DSV Panalpina Group
We provide and manage supply chain solutions for thousands of companies every day – from the small family run business to the large global corporation.
Our reach is global, yet our presence is local and close to our customers. More than 57,000 employees in more than 80 countries work passionately to deliver great
customer experiences and high-quality services. Read more at www.dsv.com
Page 1 of 21
INTERIM FINANCIAL REPORT
H1 2021
Company Announcement No. 900
29 July 2021
Selected key figures and ratios for the period 1 January – 30 June 2021
(DKKm)
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Key figures and ratios
Revenue
37,831
28,782
71,447
56,091
Gross profit
8,333
7,386
16,118
14,070
Operating profit (EBIT) before special items
3,571
2,613
6,638
4,179
Profit after tax
2,527
1,390
4,856
1,721
Adjusted earnings for the period
2,580
1,838
4,970
2,593
Adjusted free cash flow
2,817
3,356
Conversion ratio
42.9%
35.4%
41.2%
29.7%
Diluted adjusted earnings per share of DKK 1 for the last 12 months
37.1
20.8
Jens Bjørn Andersen, Group CEO: “We are proud to report strong results for the first six months of 2021, where we deliver an EBIT result
equivalent to our full-year EBIT of 2019. This is a clear testament to the successful integration of Panalpina and a strong performance by
our organisation in an extraordinary market environment. The logistics markets continue to be characterised by tight capacity, congestion
and low visibility, and we are doing our best to find solutions for our customers and keep their supply chains flowing.
We still expect to close the Agility Global Integrated Logistics transaction in Q3 2021. The preparations for the integration are tracking the
plans, and we look forward to combining the two global networks and creating an industry leader in logistics.”
Outlook for 2021
Based on the strong financial performance for the first six months of 2021 and a positive outlook for the remainder of the year, we upgrade
the full-year outlook for 2021 as follows:
• EBIT before special items is expected to be in the range of DKK 12,500 - 13,000 million (previously DKK 11,750-12,500 million).
• The effective tax rate is expected to approximate 23% (unchanged).
The financial outlook for 2021 is for DSV Panalpina stand-alone and excludes the impact from the acquisition of Agility’s Global Integrated
Logistics business. The financial outlook will be updated upon closing, which is expected in Q3 2021.
Share buyback
A separate company announcement about the launch of a new share buyback programme of up to DKK 4,000 million will be issued today.
The programme will run until 25 October 2021 or earlier if finalised.
Contacts
Investor Relations: Flemming Ole Nielsen, tel. +45 43 20 33 92, flemming.o.nielsen@dsv.com
Investor Relations: Mads Kristian Hofmeister, tel. +45 43 20 33 88, madskristian.hofmeister@dsv.com
Investor Relations: Daniela Veleva, tel. +45 43 20 33 87, daniela.veleva@dsv.com
Media: Maiken Riise Andersen, tel. +45 43 20 30 74, maiken.r.andersen@dsv.com
Yours sincerely,
DSV Panalpina A/S
DSV Panalpina A/S, Hovedgaden 630, 2640 Hedehusene, Denmark, tel. +45 43 20 30 40, CVR No. 58233528, www.dsv.com.
Page 2 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Financial highlights
Q2 2021
Q2 2020
YTD 2021
Results (DKKm)
Revenue
37,831
28,782
71,447
Gross profit
8,333
7,386
16,118
Operating profit before amortisation and depreciation (EBITDA) before
special items
4,545
3,666
8,561
Operating profit (EBIT) before special items
3,571
2,613
6,638
Special items, costs
-
515
-
Net financial expenses
253
222
274
Profit for the period
2,527
1,390
4,856
Adjusted earnings for the period
2,580
1,838
4,970
Cash flows (DKKm)
Operating activities
4,491
Investing activities
(711)
Free cash flow
3,780
Adjusted free cash flow
2,817
Share buyback
(8,603)
Dividends distributed
(920)
Cash flow for the period
(1,912)
Financial position (DKKm)
DSV Panalpina A/S shareholders’ share of equity
45,029
Non-controlling interests
(94)
Balance sheet total
102,147
Net working capital
5,144
Net interest-bearing debt
23,934
Invested capital
67,690
Gross investment in property, plant and equipment
407
Financial ratios (%)*
Gross margin
22.0
25.7
22.6
Operating margin
9.4
9.1
9.3
Conversion ratio
42.9
35.4
41.2
Effective tax rate
23.8
25.9
23.7
ROIC before tax
17.8
Return on equity (ROE)
16.0
Solvency ratio
44.1
Gearing ratio
1.5
Share ratios*
Earnings per share of DKK 1 for the last 12 months
32.8
Diluted adjusted earnings per share of DKK 1 for the last 12 months
37.1
Number of shares issued (’000)
224,000
Number of treasury shares (’000)
3,451
Average number of shares issued (’000) for the last 12 months
225,035
Average diluted number of shares (’000) for the last 12 months
229,596
Share price end of period (DKK)
1,462.5
Non-Financials
Number of full-time employees at 30 June
59,871
* For a definition of key figures and ratios, please refer to page 79 of the 2020 DSV Panalpina Annual Report.
Page 3 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Management’s commentary
The Group achieved a gross profit of DKK 16,118 million for the first six months of 2021, a growth of
18.0% compared to the same period last year. The growth was driven by higher activity and extraordinary
market conditions following COVID-19.
EBIT before special items for H1 2021 came to DKK 6,638 million, up by 64.7%. The growth was
attributable to the growth in gross profit and a higher productivity, reflected in a record-high conversion
ratio of 41.2% for the Group.
For the rolling 12-month period ended 30 June 2021, the Group achieved 78.4% growth in diluted and
adjusted earnings per share.
