3 August 2023  
Consolidated Interim Report H1 2023 – NTG Nordic Transport Group A/S  
Selected financial information  
Q2 2023 highlights  
For the periods 1 April to 30 June (Q2) and 1 January to 30 June (YTD)  
•
Total growth in net revenue of negative 22.3%, hereof  
organic growth of negative 23.9%, primarily due to  
lower freight rates.  
Change  
-609  
YTD 2023  
4,374  
959  
YTD 2022  
4,907  
961  
Change  
-533  
(DKKm)  
Q2 2023  
2,120  
482  
Q2 2022  
2,729  
533  
Net revenue  
Gross profit  
•
•
•
•
Operating margin of 7.0% in Q2 2023 vs. 8.0% in Q2  
2022.  
-51  
-2  
Adj. EBIT  
148  
88  
217  
170  
-69  
298  
376  
-78  
Road & Logistics realised an operating margin of 7.9%,  
amid market normalisation and a weak spot market.  
Profit for the period  
Gross margin  
-82  
193  
269  
-76  
Challenging market conditions persist within Air &  
Ocean, with soft volumes and low freight rates.  
22.7%  
7.0%  
30.7%  
19.5%  
8.0%  
3.2 p.p.  
-1.0 p.p.  
-10.0 p.p.  
21.9%  
6.8%  
19.6%  
7.7%  
2.3 p.p.  
-0.9 p.p.  
-8.0 p.p.  
Operating margin  
Conversion ratio  
2023 guidance updated: Adj. EBIT of DKK 600 – 650  
(previously 620-700) million.  
40.7%  
31.1%  
39.1%  
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.  
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]  
 
3 August 2023  
Financial Highlights  
Income statement (DKKm)  
Q2 2023  
2,120  
482  
Q2 2022 YTD 2023 YTD 2022  
Balance sheet (DKKm)  
30/06-2023  
13  
30/06-2022  
7
Net revenue  
2,729  
533  
4,374  
959  
4,907  
961  
Additions to property, plant, and equipment (excl. IFRS 16)  
Balance sheet total  
Gross profit  
4,202  
-73  
4,582  
39  
Operating profit before amortisation, depreciation,  
and special items (adj. EBITDA)  
Net working capital  
202  
272  
409  
483  
Net interest-bearing debt  
1,252  
361  
1,347  
545  
Operating profit before special items (adj. EBIT)  
Special items, net  
148  
-6  
217  
-
298  
-6  
376  
-13  
Net interest-bearing debt, excluding IFRS 16  
Invested capital  
2,146  
982  
2,177  
926  
Net financial items  
-32  
-1  
-51  
-15  
Total equity  
Profit for the period  
88  
170  
7.07  
19.77  
193  
8.08  
18.89  
269  
NTG A/S' shareholders' share of equity  
Non-controlling interests  
902  
838  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
3.74  
18.89  
10.96  
19.77  
80  
88  
Financial ratios  
Gross margin  
Q2 2023  
22.7%  
7.0%  
Q2 2022  
19.5%  
8.0%  
YTD 2023  
21.9%  
6.8%  
YTD 2022  
19.6%  
7.7%  
Cash flow statement (DKKm)  
Operating activities  
Investing activities  
Q2 2023  
73  
Q2 2022 YTD 2023 YTD 2022  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
205  
-482  
-277  
152  
47  
179  
-10  
331  
-500  
-169  
226  
30.7%  
40.7%  
31.1%  
31.5%  
48.2%  
23.4%  
1.38  
39.1%  
44.4%  
66.0%  
20.2%  
1.52  
1
Free cash flow  
74  
169  
73  
Adjusted free cash flow  
Financing activities  
28  
-240  
-166  
-356  
-187  
-12  
Leverage ratio*  
Cash flow for the period  
-230  
-181  
Employees  
YTD 2023  
YTD 2022  
Average number of employees  
2,009  
1,934  
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.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 2  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
3 August 2023  
Management Report  
In the second quarter of 2023, the Road & Logistics  
market developed towards normalisation, while  
challenging market conditions persisted in Air & Ocean,  
with lower volumes and low freight rates.  
the acquisitions of AGL, Kontinent Transport and Solida  
Logistik completed during the course of 2022.  
