7 May 2024  
Consolidated Interim Report Q1 2024 – NTG Nordic Transport Group A/S  
Q1 2024 highlights  
Selected financial information  
•
Negative growth in key markets and challenging market  
conditions prevailed throughout the quarter.  
For the period 1 January to 31 March (Q1)  
(DKKm)  
Q1 2024  
2,158  
463  
Q1 2023  
2,254  
477  
Change  
-96  
•
Total growth in net revenue of negative 4.3%, hereof  
organic growth of negative 5.9% and acquired growth of  
1.3%.  
Net revenue  
Gross profit  
-14  
Adj. EBIT  
114  
150  
-36  
•
•
Operating margin of 5.3% in Q1 2024 vs. 6.7% in Q1  
2023.  
Profit for the period  
Gross margin  
Operating margin  
Conversion ratio  
78  
105  
-27  
2024 guidance announced on 29 February 2024  
maintained: Adj. EBIT of DKK 500 – 580 million.  
21.5%  
5.3%  
24.6%  
21.2%  
6.7%  
0.3 p.p.  
-1.4 p.p.  
-6.8 p.p.  
31.4%  
Contacts  
NTG Nordic Transport Group A/S
Forward looking statement  
Investor relations  
Christian D. Jakobsen,  
Group CFO  
+45 4212 8099  
ir@ntg.com  
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 2023 Annual Report. Any subsequent developments are reflected in this report.  
press@ntg.com  
 
7 May 2024  
Financial highlights  
Income statement (DKKm)  
Q1 2024  
Q1 2023  
Balance sheet (DKKm)  
31/03-2024  
31/03-2023  
Net revenue  
2,158  
2,254  
Additions to property, plant, and equipment (excl. IFRS 16)  
3
9
Gross profit  
463  
477  
Balance sheet total  
4,260  
-18  
4,219  
-140  
1,036  
220  
Operating profit before amortisations, depreciations, and special  
items (adj. EBITDA)  
Net working capital  
176  
114  
-1  
207  
150  
-
Net interest-bearing debt  
Net interest-bearing debt (excl. IFRS 16)  
Invested capital  
1,102  
246  
Operating profit before special items (adj. EBIT)  
Special items, net  
2,205  
1,190  
1,102  
88  
2,003  
1,066  
962  
Net financial items  
-8  
-19  
Total equity  
Profit for the period  
78  
105  
4.32  
22.22  
NTG Nordic Transport Group A/S' shareholders' share of equity  
Non-controlling interests  
Earnings per share (DKK) for the period  
Earnings per share (DKK) last 12 months  
3.25  
16.33  
104  
Financial ratios  
Q1 2024  
Q1 2023  
Cash flow statement (DKKm)  
Q1 2024  
Q1 2023  
Gross margin  
21.5%  
21.2%  
Operating activities  
-52  
106  
Operating margin  
Conversion ratio  
ROIC before tax*  
Return on equity*  
Solvency ratio  
5.3%  
24.6%  
28.2%  
33.7%  
27.9%  
1.34  
6.7%  
31.4%  
43.8%  
58.9%  
25.3%  
1.06  
Investing activities  
Free cash flow  
-24  
-76  
-11  
95  
Adjusted free cash flow  
Financing activities  
Cash flow for the period  
-110  
-60  
45  
-116  
-21  
-136  
Leverage ratio*  
Employees  
Q1 2024  
Q1 2023  
Average number of employees  
1,995  
2,005  
Reference is made to NTG’s 2023 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  
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DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 May 2024  
Management report  
The challenges of Q4 2023 continued into the first  
quarter of 2024 with macroeconomic headwinds in  
Europe and challenging market conditions.  
Gross profit decreased 2.9% to DKK 463 million in Q1  
2024, compared to DKK 477 million in Q1 2023,  
corresponding to a gross margin of 21.5% and 21.2%,  
respectively.  
to the merger of the three Danish road companies had a  
temporary negative effect of DKK 80 million.  
The market is characterised by some degree of  
overcapacity and pressure on rates.  
