Cash flow DSV A/S

Equities

DSV

DK0060079531

Air Freight & Logistics

Market Closed - Nasdaq Copenhagen Other stock markets 16:20:00 09/12/2024 GMT			5-day change	1st Jan Change
1,524.50 ^DKK	+0.03%		-0.78%	+28.60%

12-05	Deutsche Bahn expects 70% drop in operating profit after Schenker sale, documents show	RE
12-05	Deutsche Bahn expects sharply lower operating profit after selling Schenker - Reuters	FW

a230e8c8a24c48f1de41296b.dzZe0mdhoPGXpnH4cCQxVuPz0RSxpDfnWsC09ptgJos.QVQMl1YJk7TkwzfBBWIcLpWc6SCc7HS_MY3AmPYEYukRUiqWLyDIx875Gg

Published financial data: DSV A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	94.7B	116B	182B	236B	151B
Total Revenues	94.7B	116B	182B	236B	151B
Cost of Goods Sold, Total	70.95B	87.4B	145B	184B	107B
Gross Profit	23.75B	28.53B	37.62B	52.15B	43.82B
Selling General & Admin Expenses, Total	13.48B	14.99B	17.22B	21.89B	20.87B
Depreciation & Amortization - (IS)	3.64B	4.04B	4.19B	5.07B	5.27B
Other Operating Expenses, Total	17.12B	19.03B	21.41B	26.96B	26.14B
Operating Income	6.63B	9.5B	16.21B	25.18B	17.68B
Interest Expense, Total	-779M	-912M	-977M	-1.36B	-1.43B
Interest And Investment Income	129M	248M	202M	323M	469M
Net Interest Expenses	-650M	-664M	-775M	-1.04B	-960M
Income (Loss) On Equity Invest.	2M	6M	4M	7M	4M
Currency Exchange Gains (Loss)	-188M	-1.06B	-53M	276M	-157M
Other Non Operating Income (Expenses)	-	-	-	-93M	-73M
EBT, Excl. Unusual Items	5.8B	7.79B	15.38B	24.34B	16.49B
Restructuring Charges	-198M	-2.16B	-392M	-1.12B	-160M
Merger & Related Restructuring Charges	-602M	-3M	-86M	-	-67M
Other Unusual Items	-	-	-	-	227M
EBT, Incl. Unusual Items	5B	5.63B	14.9B	23.22B	16.49B
Income Tax Expense	1.29B	1.37B	3.65B	5.55B	4.08B
Earnings From Continuing Operations	3.71B	4.26B	11.25B	17.67B	12.41B
Net Income to Company	3.71B	4.26B	11.25B	17.67B	12.41B
Minority Interest	-6M	-8M	-49M	-103M	-92M
Net Income - (IS)	3.7B	4.25B	11.2B	17.57B	12.32B
Net Income to Common Incl Extra Items	3.7B	4.25B	11.2B	17.57B	12.32B
Net Income to Common Excl. Extra Items	3.7B	4.25B	11.2B	17.57B	12.32B
Per Share Items
Net EPS - Basic	18.66	18.7	49.25	77.28	57.68
Basic EPS - Continuing Operations	18.66	18.7	49.25	77.28	57.68
Basic Weighted Average Shares Outstanding	198M	227M	228M	227M	214M
Net EPS - Diluted	18.4	18.4	48.2	76.2	57.1
Diluted EPS - Continuing Operations	18.4	18.4	48.2	76.2	57.1
Diluted Weighted Average Shares Outstanding	201M	232M	233M	230M	216M
Normalized Basic EPS	18.24	21.39	42.04	66.46	47.84
Normalized Diluted EPS	17.96	20.99	41.11	65.55	47.39
Dividend Per Share	2.5	4	5.5	6.5	7
Payout Ratio	11.43	13.84	8.21	7.51	11.56
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	7.22B	10.22B	17.04B	26.31B	18.8B
EBITA	6.73B	9.71B	16.42B	25.44B	17.85B
EBIT	6.63B	9.5B	16.21B	25.18B	17.68B
EBITDAR	7.83B	10.77B	17.9B	27.6B	20.12B
Effective Tax Rate - (Ratio)	25.82	24.33	24.49	23.9	24.76
Total Current Taxes	1.35B	1.9B	3.83B	5.7B	3.96B
Total Deferred Taxes	9M	-621M	-220M	-302M	245M
