2 2022  
205.0  
Q2 2021 YTD 2022 YTD 2021  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
135.9  
-53.3  
82.6  
330.7  
-499.4  
-168.7  
226.2  
-11.7  
179.4  
-98.4  
81.0  
40.7%  
39.6%  
39.2%  
45.2%  
65.9%  
20.2%  
1.52  
36.1%  
48.5%  
62.2%  
20.4%  
0.68  
-482.2  
-277.2  
151.9  
Free cash flow  
Adjusted free cash flow  
Financing activities  
97.5  
101.0  
-112.0  
-31.0  
47.1  
-54.7  
27.9  
Leverage ratio*  
Cash flow for the period  
-230.1  
-180.4  
Employees  
YTD 2022  
YTD 2021  
Average number of employees  
1,934  
1,469  
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  
Page 2  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 2022  
Management Report  
The positive momentum from previous quarters  
continued in Q2 2022 as the growth was underpinned  
by structural market imbalances and endeavours of our  
employees to support customers.  
Gross profit increased 53.5% to DKK 533 million in Q2  
2022, compared to DKK 347 million in Q2 2021,  
corresponding to a gross margin of 19.5% and 20.2%,  
respectively.  
Adjusted free cash flow totalled DKK 152 million in Q2  
2022, compared to DKK 98 million in Q2 2021,  
corresponding to an increase of 55.8%.  
The increase was primarily driven by the improved  
operating performance, though partially offset by the  
development in net working capital.  
In the Road & Logistics division, a sustained focus on  
developing existing customer relationships combined  
with favourable spot markets led to double-digit growth  
in net revenue and operating profit.  
Adj. EBIT increased 57.7% to DKK 217 million in Q2  
2022, compared to DKK 138 million in Q2 2021,  
corresponding to an operating margin of 7.9% and 8.0%,  
respectively.  
As of 30 June 2022, NTG had a net interest-bearing  
debt of DKK 545 million excluding IFRS 16 lease  
liabilities, compared to a net cash position of DKK 186  
million as of 30 June 2021. The development was  
primarily a result of the acquisition of AGL.  
In the Air & Ocean division, uncertainties facing global  
supply chains persisted in Q2 2022, but a combination  
of strong organic performance and the acquisition of  
AGL led to triple-digit growth in net revenue and  
operating profit.  
Adj. EBIT in the Road & Logistics division increased  
31.7% to DKK 148 million in Q2 2022, compared to Q2  
2021.  
Adj. EBIT in the Air & Ocean division increased 175.5%  
to DKK 68 million in Q2 2022, compared to Q2 2021.  
Including IFRS 16 lease liabilities, NTG had a net  
interest-bearing debt of DKK 1,347 million and DKK  
369 million by the end of Q2 2022 and Q2 2021,  
respectively, corresponding to leverage ratios of 1.52  
and 0.68.  
Net revenue in Q2 2022 increased 58.7%, compared to  
Q2 2021, to DKK 2,729 million.  
No special items were charged in neither Q2 2022 nor  
Q2 2021.  
Acquired growth totalled 34.9% in Q2 2022, driven by  
the acquisitions of AGL, LGT Group, and Neptun  
Transport.  
Minorities’ share of adj. EBIT was 8.1% in Q2 2022,  
compared to 9.2% in Q2 2021. The decrease was mainly  
driven by the acquisition of 100% of the shares in AGL  
with effect from May 2022.  
By the end of Q2 2022, NTG employed 2,043 full-time  
equivalents, compared to 1,528 by the end of Q2 2021.  
Organic growth totalled 25.0% in Q2 2022, mainly due  
to favourable freight rate environments and, to a lesser  
extent, volumes exceeding those of the same period last  
year, despite a downward tendency throughout the  
quarter.  
Net working capital totalled DKK 39 million as of 30  
June 2022, compared to negative DKK 163 million as of  
30 June 2021. The development was mainly driven by  
the acquisition of AGL, adding DKK 177 million in net  
working capital by 30 June 2022. Non-recourse  
factoring programs released DKK 12 million in net  
working capital as per 30 June 2022.  
