7 November 2022  
Consolidated Interim Report Q3 2022 – NTG Nordic Transport Group A/S  
Selected financial information  
Q3 2022 highlights  
For the periods 1 July to 30 September (Q3) and 1 January 2022 to 30 September 2022 (YTD)  
•
•
Strong results across both divisions in Q3 2022.  
Change  
951.8  
164.7  
66.7  
YTD 2022  
7,728.0  
1,494.3  
585.6  
YTD 2021  
5,130.2  
1,030.8  
381.5  
Change  
2,597.8  
463.5  
(DKKm)  
Q3 2022  
2,821.3  
533.4  
Q3 2021  
1,869.5  
368.7  
Total growth in net revenue of 50.9%, hereof organic  
growth of 17.1%.  
Net revenue  
Gross profit  
•
•
Operating margin of 7.4% in Q3 2022 vs. 7.6% in Q3  
2021.  
Adj. EBIT  
209.3  
142.6  
204.1  
2022 guidance announced on 6 May 2022 maintained:  
Net revenue of DKK 9,700 - 10,200 million and adj.  
EBIT of DKK 700 - 750 million.  
Profit for the period  
Gross Margin  
Operating margin  
Conversion ratio  
159.5  
109.8  
49.7  
428.1  
279.3  
148.8  
18.9%  
7.4%  
19.7%  
7.6%  
-0.8 p.p.  
-0.2 p.p.  
0.5 p.p.  
19.3%  
7.6%  
20.1%  
7.4%  
-0.8 p.p.  
0.2 p.p.  
2.2 p.p.  
39.2%  
38.7%  
39.2%  
37.0%  
Contacts  
NTG Nordic Transport Group A/S
Forward looking statement  
Investor relations  
Christian D. Jakobsen,  
Group CFO  
+45 4212 8099  
[email protected]  
Press  
Hammerholmen 47
DK-2650 Hvidovre
+45 7634 0900  
This document contains forward looking statements which are subject to risk factors associated with, amongst others, the economic and  
business circumstances occurring from time to time in the countries and markets in which NTG Nordic Transport Group and its subsidiaries  
operate.  
Mathias Jensen-Vinstrup,  
Executive Vice President  
+45 4212 8090  
www.ntg.com  
CVR no. 12546106  
It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables,  
which could cause actual results to differ materially from those currently anticipated. For a description of significant risks and uncertainties  
identified by the Group, reference is made to the 2021 Annual Report. Any subsequent developments are reflected in this report.  
[email protected]  
 
7 November 2022  
Financial Highlights  
Income statement (DKKm)  
Q3 2022  
2,821.3  
533.4  
Q3 2021 YTD 2022 YTD 2021  
Balance sheet (DKKm)  
30/09-2022  
8.0  
30/09-2021  
4.7  
Net revenue  
1,869.5  
368.7  
7,728.0  
1,494.3  
5,130.2  
1,030.8  
Additions to property, plant, and equipment (excl. IFRS 16)  
Balance sheet total  
Gross profit  
4,634.7  
-21.9  
3,285.7  
-138.9  
798.1  
40.6  
Net working capital  
Operating profit before amortisation, depreciation,  
and special items (adj. EBITDA)  
266.1  
187.3  
749.1  
484.0  
Net interest-bearing debt  
1,155.7  
367.3  
Operating profit before special items (adj. EBIT)  
Special items, net  
209.3  
-0.5  
142.6  
0.0  
585.6  
-13.6  
-15.1  
428.1  
17.53  
21.86  
381.5  
-4.2  
Net interest-bearing debt, excluding IFRS 16  
Invested capital  
2,081.7  
1,079.7  
993.3  
1,376.2  
621.2  
552.8  
68.4  
Net financial items  
0.4  
-11.9  
109.8  
4.47  
-36.9  
279.3  
11.30  
13.29  
Total equity  
Profit for the period  
159.5  
6.56  
21.86  
NTG A/S' shareholders' share of equity  
Non-controlling interests  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
86.4  
13.29  
Financial ratios  
Gross margin  
Q3 2022  
18.9%  
7.4%  
Q3 2021  
19.7%  
7.6%  
YTD 2022  
19.3%  
7.6%  
YTD 2021  
20.1%  
7.4%  
Cash flow statement (DKKm)  
Operating activities  
Investing activities  
Q3 2022  
271.1  
-0.4  
Q3 2021 YTD 2022 YTD 2021  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
119.3  
-63.2  
56.1  
601.8  
-499.8  
102.0  
449.3  
-108.3  
-6.2  
298.7  
-161.6  
137.1  
176.8  
-293.9  
-156.8  
39.2%  
38.7%  
39.2%  
43.2%  
62.8%  
23.3%  
1.20  
37.0%  
43.2%  
68.3%  
18.9%  
1.31  
Free cash flow  
270.7  
223.1  
-96.6  
Adjusted free cash flow  
Financing activities  
75.8  
-181.9  
-125.8  
Leverage ratio*  
Cash flow for the period  
174.2  
Employees  
YTD 2022  
YTD 2021  
Average number of employees  
1,966  
1,528  
Reference is made to NTG’s 2021 Annual Report, page 76, for definition of key figures and ratios.  
* Ratio is based on last 12 months’ figures  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 2  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Management Report  
In the third quarter of 2022, the market dynamics  
gradually changed amid a weakening macroeconomic  
outlook, inflation eroding consumers’ real wages, and  
supply chain congestions on the decline.  
