Capital Markets Day 2011
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1 Capital Markets Day 2011 DSV Air & Sea Division Jorgen Moller, President DSV Air & Sea Holding A/S Capital Markets Day 6 September 2011
2 Agenda 1. DSV Air & Sea - general facts 2. Update on H Growth relative to market 4. Growth opportunities 5. Capacity agreements with carriers 6. IT strategy for the division 7. Compliance 8. Q&A 2 Capital Markets Day, 6 September 2011
3 DSV Air & Sea general facts DSV countries Worldwide presence 6,000 employees Own operations in more than 60 countries Approx. 710,000 TEUs of seafreight annually () Approx. 250,000 tons of airfreight annually () Approx. 2.8 million shipments handled annually We offer Air & Sea services in the following countries Argentina Australia Austria Bangladesh Belarus Belgium Brazil Bulgaria Canada Chile China Croatia Czech Republic Denmark Egypt Estonia Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Italy Japan Kazakhstan Korea Latvia Lithuania Luxembourg Malaysia Mexico Morocco Netherlands New Zealand Norway Pakistan Peru Philippines Poland Portugal Romania Russia Serbia Singapore Slovakia Slovenia South Africa Spain Sweden Switzerland Taiwan Thailand Turkey Ukraine United Arab Emirates United Kingdom USA Vietnam 3 Capital Markets Day, 6 September 2011
4 Update on H DKKm H1 H Change % Selected P&L numbers Revenue 9,066 9, % Gross profit 1,810 1, % Other external costs % Staff costs, white collar % Depreciations % EBITA % Revenue H Employees - end of quarter 5,731 6, % KPIs Gross margin 20.0% 21.1% EBITA Margin 6.0% 6.8% Gross profit conversion ratio 30.2% 32.0% Gross profit H Key factors in H Growth in volume compared to Stable development in profit per unit Increase in productivity improved conversion ratio 4 Capital Markets Day, 6 September 2011
5 Update on H Gross profit per unit Air Sea Gross profit per ton (2008 = Index 100) ,6 96,2 87,1 86,4 82,5 82,8 83,8 80,7 77,4 80,3 100 Gross profit per TEU (2008 = Index 100) 114,1 102,8 93,2 90,0 86,0 88,2 92,0 98,4 94,2 93,5 full year 2008 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q full year 2008 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q DSV has been able to maintain a stable GP per unit in Capital Markets Day, 6 September 2011
6 Update on H EBITA development EBITA in DKKm 1,400 1,200 1, % 20.8% % 5.3% EBITA margin Gross profit conversion ratio 35.8% 33.1% 32.6% % 691 1, % 30.2% 27.1% 30.2% 6.4% 6.2% 7.4% 7.6% 6.7% 6.6% 6.3% 6.0% 6.8% H1 H % % 55.0% 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 6 Capital Markets Day, 6 September 2011
7 Growth relative to market Expected market volume growth 2011* Market share (based on revenue) Global seafreight volume 4-6% Global airfreight volume 0-2% It is DSV s target to grow faster than the market. 9.4% 8.7% K+N (9.4%) DHL (8.7%) DB Schenker (5.8%) *As stated in the H interim financial report 5.8% Panalpina (4.0%) Expeditors (3.3%) Opportunities for further growth 56.2% 4.0% 3.3% Sinotrans (3.1%) CEVA (2.8%) Agility (2.4%) DSV Air & Sea generally has a low market share in the countries were we operate. This leaves plenty of opportunities for future growth. 3.1% 2.8% 2.4% 2.2% 2.1% UPS (2.2%) DSV (2.1%) Others (56.1%) Source: Transport Intelligence 7 Capital Markets Day, 6 September 2011
8 Growth year on year Growth year on year Growth relative to market Airfreight % growth in tonnes (year on year) Market (DSV estimate) DSV 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Seafreight % growth in TEUs (year on year) Market (DSV estimates) DSV DSV is generally taking market shares 40% 35% 30% 25% 20% 15% 10% 5% 0% Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q Capital Markets Day, 6 September 2011
9 Growth opportunities Organic growth Gain market share through focus on sales Develop existing trade lanes Take part in growth in emerging markets We see attractive growth opportunities within Project Logistics M&A We are open to acquisitions of regional or local players to add volume to and strengthen existing network 9 Capital Markets Day, 6 September 2011