Currency translation effects had a negative impact on  
growth of 1.2% in Q2 2022. The impact was  
predominantly driven by a depreciation of SEK, TRY,  
and PLN, partially offset by an appreciation of USD,  
versus DKK.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 3  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 2022  
Management Report, continued  
Update on recent acquisitions  
Outlook  
On 1 July 2022, NTG acquired the activities of  
Kontinent Transport, a Norway-based road freight  
forwarder.  
Based on the expected financial impact of the  
acquisition of AGL, the positive development in NTG’s  
existing business, and an expectation of current market  
conditions continuing in Q2 2022, NTG raised its  
expectations for the full year 2022 on 6 May 2022.  
In the financial year ending 31 December 2021,  
Kontinent Transport generated a net revenue and EBIT  
of approximately DKK 51 million and DKK 400  
thousand, respectively.  
We maintain this guidance, and for the full year 2022 we  
expect to achieve:  
•
•
Net revenue of DKK 9,700 – 10,200 million.  
Adj. EBIT of DKK 700 – 750 million.  
Kontinent Transport will be included in the financial  
statements of NTG as of July 2022.  
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.  
The outlook is based on an expectation of a gradual  
normalisation in the second half of the year.  
The outlook for 2022 further assumes  
a stable  
AGL was included in the consolidated financial  
statements of NTG as of May 2022. In Q2 2022, AGL  
contributed with DKK 401 million in net revenue and  
DKK 22 million in adj. EBIT.  
macroeconomic environment with no additional  
material adverse events affecting regional and global  
cargo volumes and trade patterns.  
The assumptions underlying the outlook may change.  
The acquisitions of Neptun Transport and LGT Group,  
completed on 11 June 2021 and 1 September 2021,  
respectively, contributed with DKK 199 million in net  
revenue and DKK 15 million in adj. EBIT in Q2 2022.  
The ongoing integrations of AGL and LGT Group are  
progressing according to plan, on track for finalisation in  
H1 2024 and by the end of 2022, respectively.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 4  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 2022  
Road & Logistics  
In Q2 2022, European road freight markets continued  
to be impacted by the shortages of trucks and drivers as  
well as elevated fuel prices.  
safeguard and procure capacity became increasingly  
costly.  
In line with previous quarters, focus remained on  
existing customer relationships though efforts to  
capture market shares were intensified during the  
second quarter.  
While volumes gradually decreased throughout the  
quarter amid softening demand, availability of capacity  
deteriorated even further. The volume decline  
continued in July.  
Additional hauliers were onboarded at elevated rate  
levels, enabled by current spot prices, and additional ad-  
hoc capacity was procured to accommodate customers’  
demand at higher reservation prices, compared to the  
same period last year.  
Declining demand was mainly experienced within the e-  
commerce and construction verticals, while FMCG  
activity remained high and automotive activities  
gradually rebounded.  
On the supply side, the EU Mobility Package continued  
to take its toll on the capacity situation across Europe,  
as the elevated administrative burden led to an  
increasing number of hauliers exiting the market.  
A successful adaptation to the current market  
conditions, demonstrated by the profitable pursuit of  
spot-based business while safeguarding service levels  
for long-term customers, was the main driver of the  
financial results in Q2 2022.  
As lead times for new trucks remained excessive and  
drivers continued short in supply, initiatives to  
Selected YTD financial information  
(DKKm)  
YTD 2021  
2,504.1  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2022  
%
Net external revenue  
539.1 21.5%  
109.4 21.6%  
48.9 25.2%  
441.0 17.6%  
90.5 17.8%  
33.7 17.4%  
-63.6  
-2.5%  
3,420.6 36.6%  
700.4 37.9%  
272.4 40.4%  
20.5% 0.2 p.p.  
8.0% 0.3 p.p.  
38.9% 0.7 p.p.  
Gross profit  
507.9  
194.0  
20.3%  
7.7%  
-7.4  
-4.2  
-1.5%  
-2.2%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
38.2%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 5  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 2022  
Road & Logistics, continued  
Performance in Q2 2022 reflects the importance of  
capacity under management in markets characterised  
by sustained imbalances between supply and demand.  
Organic growth was mainly driven by capacity and EU  
Mobility Package surcharges introduced in 2021 and  
2022 to safeguard capacity, intensified efforts to fortify  
relations with customers and partners, and successful  
efforts to leverage favourable spot markets.  
