31 October 2023  
Consolidated Interim Report Q3 2023 – NTG Nordic Transport Group A/S  
Selected financial information  
Q3 2023 highlights  
For the periods 1 July to 30 September (Q3) and 1 January to 30 September (YTD)  
•
Total growth in net revenue of negative 30.4%, hereof  
organic growth of negative 28.7%, primarily due to  
lower freight rates.  
(DKKm)  
Q3 2023  
1,963  
444  
Q3 2022  
2,821  
533  
Change  
-858  
YTD 2023  
6,337  
1,403  
459  
YTD 2022  
7,728  
1,494  
586  
Change  
-1,391  
-91  
Net revenue  
•
•
•
•
Operating margin of 8.2% in Q3 2023 vs. 7.4% in Q3  
2022.  
Gross profit  
-89  
Adj. EBIT  
161  
210  
-49  
-127  
Road & Logistics remained relatively resilient in a  
market with declining activity and lower rates.  
Profit for the period  
Gross margin  
Operating margin  
Conversion ratio  
114  
159  
-45  
307  
428  
-121  
Headwinds from challenging market environment  
persist within Air & Ocean.  
22.6%  
8.2%  
18.9%  
7.4%  
3.7 p.p.  
0.8 p.p.  
-3.1 p.p.  
22.1%  
7.2%  
19.3%  
7.6%  
2.8 p.p.  
-0.4 p.p.  
-6.5 p.p.  
2023 guidance announced on  
3 August 2023  
36.3%  
39.4%  
32.7%  
39.2%  
maintained: Adj. EBIT of DKK 600 – 650 million.  
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 inwhich NTG Nordic Transport Group and its subsidiaries  
operate.  
Camilla Marcher Lydom  
Communications Manager  
+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 2022 Annual Report. Any subsequent developments are reflected in this report.  
[email protected]  
 
31 October 2023  
Financial Highlights  
Income statement (DKKm)  
Q3 2023  
1,963  
444  
Q3 2022 YTD 2023 YTD 2022  
Balance sheet (DKKm)  
30/09-2023  
4
30/09-2022  
1
Net revenue  
2,821  
533  
6,337  
1,403  
7,728  
1,494  
Additions to property, plant, and equipment (excl. IFRS 16)  
Balance sheet total  
Gross profit  
4,084  
-51  
4,635  
-22  
Operating profit before amortisation, depreciation,  
and special items (adj. EBITDA)  
Net working capital  
216  
266  
625  
749  
Net interest-bearing debt  
1,255  
369  
1,156  
367  
Operating profit before special items (adj. EBIT)  
Special items, net  
161  
-
210  
-1  
459  
-6  
586  
-14  
Net interest-bearing debt, excluding IFRS 16  
Invested capital  
2,182  
1,342  
1,019  
947  
2,137  
1,397  
1,080  
993  
Net financial items  
-14  
-
-65  
-15  
Invested capital, excluding IFRS 16  
Total equity  
Profit for the period  
114  
4.87  
17.19  
159  
6.56  
21.86  
307  
428  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
12.98  
17.19  
17.53  
21.86  
NTG A/S' shareholders' share of equity  
Non-controlling interests  
72  
87  
Financial ratios  
Gross margin  
Q3 2023  
22.6%  
8.2%  
Q3 2022  
18.9%  
7.4%  
YTD 2023  
22.1%  
7.2%  
YTD 2022  
19.3%  
7.6%  
Cash flow statement (DKKm)  
Operating activities  
Investing activities  
Q3 2023  
125  
-
Q3 2022 YTD 2023 YTD 2022  
271  
-
304  
-10  
602  
-500  
102  
449  
-108  
-6  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
36.3%  
39.4%  
32.7%  
29.2%  
39.4%  
25.0%  
1.47  
39.2%  
42.5%  
62.8%  
23.3%  
1.20  
Free cash flow  
125  
73  
271  
223  
-96  
175  
294  
146  
-513  
-219  
Adjusted free cash flow  
Financing activities  
-157  
-32  
Cash flow for the period  
Leverage ratio*  
Employees  
YTD 2023  
YTD 2022  
Reference is made to NTG’s 2022 Annual Report, page 79, for definition of key figures and ratios.  