Net revenue increased 50.9% to DKK 2,821 million in  
Q3 2022, compared to Q3 2021.  
The increase was mainly driven by relatively stronger  
performance in subsidiaries owned together with  
minority shareholders.  
Acquired growth totalled 35.7% in Q3 2022, driven by  
the acquisitions of AGL and LGT Group.  
Net working capital totalled negative DKK 22 million as  
of 30 September 2022, compared to negative DKK 139  
million as of 30 September 2021.  
The challenging business environment affected  
consumers and customers across multiple industries,  
and transportation activity generally cooled.  
Organic growth totalled 17.1% in Q3 2022, mainly  
driven by price increases in light of increasing input  
factor costs introduced in late 2021 and 2022 within  
the Road & Logistics division.  
The development was primarily driven by the  
acquisition of AGL, adding DKK 153 million in net  
working capital, while non-recourse factoring released  
DKK 9 million as per 30 September 2022.  
Certain industries, including industrials, construction, e-  
commerce, and furniture saw volumes decrease in Q3  
2022, while activity levels within utilities and  
automotives on the contrary continued to accelerate.  
Currency translation effects had a negative impact on  
growth of 1.9% in Q3 2022. The impact was primarily  
driven by a depreciation of TRY, SEK, and PLN versus  
DKK, partially offset by the appreciation of the USD.  
Adjusted free cash flow totalled DKK 223 million in Q3  
2022, compared to DKK 76 million in Q3 2021,  
corresponding to an increase of 194.3%.  
Despite substantial changes to the market and business  
environments in Q3 2022, both divisions delivered  
double-digit growth in net revenue and operating profit.  
Gross profit increased 44.7% to DKK 533 million in Q3  
2022, compared to DKK 369 million in Q3 2021,  
corresponding to a gross margin of 18.9% and 19.7%,  
respectively.  
The increase was primarily driven by the acquisition of  
AGL, an improved operating performance, and an  
improvement in net working capital compared to the  
previous quarter.  
The combination of an uncertain macroeconomic  
outlook and limited visibility caused a faster-than-  
expected market normalisation.  
Adj. EBIT increased 46.8% to DKK 209 million in Q3  
2022, compared to DKK 143 million in Q3 2021,  
corresponding to an operating margin of 7.4% and 7.6%,  
respectively.  
The asset light and flexible cost structure promote  
speed of response in the event of a worsening business  
environment.  
As of 30 September 2022, NTG had a net interest-  
bearing debt of DKK 367 million excluding IFRS 16  
lease liabilities, compared to DKK 41 million as of 30  
September 2021.  
While reduced visibility poses a challenge, the growth  
strategy of NTG remains unchanged.  
Adj. EBIT in the Road & Logistics division increased  
25.5% to DKK 134 million in Q3 2022, compared to Q3  
2021.  
The development was mainly a result of the acquisition  
of AGL.  
By factoring in the increased likelihood of an  
accelerated market normalisation, the pursuit of growth  
via M&A will continue.  
Adj. EBIT in the Air & Ocean division increased 108.9%  
to DKK 75 million in Q3 2022, compared to Q3 2021.  
Including IFRS 16 lease liabilities, NTG had a net  
interest-bearing debt of DKK 1,156 million and DKK  
798 million by the end of Q3 2022 and Q3 2021,  
respectively, corresponding to leverage ratios of 1.20  
and 1.31.  
Good opportunities may arise, should an adverse  
market scenario materialise.  
Minorities’ share of adj. EBIT was 8.0% in Q3 2022,  
compared to 7.2% in Q3 2021.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 3  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Management Report, continued  
The equity interest of NTG’s shareholders was DKK  
993 million as of 30 September 2022, compared to DKK  
553 million as of 30 September 2021.  
The integration of AGL is progressing according to plan,  
on track for finalisation in H1 2024.  
Finalisation of the integration of LGT Group, previously  
expected by the end of 2022, is now expected by the  
end of 2023 at the latest.The change is a result of a near-  
term reprioritisation of IT resources.  
The development was mainly driven by net profit for the  
period, partially offset by tax on share-based payments  
and share buy-backs in the third quarter of 2022.  
From 15 August 2022 to 31 March 2023 at the latest,  
NTG will purchase its own shares for an aggregate  
maximum amount of DKK 100 million. Reference is  
made to Company Announcement no. 9-22 for further  
information.  
Outlook  
The guidance provided on 6 May 2022 is maintained,  
and for the full year 2022 we expect to achieve:  
•
•
Net revenue of DKK 9,700 – 10,200 million.  
Adj. EBIT of DKK 700 – 750 million.  
By the end of Q3 2022, NTG employed 2,051 full-time  
equivalents, compared to 1,877 by the end of Q3 2021.  
The outlook is based on an expectation of a gradual  
normalisation in the second half of the year.  
Update on recent acquisitions  
On 1 July 2022, NTG acquired the activities of  
Kontinent Transport, a Norway-based road freight  
forwarder.  
The outlook for 2022 assumes a stable macroeconomic  
environment with no additional material adverse events  
affecting regional and global cargo volumes and trade  
patterns.  
Kontinent Transport was included in the consolidated  
financial statements of NTG as of July 2022,  
simultaneously with completion of the transfer of assets  
and liabilities to NTG Road Norway AS.  
The assumptions underlying the outlook may change.  
