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"value": " global Geographical information DSV operates in most parts of the world and has activities in more than 80 countries, which are divided into the following geographical regions:\u2022 EMEA: Europe, Middle East and Africa\u2022 Americas: North and South America\u2022 APAC: Asia, Australia and the PacificRevenue and non-current assets are allocated to the geographical areas according to the country in which the individual consolidated entity is based. Refer to note 2.2 for regional segmentation of revenue. The cor-porate headquarter of DSV is located in Denmark, which is included in the EMEA segment. Our business is based on transactions in our global net-work rather than in individual countries or regions. Intersegment transactions are made on an arm\u2019s length basis.Major customersDSV is not reliant on any major customers. No single customer exceeds 5% of combined Group revenue.Revenue Non-current assets**Non-current assets**Geographical information Geographical information \u2013 major countries (DKKm)2022 2021 2022 2021 \u2013 regions (DKKm) 2022 2021USA 52,826 36,532 2,431 1,715EMEA 18,179 18,154Germany 17,684 15,061 1,526 1,523Americas 3,593 2,542Denmark 17,071 17,452 4,159 4,774APAC 2,455 2,422United Kingdom 9,761 7,807 896 813Total 24,227 23,118Sweden 8,360 6,172 890 896** Non-current assets less tax assets, customer relationships and goodwill.Other 129,963 99,282 14,325 13,397Total 235,665 182,306 24,227 23,118",
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"pp-value-14-1": {
"value": "Chapter 1Basis of preparationIntroductionThe Annual Report of DSV A/S comprises the consolidated financial state-ments of DSV A/S and its subsidiaries.By nature, a degree of uncertainty is involved when carrying out these judgements and estimates, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period. The primary financial statements items for which significant accounting judgements and estimates are applied are listed below: \u2022 Contract assets and accrued cost of services (note 3.4)\u2022 Provisions (note 3.8) \u2022 Acquisition and disposal of entities (note 6.1)\u2022 Tax (note 5.1 and note 5.2)Additional description of management judgements and estimates made are provided in the relevant notes.The 2022 Annual Report of DSV A/S has been prepared on a going concern basis in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and additional disclosure requirements for listed companies in the Danish Financial Statements Act. IFRS standards have been applied to the extent these have been adopted by the European Union. The consolidated financial statements are presented in Danish kroner (DKK) and rounded to the nearest million.Basis of consolidationThe consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities in which the Group directly or indirectly controls at least 20%, but not more than 50%, of the voting power are accounted for as associates and meas-ured using the equity method. Investments with negative net asset values are recognised at DKK 0.The consolidated financial statements are prepared based on uniform accounting policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, in-come and expenses.Changes in accounting policiesAll amendments to the International Financial Reporting Standards (IFRS) effective for the financial year 2022 have been implemented as basis for preparing the consolidated financial statements and notes to the statements.None of the implementations have had any material impact on the state-ments or notes presented. Management judgements and estimatesIn preparing the consolidated financial statements, Management makes various accounting judgements and estimates that affect the reported amounts and disclosures in the financial statements and notes to the statements. These are based on professional experience, historical data and other factors available to Management. The Board of Directors and Executive Board considered and approved the 2022 Annual Report of DSV A/S on 2 February 2023. The Annual Report will be submitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 16 March 2023.Basis of measurementThe Annual Report has been prepared under the historical cost convention with the exception of derivative financial instruments and acquisition opening balances, which are measured at fair value. Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The accounting policies described in the notes have been applied consistently for the financial year and for the com-parative figures.Recognition in the consolidated financial statements When preparing the consolidated financial statements, the income state-ments of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and balance sheet items are translated at the closing rate at the end of the reporting period.Foreign exchange differences arising on translation of the equity of for-eign entities and on translation of receivables considered part of net in-vestment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of income state-ments from the average exchange rate for the period to the exchange rate at the reporting date are also recognised in other comprehensive income. Adjustments are presented under a separate translation reserve in equity.Group compositionThe Group holds interests in 473 entities and was composed as follows at 31 December 2022:RegionEntities (Number)EMEA Americas APAC TotalSubsidiaries 302 55 108 465Associates 5 1 2 8Foreign currencyFunctional currencyA functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.Foreign currency translationOn initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income state-ment under financials. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rates at the reporting date and the transaction date or the exchange rate used in the latest annual report is recognised in the income statement under financials. Foreign currency translation differences arising on the translation of non-monetary items, such as investments in associates, are recognised directly in other comprehensive income.PresentationCash flow statementThe cash flow statement is prepared using the indirect method based on operating profit before amortisation, depreciation and special items. The cash flow statement cannot be derived directly from the balance sheet and income statement. Materiality in financial reportingIn preparing the Annual Report, Management seeks to improve the infor-mation value of the consolidated financial statements, the notes to the statements and other measures disclosed by presenting the information in a way that supports the understanding of the Group\u2019s performance in the reporting period. This objective is achieved by presenting fair transactional aggregation levels on items and other financial information, emphasising information that is considered of material importance to the user and making relevant rather than generic descriptions throughout the Annual Report. All disclosures are made in compliance with the International Financial Reporting Standards, the Danish Financial Statements Act and other relevant regulations, ensuring a true and fair view throughout the Annual Report.Presentation of items and subtotalsThe presentation of items and subtotals is based on separate classification of material groups of similar items. In the income statement, income and expense items are classified based on the \u2018nature of expense\u2019 method in accordance with IAS 1. Furthermore, the use of special items is applied to improve the transparency and understanding of the Group\u2019s financial statements by separating the core performance of the Group from ex-ceptional items. For a definition and reconciliation of Group results before and after special items, refer to note 2.7 Special items.New accounting regulationsThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the prepara-tion of the 2022 consolidated financial statements. DSV expects to imple-ment the standards and amendments when they take effect.None of the new standards issued are currently expected to have signifi-cant impact on the Group\u2019s financial statements when implemented.2.1 Segment informationOperating segmentsOur business operations are carried out by three divisions, forming the basis of our segment reporting.Air & Sea The Air & Sea division provides air and sea freight services across the globe. This includes a projects department, handling out of gauge cargo and special transportation projects. Road The Road division provides road freight services across Europe, Middle East, North America and South Africa.Solutions The Solutions division offers contract logistics services, incl. warehousing and inventory management, across the globe.Measurement of earnings by segmentOur business segments are measured and reported down to operating profit before special items. Segment results are accounted for in the same way as in the consolidated financial statements. Segment income/expenses and assets/liabilities comprise the items directly attributable to the individual segment as well as the items that may be allocated to the individual segment on a reliable basis.Income and expenses relating to Group functions, investing activities, etc., are managed at Group level. These items are not included in the statement of segment information, but are presented under \u2018non- allocated items and eliminations\u2019.Financial position of business segmentsAssets and liabilities are included in the segmental reporting to the extent they are used for the operation of the segment. Assets and liabilities that cannot be attributed to any of the three seg-ments on a reliable basis are presented under \u2018non-allocated items and eliminations\u2019.Geographical information DSV operates in most parts of the world and has activities in more than 80 countries, which are divided into the following geographical regions:\u2022 EMEA: Europe, Middle East and Africa\u2022 Americas: North and South America\u2022 APAC: Asia, Australia and the PacificRevenue and non-current assets are allocated to the geographical areas according to the country in which the individual consolidated entity is based. Refer to note 2.2 for regional segmentation of revenue. The cor-porate headquarter of DSV is located in Denmark, which is included in the EMEA segment. Our business is based on transactions in our global net-work rather than in