NTG Nordic Transport Group  
(DKKm)  
Q2 2023  
2,120  
482  
Q2 2022  
2,729  
533  
Growth  
-22.3%  
-9.6%  
Currency translation effects had an impact on growth of  
negative 1.8% in Q2 2023. The impact was  
predominantly driven by depreciation of SEK and TRY.  
The depreciation of the SEK accounted for  
approximately two thirds of the currency translation  
headwinds.  
Net revenue  
Gross profit  
Adj. EBIT  
In the Road & Logistics division, the market conditions  
normalised in Q2 2023, albeit with some differences in  
activity across countries. The spot market remained  
weak, with lower rates, which together with lower fuel  
prices contributed to a decline in revenue. The division  
continues its focus on sales and contracted revenue and  
is succesfully onboarding new customers. With cost  
discipline, the division realised an operating margin of  
7.9%, an increase from the previous quarter.  
148  
217  
-31.8%  
Road & Logistics  
Despite an increase in gross margin from 19.5% to  
22.7% in Q2 2023, gross profit decreased in both  
divisions as a result of the decline in revenue.  
(DKKm)  
Q2 2023  
1,575  
360  
Q2 2022  
1,779  
383  
Growth  
-11.5%  
-6.0%  
Net revenue  
Gross profit  
Adj. EBIT  
Adj. EBIT decreased 31.8% to DKK 148 million, with an  
operating margin of 7.0% for Q2 2023, compared to  
8.0% in the same period last year. The deterioration in  
adj. EBIT and margin was mainly due to the combination  
of lower gross profit and lower conversion ratios in the  
Air & Ocean division.  
The Air & Ocean market continues to be characterised  
by overcapacity, leading to both lower rates and a  
higher degree of competition. The expected  
improvement in market conditions and volumes during  
the last part of the quarter did not materialise and we  
have not yet experienced any significant pick-up in  
activity. Focus therefore remains on sales and  
investments in the future growth of the division.  
124  
152  
-18.4%  
Air & Ocean  
(DKKm)  
Q2 2023  
546  
Q2 2022  
951  
Growth  
-42.6%  
-18.1%  
-62.5%  
Minorities’ share of adj. EBIT was 7.1% in Q2 2023  
compared to 8.1% in Q2 2022.  
Net revenue  
Gross profit  
Adj. EBIT  
Net working capital was negative DKK 73 million as of  
30 June 2023, compared to DKK 39 million as of 30  
June 2022. The positive development is mainly driven  
by the significant improvement in the net working  
capital of AGL compared to last year. Net working  
capital was negatively affected by the ongoing merger  
of four mature subsidiaries in Sweden, where suppliers  
were paid up-front during June. The effect of the  
merger was roughly DKK 25 million on net working  
capital.  
122  
149  
Further cost reduction measures were implemented in  
both divisions during the quarter, in order to adapt to  
the market conditions.  
24  
64  
Net revenue in Q2 2023 decreased 22.3%, compared to  
Q2 2022, with an organic growth rate of negative 23.9%  
due to lower volumes and rates, particularly in the Air &  
Ocean division.  
Acquired growth totalled 3.4% in Q2 2023, driven by  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
3 August 2023  
Management Report, continued  
Update on M&A  
Outlook  
Activity was lower than expected during Q2 2023, with  
a weak spot market and lower volumes. The anticipated  
improvement in market conditions during Q2 did not  
materialise, and we have yet to experience a pick-up in  
volumes. The lower-than-expected results are most  
notable in the Air & Ocean division, whereas Road &  
Logistics is more stable despite the weak spot market.  
M&A continues to be a key strategic priority for NTG to  
continue our growth journey. Amid rapidly changing  
market conditions the M&A environment has been  
unusually challenging in the past quarters, with a  
noteable gap between buyers’ and sellers’ valuation  
expectations.  
With freight rates stabilising and market conditions  
normalising increasingly, the M&A environment is likely  
to also normalise in the coming quarters, and the gap  
between buyers and sellers is set to become smaller.  
Based on the Q2 2023 results, and particularly the  
lower than anticipated activity in June 2023, as well as  
the activity level for July 2023, we update the full-year  
outlook for 2023 as follows:  
We continue to evaluate M&A opportunities on an  
ongoing basis in an effort to continue making value-  
adding acquisitions.  