Normalized Net Income	3.62B	4.86B	9.56B	15.11B	10.21B
Interest on Long-Term Debt	383M	434M	495M	727M	851M
Non-Cash Pension Expense	22M	16M	17M	19M	-180M
Supplemental Operating Expense Items
Net Rental Expense, Total	601M	550M	868M	1.3B	1.32B
Imputed Operating Lease Interest Expense	270M	192M	234M	372M	381M
Imputed Operating Lease Depreciation	331M	358M	634M	923M	935M
Stock-Based Comp., Other (Total)	117M	134M	160M	202M	267M
Total Stock-Based Compensation	117M	134M	160M	202M	267M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.04B	4.06B	8.3B	10.16B	6.45B
Total Cash And Short Term Investments	2.04B	4.06B	8.3B	10.16B	6.45B
Accounts Receivable, Total	21.31B	22.32B	46.17B	38.17B	27.28B
Other Receivables	3.41B	2.64B	4.01B	4.18B	4.28B
Total Receivables	24.72B	24.96B	50.18B	42.35B	31.56B
Inventory	1.32B	1.43B	284M	1.89B	4.31B
Other Current Assets, Total	135M	110M	66M	38M	44M
Total Current Assets	28.22B	30.55B	58.82B	54.44B	42.37B
Gross Property Plant And Equipment	17.2B	16.59B	22.74B	23.99B	25.45B
Accumulated Depreciation	-2.51B	-2.46B	-2.76B	-3.02B	-3.58B
Net Property Plant And Equipment	14.69B	14.12B	19.97B	20.98B	21.87B
Goodwill	50.25B	47.48B	75.06B	76.29B	75.77B
Other Intangibles, Total	1.74B	1.19B	1.6B	1.38B	1.33B
Deferred Tax Assets Long-Term	2.16B	2.54B	3.54B	3.49B	3.3B
Other Long-Term Assets, Total	494M	372M	2.4B	2.46B	2.46B
Total Assets	97.56B	96.25B	161B	159B	147B
Liabilities
Accounts Payable, Total	9.78B	9.93B	17.04B	14.99B	13.11B
Short-term Borrowings	882M	645M	1.08B	-	677M
Current Portion of Long-Term Debt	638M	540M	3.39B	814M	1.46B
Current Portion of Leases	3.38B	2.85B	3.44B	3.58B	3.81B
Current Income Taxes Payable	940M	1.4B	3.07B	3.25B	1.26B
Unearned Revenue Current, Total	5.33B	5.91B	13.29B	12.08B	7.92B
Other Current Liabilities	8.36B	7.84B	12.1B	12.05B	10.1B
Total Current Liabilities	29.32B	29.11B	53.41B	46.77B	38.34B
Long-Term Debt	6.46B	7.7B	16.99B	21.4B	20B
Long-Term Leases	9.23B	9.43B	11.85B	13.19B	14.14B
Pension & Other Post Retirement Benefits	1.49B	1.22B	908M	1.18B	1.28B
Deferred Tax Liability Non Current	455M	243M	447M	504M	609M
Other Non Current Liabilities	1.28B	1.25B	3.51B	4.26B	3.77B
Total Liabilities	48.24B	48.95B	87.12B	87.3B	78.14B
Common Stock, Total	235M	230M	240M	219M	219M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	49.46B	49.99B	74.22B	70.38B	69.2B
Treasury Stock	-6M	-4M	-6M	-2M	-10M
Comprehensive Income and Other	-259M	-2.83B	-350M	921M	-708M
Total Common Equity	49.43B	47.38B	74.1B	71.52B	68.7B
Minority Interest	-111M	-88M	175M	222M	263M
Total Equity	49.32B	47.3B	74.28B	71.74B	68.97B
Total Liabilities And Equity	97.56B	96.25B	161B	159B	147B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	229M	224M	233M	216M	209M
ECS Total Common Shares Outstanding	229M	226M	234M	217M	209M
Book Value / Share	215.98	209.58	316.41	329.73	328.47
Tangible Book Value	-2.56B	-1.28B	-2.56B	-6.16B	-8.4B
Tangible Book Value Per Share	-11.18	-5.66	-10.92	-28.38	-40.17