individual countries or regions. Intersegment transactions are made on an arm\u2019s length basis.Major customersDSV is not reliant on any major customers. No single customer exceeds 5% of combined Group revenue.Accounting policiesOperating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geographical presence on the world market. As such, our operat-ing segments reflect our divisional and Group reporting used for manage-ment decision-making.2.1 Segment information \u2013 continuedNon-allocated items Air & Sea Road Solutionsand eliminations Tot a lSegment information \u2013 divisions (DKKm)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Condensed income statementRevenue 172,868 130,899 38,746 33,077 23,826 17,989 225 341 235,665 182,306Intercompany revenue 1,563 1,002 2,761 2,339 583 745 (4,907) (4,086) - -Divisional revenue 174,431 131,901 41,507 35,416 24,409 18,734 (4,682) (3,745) 235,665 182,306Direct costs 139,807 108,132 33,596 28,321 15,091 12,081 (4,978) (3,843) 183,516 144,691Gross profit 34,624 23,769 7,911 7,095 9,318 6,653 296 98 52,149 37,615Other external expenses 4,244 3,366 1,425 1,122 1,759 1,338 (1,869) (1,653) 5,559 4,173Staff costs 8,471 6,598 3,543 3,149 2,254 1,664 2,047 1,614 16,315 13,025Operating profit before amortisation, depreciation and special items 21,909 13,805 2,943 2,824 5,305 3,651 118 137 30,275 20,417Amortisation and depreciation 1,251 1,037 903 967 2,604 1,876 313 314 5,071 4,194Operating profit (EBIT) before special items* 20,658 12,768 2,040 1,857 2,701 1,775 (195) (177) 25,204 16,223Condensed balance sheetTotal gross investments 1,797 17,262 501 1,958 4,338 4,118 165 7,864 6,801 31,202Total assets 93,821 96,879 24,437 24,135 29,347 26,245 11,440 14,136 159,045 161,395Total liabilities 67,546 79,824 17,547 18,883 23,357 20,310 (21,146) (31,900) 87,304 87,117* Reference is made to the income statement for a reconciliation from operating profit (EBIT) before special items to profit for the year.Revenue Non-current assets**Non-current assets**Geographical information Geographical information \u2013 major countries (DKKm)2022 2021 2022 2021 \u2013 regions (DKKm) 2022 2021USA 52,826 36,532 2,431 1,715EMEA 18,179 18,154Germany 17,684 15,061 1,526 1,523Americas 3,593 2,542Denmark 17,071 17,452 4,159 4,774APAC 2,455 2,422United Kingdom 9,761 7,807 896 813Total 24,227 23,118Sweden 8,360 6,172 890 896** Non-current assets less tax assets, customer relationships and goodwill.Other 129,963 99,282 14,325 13,397Total 235,665 182,306 24,227 23,1182.2 RevenueEMEA Americas APAC Tot a lServices and geogra phical segmentation (DKKm)2022 2021 2022 2021 2022 2021 2022 2021Air services 30,258 24,867 28,083 19,624 32,250 26,355 90,591 70,846Sea services 41,386 32,053 28,494 18,317 13,960 10,685 83,840 61,055Road services 37,453 32,452 4,054 2,964 - - 41,507 35,416Solutions services 16,537 12,914 4,382 3,639 3,490 2,181 24,409 18,734Total 125,634 102,286 65,013 44,544 49,700 39,221 240,347 186,051Non-allocated items and eliminations (4,682) (3,745)Total revenue 235,665 182,306Accounting policiesRevenue comprises freight forwarding services, contract logistics and other related services delivered in the finan cial year. Revenue from services delivered is recognised in accordance with the over-time recognition principle following the satisfaction of various mile-stones as the performance obligation is fulfilled towards the customer. Our main services comprise air, sea, road and solutions services as de-scribed in the following.Air services Air services comprise air freight logistics facilitating transportation of goods across the globe. Air services are reported within the Air & Sea re-porting segment. Air services are characterised by short delivery times, as most air transports are completed within a few days. Sea servicesSea services comprise sea freight logistics facilitating transportation of goods across the globe. Sea services are reported within the Air & Sea re-porting segment. Sea services are characterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise road freight logistics facilitating transportation of goods by road networks mainly in Europe, Middle East, the US and South Africa. Road services are reported within the Road reporting segment. Road services are characterised by short delivery times, as most road transports are completed within a few days. Solutions servicesSolutions services comprise contract logistics, incl. warehousing and in-ventory management, across the globe. Solutions services are reported within the Solutions re porting segment. Solutions services are character-ised by very short delivery times, happening almost instanta neously as agreed actions under the customer contract are carried out.General recognition principlesRevenue from services delivered are recognised based on the price speci-fied in the contract with the customer. Revenue is measured excluding VAT and other tax collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as an expense when incurred due to the short delivery times. Trade receivables from services delivered are invoiced to the customer and are not adjusted for any financing components, as credit terms are short \u2013 typically between 14 and 60 days \u2013 and the financing component therefore insignificant. Where services delivered have yet to be invoiced and invoices on services received from hauliers have still to be received, contract assets and accrued cost of services are recognised at the re-porting date. Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business. Revenue from property projects is recognised at a point in time in the reporting segment to which it relates when control of and legal title to the property have been transferred to the customer. Revenue is recognised based on the price specified in the contract with the customer, and the consideration is due upon transfer of the legal title. Delivery times on prop-erty projects are typically 8-18 months.If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV. As such, any gain or loss recognised only corresponds to rights transferred to the buyer.Sale of services and geographical segmentation specify as follows:2.2 RevenueRevenue is specified as follows:Revenue (DKKm) 2022 2021Sale of services 234,669 181,707Other operating income 996 599Total revenue 235,665 182,306Sale of services includes revenue from freight forwarding services, con-tract logistics, sale of property projects and other related services. Sale of property projects recognised at a point in time constitutes less than 1% of total revenue (2021: less than 2%). Other operating income includes rental income from terminal and building leases, gains from disposal of non- current assets and income from insurance contracts.2.3 Direct costsAccounting policiesDirect costs comprise costs paid to generate the revenue for the year. Direct costs include settlement of accounts with haulage contractors, ship-ping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs of property projects.Direct costs (DKKm) 2022 2021Cost of carriers 169,068 133,631Staff costs, hourly workers 7,647 6,280Other costs of operation 6,801 4,780Direct costs 183,516 144,6912.4 Other external expensesAccounting policiesOther external expenses include expenses relating to marketing, IT, other rent, training and education, office premises, travelling, communications as well as other selling costs and administrative expenses, less costs transferred to direct costs.Other external expenses (DKKm) 2022 2021Other external expenses 12,360 8,953Transferred to direct costs (6,801) (4,780)Total other external expenses 5,559 4,1732.5 Staff costsAccounting policiesStaff costs include wages and salaries, pension costs, social security costs and other staff costs for salaried employees, but exclude staff costs for hourly workers, which are recognised as direct costs. Staff costs are recognised in the financial year in which the employee renders the related service. Costs related to long-term employee benefits, e.g. share-based payments, are recognised in the periods in which they are earned.Reference is made to note 3.7 for detailed information on pension plans, note 6.3 for information on remuneration of the Executive Board and the Board of Directors and note 6.2 for detailed information on the Group\u2019s share option schemes.Staff costs (DKKm) 2022 2021Salaries and wages, etc. 20,111 16,250Defined contribution pension plans 745 567Defined benefit pension plans 84 74Other social security costs 2,820 2,254Share-based payments 202 160Total staff costs 23,962 19,305Recognised in the income statement items:Hourly workers \u2013 recognised as direct costs 7,647 6,280Salaried employees \u2013 recognised as staff costs 16,315 13,025Total 23,962 19,305Weighted average number of full-time employees 76,583 67,016Number of full-time employees at year-end 76,283 77,9582.6 Amortisation and depreciationAmortisation and depre ci ation (DKKm) 2022 2021Customer relationships 254 212Software 185 218Buildings 341 231Other plant and operating equipment 530 388ROU assets \u2013 Land and buildings 3,549 2,757ROU assets \u2013 Other plant and operating equipment212 388Total amortisation and depreciation 5,071 4,194Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6).2.7 Special itemsFinancial expenses (DKKm) 2022 2021Interest expenses on lease liabilities 727 495Interest expenses on borrowings 236 159Interest expenses, bank 397 249Financial expenses on pension obligations, refer to note 3.7 19 17Currency translation recognised in the income statement - 53Other financial expenses 93 74Total financial expenses 1,472 1,047Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,453 million (2021: DKK 977 million).Special items reconcile to the income statement items as specified in the table below:2022 2021Reported Adjusted Reported Adjusted income Special income income Specialincome Special items Bridge (DKKm) statementitemsstatementstatementitemsstatementRevenue 235,665 - 235,665 182,306 23 182,329Direct costs 183,516 19 183,535 144,691 12 144,703Gross profit 52,149 (19) 52,130 37,615 11 37,626Other external expenses 5,559 237 5,796 4,173 184 4,357Staff costs 16,315 653 16,968 13,025 277 13,302Operating profit before amortisation and depreciation 30,275 (909) 29,366 20,417 (450) 19,967Amortisation and depreciation 5,071 213 5,284 4,194 29 4,223Operating profit 25,204 (1,122) 24,082 16,223 (479) 15,744Special items, costs 