FINANCIAL DEVELOPMENT 2020 - 2021
(DKKm)
Q2 2020
Currency
translation
Growth
Growth %*
Q2 2021
Revenue
28,782
(628)
9,677
34.4%
37,831
Gross profit
7,386
(146)
1,093
15.1%
8,333
EBIT before special items
2,613
(70)
1,028
40.4%
3,571
Gross margin (%)
25.7
22.0
Operating margin (%)
9.1
9.4
Conversion ratio (%)
35.4
42.9
(DKKm)
YTD 2020
Currency
translation
Growth
Growth %*
YTD 2021
Revenue
56,091
(1,752)
17,108
31.5%
71,447
Gross profit
14,070
(413)
2,461
18.0%
16,118
EBIT before special items
4,179
(148)
2,607
64.7%
6,638
Gross margin (%)
25.1
22.6
Operating margin (%)
7.5
9.3
Conversion ratio (%)
29.7
41.2
* Growth including M&A and in constant currencies
Acquisition of Agility’s Global Integrated
Logistics business
On 27 April 2021, DSV Panalpina announced an agreement to
acquire Agility’s Global Integrated Logistics business (GIL).
Closing of the transaction is subject to relevant regulatory
approvals and the overall steps in combining DSV and GIL are
progressing according to plan. Closing is expected in Q3 2021.
DSV Panalpina will acquire GIL, the global logistics division of
Agility, in an all-share transaction.
GIL is a leading global transport and logistics provider with a
strong footprint in emerging markets. GIL generated revenues of
approximately USD 4.0 billion (DKK 26.0 billion) in 2020 and
operates a global network across 100+ countries (including
agents). GIL has a global workforce of approximately 17,000
people.
Based on 2020 annual revenue and headcount the combination
with GIL is expected to increase DSV Panalpina's annual
revenue by approximately 23%, which will rank the combined
company in the freight forwarding industry top three with a pro
forma revenue of approximately USD 22 billion (DKK 142 billion)
and a combined workforce of more than 70,000 employees.
Transactional overview and further details of the agreement are
provided in DSV Panalpina Company Announcement No. 881.
Results for the period
Revenue
For the first six months of 2021, revenue amounted to DKK
71,447 million, compared to DKK 56,091 million last year.
Page 4 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Revenue growth by division is specified below:
(DKKm)
Q2 2021
Growth*
YTD
2021
Growth*
Air & Sea
25,948
40.3%
48,872
42.7%
Road
8,663
23.4%
16,719
12.7%
Solutions
3,997
23.5%
7,606
16.2%
Group and
eliminations
(777)
(1,750)
Total
37,831
34.4%
71,447
31.5%
* Growth including M&A and in constant currencies
In Air & Sea the revenue growth was driven by higher freight
rates and also by double-digit growth in transported volumes,
especially in Q2 2021. The market was negatively impacted by
COVID-19 in Q2 2020, but activity levels have recovered in most
markets, most significantly on the Trans-Pacific trade lanes.
The pandemic continues to create congestion at ports and lack
of equipment, which impact available capacity for both air freight
and sea freight. This has led to record-high freight rates and for
sea freight the situation has worsened during Q2 2021.
Road and Solutions also saw strong growth in revenue, driven
by recovery of volumes after the low point in Q2 2020. Growth in
Road and Solutions was also positively impacted by a couple of
small acquisitions (Prime Cargo and Globeflight).
Revenue by division, H1 2021
Gross profit
For the first six months of 2021, gross profit amounted to DKK
16,118 million, compared to DKK 14,070 million last year. Gross
profit growth by division is specified below:
(DKKm)
Q2 2021
Growth*
YTD
2021
Growth*
Air & Sea
5,142
13.9%
9,930
21.3%
Road
1,768
22.9%
3,425
15.9%
Solutions
1,377
8.6%
2,725
9.9%
Group and
eliminations
46
38
Total
8,333
15.1%
16,118
18.0%
* Growth including M&A and in constant currencies
In Air & Sea, the growth in gross profit was driven by improved
yields, mainly in sea freight, and in Q2 2021 also by growth in
volumes. The yields were positively impacted by the
extraordinary market conditions with tight capacity and high
freight rates.
In Road and Solutions, the growth in gross profit was driven by a
recovery in activity-levels after the lock-downs in 2020.
Gross profit by division, H1 2021
The gross margin was 22.6% for H1 2021, compared to 25.1%
for the same period last year. The decline relates to Air & Sea
and the impact from pass-through revenue where higher freight
rates cause a lower gross margin.
EBIT before special items
EBIT before special items amounted to DKK 6,638 million for the
first six months of 2021 compared to DKK 4,179 million last
year. EBIT growth by division is specified below:
(DKKm)
Q2 2021
Growth*
YTD
2021
Growth*
Air & Sea
2,843
39.5%
5,236
69.0%
Road
476
82.4%
879
69.7%
Solutions
278
15.8%
541
37.0%
Group and
eliminations
(26)
(18)
Total
3,571
40.4%
6,638
64.7%
* Growth including M&A and in constant currencies
The growth in EBIT was driven by the increase in gross profit in
all divisions combined with the effect of cost synergies and
savings realised in prior periods.
Conversion ratio for the Group reached 41.2% for H1 2021
against 29.7% for the same period last year. The increase was
driven by the full-year impact of synergies and cost savings but
is also impacted by the current extraordinary market conditions.
EBIT by division, H1 2021
The improvement reflects the full-year impact of the Panalpina
integration synergies and the Group’s ability to navigate the
current extraordinary market conditions. This is a result of a
Page 5 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
highly skilled organisation, scalability of internal processes and
systems as well as strong cost management.
Financial items
Financial items totalled a net expense of DKK 274 million for H1
2021, compared to DKK 819 million for the same period last
year.
Foreign exchange adjustments amounted to an income of DKK
82 million (H1 2020: expense of DKK 487 million) and was
primarily related to intercompany loans and had no cash impact.
(DKKm)
YTD 2021
YTD 2020
Interest on lease liabilities
227
209
Other interest cost, net
122
114
Interest on pensions
7
9
Foreign exchange adjustments
(82)
487
Financial expenses
274
819
Tax on profit for the period
The effective tax rate was at the expected level and came to
23.7% for H1 2021, compared to 26.3% for H1 2020. The level
of around 23% is a normalised level in a year without special
items (related to integrations or restructuring programmes) or
other non-recurring items.
Profit for the period
Profit for the first six months of 2021 was DKK 4,856 million,
compared to DKK 1,721 million for the same period of 2020. The
improved profit for the period was driven by higher EBIT, no
special items and lower net financial expenses.