NTG Nordic Transport Group  
Adj. EBIT decreased 24.0% to DKK 114 million in Q1  
2024, compared to DKK 150 million in Q1 2023.  
(DKKm)  
Q1 2024  
2,158  
463  
Q1 2023  
2,254  
477  
Growth  
-4.3%  
The demanding market conditions have stressed the  
importance of being agile and having a flexible cost  
structure to adapt to the changing market dynamics.  
The operating margin was 5.3% for Q1 2024, compared  
to 6.7% in the same period last year. The deterioration  
in margin was driven by increased salaries after 2023  
inflation and lower gross profit (excl. M&A impact) in  
both divisions.  
Net revenue  
Gross profit  
Adj. EBIT  
-2.9%  
In the Road & Logistics division, volumes were under  
pressure in Q1 2024, with a continuing weak spot  
market. As a result, focus shifted increasingly from the  
spot market towards contracted revenue.  
114  
150  
-24.0%  
Adj. EBIT in the Road & Logistics division decreased  
12.0% to DKK 103 million in Q1 2024 compared to Q1  
2023. The decline was mainly related to the timing of  
Easter.  
Road & Logistics  
In the Air & Ocean division, the ocean freight rates, due  
to the Red Sea crisis, commenced at a higher level than  
in 2023, however has declined during Q1 2024.  
(DKKm)  
Q1 2024  
1,604  
347  
Q1 2023  
1,648  
348  
Growth  
-2.7%  
Net revenue  
Gross profit  
Adj. EBIT  
Adj. EBIT in the Air & Ocean division decreased 62.5%  
to DKK 12 million in Q1 2024 compared to Q1 2023.  
Net revenue in Q1 2024 decreased 4.3%, compared to  
Q1 2023, to DKK 2,158 million.  
-0.3%  
103  
117  
-12.0%  
Special items totalled DKK -1 million in Q1 2024,  
compared to DKK 0 million in Q1 2023.  
Acquired growth totalled 1.3% in Q1 2024, driven by  
the acquisition of RTC Transport A/S (RTC) completed  
in February 2024.  
Minorities’ share of adj. EBIT was 10.5% in Q1 2024  
compared to 9.7% in Q1 2023.  
Air & Ocean  
Organic growth totalled negative 5.9% in Q1 2024,  
compared to the same period last year, mainly due to  
soft volumes coupled with lower freight rates in the Air  
& Ocean division and Easter falling in March in 2024 as  
opposed to April in 2023.  
(DKKm)  
Q1 2024  
Q1 2023  
Growth  
Net working capital was negative DKK 18 million as of  
31 March 2024, compared to negative DKK 140 million  
as of 31 March 2023. The timing of Easter at the end of  
March was the main driver for the increase in net  
working capital, but also prepayment of hauliers related  
Net revenue  
Gross profit  
Adj. EBIT  
553  
116  
12  
605  
129  
32  
-8.6%  
-10.1%  
-62.5%  
Currency translation effects had a positive impact on  
growth of 0.1 percentage points in Q1 2024.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
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CVR no. 12546106  
 
7 May 2024  
Management report, continued  
Adjusted free cash flow totalled negative DKK 110  
million in Q1 2024, compared to DKK 45 million in Q1  
2023. The development in adjusted free cash flow was  
mainly driven by the increase in net working capital.  
M&A remains a strong strategic priority for NTG, and  
we experience an increase in M&A related activity. We  
are continuing searching and evaluating new and  
interesting opportunities in our efforts towards making  
value-adding acquisitions.  
As of 31 March 2024, NTG had a net interest bearing  
debt position of DKK 246 million excluding IFRS 16  
lease liabilities.  
Outlook  
We maintain the guidance provided on 29 February  
2024, and for the full year 2024 we expect to achieve:  
Update on recent acquisitions  
The integration of RTC is proceeding as planned. Since  
RTC adds supplementary services to the existing  
business, it is not planned to integrate RTC into NTG’s  
standard Transport Management System (TMS).  