1,117 (1,117) - 478 (478) -Financial income 606 - 606 206 - 206Financial expenses 1,472 (5) 1,467 1,047 (1) 1,046Profit before tax 23,221 - 23,221 14,904 - 14,904Accounting policiesSpecial items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which by their nature are not related to the Group\u2019s ordinary opera-tions or investment in future activities.Special items comprise: \u2022 Restructuring costs, impairment costs, etc., relating to fundamental structural, procedural and managerial reorganisations as well as any related gains or losses on disposals; \u2022 Transaction and restructuring costs relating to the acqui sition and divestment of enterprises. Management judgements and estimatesIn the classification of special items, judgement is applied in ensuring that only exceptional items not associated with the ordinary operations of the Group are included.Special items (DKKm)2022 2021Restructuring and integration costs 1,117 392Transaction costs relating to acquisitions - 86Special items, costs 1,117 4782.8 Financial income and expensesAccounting policiesFinancial income and expenses include interest, share of associates\u2019 profit/loss, foreign currency gains and losses, bank charges as well as amortisation of financial assets and liabilities, including finance lease obligations. Further-more, realised and unrealised gains and losses on derivative financial instru-ments that cannot be classified as hedging contracts are included.Financial income (DKKm) 2022 2021Interest income 323 202Share of associates\u2019 profit, net of tax 7 4Currency translation recognised in the income statement 276 -Total financial income 606 206Interest income includes interest on financial assets of DKK 323 million (2021: DKK 202 million).3.1 Impairment testingAccounting policiesGoodwillThe carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.Impairment testing is performed for the lowest cash-generating unit to which consolidated goodwill is allocated, as defined by our divisional management and operational structure. The cash-generating units there-by follow our divisional structure: Air & Sea, Road and Solutions.Goodwill is written down to its recoverable amount through the income statement if lower than the carrying amount.The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of risks relating to the individual cash-generating units, such as geographical and financial exposure.Other non-current intangible assets, property, plant and equipmentThe carrying amount of other non-current assets is tested for impairment at least once a year in connection with the impairment test of goodwill. If the tests show evidence of impairment, the asset is written down to the recoverable amount through the income statement. The recoverable amount is the higher of the fair value of the asset less the expected costs to sell and its value in use.The value in use is calculated as the present value of expected future cash flows from the asset or the division of which the asset forms part.Management judgements and estimatesFor goodwill impairment testing, a number of estimates are made on the development in revenues, gross profits, operating margins, future capital expenditures, discount rates and growth expectations in the terminal peri-od. These are based on an assessment of current and future developments in the three cash-generating units and on historical data and assumptions of future expected market developments, including expected long-term average market growth rates.Material value drivers affecting the future net cash flows of the three cash-generating units are:Air & SeaThe Air & Sea division operates globally, so developments in the global economy and world trade therefore have a material impact on the divi-sion\u2019s future net cash flow. Developments in gross profit per shipment, cost management initiatives and development in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.RoadThe Road division mainly operates on the EMEA and US markets, which means that the division\u2019s future net cash flow is affected by the growth rate in these regions. Developments in gross profit per shipment, including truck and terminal utilisation rates, cost management initiatives and devel-opment in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.SolutionsThe Solutions division operates globally, so developments in the global economy and world trade therefore have a material impact on the divi-sion\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost manage-ment initiatives and development in internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.The expected future net cash flow is based on budgets and business plans approved by Management for the year 2023 and projections for subsequent years up to and including 2026. From 2026 onwards, DSV expects the growth rate to remain in line with the expected long-term average growth rate for the industry.Impairment test Sensitivity analysisGoodwill was tested for impairment at 31 December 2022. The tests did The sensitivity analysis shows the lowest possible growth rate or highest not result in any impairment of carrying amounts.possible discount rate in percentage points by which the assumptions used can change before goodwill becomes impaired.The assumptions used, including a sensitivity analysis, are stated in the following paragraph. The pre-tax discount rate is calculated in accordance Other non-current intangible assets, property, plant and equipment with IAS 36.Other non-current assets were also tested for impairment indications to-gether with goodwill at 31 December 2022. No indication of impairment The sensitivity analysis assesses the impact of changes in cash flows and was identified in connection with these tests.discount rates on the impairment test results. The an alysis concluded that even negative changes, which are unlikely to occur, will not result in im-pairment of goodwill in any of the three cash-generating units.2022 2021Goodwill impairment test at 31 December 2022 (DKKm)Air & Sea Road Solutions Air & Sea Road SolutionsCarrying amount of goodwill 58,877 7,964 9,452 57,893 7,901 9,269Budget periodAnnual revenue growth 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%Operating margin 9.1% 5.6% 11.0% 9.1% 5.6% 11.0%Terminal periodGrowth 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%Pre-tax discount rate 11.0% 9.7% 11.1% 7.2% 6.0% 7.3%Sensitivity analysisGrowth in budget period \u2013 allowed decline (percentage points) 23.1% 28.2% 9.0% 28.3% 40.0% 18.4%Discount rate \u2013 allowed increase (percentage points) 9.9% 11.0% 2.5% 8.7% 13.2% 4.1%3.2 Intangible assetsGoodwillOnly goodwill arising from business combinations is recognised in the finan-cial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling interests and any equity investments previously held in the acquiree, com-pared to the fair value of identifiable net assets on the date of acquisition. Goodwill is not amortised, but is tested for impairment at least annually. Customer relationshipsSoftware and software in progressOn initial recognition, customer relationships identified from business com-Software bought or developed for internal use is measured at the lower of binations are recognised in the balance sheet at fair value. Subsequently, cost less accumulated amortisation and impairment losses and the recover-customer relationships are measured at cost less accumulated amortisation able amount. Cost comprises payments for the software and other directly and impairment losses. attributable expenses of preparing the software for its intended use. Customer relationships are amortised over a period of eight years using the After commissioning, software is amortised on a straight-line basis over its diminishing balance method.expected useful life. The amortisation period is 1-8 years.2022 2021Customer Software in Customer Software in Intangible assets (DKKm) Goodwillrelationships Softwareprogress Tota l Goodwillrelationships Softwareprogress Tota lCost at 1 January 75,063 2,565 1,212 280 79,120 47,476 2,032 1,265 206 50,979Additions from business combinations/previous period adjustments 370 - - - 370 25,333 569 1 13 25,916Additions - - 42 238 280 - - 56 247 303Disposals - (27) (250) (2) (279) - (56) (246) (43) (345)Reclassifications - - 174 (174) - - - 143 (143) -Currency translation 860 36 2 - 898 2,254 20 (7) - 2,267Total cost at 31 December 76,293 2,574 1,180 342 80,389 75,063 2,565 1,212 280 79,120Total amortisation and impairment at 1 January - 1,719 740 - 2,459 - 1,551 763 - 2,314Amortisation and impairments for the year - 254 185 - 439 - 212 218 - 430Disposals - (27) (191) - (218) - (56) (241) - (297)Reclassification - - - - - - - 7 - 7Currency translation - 35 - - 35 - 12 (7) - 5Total amortisation and impairment at 31 December - 1,981 734 - 2,715 - 1,719 740 - 2,459Carrying amount at 31 December 76,293 593 446 342 77,674 75,063 846 472 280 76,6613.3 Property, plant and equipment2022 2021Other plant Property, plant Other plant Property, plant Land and and operating and equipment Land and and operating and equipment Property, plant and equipment (DKKm)buildingsequipmentin progress Totalbuildingsequipmentin progress TotalCost at 1 January 4,907 3,838 282 9,027 2,355 2,649 473 5,477Additions from business combinations/previous period adjustments (408) - - (408) 2,229 295 30 2,554Additions 393 963 158 1,514 241 762 177 1,180Disposals (533) (402) - (935) (146) (348) (33) (527)Transferred to assets held for sale - - - - 2 - (2) -Reclassification 19 22 (26) 15 64 356 (375) 45Currency translation 83 4 - 87 162 124 12 298Total cost at 31 December 4,461 4,425 414 9,300 4,907 3,838 282 9,027Total depreciation and impairment at 1 January 1,111 1,654 - 2,765 967 1,496 - 2,463Depreciation for the year 341 530 - 871 231 388 - 619Disposals (226) (402) - (628) (87) (289) - (376)Reclassification (21) 21 - - 24 31 - 55Currency translation 7 1 - 8 (24) 28 - 4Total depreciation and impairment at 31 December 1,212 1,804 - 3,016 1,111 1,654 - 2,765Carrying amount at 31 December 3,249 2,621 414 6,284 3,796 2,184 282 6,262Accounting policiesIf the individual components of an asset have different useful lives, each Subsequent costs, such as partial replacement of property, plant and equip-Land and buildings and other plant and operating equipment are measured at component will be depreciated separately.ment, are included in the carrying amount of the asset