•
Adj. EBIT of DKK 600 – 650 million  
(previously DKK 620 - 700 million).  
The updated full-year outlook assumes that activity will  
pick up gradually during the second half of the year. The  
outlook further assumes that the challenging market  
conditions in Air & Ocean will persist to some degree,  
with low rates and soft volumes, whereas the market  
conditions within Road & Logistics are expected to  
remain stable.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 4  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
3 August 2023  
Road & Logistics  
In Q2 2023, the market conditions moved closer to  
normal for the Road & Logistics division, despite  
continued impact from macroeconomic factors.  
Considering the challenging spot market, the division  
maintained its focus on sales and contracted revenue.  
The focus on sales is resulting in winning new customers  
and further developing existing customer relationships.  
Even though onboarding new customers contributed  
positively, revenue growth was more than offset by  
lower volumes, spot prices and fuel prices.  
The weakness in the spot market carried into the second  
quarter of the year, with lower volumes and a market  
which continues to be characterised by some degree of  
oversupply.  
In response to the market conditions, the division  
reduced capacity further and implemented additional  
cost reduction measures locally during the second  
quarter, and managed to maintain a healthy conversion  
ratio and an increase in EBIT margin from Q1 2023.  
Consequently, the Road & Logistics division saw a  
decrease in activity compared to Q2 2022, when the  
spot market was exceptionally strong driven by capacity  
shortages.  
The market environment varies between European  
geographies. Particularly in Sweden, the division was  
affected by a devaluation of the Swedish Krone and has  
seen volumes under pressure. Continental Europe  
remains relatively robust despite being challenged by  
macroeconomic headwinds.  
Activity within logistics remains resilient. Some  
customers continued to reduce their inventory levels  
further. However, the destocking was more than offset  
by demand from new customers.  
Selected YTD financial information  
(DKKm)  
YTD 2022  
3,470  
735  
Organic  
%
Acquisitions  
%
Currency  
%
YTD 2023  
3,223  
%
-201  
-5.7%  
36  
1.0%  
-82  
-2.4%  
-7.1%  
Net external revenue  
Gross profit  
-30  
-4.1%  
16  
3
2.2%  
1.1%  
-13  
-5  
-1.8%  
-1.8%  
708  
-3.7%  
-35 -12.6%  
241 -13.3%  
22.0% 0.8 p.p.  
7.5% -0.5 p.p.  
34.0% -3.8 p.p.  
Adj. EBIT  
278  
Gross margin  
Operating margin  
Conversion ratio  
21.2%  
8.0%  
37.8%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 5  
DK-2650 Hvidovre  
+45 7634 0900  
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CVR no. 12546106  
 
3 August 2023  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Adj. EBIT for Q2 2023 totalled DKK 124 million, a  
decrease of DKK 28 million compared to Q2 2022.  
Net revenue for the division totalled DKK 1,575 million  
in Q2 2023 compared to DKK 1,779 million in Q2 2022.  
The operating margin was 7.9% for Q2 2023, compared  
to 8.5% in the same period last year, and 7.1% in Q1  
2023.  
Total growth was negative 11.5%. The decrease in  
revenue was driven by lower rates in the spot market,  
lower fuel prices and a slight decline in volumes.  
The decrease in adj. EBIT was driven mainly by lower  
total gross profit, which led to a decrease in the  
conversion ratio of 5.3 percentage points to 34.4%.  
Gross profit  
Gross profit decreased 6.0% to DKK 360 million in Q2  
2023, compared to DKK 383 million in Q2 2022,  
corresponding to a gross margin of 22.9% and 21.5%,  
respectively.  
The division has continued to reduce costs during the  
quarter, but investments in the sales organisation  
coupled with lower gross profit resulted in a lower  
conversion ratio nevertheless.  
The acquisitions of Kontinent Transport and Solida  
Logistik contributed with adj. EBIT of DKK 1 million in  
Q2 2023.  
