29 October 2024  
Consolidated Interim Report Q3 2024 – NTG Nordic Transport Group A/S  
Q3 2024 highlights  
Selected financial information  
•
•
•
NTG Group signed four acquisitions during the quarter,  
securing stronger road network in Europe while  
strengthening the Air & Ocean network in APAC.  
For the periods 1 July to 30 September (Q3) and 1 January to 30 September (YTD)  
a
(DKKm)  
Q3 2024  
Q3 2023  
Change  
YTD 2024  
YTD 2023  
Change  
Net revenue  
2,296  
1,963  
333  
6,759  
6,337  
422  
The Group delivered Q3 2024 results in line with  
expectations, with gross profit growth of 2.7% compared  
to the same period last year.  
Gross profit  
456  
114  
444  
161  
12  
-47  
1,394  
393  
1,403  
459  
-9  
-66  
Adj. EBIT  
Both divisions have seen a negative development in gross  
margin, primarily due to increased freight costs and  
pressure on gross profit yields. The negative development  
in operating margin is primarily due to last year’s one-offs  
related to the partial AGL earn-out release.  
Profit for the period  
Gross margin  
54  
114  
-60  
248  
307  
-59  
19.9%  
5.0%  
25.0%  
22.6%  
8.2%  
36.3%  
-2.7 p.p.  
-3.2 p.p.  
-11.3 p.p.  
20.6%  
5.8%  
28.2%  
22.1%  
7.2%  
32.7%  
-1.5 p.p.  
-1.4 p.p.  
-4.5 p.p.  
Operating margin  
Conversion ratio  
•
Full-year guidance: Adj. EBIT of DKK 500  
–
550  
(previously DKK 500 – 580) million.  
Contacts  
NTG Nordic Transport Group A/S
Forward looking statement  
Investor relations and press  
Sebastian Rosborg  
Head of Investor Relations  
+45 4212 8099  
sebastian.rosborg@ntg.com  
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 subsidiaries  
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.  
 
29 October 2024  
Financial highlights  
Income statement (DKKm)  
Q3 2024  
Q3 2023  
YTD 2024  
YTD 2023  
Balance sheet (DKKm)  
30/09/2024 30/09/2023  
Net revenue  
2,296  
456  
1,963  
6,759  
6,337  
Additions to property, plant, and equipment (excl. IFRS 16)  
2
4,596  
32  
4
4,084  
-51  
Gross profit  
444  
1,394  
575  
1,403  
Balance sheet total  
Operating profit before amortisations,  
depreciations, and special items (adj. EBITDA)  
Net working capital  
174  
216  
625  
Net interest-bearing debt  
Net interest-bearing debt (excl. IFRS 16)  
Invested capital  
1,062  
198  
1,255  
369  
Operating profit before special items (adj. EBIT)  
Special items, net  
114  
-9  
161  
-
393  
-11  
459  
-6  
2,239  
1,258  
1,181  
77  
2,182  
1,019  
947  
Net financial items  
-31  
-14  
-59  
-65  
Total equity  
Profit for the period  
54  
114  
4.87  
17.19  
248  
307  
NTG Nordic Transport Group A/S' shareholders' share of equity  
Non-controlling interests  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
2.16  
14.75  
10.33  
14.75  
12.98  
17.19  
72  
Financial ratios  
Q3 2024  
Q3 2023  
YTD 2024  
YTD 2023  
Cash flow statement (DKKm)  
Q3 2024  
Q3 2023  
YTD 2024  
YTD 2023  
Gross margin  
19.9%  
22.6%  
20.6%  
22.1%  
Operating activities  
110  
125  
170  
304  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
5.0%  
8.2%  
5.8%  
28.2%  
25.5%  
30.6%  
27.4%  
1.32  
7.2%  
32.7%  
29.2%  
39.4%  
25.0%  
1.47  
Investing activities  
Free cash flow  
-10  
100  
61  
-
125  
73  
-35  
135  
7
-10  
294  
25.0%  
36.3%  
Adjusted free cash flow  
Financing activities  
Cash flow for the period  
146  
161  
261  
-157  
-32  
-130  
5
-513  
-219  
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  
2,019  
1,969  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 2  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
29 October 2024  
Management report  
During the quarter, NTG Group announced four  
transactions, Freigthzen was signed and closed during  
the quarter, Schmaltz+Schön and the Land-Based  
Furniture Logistics Activities of Schenker Italiana were  
closed on 1 October 2024, and ITC is still subject to  
merger control approval. Each transaction supports  
NTG’s growth strategy, creating a stronger foundation  
for future expansion within key segments and markets.  
profit margin was primarily due to the higher pass-  
through element from increased freight costs.  