Operating profit before special items (adj. EBIT)  
Adj. EBIT increased 31.7% to DKK 148 million in Q2  
2022, compared to DKK 113 million in Q2 2021,  
corresponding to an operating margin of 8.5% in both  
periods.  
Some mismatch is expected to prevail for the remainder  
of the year with freight rates lingering in elevated  
territories despite expectations of demand continuing  
to soften amid declining consumer confidence.  
Gross profit  
The flat development was driven by a conversion ratio  
decline of 1.3 percentage points to 40.6% that offset the  
gross margin development for the quarter.  
Gross profit increased 35.9% to DKK 365 million in Q2  
2022, compared to DKK 269 million in Q2 2021,  
corresponding to a gross margin of 20.8% and 20.3%,  
respectively.  
The acquisitions of LGT Group and Neptun Transport  
further added to growth in net revenue and operating  
profit in the second quarter of the year.  
The conversion ratio development was impacted by a  
DKK 20 million one-off effect in the Road & Logistics  
division in Q2 2021 related to the early termination and  
appertaining reassessment of a previously impaired  
lease agreement.  
Net revenue  
The margin increase was mainly driven by structural  
market imbalances supporting favourable spot rates.  
Net revenue for the division totalled DKK 1,754 million  
in Q2 2022, compared to DKK 1,326 million in Q2  
2021.  
Adjusting for the one-off effect in Q2 2021, the  
conversion ratio increased by 6.2 percentage points in  
Q2 2022, demonstrating a combination of increased  
gross profit per shipment, compared to the same period  
last year, as well as persistent cost control.  
Total growth was 32.3%, composed of organic growth  
of 19.6%, effects from acquisitions of 15.0%, and  
currency translation effects of negative 2.5%.  
Selected quarterly financial information  
(DKKm)  
Q2 2021  
1,325.8  
Organic  
%
Acquisitions  
%
Currency  
%
Q2 2022  
%
Net external revenue  
261.1 19.8%  
57.7 21.5%  
22.4 19.9%  
199.2 15.0%  
41.7 15.5%  
15.4 13.7%  
-32.6  
-2.5%  
1,753.5 32.3%  
365.4 35.9%  
148.3 31.7%  
20.8% 0.5 p.p.  
8.5% 0.0 p.p.  
40.6% -1.3 p.p.  
Gross profit  
268.9  
112.6  
20.3%  
8.5%  
-2.9  
-2.1  
-1.1%  
-1.9%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
41.9%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 6  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 2022  
Air & Ocean  
Uncertainties facing global supply chains persisted in  
Q2 2022.  
Organic progress in the division was broad-based as  
most countries surpassed performance in the same  
period last year, most notably in the US, the  
Netherlands, and Denmark.  
Continued port congestions in the US and Europe and  
COVID-inflicted lockdowns in China affected ocean  
transports, while the war in Ukraine led to route  
changes and renewed obstacles in organising and  
executing air transports.  
On 6 May 2022, the acquisition of AGL was completed.  
AGL was included in the consolidated financial  
statements of NTG for the last two months of Q2 2022,  
contributing with DKK 401 million in net revenue and  
DKK 22 million in adj. EBIT.  
Extraordinarily high energy prices posed another  
challenge to the global air and ocean markets in the  
second quarter of 2022.  
The acquisition is expected to double the size of the Air  
& Ocean division, measured by revenue and volumes on  
an annualised basis, and it significantly strengthens the  
division’s scale and competitiveness globally.  
Combined with softening demand, freight rates entered  
a decreasing trajectory compared to the preceding  
quarter.  
In Q2 2022, the Air & Ocean division advanced on all  
parameters based on strong organic performance  
combined with the acquisition of AGL.  
Selected YTD financial information  
(DKKm)  
YTD 2021  
756.4  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2022  
%
Net external revenue  
309.8 40.9%  
43.6 28.3%  
35.3 79.3%  
400.7 53.0%  
57.7 37.4%  
22.1 49.7%  
19.6  
2.6%  
1,486.5 96.5%  
260.5 68.9%  
103.8 133.3%  
17.5% -2.9 p.p.  
7.0% 1.1 p.p.  