The acquisition of AGL, completed on 6 May 2022,  
contributed with DKK 573 million in net revenue and  
DKK 38 million in adj. EBIT in Q3 2022.  
The acquisition of LGT Group, completed on 1  
September 2021, contributed with DKK 94 million in  
net revenue and DKK 7 million in adj. EBIT in Q3 2022.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 4  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Road & Logistics  
Unlike previous quarters, the Road & Logistics division  
experienced a gradual stabilisation of the capacity  
situation in Q3 2022.  
The EU Mobility Package, elevated fuel prices, and  
scarcity of trucks and drivers continue to impede inflow  
of new capacity, and market imbalances are likely to  
prevail in the coming quarters.  
Though capacity remained short in supply, a gloomy  
market outlook and stagnating demand led to reduced  
supply-side pressure.  
In combination with direct as well as indirect effects of  
persistent cost inflation, freight rates are projected to  
increase.  
The situation caused a higher degree of stability in the  
cost of procuring capacity, and spot markets slowly  
declined in July and August as pre-COVID summer  
seasonality demand patterns re-emerged.  
To support continued growth in the changing market  
environment, sales initiatives will be ramped up to  
capture market shares and to increase the share of  
contract-based business.  
Spot activity however rebounded partially in  
September, and rates edged higher once more.  
Efforts to promote additional cross sales will intensify.  
Contract-based  
businesses  
showed  
resilience  
throughout the third quarter of the year.  
Selected YTD financial information  
(DKKm)  
YTD 2021  
3,896.0  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2022  
%
Net external revenue  
826.6  
21.2%  
534.7  
13.7%  
-106.8  
-2.7%  
5,150.5 32.2%  
1,038.0 31.4%  
406.3 35.2%  
20.2% -0.1 p.p.  
7.9% 0.2 p.p.  
39.1% 1.0 p.p.  
Gross profit  
789.7  
300.6  
20.3%  
7.7%  
148.6  
71.6  
18.8%  
23.9%  
112.3  
40.6  
14.2%  
13.5%  
-12.6  
-6.5  
-1.6%  
-2.2%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
38.1%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 5  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Road & Logistics, continued  
Net revenue  
Gross profit  
The constant development was driven by a conversion  
ratio improvement of 1.8 percentage points to 39.7%  
which offset the gross margin development for the  
quarter.  
Net revenue for the division totalled DKK 1,730 million  
in Q3 2022, compared to DKK 1,392 million in Q3  
2021.  
Gross profit increased 19.8% to DKK 338 million in Q3  
2022, compared to DKK 282 million in Q3 2021,  
corresponding to a gross margin of 19.5% and 20.2%,  
respectively.  
The development is a result of increased gross profit per  
shipment compared to the same period last year as well  
as persistent cost control.  
Total growth was 24.3%, composed of organic growth  
of 20.7%, effects from acquisitions of 6.7%, and  
currency translation effects of negative 3.1%.  
The margin decrease was mainly driven by increasing  
costs of procuring capacity.  
LGT Group contributed with DKK 7 million in operating  
profit in Q3 2022.  
Organic growth was predominantly driven by capacity  
and EU Mobility Package surcharges introduced to  
safeguard capacity, as well as elevated spot rates.  
LGT Group contributed with DKK 22 million in gross  
profit in Q3 2022.  
Operating profit before special items (adj. EBIT)  
Volumes declined slightly in Q3 2022 compared to the  
same period last year.  
Adj. EBIT increased 25.5% to DKK 134 million in Q3  
2022, compared to DKK 107 million in Q3 2021,  
corresponding to an operating margin of 7.7% in both  
periods.  
LGT Group contributed with DKK 94 million in net  
revenue in Q3 2022.  
Selected quarterly financial information  
(DKKm)  
Q3 2021  
1,391.9  
Organic  
%
Acquisitions  
%
Currency  
%
Q3 2022  
%
Net external revenue  
287.4 20.7%  
39.3 13.9%  
22.5 21.1%  
93.8  
6.7%  
-43.2  
-3.1%  
1,729.9 24.3%  
337.6 19.8%  
133.9 25.5%  
19.5% -0.7 p.p.  
7.7% 0.0 p.p.  
39.7% 1.8 p.p.  
Gross profit  
281.8  
106.7  
20.2%  
7.7%  
21.7  
7.0  
7.7%  
6.6%  
-5.2  
-2.3  
-1.8%  
-2.2%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
37.9%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 6  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Air & Ocean  
Following several quarters of demand outgrowing  
capacity, the third quarter of 2022 marked the  
beginning of a softening of global air and ocean freight  
markets.  
The development was driven by softening demand  
across key trade lanes, capacity steadily returning to the  
market, and ocean freight re-emerging as a less  
expensive alternative.  
In Q3 2022, the persistent challenges with unresolved  
congestions and long waiting times, primarily in Europe,  
were no longer sufficient to uphold spot rates at  
historical high levels.  
The combination of volatile rate environments, less  
demand, and more available space poses new  
opportunities for market share gains amid spot rates  
sliding towards rates contracted by customers during  
2021 and the first half of 2022.  
Slowing demand, decreasing bottlenecks in the US and  
Asia, and elevated inventory levels altogether pushed  
ocean freight rates downward.  
In the coming quarters, the division will intensify sales  
and productivity-enhancing initiatives to counter  
potential downward pressure on yields by pursuing  
market share gains.  
Ocean freight rates registered double-digit declines on  
the Transpacific and Europe-Asia trade lanes, while  
rates on the Transatlantic trade lane displayed single-  
digit declines.  
