8 May 2023  
Consolidated Interim Report Q1 2023 – NTG Nordic Transport Group A/S  
Selected financial information  
Q1 2023 highlights  
For the periods 1 January to 31 March  
•
The quarter was characterised by macroeconomic  
headwinds and challenging market conditions.  
(DKKm)  
Q1 2023  
2,254  
477  
Q1 2022  
2,178  
428  
Change  
3.5%  
•
Total growth in net revenue of 3.5%, hereof organic  
growth of negative 7.2% and a currency translation  
effect of negative 2.1%.  
Net revenue  
Gross profit  
11.4%  
-6.3%  
Adj. EBIT  
150  
160  
•
•
Operating margin of 6.7% in Q1 2023 vs. 7.3% in Q1  
2022.  
Profit for the period  
Gross margin  
Operating margin  
Conversion ratio  
105  
99  
6.1%  
2023 guidance announced on  
8
March 2023  
21.2%  
6.7%  
19.6%  
7.3%  
37.3%  
1.6 p.p.  
-0.6 p.p.  
-5.9 p.p.  
maintained: Adj. EBIT of DKK 620 – 700 million.  
31.4%  
Contacts  
NTG Nordic Transport Group A/S
Forward looking statement  
Investor relations  
Christian D. Jakobsen,  
Group CFO  
+45 4212 8099  
ir@ntg.com  
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.  
Camilla Marcher Lydom  
Communications Manager  
+45 4212 8090  
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 2022 Annual Report. Any subsequent developments are reflected in this report.  
press@ntg.com  
 
8 May 2023  
Financial Highlights  
Income statement (DKKm)  
Q1 2023  
2,254  
477  
Q1 2022  
2,178  
428  
Balance sheet (DKKm)  
31/03-2023  
9
31/03-2022  
3
Net revenue  
Additions to property, plant, and equipment (excluding IFRS 16)  
Balance sheet total  
Gross profit  
4,219  
-140  
3,405  
-161  
752  
Operating profit before amortisation, depreciation, and special items (adj.  
EBITDA)  
Net working capital  
207  
211  
Net interest-bearing debt  
1,036  
220  
Operating profit before special items (adj. EBIT)  
Special items, net  
150  
-
160  
-13  
Net interest-bearing debt, excluding IFRS 16  
Invested capital  
-37  
2,003  
1,066  
962  
1,415  
770  
Net financial items  
-19  
-15  
Total equity  
Profit for the period  
105  
4.32  
22.22  
99  
NTG Nordic Transport Group A/S' shareholders' share of equity  
Non-controlling interests  
680  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
3.90  
16.91  
104  
90  
Financial ratios  
Gross margin  
Q1 2023  
21.2%  
6.7%  
Q1 2022  
19.6%  
7.3%  
Cash flow statement (DKKm)  
Operating activities  
Investing activities  
Q1 2023  
106  
-11  
Q1 2022  
126  
-17  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
31.4%  
43.8%  
58.9%  
25.3%  
1.06  
37.3%  
52.7%  
69.1%  
22.6%  
0.98  
Free cash flow  
95  
108  
74  
Adjusted free cash flow  
Financing activities  
45  
-116  
-21  
-59  
Cash flow for the period  
50  
Leverage ratio*  
Employees  
Q1 2023  
Q1 2022  
Average number of employees  
2,005  
1,884  
Reference is made to NTG’s 2022 Annual Report, page 79, 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  
 
8 May 2023  
Management Report  
The challenges of Q4 2022 continued into the first  
quarter of 2023 with macroeconomic headwinds and  
challenging market conditions.  
Currency translation effects had a negative impact on  
growth of 2.1 percentage points in Q1 2023. The impact  
was predominantly driven by depreciation of SEK, TRY,  
GBP and PLN.  
as of 31 March 2022. As in previous quarters, the  
acquisition of AGL was the main driver for the increase  
in net working capital.  
Supply chain bottlenecks of the past few years have  
easened up, and instead the market is now  
characterised by some degree of overcapacity.  
Adjusted free cash flow totalled DKK 45 million in Q1  
2023, compared to DKK 74 million in Q1 2022. The  
development in adjusted free cash flow was mainly  
driven by the increase in net working capital.  
