6 August 2024  
Consolidated Interim Report Q2 2024 – NTG Nordic Transport Group A/S  
Q2 2024 highlights  
Selected financial information  
For the periods 1 April to 30 June (Q2) and 1 January to 30 June (YTD)  
•
Net revenue growth totalled 8.7%, comprising 6.2%  
organic growth, 2.2% acquisition growth, and currency  
translation effects of 0.3%.  
(DKKm)  
Q2 2024  
Q2 2023  
Change  
YTD 2024  
YTD 2023  
Change  
Net revenue  
2,305  
2,120  
185  
4,463  
4,374  
89  
•
•
•
Both the Road & Logistics and Air & Ocean divisions  
experienced positive net revenue growth.  
Gross profit  
475  
165  
482  
148  
-7  
17  
938  
279  
959  
298  
-21  
-19  
Adj. EBIT  
Gross margin decreased by 2.1 p.p. to 20.6%, affected by  
squeezed yields from intense competition.  
Profit for the period  
Gross margin  
116  
88  
28  
194  
193  
1
Operating margin increased by 0.2 p.p. to 7.2%, including  
a positive effect of DKK 35 million by settlement of the  
AGL earn-out agreement.  
20.6%  
7.2%  
34.7%  
22.7%  
7.0%  
30.7%  
-2.1 p.p.  
0.2 p.p.  
4.0 p.p.  
21.0%  
6.3%  
29.7%  
21.9%  
6.8%  
31.1%  
-0.9 p.p.  
-0.5 p.p.  
-1.4 p.p.  
Operating margin  
Conversion ratio  
•
2024 guidance announced on 29 February 2024  
maintained: Adj. EBIT of DKK 500 – 580 million.  
Contacts  
NTG Nordic Transport Group A/S
Forward looking statement  
Investor relations and press  
Christian D. Jakobsen,  
Group CFO  
+45 4212 8099  
ir@ntg.com | press@ntg.com  
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 s ubsidiaries  
operate.  
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 2023 Annual Report. Any subsequent developments are reflected in this report.  
 
6 August 2024  
Financial highlights  
Income statement (DKKm)  
Q2 2024  
Q2 2023  
YTD 2024  
YTD 2023  
Balance sheet (DKKm)  
30/06/2024 30/06/2023  
Net revenue  
2,305  
475  
2,120  
4,463  
4,374  
Additions to property, plant, and equipment (excl. IFRS 16)  
4
4,301  
18  
13  
4,202  
-73  
Gross profit  
482  
202  
938  
401  
959  
409  
Balance sheet total  
Operating profit before amortisations,  
depreciations, and special items (adj. EBITDA)  
Net working capital  
225  
Net interest-bearing debt  
Net interest-bearing debt (excl. IFRS 16)  
Invested capital  
1,092  
213  
1,252  
361  
Operating profit before special items (adj. EBIT)  
Special items, net  
165  
-1  
148  
-6  
279  
-2  
298  
-6  
2,265  
1,253  
1,183  
70  
2,146  
982  
Net financial items  
-20  
-32  
-28  
-51  
Total equity  
Profit for the period  
116  
4.93  
17.51  
88  
194  
8.18  
17.51  
193  
8.08  
18.89  
NTG Nordic Transport Group A/S' shareholders' share of equity  
Non-controlling interests  
902  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
3.74  
18.89  
80  
Financial ratios  
Q2 2024  
Q2 2023  
YTD 2024  
YTD 2023  
Cash flow statement (DKKm)  
Q2 2024  
Q2 2023  
YTD 2024  
YTD 2023  
Gross margin  
20.6%  
22.7%  
21.0%  
21.9%  
Operating activities  
112  
73  
60  
179  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
7.2%  
7.0%  
6.3%  
29.7%  
27.7%  
36.5%  
29.1%  
1.29  
6.8%  
31.1%  
31.5%  
48.1%  
23.4%  
1.38  
Investing activities  
Free cash flow  
-1  
111  
56  
1
74  
-25  
35  
-10  
169  
73  
34.7%  
30.7%  
Adjusted free cash flow  
Financing activities  
Cash flow for the period  
28  
-54  
-231  
-120  
-240  
-166  
-291  
-256  
-356  
-187  
Leverage ratio*  
Employees  
YTD 2024  
YTD 2023  
Reference is made to NTG’s 2023 Annual Report, page 79, for definition of key figures and ratios.  