NTG Nordic Transport Group  
(DKKm)  
Q3 2024  
2,296  
456  
Q3 2023  
1,963  
444  
Growth  
17.0%  
2.7%  
Adj. EBIT amounted to DKK 114 million for Q3,  
compared to DKK 161 million in the same period last  
year. Adj. EBIT declined 29.2% compared to Q3 2023,  
primarily due to the DKK 26 million one-off in 2023  
related to the partial AGL earn-out provision release  
and the building sale in Germany. Excluding the one-  
offs, adj. EBIT declined 15.6% compared to last year.  
Net revenue  
Gross profit  
Adj. EBIT  
114  
161  
-29.2%  
Both Road & Logistics and Air & Ocean delivered  
revenue growth. Road & Logistics’ growth was mainly  
driven by new business won during Q1 and Q2, and the  
RTC Transport (RTC) acquisition. The European road  
market continues to be characterised by a high degree  
of competition while a macroeconomic pick up awaits.  
The division has seen increased haulier costs which  
temporarily puts pressure on the gross margin.  
Road & Logistics  
Operating margin was 5.0%, compared to 8.2% during  
the same quarter last year. Adjusted for last year’s one-  
offs, the lower margin was due to the lower gross profit  
and a slightly higher cost base in Road & Logistics.  
(DKKm)  
Q3 2024  
1,558  
325  
Q3 2023  
1,459  
329  
Growth  
6.8%  
Net revenue  
Gross profit  
Adj. EBIT  
-1.2%  
Adj. EBIT in the Road & Logistics division decreased  
19.3% in Q3 2024, to DKK 88 million, impacted by  
lower gross profit. To offset, sales-price adjustments  
will start from Q4 2024.  
88  
109  
-19.3%  
The revenue growth in the Air & Ocean division was  
primarily driven by higher rates, together with the  
division’s ability to increase activity in key markets.  
Air & Ocean  
Adj. EBIT in the Air & Ocean division decreased 50.0%  
in Q3 2024, to DKK 26 million. The decrease was equal  
to last year’s one-offs.  
(DKKm)  
Q3 2024  
738  
Q3 2023  
503  
Growth  
46.7%  
13.0%  
-50.0%  
Group net revenue increased 17.0% in Q3 2024, to  
DKK 2,296 million. Organic growth totalled 13.6%,  
primarialy driven by higher freight rates and start-ups.  
Acquired growth totalled 2.8%, driven by the  
acquisitions of RTC and Freightzen Logistics. Currency  
translation effects totalled 0.6%.  
Net revenue  
Gross profit  
Adj. EBIT  
Special item expenses totalled DKK 9 million in Q3  
2024, compared to DKK 0 million in Q3 2023, mainly  
related to the acquisition of Schmalz+Schön and ITC.  
130  
115  
26  
52  
Minorities’ share of adj. EBIT totalled 9.8% in Q3 2024,  
Gross profit increased by 2.7% in Q3 2024, to DKK 456  
million, whereas gross margin decreased 2.7 p.p. to  
19.9% in Q3 2024. The lower gross profit and gross  
compared to 5.3% in Q3 2023.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 3  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
29 October 2024  
Management report, continued  
On 30 September 2024, the net working capital was  
DKK 32 million, compared to negative DKK 51 million  
as of 30 September 2023, primarily impacted by local  
challenges in the US entities. Net working capital  
stabilised compared to Q2 2024, and several initiatives  
are ongoing to secure a normalised level going forward.  
Update on recent acquisitions  
Outlook  
The integration and closing of the Schmalz+Schön and  
Land-Based Furniture Logistics Activities of Schenker  
Italiana transactions are progressing as planned and will  
be part of the Group’s consolidated financial statements  
from 1 October 2024.  