Gross profit increased 11.4% to DKK 477 million in Q1  
2023, compared to DKK 428 million in Q1 2022,  
corresponding to a gross margin of 21.2% and 19.6%,  
respectively.  
The challenging market conditions have stressed the  
importance of being agile and having a flexible cost  
structure which can adapt to changing dynamics in the  
market.  
As of 31 March 2023, NTG had a net interest bearing  
debt position of DKK 220 million excluding IFRS 16  
lease liabilities.  
Adj. EBIT decreased 6.3% to DKK 150 million in Q1  
2023, compared to DKK 160 million in Q1 2022.  
In the Road & Logistics division, volumes were under  
pressure in Q1 2023, which contributed to a weakening  
spot market. As a result, focus shifted increasingly from  
the spot market towards contracted revenue.  
The operating margin was 6.7% for Q1 2023, compared  
to 7.3% in the same period last year. The deterioration  
in margin was mainly due to lower conversion ratios in  
both divisions, driven by challenging market conditions,  
lower volumes and significantly lower freight rates in  
the Air & Ocean division.  
In the Air & Ocean division, freight rates continued to  
decline in Q1 2023. Coupled with softer volumes, this  
provided for a challenging quarter across the industry.  
Adj. EBIT in the Road & Logistics division decreased  
7.1% to DKK 117 million in Q1 2023 compared to Q1  
2022.  
Net revenue in Q1 2023 increased 3.5%, compared to  
Q1 2022, to DKK 2,254 million.  
Adj. EBIT in the Air & Ocean division decreased 5.9% to  
DKK 32 million in Q1 2023 compared to Q1 2022.  
Acquired growth totalled 12.5% in Q1 2023, driven by  
the acquisitions of AGL, Kontinent Transport and Solida  
Logistik completed during the course of 2022.  
Special items totalled DKK 0 in Q1 2023, compared to  
DKK 13 million in Q1 2022.  
Organic growth totalled negative 7.2% in Q1 2023,  
compared to the same period last year, mainly due to  
softer volumes coupled with significantly lower freight  
rates in the Air & Ocean division.  
Minorities’ share of adj. EBIT was 9.7% in Q1 2023  
compared to 10.0% in Q1 2022.  
Net working capital was negative DKK 140 million as of  
31 March 2023, compared to negative DKK 161 million  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
8 May 2023  
Management Report, continued  
Update on recent acquisitions  
The integration of AGL continues according to plan,  
with all operational US legal entities having been  
merged and all IT integrations now completed.  
Outlook  
We maintain the guidance provided on 8 March 2023,  
and for the full year 2023 we expect to achieve:  
•
Adj. EBIT of DKK 620 – 700 million.  
The outlook assumes a weakening macroeconomic  
environment with continued destocking and muted  
consumer confidence in the first half of 2023, followed  
by a gradual rebound in activity during the second half  
of the year.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
8 May 2023  
Road & Logistics  
As expected, Q1 2023 was a challenging quarter for the  
Road & Logistics division as elevated interest rates and  
muted consumer confidence amongst other factors  
affected volumes both for domestic and cross-border  
transports throughout Europe.  
experienced more headwinds but started to slowly  
recover in the last part of the quarter.  
Through a challenging quarter, the division remained  
agile and responsive to the market conditions by  
reducing its capacity slightly, most notably in the spot  
market.  
The supply-side pressure experienced in the market  
during 2022 has alleviated, which has left the spot  
market weak and increasingly challenging to navigate.  
In light of the market conditions, focus has increasingly  
shifted towards servicing contracted revenue, where  
demand remains resilient and market conditions are  
more favourable.  
As a result, the Road & Logistics division saw a slight  
decrease in momentum in the first quarter of the year,  
and financial results were moderately lower than Q1 of  
2022, during which the market was exceptionally  
strong.  
Within warehousing, demand remains elevated. While  
some customers are still focusing on decreasing  
inventory levels post-COVID, the division is  
experiencing persistent offsetting demand for  
warehousing capacity from new and existing customers.  
Continental Europe was a story of two tales in the first  
quarter, where the eastern part of continental Europe  
saw relatively stable demand and market conditions.  