* Ratio is based on last 12 months’ figures.  
Average number of employees  
2,011  
2,009  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 2  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
6 August 2024  
Management report  
The second quarter of 2024 was characterised by an  
uptick in net revenue, driven by a proactive market  
approach to secure new business, while gross margin in  
both the Road & Logistics and Air & Ocean divisions  
were negatively affected by increased competition and  
demanding market conditions.  
Currency translation effects had a positive impact on  
growth of 0.3 percentage points in Q2 2024.  
June 2023, temporarily driven by the US and an uptick  
in other companies. Initiatives have been launched  
aiming to secure a normalised level.  
Gross profit decreased 1.5% to DKK 475 million in Q2  
2024, compared to DKK 482 million in Q2 2023,  
corresponding to a gross margin of 20.6% and 22.7%,  
respectively.  
NTG Nordic Transport Group  
(DKKm)  
Q2 2024  
2,305  
475  
Q2 2023  
2,120  
482  
Growth  
8.7%  
In the Road & Logistics division, gross margin in Q2  
2024 was negatively affected by revenue related to  
agreements from previous quarters with overcapacity.  
Capacity reductions and increasing spot prices in May  
and June led to higher haulier costs, compounded by  
competitive and varying demand conditions in certain  
geographies.  
Adj. EBIT increased 11.5% to DKK 165 million in Q2  
2024, compared to DKK 148 million in Q2 2023,  
positively impacted by DKK 35 million provision release  
from the AGL earn-out settlement.  
Net revenue  
Gross profit  
Adj. EBIT  
-1.5%  
11.5%  
165  
148  
The operating margin was 7.2% in Q2 2024, compared  
to 7.0% in Q2 2023. Adjusted for the AGL earn-out  
provision release, the deterioration in margin was  
affected by lower gross profit in both divisions and costs  
related to restructuring activities.  
Road & Logistics  
In the Air & Ocean division, higher freight rates and a  
shift from sea to air shipments were observed in Q2  
2024. Total shipments remained stable compared to Q2  
2023 but showed a positive trajectory from the  
previous quarter. Gross profit yields continued to be  
affected negatively by competitive market conditions.  
(DKKm)  
Q2 2024  
1,662  
357  
Q2 2023  
1,575  
360  
Growth  
5.5%  
Net revenue  
Gross profit  
Adj. EBIT  
Adj. EBIT in the Road & Logistics division decreased  
12.9% to DKK 108 million in Q2 2024, compared to Q2  
2023.  
-0.8%  
108  
124  
-12.9%  
Net revenue in Q2 2024 increased 8.7%, compared to  
Q2 2023, to DKK 2,305 million.  
Adj. EBIT in the Air & Ocean division increased 133.3%  
to DKK 56 million in Q2 2024, compared to Q2 2023,  
affected by the AGL earn-out provision release.  
Air & Ocean  
Organic growth totalled 6.2% in Q2 2024, driven by the  
start-up in the US, effects from new business, and by  
higher freight rates.  
Special item expenses totalled DKK 1 million in Q2  
2024, compared to DKK 6 million in Q2 2023.  
(DKKm)  
Q2 2024  
Q2 2023  
Growth  
Net revenue  
Gross profit  
Adj. EBIT  
664  
118  
56  
546  
122  
24  
17.9%  
-3.3%  
Acquired growth totalled 2.2% in Q2 2024, driven by  
the acquisition of RTC Transport A/S (RTC) completed  
in February 2024.  
Minorities’ share of adj. EBIT was 8.3% in Q2 2024,  
compared to 7.1% in Q2 2023.  
133.3%  
Net working capital was DKK 18 million as of 30 June  
2024, compared to negative DKK 73 million as of 30  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 3  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
6 August 2024  
Management report, continued  
Adjusted free cash flow totalled DKK 56 million in Q2  
2024, compared to DKK 28 million in Q2 2023.  