Selected quarterly financial information  
(DKKm)  
Q2 2022  
1,779  
Organic  
%
Acquisitions  
%
1.1%  
Currency  
%
-2.2%  
Q2 2023  
%
-183 -10.4%  
19  
-40  
1,575 -11.5%  
Net external revenue  
-24 -6.3%  
-26 -17.1%  
8
1
2.1%  
0.7%  
-7  
-3  
-1.8%  
-2.0%  
360 -6.0%  
Gross profit  
383  
152  
124 -18.4%  
22.9% 1.4 p.p.  
7.9% -0.6 p.p.  
34.4% -5.3 p.p.  
Adj. EBIT  
Gross margin  
Operating margin  
Conversion ratio  
21.5%  
8.5%  
39.7%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 6  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
3 August 2023  
Air & Ocean  
The Air & Ocean division continued to be affected by  
challenging market conditions during the second  
quarter of 2023. Freight rates have stabilised to a  
certain extent but remain at a low level.  
Net revenue  
Net revenue for the division totalled DKK 546 million in  
Q2 2023, compared to DKK 951 million in Q2 2022.  
Total growth was negative 42.6%, composed of organic  
growth of negative 49.4%, effects from acquisitions of  
7.7%, and currency translation effects of negative 0.9%.  
The destocking cycle continues to affect volumes  
negatively and is taking longer than expected to  
significantly improve. Consequently, volumes continue  
to be relatively weak.  
The decline in organic growth compared to last year was  
driven by a combination of lower volumes and  
significantly lower freight rates.  
During the quarter, the activity improved gradually, but  
at a relatively slow pace.  
The acquisition effect of AGL contributed with revenue  
of DKK 73 million in Q2 2023. The acquisition of AGL  
was closed on 6 May 2022 and consequently, the  
inorganic growth only accounts for one month in Q2  
2023.  
The division continued to adjust the cost base during the  
course of the quarter, in order to adapt to the difficult  
market conditions.  
Amidst the challenging market, focus remains on new  
sales with continued investments in the organisation,  
for example with the opening of new offices in Aalborg,  
Denmark and Detroit, USA.  
Selected YTD financial information  
(DKKm)  
YTD 2022  
1,437  
Organic  
%
-41.9%  
Acquisitions  
%
22.9%  
Currency  
%
YTD 2023  
1,151  
%
-19.9%  
-602  
329  
-13 -0.9%  
-3 -1.3%  
-1 -1.0%  
Net external revenue  
-55  
-57  
-24.3%  
-58.2%  
83  
16  
36.7%  
16.3%  
251  
56  
11.1%  
-42.9%  
6.1 p.p.  
-1.9 p.p.  
Gross profit  
226  
98  
Adj. EBIT  
21.8%  
4.9%  
Gross margin  
Operating margin  
Conversion ratio  
15.7%  
6.8%  
43.4%  
22.3% -21.1 p.p.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 7  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
3 August 2023  
Air & Ocean, continued  
Gross profit  
The development in conversion ratio was driven by the  
continued combination of low freight rates, challenging  
market conditions, and lower volumes as a result of  
macroeconomic headwinds.  
Gross profit decreased 18.1% to DKK 122 million in Q2  
2023, compared to DKK 149 million in Q2 2022,  
corresponding to a gross margin of 22.3% and 15.7%,  
respectively.  
The lower gross profit, combined with investments in  
the division’s sales organisation to support the future  
growth of the division, translated into a significantly  
lower conversion ratio compared to Q2 2022.  
The lower freight rates drove a decline in gross profit,  
despite a higher gross margin.  
The division has taken further measures to adjust the  
cost base to the market conditions during the course of  
the quarter.  
Operating profit before special items (adj. EBIT)  
Adj. EBIT for Q2 2023 totalled DKK 24 million, a  
decrease of DKK 40 million compared to Q2 2022.  
The acquisition of AGL contributed with adj. EBIT of  
DKK 4 million for Q2 2023.  
The operating margin was 4.4% for Q2 2023, compared  
to 6.7% in the same period last year.  
The operating margin decrease was driven by a  
conversion ratio decrease of 23.3 percentage points to  
19.7%.  
Selected quarterly financial information  
(DKKm)  
Q2 2022  
951  
Organic  
%
Acquisitions  
%
7.7%  
Currency  
%
-0.9%  
Q2 2023  
%
-469 -49.4%  
-46 -30.9%  
-43 -67.2%  
73  
-9  
546 -42.6%  
122 -18.1%  
24 -62.5%  
Net external revenue  
21 14.1%  
6.3%  
-2  
-1  
-1.3%  
-1.6%  
Gross profit  
149  
64  
4
Adj. EBIT  
22.3% 6.6 p.p.  