•
Adj. EBIT of DKK 500 – 580 million.  
The outlook assumes an expected overall flat market  
environment with soft macroeconomics and continued  
muted consumer confidence.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 May 2024  
Road & Logistics  
As expected, Q1 2024 was a challenging quarter for the  
Road & Logistics division as elevated interest rates and  
muted consumer confidence amongst other factors  
affected volumes both for domestic and cross-border  
transports throughout Europe.  
In light of the market conditions, focus has been on  
winning market shares.  
Within warehousing, demand remained high. While  
some customers are still focusing on decreasing  
inventory levels, the division is experiencing persistent  
offsetting demand for warehousing capacity from new  
and existing customers.  
The supply side was characterised by overcapacity,  
which put pressure on prices and left the spot market  
weak and increasingly challenging to navigate.  
As a result, the Road & Logistics division saw a slight  
decrease in momentum in the first quarter of the year,  
and financial results were lower than in Q1 2023.  
Continental Europe had slightly lower volumes on the  
German and UK markets.  
The Scandinavian market was negatively impacted by  
the weakened Swedish currency and the harbour  
strikes in Finland since mid of February.  
Selected quarterly financial information  
(DKKm)  
Q1 2023  
1,648  
348  
Organic  
%
Acquisitions  
%
Currency  
%
Q1 2024  
%
Net external revenue  
Gross profit  
-79  
-11  
-4.8%  
-3.2%  
30  
9
1.8%  
2.6%  
2.6%  
5
1
-
0.3%  
0.3%  
-
1,604  
347  
-2.7%  
-0.3%  
Adj. EBIT  
117  
-17 -14.6%  
3
103  
-12.0%  
0.5 p.p.  
Gross margin  
Operating margin  
Conversion ratio  
21.1%  
7.1%  
21.6%  
6.4% -0.7 p.p.  
29.7% -3.9 p.p.  
33.6%  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 May 2024  
Road & Logistics, continued  
Net revenue  
Operating profit before special items (adj. EBIT)  
Net revenue for the division totalled DKK 1,604 million  
in Q1 2024 compared to DKK 1,648 million in Q1 2023.  
Adj. EBIT for Q1 2024 totalled DKK 103 million, a  
decrease of DKK 14 million compared to Q1 2023.  
Total growth was negative 2.7%. The decrease in  
revenue was driven by the Easter timing difference  
versus 2023, partly offset by the acquisition of RTC.  
The operating margin was 6.4% for Q1 2024, compared  
to 7.1% in the same period last year.  
The development was driven by a conversion ratio  
deterioration of 3.9 percentage points to 29.7%, which  
more than offset the gross margin development.  
Gross profit  
While the division has reacted promptly to reduce costs  
amid the softer market, investments in the sales  
organisation and group functions to support future  
growth, coupled with challenging spot market  
Gross profit decreased 0.3% to DKK 347 million in Q1  
2024, compared to DKK 348 million in Q1 2023.  
Despite challenging market conditions, the division  
managed a slight gross margin increase from 21.1% to  
21.6%, related to the acquistions, product mix, and  
closing of low GP margin business in Germany.  
conditions, have translated into  
conversion ratio.  
a
slightly lower  
The acquisition of RTC contributed with an adj. EBIT of  
DKK 3 million in Q1 2024.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 May 2024  
Air & Ocean  
The ocean freight rates registered an uptick in the  
beginning of the quarter, due to the Red Sea crisis,  
followed by a declining trend. Towards the end of the  
quarter, the rates stabilised to some degree, however at  
a low level.  
Towards the end of the quarter the downward trend  
showed signs of stabilisation.  
The division’s continued investments in the sales  
organisation and a new start-up has resulted in an  
increasing number of shipments in certain geographies.  
The start-up, NTG Supply Chain Solutions, established  
in December 2023, is expected to gradually contribute  
to the division’s gross profit in the coming quarters.  
As expected, volumes trended lower in the first quarter  
due to macroeconomic headwinds which affected the  
division negatively, especially in the US and Germany.  