39.8% 10.9 p.p.  
Gross profit  
154.2  
44.5  
5.0  
1.9  
3.2%  
4.3%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
20.4%  
5.9%  
28.9%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 7  
DK-2650 Hvidovre  
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www.ntg.com  
CVR no. 12546106  
 
12 August 2022  
Air & Ocean, continued  
Net revenue  
Net revenue for the division totalled DKK 976 million in  
Q2 2022, compared to DKK 394 million in Q2 2021.  
The gross margin development was primarily driven by  
the impact of the acquisition of AGL and, secondly, cost  
inflation resulting in higher pass-through revenue.  
Total growth was 147.7%, composed of organic growth  
of 42.9%, effects from the acquisition of AGL of 101.7%,  
and currency translation effects of 3.1%.  
Operating profit before special items (adj. EBIT)  
Adj. EBIT increased 175.5% to DKK 68 million in Q2  
2022, compared to DKK 25 million in Q2 2021,  
corresponding to an operating margin of 6.9% and 6.2%,  
respectively.  
Organic growth was mainly driven by freight rates  
lingering in favourable territories throughout the  
second quarter and, to a lesser extent, higher volumes  
handled compared to the same period last year.  
The operating margin increase was explained by a  
conversion ratio increase of 9.1 percentage points to  
40.4%, driven by a scalable operating model and a  
combination of increasing efficiency and persistent cost  
control.  
Gross profit  
Gross profit increased 113.1% to DKK 167 million in  
Q2 2022, compared to DKK 78 million in Q2 2021,  
corresponding to a gross margin of 17.1% and 19.9%,  
respectively.  
The development was partially offset by the effects of  
the acquisition of AGL.  
Selected quarterly financial information  
(DKKm)  
Q2 2021  
393.9  
Organic  
%
Acquisitions  
%
Currency  
%
Q2 2022  
%
Net external revenue  
169.0 42.9%  
28.0 35.7%  
19.6 80.0%  
400.7 101.7%  
57.7 73.6%  
22.1 90.2%  
12.2  
3.1%  
975.8 147.7%  
167.1 113.1%  
67.5 175.5%  
17.1% -2.8 p.p.  
6.9% 0.7 p.p.  
40.4% 9.1 p.p.  
Gross profit  
78.4  
24.5  
3.0  
1.3  
3.8%  
5.3%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
19.9%  
6.2%  
31.3%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 8  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 2022  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q2 2022  
Q2 2021  
YTD 2022  
YTD 2021  
(DKKm)  
Q2 2022  
169.4
Q2 2021  
102.9
YTD 2022  
268.6
YTD 2021  
169.5
Net revenue  
2,728.9
1,720.0
4,906.7
3,260.7
Profit for the period  
Direct costs  
-2,195.7
533.2
-1,372.7
347.3
-3,945.8
960.9
-2,598.6
662.1
Items that may be reclassified to the income  
statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
-0.1
4.0
6.8
0.2
4.9
6.2
Other external expenses  
Staff costs  
-61.1
-49.1
-107.0
-370.9
-91.5
-200.2
-143.3
-273.9
Items will not be reclassified to the income  
statement:  
Operating profit before amortisation,  
depreciation, and special items (adj. EBITDA)  
271.9
154.9
483.0
296.7
Actuarial adjustments on retirement benefit  
obligations  
21.5
43.5
Amortisation and depreciation of intangible and  
tangible fixed assets  
-55.1
-17.4
-106.7
-57.8
Other comprehensive income  
Total comprehensive income  
21.4
10.8
43.7
11.1
Operating profit before special items (adj.  
