The consolidated full-year outlook previously announced for 2017 is adjusted as follows:
Operating profit before special items is expected to be in the range of DKK 4,700-4,900 million (previously DKK 4,500-4,700 million).
Net financial expenses, excluding foreign exchange adjustments, are expected to approximate DKK 300 million (unchanged).
Adjusted free cash flow is expected to approximate DKK 4,400 million (previously DKK 4,250 million).
The effective tax rate is expected to be 23% (unchanged).
The revised expectations are partly driven by higher than expected activity levels, mainly in the Air & Sea division. At the same time, the cost synergies from the UTi integration have been achieved faster than expected in 2017. As a consequence, the remaining full-year impact from cost synergies is now expected to be DKK 200 million in 2018 (previously DKK 300 million).
A separate company announcement about the launch of a five-month share buyback programme of DKK 1,250 million will be issued today.