The destocking cycle shows sign of having ended.  
Based on the developments in the last part of the  
quarter, the Air & Ocean market is expected to  
increasingly stabilise in the second quarter of the year.  
The organisational restructuring process in Germany  
continued, and in January 2024 the offices in Hannover  
and Düsseldorf were closed with a consequential staff  
reduction.  
Selected quarterly financial information  
(DKKm)  
Q1 2023  
605  
Organic  
%
Acquisitions  
%
Currency  
%
Q1 2024  
%
Net external revenue  
Gross profit  
-50  
-12  
-8.3%  
-9.3%  
-
-
-
-
-
-
-2  
-1  
-
-0.3%  
-0.8%  
-
553  
116  
-8.6%  
-10.1%  
129  
Adj. EBIT  
32  
-20 -62.5%  
12  
-62.5%  
Gross margin  
Operating margin  
Conversion ratio  
21.3%  
5.3%  
24.8%  
21.0%  
2.2%  
10.3%  
-0.3 p.p.  
-3.1 p.p.  
-14.5 p.p.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 May 2024  
Air & Ocean, continued  
Net revenue  
Net revenue for the division totalled DKK 553 million in  
Q1 2024, compared to DKK 605 million in Q1 2023.  
The operating margin was 2.2% for Q1 2024, compared  
to 5.3% in the same period last year.  
Total growth was negative 8.6%, composed of organic  
growth of negative 8.3% and currency translation  
effects of negative 0.3%.  
The operating margin decrease was driven by  
conversion ratio decrease of 14.5 percentage points to  
10.3%.  
a
The negative organic growth was mainly driven by a  
combination of the situation in Germany, softer  
volumes, and lower freight rates.  
The development in conversion ratio was heavily  
impacted by the combination of low freight rates,  
challenging market conditions, and macroeconomic  
headwinds in addition to the abovementioned one-off  
costs.  
Gross profit  
The division has taken measures to adjust the cost base  
to the prevailing market conditions. In April 2024,  
further steps was taken in this regard with expected  
effects from 1 May 2024.  
Gross profit decreased 10.1% to DKK 116 million in Q1  
2024, compared to DKK 129 million in Q1 2023,  
corresponding to a gross margin of 21.0% and 21.3%,  
respectively.  
Product mix partly offset by declining freight rates were  
the main drivers of the development.  
Operating profit before special items (adj. EBIT)  
Adj. EBIT for Q1 2024 totalled DKK 12 million,  
compared to DKK 32 million in Q1 2023. The effects of  
the restructuring in Germany and establishment of  
NTG Supply Chain Solutions had a negative impact of  
DKK 6 million. Moreover, the decrease is related to  
market conditions with lower yields.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 May 2024  
Interim Financial Statements  
INCOME STATEMENT  
STATEMENT OF OTHER COMPREHENSIVE INCOME  
(DKKm)  
Q1 2024  
Q1 2023  
(DKKm)  
Q1 2024  
78
Q1 2023  
105
Net revenue  
2,158
2,254
Profit for the period  
Direct costs  
-1,695
463
-1,777
477
Items that may be reclassified to the income statement:  
Gross profit  
Foreign exchange adjustments of subsidiaries  
12
-8
Other external expenses  
Staff costs  
-61
-58
-226
-212
Items that will not be reclassified to the income statement:  
Operating profit before amortisations, depreciations and special  
items  
176
207
Actuarial adjustments on retirement benefit obligations  
1
-3
Other comprehensive income, net of tax  
13
-11
Amortisation and depreciation of intangible and tangible fixed assets  
Operating profit before special items  
Special items, net  
-62
114
-1
-57
150
-
Total comprehensive income  
91
94
Financial income  
13
4
Attributable to:  
Financial costs  
-21
105
-27
78
-23
131
-26
105
Shareholders in NTG A/S  
Non-controlling interests  
80
11
85
9
Profit before tax  
Tax on profit for the period  
Profit for the period  
Attributable to:  
Shareholders in NTG A/S  
Non-controlling interests  
69
9
94
11
Earnings per share  
Earnings per share (DKK)  
3.25
3.21
4.32
4.27
Diluted earnings per share (DKK) for the period  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 May 2024  
CASH FLOW STATEMENT  
CASH FLOW STATEMENT, continued  
(DKKm)  
Q1 2024  
Q1 2023  
(DKKm)  
Q1 2024  
Q1 2023  
Operating profit before special items  
114
150
Repayment of lease liabilities  
-56
-52
Depreciation and amortisation etc.  