Diluted adjusted earnings per share
The rolling 12-month figure increased by 78.4% compared to
last year and came to DKK 37.1 per share (2020: DKK 20.8 per
share).
Cash flow
CASH FLOW STATEMENT
(DKKm)
YTD 2021
YTD 2020
Cash flow from operating activities
4,491
4,373
Cash flow from investing activities
(711)
(417)
Free cash flow
3,780
3,956
Cash flow from financing activities
(5,692)
(3,764)
Cash flow for the period
(1,912)
192
Free cash flow
3,780
3,956
Repayment of lease liabilities (IFRS 16
impact reversed)
(1,481)
(1,564)
Net acquisition of subsidiaries and activities
193
-
Special items (restructuring costs)
325
964
Adjusted free cash flow
2,817
3,356
Cash flow from operating activities was positively affected by
higher EBITDA before special items, but this was offset by an
increase in NWC due to higher revenue during H1 2021.
During 2021, DSV acquired Globeflight, a Road freight business
based in South Africa.
Net working capital
On 30 June 2021, the Group’s net working capital was DKK
5,144 million, compared to DKK 3,367 million on 30 June 2020.
Relative to full-year revenue, the net working capital amounted
to 3.9% on 30 June 2021 (30 June 2020: 3.0%). Q2-20 was
impacted by extended payment-terms on VAT, duties and other
payments to authorities in certain countries.
During H1 2021 NWC has been impacted by higher activity
across all divisions, but also by changes in the activity mix.
Driven by higher volumes and rate increases, the Air & Sea
division achieved the highest growth rate in H1 2021 and the
division generally has a higher NWC than the other divisions.
Furthermore, funds tied up in a specific property development
have temporarily increased our NWC with approximately DKK
900 million on 30 June 2021. The facility will be divested in Q4
2021 and adjusted for the above the underlying NWC would be
3.2% of full-year revenue.
Capital structure and finances
DSV Panalpina A/S shareholders’ share of
equity
DSV Panalpina shareholders’ share of equity was DKK 45,029
million on 30 June 2021 (DKK 47,385 million on 31 December
2020). Equity decreased due to distribution to shareholders
which was partly offset by profit for the period and currency
translation.
On 30 June 2021, the Company’s portfolio of treasury shares
was 3,450,769 shares. On 28 July 2021, the portfolio of treasury
shares was 4,326,844 shares.
On 15 April 2021, the share capital was reduced to DKK 224
million through the cancellation of 6 million treasury shares of
DKK 1.
The solvency ratio excluding non-controlling interests was
44.1% on 30 June 2021 (30 June 2020: 49.8%).
DEVELOPMENT IN EQUITY
(DKKm)
YTD 2021
YTD 2020
Equity at 1 January
47,385
49,430
Profit for the period
4,854
1,713
Currency translation, foreign
enterprises
864
(1,347)
Allocated to shareholders
(9,523)
(3,618)
Sale of treasury shares
649
1,098
Other equity movements
800
50
Equity end of period
45,029
47,326
Net interest-bearing debt
Net interest-bearing debt amounted to DKK 23,934 million on 30
June 2021, compared to DKK 18,874 million on 30 June 2020.
On 25 February 2021, a 10-year EUR 500 million Eurobond
(approximately DKK 3,750) million was issued.
Page 6 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
On 30 June 2021, a 12-year EUR 600 million Eurobond
(approximately DKK 4,400 million) was issued. The proceeds
from this bond were received on 5 July 2021.
The financial gearing ratio (NIBD/EBITDA) was 1.5x on 30 June
2021, compared to 1.6x last year. A new share buyback
programme of DKK 4,000 million will be initiated, and we
maintain the financial gearing ratio target of: below 2.0x
NIBD/EBITDA.
The weighted average duration of the Company’s long-term
bonds, drawn- and undrawn credit facilities and committed
loans, was 5.0 years on 30 June 2021, compared to 5.4 years
on 30 June 2020. Including the new 12-year Eurobond received
5 July 2021 the weighted average duration is 6.6 years.
Invested capital and ROIC
The invested capital including goodwill and customer
relationships amounted to DKK 67,690 million on 30 June 2021,
compared to DKK 66,546 million on 30 June 2020. The increase
is mainly due to higher net working capital.
ROIC including goodwill and customer relationships was 17.8%
for the rolling 12-month period ended 30 June 2021, compared
to 16.0% for the same period last year.
Excluding goodwill and customer relationships ROIC was 66.9%
for the rolling 12-month period ended 30 June 2021 compared to
49.4% for the same period last year.
Outlook
Based on the strong financial performance for the first six
months of 2021 and a positive outlook for the remainder of the
year, we upgrade the full-year outlook for 2021 as follows:
• EBIT before special items is expected to be in the
range of DKK 12,500 - 13,000 million (previously DKK
11,750-12,500 million).
• The effective tax rate is expected to approximate 23%
(unchanged).
The financial outlook for 2021 is for DSV Panalpina stand-alone
and excludes the impact from the acquisition of Agility’s Global
Integrated Logistics business. The financial outlook will be
updated upon closing, which is expected in Q3 2021.
The upgraded outlook for 2021 is based on the assumption that
the current situation in the transport markets with strong
demand, tight capacity and high rates will continue for the
remainder of 2021 and that currency exchange rates will remain
at current levels.
Page 7 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
DSV Air & Sea
The Air & Sea division operates a global network specialising in transportation of cargo by air and sea.
The division offers both conventional freight forwarding services and tailored project cargo solutions.
The division achieved 21.3% growth in gross profit and 69.0% growth in EBIT before special items for H1
2021. The strong growth in earnings was driven by growth in transported volumes and high gross profit
per unit and was further supported by the full-year effect of Panalpina synergies and cost savings.