* Ratio is based on last 12 months’ figures.  
Average number of employees  
1,969  
1,966  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 2  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
31 October 2023  
Management Report  
The third quarter of 2023, continued to be  
characterised by challenging market conditions for both  
Road & Logistics and Air & Ocean. The macroeconomic  
headwinds continue to put pressure on rates and  
reduce volumes across the divisions.  
Net revenue in Q3 2023 decreased 30.4%, compared to  
Q3 2022, with an organic growth rate of negative 28.7%  
due to lower volumes and rates, especially in the Air &  
Ocean division.  
NTG Nordic Transport Group  
(DKKm)  
Q3 2023  
1,963  
444  
Q3 2022  
2,821  
533  
Growth  
-30.4%  
-16.7%  
-23.3%  
Net revenue  
Gross profit  
Adj. EBIT  
Acquired growth totalled 0.3% in Q3 2023, driven by  
the acquisition of Solida Logistik completed in  
December 2022.  
In the Road & Logistics division, the market was  
characterised by declining activity and lower rates in Q3  
2023, with a weak spot market and rates which remain  
low and under pressure. With weak demand,  
competition in the market is more apparent than in  
previous quarters. The division’s investments in sales  
are paying off with successful onboarding of new  
customers, but nevertheless lower volumes translated  
into negative revenue growth. With focus on cost  
discipline, the division’s operating margin remains  
resilient at 7.5% for Q3 2023, despite the reduced  
volumes and price pressure.  
161  
210  
Currency translation effects had an impact on growth of  
negative 2.2% in Q3 2023. The impact was  
predominantly driven by depreciation of SEK, USD and  
TRY. The depreciation of the SEK accounted for slightly  
less than two thirds of the total currency translation  
headwinds.  
Road & Logistics  
(DKKm)  
Q3 2023  
1,459  
329  
Q3 2022  
1,752  
355  
Growth  
-16.7%  
-7.3%  
Net revenue  
Gross profit  
Adj. EBIT  
109  
137  
-20.4%  
Despite an increase in gross margin from 18.9% to  
22.6% in Q3 2023, gross profit decreased in both  
divisions as a result of the decline in revenue.  
Air & Ocean  
Within Air & Ocean, volumes remain low and with  
growing capacity in the market, the downward trend in  
rates continued in the third quarter of 2023. In addition  
to the adverse macroeconomic environment, the  
destocking cycle continued, resulting in additional  
downward pressure on volumes. As in previous  
quarters, focus remains on sales and onboarding of new  
customers, while maintaining existing customers.  
Adj. EBIT decreased 23.3% to DKK 161 million, with an  
operating margin of 8.2% for Q3 2023, compared to  
7.4% in the same period last year. The increase in  
operating margin was mainly due to a partial reversal of  
the provsision for earn-out related to the acquisition of  
AGL and the sale of an office building in Germany.  
(DKKm)  
Q3 2023  
503  
Q3 2022  
1,069  
178  
Growth  
-52.9%  
-35.4%  
Net revenue  
Gross profit  
115  
Adj. EBIT  
52  
72  
-27.8%  
Minorities’ share of adj. EBIT was 5.3% in Q3 2023  
compared to 8.0% in Q3 2022.  
In response to the market environment, the cost bases  
in both divisions were adjusted throughout the quarter.  
In Air & Ocean the number of white-collar FTEs was  
5.8% lower than at the same time last year.  
Net working capital was negative DKK 51 million as of  
30 September 2023, compared to negative DKK 22  
million as of 30 September 2022.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
Management Report, continued  
Update on M&A  
Outlook  
We maintain the guidance provided on 3 August 2023,  
and for the full year 2023 we expect to achieve:  
The M&A environment remains impacted by  
challenging market conditions in the industry.  