in question when it is cost less accumulated depreciation and impairment losses.probable that such costs will result in future economic benefits. The cost of self-constructed assets comprises direct and indirect costs for The cost comprises the acquisition price and other expenses directly attributa-materials, components, subcontractors, wages and salaries. Costs for The carrying amount of the replaced parts is disposed from the balance ble to preparing the asset for its intended use. The present value of estimated self-constructed assets are recognised as property, plant and equipment in sheet and recognised in the income statement.expenses for dismantling and disposing of the asset as well as restoration progress on an ongoing basis until the assets are ready for use.expenses are added to the cost if such expenses are recognised as a provision. Material borrowing costs directly attributable to the construction of the indi-vidual asset are also added to cost. 3.3 Property, plant and equipment \u2014 continuedDepreciation is carried out on a straight-line basis over the expected useful lives of the assets. The expected useful lives of the overall asset categories are as follows: \u2022 Terminals and administration buildings: 50-60 years\u2022 Other buildings and building elements: 10-30 years\u2022 Technical plant and machinery: 6-10 years\u2022 Other plant and operating equipment: 3-8 years\u2022 Land is not depreciatedThe basis of depreciation takes into account the residual value of assets and is reduced by any impairment losses. The residual value is calculated on the date of acquisition and reassessed once a year. Depreciation will be halted if the residual value exceeds the carrying amount of the asset.Assets are transferred to assets held for sale if it is highly probable that their carrying amount will be recovered primarily through sale rather than through continuing use.Management judgements and estimatesJudgement is applied in determining the depreciation period and future residual value of the assets recognised and is generally based on historical experience. Reassessment is done annually to ascertain that the deprecia-tion basis applied is still representative and reflects the expected life and future residual value of the assets.3.4 Contract assets and accrued cost of services Accounting policiesContract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress at 31 December 2022. Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Refer to note 4.4 for disclosure of credit risk as trade receivables carry substantially the same characteristics as contract assets.Accrued costs of services are estimated and recognised when supplier in-voices relating to recognised revenue for the reporting period have yet to be received.Management judgements and estimatesIn the preparation of the consolidated financial statements, significant estimates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experi-ence and continuous follow-up on services in progress relative to sub-sequent invoicing.3.5 InventoriesInventories (DKKm) 20212022Stocks 93 119Property projects under construction 1,796 165Total 1,889 284Inventories consists of land and buildings under construction held for the purpose of sale in the ordinary course of business (property projects) and stocks. In total, DKK 1,231 million relating to property projects was recog-nised as an expense in 2022 (2021: DKK 1,562 million).Accounting policiesInventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs incurred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the income statement.3.6 LeasesAccounting policiesWhether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use asset (ROU) and corresponding lease liability are recognised on the lease commencement date. Upon initial recognition, the right-of-use asset is measured at cost corre-sponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs. The lease liability is measured at the present value of lease payments of the leasing period discounted using the interest rate implicit in the lease contract. In cas-es where the implicit interest rate cannot be determined, an appropriate in-cremental DSV borrowing rate is used. In determining the lease period exten-sion, options are only included if it is reasonably certain they will be utilised.At subsequent measurement, the right-of-use asset is measured less accu-mulated depreciation and impairment losses and adjusted for any remeas-urements of the lease liability. Depreciation is carried out following the straight-line method over the lease term or the useful life of the right-of-use asset, whichever is shortest. The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the contract. Right-of-use assets and lease liabilities are not recognised for low value lease assets or leases with a lease term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease. Any service elements separable from the lease contract are also accounted for following the same principle. Extension options are only included in the lease term if extension of the lease is reasonably certain. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.Management judgements and estimatesIn accounting for lease contracts, various judgements are applied in deter-mining right-of-use assets and lease liabilities. Judgements include assess-ment of lease periods, utilisation of extension options and applicable dis-count rates. LeasesRight-of-use assets classified as land and buildings mainly relate to leases of warehouses, terminals and office buildings, whereas assets recognised as other plant and operating equipment mainly relate to leases of trailers, trucks, company cars, forklifts, IT hardware and other office equipment. Land and building leases normally have a lease term of up to ten years, whereas leases of other plant and operating equipment normally have a lease term of up to five years. Land and buildings may include extension options with the intention of se-curing flexibility in the lease \u2013 however, any leasing period beyond the nor-mal ten years expected at the initiation of the lease will normally be reflect-ed in the contractual lease term agreed.Analysis of lease liabilities showing the remaining contractual maturities is provided in the following table:2022 2021Other Other plant and plant and Land and operating Land and operating Right-of-use assets (DKKm)buildingsequipment Totalbuildingsequipment TotalCarrying amount at 1 January 13,121 588 13,709 10,146 965 11,111Additions from business combinations - - - 2,367 8 2,375Additions 4,970 75 5,045 3,488 227 3,715Disposals (252) (40) (292) (336) (224) (560)Depreciation for the year (3,549) (212) (3,761) (2,757) (388) (3,145)Currency translation (5) (2) (7) 213 - 213Carrying amount at 31 December 14,285 409 14,694 13,121 588 13,709Contractual maturity of lease liabilities (DKKm)202120220-1 year 4,302 3,6921-5 years 11,059 9,835> 5 years 5,917 4,803Total undiscounted lease liabilities at 31 December 21,278 18,330Current/non-current classification (discounted)Current 3,577 3,440Non-current 13,190 11,848The profit or loss and cash flow impact of leases recognised for the year are specified below:Lease effects recognised in profit or loss and cash flow (DKKm) 20212022Profit or lossInterest expenses on lease liabilities 727 495Expenses relating to short-term leases 563 457Expenses relating to leases of low-value assets 635 308Expenses relating to variable lease payments not included in the measurement of lease liabilities 97 103Gains from sale and leaseback transactions 109 56Income from subleasing of right-of-use assets 14 -Cash flowTotal cash outflow for leases 4,461 3,6553.7 Pensions and other post-employment benefit plansDefined benefit pension obligationsDevelopment in the present value of defined benefit pension obligations is specified as follows:Defined benefit pension obligations (DKKm) 20212022Obligations at 1 January 5,693 4,218Current service cost 135 100Past service cost from plan amendments, curtailments and gains/losses on settlements 9 (26)Calculated interest on obligations 75 56Actuarial gains/losses arising from changes in financial assumptions (1,283) (186)Actuarial gains/losses arising from changes in demographic assumptions (23) (63)Actuarial gains/losses arising from experience adjustments 39 (8)Payments from the plan (521) (1,211)Additions from business combinations - 2,667Currency translation (12) 146Obligations at 31 December 4,112 5,693The expected average duration of the obligations is 14 years.Expected maturity of pension obligations (DKKm)202120220-1 year 501 2061-5 years 933 747> 5 years 2,678 4,740Total obligations recognised 4,112 5,693Pension obligationsPension obligations (DKKm) 2022 2021Present value of defined benefit plans 4,112 5,693Fair value of pension plan assets 2,929 4,785Pension obligations, net 1,183 908Of these obligations, DKK 856 million relates to unfunded pension obliga-tions (2021: DKK 1,032 million) and DKK 327 million relates to partly funded obligations (2021: DKK 124 million). The latter is primarily due to the Swiss plans being overfunded. Total pension costs for the yearIn 2022, net costs of DKK 848 million relating to the Group\u2019s pension plans were recognised in the income statement (2021: DKK 658 million) and specify as follows:Defined Defined contribution benefit Pension cost 2022 (DKKm) plansplans Tota lStaff costs 745 84 829Financial expenses - 19 19Total costs recognised 745 103 848Defined Defined contribution benefit Pension cost 2021 (DKKm) plansplans Tota lStaff costs 567 74 641Financial expenses - 17 17Total costs recognised 567 91 658Accounting policiesPension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the income statement for the period in which they are earned. Contributions payable are recognised in the balance sheet under other current liabilities.In regards to defined benefit plans, an actuarial valuation of the present value of future benefits payable under the plan is made once a year. The present value is calculated based on various assumptions, including the future development in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the present value less the fair value of assets under the plan is recognised in the balance sheet under pensions and other post-employment benefit plans. Pen-sion costs for the year are recognised in the income statement based on actuarial estimates and the financial outlook