On 19 July 2024, NTG Nordic Transport Group A/S  
signed an agreement to acquire 60% of the shares in  
Asia-based Freightzen Logistics Ltd., Inc. (“Freightzen”),  
through the newly established company, NTG APAC  
Holding Pte. Ltd (“NTG APAC”). Following the expected  
closing of the transaction within two months, NTG’s  
existing subsidiaries in Japan, China, and Hong Kong will  
be transferred to NTG APAC. The acquisition and the  
transfer of subsidiaries will strengthen the Air & Ocean  
division’s position in Asia. For the financial year ending  
31 December 2024, Freightzen is expected to report  
revenue of DKK 78 million.  
As of 30 June 2024, NTG had a net interest-bearing  
debt position of DKK 213 million excluding IFRS 16  
lease liabilities.  
Update on recent acquisitions  
On 2 August 2024, NTG Germany GmbH, a subsidiary  
of NTG Nordic Transport Group A/S, signed an  
agreement to acquire 100% of the shares in German-  
based SCHMALZ+SCHÖN Holding GmbH (“SSH”). For  
the financial year ended 31 December 2023, SSH  
reported revenue of DKK 1,142 million, with  
approximately 85% from Road & Logistics services and  
15% from Air & Ocean services, and an EBIT of DKK 77  
million. The transaction is subject to merger control.  
Closing of the transaction is expected within three  
months. Further details on SSH and the agreement are  
specified in Company announcement no. 06 - 24.  
The integration of RTC is progressing as planned. Since  
RTC adds complementary services to NTG's existing  
furniture activities, it is not planned to integrate RTC  
into NTG’s standard Transport Management System.  
M&A remains a strong strategic priority for NTG, and  
we experience an increase in M&A-related activity. We  
are continuing to search for and evaluate new and  
interesting opportunities in our efforts towards making  
value-adding acquisitions.  
On 30 July 2024, NTG Transport S.r.l, a subsidiary of  
NTG Nordic Transport Group A/S, entered into an asset  
purchase agreement for the land-based furniture  
logistics activities of Schenker Italiana S.p.A (“Schenker  
Italiana”). For the financial year ended 31 December  
2023, Schenker Italiana furniture logistics activities  
reported revenue of DKK 91 million and stand-alone  
EBIT of approximately DKK 4 million. The closing of the  
transaction is subject to further approval procedures,  
with the transfer of the activities on the same day as the  
closing. Closing is expected within three months.  
Outlook  
We maintain the guidance provided on 29 February  
2024, and for the full year 2024, we expect to achieve:  
•
Adj. EBIT of DKK 500 – 580 million.  
The outlook assumes an expected overall flat market  
environment with soft macroeconomics and continued  
muted consumer confidence.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 4  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
6 August 2024  
Road & Logistics  
The Road & Logistics division was challenged by lower  
volumes in certain geographies due to competitive and  
Demand for warehousing remained high. Although  
some customers are still focused on reducing inventory  
levels, the division is experiencing consistent demand  
for warehousing capacity from both new and existing  
customers.  
demanding market conditions amidst  
transitioning from one environment to another.  
a
market  
The supply side has been affected by overcapacity in  
previous quarters. In May and June, certain markets  
experienced capacity reductions and increasing spot  
prices, indicating a shift towards a more balanced  
capacity level, which led to higher haulier costs in Q2  
2024.  
As a result, the Road & Logistics division faced  
decreased momentum, leading to lower operatingprofit  
compared to Q2 2023. Financial results are expected to  
improve in the second half of the year, considering the  
changing market conditions.  
Revenue related to agreements from previous quarters  
with overcapacity had a low gross margin due to  
increasing haulier costs in Q2 2024. Gross margin is  
expected to recover in the coming quarters as sales  
price adjustments come with a time lag.  
Given the market conditions, the focus has been on  
maintaining and gaining market share, as well as  
integrating the recent merger of three Danish  
companies.  
The quarter was further challenged by some lost  
volumes in Sweden.  