Headwinds for most potential acquisition targets  
continue to create a gap between buyers’ and sellers’  
valuation expectations.  
•
Adj. EBIT of DKK 600 – 650 million.  
The outlook reflects that the normal seasonal uptick in  
activity in the last quarter of the year does not seem to  
materialise this year and assumes that activity in the  
transport markets will remain at the current level for  
the rest of the year.  
We continue to expect a gradual normalisation of the  
M&A environment and convergence of valuation  
expectations of buyers and sellers.  
M&A remains a strong strategic focus for NTG, and we  
continue our efforts towards making value-adding  
acquisitions.  
The full-year guidance includes the effect of an  
expected reversal of the provision for earn-out related  
to the acquisition of AGL, amounting to a total of DKK  
42 million (USD 6 million) for 2023, of which DKK 21  
million was reversed in Q3 2023.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 4  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
31 October 2023  
Road & Logistics  
In Q3 2023, the market conditions for the Road &  
Logistics division continued to weaken, as the  
macroeconomic headwinds continue to affect demand.  
Competition for customer volumes remains elevated  
due to oversupply in the market. The division has  
intensified its sales efforts and is successfully winning  
new customers in key geographies. Despite the  
successful sales efforts revenue growth was more than  
offset by lower volumes and price pressure in the  
market.  
Lower volumes continued to affect the market,  
especially in the spot market, where rates are under  
continued pressure.  
The decline in volumes led to a decrease in activity in the  
Road & Logistics division, both compared to the  
previous quarter and to Q3 2022.  
The division continues to take advantage of NTG’s asset  
light business model and has continuously adjusted  
capacity to the market conditions, resulting in a resilient  
EBIT margin, despite the lower revenue.  
With activity slowing down across Europe, customers  
decreased production during the industrial summer  
holiday season, to a greater extent than in the past  
couple of years, where COVID-19 and supply chain  
issues kept production activity higher through the  
summer holiday. Consequently, transport volumes have  
been lower than in the past couple of years, with  
especially July and August being relatively slow.  
The warehousing logistics market remains healthy, with  
consistent demand from new customers seeking new  
warehousing space. With general warehousing  
construction activity having slowed down due to the  
overall market conditions, the resilient logistics market  
dynamics are set to continue.  
Selected YTD financial information  
(DKKm)  
YTD 2022  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2023  
4,682 -10.3%  
1,037 -4.9%  
%
-465  
-8.8%  
44  
0.8%  
-119  
-2.3%  
Net external revenue  
Gross profit  
5,222  
1,090  
415  
-56  
-5.2%  
22  
4
2.0%  
1.0%  
-19  
-7  
-1.7%  
-1.7%  
-62 -15.0 %  
350 -15.7%  
22.1% 1.2 p.p.  
7.5% -0.4 p.p.  
33.8% -4.3 p.p.  
Adj. EBIT  
Gross margin  
20.9%  
7.9%  
Operating margin  
Conversion ratio  
38.1%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue for the division totalled DKK 1,459 million  
in Q3 2023 compared to DKK 1,752 million in Q3 2022.  
Adj. EBIT for Q3 2023 totalled DKK 109 million, a  
decrease of DKK 28 million compared to Q3 2022.  
Total growth was negative 16.7%. The decrease in  
revenue was driven by lower rates in the spot market,  
and a decline in volumes.  
The operating margin was 7.5% for Q3 2023, compared  
to 7.8% in the same period last year.  
The decrease in adj. EBIT was driven mainly by lower  
total gross profit, which led to a decrease in the  
conversion ratio of 5.5 percentage points to 33.1%.  
Gross profit  
The division has continued to adjust its cost base during  
Q3 2023, but nevertheless investments in the sales  
organisation coupled with lower gross profit  
contributed in a lower conversion ratio.  