at the beginning of the year.Differences between the calculated development in pension plan assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains or losses.Changes in benefits payable for employees\u2019 past services to the company result in an adjustment of the actuarial calculation of the present value, which is classified as past service costs. Past service costs are charged to the income statement immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.Management judgements and estimatesIn determining pension obligations, management makes use of valuations from external and independent actuaries as basis for the estimates ap-plied. The actuarial assumptions used in the valuations vary from country to country owing to national, economic and social conditions.3.7 Pensions and other post-employment benefit plans \u2014 continuedPension plan assetsWe continuously work to change our defined benefit plans in DSV into Development in the fair value of pension plan assets is specified as follows:Sensitivity analysis (DKKm) 20212022defined contribution plans for the benefit of the Group and the employees. Defined benefit pension obligation 4,112 5,693Pension plan assets (DKKm) 2022 2021Applied key assumptions for the most significant pension plans are as follows:Discount ratePension plan assets at 1 January 4,785 2,999Future Increase of 0.5 percentage point 3,888 5,293Calculated interest on plan assets 56 29Discount wage/salary Future rate Decrease of 0.5 percentage point 4,346 6,126Return on plan assets excluding Key assumptions 2022rateincreaseof inflationcalculated interest (1,288) 298Future wage/salary increaseSweden 3.9% 2.6% 2.1%Contributions to the plan 163 121Increase of 0.5 percentage point 4,148 5,744Germany 4.1% 3.0% 2.4%Payments from the plan (411) (1,168)Decrease of 0.5 percentage point 4,071 5,595Other 0.7-7.3% 0-10.0% 0-3.5%Additions from business combinations - 2,312InflationWeighted average 4.2% 3.0% 1.8%Asset ceiling (374) -Increase of 0.5 percentage point 4,223 5,900Mortality prognosis tableCurrency translation (2) 194Decrease of 0.5 percentage point 3,987 5,479Pension plan assets at 31 December 2,929 4,785Sweden DUS21 (w-c)Life expectancyGermany RT Heubeck 2018 GActuarial loss included in statement of comprehensive income amounts to Life expectancy increase of 1 year 4,218 5,810DKK 395 million. DSV expects to contribute DKK 61 million to defined Life expectancy decrease of 1 year 3,986 5,507Future benefit plan assets in 2023 (2022: DKK 55 million). The pension plan Discount wage/salary Future rate assets are composed as follows:Key assumptions 2021rateincreaseof inflationSignificant pension plansSweden 1.5% 2.0% 1.5%Composition of pension plan assets (%) 20212022The most significant defined benefit plans of the Group relate to Europe, Germany 1.0% 2.0% 1.5%with Germany, Sweden and the UK being the largest. No other countries Shares 47% 52%have individual defined benefit plans of significance. The plan in Sweden is a Other 0.3-6.1% 0-10.0% 0-2.1%Bonds 44% 37%final pay scheme, which covers all salaried employees born in or before Weighted average 1.5% 2.8% 1.2%Insurance contracts 9% 11%1978 and is based on a collective labour agreement. Salaried employees born in or after 1979 are covered by a defined con tribution plan.Total 100% 100%Mortality prognosis tableSweden DUS14 (w-c)The plan in Germany covers both salaried and hourly workers. Under this Sensitivity analysisplan, employees earn a fixed amount for each year in service. The plan has Germany RT Heubeck 2018 GThe following table illustrates the change in the gross obligation relating to been closed for new employees since 1994. defined benefit plans from a change in the key actuarial assumptions. The analysis is based on reasonably probable changes, provided that the other parameters remain unchanged.3.8 ProvisionsProvisionsProvisions have not been discounted, as the effect thereof is immaterial. Provisions are expected to be settled within two years in all material respects.Restructuring costsRestructuring costs relate mainly to the integration of acquirees and the restructuring plans previously announced, which consist mainly of termina-tion benefits and costs under terminated leases.Disputes and legal actionsOther provisionsProvisions for disputes and legal actions relate mainly to probable lia bilities Other provisions include indemnification liabilities totalling DKK taken over at the acquisition of enterprises.1,843 million relating to various company- and value added taxes (2021: DKK 1,818 million). Furthermore, other provisions mainly relates to restoration obligations in connection with property leases and onerous contracts.Restruc turing Disputes and Other Provisions \u2014 2022 (DKKm)costslegal actionsprovisions Tota lProvisions at 1 January 673 940 3,736 5,349Additions for the year 978 301 2,202 3,481Additions from business combinations 4 4 69 77Used for the year (655) (227) (1,223) (2,105)Reversal of provisions made in previous years (36) (56) (53) (145)Currency translation 2 13 (5) 10Provisions at 31 December 966 975 4,726 6,667Current/non-current classification:Non-current liabilities 445 325 3,490 4,260Current liabilities 521 650 1,236 2,407Provisions at 31 December 966 975 4,726 6,667Accounting policiesProvisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is probable that the Group will have to give up future economic benefits to meet the obligation.Provisions are measured on the basis of Management\u2019s best estimate of the anticipated expenditure for settle ment of the relevant obligation and are discounted if deemed material.Management judgements and estimatesManagement continually assesses provisions, including contingencies and the likely outcome of pending and potential legal proceedings. The out-come of such proceedings depends on future events, which are, by na-ture, uncertain. When considering provisions involving significant estimates, opinions and estimates by external legal experts as well as existing case law are applied in assessing the probable outcome of material legal proceedings, etc.4.1 EquityReserves specification \u2013 2022 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (6) (9) (341) (356)Other comprehensive income, net of tax - 14 1,257 1,271Transactions with shareholders:Purchase of treasury shares (19) - - (19)Sale of treasury shares 2 - - 2Capital reduction 21 - - 21Reserves at 31 December (2) 5 916 919Reserves specification \u2013 2021 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (4) (11) (2,821) (2,836)Other comprehensive income, net of tax - 2 2,480 2,482Transactions with shareholders:Purchase of treasury shares (13) - - (13)Sale of treasury shares 2 - - 2Capital reduction 6 - - 6Transfer of treasury shares as business combination consideration 3 - - 3Reserves at 31 December (6) (9) (341) (356)Accounting policiesShares consist of only one share class and include no special rights, pref-Share capitalerences or restrictions. All shares are fully paid up.At year end, the share capital of DSV A/S amounted to 219 million shares with a nominal value of DKK 1 each. ReservesReserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as speci-fied on the previous page.Hedging reserveThe reserve comprises the fair value of hedging instruments qualifying for hedge accounting.Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.Translation reserveThe reserve comprises foreign currency translation arising on the transla-tion of net investments and related hedging in entities with a functional currency other than DKK.The reserve is dissolved upon disposal of entities.Treasury share reserveThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.Treasury shares are bought to meet obligations under the Company\u2019s incen-tive schemes and to adapt the capital structure.The reserve is a distributable reserve.20222021Market value% of share capital Nominal valueMarket value% of share capital Nominal value Treasury shares(DKKm)at 31 December(DKKm)(DKKm)at 31 December(DKKm)Portfolio, beginning of year 8,921 2.4% 5.8 3,972 1.7% 3.9New shares issued - - - 24,495 6.7% 16.0Cancellation of treasury shares (24,474) (9.6%) (21.0) (5,863) (2.5%) (6.0)Portfolio, adjusted for amount of shares (15,553) (6.9%) (15.2) 22,604 5.8% 13.9Purchased during the year 20,313 8.5% 18.6 17,841 5.5% 13.3Consideration for acquisition - - - (29,571) (8.0%) (19.3)Sold during the year (1,601) (0.6%) (1.3) (784) (0.9%) (2.1)Value adjustment (820) - - (1,169) - -Portfolio, end of year 2,339 1.0% 2.1 8,921 2.4% 5.84.2 Capital structure and capital allocationCapital structureThe capital structure of DSV is intended to maintain financial stability, opti-mise cost of capital and to ensure financial readiness allowing to act on business opportunities as they present themselves. The gearing ratio was 1.0 at 31 December 2022 (2021: 1.4). The target gearing ratio is below 2.0 x EBITDA, but may exceed this level following significant acquisitions. Capital allocationThe Group aims to spend its free cash flow in the following order of priority:1. Repayment of net interest-bearing debt in periods when the financial gearing ratio is above target;2. Value-adding investments in the form of acquisitions or development of the existing business;3. Distribution to the Company\u2019s shareholders by means of share buybacks and dividends.Net interest-bearing debt The Group increased its net interest-bearing debt in 2022 by DKK 625 million (2021: increased by DKK 11,056 million). Net interest-bearing debt can be specified as follows: Net interest-bearing debt (DKKm) 2022 2021Lease liabilities 16,767 15,288Interest-bearing borrowings 22,206 21,472Pensions and other post-employment benefit plans 1,183 908Other receivables (126) (124)Cash and cash equivalents (10,160) (8,299)Net interest-bearing debt 29,870 29,245Insurance collaterals Insurance collaterals constitute security for outstanding insurance con-tracts sold to customers by DSV Insurance. The amount is regulated and measured in accordance with laws and regulations issued by the Danish Financial Supervisory Authority.Distribution to the Company\u2019s shareholdersIn 2022, the Group spent DKK 20,313 million on purchase of treasury shares and DKK 1,320 million on dividends distributed (2021: DKK 17,841 million and DKK 920 million, respectively). It is proposed to distribute a dividend of DKK 6.50 per share for 2022 (2021: DKK 5.50). Cash