Focus will remain on close collaborations with  
customers and suppliers to safeguard an agile and  
competitive value proposition in a changeable business  
environment.  
In air freight, rates were also on the decline although at  
a more moderate pace.  
Selected YTD financial information  
(DKKm)  
YTD 2021  
1,233.6  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2022  
%
Net external revenue  
343.3 27.8%  
52.9 22.0%  
35.6 44.2%  
974.1 79.0%  
154.8 64.2%  
60.3 74.9%  
26.4  
2.1%  
2,577.4 108.9%  
456.1 89.3%  
179.2 122.6%  
17.7% -1.8 p.p.  
7.0% 0.5 p.p.  
39.3% 5.9 p.p.  
Gross profit  
241.0  
80.5  
7.4  
2.8  
3.1%  
3.5%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
19.5%  
6.5%  
33.4%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 7  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Air & Ocean, continued  
Net revenue  
respectively.  
Net revenue for the division totalled DKK 1,091 million  
in Q3 2022, compared to DKK 477 million in Q3 2021.  
The gross margin development was primarily driven by  
the impact of the acquisition of AGL  
The development was partially offset by the effects of  
the acquisition of AGL.  
Total growth was 128.7%, composed of organic growth  
of 7.1%, effects from the acquisition of AGL of 120.2%,  
and currency translation effects of 1.4%.  
A stabilisation of gross margins in the remainder of the  
division amid declining freight rates had an offsetting  
effect during Q3 2022.  
AGL contributed with DKK 38 million in operating  
profit in Q3 2022.  
Organic growth was mainly driven by high growth in  
Poland and Denmark, partially offset by declining  
freight rates and, to a lesser extent, declining volumes  
with a limited number of customers, compared to the  
same period last year.  
AGL contributed with DKK 97 million in gross profit in  
Q3 2022.  
Operating profit before special items (adj. EBIT)  
Adj. EBIT increased 108.9% to DKK 75 million in Q3  
2022, compared to DKK 36 million in Q3 2021,  
corresponding to an operating margin of 6.9% and 7.6%,  
respectively.  
AGL contributed with DKK 573 million in net revenue in  
Q3 2022.  
Gross profit  
The operating margin decrease was a result of a  
conversion ratio decrease of 3.1 percentage points to  
38.5%.  
Gross profit increased 125.6% to DKK 196 million in  
Q3 2022, compared to DKK 87 million in Q3 2021,  
corresponding to a gross margin of 17.9% and 18.2%,  
Selected quarterly financial information  
(DKKm)  
Q3 2021  
477.1  
Organic  
%
Acquisitions  
%
Currency  
%
Q3 2022  
%
Net external revenue  
33.7  
7.1%  
573.3 120.2%  
97.1 112.0%  
38.2 105.8%  
6.8  
1.4%  
1,090.9 128.7%  
195.6 125.6%  
75.4 108.9%  
Gross profit  
86.7  
36.1  
9.3 10.7%  
0.2 0.6%  
2.5  
0.9  
2.9%  
2.5%  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
18.2%  
7.6%  
17.9% -0.3 p.p.  
6.9% -0.7 p.p.  
38.5% -3.1 p.p.  
41.6%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 8  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q3 2022  
Q3 2021  
YTD 2022  
YTD 2021  
(DKKm)  
Q3 2022  
159.5
Q3 2021  
109.8
YTD 2022  
428.1
YTD 2021  
279.3
Net revenue  
2,821.3
1,869.5
7,728.0
5,130.2
Profit for the period  
Direct costs  
-2,287.9
533.4
-1,500.8
368.7
-6,233.7
1,494.3
-174.5
-4,099.4
1,030.8
-133.6
Items that may be reclassified to the income  
statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
35.4
3.9
-3.1
3.3
35.6
47.4
1.8
9.5
Other external expenses  
Staff costs  
-67.5
-42.1
-199.8
-139.3
-570.7
-413.2
Items will not be reclassified to the income  
statement:  
Operating profit before amortisation,  
depreciation, and special items (adj. EBITDA)  
187.3
484.0
266.1
-56.8
209.3
749.1
-163.5
585.6
Actuarial adjustments on retirement benefit  
obligations  
Amortisation and depreciation of intangible and  
tangible fixed assets  
-44.7
-102.5
Other comprehensive income  
Total comprehensive income  
39.3
0.2
83.0
11.3
Operating profit before special items (adj.  
EBIT)  
198.8
110.0
511.1
290.6
142.6
381.5
Attributable to:  
Special items, net  
-0.5
12.7
0.0
0.9
-13.6
26.0
-4.2
2.0
Shareholders in NTG A/S  
Non-controlling interests  
186.0
12.8
100.7
9.3
472.8
38.3
263.8
26.8
Financial income  
Financial costs, other  
Profit before tax  
-12.3
209.2
-49.7
159.5
-12.8
130.7
-20.9
109.8
-41.1
-38.9
340.4
-61.1
279.3
556.9
-128.8
428.1
Tax on profit for the period  
Profit for the period  
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
145.9
13.6
99.8
10.0
388.6
39.5
252.6
26.7
Earnings per share  
Earnings per share (DKK)  
6.56
6.47
4.47
4.36
17.53
17.23
11.30
11.06
Diluted earnings per share (DKK) for the period  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 9  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q3 2022  
Q3 2021  
YTD 2022  
YTD 2021  
(DKKm)  
Q3 2022  
0.0
Q3 2021  
-191.7
100.0
-42.6
YTD 2022  
0.0
YTD 2021  
-191.7
100.0
Operating profit before special items  
209.3
142.6
585.6
381.5
Repayment of loans  
Proceeds from loans  
0.0
125.0
-149.8
-18.2
Amortisation and depreciation  
Share-based payments  
56.8
1.8
44.7
1.7
163.5
4.7
100.6
5.8
Repayment of lease liabilities  
Repayments of other financial liabilities  
-52.1
-5.8
-116.5
-17.5
-12.9
Change in working capital etc.  