Western continental Europe, on the other hand, initially  
Selected quarterly financial information  
(DKKm)  
Q1 2022  
1,691  
352  
Organic  
%
Acquisitions  
%
Currency  
%
Q1 2023  
1,648  
%
-21  
-1.2%  
17  
1.0%  
-42  
-2.5%  
-2.5%  
Net external revenue  
Gross profit  
-6  
-8  
-1.7%  
-6.3%  
8
2
2.3%  
1.6%  
-6  
-2  
-1.7%  
-1.6%  
348  
117  
-1.1%  
-7.1%  
Adj. EBIT  
126  
21.1% 0.3 p.p.  
7.1% -0.4 p.p.  
33.6% -2.2 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
20.8%  
7.5%  
35.8%  
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8 May 2023  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue for the division totalled DKK 1,648 million  
in Q1 2023 compared to DKK 1,691 million in Q1 2022.  
Adj. EBIT for Q1 2023 totalled DKK 117 million, a  
decrease of DKK 9 million compared to Q1 2022.  
Total growth was negative 2.5%. The decrease in  
revenue was driven by currency translation headwinds  
of negative 2.5%.  
The operating margin was 7.1% for Q1 2023, compared  
to 7.5% in the same period last year.  
The development was driven by a conversion ratio  
deterioration of 2.2 percentage points to 33.6%, which  
more than offset the gross margin development.  
Gross profit  
While the division has reacted swiftly to reduce costs  
amid the softer market, investments in sales  
organisation and group functions, coupled with  
challenging market conditions in the spot market, have  
translated into a slightly lower conversion ratio.  
Gross profit decreased 1.1% to DKK 348 million in Q1  
2023, compared to DKK 352 million in Q1 2022.  
Despite challenging market conditions the division  
managed a slight gross margin increase from 20.8% to  
21.1%.  
The acquisitions of Kontinent Transport and Solida  
Logistik contributed with adj. EBIT of DKK 2 million in  
Q1 2023.  
NTG Nordic Transport Group A/S  
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8 May 2023  
Air & Ocean  
Freight rates continued the declining trend of H2 2022  
in the first quarter of 2023, with rates reaching levels at  
or below pre-COVID rates. Towards the end of the  
quarter the rates stabilised to some degree, albeit at a  
low level.  
Based on the developments in the last part of the  
quarter, the Air & Ocean market is expected to further  
stabilise in Q2.  
Net revenue  
As expected, volumes trended lower in the first quarter  
due to macroeconomic headwinds which affected the  
division negatively, especially in the US and Germany.  
Net revenue for the division totalled DKK 605 million in  
Q1 2023, compared to DKK 487 million in Q1 2022.  
The ongoing destocking cycle continued in the first  
quarter of 2023 which further added to the slowdown  
in volumes.  
Total growth was 24.2%, composed of organic growth  
of negative 28.4%, effects from acquisitions of 52.6%  
and currency translation effects of negative 0.8%.  
Towards the end of the quarter the downward trend  
showed signs of stabilisation.  
The decline in organic growth was mainly driven by a  
combination of softer volumes and lower freight rates.  
The division’s continued investments in the sales  
organisation are starting to come to fruition in the form  
of higher than expected numbers of shipments in some  
geographies.  
The acquisition of AGL contributed with revenue of  
DKK 256 million in Q1 2023.  
Selected quarterly financial information  
(DKKm)  
Q1 2022  
487  
Organic  
%
-28.4%  
Acquisitions  
%
Currency  
%
Q1 2023  
605  
%
24.2%  
-138  
256 52.6%  
62 80.5%  
12 35.3%  
-4 -0.8%  
Net external revenue  
-9  
-11.7%  
-38.3%  
-1 -1.3%  
129  
32  
67.5%  
-5.9%  
Gross profit  
77  
34  
-13  
0
0.0%  
Adj. EBIT  
21.3%  
5.3%  
5.5 p.p.  
-1.7 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
15.8%  
7.0%  
44.2%  
24.8% -19.4 p.p.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
8 May 2023  
Air & Ocean, continued  
Gross profit  
Gross profit increased 67.5% to DKK 129 million in Q1  
2023, compared to DKK 77 million in Q1 2022,  
corresponding to a gross margin of 21.3% and 15.8%,  
respectively.  