4.4% -2.3 p.p.  
19.7%-23.3 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
15.7%  
6.7%  
43.0%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 8  
DK-2650 Hvidovre  
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CVR no. 12546106  
 
3 August 2023  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q2 2023  
Q2 2022  
YTD 2023  
YTD 2022  
(DKKm)  
Q2 2023  
88
Q2 2022  
170
YTD 2023  
193
YTD 2022  
269
Net revenue  
2,120
2,729
4,374
4,907
Profit for the period  
Direct costs  
-1,638
482
-2,196
533
-3,415
959
-3,946
961
Items that may be reclassified to the income  
statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
10
-3
-
2
-
Other external expenses  
Staff costs  
-57
-61
-115
-435
-107
-371
-223
-200
Items will not be reclassified to the income  
statement:  
Operating profit before amortisation,  
depreciation, and special items (adj. EBITDA)  
202
-54
272
-55
409
-111
298
483
-107
376
Actuarial adjustments on retirement benefit  
obligations  
21
-6
44
Amortisation and depreciation of intangible and  
tangible fixed assets  
Other comprehensive income  
Total comprehensive income  
7
21
-4
44
Operating profit before special items (adj.  
EBIT)  
95
191
189
313
148
217
Attributable to:  
Special items, net  
-6
4
-
12
-6
8
-13
14
Shareholders in NTG A/S  
Non-controlling interests  
89
6
178
13
174
15
287
26
Financial income  
Financial costs, other  
Profit before tax  
-36
110
-22
88
-13
216
-46
170
-59
241
-48
193
-29
348
-79
269
Tax on profit for the period  
Profit for the period  
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
81
7
157
13
175
18
243
26
Earnings per share  
Earnings per share (DKK)  
3.74
3.70
7.07
6.95
8.08
7.99
10.96
10.76
Diluted earnings per share (DKK) for the period  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
3 August 2023  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q2 2023  
Q2 2022  
YTD 2023  
YTD 2022  
(DKKm)  
Q2 2023  
Q2 2022  
-51
YTD 2023  
YTD 2022  
-98
Operating profit before special items  
148
217
298
376
Repayment of lease liabilities  
Proceeds from loans  
-52
-
-104
-
125
125
Amortisation and depreciation  
Share-based payments  
54
-45
-1
55
2
111
-44
-57
-13
8
107
3
Repayments of other financial liabilities  
-15
-
-19
-13
Change in working capital etc.  
Change in provisions  
-55
-2
-92
-4
Shareholders and non-controlling interests  
Purchase of treasury shares  
-13
4
-143
-26
-4
-
-202
-27
-6
-
Dividends paid to non-controlling interests  
-26
-29
Financial income received  
Interest paid on leasing contracts  
Other financial expenses paid  
Corporation taxes paid  
12
-9
13
Acquisition of shares from non-controlling  
interests  
-9
-18
-41
-59
-6
-18
-12
-29
-13
331
-17
-17
-27
-32
-6
-4
Disposal of shares to non-controlling interests  
Cash flow from financing activities  
Cash flow for the period  
-
-240
-166
16
47
2
-356
-187
20
-12
-11
-
Special items  
-230
-181
Cash flow from operating activities  
73
205
179
Cash and cash equivalents at beginning of  
period*  
230
149
253
99
Purchase of property, plant, and equipment  
Disposal of tangible assets  
-4
2
-4
1
-13
2
-7
5
Cash flow for the period  
-166
8
-230
-8
-187
6
-181
-7
Currency translation adjustments  
Cash and cash equivalents at 30 June*  
Acquisition of business activities  
Changes in other financial assets  
Cash flow from investing activities  
Free cash flow  
-
-480
1
-2
-480
-18
72
-89
72
-89
3
3
Statement of adjusted free cash flow  
Free cash flow  
1
-482
-277
-10
169
-500
-169
74  
6
-277  
-
169  
6
-169  
13  
74
Special items  
Acquisition of business activities  
Repayment of lease liabilities reversed  
Adjusted free cash flow  
-
480  
-51  
152  
2
480  
-98  
-52  
-104  
28  
73  
226  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 318 million on 30 June 2023,  
DKK 28 million on 1 January 2023, and 349 million on 30 June 2022.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