Change in provisions  
14.9
0.3
-44.0
-5.0
0.9
-77.7
-4.1
-114.0
-6.2
Shareholders and non-controlling interests  
Purchase of treasury shares  
-23.7
-1.9
0.0
-23.7
-31.0
-21.0
-15.4
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
12.7
-8.8
26.0
2.0
Dividends paid to non-controlling interests  
-3.1
-7.5
-5.3
-8.8
0.0
-26.1
-15.0
-41.5
-13.6
601.8
-21.9
-17.0
-27.9
-4.2
Acquisition of shares from non-controlling  
interests  
-3.5
-13.3  
-31.8  
-30.5  
-32.4  
-11.9
-0.5
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
0.2
-96.6
174.2
0.2
-181.9
-125.8
19.9
-108.3
-6.2
0.6
-293.9
-156.8
Special items  
Cash flow from operating activities  
271.1
119.3
298.7
Purchase of property, plant, and equipment  
Disposal of tangible assets  
-0.9
0.0
-0.8
0.0
-8.0
4.9
-4.7
1.9
Cash and cash equivalents at beginning of  
period*  
-88.7
208.2
99.5
235.9
Cash flow for the period  
174.2
18.6
-125.8
-1.8
-6.2
10.8
-156.8
1.5
Acquisition of business activities  
Changes in other financial assets  
Cash flow from investing activities  
Free cash flow  
-4.0
-62.3
-0.1
-483.5
-13.2
-499.8
102.0
-152.0
-6.8
Currency translation adjustments  
Cash and cash equivalents at 30 September*  
4.5
104.1
80.6
104.1
80.6
-0.4
270.7
-63.2
56.1
-161.6
137.1
Statement of adjusted free cash flow  
Free cash flow  
270.7  
0.5  
56.1  
0.0  
102.0  
13.6  
137.1  
4.2  
Special items  
Acquisition of business activities  
Repayment of lease liabilities reversed  
Adjusted free cash flow  
4.0  
62.3  
-42.6  
75.8  
483.5  
-149.8  
449.3  
152.0  
-116.5  
176.8  
-52.1  
223.1  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 247.9 million on 30  
September 2022, DKK 111.9 million on 1 January 2022 and 167.4 million on 30 September 2021.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 10  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
BALANCE SHEET, equity and liabilities  
BALANCE SHEET, assets  
(DKKm)  
30/09-2022 31/12-2021 30/09-2021  
(DKKm)  
30/09-2022 31/12-2021 30/09-2021  
Share capital  
453.0
540.3
453.0
104.7
453.0
99.8
Intangible assets  
1,365.7
70.6
857.2
77.9
858.6
81.4
Reserves  
Property, plant, and equipment  
Right-of-use assets  
740.2
62.5
712.4
27.8
716.4
26.7
NTG A/S shareholders' share of equity  
993.3
557.7
552.8
Non-controlling interests  
86.4
76.2
68.4
Other receivables  
Total equity  
1,079.7
633.9
621.2
Deferred tax assets  
93.6
49.4
19.0
Deferred tax liabilities  
2.4
2.7
2.6
Total non-current assets  
2,332.6
1,724.7
1,702.1
Pensions and similar obligations  
Provisions  
70.3
2.6
118.5
2.8
138.3
3.0
Trade receivables  
1,837.4
1,211.0
1,219.1
Other receivables  
111.5
352.0
1.2
93.6
211.4
1.1
111.7
248.0
4.8
Financial liabilities  
Lease liabilities  
413.0
605.0
105.1
594.4
106.4
602.5
Cash and cash equivalents  
Corporation tax  
Total non-current liabilities  
1,093.3
823.5
852.8
Total current assets  
Total assets  
2,302.1
4,634.7
1,517.1
3,241.8
1,583.6
3,285.7
Provisions  
65.0
68.3
55.8
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
306.3
183.4
131.0
161.1
1,180.5
210.4
33.1
182.2
155.0
1,116.9
241.1
60.7
1,536.4
249.8
120.8
Total current liabilities  
Total liabilities  
2,461.7
3,555.0
4,634.7
1,784.4
2,607.9
3,241.8
1,811.7
2,664.5
3,285.7
Total equity and liabilities  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 11  
DK-2650 Hvidovre  
+45 7634 0900  
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CVR no. 12546106  
 
7 November 2022  
STATEMENT OF CHANGES IN EQUITY – 1 January – 30 September 2022  
NTG A/S  
shareholder’s  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
633.9
428.1
35.6
Equity at 1 January  
453.0
0.0
-10.3
0.0
1.9
0.0
113.1
388.6
0.0
557.7
388.6
36.8
76.2
39.5
-1.2
0.0
Profit for the period  
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
0.0
0.0
36.8
0.0
0.0
0.0
47.4
47.4
47.4
Other comprehensive income, net of tax  
Total comprehensive income for the period  
0.0
0.0
36.8
36.8
47.4
84.2
-1.2
38.3
83.0
0.0
0.0
436.0
472.8
511.1
Transactions with shareholders:  
Share-based payments  
0.0
0.0
0.0
0.0
0.0
-1.9
3.0
0.0
1.1
-9.2
0.0
0.0
4.7
-16.9
0.0
4.7
-16.9
0.0
0.0
0.0
4.7
-16.9
-31.0
-25.9
-30.5
34.3
Tax on share-based payments  
Dividends distributed  
0.0
0.0
-31.0
0.0
Purchase of treasury shares  
0.0
0.0
-24.0
-16.3
14.2
-25.9
-13.3