EBIT)  
190.8
113.7
312.3
180.6
216.8
137.5
376.3
238.9
Attributable to:  
Special items, net  
0.0
12.5
0.0
0.9
-13.1
13.3
-4.2
1.1
Shareholders in NTG A/S  
Non-controlling interests  
177.9
12.9
103.9
9.8
286.8
25.5
163.1
17.5
Financial income  
Financial costs, other  
Profit before tax  
-12.9
216.4
-47.0
169.4
-16.4
122.0
-19.1
102.9
-28.8
347.7
-79.1
268.6
-26.1
209.7
-40.2
169.5
Tax on profit for the period  
Profit for the period  
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
156.4
13.0
94.0
8.9
242.7
25.9
152.8
16.7
Earnings per share  
Earnings per share (DKK)  
7.07
6.95
4.19
4.12
10.96
10.76
6.82
6.72
Diluted earnings per share (DKK) for the period  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
12 August 2022  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q2 2022  
Q2 2021  
YTD 2022  
YTD 2021  
(DKKm)  
Q2 2022  
-50.4
Q2 2021  
-37.7
0.0
YTD 2022  
-97.7
YTD 2021  
-73.9
0.0
Operating profit before special items  
216.8
137.5
376.3
238.9
Repayment of lease liabilities  
Proceeds from loans  
125.0
-0.6
125.0
Amortisation and depreciation  
Share-based payments  
55.1
1.7
15.5
3.1
106.7
2.9
55.9
4.1
Repayments of other financial liabilities  
-4.9
-12.4
-4.6
Change in working capital etc.  
Change in provisions  
-54.7
-2.2
0.0
-92.6
-4.4
-70.0
-1.2
Shareholders and non-controlling interests  
Purchase of treasury shares  
2.1
0.0
0.0
0.0
-21.0
-12.3
Dividends paid to non-controlling interests  
-25.6
-12.3
-29.1
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
12.5
-8.8
0.9
13.3
1.1
Acquisition of shares from non-controlling  
interests  
-6.9
-9.5
-6.8
0.0
-17.3
-11.5
-29.6
-13.1
330.7
-14.4
-11.7
-19.1
-4.2
-16.9
-0.1
-17.2
-0.6
-4.1
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
15.6
47.1
0.3
-54.7
27.9
19.7
-11.7
0.4
-112.0
-31.0
-11.3
0.0
Special items  
-230.1
-180.4
Cash flow from operating activities  
205.0
135.9
179.4
Cash and cash equivalents at beginning of  
period*  
149.4
177.8
99.5
235.9
Purchase of property, plant, and equipment  
Disposal of tangible assets  
-3.8
1.0
-1.6
1.4
-7.1
4.9
-3.9
1.9
Cash flow for the period  
-230.1
-8.0
27.9
2.5
-180.4
-7.8
-31.0
3.3
Currency translation adjustments  
Cash and cash equivalents at 30 June*  
Acquisition of business activities  
Changes in other financial assets  
Cash flow from investing activities  
Free cash flow  
-479.5
0.1
-52.6
-0.5
-479.5
-17.7
-89.7
-6.7
-88.7
208.2
-88.7
208.2
Statement of adjusted free cash flow  
Free cash flow  
-482.2
-277.2
-53.3
82.6
-499.4
-168.7
-98.4
81.0
-277.2  
0.0  
82.6  
0.0  
-168.7  
13.1  
81.0  
4.2  
Special items  
Acquisition of business activities  
Repayment of lease liabilities reversed  
Adjusted free cash flow  
479.5  
-50.4  
151.9  
52.6  
-37.7  
97.5  
479.5  
-97.7  
226.2  
89.7  
-73.9  
101.0  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 348.9 million on 30 June  
2022 and DKK 111.9 million on 1 January 2022 (Q2 and YTD 2021: DKK 0 million at both beginning and ending of  
periods).  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 10  
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CVR no. 12546106  
 
12 August 2022  
BALANCE SHEET, equity and liabilities  
BALANCE SHEET, assets  
(DKKm)  
30/06-2022 31/12-2021 30/06-2021  
(DKKm)  
30/06-2022 31/12-2021 30/06-2021  
Share capital  
453.0
384.5
453.0
104.7
453.0
25.5
Intangible assets  
1,331.4
72.3
857.2
77.9
600.3
77.5
Reserves  
Property, plant, and equipment  
Right-of-use assets  
755.7
59.9
712.4
27.8
515.9
17.9
NTG A/S shareholders' share of equity  
837.5
557.7
478.5
Non-controlling interests  
87.8
76.2
65.7
Other receivables  
Total equity  
925.3
633.9
544.2
Deferred tax assets  
93.6
49.4
11.1
Deferred tax liabilities  
2.7
2.7
1.5
Total non-current assets  
2,312.9
1,724.7
1,222.7