3 August 2023  
BALANCE SHEET, equity and liabilities  
BALANCE SHEET, assets  
(DKKm)  
30/06-2023 31/12-2022 30/06-2022  
(DKKm)  
30/06-2023 31/12-2022 30/06-2022  
Share capital  
453
449
453
514
453
385
Intangible assets  
1,383
74
1,392
69
1,387
72
Reserves  
Property, plant, and equipment  
Right-of-use assets  
843
62
736
65
756
60
NTG A/S shareholders' share of equity  
902
967
838
Non-controlling interests  
80
97
88
Other receivables  
Total equity  
982
1,064
926
Deferred tax assets  
36
40
38
Deferred tax liabilities  
10
10
2
Total non-current assets  
2,398
2,302
2,313
Pensions and similar obligations  
Provisions  
78
3
74
2
74
3
Trade receivables  
1,318
1,430
1,894
Other receivables  
94
390
2
85
281
6
114
260
1
Financial liabilities  
Lease liabilities  
228
703
423
603
401
616
Cash and cash equivalents  
Corporation tax  
Total non-current liabilities  
1,022
1,112
1,096
Total current assets  
Total assets  
1,804
4,202
1,802
4,104
2,269
4,582
Provisions  
51
65
39
Financial liabilities  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
59
183
404
185
523
188
1,347
224
1,588
235
1,174
237
64
82
37
Total current liabilities  
Total liabilities  
2,198
3,220
4,202
1,928
3,040
4,104
2,560
3,656
4,582
Total equity and liabilities  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
3 August 2023  
STATEMENT OF CHANGES IN EQUITY – 1 January – 30 June 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
175
-
967
175
5
97
18
-3
-
1,064
193
2
Profit for the period  
-
-
-
-
-
-
-
-
-
-
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
5
-
-6
-6
-6
Other comprehensive income, net of tax  
Total comprehensive income for the period  
5
5
-6
-1
-3
15
-4
169
174
189
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-
-44
8
-44
8
-
-
-44
8
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-27
-
-27
-204
-5
Purchase of treasury shares  
-
-11
2
-
-193
-2
-204
-
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 30 June  
-
-
-5
-
-
-
-
-
1
1
1
-9
-25
-
-230
478
-239
902
-32
80
-271
982
453
-4
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
3 August 2023  
STATEMENT OF CHANGES IN EQUITY – 1 January – 30 June 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
243
44
558
243
44
76
26
-
634
269
44
Profit for the period  
-
-
-
-
-
-
-
-
Actuarial gains/(losses)  
-
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-
44
44
-
44
-
287
287
26
313
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-
3
-12
-
3
-12
-
-
-
3
-12
-29
-17
34
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-29
-5
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with owners  
Equity at 30 June  
-
2
-
-
-14
14
-9
-12
14
-
-
-
20
-14
88
2
-8
-
-7
-21
926
453
2
391
838
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
3 August 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  
Q2 2022 have been restated with the adjustments  
made to the AGL opening balance after the release of  
the Q2 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  
 
3 August 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  
Q2 2022  
YTD 2022  
Q3 2022  
Reclass.  
22  
Q4 2022  
Reclass.  
31  
FY 2022  
Reclass.  
102  
(DKKm)  
Published  
1,754  
Reclass.  
25  
Restated Published  
Reclass. Restated Published  
Restated Published  
Restated Published  
Restated  
6,880  
Net revenue  
Direct costs  
1,779  
3,421  
49  
3,470  
1,730  
1,752  
1,627  
1,658  
6,778  
-1,389  
-7  
-1,396  
-2,721  
-14  
-2,735  
-1,392  
-5  
-1,397  
-1,289  
-13  
-1,302  
-5,402  
-32  
-5,434  
Gross profit  
Adj. EBIT  
365  
148  
18  
4
383  
152  
700  
272  
35  
6
735  
278  
338  
134  
17  
3
355  
137  
338  
125  
18  
4
356  
129  
1,376  
531  
70  
13  
1,446  
544  
Impact on Air & Ocean 2022 figures from segment reclassification  
Q2 2022  
YTD 2022  
Q3 2022  
Q4 2022  
FY 2022  
(DKKm)  
Published  
976  
Reclass.  