Share-based payments  
62
3
57
1
Proceeds and repayments of other financial liabilities  
-3
-4
Shareholders and non-controlling interests:  
Change in working capital etc.  
Change in provisions  
-183
-3
-56
-
Purchase of treasury shares  
-
-1
-
-59
-1
Dividends paid to non-controlling interests  
Financial income received  
Interest paid on leasing contracts  
13
4
Acquisition of shares from non-controlling interests  
-2
-7
-9
Disposal of shares to non-controlling interests  
-
2
Cash flow from financing activities  
-60
-116
Other financial expenses paid  
Corporation taxes paid  
-14
-36
-1
-14
-27
-
Cash flow for the period  
-136
-21
Special items  
Cash and cash equivalents at 1 January*  
Cash flow for the period  
276
253
-21
Cash flow from operating activities  
-52
106
-136
Currency translation adjustments  
5
-2
Purchase of property, plant and equipment  
-3
-9
Cash and cash equivalents at 31 March*  
145
230
Acquisition of business activities  
-21
-2
Cash flow from investing activities  
-24
-11
Statement of adjusted free cash flow  
Free cash flow  
-76
95
(DKKm)  
Q1 2024  
Q1 2023  
Free cash flow  
-76  
95  
Special items reserved  
1
-
Acquisition of business activities reversed  
21  
2
Repayment of lease liabilities  
-56  
-52  
Adjusted free cash flow  
-110  
45  
* Cash and cash equivalents are presented in the balance sheet less bank overdrafts of DKK 173 million on 31 March  
2024, DKK 0 million at 1 January 2024 and DKK 170 million on 31 March 2023.  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
7 May 2024  
BALANCE SHEET, equity and liabilities  
BALANCE SHEET, assets  
(DKKm)  
31/03-2024 31/12-2023 31/03-2023  
(DKKm)  
31/03-2024 31/12-2023 31/03-2023  
Share capital  
453
649
1,102
88
453
566
1,019
78
453
509
962
104
1,066
10
Intangible assets  
1,422
78
1,377
74
1,384
75
Reserves and retained earnings  
Property, plant and equipment  
Right-of-use assets  
Other receivables  
Deferred tax assets  
NTG A/S shareholders' share of equity  
Non-controlling interests  
Total equity  
800
61
817
62
764
65
1,190
10
1,097
13
36
36
44
Deferred tax liabilities  
Pensions and similar obligations  
Provisions  
Total non-current assets  
Trade receivables  
Other receivables  
Cash and cash equivalents  
Corporation tax  
2,397
1,445
96
2,366
1,115
88
2,332
1,371
98
76
79
76
1
1
4
Financial liabilities  
Lease liabilities  
227
662
976
30
228
668
989
29
426
626
1,142
50
318
4
276
3
411
7
Total non-current liabilities  
Provisions  
Total current assets  
Total assets  
1,863
4,260
1,482
3,848
1,887
4,219
Financial liabilities  
Lease liabilities  
337
194
1,266
208
59
151
196
1,114
208
64
205
190
1,221
284
61
Trade payables  
Other payables  
Corporation tax  
Total current liabilities  
Total liabilities  
2,094
3,070
4,260
1,762
2,751
3,848
2,011
3,153
4,219
Total equity and liabilities  
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
7 May 2024  
STATEMENT OF CHANGES IN EQUITY  
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 2024  
Profit for the period  
453
-
-28
-
-6
-
600
69
1,019
69
78
9
1,097
78
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
10
-
-
1
10
1
2
-
12
1
Other comprehensive income, net of tax  
Total comprehensive income for the period  