While lower freight rates led to a higher gross margin,  
the decline in revenue resulting from lower rates and  
softer volumes meant that organic gross profit declined  
in absolute terms. Coupled with investments in the  
division’s sales organisation to support increased sales  
efforts and organic growth targets, this translated into a  
significantly lower conversion ratio than in the same  
period last year.  
Declining freight rates were the main drivers of the  
development.  
Operating profit before special items (adj. EBIT)  
The division has taken measures to adjust the cost base  
to the current market conditions, especially in the US.  
The measures have taken effect from 1 March 2023.  
Adj. EBIT for Q1 2023 totalled DKK 32 million, a  
decrease of DKK 2 million compared to Q1 2022.  
The acquisition of AGL contributed with adj. EBIT of  
DKK 12 million for Q1 2023.  
The operating margin was 5.3% for Q1 2023, compared  
to 7.0% in the same period last year.  
The operating margin decrease was driven by  
a
conversion ratio decrease of 19.4 percentage points to  
24.8%.  
The development in conversion ratio was heavily  
impacted by the combination of low freight rates,  
challenging market conditions, and macroeconomic  
headwinds.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
8 May 2023  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q1 2023  
2,254
Q1 2022  
2,178
(DKKm)  
Q1 2023  
Q1 2022  
Net revenue  
Direct costs  
Profit for the period  
105
99
-1,777
-1,750
Items that may be reclassified to the income statement:  
Gross profit  
477
-58
428
-46
Foreign exchange adjustments of subsidiaries  
-8
-
Other external expenses  
Staff costs  
Items will not be reclassified to the income statement:  
-212
-171
Actuarial adjustments on retirement benefit obligations  
-3
-11
94
23
23
Operating profit before amortisation, depreciation, and special items  
(adj. EBITDA)  
207
211
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  
-57
150
-
-51
160
-13
1
122
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
85
9
109
13
Financial income  
4
Financial costs, other  
-23
-16
Profit before tax  
131
-26
131
-32
99
Tax on profit for the period  
Profit for the period  
105
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
94
11
86
13
Earnings per share  
Earnings per share (DKK)  
4.32
4.27
3.90
3.82
Diluted earnings per share (DKK) for the period  
NTG Nordic Transport Group A/S  
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8 May 2023  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q1 2023  
-52
Q1 2022  
-47
(DKKm)  
Q1 2023  
Q1 2022  
Repayment of lease liabilities  
Repayments of other financial liabilities  
Operating profit before special items  
150
160
-4
-12
Amortisation and depreciation etc.  
Share-based payments  
57
1
51
1
Shareholders and non-controlling interests  
Change in working capital etc.  
-56
-38
Purchase of treasury shares  
-59
-1
-
-3
Change in provisions  
-
-2
1
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  
-2
-
Financial income received  
4
2
4
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
Special items  
-9
-14
-27
-
-9
-8
-116
-21
-58
50
-18
-13
Cash and cash equivalents at 1 January*  
253
99
Cash flow from operating activities  
106
125
Cash flow for the period  
-21
-2
50
-
Currency translation adjustments  
Cash and cash equivalents at 31 March*  
Purchase of property, plant, and equipment  
Disposal of tangible assets  
-9
-
-3
4
230
149
Statement of adjusted free cash flow  
Acquisition of business activities  
Changes in other financial assets  
-2
-
-
Free cash flow  
95  
-
108  
13  
-
-18
Special items  
Cash flow from investing activities  
Free cash flow  
-11
-17
Acquisition of business activities  
Repayment of lease liabilities reversed  
Adjusted free cash flow  
2
95
108
-52  
45  
-47  
74  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 170 million on 31 March 2023,  
DKK 28 million at 1 January 2023 and DKK 15 million on 31 March 2022.  