Selected quarterly financial information  
(DKKm)  
YTD 2023  
3,223  
708  
Organic  
-42  
%
-1.3%  
-3.9%  
Acquisitions  
%
2.4%  
3.2%  
2.9%  
Currency  
%
0.2%  
0.1%  
-
YTD 2024  
3,266  
%
1.3%  
Net external revenue  
Gross profit  
Adj. EBIT  
78  
23  
7
7
1
-
-28  
704  
-0.6%  
241  
-37 -15.3%  
211 -12.4%  
21.6% -0.4 p.p.  
6.5% -1.0 p.p.  
30.0% -4.0 p.p.  
Gross margin  
22.0%  
Operating margin  
Conversion ratio  
7.5%  
34.0%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 5  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
6 August 2024  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue for the division totalled DKK 1,662 million  
in Q2 2024, compared to DKK 1,575 million in Q2  
2023.  
Adj. EBIT for Q2 2024 totalled DKK 108 million, a  
decrease of DKK 16 million compared to Q2 2023.  
The operating margin was 6.5% in Q2 2024, compared  
to 7.9% in Q2 2023.  
Total growth was 5.5%, composed of organic growth of  
2.4%, acquisition growth of 3.0% from RTC and  
currency translation effects of 0.1%.  
The development was driven by a conversion ratio  
deterioration of 4.1 p.p. to 30.3% due to the gross profit  
development.  
The organic growth was positively affected by new  
business in the main markets, somewhat offset by a  
decline in volumes in Sweden.  
Mitigating actions have been initiated to reduce costs,  
but investments in the sales organisation and group  
functions to support future growth, coupled with  
challenging spot market conditions, have resulted in a  
lower conversion ratio compared to Q2 2023.  
Gross profit  
Gross profit decreased by 0.8% to DKK 357 million in  
Q2 2024, compared to DKK 360 million in Q2 2023.  
The acquisition of RTC contributed with an adj. EBIT of  
DKK 4 million in Q2 2024.  
Gross margin decreased to 21.5% in Q2 2024,  
compared to 22.9% in Q2 2023, driven by increasing  
haulier costs, partially offset by the RTC acquisition.  
Selected quarterly financial information  
(DKKm)  
Q2 2023  
1,575  
360  
Organic  
38  
%
2.4%  
Acquisitions  
%
3.0%  
3.9%  
3.2%  
Currency  
%
Q2 2024  
1,662  
357  
%
5.5%  
Net external revenue  
Gross profit  
Adj. EBIT  
47  
14  
4
2
-
0.1%  
-17  
-4.7%  
-
-
-0.8%  
124  
-20 -16.1%  
-
108 -12.9%  
21.5% -1.4 p.p.  
6.5% -1.4 p.p.  
30.3% -4.1 p.p.  
Gross margin  
22.9%  
Operating margin  
Conversion ratio  
7.9%  
34.4%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 6  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
6 August 2024  
Air & Ocean  
The Air & Ocean division secured net revenue growth  
from intensified efforts to win new business. Market  
developments indicate stabilisation and that the  
destocking cycle has ended.  
The division continued its investments in the sales  
organisation. The start-up NTG Supply Chain Solutions,  
established in December 2023, is expected to gradually  
contribute to the division’s operating profit in the  
coming quarters. The start-up incurred a loss of DKK 1  
million in Q2 2024.  
Increased competition and muted gross profit yields  
affected the division, especially in the US, and were key  
factors in decreasing gross margin, however,  
improvements were registered over the course of the  
second quarter. The division was also affected by a shift  
from sea to air shipments in Q2 2024.  
Based on developments in the second quarter, the Air &  
Ocean market is expected to increasingly stabilise in the  
second half of the year.  
Organisational restructuring activities are ongoing, as  
well as the search process to appoint a new divisional  
CEO.  
In Germany and the Netherlands, the companies  
experienced operating losses, leading to restructuring  
activities executed in June. As a result, one-off costs  
amounted to DKK 2 million in Q2 2024.  