10
10
1
11
80
2
13
91
70
11
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-
3
-
3
-
-1
3
-1
Dividends distributed  
-
-
-
3
Total transactions with shareholders  
Equity at 31 March 2024  
-
-
3
-1
2
453
-28
4
673
1,102
88
1,190
NTG Nordic Transport Group A/S  
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CVR no. 12546106  
 
7 May 2024  
STATEMENT OF CHANGES IN EQUITY  
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 2023  
Profit for the period  
453
-
-16
-
-9
-
539
94
967
94
97
11
1,064
105
Net exchange differences recognised in OCI  
Actuarial gains/(losses)  
-
-
-
-
-
-
-
-
-6
-
-
-3
-6
-3
-2
-
-8
-3
Other comprehensive income, net of tax  
Total comprehensive income for the period  
-6
-6
-3
-9
-2
9
-11
94
91
85
Transactions with shareholders:  
Share-based payments  
-
-
-
-
-35
7
-35
7
-
-
-35
7
Tax on share-based payments  
Dividends distributed  
-
-
-
-
-
-
-
-1
-
-1
Purchase of treasury shares  
-
-4
-
-
-59
-1
-63
-1
-63
-2
Acquisition of shares from non-controlling interests  
Disposal of shares to non-controlling interests  
Total transactions with shareholders  
Equity at 31 March 2023  
-
-
-
-1
-
-
-
-
2
2
2
-4
-20
-
-86
544
-90
962
-2
104
-92
1,066
453
-15
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 13  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 May 2024  
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 2023. Reference is made to note 1.1 of NTG  
Nordic Transport Group’s 2023 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 2023 Annual Report.  
NTG Nordic Transport Group has implemented all new EU-  
approved standards and interpretations effective as of 1  
January 2024. None of these standards and interpretations  
have had a material impact on NTG Nordic Transport Group’s  
Financial Statements.  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 14  
DK-2650 Hvidovre  
+45 7634 0900  
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CVR no. 12546106  
 
7 May 2024  
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  
Q1 2024 Q1 2023  
Air & Ocean  
Q1 2024  
Eliminations etc.  
Q1 2024 Q1 2023  
Total  
Q1 2024  
(DKKm)  
Q1 2023  
607  
Q1 2023  
2,264  
-10  
Segment net revenue  
Net revenue (between segments)  
Net revenue (external)  
1,609  
-5  
1,656  
-8  
555  
-2  
-
1
1
1
-
2,164  
-6  
-2  
1,604  
1,648  
553  
605  
1
2,158  
2,254  
Gross profit  
347  
348  
116  
129  
-
-
-
463  
477  
Amortisation and depreciation  
-56  
-51  
-6  
-6  
-
-62  
-57  
Operating profit before special items (adj. EBIT)  
103  
117  
12  
32  
-1  
1
114  
150  
*Total assets and liabilities for each segment are not reported because such amounts are not regularly provided to the CODM (Chief Operating Decisions Maker)  
Net revenue per country (DKKm)  
Q1 2024  
838  
Q1 2023  
756  
Denmark  
Sweden  
USA  
332  
376  
262  
151  
310  
172  
Finland  
Germany  
Other  
100  
155  
475  
485  
2,158  
2,254  
Total  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 May 2024  
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 the commencement date,  
any initial costs associated to the lease and other directly  
related costs including dismantling and restoration costs.  