Based on the delivered results during the first nine  
months of the year, we have narrowed the full-year  
guidance for 2024 as follows:  
•
Adj. EBIT in the range of DKK 500 – 550  
Adjusted free cash flow totalled DKK 61 million in Q3  
2024, compared to DKK 73 million in Q3 2023.  
(previously 500 – 580) million.  
On 18 September 2024, NTG Germany GmbH (“NTG”),  
a fully owned subsidiary of NTG Nordic Transport  
Group A/S signed an agreement to acquire German-  
based ITC Logistic GmbH (“ITC”). For the financial year  
ended 31 December 2023, ITC reported revenue of  
DKK 600 million and an EBIT of DKK 85 million. The  
transaction is subject to merger control approval.  
Closing of the transaction is expected around year-end  
2024. Further details on ITC and the agreement are  
specified in Company announcement no. 08 - 24.  
Lowering the top of the guidance is primarily due to  
lower than expected market growth in the Northern  
European market. Our initial outlook was based on a flat  
market environment, but we have adjusted our  
expectations as the market has declined over the course  
of the year.  
Net interest-bearing debt (excl. IFRS 16) totalled DKK  
198 million in Q3 2024, compared to DKK 369 million  
in Q3 2023.  
The outlook for the remaining part of the year assumes  
an overall flat market environment with soft  
macroeconomics and continued muted consumer  
confidence.  
The integration and closing of the Freightzen  
transaction are progressing as planned, and Freightzen  
is part of the Group’s consolidated financial statements  
from 1 September 2024.  
M&A remains a strong strategic priority for NTG. We  
are continuing to search for and evaluate new and  
interesting opportunities in our efforts towards making  
value creating acquisitions.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 4  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
29 October 2024  
Road & Logistics  
The Road  
&
Logistics division is currently in  
a
The road market headwind led to a lower operating  
profit compared to the same period last year. However,  
momentum is expected to improve during the coming  
quarters, considering the changing market conditions.  
competitive market with pressure on freight costs.  
During the quarter, haulier costs continued to increase  
from lower levels at the beginning of the year. To  
safeguard hauliers and capacity, as well as mitigate the  
higher freight costs, the industry began adjusting rates  
from 1 October 2024. This is expected to have a positive  
impact on the gross margin in the coming quarters.  
Despite lower global inventory levels, the demand for  
our warehousing services remains high from both new  
and existing customers.  
The focus continues to be on gaining market share in  
existing business, integrating the acquisitions of  
Schmalz+Schön and Land-Based Furniture Logistics  
Activities of Schenker Italiana, and integrating the  
recent mergers of several Danish companies.  
The financial results for the quarter were further  
challenged by the continuing difficult business  
environment in Sweden, partly offset by strong  
momentum in our entities in the Netherlands, UK, and  
Denmark.  
Selected quarterly financial information  
(DKKm)  
YTD 2023  
4,682  
1,037  
350  
Organic  
%
0.0%  
Acquisitions  
%
2.6%  
3.5%  
2.9%  
Currency  
%
0.4%  
0.2%  
0.3%  
YTD 2024  
4,824  
%
3.0%  
Net external revenue  
Gross profit  
1
122  
36  
19  
2
-46  
-4.5%  
1,029  
-0.8%  
Adj. EBIT  
-62 -17.8%  
10  
1
299 -14.6%  
21.3% -0.8 p.p.  
6.2% -1.3 p.p.  
29.1% -4.7 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
22.1%  
7.5%  
33.8%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 5  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
29 October 2024  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue increased by 6.8% in Q3 2024, to DKK  
1,558 million. Organic growth totalled 2.9%, driven by  
increased sales and volumes in key markets. Acquired  
growth totalled 3.1% from the RTC acquisition.  
Currency translation effects totalled 0.8%.  
Adj. EBIT decreased by 19.3% in Q3 2024, to DKK 88  
million, affected by lower gross profit, as well as  
continued investments in the sales organisation and  
group functions to support future growth.  