Pensions and similar obligations  
Provisions  
73.9
2.6
118.5
2.8
141.7
3.0
Trade receivables  
1,894.3
1,211.0
1,140.5
Other receivables  
114.1
260.2
0.7
93.6
211.4
1.1
91.2
208.2
2.2
Financial liabilities  
Lease liabilities  
401.5
616.4
105.1
594.4
6.8
Cash and cash equivalents  
Corporation tax  
430.9
Total non-current liabilities  
1,097.1
823.5
583.9
Total current assets  
Total assets  
2,269.3
4,582.2
1,517.1
3,241.8
1,442.1
2,664.8
Provisions  
64.9
68.3
59.9
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
403.9
185.6
1,588.0
235.7
81.7
131.0
161.1
1,180.5
210.4
33.1
15.3
124.6
1,101.0
195.6
40.3
Total current liabilities  
Total liabilities  
2,559.8
3,656.9
4,582.2
1,784.4
2,607.9
3,241.8
1,536.7
2,120.6
2,664.8
Total equity and liabilities  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 11  
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CVR no. 12546106  
 
12 August 2022  
STATEMENT OF CHANGES IN EQUITY – 1 January – 30 June 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
268.6
0.2
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
242.7
0.0
557.7
242.7
0.6
76.2
25.9
-0.4
0.0
Profit for the period  
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
0.0
0.0
0.0
0.0
43.5
43.5
44.1
286.8
43.5
Other comprehensive income, net of tax  
Total comprehensive income for the period  
0.0
0.0
43.5
-0.4
25.5
43.7
0.0
0.0
286.2
312.3
Transactions with shareholders:  
Share-based payments  
0.0
0.0
0.0
0.0
0.0
2.1
0.0
2.1
-8.2
0.0
0.0
0.0
0.0
0.0
0.0
2.5
2.9
-11.6
0.0
2.9
-11.6
0.0
0.0
0.0
2.9
-11.6
-29.1
-17.2
34.1
Tax on share-based payments  
Dividends distributed  
0.0
-29.1
-4.8
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 30 June  
0.0
-14.5
14.1
-9.1
-12.4
14.1
-7.0
0.0
20.0
-13.9
87.8
0.0
-20.9
925.3
453.0
390.2
837.5
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 12  
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CVR no. 12546106  
 
12 August 2022  
STATEMENT OF CHANGES IN EQUITY – 1 January – 30 June 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
169.5
4.9
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
4.1
0.0
0.0
4.1
4.1
-110.5
152.8
0.0
332.3
152.8
4.1
60.7
16.7
0.8
Profit for the period  
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
0.0
0.0
6.2
6.2
0.0
6.2
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
0.0
0.0
6.2
10.3
163.1
0.8
11.1
0.0
159.0
17.5
180.6
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
-1.7
4.1
0.0
4.1
0.0
0.0
-12.3
0.0
4.1
-12.3
-21.0
-0.6  
Dividends distributed  
Purchase of treasury shares  
0.0
-1.8
0.0
-19.2
0.0
-21.0
0.0
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 30 June  
0.0
-0.6
0.0
0.0
0.0
0.0
0.4
0.4
0.0
-1.8
-6.2
-15.1
33.4
-16.9
478.5
-12.5
65.7
-29.4
544.2
453.0
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 13  
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CVR no. 12546106  
 
12 August 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  
Q2 2021  
Impact  
0.0  
YTD 2021  
Q3 2021  
Impact  
0.0  
Q4 2021  
Impact  
0.0  
FY 2021  
Impact  
0.0  
(DKKm)  
Published  
1,720.0  
Restated Published  
Impact Restated Published  
Restated Published  
Restated Published  
Restated  
7,301.9  
Net revenue  
Direct costs  
1,720.0  
-1,372.7  
3,260.7  
-2,556.8  
0.0  
3,260.7  
-2,598.6  
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  
-1,351.4  
-21.3  
-41.8  
-29.9  
-46.5  
-118.2  
-5,828.0  
Gross profit  
368.6  
-54.3  
-21.3  
5.2  
347.3  
-49.1  
703.9  
-101.7  
-305.5  
296.7  
-41.8  
10.2  
31.6  
0.0  
662.1  
-91.5  
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  
-159.4  
154.9  
16.1  
0.0  
-143.3  
154.9  
-273.9  
296.7  
-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  
 
12 August 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  
Q2 2022  
Eliminations etc.  