Gross profit decreased 7.3% to DKK 329 million in Q3  
2023, compared to DKK 355 million in Q3 2022,  
corresponding to a gross margin of 22.5% and 20.3%,  
respectively.  
The acquisition of Solida Logistik contributed with adj.  
EBIT of DKK 1 million in Q3 2023.  
Selected quarterly financial information  
(DKKm)  
Q3 2022  
1,752  
Organic  
%
Acquisitions  
%
0.5%  
Currency  
%
-2.1%  
Q3 2023  
%
-264 -15.1%  
8
-37  
1,459 -16.7%  
Net external revenue  
-26 -7.3%  
-27 -19.6%  
6
1
1.7%  
0.7%  
-6  
-2  
-1.7%  
-1.5%  
329 -7.3%  
Gross profit  
355  
137  
109 -20.4%  
22.5% 2.2 p.p.  
7.5% -0.3 p.p.  
33.1% -5.5 p.p.  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
20.3%  
7.8%  
38.6%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 6  
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CVR no. 12546106  
 
31 October 2023  
Air & Ocean  
Market conditions for the Air & Ocean division  
continued to be challenging during the third quarter of  
2023. Freight rates remain at a low level and fell further  
towards the end of the quarter.  
Net revenue  
Net revenue for the division totalled DKK 503 million in  
Q3 2023, compared to DKK 1,069 million in Q3 2022.  
Total growth was negative 52.9%, composed of organic  
growth of negative 50.6%, and currency translation  
effects of negative 2.3%.  
With lower volumes and growing supply, the market is  
characterised by a higher degree of competition relative  
to previous quarters. In response, the Air & Ocean  
division mainained a strong focus on sales in Q3 2023,  
especially within the SME segment.  
The decline in organic growth compared to last year  
continues to be driven by a combination of lower  
volumes and significantly lower freight rates.  
Volumes are still impacted by the destocking cycle  
which continues to persist for longer than anticipated,  
as well as the general adverse macroeconomic  
environment.  
Further cost adjustments were carried out during the  
third quarter, as the division continuously adjusts to the  
challenging market environment.  
Selected YTD financial information  
(DKKm)  
YTD 2022  
2,506  
Organic  
-1,143  
%
Acquisitions  
%
Currency  
%
YTD 2023  
1,654  
%
-45.6%  
329  
13.1%  
-38 -1.5%  
-9 -2.2%  
-2 -1.2%  
-34.0%  
Net external revenue  
-112  
-76  
-27.7%  
-44.7%  
83  
16  
20.5%  
9.4%  
366  
108  
-9.4%  
-36.5%  
6.0 p.p.  
-0.3 p.p.  
Gross profit  
404  
170  
Adj. EBIT  
22.1%  
6.5%  
Gross margin  
Operating margin  
Conversion ratio  
16.1%  
6.8%  
29.5% -12.6 p.p.  
42.1%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
Air & Ocean, continued  
Gross profit  
The conversion ratio was impacted by the continued  
combination of low freight rates, challenging market  
conditions, and lower volumes as a result of  
macroeconomic headwinds. Finally, investments in the  
division’s sales organisation continue to affect the  
conversion ratio, compared to Q3 2022.  
Gross profit decreased 35.4% to DKK 115 million in Q3  
2023, compared to DKK 178 million in Q3 2022,  
corresponding to a gross margin of 22.9% and 16.7%,  
respectively.  
The lower freight rates drove a decline in gross profit,  
despite the higher gross margin.  
On a quarter-on-quarter basis the Air & Ocean division  
saw an uplift in conversion ratio from 19.7% to 45.2%.  
During the course of the quarter, the division has  
adjusted the cost base further, in response to the  
challenging market conditions.  
Operating profit before special items (adj. EBIT)  
Adj. EBIT for Q3 2023 totalled DKK 52 million, a  
decrease of DKK 20 million compared to Q3 2022.  