The operating margin decreased by 1.9 p.p. in Q3 2024,  
to 5.6%, impacted by the effects related to the gross  
margin and slightly higher cost base.  
Gross profit  
Gross profit decreased by 1.2% in Q3 2024, to DKK  
325 million, and the gross margin decreased by 1.6 p.p.  
to 20.9% in Q3 2024.  
The conversion ratio decreased by 6.0 p.p. in Q3 2024,  
to 27.1%.  
The gross margin decrease was driven by increasing  
haulier costs, partially offset by RTC.  
The acquisition of RTC contributed an adj. EBIT of DKK  
3 million in Q3 2024.  
Selected quarterly financial information  
(DKKm)  
Q3 2023  
1,459  
329  
Organic  
42  
%
2.9%  
Acquisitions  
%
3.1%  
4.0%  
2.8%  
Currency  
%
0.8%  
0.6%  
0.9%  
Q3 2024  
1,558  
325  
%
6.8%  
Net external revenue  
Gross profit  
45  
13  
3
12  
2
-19  
-5.8%  
-1.2%  
Adj. EBIT  
109  
-25 -23.0%  
1
88 -19.3%  
20.9% -1.6 p.p.  
5.6% -1.9 p.p.  
27.1% -6.0 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
22.5%  
7.5%  
33.1%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 6  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
29 October 2024  
Air & Ocean  
The Air & Ocean division delivered significant net  
revenue growth from market share gains supported by  
increased freight rates compared to last year.  
The companies in Germany and the Netherlands  
experienced operating losses. Restructuring activities  
have been undertaken to improve operating profit  
levels moving forward. All restructuring activities have  
been finalised and the cost base has been adjusted, the  
effects of which started to materialise by the end of Q3  
2024.  
Market developments indicate further stabilisation and  
that the destocking cycle has ended. Q3 volumes have  
been lower than expected due to an early peak season  
in Q2.  
Based on the restructuring and the developments in the  
third quarter, the Air & Ocean division is expected to  
increasingly stabilise in the last quarter of the year.  
The negative development in gross margin was  
primarily due to the pass-through element from  
increased freight rates and squeezed gross profit yields  
resulting from high competition. The division continued  
its investments in the sales organisation.  
The implementation of CargoWise in the companies  
part of the Freightzen acquisition started during Q3  
2024 and is expected to be finalised in Q4 this year. The  
existing Air & Ocean division successfully implemented  
CargoWise during Q2 2024.  
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 Q3  
2024.  
Selected quarterly financial information  
(DKKm)  
YTD 2023  
1,654  
366  
Organic  
268 16.2%  
-3 -0.7%  
-14 -13.0%  
%
Acquisitions  
%
0.7%  
0.5%  
-
Currency  
%
0.1%  
-0.3%  
-
YTD 2024  
1,935 17.0%  
364 -0.5%  
%
Net external revenue  
Gross profit  
11  
2
2
-1  
-
Adj. EBIT  
108  
-
94 -13.0%  
18.8% -3.3 p.p.  
4.9% -1.6 p.p.  
25.8% -3.7 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
22.1%  
6.5%  
29.5%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 7  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
29 October 2024  
Air & Ocean, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue increased by 46.7% in Q3 2024, to DKK  
738 million. Organic growth totalled 44.7%, driven by  
both increased freight rates and activity levels.  
Acquired growth totalled 2.2% from the Freightzen  
acquisition. Currency translation effects totalled  
negative 0.2%.  
Adj. EBIT decreased by 50% in Q3 2024, to DKK 26  
million, driven by a DKK 26 million one-off impact last  
year due to the partial release of the AGL earn-out  
provision and the building sale in Germany.  
The operating margin decreased by 7.0 p.p. in Q3 2024,  
to 3.5%, impacted by the lower gross margin and last  
year’s one-off items.  
Gross profit  
Gross profit increased by 13.0% in Q3 2024, to DKK  
130 million, whereas the gross margin decreased by 5.3  
p.p. to 17.6% in Q3 2024.  
The conversion ratio decreased by 25.2 p.p. in Q3 2024,  
to 20.0%.  
The acquisition of Freightzen was neutral to the adj.  