10 Growth opportunities Project logistics DSV Projects is part of the Air & Sea Division and offers project management, planning and execution of abnormal transports and logistics worldwide. The physical transport operations are outsourced and as such in line with the asset light strategy. DSV Projects is divided in the following main segments Industrial Projects Marine Logistics Oil and Gas Renewable Energy Ship Charter Air Charter Pack and Ship Defence and Government Services Aid and Relief We see growth opportunities within several areas, e.g. in the industrial segment where Aerospace and Automotive are promising areas. 10 Capital Markets Day, 6 September 2011
11 Capacity agreements with carriers As an asset light freight forwarder, a close and efficient cooperation with carriers is a key part of our business model. DSV cooperates with selected core carriers on both sea and air assignments and aims at developing long-term partnerships with the carriers. The cooperation with the carriers is based on the following main principles: Shipping Lines DSV enters into annual volume agreements with a number of core carriers. The volume agreements are based on general rate agreements, which are subject to renegotiation during the period. The carriers should normally announce rate adjustments and surcharges one month before these are implemented. In most contracts with larger accounts DSV Air & Sea does not commit to rates for more than three months. It is seen as an advantage for both the customers and DSV to have an exit clause in the contracts. This will ensure that the rates are always market correct. For ocean freight, exceptions to this will normally be backed by a back-to-back agreement with the carriers. 11 Capital Markets Day, 6 September 2011
12 Capacity agreements with carriers, continued Airlines As a general rule, DSV does not undertake volume commitments. In case of expected tight capacity on specific trade lanes DSV will secure a fixed space allotment for part of the controlled volume. DSV s pricing structure on airfreight means that airfreight rate fluctuations are normally passed on to customers faster than on seafreight. 12 Capital Markets Day, 6 September 2011
13 IT strategy for the division edienterprise The division is currently rolling out edienterprise as global Transport Management System. Benefits from edienterprise roll out: Increase in efficiency and productivity improved data quality shipment data should only be registered once automated rating and billing streamlining of procedures and data Using edienterprise today Not yet planned Roll out Improved KPIs and statistics KPI reports to customers improved statistics on trade lane development, products and customer profitability etc. productivity benchmarking 13 Capital Markets Day, 6 September 2011
14 Compliance and security Compliance has an increasing global impact on the industry. It is no longer only a US concern. Since 9/11/2001, the cost for compliance and security has been one of the fastest growing expenses within our industry. Multinational and multi-agency requirements have created redundancies within the industry. These have been integrated, to the extent possible, within our transport management system (i.e. Denied Party Screening against 100+ International lists). Examples of countries with considerable compliance and security concerns affecting global operators: EU Autorized Economic Operator (AEO) Entry Summary Declaration (ENS) Import Control System (ICS) Dual Use Item Controls Denied Party Screening requirements etc. In addition to the above, the individual EU members have country specific compliance restrictions US Bureau of Industry and Security (BIS) Export Adminstration Regulations (EAR); Census Federal Trade Regulations (FTR) Directorate of Defense Trade Controls (DDTC) International Traffic in Arms Regulations (ITAR) Customs and Border Protect (CBP) Import Regulations Broker and Carrier; Customs Trade Partnership Againts Terrorism (C-TPAT) and enforcer of numerous agencies regulations Department of Homeland Security (DHS) Transportation Security Administration (TSA) and many more 14 Capital Markets Day, 6 September 2011
15 Q&A Q.A. 15 Capital Markets Day, 6 September 2011
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