DSV. Investor presentation Global Transport and Logistics

Transcription

1 DSV Investor presentation 2006

2 Company structure Belgium Croatia Czech Republic Luxembourg Netherlands Norway Australia Bangladesh Canada Korea Malaysia Netherlands Finland Norway Sweden Poland China Norway Estonia Russia Czech Republic Philippines Finland Serbia & Montenegro Poland France Slovakia Finland Singapore Germany Slovenia Germany Sweden Ireland Sweden Hong Kong Thailand Latvia United Kingdom Hungary United Kingdom Lithuania Indonesia USA Vietnam Page 2

3 America Europe Asia Pacific Canada USA Belgium Croatia Latvia Lithuania Australia Bangladesh Czech Republic Netherlands China Norway Hong Kong Estonia Poland Indonesia Finland Russia Korea France Serbia & Montenegro Malaysia Germany Slovakia Philippines Greenland Slovenia Singapore Hungary Sweden Taiwan Ireland United Kingdom Thailand Vietnam Page 3

4 Our History 1976 DSV is established 1987 DSV is listed on the Copenhagen Stock Exchange 1997 DSV acquires Samson Transport and triples the size of its Road Division 2000 DSV acquires DFDS Dan Transport Group for DKK 5,500 million from DFDS, continuing under the name DFDS Transport, which is merged with DSV Samson Transport and quadruples the size of the Road and Air & Sea Divisions 2001 DSV sells DPD parcel (Nordic operation) to Svenska Posten for DKK 1,000 million 2002 DSV divests 50% of DFDS Transport Logistics to TNT Logistics for DKK 271 million 2004 DSV divests DSV Environment to Triton for DKK 1,150 million DSV acquires the remaining 50% of DFDS Transport Logistics for DKK 155 million DSV acquires several Road operations in Germany in pursuit of German/European strategy 2005 DSV acquires J.H. Bachmann GmbH in pursuit of German/European/Global Air & Sea strategy DSV acquires several Road operations in Germany in pursuit of German/European strategy 2006 DSV acquires all shares in Koninklijke Frans Maas Groep N.V. in pursuit of European strategy Page 4

5 Key Figures - DSV P&L ** *** DKKm Budget Revenue EBITDA EBITA Pre tax profit* Net profit* EPS* 17,2 19,2 17,2 23,3 34,4 49,8 Margins: EBITDA margin 5,8% 6,1% 5,4% 5,9% 5,8% EBITA margin 4,4% 4,9% 4, 4,7% 4,9% 4,7% Adj. net profit margin 2,2% 2,5% 2,4% 2,9% 3,2% 3,1% Balance sheet ** DKKm Total assets Equity Net interest bearing debt Solvency 25, 29,9% 40,7% 38,7% 30,7% * fully dilluted and adjusted for goodwill, customer contracts amortisation and one-off items ** adjusted for divestment of DSV Environment Division ***Adjusted budgets, announced 27 April 2006 Page 5

6 Q results DKKm Actual Budget Actual Q1 Q1 Q1 Revenue EBITDA EBITA Pre tax profit* Net profit* EPS* 6,1 8,4 10,2 Margins EBITDA margin 5,5% 5,5% 5,8% EBITA margin 4,4% 4,4% 5,2% Adj. net profit margin 2,6% 2,7% 3,2% * fully dilluted and adjusted for goodwill and customer contracts amortisation and one-off items Headlines Q results compared with Q Organic turnover growth 11.9% adjusted for fx Organic EBITA growth 47.6% adjusted for fx EPS growth 67% EBITA DKKm 114 above Q Headlines Q results compared with budget Turnover growth 3.2% EBITA growth 22.7% EPS growth 21.5% EBITA DKKm 62 above budget Page 6

7 Share price development DKK Y DKK Y apr/2001 okt /2001 apr/2002 okt/2002 apr/2003 okt/2003 apr/2004 okt /2004 apr/2005 okt /2005 apr/2006 apr/2003 jul/2003 okt/2003 jan/2004 apr/2004 jul/2004 okt/2004 jan/2005 apr/2005 jul/2005 okt/2005 jan/2006 apr/2006 MSCI Europe Transport Index DSV OMX 20 MSCI Europe Transport Index DSV OMX 20 DKK Y DKK 950 3M apr/2005 jun/2005 aug/2005 okt/2005 dec/2005 feb/2006 apr/2006 MSCI Europe Transport Index DSV OMX jan/2006 feb/2006 mar/2006 apr/2006 MSCI Europe Transport Index DSV OMX 20 Source: Bloomberg Page 7

