Q4 2024 DSV A/S Earnings Call Transcript
Key Points
- DSV AS (DSDVF) reported solid performance for 2024, with growth in gross profit (GP) and EBIT for the third consecutive quarter.
- The company has successfully outgrown its addressable market in both air and ocean freight, indicating strong market positioning.
- DSV AS (DSDVF) has improved productivity, handling 16% more jobs per full-time equivalent (FTE) compared to the previous year.
- The Schenker acquisition is progressing well, with 33 out of 36 regulatory approvals obtained, and financing in place for the transaction.
- The company has a strong pipeline with customers, suggesting continued volume growth in 2025, particularly in air and sea freight.
- Inflationary pressures have impacted the cost base, particularly in wages and IT licenses, which may continue to affect profitability.
- The road division experienced weak results due to structural challenges in the European market and a one-off adjustment in the US.
- The solutions division faced a flat development in the last quarter, with idle capacity affecting profitability and a need to address declining return on invested capital (ROIC).
- The NEOM joint venture has evolved slower than expected, with significant red tape causing delays.
- The company faces uncertainties in the macroeconomic and geopolitical environment, which could impact future performance.
Ladies and gentlemen, welcome to the Annual Report 2024 conference call. I'm Sergeant the chorus call operator. (Operator Instructions) The conference must not be recorded for publication or podcast.
At this time it's my pleasure to hand over to Jens Lund, Group CEO. Please go ahead.
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Thank you very much and welcome everybody to our conference call on the full year 2024 results. We will do it as we normally do. Michael and I, basically go through the presentation and then we will go to the Q&A session afterwards. So if we go quickly to slide number 2.
You can see the agenda for this day's call and also the forward-looking statement as well. Please ensure that you read that carefully and while you do so, I suggest that we quickly move on to slide 3.
Well, we can talk about some of the highlights from 2024. So we saw basically solid performance in our company for the year. We have now for the third quarter in
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