Adj. EBIT was positively affected by a partial reversal of  
the provision for earn-out related to the acquisition of  
AGL, amounting to DKK 21 million in Q3 2023 and the  
sale of an office building in Germany, amounting to a  
total of DKK 5 million.  
The operating margin was 10.3% for Q3 2023,  
compared to 6.7% in the same period last year.  
The operating margin increase was driven by a  
conversion ratio increase of 4.8 percentage points to  
45.2%.  
Selected quarterly financial information  
(DKKm)  
Q3 2022  
1,069  
Organic  
%
Acquisitions  
%
-
Currency  
%
-2.3%  
Q3 2023  
%
-541 -50.6%  
-57 -32.0%  
-19 -26.4%  
-
-25  
503 -52.9%  
Net external revenue  
-
-
-
-
-6  
-1  
-3.4%  
-1.4%  
115 -35.4%  
Gross profit  
178  
72  
52 -27.8%  
Adj. EBIT  
22.9% 6.2 p.p.  
10.3% 3.6 p.p.  
45.2% 4.8 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
16.7%  
6.7%  
40.4%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 8  
DK-2650 Hvidovre  
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CVR no. 12546106  
 
31 October 2023  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q3 2023  
Q3 2022  
YTD 2023  
YTD 2022  
(DKKm)  
Q3 2023  
114
Q3 2022  
159
YTD 2023  
307
YTD 2022  
428
Net revenue  
1,963
2,821
6,337
7,728
Profit for the period  
Direct costs  
-1,519
444
-2,288
533
-4,934
1,403
-143
-6,234
1,494
-174
Items that may be reclassified to the income  
statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
15
-1
36
3
17
-7
36
47
Other external expenses  
Staff costs  
-28
-67
-200
-200
-635
-571
Items will not be reclassified to the income  
statement:  
Operating profit before amortisation,  
depreciation, and special items (adj. EBITDA)  
216
-55
266
-56
625
-166
459
749
-163
586
Actuarial adjustments on retirement benefit  
obligations  
Amortisation and depreciation of intangible and  
tangible fixed assets  
Other comprehensive income  
Total comprehensive income  
14
39
10
83
Operating profit before special items (adj.  
EBIT)  
128
198
317
511
161
210
Attributable to:  
Special items, net  
-
6
-1
12
-6
14
-14
26
Shareholders in NTG A/S  
Non-controlling interests  
122
6
185
13
296
21
472
39
Financial income  
Financial costs, other  
Profit before tax  
-20
147
-33
114
-12
209
-50
159
-79
388
-81
307
-41
557
-129
428
Tax on profit for the period  
Profit for the period  
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
105
9
146
13
280
27
389
39
Earnings per share  
Earnings per share (DKK)  
4.87
4.81
6.56
6.47
12.98
12.83
17.53
17.23
Diluted earnings per share (DKK) for the period  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q3 2023  
Q3 2022  
YTD 2023  
YTD 2022  
(DKKm)  
Q3 2023  
Q3 2022  
YTD 2023  
YTD 2022  
-151
Operating profit before special items  
161
210
459
586
Repayment of lease liabilities  
Proceeds from loans  
-53
-
-53
-
-157
-
125
Amortisation and depreciation  
Share-based payments  
55
4
56
2
166
-40
-84
-45
14
163
5
Repayments of other financial liabilities  
-2
-4
-21
-17
Change in working capital etc.  