INCOME STATEMENT
(DKKm)
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Divisional revenue
25,948
19,144
48,872
35,818
Direct costs
20,806
14,481
38,942
27,280
Gross profit
5,142
4,663
9,930
8,538
Other external expenses
663
736
1,416
1,533
Staff costs
1,435
1,530
2,880
3,209
EBITDA before special items
3,044
2,397
5,634
3,796
Amortisation and depreciation
201
285
398
554
EBIT before special items
2,843
2,112
5,236
3,242
KEY FIGURES AND RATIOS
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Gross margin (%)
19.8
24.4
20.3
23.8
Operating margin (%)
11.0
11.0
10.7
9.1
Conversion ratio (%)
55.3
45.3
52.7
38.0
Number of full-time employees
18,067
18,723
Total invested capital (DKKm)
46,431
45,364
Net working capital (DKKm)
5,582
3,864
ROIC before tax (%)
19.7
19.6
Market development
Freight volume growth
DSV
Q2 2021
Market
Q2
2021
DSV
YTD
2021
Market
YTD
2021
Sea freight – TEUs
12%
10-15%
6%
10-13%
Air freight – tonnes
26%
25-30%
11%
15-18%
Market growth rates are based on DSV estimates. Airfreight is adjusted
for discontinued activities.
Global supply chains continue to be impacted by inefficiencies
caused by the pandemic, impacting both the demand and
available capacity. For both air and sea, the volume
development must be seen in light of the Pandemic, which had a
negative impact on volumes, especially in Q2 2020. The market
has recovered, and, overall, volumes are back at or above 2019
levels.
The sea freight market continues to be characterised by robust
demand and tight capacity due to port congestion and lack of
equipment/containers. Freight rates are record high, schedule
reliability is low, and during Q2 2021 the challenges have only
increased.
DSV achieved 12% volume growth in sea freight in Q2 2021
(6% YTD 2021), and considering our relatively low exposure to
the high-growth Trans-Pacific trade lane, we estimate that we
have been able to gain market share on our main markets in Q2
2021. Securing additional capacity has been a main obstacle to
gaining new customers during 2021 as we prioritise existing
customers.
In air freight, limited belly space capacity in passenger planes
continues to impact the available capacity and is keeping rates
high. The rollout of vaccinations is starting to show a positive
capacity impact due to more belly capacity entering the market,
although this is primarily relevant for regional and domestic
Page 8 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
passenger flights, and we only expect a gradual return of long-
haul passenger flights.
On a like for like basis (adjusted for disposal of Airflo
perishables activities as per 1 July 2020), DSV achieved growth
of approximately 26% in Q2 2021 (YTD 2021: 11%) which is in
line with market growth.
Divisional revenue
The division’s revenue amounted to DKK 48,872 million for the
first six months of 2021, compared to DKK 35,818 million for the
same period last year. The growth for the period was 42.7%.
For Q2 2021, revenue amounted to DKK 25,948 million,
compared to DKK 19,144 for the same period last year. Growth
for the quarter was 40.3%.
The growth in revenue in H1 2021 was driven by the elevated
freight rates and during Q2 2021 also by double digit growth in
volumes, for both air and sea.
All regions contributed to the strong growth in revenue for the
first six months of 2021, and in line with market trends, the
division saw the strongest growth in APAC and Americas, where
the China-US trade is growing at a high pace. The growth in
APAC was, however, also impacted by the exceptional surge in
demand for higher yielding goods, incl. PPE, in Q2 2020. This
market has now normalised, and as a consequence, the division
saw a decline in gross profit from air freight in Q2 2021
compared to the same period last year.
Gross profit
For the first six months of 2021, gross profit amounted to DKK
9,930 million, compared to DKK 8,538 million for the same
period last year, which corresponds to a growth of 21.3%.
For Q2 2021, gross profit amounted to DKK 5,142 million,
compared to DKK 4,663 million for the same period last year,
which corresponds to a growth of 13.9%
The growth in the first six months of 2021 was driven by strong
yields per unit in both air & sea, and in Q2 2021 also by double-
digit volume growth.
The market conditions with tight capacity, congestion and
disruption on the global logistics markets continue to have a
positive impact on gross profit per TEU (sea freight) and per
tonne (air freight). Our skilled freight forwarders, scale and
strong carrier relationships enable us to find transport solutions
for our customers, despite the disruption caused by the
pandemic. At the same time, disruptions impact the time
consumption per shipment as our freight forwarders work hard
to find the most optimal solutions for our customers.
The division’s gross margin was 20.3% for H1 2021, compared
to 23.8% last year. The decline was due to the impact from
pass-through revenue, where higher freight rates cause lower
gross margin.
EBIT before special items
EBIT before special items came to DKK 5,236 million for the first
six months of 2021, compared to DKK 3,242 million for the same
period last year. This corresponds to a growth for the period of
69.0%.
For Q2 2021, EBIT before special items was DKK 2,843 million,
compared to DKK 2,112 million for the same period last year,
which corresponds to a growth of 39.5%.
The strong EBIT before special items was driven by the growth
in gross profit, and, further supported by the full-year impact of
cost saving initiatives and realised synergies.
All regions contributed to the strong growth in EBIT before
special items with Americas and EMEA delivering the highest
growth rates.
The conversion ratio was 52.7% for H1 2021, compared to
38.0% for the same period last year, clearly reflecting the high
productivity of the staff, scalability of the systems and cost
discipline.
Net working capital
The Air & Sea division’s net working capital came to DKK 5,582
million on 30 June 2021, compared to DKK 3,864 million on 30
June 2020.
FINANCIAL DEVELOPMENT 2020 - 2021
(DKKm)
Q2 2020
Currency
translation
Growth
Growth %*
Q2 2021
Divisional revenue
19,144
(643)
7,447
40.3%
25,948
Gross profit
4,663
(147)
626
13.9%
5,142
EBIT before special items
2,112
(74)
805
39.5%
2,843
(DKKm)
YTD 2020
Currency
translation
Growth
Growth %*
YTD 2021
Divisional revenue
35,818
(1,561)
14,615
42.7%
48,872
Gross profit
8,538
(349)
1,741
21.3%
9,930
EBIT before special items
3,242
(144)
2,138
69.0%
5,236
* Growth including M&A and in constant currencies
Page 9 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
AIR AND SEA SPLIT
Sea freight
Air freight
(DKKm)
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Divisional revenue
11,751
7,087
21,700
14,231
14,197
12,057
27,172
21,587
Direct costs
9,506
5,439
17,429
10,861
11,300
9,042
21,513
16,419
Gross profit
2,245
1,648
4,271
3,370
2,897
3,015
5,659
5,168
Gross margin (%)
19.1
23.3
19.7
23.7
20.4
25.0
20.8
23.9
Volume (TEUs/tonnes)
573,385
512,138
1,154,404
1,087,952
349,210
287,452
685,517
647,427
Gross profit per unit (DKK)
3,915
3,218
3,700
3,098
8,296
10,489
8,255
7,982
Page 10 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
DSV Road
The Road division is among the market leaders in Europe and furthermore has operations in North
America and South Africa. The division offers full load, part load and groupage services through a network
of more than 200 terminals and operates approximately 20,000 trucks.