Total Debt	20.6B	21.16B	36.75B	38.98B	40.09B
Net Debt	18.55B	17.1B	28.45B	28.82B	33.64B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.49B	1.22B	908M	1.18B	1.28B
Debt Equivalent Oper. Leases	4.81B	4.4B	6.94B	10.36B	10.53B
Minority Interest, Total (Incl. Fin. Div)	-111M	-88M	175M	222M	263M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	55M	57M	119M	93M	67M
Inventories - Work In Process, Total	1.27B	1.37B	165M	1.8B	4.25B
Land - (BS)	2.66B	2.36B	4.91B	4.46B	3.96B
Machinery, Total	2.77B	2.65B	3.84B	4.42B	5.26B
Full Time Employees	61.22K	56.62K	77.96K	76.28K	73.58K
Accumulated Allowance for Doubtful Accounts (Supple)	510M	423M	757M	873M	331M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	3.7B	4.25B	11.2B	17.57B	12.32B
Depreciation & Amortization - CF	3.22B	3.5B	3.76B	4.63B	4.98B
Amortization of Goodwill and Intangible Assets - (CF)	102M	208M	212M	254M	178M
Depreciation & Amortization, Total	3.33B	3.71B	3.98B	4.89B	5.16B
Amortization of Deferred Charges, Total - (CF)	320M	332M	218M	185M	154M
(Gain) Loss From Sale Of Asset	-	-	-	-	-37M
Asset Writedown & Restructuring Costs	-292M	-1.94B	-	-1.12B	-160M
Stock-Based Compensation (CF)	117M	134M	160M	202M	267M
Other Operating Activities, Total	872M	3.59B	1.25B	2.28B	-2.06B
Change in Other Net Operating Assets	-1.16B	209M	-4.6B	2.84B	826M
Cash from Operations	6.88B	10.28B	12.2B	26.85B	16.46B
Capital Expenditure	-1B	-1.12B	-1.18B	-1.51B	-2.03B
Sale of Property, Plant, and Equipment	623M	803M	420M	824M	1.26B
Cash Acquisitions	2.1B	-140M	1.63B	-	-685M
Sale (Purchase) of Intangible assets	-292M	-220M	-303M	-280M	-345M
Investment in Marketable and Equity Securities, Total	-61M	122M	-148M	4M	-228M
Cash from Investing	1.37B	-556M	420M	-966M	-2.03B
Long-Term Debt Issued, Total	2.44B	4.11B	12.95B	4.39B	320M
Total Debt Issued	2.44B	4.11B	12.95B	4.39B	320M
Long-Term Debt Repaid, Total	-5.26B	-6.3B	-3.65B	-7.61B	-4.23B
Total Debt Repaid	-5.26B	-6.3B	-3.65B	-7.61B	-4.23B
Issuance of Common Stock	623M	818M	784M	618M	1.79B
Repurchase of Common Stock	-4.89B	-5.03B	-17.84B	-20.31B	-14B
Common Dividends Paid	-423M	-588M	-920M	-1.32B	-1.42B
Common & Preferred Stock Dividends Paid	-423M	-588M	-920M	-1.32B	-1.42B
Other Financing Activities, Total	17M	-10M	-6M	-9M	-35M
Cash from Financing	-7.48B	-7B	-8.68B	-24.24B	-17.57B
Foreign Exchange Rate Adjustments	119M	-704M	297M	226M	-562M
Net Change in Cash	885M	2.02B	4.24B	1.86B	-3.71B
Supplemental Items
Cash Interest Paid	939M	933M	938M	1.47B	1.55B
Cash Income Tax Paid (Refund)	1.08B	1.07B	2.26B	5.18B	5.59B
Levered Free Cash Flow	6.23B	8.55B	8.78B	21.49B	11.73B
Unlevered Free Cash Flow	6.72B	9.12B	9.39B	22.34B	12.62B
Change In Net Working Capital	-104M	-351M	3.61B	-3.12B	1.63B
Net Debt Issued / Repaid	-2.81B	-2.19B	9.3B	-3.22B	-3.91B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.08	6.13	7.86	9.82	7.22
Return on Total Capital	9.05	8.59	11.29	14.2	10.05