Change in provisions  
-27
-32
6
14
-
-78
-4
Shareholders and non-controlling interests  
Purchase of treasury shares  
-92
-11
-24
-2
-294
-38
-24
-31
Dividends paid to non-controlling interests  
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
13
-8
26
Acquisition of shares from non-controlling  
interests  
-10
-10
-22
-
-28
-51
-81
-6
-26
-15
-41
-14
602
-
-13
-6
-30
-3
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
1
-157
-32
-
-96
175
3
-513
-219
20
-108
-6
-12
-1
Special items  
Cash flow from operating activities  
125
271
304
Cash and cash equivalents at beginning of  
period*  
72
-89
253
99
Purchase of property, plant, and equipment  
Disposal of tangible assets  
-4
4
-1
-
-17
6
-8
5
Cash flow for the period  
-32
5
175
18
-219
11
-6
11
Currency translation adjustments  
Cash and cash equivalents at 30 September*  
Acquisition of business activities  
Changes in other financial assets  
Cash flow from investing activities  
Free cash flow  
-1
1
-4
5
-3
-484
-13
45
104
45
104
4
Statement of adjusted free cash flow  
Free cash flow  
-
-
-10
294
-500
102
125  
-
271  
1
294  
6
102  
14  
125
271
Special items  
Acquisition of business activities  
Repayment of lease liabilities reversed  
Adjusted free cash flow  
1
4
3
484  
-151  
449  
-53  
-53  
-157  
73  
223  
146  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 212 million on 30 September  
2023, DKK 28 million on 1 January 2023, and 248 million on 30 September 2022.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
BALANCE SHEET, equity and liabilities  
BALANCE SHEET, assets  
(DKKm)  
30/09-2023 31/12-2022 30/09-2022  
(DKKm)  
30/09-2023 31/12-2022 30/09-2022  
Share capital  
453
494
453
514
453
540
Intangible assets  
1,399
70
1,392
69
1,422
70
Reserves  
Property, plant, and equipment  
Right-of-use assets  
840
69
736
65
740
63
NTG A/S shareholders' share of equity  
947
967
993
Non-controlling interests  
72
97
87
Other receivables  
Total equity  
1,019
1,064
1,080
Deferred tax assets  
34
40
38
Deferred tax liabilities  
11
10
2
Total non-current assets  
2,412
2,302
2,333
Pensions and similar obligations  
Provisions  
74
2
74
2
70
3
Trade receivables  
1,321
1,430
1,838
Other receivables  
90
257
4
85
281
6
111
352
1
Financial liabilities  
Lease liabilities  
228
691
423
603
413
605
Cash and cash equivalents  
Corporation tax  
Total non-current liabilities  
1,006
1,112
1,093
Total current assets  
Total assets  
1,672
4,084
1,802
4,104
2,302
4,635
Provisions  
34
51
65
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
398
195
59
183
306
184
1,141
242
1,347
224
1,536
250
49
64
121
Total current liabilities  
Total liabilities  
2,059
3,065
4,084
1,928
3,040
4,104
2,462
3,555
4,635
Total equity and liabilities  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
STATEMENT OF CHANGES IN EQUITY – 1 January – 30 September 2023  
NTG A/S  
shareholders’  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
Equity at 1 January  
453
-16
-9
-
539
280
-
967
280
23
97
27
-6
-
1,064
307
17
Profit for the period  
-
-
-
-
-
-
-
-
-
-
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
23
-
-7
-7
-7
Other comprehensive income, net of tax  
Total comprehensive income for the period  
23
23
-7
16
-6
21
10
273
296
317
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-40
6
-40
6
-
-
-40
6
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-
-
-38
-
-38
Purchase of treasury shares  
-
-16
4
-279
4
-295
8
-295
-6
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 30 September  
-
-
-14
6
-
-
-
-
5
5
11
-12
-28
-
-304
508
-316
947
-46
72
-362
1,019
453
14
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
STATEMENT OF CHANGES IN EQUITY – 1 January – 30 September 2022  
NTG A/S  
shareholders’  
share of equity  
Treasury share  
reserve  
Translation  
reserve  
Retained  
earnings  
Non-controlling  
interests  
(DKKm)  
Share capital  
Total equity  
Equity at 1 January  
453
-10
2
-
113
389
-
558
389
36
76
39
-
634
428
36
Profit for the period  
-
-
-
-
-
-
-
-
-
-
Net exchange differences recognized in OCI  
Actuarial gains/(losses)  
36
-
47
47
-
47
Other comprehensive income, net of tax  
Total comprehensive income for the period  
36
36
47
83
-
83
436
472
39
511
Transactions with shareholders:  
Share-based payments  
-
-
-
-
5
-17
-
5
-17
-
-
-
5
-17
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-31
-
-31
Purchase of treasury shares  
-
-2
3
-
-24
-16
14
-26
-13
14
-26
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 30 September  
-
-
-17
20
-28
87
-30
-
-
-
34
1
-9
-
-38
511
-37
993
-65
453
38
1,080
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
Notes  
Note 1 – Accounting policies  
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 policies, judgements and significant  
estimates applied in preparation of the Interim Financial  
Report are consistent with those applied in the  
consolidated financial statements for 2022. Reference  
is made to note 1.1 of NTG Nordic Transport Group’s  
2022 Annual Report for a description of accounting  
policies. For a definition of financial key figures and  
financial ratios, please see page 79 of NTG Nordic  
Transport Group’s 2022 Annual Report.  