Total  
Q2 2022  
(DKKm)  
Q2 2022  
Q2 2021  
1,329.7  
-3.9  
Q2 2021  
395.8  
-1.9  
Q2 2022  
Q2 2021  
Q2 2021  
1,725.8  
-5.8  
Segment net revenue  
1,760.7  
-7.2  
978.8  
-3.0  
0.0  
0.3  
0.0  
0.3  
0.0  
-0.3  
0.4  
2,739.5  
-10.6  
Net revenue (between segments)  
Net revenue (external)  
-0.4  
1,753.5  
365.4  
-50.7  
1,325.8  
268.9  
975.8  
167.1  
-4.2  
393.9  
78.4  
-0.4  
2,728.9  
533.2  
-55.1  
1,720.0  
Gross Profit  
0.7  
347.3  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-14.8  
-2.3  
-0.2  
-17.4  
148.3  
112.6  
67.5  
24.5  
1.0  
216.8  
137.5  
Road & Logistics  
Air & Ocean  
Eliminations etc.  
Total  
(DKKm)  
YTD 2022  
3,432.9  
-12.3  
YTD 2021  
2,512.3  
-8.2  
YTD 2022  
YTD 2021  
759.7  
-3.3  
YTD 2022  
YTD 2021  
YTD 2022  
4,923.8  
-17.1  
YTD 2021  
3,272.3  
-11.6  
Segment net revenue  
1,490.8  
-4.3  
0.1  
0.3  
Net revenue (between segments)  
Net revenue (external)  
-0.5  
-0.1  
3,420.6  
700.4  
2,504.1  
507.9  
1,486.5  
260.5  
-7.4  
756.4  
154.2  
-0.4  
0.2  
4,906.7  
960.9  
3,260.7  
Gross Profit  
0.0  
0.0  
662.1  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-99.1  
-52.4  
-4.7  
-0.2  
-0.7  
-106.7  
-57.8  
272.4  
194.0  
103.8  
44.5  
0.1  
0.4  
376.3  
238.9  
*Total assets and liabilities for each segment are not reported because such amounts are not regularly provided to the CODM (Chief Operating Decisions Maker)  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 15  
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CVR no. 12546106  
 
12 August 2022  
Net Revenue (DKKm)  
Denmark  
USA  
Q2 2022  
790.4  
498.0  
458.4  
248.5  
203.8  
529.8  
Q2 2021  
556.6  
134.6  
314.4  
182.1  
193.6  
338.7  
YTD 2022  
1,519.7  
583.0  
YTD 2021  
1,066.6  
169.9  
869.1  
585.7  
Sweden  
461.7  
347.8  
Finland  
425.1  
358.3  
Germany  
Other  
1,048.1  
732.4  
2,728.9  
1,720.0  
4,906.7  
3,260.7  
Total  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 16  
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CVR no. 12546106  
 
12 August 2022  
the commencement date, any initial costs associated to  
the lease and other directly related costs including  
dismantling and restoration costs.  
Note 3 – Leases  
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  
each asset’s useful life and the relevant lease term and  
adjusted for any remeasurements of the lease liability.  
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  
equipment  
(DKKm)  
Land & buildings  
equipment  
248.6  
0.0  
Total  
712.4  
23.3  
Land & buildings  
Total  
553.7  
8.1  
Carrying amount at 1 January  
Additions from business combinations  
Additions during the period  
Disposals during the period  
Depreciation for the period  
Foreign currency translation  
Carrying amount at 30 June  
463.8  
26.1  
51.1  
-4.7  
339.2  
4.6  
214.5  
3.5  
95.2  
143.5  
-15.9  
-101.9  
-8.5  
10.4  
-32.1  
-6.0  
39.1  
-8.5  
49.5  
-40.6  
-55.1  
0.3  
-11.2  
-60.5  
-3.0  
-41.4  
-5.5  
-49.1  
-0.1  
0.4  
486.6  
269.1  
755.7  
316.5  
199.4  
515.9  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 17  
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CVR no. 12546106  
 
12 August 2022  
Note 4 – Acquisition and disposal of entities  
revenue, DKK 22.1 million to the Group’s adj. EBIT and  
DKK 23.7 million to the result after tax. If the acquisition  
had taken place 1 January 2022 the Group’s net  
revenue would have amounted to DKK 5,755.3 million  
and result after tax would have amounted to DKK 305.4  
million.  