Selected quarterly financial information  
(DKKm)  
YTD 2023  
1,151  
251  
Organic  
43  
%
3.7%  
Acquisitions  
%
-
Currency  
%
YTD 2024  
1,197  
234  
%
4.0%  
Net external revenue  
Gross profit  
Adj. EBIT  
-
-
-
3
-
0.3%  
-17  
-6.8%  
21.4%  
-
-
-
-6.8%  
21.4%  
56  
12  
-
-
68  
Gross margin  
21.8%  
19.5% -2.3 p.p.  
5.7% 0.8 p.p.  
29.1% 6.8 p.p.  
Operating margin  
Conversion ratio  
4.9%  
22.3%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 7  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
6 August 2024  
Air & Ocean, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue for the division totalled DKK 644 million in  
Q2 2024, compared to DKK 546 million in Q2 2023.  
Adj. EBIT for Q2 2024 totalled DKK 56 million,  
compared to DKK 24 million in Q2 2023. The AGL earn-  
out settlement led to a DKK 35 million provision  
release.  
Total growth was 17.9%, composed of organic growth  
of 17.0% and currency translation effects of 0.9%.  
The operating margin was 8.7% in Q2 2024, compared  
to 4.4% in Q2 2023.  
The organic growth was positively affected by the start-  
up in the US, higher freight rates and a proactive market  
approach squeezing yields.  
Adjusted for the AGL earn-out provision release, the  
development in the conversion ratio was negatively  
impacted by the pressure on gross profit yields from  
challenging market conditions and by the one-off costs.  
Gross profit  
Gross profit decreased by 3.3% to DKK 118 million in  
Q2 2024, compared to DKK 122 million in Q2 2023.  
Gross margin decreased to 18.3% in Q2 2024,  
compared to 22.3% in Q2 2023, mainly due to the pass-  
through effect on revenue from higher freight rates, as  
well as pressure on the yields.  
Selected quarterly financial information  
(DKKm)  
Q2 2023  
546  
Organic  
93  
%
17.0%  
-4.1%  
Acquisitions  
%
-
Currency  
%
0.9%  
0.8%  
-
Q2 2024  
644  
%
17.9%  
-3.3%  
Net external revenue  
Gross profit  
Adj. EBIT  
-
-
-
5
1
-
122  
-5  
-
118  
24  
32 133.3%  
-
56 133.3%  
18.3% -4.0 p.p.  
8.7% 4.3 p.p.  
47.5% 27.8 p.p.  
Gross margin  
22.3%  
Operating margin  
Conversion ratio  
4.4%  
19.7%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 8  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
6 August 2024  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q2 2024  
Q2 2023  
YTD 2024  
YTD 2023  
(DKKm)  
Q2 2024  
116
Q2 2023  
88
YTD 2024  
194
YTD 2023  
193
Net revenue  
2,305
2,120
4,463
4,374
Profit for the period  
Direct costs  
-1,830
475
-1,638
482
-3,525
938
-3,415
959
Items that may be reclassified to the income  
statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
10
-
10
-3
22
1
2
Other external expenses  
Staff costs  
-27
-57
-88
-115
-435
Items will not be reclassified to the income  
statement:  
-223
-223
-449
Operating profit before amortisations,  
depreciations and special items  
225
202
401
409
Actuarial adjustments on retirement benefit  
obligations  
-6
Amortisation and depreciation of intangible and  
tangible fixed assets  
-60
-54
-122
-111
Other comprehensive income  
Total comprehensive income  
10
7
23
-4
126
95
217
189
Operating profit before special items  
Special items, net  
165
-1
148
-6
279
-2
298
-6
Attributable to:  
Financial income  
4
4
17
8
Shareholders in NTG A/S  
Non-controlling interests  
115
11
89
6
195
22
174
15
Financial costs  
-24
144
-28
116
-36
110
-22
88
-45
249
-55
194
-59
241
-48
193
Profit before tax  
Tax on profit for the period  
Profit for the period  
Attributable to:  
Shareholders in NTG A/S  
105
11
81
7
174
20
175
18
Non-controlling interests  
Earnings per share  
Earnings per share (DKK)  
4.93
4.88
3.74
3.70
8.18
8.10
8.08
7.99
Diluted earnings per share (DKK) for the period  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 9  
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CVR no. 12546106  
 
6 August 2024  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q2 2024  
Q2 2023  
YTD 2024  
YTD 2023  
(DKKm)  
Q2 2024  
Q2 2023  
YTD 2024  
YTD 2023  
Operating profit before special items  
165
148
279
298
Repayment of lease liabilities  
-56
-52
-112
-104
Proceeds and repayments of other financial  
liabilities  
Depreciation and amortisation etc.  