EBIT in Q3 2024.  
The gross margin decrease was primarily driven by high  
competition and pressure on supply leading to higher  
freight costs.  
Selected quarterly financial information  
(DKKm)  
Q3 2023  
503  
Organic  
%
Acquisitions  
%
2.2%  
1.7%  
-
Currency  
%
-0.2%  
-0.9%  
-
Q3 2024  
738  
%
46.7%  
Net external revenue  
Gross profit  
225 44.7%  
14 12.2%  
-26 -50.0%  
11  
2
-1  
-1  
-
115  
130  
13.0%  
Adj. EBIT  
52  
-
26  
-50.0%  
-5.3 p.p.  
-6.8 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
22.9%  
10.3%  
45.2%  
17.6%  
3.5%  
20.0% -25.2 p.p.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 8  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
29 October 2024  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q3 2024  
Q3 2023  
YTD 2024  
YTD 2023  
(DKKm)  
Q3 2024  
54
Q3 2023  
114
YTD 2024  
248
YTD 2023  
307
Net revenue  
2,296
1,963
6,759
6,337
Profit for the period  
Direct costs  
-1,840
456
-1,519
444
-5,365
1,394
-152
-4,934
1,403
-143
Items that may be reclassified to the income  
statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
-27
15
-1
-5
-3
17
-7
Other external expenses  
Staff costs  
-64
-28
Items will not be reclassified to the income  
statement:  
-218
-200
-667
-635
Operating profit before amortisations,  
depreciations and special items  
174
216
575
625
Actuarial adjustments on retirement benefit  
obligations  
-4
Amortisation and depreciation of intangible and  
tangible fixed assets  
-60
-55
-182
-166
Other comprehensive income  
Total comprehensive income  
-31
23
14
-8
10
128
240
317
Operating profit before special items  
Special items, net  
114
-9
161
-
393
-11
15
459
-6
Attributable to:  
Financial income  
-2
6
14
Shareholders in NTG A/S  
Non-controlling interests  
16
7
122
6
211
29
296
21
Financial costs  
-29
74
-20
54
-20
147
-33
114
-74
323
-75
248
-79
388
-81
307
Profit before tax  
Tax on profit for the period  
Profit for the period  
Attributable to:  
Shareholders in NTG A/S  
46
8
105
9
220
28
280
27
Non-controlling interests  
Earnings per share  
Earnings per share (DKK)  
2.16
2.14
4.87
4.81
10.33
10.23
12.98
12.83
Diluted earnings per share (DKK) for the period  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 9  
DK-2650 Hvidovre  
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CVR no. 12546106  
 
29 October 2024  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q3 2024  
Q3 2023  
YTD 2024  
YTD 2023  
(DKKm)  
Q3 2024  
Q3 2023  
YTD 2024  
YTD 2023  
Operating profit before special items  
114
161
393
459
Repayment of lease liabilities  
-54
-53
-166
-157
Proceeds and repayments of other financial  
liabilities  
Depreciation and amortisation etc.  
Share-based payments  
60
8
55
4
182
15
166
-40
-84
-45
14
239
-2
128
-21
Shareholders and non-controlling interests:  
Purchase of treasury shares  
Change in working capital etc.  