Fair values  
at date of  
acquisition  
Aries Global Logistics Inc.  
(DKKm)  
On 6 May 2022, NTG completed the acquisition of  
100% of the shares in Aries Global Logistics Inc (AGL).  
AGL is a full-service international air and ocean freight  
forwarder. AGL offers a range of value-added services  
including in-house customshouse brokerage and third-  
party inland transportation and warehousing solutions.  
Right-of-use assets  
Deferred tax assets  
Trade receivables  
Other receivables  
Corporation tax  
23.3  
56.3  
477.0  
1.4  
Transaction costs  
Transaction costs relating to the AGL acquisition  
amount to DKK 7.0 million. Transactions costs are  
accounted for in the income statements as special items.  
Consideration transferred  
0.1  
Cash and cash equivalents  
64.4  
The total consideration consists of a cash payment of  
Fair value of acquired net assets and recognised goodwill  
DKK 495.7 million in addition to  
a contingent  
Total Assets  
622.5  
consideration. The contingent consideration is  
determined based on the performance of AGL and  
NTG’s existing US subsidiaries in 2022 (pro forma) and  
2023. A sustained level of financial performance will  
result in earn-out payments of maximum USD 35  
million. On 30 June 2022, the maximum earn-out  
consideration of USD 35 million (DKK 246.4 million)  
was recognized.  
Provisional fair values of acquired assets and liabilities  
at the acquisition date are given in the table to the right.  
Provisions  
1.4  
21.5  
Fair value of acquired trade receivables and other  
receivables amounts to DKK 478.4 million.  
Collectability of receivables has been assessed based on  
Group credit assessment policies. In total DKK 21.3  
million has been provided for as doubtful trade  
receivables.  
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
23.3  
281.7  
19.0  
Adjusted for the fair value of acquired cash and cash  
equivalents of DKK 64.4 million, the net cash flow  
amounted to DKK 479.5 million (outflow), which  
includes an accelerated earn-out payment of DKK 26.7  
million and change of control payment of DKK 21.5  
million.  
Total liabilities  
346.9  
Goodwill is primarily related to synergy effects from  
integration with NTG’s existing infrastructure and  
network.  
Non-controlling interests’ share of acquired net  
assets  
0.0  
Acquired net assets  
275.6  
Integration of AGL is still ongoing, and consequently net  
assets, including goodwill and other intangible assets,  
may be adjusted, and off-balance sheet items may be  
recognized for up to 12 months after the acquisition  
dates, in accordance with IFRS 3.  
Fair value of total consideration  
742.1  
Earnings impact  
Goodwill and intangible assets arising from the  
acquisition  
466.5  
During the period after the acquisition, AGL  
contributed with DKK 400.7 million to the Group’s net  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 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  
515,751  
-106,368  
Treasury shares 1 January  
Ring-the-bell consideration paid  
Value adjustment  
10.3  
2.28%  
275.4  
-26.9  
-2.1  
-0.47%  
-145.1  
103.4  
Treasury shares 30 June  
409,383  
8.2  
1.81%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 19  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 2022  
Note 6 – Events after the reporting period  
Launch of share buy-back program  
On 12 August 2022, the Board of Directors of NTG  
decided to introduce a share buy-back program.  
The share buy-back program will run from 15 August  
2022 to 31 March 2023 at the latest, both days  
inclusive. During this period, NTG will purchase its own  
shares for an aggregate maximum amount of DKK  
100,000,000, up to 310,000 shares (nominally DKK  
6,200,000), corresponding to 1.37% of the current  
share capital of NTG. Reference is made to Company  
announcement no. 9 – 2022 for further information.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 20  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
12 August 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 30 June 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 30 June 2022
and of the results of NTG Nordic Transport Group A/S’
consolidated operations and cash flows for the period 1
January 2022 to 30 June 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, 12 August 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  
Page 21  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106