Strong Q3 Results by DSV in an Extraordinary Market

DSV is releasing a strong set of Q3 2021 numbers across all three divisions under extraordinary market conditions. The solid results are illustrated by an EBIT growth for the Group of 52.5 percent in Q3 2021 compared to the same period last year – excluding the impact of the acquisition of Agility’s Global Integrated Logistics business.
 
DSV is reporting good progress in the integration of Agility’s Global Integrated Logistics business, which became part of DSV in August 2021. The operational integration is expected to be fully completed by Q3 2022. In another company announcement today, DSV is announcing an expansion of the Executive Board. Jens H. Lund will now take on a new role as Group COO and Deputy Group CFO Michael Ebbe is appointed new Group CFO.
 
Jens Bjørn Andersen, Group CEO: “In August, we completed the acquisition of Agility’s Global Integrated Logistics business and took over a well-run company and were joined by a team of skilled new colleagues. The integration is off to a good start, and in the coming period our two organisations will be merged into one. The transport markets continue to be characterised by disruption and imbalances causing extraordinary challenges for both our customers and us. Under the extraordinary market conditions, we are happy to report solid results across all divisions.”
 
Once fully integrated, Agility’s Global Integrated Logistics business is expected to contribute approx. DKK 3,000 million (previously 2,800 million) to the combined EBIT before special items on an annual basis. The integration is expected to be completed by the end of Q3 2022 and the full-year EBIT effect is expected in 2023. The estimated EBIT impact includes the underlying result in Agility’s Global Integrated Logistics business and synergies from the consolidation of operations, logistics facilities, back-office functions and IT infrastructure.
 
Around 30% of the EBIT contribution is expected to impact the income statement in 2021, around 85% in 2022 and 100% in 2023. Total transaction and integration costs are expected in the level of DKK 1,500 million. These costs will be charged to the income statement under special items. 

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