Share-based payments  
60
4
54
-45
-1
122
7
111
-44
-57
-13
8
-108
-15
-111
-19
Shareholders and non-controlling interests:  
Purchase of treasury shares  
Change in working capital etc.  
Change in provisions  
-14
-35
4
-197
-38
17
-14
-31
-83
-2
-
-143
-26
-
-202
-27
-13
4
Dividends paid to non-controlling interests  
-25
-26
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
Acquisition of shares from non-controlling  
interests  
-45
-4
-45
-6
-7
-9
-18
-41
-59
-6
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
3
-231
-120
-
-240
-166
3
-291
-256
2
-356
-187
-17
-47
-1
-27
-32
-6
Special items  
Cash and cash equivalents at beginning of  
period*  
145
230
276
253
Cash flow from operating activities  
Purchase of property, plant, and equipment  
Disposal of tangible assets  
Acquisition of business activities  
Changes in other financial assets  
Cash flow from investing activities  
Free cash flow  
112
-1
73
-4
60
-4
179
-13
2
Cash flow for the period  
-120
1
-166
8
-256
6
-187
6
Currency translation adjustments  
Cash and cash equivalents at 30 June*  
-
2
-
26
72
26
72
-
-
-21
-
-2
-
3
3
Statement of adjusted free cash flow  
-1
1
-25
35
-10
169
(DKKm)  
Q2 2024  
Q2 2023  
YTD 2024  
YTD 2023  
Free cash flow  
111  
1
74  
6
35  
2
169  
6
111
74
Special items reversed  
Acquisition of business activities reversed  
Repayment of lease liabilities  
-
-
21  
2
-56  
-52  
-112  
-104  
Adjusted free cash flow  
56  
28  
-54  
73  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 139 million on 30 June  
2024, DKK 0 million on 1 January 2024, and 318 million on 30 June 2023.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
6 August 2024  
BALANCE SHEET, assets  
BALANCE SHEET, equity and liabilities  
(DKKm)  
30/06/2024 31/12/2023 30/06/2023  
(DKKm)  
30/06/2024 31/12/2023 30/06/2023  
Intangible assets  
1,427
75
1,377
74
1,383
74
Share capital  
453
730
1,183
70
453
566
1,019
78
453
449
902
80
Property, plant and equipment  
Right-of-use assets  
Other receivables  
Reserves and retained earnings  
NTG A/S shareholders' share of equity  
Non-controlling interests  
Total equity  
823
61
817
62
843
62
Deferred tax assets  
Total non-current assets  
Trade receivables  
36
36
36
1,253
17
1,097
13
982
10
2,422
1,592
90
2,366
1,115
88
2,398
1,318
94
Deferred tax liabilities  
Pensions and similar obligations  
Provisions  
77
79
78
Other receivables  
1
1
3
Cash and cash equivalents  
Corporation tax  
165
32
276
3
390
2
Financial liabilities  
227
675
997
35
228
668
989
29
228
703
1,022
39
Lease liabilities  
Total current assets  
Total assets  
1,879
4,301
1,482
3,848
1,804
4,202
Total non-current liabilities  
Provisions  
Financial liabilities  
151
204
1,383
217
61
151
196
1,114
208
64
523
188
1,174
237
37
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
Total current liabilities  
Total liabilities  
2,051
3,048
4,301
1,762
2,751
3,848
2,198
3,220
4,202
Total equity and liabilities  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
6 August 2024  
STATEMENT OF CHANGES IN EQUITY  
NTG A/S  
shareholders’  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
Equity at 1 January 2024  
Profit for the period  
453
-
-28
-
-6
-
600
174
1,019
174
78
20
1,097
194
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
20
-
-
1
20
1
2
-
22
1
Other comprehensive income, net of tax  
Total comprehensive income for the period  
20
20
1
21
2
23
175
195
22
217
Transactions with shareholders:  
Share-based payments  
-
-
-
-
7
-
7
-
-
-26
-5
7
-26
Dividends distributed  