Change in provisions  
-28
-
-27
-32
6
-225
-38
15
-
-92
-11
-
-294
-38
Dividends paid to non-controlling interests  
-1
-27
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
-2
Acquisition of shares from non-controlling  
interests  
-22
-
-67
-6
-7
-10
-10
-22
-
-21
-53
-87
-11
170
-6
-28
-51
-81
-6
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
-1
161
261
1
-157
-32
2
-130
5
3
-513
-219
-22
-4
Special items  
-9
Cash and cash equivalents at beginning of  
period*  
26
72
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  
110
-2
125
-4
304
-17
6
Cash flow for the period  
261
-5
-32
5
5
1
-219
11
Currency translation adjustments  
Cash and cash equivalents at 30 September*  
-
4
-
282
45
282
45
-6
-1
-27
-2
-3
-2
1
4
Statement of adjusted free cash flow  
-10
100
-
-35
135
-10
294
(DKKm)  
Free cash flow  
100  
9
125  
-
135  
11  
294  
6
125
Special items reversed  
Acquisition of business activities reversed  
Repayment of lease liabilities  
6
1
27  
3
-54  
-53  
-166  
-157  
146  
Adjusted free cash flow  
61  
73  
7
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 219 million on 30  
September 2024, DKK 0 million on 1 January 2024, and 212 million on 30 September 2023.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
29 October 2024  
BALANCE SHEET, assets  
BALANCE SHEET, equity and liabilities  
(DKKm)  
30/09/2024 31/12/2023 30/09/2023  
(DKKm)  
30/09/2024 31/12/2023 30/09/2023  
Intangible assets  
1,408
74
1,377
74
1,399
70
Share capital  
453
728
1,181
77
453
566
1,019
78
453
494
947
72
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  
805
64
817
62
840
69
Deferred tax assets  
Total non-current assets  
Trade receivables  
36
36
34
1,258
19
1,097
13
1,019
11
2,387
1,581
94
2,366
1,115
88
2,412
1,321
90
Deferred tax liabilities  
Pensions and similar obligations  
Provisions  
79
79
74
Other receivables  
1
1
2
Cash and cash equivalents  
Corporation tax  
501
33
276
3
257
4
Financial liabilities  
476
662
1,237
35
228
668
989
29
228
691
1,006
34
Lease liabilities  
Total current assets  
Total assets  
2,209
4,596
1,482
3,848
1,672
4,084
Total non-current liabilities  
Provisions  
Financial liabilities  
223
202
1,332
232
77
151
196
1,114
208
64
398
195
1,141
242
49
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
Total current liabilities  
Total liabilities  
2,101
3,338
4,596
1,762
2,751
3,848
2,059
3,065
4,084
Total equity and liabilities  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
29 October 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
220
1,019
220
78
28
1,097
248
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
-7
-
-
-3
-7
-3
1
-
-6  
-3
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-7
-7
-3
-10
210
1
-9  
217
29
239  
Transactions with shareholders:  
Share-based payments  
-
1
-
14
-1
15
-1
-
-
15
-1
Tax on share-based payments  
-
-
-
-
Dividends distributed  
-
-
-
-
-27
-3
-27
-67
2
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 30 September 2024  
-
1
-
-
-65
2
-64
2
-
-
-
-
2
-
-50
767
-48
1,181
-30
77
-78
1,258
453
-26
-13
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
29 October 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
280
967
280
97
27
1,064
307
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
23
-
-
-7
23
-7
-6
-
17
-7
Other comprehensive income, net of tax  
Total comprehensive income for the period  
23
23
-7
16
-6
21
10
273
296
317
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-
-40
6
-40
6
-
-
-40
6
Tax on share-based payments  
-
Dividends distributed  
-
-
-
-
-
-38
-
-38
Purchase of treasury shares  
-
-16
4
-
-279
4
-295
8
-295
-6
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 30 September 2023  
-
-
-14
6
-
-
-
-
5
5
11
-12
-28
-
-304
508
-316
947
-46
72
-362
1,019
453
14
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
29 October 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  
Hammerholmen 47  
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CVR no. 12546106  
 
29 October 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  
Q3 2024  
Eliminations etc.  
Total  
Q3 2024  
(DKKm)  
Q3 2024  
1,563  
-5  
Q3 2023  
Q3 2023  
504  
Q3 2024  
Q3 2023  
Q3 2023  
1,968  
-5  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
Gross profit  
1,465  
-6  
741  
-3  
-
-
-1  
2
1
-
2,304  
-8  
-1  
1,558  
325  
1,459  
329  
-53  
738  
130  
-5  
503  
-
2,296  
456  
-60  
1,963  
444  
115  
1
Amortisation and depreciation  
-55  
-2  
-
-
-55  
Operating profit before special items (adj. EBIT)  
88  
109  
26  
52  
-
-
114  
161  
Road & Logistics  
Air & Ocean  
Eliminations etc.  