14.2
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 30 September  
0.0
0.0
-17.2
20.1
-28.1
86.4
0.0
0.0
0.0
0.0
-38.3
510.8
-37.2
993.3
-65.3
1,079.7
453.0
38.7
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 12  
DK-2650 Hvidovre  
+45 7634 0900  
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CVR no. 12546106  
 
7 November 2022  
STATEMENT OF CHANGES IN EQUITY – 1 January – 30 September 2021  
NTG A/S  
shareholder’s  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
393.0
279.3
1.8
Equity at 1 January  
453.0
0.0
-4.4
0.0
0.0
0.0
0.0
0.0
-5.8
0.0
1.7
0.0
1.7
1.7
-110.5
252.6
0.0
332.3
252.6
1.7
60.7
26.7
0.1
Profit for the period  
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
0.0
0.0
9.5
9.5
0.0
9.5
Other comprehensive income, net of tax  
Total comprehensive income for the period  
0.0
9.5
11.2
263.8
0.1
11.3
0.0
262.1
26.8
290.6
Transactions with shareholders:  
Share-based payments  
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-4.1
5.8
0.0
5.8
0.0
0.0
-15.4
0.0
5.8
-15.4
-21.0
-32.4
0.6
Dividends distributed  
Purchase of treasury shares  
0.0
-1.8
0.0
-19.2
-28.3
0.2
-21.0
-28.3
0.2
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 30 September  
0.0
-4.1
0.0
0.0
0.4
0.0
-1.8
-6.2
-41.5
110.1
-43.3
552.8
-19.1
68.4
-62.4
621.2
453.0
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 13  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Notes  
Note 1 – Accounting policies  
interpretations have had a material impact on NTG  
Nordic Transport Group’s Financial Statements.  
The Interim Financial Report has been prepared in  
accordance with IAS 34 “Interim Financial Reporting” as  
adopted by the EU and additional requirements in the  
Danish Financial Statements Act.  
Accounting practice change, terminal-related costs  
The presentation of direct terminal costs has been  
updated effective 1 January 2022, resulting in terminal  
facility expenses and staff costs being presented as  
Direct costs (formerly Other external expenses and  
Staff costs). Comparative figures for 2021 have been  
consequently restated and the impact is disclosed in the  
table below. The restatement only concerns the Road &  
Logistics segment.  
Accounting policies, judgements and significant  
estimates applied in preparation of the Interim Financial  
Report are consistent with those applied in the  
consolidated financial statements for 2021, except for  
the presentational update to terminal-related costs.  
Reference is made to note 1.1 of NTG Nordic Transport  
Group’s 2021 Annual Report for a description of  
accounting policies. For a definition of financial key  
figures and financial ratios, please see page 76 of NTG  
Nordic Transport Group’s 2021 Annual Report.  
NTG Nordic Transport Group has implemented all new  
EU-approved standards and interpretations effective as  
of 1 January 2022. None of these standards and  
Impact on total 2021 figures from presentational update of terminal-related costs  
Q3 2021  
Impact  
0.0  
YTD 2021  
Q4 2021  
Impact  
0.0  
FY 2021  
Impact  
0.0  
(DKKm)  
Published  
1,869.5  
Restated Published  
Impact Restated Published  
Restated Published  
Restated  
7,301.9  
Net revenue  
Direct costs  
1,869.5  
-1,500.8  
5.130,2  
-4,027.7  
0.0  
5,130.2  
2,171.7  
-1,682.1  
2,171.7  
-1,728.6  
7,301.9  
-5,709.8  
-1,470.9  
-29.9  
-71.7  
-4,099.4  
-46.5  
-118.2  
-5,828.0  
Gross profit  
398.6  
-47.7  
-29.9  
5.6  
368.7  
-42.1  
1.102,5  
-149.4  
-469.1  
484.0  
-71.7  
15.8  
55.9  
0.0  
1.030,8  
-133.6  
-413.2  
484.0  
489.6  
-60.1  
-46.5  
6.2  
443.1  
-53.9  
1,592.1  
-209.5  
-683.5  
699.1  
-118.2  
22.0  
96.2  
0.0  
1,473.9  
-187.5  
-587.3  
699.1  
Other external expenses  
Staff costs  
-163.6  
187.3  
24.3  
0.0  
-139.3  
187.3  
-214.4  
215.1  
40.3  
0.0  
-174.1  
215.1  
Adj. EBITDA  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 14  
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CVR no. 12546106  
 
7 November 2022  
Note 2 – Segment information and net revenue  
NTG Nordic Transport Group mainly derives revenue  
from freight forwarding services related to transport of  
goods throughout Europe and worldwide by road, air,  
and ocean.  
Road & Logistics  
Air & Ocean  
Q3 2022  
Eliminations etc.  