NTG Nordic Transport Group has implemented all new  
EU-approved standards and interpretations effective as  
of 1 January 2023. None of these standards and  
interpretations have had a material impact on NTG  
Nordic Transport Group’s Financial Statements.  
Comparative figures  
To ensure comparability between periods, figures for  
Q3 2022 have been restated with the adjustments  
made to the AGL opening balance after the release of  
the Q3 2022 Interim Report. The update only affects  
two balance sheet items: intangible assets by DKK  
positive 56 million and deferred tax assets by DKK  
negative 56 million. Accordingly, comparative figures  
for invested capital and ROIC have also been restated.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
Note 2 – Segment information and net revenue  
Accordingly, comparative segment figures for 2022  
have been restated, and the reclassifications are  
disclosed in the tables below. The restatement has no  
impact on depreciations and amortisations nor the  
consolidated NTG figures.  
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.  
Segment reclassification  
Three entities in France, Hungary and Switzerland have  
been reclassified from the A&O segment to the R&L  
segment with effect from 1 January 2023. The  
reclassification is made to reflect that the Management  
responsibility has moved between the divisions.  
Impact on Road & Logistics 2022 figures from segment reclassification  
Q3 2022  
YTD 2022  
Q4 2022  
FY 2022  
(DKKm)  
Published  
1,730  
Reclass.  
22  
Restated Published  
Reclass. Restated Published  
Reclass.  
31  
Restated Published  
Reclass.  
102  
Restated  
6,880  
Net revenue  
Direct costs  
1,752  
5,151  
71  
5,222  
1,627  
1,658  
6,778  
-1,392  
-5  
-1,397  
-4,113  
-19  
-4,132  
-1,289  
-13  
-1,302  
-5,402  
-32  
-5,434  
Gross profit  
Adj. EBIT  
338  
134  
17  
3
355  
137  
1,038  
406  
52  
9
1,090  
415  
338  
125  
18  
4
356  
129  
1,376  
531  
70  
13  
1,446  
544  
Impact on Air & Ocean 2022 figures from segment reclassification  
Q3 2022  
YTD 2022  
Q4 2022  
FY 2022  
(DKKm)  
Published  
1,091  
Reclass.  
Restated Published  
Reclass. Restated Published  
Reclass.  
-31  
Restated Published  
Reclass.  
-102  
Restated  
3,344  
Net revenue  
Direct costs  
-22  
5
1.069  
-891  
2,577  
-71  
19  
2,506  
869  
838  
3,446  
-896  
-2,121  
-2,102  
-689  
13  
-676  
-2,810  
32  
-2,778  
Gross profit  
Adj. EBIT  
195  
75  
-17  
-3  
178  
72  
456  
179  
-52  
-9  
404  
170  
180  
48  
-18  
-4  
162  
44  
636  
227  
-70  
-13  
566  
214  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
Road & Logistics  
Air & Ocean  
Q3 2023  
Eliminations etc.  