and capital restrictionsCash and cash equivalents comprise cash on hand and short-term liquid assets that are readily convertible to cash. Of total cash and cash equiva-lents, DKK 1,777 million (2021: DKK 839 million) are subject to restric-tions implying that the cash may not be readily available for general use or distribution by the Group. Major types of cash and capital restrictions: Cash and capital restrictions (DKKm)20212022Exchange control restrictions 1,498 654Insurance collaterals 273 178Other collaterals 6 7Total 1,777 839Exchange control restrictions Exchange control restrictions comprise cash balances in countries where various forms of foreign exchange controls or other legal restrictions apply. While the cash balances are available for the daily operations of the local entities, the balances cannot be immediately repatriated to the ultimate parent company.4.3 Financial liabilitiesFinancial liabilities (DKKm)20212022Non-current liabilities 34,588 28,841Current liabilities 4,391 7,912Total 38,979 36,753Non-cash changeAdditions Beginning from businessCurrency Financing activities 2022 (DKKm)of year Cash flowcombinations effects Other* End of yearOverdraft and credit facilities 1,896 (1,159) - 92 - 829Issued bonds 19,557 1,833 - 53 (66) 21,377Lease liabilities 15,288 (3,734) - (33) 5,246 16,767Total liabilities from financing activities 36,741 (3,060) - 112 5,180 38,973Other non-current liabilities 12 6Total financial liabilities 36,753 38,979Financing activities 2021 (DKKm)Overdraft and credit facilities 1,089 563 139 105 - 1,896Issued bonds 7,730 11,782 - 48 (3) 19,557Lease liabilities 12,278 (3,160) 2,539 246 3,385 15,288Total liabilities from financing activities 21,097 9,185 2,678 399 3,382 36,741Other non-current liabilities 62 12Total financial liabilities 21,159 36,753Accounting policiesThe financial liabilities of the Group are divided into four financing cate-gories: overdraft and credit facilities, issued bonds, lease liabilities and other financial liabilities.Overdraft and credit facilities obtained through the issuance of bonds are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, correspond-ing to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Lease liabilities are described in further detail in note 3.6.Other liabilities are measured at amortised cost, which, in all essentials, corresponds to the net realisable value.Liquidity risk The cash readiness of the Group is ensured through short and long-term credit facilities from the main banks of the Group and through the issuance of bonds. The purpose of issuing bond loans is to diversify the Group\u2019s long-term debt, making the Group less dependent on bank loans. The Group\u2019s bank and bond loans are subject to standard clauses, accord-ing to which the Group\u2019s debt must be repaid in case of a change of con-trol. The long-term credit facilities with banks are furthermore subject to one covenant. The covenant relates to the gearing ratio of the Group and is reported on every quarter. The covenant has not been breached in 2022. The total duration of the Group\u2019s long-term loan commitments and the amounts drawn on its credit lines at 31 December 2022 are shown in the accompanying table. Furthermore, a maturity analysis has been provided based on contractual cash flows, including estimated interest payments. The amounts have not been discounted and as such do not reconcile directly to the balance sheet.Foreign currency riskDue to its global activities, the Group is exposed to exchange rate fluctu-ations to a certain extent. DSV seeks to eliminate foreign currency risks by hedging currency exposures centrally via the Group\u2019s Treasury depart-ment. The risk exposure is managed on a net basis, primarily by using foreign exchange forward contracts. The Group\u2019s foreign subsidiaries are not affected where trading income and costs are denominated in the local functional currency. This applies to a large part of the Group\u2019s subsidiaries. Furthermore, a large proportion of the income and expenses of the Group are denominated in EUR, and the total foreign currency risk is therefore limited.Commitments and amounts drawn on long-term credit facilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)interest ratecommitments Duration (years) UndrawnBond loan - ISIN XS2387735470 500 3,718 Fixed 17-09-2036 13.7 -Bond loan - ISIN XS2360881549 600 4,462 Fixed 05-07-2033 10.5 -Bond loan - ISIN XS2308616841 500 3,718 Fixed 03-03-2031 8.2 -Bond loan - ISIN XS2458285355 600 4,462 Fixed 16-03-2030 7.2 -Bond loan - ISIN 212542679 500 3,718 Fixed 26-02-2027 4.2 -Bond loan - ISIN 0030403993 200 1,487 Fixed 20-09-2024 1.7 -Revolving credit facility I 200 1,487 Floating 03-10-2027 4.8 1,487Revolving credit facility II 75 558 Floating 31-12-2024 2.0 558Revolving credit facility III 125 930 Floating 28-02-2024 1.2 930Revolving credit facility IV 150 1,115 Floating 31-01-2024 1.1 1,115Revolving credit facility V 100 744 Floating 31-01-2024 1.1 744Revolving credit facility VI 100 744 Floating 15-01-2026 3.0 744Overdraft facility I 100 744 Floating 28-02-2025 2.2 744Overdraft facility II 50 372 Floating 31-01-2024 1.1 372Total and weighted duration 3,800 28,259 8.3 6,694The Group\u2019s financial liabilities fall due as follows:Total cash flow, Financial liabilities \u2013 maturity 2022 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 829 859 859 - -Issued bonds 21,377 23,062 186 5,852 17,024Lease liabilities 16,767 21,278 4,302 11,059 5,917Trade payables 14,992 14,992 14,992 - -Currency derivatives 93 93 93 - -Total 54,058 60,284 20,432 16,911 22,941Total cash flow, Financial liabilities \u2013 maturity 2021 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 1,896 1,932 1,932 - -Issued bonds 19,557 20,923 2,741 1,952 16,230Lease liabilities 15,288 18,330 3,692 9,835 4,803Trade payables 17,040 17,040 17,040 - -Currency derivatives 33 33 33 - -Interest rate derivatives 7 (9) (9) - -Total 53,821 58,249 25,429 11,787 21,0332022 2021Loan and credit facilities Fixed/floating Fixed/floating (DKKm)Carrying amountinterest rate Expiry Carrying amountinterest rate Expiry Bond loans 21,377 Fixed 2024-2036 19,557 Fixed/floating 2022-2036Credit facilities - - - 818 Fixed 2022Overdraft facility 829 Floating 2023 1,078 Floating 2022Loans and credit facilities at 31 December 22,206 21,453Current/non-current classification:Non-current liabilities 21,392 16,981Current liabilities 814 4,472The Group is also exposed to foreign currency risks, partly on the transla-tion of debt denominated in foreign currency other than the functional currency and partly on the translation of net investments in enterprises with a functional currency other than DKK. The former risk affects profit before tax. On recognition of net investments in foreign subsidiaries, the Group is exposed to a translation risk when the profit or loss and equity of foreign subsidiaries are translated into DKK at the reporting date based on the average rates of exchange and the closing rates. The need to hedge the Parent\u2019s net investments in subsidiaries is assessed on a regular basis. It is Group policy to reduce net investments in Group subsidiaries on an ongoing basis by distributing the subsidiaries\u2019 profits as dividends. The Group hedges booked external net currency positions and currencies with large expected short-term operational cash flows for up to six months. At year-end 2022, 71% of expected six-month cash flows in USD were hedged. As hedge accounting is only applied to a limited extent and we do not hedge currency exposure related to intra-group balances with no under-lying cash flow impact, significant changes in currency rates, especially EUR/DKK, USD/DKK, CNY/DKK and CHF/DKK, will result in more fluctua-tions in reported financial items. Unhedged intra- group balances at 31 December are outlined in the main currency exposures table to the right. In general, the Group does not hedge EUR positions, as it expects that the official Danish fixed exchange-rate policy against the EUR will continue. The sensitivity analysis of EUR/DKK exposure shows the effect of a 2% (2021: 5%) change in average exchange rates for the year on profit/loss (EBIT) and the effect of a 2% (2021: 5%) change in year-end closing rates on other comprehensive income.The sensitivity analysis of other significant currency exposures shows the effect of a 5% change in average exchange rates for the year on profit/loss (EBIT) and the effect of a 5% change in year-end closing rates on other comprehensive income. The calculation method applied in the sensitivity analysis is unchanged compared to previous years.Unhedged intra-group balances Currency exposures \u2013 sensitivity analysis2022 2021 2022 2021Main currency exposures Impact on Impact on Impact on Impact Impact on Impact (DKKm)Net positionprofit/loss Net positionprofit/lossprofit/losson OCIprofit/losson OCIEUR/DKK (26,927) (539) (12,154) (608) 103 130 191 238USD/DKK (7,076) (354) (188) (9) 275 552 145 293CNY/DKK (2,558) (128) (3,143) (157) 134 74 84 54CHF/DKK (1,798) (90) (1,771) (89) 18 24 14 38PLN/DKK (873) (44) (543) (27) 28 38 22 24SGD/DKK (845) (42) 102 n.a. 18 16 n.a. n.a.SEK/DKK (551) (28) (240) n.a. 42 33 n.a. n.a.Total n.a. (1,225) n.a. (890) 618 867 456 647Interest rate riskAt 31 December 2022, 96% (2021: 92%) of Group borrowings were secured either through fixed-rate loans or other hedge transactions. The duration of hedges relating to net borrowings of the Group was 182 months (2021: 151 months).The weighted average interest rate on the Group\u2019s loans, credit facilities and interest rate hedging was 1.0% at the end of 2022 (2021: 1.2%).A 1 percentage point increase in interest rates would not have a signifi-cant impact on the income statement (2021: increase DKK 57 million) and other comprehensive income (2021: increase DKK 5 million), based on average net interest-bearing debt for 2022. The calculation method applied in the sensitivity analysis is unchanged compared to pre vious years.Credit riskThe Group\u2019s credit risk mainly relates to trade receivables.The Group is not dependent on particular customer segments or any spe-cific customers, and all customers are subjected to individual credit as-sessments and credit limits in accordance with the Group\u2019s Credit Policy. As a result, the credit risk of the Group is generally considered insignificant. The Group mainly