For H1 2021, the Road division achieved 69.7% growth in EBIT before special items. The strong growth in
earnings was driven by higher activity with 15.9% growth in gross profit and an improved conversion ratio.
INCOME STATEMENT
(DKKm)
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Divisional revenue
8,663
6,987
16,719
14,908
Direct costs
6,895
5,556
13,294
11,942
Gross profit
1,768
1,431
3,425
2,966
Other external expenses
272
242
530
529
Staff costs
779
686
1,521
1,443
EBITDA before special items
717
503
1,374
994
Amortisation and depreciation
241
240
495
472
EBIT before special items
476
263
879
522
KEY FIGURES AND RATIOS
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Gross margin (%)
20.4
20.5
20.5
19.9
Operating margin (%)
5.5
3.8
5.3
3.5
Conversion ratio (%)
26.9
18.4
25.7
17.6
Number of full-time employees
15,503
13,408
Total invested capital (DKKm)
9,407
9,250
Net working capital (DKKm)
(813)
(941)
ROIC before tax (%)
18.7
13.3
Market development
We estimate that the market growth grew by 7-10% in H1 2021
compared to the same period last year. The growth accelerated
in Q2 2021 due to the timing impact of COVID-19 lockdowns in
2020.
During H1 2021 international transport activity levels have been
close to pre COVID-19 levels whereas we continue to see
strong momentum in domestic distribution.
Geographically, activity in Northern Europe remained strong
while Southern Europe activity is recovering. UK import and
export have largely adapted to the new trade conditions and
have stabilised after a turbulent Q1 2021.
The high activity levels are starting to impact the capacity
situation and rates are increasing for road freight in Europe.
Divisional revenue
The division’s revenue amounted to DKK 16,719 million for the
first six months of 2021, compared to DKK 14,908 million for the
same period last year, corresponding to an increase of 12.7%.
For Q2 2021, revenue amounted to DKK 8,663 million,
compared to DKK 6,987 million for the same period last year, a
growth of 23.4%, as the activity in Q2 2020 was impacted by
lockdowns.
Geographically, all regions achieved growth in the first six
months of 2021, but Southern Europe and South Africa
delivered the highest growth rates compared to 2020, as they
were severely impacted by COVID-19 in Q2 2020.
Approximately 2% of the growth in Q2 2021 was due to the
acquisition of Globeflight, which was included from 1 May 2021.
Globeflight has added competencies within courier express
services in South Africa.
Page 11 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Gross profit
For the first six months of 2021, gross profit totalled DKK 3,425
million, compared to DKK 2,966 million for the same period last
year. This corresponds to an increase of 15.9%.
For Q2 2021, gross profit amounted to DKK 1,768 million,
compared to DKK 1,431 million in Q2 2020, which is an increase
of 22.9%.
The division’s gross margin was 20.5% for H1 2021, compared
to 19.9% for the same period last year. The division continues to
benefit from increased productivity and utilisation of the network.
Our scale and strong network enable us to find efficient
transport solutions for the customers despite the disruptions
caused by the pandemic.
EBIT before special items
EBIT before special items was DKK 879 million for the first six
months of 2021, compared to DKK 522 million for the same
period last year. This corresponds to a growth for the period of
69.7%. The growth in EBIT before special items for H1 2021
was driven by the growth in gross profit and an improved
conversion ratio.
For Q2 2021, EBIT before special items totalled DKK 476 million
compared to DKK 263 million for the same period last year,
which corresponds to a growth of 82.4%.
All regions contributed to the growth in earnings, and in line with
revenue, the growth in earnings in H1 2021 was highest in
regions that were heavily impacted by COVID-19 and lockdowns
last year.
The conversion ratio was 25.7% for H1 2021, compared to
17.6% for the same period last year. The division benefits from
cost saving initiatives implemented in 2020; however, compared
to H1 2020, the cost base in 2021 was impacted by a general
increase in activity and cost inflation across the division and
certain extra costs related to Brexit.
The number of full-time employees increased by 24% compared
to June 2020. The growth was mainly related to blue collar
employees and driven by higher activity, Brexit and the
acquisition of Globeflight.
Net working capital
The Road division’s net working capital was negative by DKK
813 million on 30 June 2021, compared to a negative DKK 941
million on 30 June 2020.
FINANCIAL DEVELOPMENT 2020 - 2021
(DKKm)
Q2 2020
Currency
translation
Growth
Growth %*
Q2 2021
Divisional revenue
6,987
31
1,645
23.4%
8,663
Gross profit
1,431
8
329
22.9%
1,768
EBIT before special items
263
(2)
215
82.4%
476
(DKKm)
YTD 2020
Currency
translation
Growth
Growth %*
YTD 2021
Divisional revenue
14,908
(70)
1,881
12.7%
16,719
Gross profit
2,966
(10)
469
15.9%
3,425
EBIT before special items
522
(4)
361
69.7%
879
* Growth including M&A and in constant currencies
Page 12 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
DSV Solutions
The Solutions division offers warehousing and logistics services globally and controls more than 400
logistics facilities. The service portfolio includes freight management, customs clearance, order
management and e-commerce solutions.
For H1 2021, the Solutions division achieved 9.9% growth in gross profit which was translated to 37.0%
growth in EBIT before special items.