NTG Nordic Transport Group A/S  
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8 May 2023  
BALANCE SHEET, equity and liabilities  
BALANCE SHEET, assets  
(DKKm)  
31/03-2023 31/12-2022 31/03-2022  
(DKKm)  
31/03-2023 31/12-2022 31/03-2022  
Share capital  
453
509
453
514
453
227
Intangible assets  
1,384
75
1,392
69
857
72
Reserves  
Property, plant, and equipment  
Right-of-use assets  
764
65
736
65
745
60
NTG A/S shareholders' share of equity  
962
967
680
Non-controlling interests  
104
97
90
Other receivables  
Total equity  
1,066
1,064
770
Deferred tax assets  
44
40
50
Deferred tax liabilities  
10
10
3
Total non-current assets  
2,332
2,302
1,784
Pensions and similar obligations  
Provisions  
76
4
74
2
96
2
Trade receivables  
1,371
1,430
1,352
Other receivables  
98
411
7
85
281
6
104
164
1
Financial liabilities  
Lease liabilities  
426
626
423
603
101
610
Cash and cash equivalents  
Corporation tax  
Total non-current liabilities  
1,142
1,112
812
Total current assets  
Total assets  
1,887
4,219
1,802
4,104
1,621
3,405
Provisions  
50
51
67
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
205
190
59
183
26
179
1,221
284
1,347
224
1,289
213
61
64
49
Total current liabilities  
Total liabilities  
2,011
3,153
4,219
1,928
3,040
4,104
1,823
2,635
3,405
Total equity and liabilities  
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8 May 2023  
STATEMENT OF CHANGES IN EQUITY – 1 January – 31 March 2023  
NTG A/S  
shareholder’s  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
Equity at 1 January  
453
-16
-9
-
539
94
-
967
94
-6
97
11
-2
-
1,064
105
-8
Profit for the period  
-
-
-
-
-
-
-
-
-
-
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-6
-
-3
-3
-3
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-6
-6
-3
-9
-2
9
-11
94
91
85
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-35
7
-35
7
-
-
-35
7
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-
-1
-
-1
Purchase of treasury shares  
-
-4
-
-
-59
-1
-63
-1
-63
-2
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 31 March  
-
-
-1
-
-
-
-
-
-
2
2
2
-4
-20
-86
544
-90
962
-2
104
-92
1,066
453
-15
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CVR no. 12546106  
 
8 May 2023  
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  
Equity at 1 January  
453
-10
2
-
113
86
558
86
76
13
-
634
99
Profit for the period  
-
-
-
-
-
-
-
-
Actuarial gains/(losses)  
-
23
23
23
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-
23
23
-
23
-
109
109
13
122
Transactions with shareholders:  
Share-based payments  
-
-
-
-
1
-2
1
-2
-
-
1
-2
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-
-
-3
4
-3
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 31 March  
-
-
-
14
13
235
14
13
680
18
-
-
1
14
453
-10
2
90
770
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
8 May 2023  
Notes  
Note 1 – Accounting policies  
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 policies, judgements and significant  
estimates applied in preparation of the Interim Financial  
Report are consistent with those applied in the  
consolidated financial statements for 2022. Reference  
is made to note 1.1 of NTG Nordic Transport Group’s  
2022 Annual Report for a description of accounting  
policies. For a definition of financial key figures and  
financial ratios, please see page 79 of NTG Nordic  
Transport Group’s 2022 Annual Report.  
NTG Nordic Transport Group has implemented all new  
EU-approved standards and interpretations effective as  
of 1 January 2023. None of these standards and  
interpretations have had a material impact on NTG  
Nordic Transport Group’s Financial Statements.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
8 May 2023  
Note 2 – Segment information and net revenue  
Accordingly, comparative segment figures for 2022  
have been restated, and the reclassifications are  
disclosed in the tables below. The restatement has no  
impact on depreciations and amortisations nor the  
consolidated NTG figures.  
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.  
Segment reclassification  
Three entities in France, Hungary and Switzerland have  
been reclassified from the A&O segment to the R&L  
segment with effect from  
1 January 2023. The  
reclassification is made to reflect that the Management  
responsibility has moved between the divisions.  
Impact on Road & Logistics 2022 figures from segment reclassification  
Q1 2022  
Q2 2022  
Reclass.  
25  
Q3 2022  
Reclass.  
23  
Q4 2022  
Reclass.  
30  
FY 2022  
Reclass.  
102  
(DKKm)  
Published  
1,667  
Reclass.  
