DSV Panalpina releases Interim financial report for Q3 2020

(Image Courtesy: DSV Panalpina)

DSV Panalpina released the company’s interim financial report for the third quarter of 2020 on October 29. On this occasion, Group CEO Jens Bjørn Andersen said, “In the third quarter of 2020, all three divisions delivered results above our expectations.”

“Market conditions have been better than anticipated across most of our markets, and at the same time we benefit from efficient cost management. We are happy to announce that all material aspects of the Panalpina integration have now been successfully completed and we can now intensify the focus on organic growth,” he added.

Outlook for 2020

Based on the financial performance for the first nine months of 2020, guidance for full-year 2020 is updated as follows:

  • Operating profit before special items is expected to be above DKK 9,250 million (in line with trading update of 9 October 2020)
  • Special items, costs for 2020 are expected in the level of DKK 2,100 million (previously DKK 2,300 million)
  • The effective tax rate is expected in the level of 25%

The guidance is based on assumptions of a continued gradual improvement of the freight markets with no further material disruptions of global supply chains, the company stated.

Share buyback

A separate company announcement about the launch of a new share buyback programme of up to DKK 6,000 million will be issued today. The programme will run until 30 April 2021 or earlier if finalised, DSV Panalpina stated.

Sea News, October 30

Baibhav Mishra
Author: Baibhav Mishra