DSV increases gross profits by 5.4% in 2011
For the full year 2011, DSV has announced revenues of DKK43.71bn, an increase of 2.7% compared to DKK42.56bn in 2010. Gross profit increased 5.4% year-on-year from DKK9.32bn in 2010 to DKK9.82bn in 2011, corresponding to a profit margin of 22.5% in 2011.
The company also recorded operating profit before special items of DKK2.43bn, corresponding to an EBITA margin of 5.6%.
Delivering 55% of the company's total consolidated EBITA, the Air & Sea division remained DSV's core business. DSV Air & Sea's revenues declined from DKK19.4bn in 2010 to DKK18.93bn in 2011; however gross profit increased from DKK3.8bn in 2010 to DKK4.1bn in 2011.
The division increased air freight volumes by 5%, which surpassed the market growth rate of -1%, however sea freight volumes fell slightly below the total market growth rate at 3% compared to market growth of 5-6%.
DSV Road performed particularly well in the Nordic markets which contributed 44% of the division's revenue. Revenue for 2011 was DKK22.64bn with gross profit of DKK4.3bn, compared to DKK21.1bn and DKK4.1bn respectively in 2010. In total, the division recorded a 6% year-on-year increase in volumes.
DSV Solutions had revenues of DKK5bn in 2011, compared to DKK4.86bn in 2010, while gross profit also increased from DKK1.46bn in 2010 to DKK1.48bn in 2011. The company stated that demand for logistics services rose significantly in the first half of 2011, but declined in the second half of the year due to growing uncertainty about the European economy.Regarding its outlook for 2012, DSV's CEO Jens Bjorn Andersen said, "There is no doubt the outlook for the global economy, and the European economy in particular, is subject to uncertainty in 2012. This development is inextricably linked with the development in freight volumes and consequently the development of DSV. Overall, we expect relatively low growth rates, but we do expect growth in both volumes and results for the Group in general in 2012."