24  
Restated Published  
Restated Published  
Restated Published  
Restated Published  
Restated  
6,880  
Net revenue  
Direct costs  
1,691  
1,754  
1,779  
1,730  
1,753  
1,627  
1,657  
6,778  
-1,332  
-7  
-1,339  
-1,389  
-7  
-1,396  
-1,393  
-7  
-1,400  
-1,288  
-11  
-1,299  
-5,402  
-32  
-5,434  
Gross profit  
Adj. EBIT  
335  
124  
17  
2
352  
126  
365  
148  
18  
4
383  
152  
337  
134  
16  
3
353  
137  
339  
125  
19  
4
358  
129  
1,376  
531  
70  
13  
1,446  
544  
Impact on Air & Ocean 2022 figures from segment reclassification  
Q1 2022  
Q2 2022  
Q3 2022  
Q4 2022  
FY 2022  
(DKKm)  
Published  
511  
Reclass.  
Restated Published  
Reclass.  
Restated Published  
Reclass.  
Restated Published  
Reclass.  
-30  
Restated Published  
Reclass.  
-102  
Restated  
3,344  
Net revenue  
Direct costs  
-24  
7
487  
976  
-25  
7
951  
1,091  
-895  
-23  
7
1,068  
-888  
869  
839  
3,446  
-417  
-410  
-809  
-802  
-690  
11  
-679  
-2,810  
32  
-2,778  
Gross profit  
Adj. EBIT  
94  
36  
-17  
-2  
77  
34  
167  
68  
-18  
-4  
149  
64  
196  
75  
-16  
-3  
180  
72  
179  
48  
-19  
-4  
160  
44  
636  
227  
-70  
-13  
566  
214  
NTG Nordic Transport Group A/S  
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8 May 2023  
Road & Logistics  
Air & Ocean  
Q1 2023  
Eliminations etc.  
Total  
Q1 2023  
(DKKm)  
Q1 2023  
Q1 2022  
1,696  
-5  
Q1 2022  
488  
-1  
Q1 2023  
Q1 2022  
Q1 2022  
2,184  
-6  
Segment net revenue  
1,656  
-8  
607  
-2  
1
-
-
-
2,264  
-10  
Net revenue (between segments)  
Net revenue (external)  
1,648  
348  
-51  
1,691  
352  
605  
129  
-6  
487  
77  
1
-
-
2,254  
477  
-57  
2,178  
Gross Profit  
-1  
-
428  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-48  
-3  
-
-51  
117  
126  
32  
34  
1
-1  
150  
160  
*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 2023  
756  
Q1 2022  
729  
Denmark  
Sweden  
376  
411  
USA  
310  
85  
Germany  
Finland  
155  
221  
172  
213  
Other countries  
485  
519  
Total  
2,254  
2,178  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
8 May 2023  
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  
2023  
2022  
Other plant and  
Other plant and  
(DKKm)  
Land & buildings  
equipment  
Total  
736  
93  
Land & buildings  
equipment  
Total  
712  
92  
Opening balance 1 January  
Additions during the period  
Disposals during the period  
Depreciation for the period  
Foreign currency translation  
Carrying amount at 31 March  
471  
54  
-3  
265  
39  
-9  
463  
31  
-3  
249  
61  
-5  
-12  
-53  
-
-8  
-24  
-1  
-29  
1
-19  
-1  
-30  
-1  
-49  
-2  
497  
267  
764  
471  
274  
745  
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CVR no. 12546106  
 
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Note 4 – 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  
793,076  
198,084  
Treasury shares 1 January  
Purchase of shares etc.  
Value adjustment  
16  
3.5%  
189  
63  
4
0.9%  
152  
404  
Treasury shares 31 March  
991,160  
20  
4.4%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
8 May 2023  
Note 5 – Events after the reporting period  
No events have occurred after the reporting date which  
significantly affect the Group’s financial position.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
8 May 2023  
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 2023 to 31 March 2023.
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
2023 and of the results of NTG Nordic Transport Group
A/S’ consolidated operations and cash flows for the
period 1 January 2023 to 31 March 2023.
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, 8 May 2023
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
Louise Knauer
Board member
Board member
Board member
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106