2024  
2023  
Other plant and  
Other plant and  
equipment  
(DKKm)  
Land & buildings  
515  
equipment  
Total  
817  
Land & buildings  
471  
Total  
736  
Carrying amount at 1 January  
Additions from business combinations  
302  
265  
-
23  
7
1
25  
24  
32  
-
54  
-
93  
Additions during the period  
Disposals during the period  
Depreciations  
39  
-9  
-
-11  
-29  
-1  
-11  
-57  
-5  
-3  
-12  
-53  
-
-28  
-4  
-24  
-1  
-29  
1
Currency translation adjustments  
Carrying amount at 31 March  
513  
287  
800  
497  
267  
764  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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CVR no. 12546106  
 
7 May 2024  
Note 4 – Acquisition and disposal of entities  
Fair values  
at date of  
acquisition  
Transaction costs  
RTC Transport A/S  
(DKKm)  
Transaction costs relating to the RTC acquisition amount to  
DKK 1 million. Transactions costs are accounted for in the  
income statements as special items.  
On 14 February 2024, NTG completed the acquisition of 75%  
of the shares in RTC Transport A/S (RTC). RTC was founded  
in 2006 in Brøndby, Denmark, and specialises in home  
deliveries of furniture and domestic appliances as well as value  
added services including carry-ins, installations, and return  
handling. RTC has a strong presence in the Danish market,  
from where it also serves customers with home deliveries in  
the southern part of Sweden.  
Property, plant and equipment  
Right-of-use assets  
5
24  
21  
2
Trade receivables  
Fair value of acquired net assets and recognised goodwill  
Other receivables  
Provisional fair values of acquired assets and liabilities at the  
acquisition date are given in the table to the right. Fair value of  
acquired trade receivables and other receivables amounts to  
DKK 23 million. Collectability of receivables has been  
assessed based on Group credit assessment policies.  
Cash and cash equivalents  
5
Total assets  
57  
2
Consideration transferred  
Provisions  
The total consideration consists of a cash payment of DKK 26  
Goodwill is primarily related to synergy effects from  
integration with NTG’s existing infrastructure and network.  
Lease liabilities  
Trade payables  
Other payables  
Corporation tax  
Total liabilities  
31  
10  
9
million in addition to  
a
contingent consideration. The  
contingent consideration is determined based on the  
performance of RTC in 2024. A sustained level of financial  
performance will result in earn-out payments of maximum  
DKK 11 million. On 31 March 2024, the maximum earn-out  
consideration of DKK 11 million was recognised.  
Integration of RTC 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.  
1
53  
Adjusted for the fair value of acquired cash and cash  
equivalents of DKK 5 million, the net cash flow amounted to  
DKK 21 million (outflow).  
Non-controlling interests’ share of acquired  
net assets  
1
Earnings impact  
Acquired net assets  
3
During the period after the acquisition, RTC contributed with  
DKK 30 million to the Group’s net revenue, DKK 3 million to  
the Group’s adj. EBIT and DKK 2 million to the result after tax.  
If the acquisition had taken place 1 January 2024 the Group’s  
net revenue would have amounted to DKK 2,173 million and  
result after tax would have amounted to DKK 79 million.  
Fair value of total consideration  
37  
Goodwill and intangible assets arising  
from the acquisition  
34  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
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DK-2650 Hvidovre  
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CVR no. 12546106  
 
7 May 2024  
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  
Part of  
share  
Market  
value  
Number of  
shares  
(DKKm)  
capital  
(DKKm)  
Treasury shares 1 January  
1,387,472  
28  
28  
6.1%  
6.1%  
408  
Value adjustment  
-20  
Treasury shares 31 March  
1,387,472  
388  
NTG Nordic Transport Group A/S  
Hammerholmen 47  
Page 18  
DK-2650 Hvidovre  
+45 7634 0900  
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CVR no. 12546106  
 
7 May 2024  
Note 6 – 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  
Page 19  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106  
 
7 May 2024  
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 2024 to 31 March 2024.
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 31 March
2024 and of the results of NTG Nordic Transport Group
A/S’ consolidated operations and cash flows for the
period 1 January 2024 to 31 March 2024.
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
Financial Reporting as adopted by the EU and additional
Hvidovre, 7 May 2024
Executive Board  
Mathias Jensen-Vinstrup
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  
Page 20  
DK-2650 Hvidovre  
+45 7634 0900  
www.ntg.com  
CVR no. 12546106