8 Road Division

9 Road Division Characteristics Strong market position in the Nordic region, New EU-countries, Benelux and the UK Good network of agents in Europe Strong culture and loyal employees High profitability Opportunities Organic growth Acquisitions in Germany, France and Italy Challenges Integration of Frans Maas Gain stronger position in central Europe Become truly European Own operation Agents Page 9

10 Road Transport 9,000 Employees Full and Part loads door-to-door European and domestic distribution Internet Booking Facilities Track and Trace, POD 7,000 Carriers on the road each day Page 10

11 Road Division Q Turnover 2005 (actual): 2006 (budget): 2006 (actual): DKK 3.7 billion DKK 4.5 billion DKK 4.6 billion 2005 (full year) - actual Q actual Ireland Holland France Baltic's Belgium 2% Poland 1% Others 2% 26% Ireland Holland France Belgium 2% Baltic's Poland Others 1% 2% 24% Finland 6% Finland 5% Germany 9% UK 8% UK 9% Sweden 19% Norway 14% Sweden 18% Page 11 Norway 14% Germany 14%

12 Road Division Q EBITA 2005 (actual): 2006 (budget): 2006 (actual): DKK 138 million DKK 184 million DKK 217 million 2005 (full year) - actual Q actual Holland Finland 4% Belgium Ireland 5% 4% UK 7% Baltic's 4% Poland 2% Others 1% 3 Baltic's Belgium 4% Ireland Holland Finland UK 9% Poland 1% Others 1% 36% Norway 21% Sweden 15% Norway 19% Sweden 17% Page 12

13 Air & Sea Division

14 Air & Sea Division Characteristics One of the best earning freight forwarders High growth area Strong market position in the Nordic region, US and Hong Kong/China Opportunities Growth both organic and acquisitive in particular in central Europe Challenges Integration of Frans Maas Become a top ten player in the Air & Sea industry Become truly Global Own operation Agents Page 14

15 Air & Sea Transport 2,200 Employees Internet Booking System Track and Trace, POD Consolidated Air Freight Import / Export FCL / LCL 285 Locations in 103 Countries 1 1 Supplemented by partners and agents Page 15

16 Air & Sea Division Q Turnover 2005 (actual): 2006 (budget): 2006 (actual): DKK 1.2 billion DKK 1.7 billion DKK 1.8 billion 2005 (full year) - actual Q actual Others 9% Others 11% Other APAC 7% USA 22% Other APAC 7% USA 21% Hong Kong 4% China 5% Holland 2% Germany 9% UK 12% Nordic ex. DK 12% 18% Hong Kong 4% China 5% Holland 2% Germany 12% UK 10% Nordic ex. DK 11% 17% Page 16

17 Air & Sea Division Q EBITA 2005 (actual): 2006 (budget): 2006 (actual): DKK 77 million DKK 83 million DKK 108 million 2005 (full year) - actual Q actual Hong Kong 8% Other APAC 7% Others 7% USA 36% Hong Kong 6% China 7% Other APAC 6% Others USA 39% China 8% Germany 4% Holland 1% UK 8% Nordic ex. DK 9% 12% Germany 5% UK 5% Nordic ex. DK 10% 18% Page 17

18 Solutions Division

19 Solutions Division Characteristics Sizeable player in the Nordic logistics market Independent Nordic network Opportunities Leverage on Road and Air & Sea Divisions Become a stronger player in Benelux, Germany, Ireland and the UK and grow in these markets Challenges Integration of Frans Maas Take part in the outsourcing process Enhance profitability in the Swedish operation Own operation Operations reported within the Road division Agents Page 19

20 Solutions 700 Employees 270,000 m 2 35 Locations 4 Nordic Countries Page 20

21 Solutions Division Q Turnover 2005 (actual): DKK 212 million 2006 (budget): DKK 215 million 2006 (actual): DKK 244 million EBITA 2005 (actual): DKK 6 million 2006 (budget): DKK 6 million 2006 (actual): DKK 15 million 2005 (full year) actual turnover Q actual turnover Finland 10% Finland 10% Norway 16% 4 Norway 16% 40% Sweden 31% Sweden 34% Page 21

22 DSV - Thank you for your attention