Total  
(DKKm)  
YTD 2024  
4,840  
-16  
YTD 2023  
4,702  
-20  
YTD 2024  
YTD 2023  
1,660  
-6  
YTD 2024  
YTD 2023  
YTD 2024  
6,781  
-22  
YTD 2023  
6,361  
-24  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
Gross profit  
1,941  
-6  
-
-
-1  
2
1
-
4,824  
1,029  
4,682  
1,037  
1,935  
364  
-16  
1,654  
366  
-
6,759  
1,394  
6,337  
1,403  
1
Amortisation and depreciation  
-166  
-153  
-13  
-
-
-182  
-166  
Operating profit before special items (adj. EBIT)  
299  
350  
94  
108  
-
1
393  
459  
*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  
 
29 October 2024  
Net revenue per country (DKKm)  
Q3 2024  
Q3 2023  
YTD 2024  
YTD 2023  
Denmark  
854  
690  
2,576  
2,163  
USA  
385  
305  
272  
335  
979  
963  
878  
1,088  
464  
Sweden  
Finland  
Germany  
Other  
128  
135  
444  
113  
111  
315  
396  
511  
420  
1,482  
6,759  
1,348  
6,337  
Total  
2,296  
1,963  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
29 October 2024  
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 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  
43  
1
114  
-21  
-86  
1
24  
157  
-22  
-171  
-
-
140  
-7  
-
320  
-56  
Additions during the period  
Disposals during the period  
Depreciations  
180  
-49  
-80  
-1  
-1  
-85  
-1  
-76  
-3  
-156  
-4  
Currency translation adjustments  
Carrying amount at 30 September  
494  
311  
805  
525  
315  
840  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
29 October 2024  
Note 4 – Acquisition and disposal of entities  
Earnings impact  
Fair values  
at date of  
acquisition  
During the period after the acquisition, RTC contributed with  
DKK 122 million to the Group’s net revenue, DKK 10 million  
to the Group’s adj. EBIT and DKK 8 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 6,775  
million and result after tax would have amounted to DKK 249  
million.  
NTG completed the acquisition of RTC Transport A/S and  
Freightzen Logistics Ltd. in February and September 2024,  
respectively. The combined consideration was DKK 51  
million, net cash outflow was DKK 27 million, and goodwill  
recognition was DKK 38 million. Details of the material  
acquisition, RTC Transport A/S, is disclosed below.  
(DKKm)  
Property, plant and equipment  
5
24  
21  
2
Right-of-use assets  
Trade receivables  
Other receivables  
Transaction costs  
Cash and cash equivalents  
5
RTC Transport A/S  
Transaction costs relating to the RTC acquisition amount to  
DKK 1 million. Transactions costs are accounted for in the  
income statements as special items.  
Total assets  
57  
2
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.  
Provisions  
Fair value of acquired net assets and recognised goodwill  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
Total liabilities  
31  
10  
9
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.  
1
Consideration transferred  
53  
Goodwill is primarily related to synergy effects from  
The total consideration consists of a cash payment of DKK 26  
integration with NTG’s existing infrastructure and network.  
million in addition to  
a
contingent consideration. The  
Non-controlling interests’ share of acquired net  
assets  
1
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 September 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.  
Acquired net assets  
3
Fair value of total consideration  
37  
Goodwill and intangible assets arising from the  
acquisition  
34  
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).  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
29 October 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  
Ring-the-bell consideration paid  
Other disposals  
1,387,472  
-40,730  
28  
-1  
-1  
6.1%  
-0.2%  
-0.2%  
408  
-14  
-13  
-6  
-43,639  
Value adjustment  
Treasury shares 30 September  
1,303,103  
26  
5.7%  
375  
Other disposals of treasury shares are related to share-based incentive programs and other transactions.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 19  
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CVR no. 12546106  
 
29 October 2024  
Note 6 – Events after the reporting period  
The Schmalz+Schön and Land-Based Furniture Logistics  
Activities of Schenker Italiana transactions were closed  
beginning of October 2024. Refer to page 4 for further  
information.  
No other events have occurred after the reporting date which  
significantly affect the Group’s financial position.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 20  
DK-2650 Hvidovre  
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CVR no. 12546106  
 
29 October 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 September 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 September
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 September 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, 29 October 2024
Executive Board  
Mathias Jensen-Vinstrup
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