-
-
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 30 June 2024  
-
-
-
-
-40
2
-40
2
-45
-
-
-
1
3
-
-
-31
744
-31
1,183
-30
70
-61
453
-28
14
1,253
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
6 August 2024  
STATEMENT OF CHANGES IN EQUITY  
NTG A/S  
shareholders’  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
Equity at 1 January 2023  
Profit for the period  
453
-
-16
-
-9
-
539
175
967
175
97
18
1,064
193
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
5
-
-
-6
5
-6
-3
-
2
-6
Other comprehensive income, net of tax  
Total comprehensive income for the period  
5
5
-6
-1
-3
15
-4
169
174
189
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-
-44
8
-44
8
-
-
-44
8
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-27
-
-27
-204
-5
Purchase of treasury shares  
-
-11
2
-
-193
-2
-204
-
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 30 June 2023  
-
-
-5
-
-
-
-
-
1
1
1
-9
-25
-
-230
478
-239
902
-32
80
-271
982
453
-4
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
6 August 2024  
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 2023. Reference is made to note 1.1 of NTG  
Nordic Transport Group’s 2023 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 2023 Annual Report.  
NTG Nordic Transport Group has implemented all new EU-  
approved standards and interpretations effective as of 1  
January 2024. 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  
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CVR no. 12546106  
 
6 August 2024  
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 2024  
Eliminations etc.  
Total  
Q2 2024  
(DKKm)  
Q2 2024  
1,668  
-6  
Q2 2023  
Q2 2023  
549  
Q2 2024  
Q2 2023  
Q2 2023  
2,129  
-9  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
Gross profit  
1,581  
-6  
645  
-1  
-
-1  
-1  
-
-1  
-
2,313  
-8  
-3  
1,662  
357  
1,575  
360  
-49  
644  
118  
-5  
546  
-1  
-
2,305  
475  
-60  
2,120  
482  
122  
Amortisation and depreciation  
-55  
-5  
-
-
-54  
Operating profit before special items (adj. EBIT)  
108  
124  
56  
24  
1
-
165  
148  
Road & Logistics  
Air & Ocean  
Eliminations etc.  
Total  
(DKKm)  
YTD 2024  
3,277  
-11  
YTD 2023  
3,237  
-14  
YTD 2024  
YTD 2023  
1,156  
-5  
YTD 2024  
YTD 2023  
YTD 2024  
4,477  
-14  
YTD 2023  
4,393  
-19  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
Gross profit  
1,200  
-3  
-
-
-
-
-
-
3,266  
704  
3,223  
708  
1,197  
234  
-11  
1,151  
251  
-
4,463  
938  
4,374  
959  
-
Amortisation and depreciation  
-111  
-100  
-11  
-
-
-122  
-111  
Operating profit before special items (adj. EBIT)  
211  
241  
68  
56  
-
1
279  
298  
*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  
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CVR no. 12546106  
 
6 August 2024  
Net revenue per country (DKKm)  
Q2 2024  
Q2 2023  
YTD 2024  
YTD 2023  
Denmark  
884  
717  
1,722  
1,473  
Sweden  
USA  
326  
332  
377  
296  
658  
594  
753  
606  
Finland  
Germany  
Other  
165  
157  
316  
329  
102  
130  
202  
285  
498  
443  
971  
928  
Total  
2,305  
2,120  
4,463  
4,374  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
6 August 2024  
Note 3 – Leases  
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.  
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.  
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 the commencement date,  
any initial costs associated to the lease and other directly  
related costs including dismantling and restoration costs.  