INCOME STATEMENT
(DKKm)
Q2 2021
YTD 2021
YTD 2020
Divisional revenue
3,997
7,606
6,697
Direct costs
2,620
4,881
4,170
Gross profit
1,377
2,725
2,527
Other external expenses
297
578
533
Staff costs
377
754
750
EBITDA before special items
703
1,393
1,244
Amortisation and depreciation
425
852
851
EBIT before special items
278
541
393
KEY FIGURES AND RATIOS
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Gross margin (%)
34.5
39.0
35.8
37.7
Operating margin (%)
7.0
7.2
7.1
5.9
Conversion ratio (%)
20.2
18.4
19.9
15.6
Number of full-time employees
22,814
18,428
Total invested capital (DKKm)
11,969
11,560
Net working capital (DKKm)
1,145
807
ROIC before tax (%)
11.1
9.7
Market development
It is our estimate that the market for contract logistics have
grown approximately 8-11% in H1 2021 compared to the same
period last year. The growth was highest in Q2 2021, as COVID-
19 lockdowns had significant effect during most of Q2 2020.
In general, there is good momentum in the market in 2021 with
growth across most industries.
Divisional revenue
The division’s revenue was DKK 7,606 million for the first six
months of 2021, compared to DKK 6,697 million for the same
period of 2020. Growth for the period was 16.2%.
Approximately, 3% of the growth in revenue for H1 2021 was
due to the acquisition of Prime Cargo, which was included from
January 2021.
Regionally, EMEA was the main driver behind the growth in H1
2021 due to implementation of new customers and the general
recovery after COVID-19. The division operates with high
utilisation of the warehouses, and demand for new and efficient
warehouses continues to be high globally.
Gross profit
For the first six months of 2021, gross profit was DKK 2,725
million, compared to DKK 2,527 million for the same period of
2020. Growth for the period was 9.9%.
For Q2 2021, gross profit amounted to DKK 1,377 million,
compared to DKK 1,271 million for the same period last year,
which corresponds to a growth of 8.6%.
The division’s gross margin was 35.8% for H1 2021, compared
to 37.7% for the same period last year. The decrease in gross
margin is partly due to costs related to customer
implementations, mainly during Q2 2021, as well as the fact that
gross margin in 2020 was positively impacted by temporary cost
savings due to COVID-19.
Page 13 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
EBIT before special items
EBIT before special items was DKK 541 million for the first six
months of 2021, compared to DKK 393 million for the same
period of 2020, corresponding to an increase of 37.0%.
For Q2 2021, EBIT before special items totalled DKK 278
million, compared to DKK 234 million for the same period last
year, which corresponds to a growth of 15.8%.
The growth in EBIT before special items was driven by higher
gross profit, and at the same time the division continues to
exercise cost discipline and drive up productivity.
The conversion ratio was 19.9% for Q2 2021, compared to
15.6% for the same period last year. The increase is driven by
improved productivity and the full-year impact of COVID-19 cost
saving initiatives.
The number of full-time employees increased by 24% compared
to June 2020. The growth was mainly related to blue collar
employees and was driven by higher activity and the acquisition
of Prime Cargo.
Net working capital
The division’s net working capital came to DKK 1,145 million on
30 June 2021, compared to DKK 807 million on 30 June 2020.
FINANCIAL DEVELOPMENT 2020 - 2021
(DKKm)
Q2 2020
Currency
translation
Growth
Growth %*
Q2 2021
Divisional revenue
3,256
(20)
761
23.5%
3,997
Gross profit
1,271
(3)
109
8.6%
1,377
EBIT before special items
234
6
38
15.8%
278
(DKKm)
YTD 2020
Currency
translation
Growth
Growth %*
YTD 2021
Divisional revenue
6,697
(149)
1,058
16.2%
7,606
Gross profit
2,527
(47)
245
9.9%
2,725
EBIT before special items
393
2
146
37.0%
541
* Growth including M&A and in constant currencies
Page 14 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Interim financial statements
Income statement
(DKKm)
Q2 2021
Q2 2020
YTD
2021
YTD
2020
Revenue
37,831
28,782
71,447
56,091
Direct costs
29,498
21,396
55,329
42,021
Gross profit
8,333
7,386
16,118
14,070
Other external expenses
818
795
1,667
1,662
Staff costs
2,970
2,925
5,890
6,138
Operating profit before amortisation and depreciation (EBITDA) before special
items
4,545
3,666
8,561
6,270
Amortisation and depreciation
974
1,053
1,923
2,091
Operating profit (EBIT) before special items
3,571
2,613
6,638
4,179
Special items, costs
-
515
-
1,026
Financial income
(16)
91
192
156
Financial expenses
237
313
466
975
Profit before tax
3,318
1,876
6,364
2,334
Tax on profit for the period
791
486
1,508
613
Profit for the period
2,527
1,390
4,856
1,721
Profit for the period attributable to:
Shareholders of DSV Panalpina A/S
2,520
1,385
4,854
1,713
Non-controlling interests
7
5
2
8
Earnings per share:
Earnings per share of DKK 1 for the period
11.4
6.1
21.8
7.5
Diluted earnings per share of DKK 1 for the period
11.1
6.0
21.4
7.4
Page 15 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Statement of comprehensive income
(DKKm)
Q2 2021
YTD 2021
YTD 2020
Profit for the period
2,527
4,856
1,721
Items that will be reclassified to income statement when certain
conditions are met:
Net exchange differences recognised in OCI
56
861
(1,349)
Fair value adjustments relating to hedging instruments
1
(13)
(5)
Fair value adjustments relating to hedging instruments transferred to
financial expenses
2
2
-
Tax on items reclassified to income statement
(3)
(1)
1
Items that will not be reclassified to income statement:
Actuarial gains/(losses)
26
173
(92)
Tax relating to items that will not be reclassified
(3)
(41)
26
Other comprehensive income, net of tax
79
981
(1,419)
Total comprehensive income
2,606
5,837
302
Total comprehensive income attributable to:
Shareholders of DSV Panalpina A/S
2,597
5,838
296
Non-controlling interests
9
(1)
6
Total
2,606
5,837
302
Page 16 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Cash flow statement
(DKKm)
YTD 2021
YTD 2020
Operating profit before amortisation and depreciation (EBITDA) before
special items
8,561
6,270
Adjustments:
Share-based payments
76
65
Change in provisions
(33)
(88)
Change in working capital, etc.