Restated Published  
Reclass. Restated Published  
Reclass.  
Restated Published  
Reclass.  
-31  
Restated Published  
Reclass.  
-102  
Restated  
3,344  
Net revenue  
Direct costs  
-25  
7
951  
1,486  
-49  
14  
1,437  
1,091  
-896  
-22  
5
1,069  
-891  
869  
838  
3,446  
-809  
-802  
-1,225  
-1,211  
-689  
13  
-676  
-2,810  
32  
-2,778  
Gross profit  
Adj. EBIT  
167  
68  
-18  
-4  
149  
64  
261  
104  
-35  
-6  
226  
98  
195  
75  
-17  
-3  
178  
72  
180  
48  
-18  
-4  
162  
44  
636  
227  
-70  
-13  
566  
214  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 15  
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CVR no. 12546106  
 
3 August 2023  
Road & Logistics  
Air & Ocean  
Q2 2023  
Eliminations etc.  
Total  
Q2 2023  
(DKKm)  
Q2 2023  
Q2 2022  
1,786  
-7  
Q2 2022  
955  
Q2 2023  
Q2 2022  
Q2 2022  
2,740  
-11  
Segment net revenue  
1,581  
-6  
549  
-3  
-1  
-
-1  
-
2.129  
-9  
Net revenue (between segments)  
Net revenue (external)  
-4  
1,575  
360  
-49  
1,779  
383  
546  
122  
-5  
951  
-1  
-
-1  
1
-
2,120  
482  
-54  
2,729  
Gross Profit  
149  
533  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-51  
-4  
-
-55  
124  
152  
24  
64  
-
1
148  
217  
Road & Logistics  
Air & Ocean  
Eliminations etc.  
Total  
(DKKm)  
YTD 2023  
3,237  
-14  
YTD 2022  
3,482  
-12  
YTD 2023  
YTD 2022  
1,442  
-5  
YTD 2023  
YTD 2022  
YTD 2023  
4,393  
-19  
YTD 2022  
4,924  
-17  
Segment net revenue  
1,156  
-5  
-
-
-
-
-
-
-
-
Net revenue (between segments)  
Net revenue (external)  
3,223  
708  
3,470  
735  
1,151  
251  
-11  
1,437  
226  
4,374  
959  
4,907  
Gross Profit  
961  
Amortisation and depreciation  
Operating profit before special items (adj. EBIT)  
-100  
-99  
-7  
-
-1  
-111  
-107  
241  
278  
56  
98  
1
-
298  
376  
*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  
 
3 August 2023  
Net Revenue (DKKm)  
Denmark  
Sweden  
Q2 2023  
717  
Q2 2022  
791  
YTD 2023  
1,473  
753  
YTD 2022  
1,520  
869  
377  
458  
296  
498  
606  
583  
USA  
157  
249  
329  
462  
Finland  
130  
204  
285  
425  
Germany  
Other  
443  
529  
928  
1,048  
2,120  
2,729  
4,374  
4,907  
Total  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 17  
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CVR no. 12546106  
 
3 August 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  
26  
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 June  
471  
-
265  
-
463  
26  
51  
-5  
249  
-
104  
-4  
161  
-43  
-55  
-1  
265  
-47  
-105  
-6  
95  
-11  
-61  
-3  
146  
-16  
-50  
-5  
-42  
-6  
-103  
-9  
516  
327  
843  
487  
269  
756  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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3 August 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  
(DKKm)  
Part of  
share  
capital  
Market  
value  
(DKKm)  
Number of  
shares  
793,076  
-77,030  
532,854  
Treasury shares 1 January  
Ring-the-bell consideration paid  
Purchase of shares etc.  
16  
-2  
3.5%  
-0.3%  
2.4%  
189  
-32  
11  
203  
179  
539  
Value adjustment  
Treasury shares 30 June  
1,248,900  
25  
5.6%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
3 August 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  
 
3 August 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 June 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 June 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 June 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, 3 August 2023
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
Louise Knauer
Board member
Board member
Board member
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106