Total  
Q3 2022  
(DKKm)  
Q3 2022  
Q3 2021  
1,396.5  
-4.6  
Q3 2021  
480.7  
-3.6  
Q3 2022  
Q3 2021  
Q3 2021  
1,877.7  
-8.2  
Segment net revenue  
1,738.3  
-8.4  
1,093.8  
-2.9  
0.1  
0.5  
0.0  
2,832.2  
-10.9  
Net revenue (between segments)  
Net revenue (external)  
0.4  
1,729.9  
337.6  
-51.5  
1,391.9  
281.8  
1,090.9  
195.6  
-5.1  
477.1  
86.7  
0.5  
0.5  
2,821.3  
533.4  
-56.8  
1,869.5  
Gross Profit  
0.2  
0.2  
368.7  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-41.7  
-2.5  
-0.2  
-0.5  
-0.2  
-44.7  
133.9  
106.7  
75.4  
36.1  
0.0  
209.3  
142.6  
Road & Logistics  
Air & Ocean  
Eliminations etc.  
Total  
(DKKm)  
YTD 2022  
5,171.2  
-20.7  
YTD 2021  
3,908.8  
-12.8  
YTD 2022  
2,584.6  
-7.2  
YTD 2021  
1,240.4  
-6.8  
YTD 2022  
YTD 2021  
YTD 2022  
7,756.0  
-28.0  
YTD 2021  
5,150.0  
-19.8  
Segment net revenue  
0.2  
0.8  
Net revenue (between segments)  
Net revenue (external)  
-0.1  
-0.2  
5,150.5  
1,038.0  
3,896.0  
789.7  
2,577.4  
456.1  
1,233.6  
241.0  
0.1  
0.6  
7,728.0  
1,494.3  
5,130.2  
Gross Profit  
0.2  
0.1  
1,030.8  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-150.5  
-94.2  
-12.5  
-7.2  
-0.5  
-1.1  
-163.5  
-102.5  
406.3  
300.6  
179.2  
80.5  
0.1  
0.4  
585.6  
381.5  
*Total assets and liabilities for each segment are not reported because such amounts are not regularly provided to the CODM (Chief Operating Decisions Maker)  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 15  
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CVR no. 12546106  
 
7 November 2022  
Net Revenue (DKKm)  
Denmark  
Sweden  
Q3 2022  
797.5  
423.0  
638.7  
217.4  
209.7  
535.0  
Q3 2021  
612.6  
338.1  
66.8  
YTD 2022  
2,317.1  
1,292.1  
1,221.6  
679.0  
YTD 2021  
1,679.2  
923.8  
155.1  
USA  
185.3  
212.4  
454.3  
533.1  
Finland  
634.8  
570.7  
Germany  
Other  
1,583.4  
1,268.3  
2,821.3  
1,869.5  
7,728.0  
5,130.2  
Total  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 16  
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CVR no. 12546106  
 
7 November 2022  
the commencement date, any initial costs associated to  
the lease and other directly related costs including  
dismantling and restoration costs.  
Note 3 – Leases  
Contracts are assessed at inception to determine  
whether NTG Nordic Transport Group is entering a  
lease. If a lease is identified, a right-of-use asset and a  
corresponding lease liability are recognised in the  
balance sheet at the contract’s commencement date.  
Subsequent to recognition, lease liabilities are  
measured at amortised cost using the effective interest  
method, adjusted for any remeasurements or contract  
modifications. Lease payments are allocated between  
reduction of the liability and interest expenses. Interest  
expenses are charged to the income statement over the  
lease period to produce a constant periodic rate of  
interest on the remaining balance of the liability for each  
period.  
Lease liabilities are initially measured at the present  
value of future leasing payments under the contract,  
discounted using either the interest rate implicit in the  
contract, or (if the implicit interest rate is not available)  
an incremental borrowing rate appropriate for NTG  
Nordic Transport Group.  
Subsequent to recognition, right-of-use assets are  
depreciated on a straight-line basis over the shorter of  
each asset’s useful life and the relevant lease term and  
adjusted for any remeasurements of the lease liability.  
Right-of-use assets are initially measured at cost,  
equivalent to the relevant recognised lease liability  
adjusted for any leasing payments made on or before  
2022  
2021  
Other plant and  
Other plant and  
equipment  
(DKKm)  
Land & buildings  
equipment  
248.6  
0.0  
Total  
712.4  
30.4  
Land & buildings  
339.2  
Total  
553.7  
220.6  
88.5  
Carrying amount at 1 January  
Additions from business combinations  
Additions during the period  
Disposals during the period  
Depreciation for the period  
Foreign currency translation  
Carrying amount at 30 September  
463.8  
30.4  
59.5  
-5.6  
214.5  
49.3  
171.3  
122.5  
-12.7  
182.0  
-18.3  
-156.1  
-10.2  
11.9  
76.6  
-32.3  
-15.3  
-77.3  
-0.2  
-47.6  
-98.5  
-0.3  
-64.8  
-6.2  
-91.3  
-21.2  
-4.0  
-0.1  
477.1  
263.1  
740.2  
468.8  
247.6  
716.4  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 November 2022  
Note 4 – Acquisition and disposal of entities  
DKK 48.7 million to the result after tax. If the acquisition  
had taken place 1 January 2022 the Group’s net  
revenue would have amounted to DKK 8,576.63 million  
and result after tax would have amounted to DKK 464.9  
million.  