2024  
2023  
Other plant and  
Other plant and  
equipment  
(DKKm)  
Land & buildings  
515  
equipment  
Total  
817  
Land & buildings  
471  
Total  
736  
Carrying amount at 1 January  
Additions from business combinations  
302  
265  
-
23  
33  
-
1
76  
24  
109  
-13  
-114  
-
-
104  
-4  
-
265  
-47  
Additions during the period  
Disposals during the period  
Depreciations  
161  
-43  
-55  
-1  
-13  
-58  
2
-56  
-2  
-50  
-5  
-105  
-6  
Currency translation adjustments  
Carrying amount at 30 June  
513  
310  
823  
516  
327  
843  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
6 August 2024  
Note 4 – Acquisition and disposal of entities  
Fair values  
at date of  
acquisition  
Transaction costs  
RTC Transport A/S  
(DKKm)  
Transaction costs relating to the RTC acquisition amount to  
DKK 1 million. Transactions costs are accounted for in the  
income statements as special items.  
On 14 February 2024, NTG completed the acquisition of 75%  
of the shares in RTC Transport A/S (RTC). RTC was founded  
in 2006 in Brøndby, Denmark, and specialises in home  
deliveries of furniture and domestic appliances as well as value  
added services including carry-ins, installations, and return  
handling. RTC has a strong presence in the Danish market,  
from where it also serves customers with home deliveries in  
the southern part of Sweden.  
Property, plant and equipment  
5
24  
21  
2
Right-of-use assets  
Trade receivables  
Fair value of acquired net assets and recognised goodwill  
Other receivables  
Provisional fair values of acquired assets and liabilities at the  
acquisition date are given in the table to the right. Fair value of  
acquired trade receivables and other receivables amounts to  
DKK 23 million. Collectability of receivables has been  
assessed based on Group credit assessment policies.  
Cash and cash equivalents  
5
Total assets  
57  
Consideration transferred  
Provisions  
2
31  
10  
9
The total consideration consists of a cash payment of DKK 26  
Goodwill is primarily related to synergy effects from  
integration with NTG’s existing infrastructure and network.  
million in addition to  
a
contingent consideration. The  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
Total liabilities  
contingent consideration is determined based on the  
performance of RTC in 2024. A sustained level of financial  
performance will result in earn-out payments of maximum  
DKK 11 million. On 30 June 2024, the maximum earn-out  
consideration of DKK 11 million was recognised.  
Integration of RTC is still ongoing, and consequently net  
assets, including goodwill and other intangible assets, may be  
adjusted, and off-balance sheet items may be recognised for  
up to 12 months after the acquisition date.  
1
53  
Adjusted for the fair value of acquired cash and cash  
equivalents of DKK 5 million, the net cash flow amounted to  
DKK 21 million (outflow).  
Non-controlling interests’ share of acquired net  
assets  
1
Earnings impact  
Acquired net assets  
3
During the period after the acquisition, RTC contributed with  
DKK 78 million to the Group’s net revenue, DKK 7 million to  
the Group’s adj. EBIT and DKK 5 million to the result after tax.  
If the acquisition had taken place 1 January 2024 the Group’s  
net revenue would have amounted to DKK 4,479 million and  
result after tax would have amounted to DKK 195 million.  
Fair value of total consideration  
37  
Goodwill and intangible assets arising from the  
acquisition  
34  
NTG Nordic Transport Group A/S  
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6 August 2024  
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  
Disposals  
1,387,472  
28  
6.1%  
408  
-13  
14  
-43,639  
-1  
-0.2%  
Value adjustment  
Treasury shares 30 June  
1,343,833  
27  
5.9%  
409  
Disposals of treasury shares are related to share-based incentive programs and other transactions.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
6 August 2024  
Note 6 – Events after the reporting period  
NTG Nordic Transport Group signed agreements related to  
three acquisitions, as detailed on page 4.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
6 August 2024  
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 2024 to 30 June 2024.
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 2024
and of the results of NTG Nordic Transport Group A/S’
consolidated operations and cash flows for the period 1
January 2024 to 30 June 2024.
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, 6 August 2024
Executive Board  
Mathias Jensen-Vinstrup
Group CEO
Christian D. Jakobsen
Group CFO
Board of Directors  
Eivind Kolding
Chairman of the board
Jørgen Hansen
Deputy chairman of the board Board member
Finn Skovbo Pedersen
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