Total  
Q3 2023  
(DKKm)  
Q3 2023  
Q3 2022  
1,761  
-9  
Q3 2022  
1,071  
-2  
Q3 2023  
Q3 2022  
Q3 2022  
2,832  
-11  
Segment net revenue  
1,465  
-6  
504  
-1  
-1  
2
1
-
-
-
1,968  
-5  
Net revenue (between segments)  
Net revenue (external)  
1,459  
329  
-53  
1,752  
355  
503  
115  
-2  
1,069  
178  
-
1,963  
444  
-55  
2,821  
Gross Profit  
-
533  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-52  
-5  
-
-
-57  
109  
137  
52  
72  
-
1
161  
210  
Road & Logistics  
Air & Ocean  
Eliminations etc.  
Total  
(DKKm)  
YTD 2023  
4,702  
-20  
YTD 2022  
5,243  
-21  
YTD 2023  
YTD 2022  
2,513  
-7  
YTD 2023  
YTD 2022  
YTD 2023  
6,361  
-24  
YTD 2022  
7,756  
-28  
Segment net revenue  
1,660  
-6  
-1  
2
1
-
-
-
-
-
Net revenue (between segments)  
Net revenue (external)  
4,682  
1,037  
5,222  
1,090  
1,654  
366  
-13  
2,506  
404  
6,337  
1,403  
7,728  
Gross Profit  
1,494  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-153  
-151  
-12  
-
-1  
-166  
-164  
350  
415  
108  
170  
1
1
459  
586  
*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  
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CVR no. 12546106  
 
31 October 2023  
Net Revenue (DKKm)  
Denmark  
Sweden  
Q3 2023  
690  
Q3 2022  
797  
YTD 2023  
2,163  
1,088  
878  
YTD 2022  
2,317  
1,292  
1,222  
679  
335  
423  
272  
639  
USA  
135  
217  
464  
Finland  
111  
210  
396  
635  
Germany  
Other  
420  
535  
1,348  
1,583  
1,963  
2,821  
6,337  
7,728  
Total  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 17  
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CVR no. 12546106  
 
31 October 2023  
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  
2023  
2022  
Other plant and  
Other plant and  
equipment  
(DKKm)  
Land & buildings  
equipment  
Total  
736  
-
Land & buildings  
Total  
712  
30  
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  
471  
-
265  
-
463  
30  
60  
-6  
249  
-
140  
-7  
180  
-49  
-80  
-1  
320  
-56  
-156  
-4  
123  
-13  
-91  
-5  
183  
-19  
-76  
-3  
-65  
-5  
-156  
-10  
525  
315  
840  
477  
263  
740  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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31 October 2023  
Note 4 – 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  
Part of  
share  
Market  
value  
Number of  
shares  
793,076  
-182,928  
777,324  
(DKKm)  
capital  
(DKKm)  
Treasury shares 1 January  
Ring-the-bell consideration paid  
Purchase of shares etc.  
Value adjustment  
16  
-4  
3.5%  
-0.8%  
3.4%  
189  
-77  
294  
98  
16  
Treasury shares 30 September  
1,387,472  
28  
6.1%  
504  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
Note 5 – Events after the reporting period  
No events have occurred after the reporting date which  
significantly affect the Group’s financial position.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
31 October 2023  
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 2023 to 30 September 2023.
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 at 30 September
2023 and of the results of NTG Nordic Transport Group
A/S’ consolidated operations and cash flows for the
period 1 January 2023 to 30 September 2023.
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, 31 October 2023
Executive Board  
Michael Larsen
Group CEO
Christian D. Jakobsen
Group CFO
Board of Directors  
Eivind Kolding
Chairman of the board
Jørgen Hansen
Deputy chairman of the board Board member
Finn Skovbo Pedersen
Carsten Krogsgaard Thomsen Jesper Præstensgaard
Karen-Marie Katholm
Board member
Louise Knauer
Board member
Board member
Board member
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106