Aries Global Logistics Inc.  
Fair values  
at date of  
acquisition  
On 6 May 2022, NTG completed the acquisition of  
100% of the shares in Aries Global Logistics Inc (AGL).  
AGL is a full-service international air and ocean freight  
forwarder. AGL offers a range of value-added services  
including in-house customshouse brokerage and third-  
party inland transportation and warehousing solutions.  
(DKKm)  
Right-of-use assets  
Deferred tax assets  
Trade receivables  
Other receivables  
Corporation tax  
26.1  
56.3  
477.0  
1.4  
Transaction costs  
Transaction costs relating to the AGL acquisition  
amount to DKK 7.0 million. Transactions costs are  
accounted for in the income statements as special items.  
Consideration transferred  
0.1  
Fair value of acquired net assets and recognised goodwill  
The total consideration consists of a cash payment of  
DKK 495.7 million in addition to a contingent  
consideration. The contingent consideration is  
determined based on the performance of AGL and  
NTG’s existing US subsidiaries in 2022 (pro forma) and  
2023. A sustained level of financial performance will  
result in earn-out payments of maximum USD 35  
million. On 30 September 2022, the maximum earn-out  
consideration of USD 35 million (DKK 246.4 million) is  
recognised.  
Cash and cash equivalents  
64.4  
Provisional fair values of acquired assets and liabilities  
at the acquisition date are given in the table to the right.  
Total Assets  
625.3  
Fair value of acquired trade receivables and other  
receivables amounts to DKK 478.4 million.  
Collectability of receivables has been assessed based on  
Group credit assessment policies. In total DKK 21.3  
million has been provided for as doubtful trade  
receivables.  
Provisions  
1.4  
21.5  
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
26.1  
281.7  
19.0  
Goodwill is primarily related to synergy effects from  
integration with NTG’s existing infrastructure and  
network. Goodwill is non-deductible for tax purposes.  
Adjusted for the fair value of acquired cash and cash  
equivalents of DKK 64.4 million, the net cash flow  
amounted to DKK 479.5 million (outflow), which  
includes an accelerated earn-out payment of DKK 26.7  
million and change of control payment of DKK 21.5  
million.  
Total liabilities  
349.7  
Non-controlling interests’ share of acquired net  
assets  
0.0  
Integration of AGL is still ongoing, and consequently net  
assets, including goodwill and other intangible assets,  
may be adjusted, and off-balance sheet items may be  
recognised for up to 12 months after the acquisition  
dates, in accordance with IFRS 3.  
Acquired net assets  
275.6  
Fair value of total consideration  
742.1  
Earnings impact  
Goodwill and intangible assets arising from the  
acquisition  
466.5  
During the period after the acquisition, AGL  
contributed with DKK 974.0 million to the Group’s net  
revenue, DKK 60.3 million to the Group’s adj. EBIT and  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 November 2022  
Note 5 – Treasury shares  
Treasury shares are bought back to meet obligations  
relating to acquisition of minority shareholders’ shares  
in NTG subsidiaries under the “Ring-the-Bell” concept  
and to cover obligations arising under share-based  
incentive programs and potentially for other purposes  
such as payment in relation to M&A transactions.  
Nominal  
value  
(DKKm)  
Part of  
share  
capital  
Market  
value  
(DKKm)  
Number of  
shares  
515,751  
-152,050  
95,058  
Treasury shares 1 January  
Ring-the-bell consideration paid  
Purchase of shares etc.  
10.3  
-3.0  
1.9  
2.28%  
-0.67%  
0.42%  
275.4  
-54.5  
25.9  
Value adjustment  
-159.5  
87.3  
Treasury shares 30 September  
458,759  
9.2  
2.03%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
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www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Note 6 – Events after the reporting period  
No events have occurred after the reporting date which  
could significantly affect the Group’s financial position.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
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www.ntg.com  
CVR no. 12546106  
 
7 November 2022  
Statement of the Board of Directors and the Executive Board
The Board of Directors and the Executive Board have
today discussed and approved the Interim Report of
NTG Nordic Transport Group A/S for the period 1
January 2022 to 30 September 2022.
Financial Reporting as adopted by the EU and additional
Danish disclosure requirements for interim financial
reporting of listed companies. In our opinion, the interim
consolidated financial statements give a true and fair
view of NTG Nordic Transport Group A/S’ consolidated
assets, liabilities, and financial position on 30 September
2022 and of the results of NTG Nordic Transport Group
A/S’ consolidated operations and cash flows for the
period 1 January 2022 to 30 September 2022.
Furthermore, in our opinion the Management report
includes a fair review of the development in NTG Nordic
Transport Group A/S’ operations and financial
conditions, the results for the period, cash flows and
financial position as well as a description of the most
significant risks and uncertainty factors that NTG
Nordic Transport Group A/S faces.
The interim consolidated financial statements of NTG
Nordic Transport Group A/S, which have not been
audited or reviewed by the Company’s auditor, have
been prepared in accordance with IAS 34 Interim
Hvidovre, 7 November 2022
Executive Board  
Michael Larsen
Group CEO
Christian D. Jakobsen
Group CFO
Board of Directors  
Eivind Kolding
Jørgen Hansen
Finn Skovbo Pedersen
Chairman of the board
Deputy chairman of the board Board member
Carsten Krogsgaard Thomsen Jesper Præstensgaard
Karen-Marie Katholm
Board member
Board member
Board member
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106