(2,509)
(227)
Special items
(325)
(964)
Interest received
110
126
Interest paid on lease liabilities
(227)
(209)
Interest paid, other
(240)
(261)
Income tax paid
(922)
(339)
Cash flow from operating activities
4,491
4,373
Purchase of intangible assets
(165)
(119)
Purchase of property, plant and equipment
(407)
(535)
Disposal of intangible assets, property, plant and equipment
100
203
Acquisition of subsidiaries and activities
(193)
-
Change in other financial assets
(46)
34
Cash flow from investing activities
(711)
(417)
Free cash flow
3,780
3,956
Proceeds from borrowings
4,591
3,527
Repayment of borrowings
(229)
(2,610)
Repayment of lease liabilities
(1,481)
(1,564)
Other financial liabilities incurred
274
(39)
Transactions with shareholders:
Dividends distributed
(920)
(588)
Purchase of treasury shares
(8,603)
(3,030)
Sale of treasury shares
649
545
Other transactions with shareholders
27
(5)
Cash flow from financing activities
(5,692)
(3,764)
Cash flow for the period
(1,912)
192
Cash and cash equivalents 1 January
4,060
2,043
Cash flow for the period
(1,912)
192
Currency translation
(114)
(284)
Cash and cash equivalents end of period
2,034
1,951
The cash flow statement cannot be directly derived from the balance sheet and income statement.
Statement of adjusted free cash flow
YTD 2021
YTD 2020
Free cash flow
3,780
3,956
Acquisition of subsidiaries and activities
193
-
Special items (restructuring costs)
325
964
Repayment of lease liabilities (IFRS 16 impact reversed)
(1,481)
(1,564)
Adjusted free cash flow
2,817
3,356
Page 17 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Balance sheet – Assets
(DKKm)
30.06.2021
31.12.2020
30.06.2020
Intangible assets
49,512
48,665
50,469
Right-of-use (ROU) assets
10,802
11,111
10,858
Property, plant and equipment
3,243
3,014
3,091
Other receivables
419
372
461
Deferred tax assets
2,726
2,536
2,099
Total non-current assets
66,702
65,698
66,978
Trade receivables
23,358
19,038
19,087
Contract assets
5,000
3,283
3,247
Inventories
2,337
1,426
1,276
Other receivables
2,624
2,635
2,369
Cash and cash equivalents
2,034
4,060
1,951
Assets held for sale
92
110
105
Total current assets
35,445
30,552
28,035
Total assets
102,147
96,250
95,013
Balance sheet – Equity and liabilities
(DKKm)
30.06.2021
31.12.2020
30.06.2020
Share capital
224
230
230
Reserves and retained earnings
44,805
47,155
47,096
DSV Panalpina A/S shareholders’ share of equity
45,029
47,385
47,326
Non-controlling interests
(94)
(88)
(97)
Total equity
44,935
47,297
47,229
Lease liabilities
9,308
9,428
8,836
Borrowings
10,386
7,696
8,801
Pension obligations
1,060
1,219
1,390
Provisions
1,092
1,253
1,283
Deferred tax liabilities
246
243
364
Total non-current liabilities
22,092
19,839
20,674
Lease liabilities
2,739
2,850
3,065
Borrowings
2,567
1,185
295
Trade payables
11,964
9,926
8,710
Accrued cost of services
7,331
5,913
5,800
Provisions
1,318
1,525
1,169
Other payables
7,562
6,316
6,933
Tax payables
1,639
1,399
1,138
Total current liabilities
35,120
29,114
27,110
Total liabilities
57,212
48,953
47,784
Total equity and liabilities
102,147
96,250
95,013
Page 18 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Statement of changes in equity at 30 June 2021
Attributable to shareholders of DSV Panalpina A/S
(DKKm)
Share
capital
Reserves
Retained
earnings
Total
Non-
controlling
interests
Total equity
Equity at 1 January 2021
230
(2,836)
49,991
47,385
(88)
47,297
Profit for the period
-
-
4,854
4,854
2
4,856
Other comprehensive income, net of tax
-
866
118
984
(3)
981
Total comprehensive income for the period
-
866
4,972
5,838
(1)
5,837
Transactions with shareholders:
Share-based payments
-
-
76
76
-
76
Tax on share-based payments
-
-
573
573
-
573
Dividends distributed
-
-
(920)
(920)
(1)
(921)
Purchase of treasury shares
-
-
(8,603)
(8,603)
-
(8,603)
Sale of treasury shares
-
-
649
649
-
649
Capital reduction
(6)
6
-
-
-
-
Dividends on treasury shares
-
-
28
28
(1)
27
Other adjustments
-
-
3
3
(3)
-
Total transactions with shareholders
(6)
6
(8,194)
(8,194)
(5)
(8,199)
Equity at 30 June 2021
224
(1,964)
46,769
45,029
(94)
44,935
Statement of changes in equity at 30 June 2020
Attributable to shareholders of DSV Panalpina A/S
(DKKm)
Share
capital
Reserves
Retained
earnings
Total
Non-
controlling
interests
Total equity
Equity at 1 January 2020
235
(265)
49,460
49,430
(111)
49,319
Profit for the period
-
-
1,713
1,713
8
1,721
Other comprehensive income, net of tax
-
(1,356)
(61)
(1,417)
(2)
(1,419)
Total comprehensive income for the period
-
(1,356)
1,652
296
6
302
Transactions with shareholders:
Share-based payments
-
-
65
65
-
65
Tax on share-based payments
-
-
76
76
-
76
Dividends distributed
-
-
(588)
(588)
(1)
(589)
Purchase of treasury shares
-
(5)
(3,025)
(3,030)
-
(3,030)
Sale of treasury shares
-
3
1,095
1,098
-
1,098
Capital reduction
(5)
5
-
-
-
-
Dividends on treasury shares
-
-
23
23
-
23
Other adjustments
-
-
(44)
(44)
9
(35)
Total transactions with shareholders
(5)
3
(2,398)
(2,400)
8
(2,392)
Equity at 30 June 2020
230
(1,618)
48,714
47,326
(97)
47,229
Page 19 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Notes
1 Accounting policies
This Interim Financial Report has been prepared in accordance
with IAS 34 “Interim Financial Reporting” as adopted by the
European Union and Danish disclosure requirements for listed
companies.