Return On Equity %	11.61	8.81	18.51	24.2	17.64
Return on Common Equity	11.56	8.78	18.45	24.13	17.56
Margin Analysis
Gross Profit Margin %	25.08	24.61	20.63	22.13	29.06
SG&A Margin	14.24	12.93	9.44	9.29	13.84
EBITDA Margin %	7.63	8.82	9.35	11.16	12.47
EBITA Margin %	7.11	8.38	9.01	10.79	11.84
EBIT Margin %	7	8.2	8.89	10.69	11.72
Income From Continuing Operations Margin %	3.91	3.67	6.17	7.5	8.23
Net Income Margin %	3.91	3.67	6.15	7.45	8.17
Net Avail. For Common Margin %	3.91	3.67	6.15	7.45	8.17
Normalized Net Income Margin	3.82	4.19	5.25	6.41	6.77
Levered Free Cash Flow Margin	6.58	7.38	4.82	9.12	7.78
Unlevered Free Cash Flow Margin	7.1	7.87	5.15	9.48	8.37
Asset Turnover
Asset Turnover	1.39	1.2	1.42	1.47	0.99
Fixed Assets Turnover	11.02	8.05	10.69	11.51	7.04
Receivables Turnover (Average Receivables)	5.24	5.31	5.32	5.59	4.61
Inventory Turnover (Average Inventory)	69.49	63.56	169.23	168.91	34.49
Short Term Liquidity
Current Ratio	0.96	1.05	1.1	1.16	1.11
Quick Ratio	0.91	1	1.09	1.12	0.99
Operating Cash Flow to Current Liabilities	0.23	0.35	0.23	0.57	0.43
Days Sales Outstanding (Average Receivables)	69.59	68.87	68.56	65.31	79.22
Days Outstanding Inventory (Average Inventory)	5.25	5.76	2.16	2.16	10.58
Average Days Payable Outstanding	44.45	41.22	34.28	31.58	46.88
Cash Conversion Cycle (Average Days)	30.39	33.4	36.43	35.89	42.92
Long Term Solvency
Total Debt/Equity	41.76	44.74	49.48	54.33	58.13
Total Debt / Total Capital	29.46	30.91	33.1	35.2	36.76
LT Debt/Equity	31.82	36.21	38.83	48.21	49.51
Long-Term Debt / Total Capital	22.44	25.01	25.98	31.24	31.31
Total Liabilities / Total Assets	49.45	50.86	53.98	54.89	53.12
EBIT / Interest Expense	8.51	10.42	16.59	18.52	12.37
EBITDA / Interest Expense	12.78	14.49	20.66	22.11	15.98
(EBITDA - Capex) / Interest Expense	11.5	13.26	19.45	21	14.56
Total Debt / EBITDA	2.07	1.6	1.82	1.3	1.76
Net Debt / EBITDA	1.86	1.29	1.41	0.96	1.47
Total Debt / (EBITDA - Capex)	2.3	1.75	1.93	1.36	1.93
Net Debt / (EBITDA - Capex)	2.07	1.41	1.5	1.01	1.62
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	19.79	22.42	57.25	29.27	-36.02
Gross Profit, 1 Yr. Growth %	35.82	20.12	31.83	38.64	-15.98
EBITDA, 1 Yr. Growth %	22.42	41.64	66.69	54.43	-28.53
EBITA, 1 Yr. Growth %	23.47	44.22	69.05	54.95	-29.82
EBIT, 1 Yr. Growth %	22.23	43.31	70.52	55.41	-29.82
Earnings From Cont. Operations, 1 Yr. Growth %	-7.07	14.89	164.3	57.02	-29.79
Net Income, 1 Yr. Growth %	-7.5	14.86	163.65	56.79	-29.9
Normalized Net Income, 1 Yr. Growth %	10.85	34.42	96.75	57.96	-32.39
Diluted EPS Before Extra, 1 Yr. Growth %	-14.81	0	161.96	58.09	-25.07
Accounts Receivable, 1 Yr. Growth %	43.9	4.76	106.83	-17.32	-28.53
Inventory, 1 Yr. Growth %	84.4	7.7	-80.08	565.14	128.37
Net Property, Plant and Equip., 1 Yr. Growth %	490.08	-3.87	41.39	5.04	4.25
Total Assets, 1 Yr. Growth %	151.36	-1.34	67.68	-1.46	-7.5
Tangible Book Value, 1 Yr. Growth %	17.29	-49.96	99.84	140.62	36.52
Common Equity, 1 Yr. Growth %	239.47