Except as stated below, accounting policies applied in preparing
the Interim Financial Report are consistent with those applied in
preparing the 2020 DSV Panalpina Annual Report. The 2020
DSV Panalpina Annual Report provides a full description of the
Group’s accounting policies.
Changes in accounting policies
The DSV Panalpina Group has implemented the latest
amendments to the International Financial Reporting Standards
(IFRS) effective as of 1 January 2021 as adopted by the
European Union.
None of the amendments implemented has had any material
impact on the Group’s financial statements, nor are they
expected to have so in the foreseeable future.
2 Management judgements and estimates
In preparing the Interim Financial Statements, Management
makes various accounting estimates and judgements that affect
the reported amounts and disclosures in the statements and in
the notes to the financial statements. These are based on
professional experience, historical data and other factors
available to Management.
By nature, a degree of uncertainty is involved when carrying
out these judgements and estimates, hence actual results
may deviate from the assessments made at the reporting
date. Judgements and estimates are continuously evaluated,
and the effects of any changes are recognised in the
relevant period.
Primary financial statement items in which more significant
accounting estimates are applied are listed in Chapter 1 of the
Notes to the 2020 DSV Panalpina Annual Report to which is
referred.
3 New accounting regulations
The IASB has issued a number of new standards and
amendments not yet in effect or endorsed by the EU and
therefore not relevant for the preparation of the Q2 2021 Interim
Financial Report.
None of these are currently expected to carry any significant
impact on the financial statements of the DSV Panalpina Group
when implemented.
4 Segment information
Air & Sea
Road
Solutions
Non-allocated items
and eliminations
Total
(DKKm)
YTD 2021
YTD 2020
YTD 2021
YTD 2020
YTD 2021
YTD 2020
YTD 2021
YTD 2020
YTD 2021
YTD 2020
Condensed income statement
Revenue
48,347
35,457
15,666
13,899
7,370
6,581
64
154
71,447
56,091
Intercompany revenue
525
361
1,053
1,009
236
116
(1,814)
(1,486)
-
-
Divisional revenue
48,872
35,818
16,719
14,908
7,606
6,697
(1,750)
(1,332)
71,447
56,091
Direct costs
38,942
27,280
13,294
11,942
4,881
4,170
(1,788)
(1,371)
55,329
42,021
Gross profit
9,930
8,538
3,425
2,966
2,725
2,527
38
39
16,118
14,070
Other external expenses
1,416
1,533
530
529
578
533
(857)
(933)
1,667
1,662
Staff costs
2,880
3,209
1,521
1,443
754
750
735
736
5,890
6,138
Operating profit before amortisation,
depreciation (EBITDA) before special items
5,634
3,796
1,374
994
1,393
1,244
160
236
8,561
6,270
Amortisation and depreciation
398
554
495
472
852
851
178
214
1,923
2,091
Operating profit (EBIT) before special items
5,236
3,242
879
522
541
393
(18)
22
6,638
4,179
Condensed balance sheet
Total assets
56,962
51,942
23,075
21,186
15,030
14,605
7,080
7,280
102,147
95,013
Total liabilities
55,595
51,784
18,789
15,133
12,545
12,487
(29,717)
(31,620)
57,212
47,784
Page 20 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
5 Revenue
Sale of services and geographical segmentation specify as follows:
EMEA
Americas
APAC
Total
(DKKm)
Q2 2021
Q2 2020
Q2 2021
Q2 2020
Q2 2021
Q2 2020
Q2 2021
Q2 2020
Air services
5,220
4,135
4,114
2,649
4,863
5,273
14,197
12,057
Sea services
6,265
2,856
3,475
1,805
2,011
2,426
11,751
7,087
Road services
7,989
6,440
674
547
-
-
8,663
6,987
Solutions services
2,920
2,258
723
659
354
339
3,997
3,256
Total
22,394
15,689
8,986
5,660
7,228
8,038
38,608
29,387
Non-allocated items and eliminations
(777)
(605)
Total revenue
37,831
28,782
EMEA
Americas
APAC
Total
(DKKm)
YTD 2021
YTD 2020
YTD 2021
YTD 2020
YTD 2021
YTD 2020
YTD 2021
YTD 2020
Air services
10,108
8,268
7,771
5,742
9,293
7,577
27,172
21,587
Sea services
11,545
7,357
6,336
4,042
3,819
2,832
21,700
14,231
Road services
15,447
13,746
1,272
1,162
-
-
16,719
14,908
Solutions services
5,512
4,613
1,411
1,416
683
668
7,606
6,697
Total
42,612
33,984
16,790
12,362
13,795
11,077
73,197
57,423
Non-allocated items and eliminations
(1,750)
(1,332)
Total revenue
71,447
56,091
Page 21 of 21 INTERIM FINANCIAL REPORT – COMPANY ANNOUNCEMENT NO. 900 – 29 July 2021
Statement by the Board of
Directors and the Executive
Board
The Board of Directors and the Executive Board have today considered and adopted the Interim Financial Report of DSV Panalpina
A/S for the six-month period ended 30 June 2021.
The Interim Financial Report, which has not been audited or reviewed by the Company auditor, has been prepared in accordance
with IAS 34 “Interim Financial Reporting” as adopted by the European Union and additional requirements in accordance with the
Danish Financial Statements Act.
In our opinion, the Interim Financial Statements give a true and fair view of the Group’s assets, equity, liabilities and financial
position on 30 June 2021 and of the results of the Group’s activities and the cash flow for the six-month period ended 30 June 2021.
We also find that the Management’s commentary provides a fair statement of developments in the activities and financial situation of
the Group, financial results for the period, the general financial position of the Group and a description of the major risks and
elements of uncertainty faced by the Group. Over and above the disclosures in the Interim Financial Report, no changes in the
Group’s most significant risks and uncertainties have occurred relative to the disclosures in the annual report for 2020.
Hedehusene, 29 July 2021
Executive Board:
Jens Bjørn Andersen
CEO
Jens H. Lund
CFO
Board of Directors:
Thomas Plenborg
Chairman
Jørgen Møller
Deputy Chairman
Annette Sadolin
Birgit W. Nørgaard
Marie-Louise Aamund
Beat Walti
Niels Smedegaard
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