hedges credit risks through the use of credit insurance.For a limited number of customers, the Group uses non-recourse fac-toring. At 31 December 2022, non-recourse factoring amounted to DKK 2,288 million (2021: 1,696 million).DSV is exposed to counterparty credit risk when entering into derivative financial instruments. In order to reduce this risk, DSV only enters into derivative financial instruments with the existing banks of the Group whose credit ratings from Standard & Poor\u2019s are long-term A or higher. As a general rule, the Group only makes short-term deposits with banks Expected credit loss 2021Carrying Expected Loss rated short-term A-2 or higher by Standard & Poor\u2019s and/or P-2 or high-(DKKm)amount loss rate (%)allowance er by Moody\u2019s.Current 31,079 0.4% 117Overdue 1-30 days 3,834 1.6% 62Impairment of trade receivablesOverdue 31-60 days 970 5.8% 56Impairment of trade receivables is assessed on an ongoing basis and in-surance policies are taken out for the majority of these. Overdue 61-90 days 413 13.3% 55Overdue 91-120 days 167 24.4% 41At 31 December 2022, credit insurance amounted to DKK 26,628 mil-Overdue >121 days 663 64.2% 426lion, corresponding to 82% of total trade receivables (2021: DKK 25,295 Total 37,126 757million or 70%). Loss allowances for impaired trade receivables are provided for following Current receivables are considered to have high credit worthiness with a an expected credit loss model. The model includes uninsured trade receiv-low risk of loss. ables and also factors in any own risk on insured receivables. Expected credit loss at 31 December 2022 is presented in the following table:The loss allowance provision for the year is specified below:Expected credit loss 2022Carrying Expected Loss Loss allowance provision (DKKm)amount loss rate (%)allowance (DKKm) 20212022Current 25,745 0.3% 76Provision at 1 January 757 423Overdue 1-30 days 4,319 2.2% 94Additions from business combinations - 351Overdue 31-60 days 1,331 7.1% 95Additions for the year 713 337Overdue 61-90 days 615 15.0% 92Losses recognised (155) (79)Overdue 91-120 days 368 26.9% 99Reversal of provisions from previous years (443) (277)Overdue >121 days 882 47.3% 417Currency translation 1 2Total 33,260 873Provision at 31 December 873 757Impairment losses on trade receivables for 2022 amounted to DKK 155 million, corresponding to 0.07% of consolidated revenue (2021: DKK 79 million, or 0.04%).4.5 Derivative financial instrumentsAccounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items.Foreign currency risk hedgingInterest rate risk hedgingThe Group mainly uses foreign exchange forward contracts to hedge for-The Group has obtained long-term loans mainly on a fixed rate basis, eign currency risks. The main currency hedged is USD. The foreign ex-which means that the Group is less exposed to interest rate fluctuations.change forward contracts are used as fair value hedges of currency expo-sures relating to external balance sheet assets and liabilities as well as The Group mainly uses interest rate swaps to hedge future cash flows expected short-term operational cash flows. relating to interest rate risks. Thereby, floating-rate loans are converted to fixed-rate financing. A loss on hedging instruments of DKK 184 million was recognised in the income statement for 2022 (2021: a loss of DKK 84 million). In the same At the balance sheet date, the Group no longer had any interest rate period, a gain of DKK 460 million was recognised relating to assets and swaps. The weighted average effective interest rate of existing interest liabilities (2021: a loss of DKK 28 million). The net gain in 2022 primarily rate instruments used as hedges of long-term loans was therefore 0.0% relates to unhedged intercompany positions.at the reporting date (2021: 0.8%).2022 2021External hedging instruments Currency Interest rate Currency Interest rate (DKKm)instrumentsinstruments Tota linstrumentsinstruments Tota lContractual value 5,589 - 5,589 11,801 744 12,545Maturity (year) 2023 - 2022 2022Fair value 93 - 93 (33) (7) (40)Of which recognised in income statement 97 - 97 (34) - (34)Of which recognised in OCI (4) - (4) 1 (7) (6)4.6 Earnings per share Earnings per share (DKKm) 2022 2021Profit for the year 17,671 11,254Non-controlling interests\u2019 share of consolidated profit for the year 103 49DSV A/S shareholders\u2019 share of profit for the year 17,568 11,205Amortisation of customer relationships 254 212Share-based payment 202 160Special items, costs 1,117 478Related tax effect (376) (208)Adjusted profit for the year 18,765 11,847(\u2018000 shares)Total average number of shares 235,438 231,732Average number of treasury shares (8,121) (4,231)Average number of shares in circulation 227,317 227,501Average dilutive effect of outstanding share options under incentive schemes 3,150 5,138Diluted average number of shares in circulation 230,467 232,639Earnings per share of DKK 1 77.3 49.3Diluted earnings per share of DKK 1 76.2 48.2Adjusted earnings per share of DKK 1 82.5 52.1Diluted adjusted earnings per share of DKK 1 81.4 50.9Diluted average number of shares Diluted earnings per share and diluted adjusted earnings per share have been calculated excluding out-of-the money share options. The number of out-of-the money share options was 0 in 2022 (2021: 0).4.7 Financial instruments \u2014 fair value hierarchyFair value hierarchy by categoryFinancial liabilities measured at amortised costDSV has no financial instruments measured at fair value based on level 1 input In 2021, the carrying value of financial liabilities measured at amortised cost (quoted active market prices) or level 3 input (non-observable market data).was not considered to differ significantly from fair value. All financial instruments are measured based on level 2 input (input other Due to changes in the macroeconomic environment, the carrying value of fi-than quoted prices that are observable either directly or indirectly). nancial liabilities measured at amortised cost is no longer considered to rep-resent the fair value. The 2022 fair value of issued bonds measured at amor-Derivative financial instruments tised cost is within level 1 of the fair value hierarchy.The fair value of currency and interest rate derivatives is determined based on generally accepted valuation methods using available obser vable market Trade receivables, trade payables and other receivablesdata. Calculated fair values are verified against comparable external market Receivables and payables pertaining to operating activities and with short quotes on a monthly basis. churn ratios are considered to have a carrying value equal to fair value. 2022 2021Financial instruments by category (DKKm) Carrying amount Fair Value Carrying amount Fair valueFinancial assets:Currency derivatives 93 93 - -Trade receivables 32,387 32,387 36,369 36,369Other receivables 6,640 6,640 6,404 6,404Cash and cash equivalents 10,160 10,160 8,299 8,299Financial assets measured at amortised cost 49,187 49,187 51,072 51,072Financial liabilities:Interest rate derivatives - - 7 7Currency derivatives - - 33 33Issued bonds measured at amortised cost 21,377 16,615 19,557 19,557Overdraft and credit facilities 829 829 1,896 1,896Trade payables 14,992 14,992 17,040 17,040Financial liabilities measured at amortised cost 37,198 32,436 38,493 38,4935.1 Income taxAccounting policiesCurrent tax payables and receivables are recognised in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on taxable income for previous years and for prepaid tax. Tax for the year comprises current and deferred tax on profit or loss for the year, interest expenses related to pending tax disputes and adjust-ments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the income statement, unless the tax expense relates directly to items included in other comprehensive income or equity.Tax for the year (DKKm) 20212022Tax for the year is disaggregated as follows:Tax on profit for the year 5,550 3,650Tax on other changes in equity 322 (791)Tax on other comprehensive income (52) 116Total tax for the year 5,820 2,975Tax on profit for the year is calculated as follows:Current tax 5,704 3,830Deferred tax (302) (220)Tax adjustment relating to previous years 148 40Total tax on profit for the year 5,550 3,650Tax on other comprehensive income specifies as follows:Fair value adjustment of hedging instruments (2) 3Actuarial gains/(losses) 54 (119)Total tax on other comprehensive income 52 (116)Tax rate (%) 20212022Tax rate specifies as follows:Calculated tax on profit for the year before tax 22.0% 22.0%Adjustment of calculated tax in foreign group enterprises relative to 22.0% 2.5% 2.4%Change in deferred tax based on change in income tax rate 0.0% (0.1%)Tax effect of:Non-deductible expenses/non-taxable income 0.5% 0.7%Non-deductible losses/non-taxable gains on shares (0.1%) 0.0%Tax adjustment relating to previous years 0.6% 0.3%Tax asset valuation adjustments, net (2.3%) (1.2%)Other taxes and adjustments 0.7% 0.4%Effective tax rate 23.9% 24.5%5.2 Deferred taxDeferred tax recognised in the balance sheet (DKKm)20212022Deferred tax at 1 January 3,097 2,293Deferred tax for the year 302 220Tax adjustment relating to previous years (74) (337)Tax on changes in equity (430) 675Additions from business combinations 79 456Currency translation 36 (47)Other adjustments (20) (163)Deferred tax at 31 December 2,990 3,097Deferred tax not recog nised in the balance sheet (DKKm)20212022Temporary differences 29 (58)Tax loss carryforwards 853 1,220Total tax assets not recognised 882 1,162Of not recognised tax loss carryforwards, DKK 574 million (2021: DKK 795 million) may be carried forward indefinitely.Accounting policiesDeferred tax is recognised based on temporary differences between the carrying amount and the tax value of assets and liabilities. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes, except at the acquisition of enterprises, if such temporary differ-ences arose on the date of acquisition without affecting the results or the taxable income. In cases where it is possible to calculate the tax value ac-cording to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utili-sation, either by elimination in tax on future earnings or by offsetting de-ferred tax liabilities within the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the enterprise has a legally enforceable right to set off current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the relevant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax. Management judgements and estimatesManagement applies significant estimates when recognising and measuring deferred tax assets and uncertain tax positions. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable in-come against which the temporary differences and unutilised tax losses can be utilised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxa-ble profit will allow the deferred tax asset to be recovered.Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Man-agement believes that the provisions made are adequate. The actual obliga-tions may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.5.2 Deferred tax \u2014 continuedThe deferred tax assets and liabilities recognised are allocated to the following items: PPE, ROU Tax base ofDeferred tax allocation 2022 assets, lease tax loss carry-(DKKm)Intangible assetsliabilities Provisions Other liabilitiesforwards Tota lDeferred tax at 1 January (290) (166) 889 1,758 906 3,097Recognised in profit/loss 277 170 111 (298) (32) 228Recognised in equity - - 52 (482) - (430)Additions from business combinations - 90 (95) - 84 79Other adjustments - - (2) 13 (31) (20)Currency translation 2 18 (2) 3 15 36Deferred tax at 31 December (11) 112 953 994 942 2,990Balance sheet classification:Deferred tax assets 162 273 1,034 1,074 951 3,494Deferred tax liabilities (173) (161) (81) (80) (9) (504)Tax base of Deferred tax allocation 2021 PPE and tax loss carry-(DKKm)Intangible assets ROU assets Provisions Other liabilitiesforwards Tota lDeferred tax at 1 January (253) (252) 1,225 702 871 2,293Recognised in profit/loss (42) 204 (418) 311 (172) (117)Recognised in equity - - (116) 791 - 675Additions from business combinations 6 (135) 210 (21) 396 456Other adjustments - - 1 (2) (162) (163)Currency translation (1) 17 (13) (23) (27) (47)Deferred tax at 31 December (290) (166) 889 1,758 906 3,097Balance sheet classification:Deferred tax assets (275) 590 701 1,620 908 3,544Deferred tax liabilities (15) (756) 188 138 (2) (447)6.1 Acquisition and disposal of entitiesAccounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities.Management judgements and estimatesIn applying the acquisition method of accounting, estimates are an inte-gral part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available.Valuation techniques where estimates are applied typically relate to de-termining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition.More significant estimates are typically applied in accounting for property, plant and equipment, customer relationships, trade receivables, deferred tax, debt and contingent liabilities. As a result of the uncertainties inherent in fair value estimation, measurement period adjustments may be applied.Acquisitions and disposalsOn 16 August 2021, DSV acquired the Global Integrated Logistics divi-sion (GIL) of Agility Public Warehousing Company K.S.C.P. No material enterprises, non-controlling interests or activities were acquired or di-vested in 2022.About Agility's Global Integrated Logistics businessThe GIL business was a leading global transport and logistics provider with a strong footprint in emerging markets. The business offered a mix of integrated logistics services, including air, ocean and road freight forward-ing services, contract logistics and specialised logistics capabilities. GIL operated a flexible, customer-centric and sustainability-driven business with a global workforce of approximately 17,000 employees and service provision across 100+ countries around the world (incl. agents). GIL em-powered businesses of all sizes, from small businesses to large multination-als, through sector-specific expertise and digital tools and technology to enhance supply chain efficiency.Consideration transferredThe consideration transferred for GIL was made in DSV equity instru-ments by offering 19,304,348 DSV shares in total at a fair value of DKK 29,493 million based on the acquisition date share closing price of DKK 1,531 on Nasdaq Copenhagen, offset by a cash consideration transferred from Agility to DSV of approximately DKK 61 million. Adjusted for the fair value of cash and cash equivalents acquired of DKK 1,759 million, the total net consideration amounted to DKK 27,734 million. Fair value of acquired net assets and recognised goodwillIn 2022, DKK 370 million was recognised as measurement period adjust-ments to the acquisitional opening balance. The measurement period adjustments primarily relate to the valuation of properties. For further details, refer to note 6.1 in the DSV Annual Report 2021.The fair value of other receivables recognised includes indemnification assets totalling DKK 1,818 million relating to various corporate tax and value added taxes. Indemnification assets have not been excluded from the consideration transferred or opening balance recognition.Had the indemnification assets been excluded, the consideration trans-ferred and net assets recognised would have amounted to DKK 27,675 million and DKK 2,105 million respectively, whereas acquisitional goodwill would have remained unchanged.The fair value of identified net assets and goodwill recognised from the acquisition is comprised of the following items: Net assets and goodwill recognised Fair value at date (DKKm)of acquisitionCustomer relationships 569Other intangible assets 13Right-of-use assets 2,375Property, plant and equipment 2,146Trade receivables 5,438Contract assets 1,448Inventories 34Deferred tax assets 720Other receivables 2,365Cash and cash equivalents 1,759Total assets 16,867Lease liabilities 2,331Borrowings 138Provisions 2,800Pensions and similar obligations 349Trade payables 2,499Accrued cost of services 1,864Deferred tax liabilities 159Tax payables 605Other payables 1,935Total liabilities 12,680NCI share of acquired net assets 264Acquired net assets 3,923Fair value of total consideration transferred 29,493Goodwill arising from the acquisition 25,5706.2 Share option schemesAccounting policiesDSV's share option schemes are equity-settled, measured at the grant date and recognised in the income statement as staff costs over the vesting period. The offsetting item is recognised directly in equity.The value of employee services received during the vesting period in ex-change for share options granted corresponds to the fair value of the share options at the date of granting. The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valua-tion model is based.Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is adjusted subsequently to reflect the actual number of share op-tions earned. The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valu-ation of the share options granted in 2022 and 2021 is based on the fol-lowing assumptions:Assumptions 2022 2021Share price 1,485.0 1,325.0Volatility 18.0% 18.0%Risk-free interest rate 1.2% (0.1%)Expected dividends 0.8% 0.8%Expected remaining life (years) 3.5 3.5Current share option schemesNumber of Market value at date Scheme Options granted Exercise period Exercise priceemployeesof granting (DKKm)2018 2,733,500 28.03.2021 - 28.03.2023 477.5 1,600 118.22019 2,735,000 29.03.2022 - 27.03.2024 545.0 1,624 141.72020 3,080,750 31.03.2023 - 31.03.2025 560.0 2,000 155.52021 2,438,300 01.04.2024 - 31.03.2026 1,325.0 2,202 205.32022 2,640,900 01.04.2025 - 31.03.2027 1,485.0 2,524 279.8Share option schemes at 31 December 2022Key Average exercise Scheme Executive Boardemployees Tot a lprice per option2018* 190,000 687,000 877,000 477.52019* 190,000 1,836,500 2,026,500 545.02020 202,000 2,708,500 2,910,500 560.02021 168,750 2,193,800 2,362,550 1,325.02022 198,250 2,387,000 2,585,250 1,485.0Outstanding at 31 December 2022 949,000 9,812,800 10,761,800 940.6Open for exercise at 31 December 2022 380,000 2,523,500 2,903,500 524.6Life (years) 2.2 2.6 2.6 n.a.Market value (DKKm) 350.5 3,134.4 3,484.9 n.a.* Share options granted in 2018 and 2019 are currently exercisable.Share option schemesDSV has launched incentive share-based payment schemes with the purpose of motivating and retaining key employees across the organisa-tion. Share options are awarded at all levels in the organisation, e.g. from team leads, specialists, branch managers, country managers, up to Executive Management.Retention is motivated by requiring continued service for a period cover-ing the vesting period as a minimum. The schemes are also intended to align the interests of employees and shareholders. All active schemes entail a three-year vesting period and a two-year ex-ercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices lead-ing up to the date of granting. The share options can be exercised by cash purchase of shares only. The obligation relating to the schemes is partly covered by the Company\u2019s treasury shares.Share options are granted pursuant to the procedures laid down in the Group\u2019s Remuneration Policy applicable in the relevant year.A total of 2,988 employees held share options at 31 December 2022 (2021: 2,625 employees). Total costs recognised in 2022 for services received but not recognised as an asset amounted to DKK 202 million (2021: DKK 160 million). The average share price for options exercised in the financial year was DKK 1,093.4 per share at the date of exercise (2021: DKK 1,324.5 per share).Outstanding share options Boardemployees Tota lprice per optionOutstanding at 1 January 2021 760,000 8,646,129 9,406,129 507.2Granted 156,750 2,281,550 2,438,300 1,325.0*Transferred 36,000 (36,000) - -Exercised (190,000) (1,953,556) (2,143,556) 427.9Options waived/expired - (123,475) (123,475) 684.7Outstanding at 31 December 2021 762,750 8,814,648 9,577,398 730.9Outstanding at 1 January 2022 762,750 8,814,648 9,577,398 730.9Granted 198,250 2,442,650 2,640,900 1,485.0Exercised (12,000) (1,279,573) (1,291,573) 479.1Options waived/expired - (164,925) (164,925) 1,091.6Outstanding at 31 December 2022 949,000 9,812,800 10,761,800 940.6* A member of the Executive Board has previously received share options in the Director\u2019s former capacity as a key employee.6.3 Remuneration of the Executive Board and the Board of DirectorsExecutive BoardThe members of the Executive Board are subject to a notice period of up to 24 months. Remuneration of the members of the Executive Board and the Board of Directors complies with the principles of the Company\u2019s Re-muneration Policy and is described in detail in the Remuneration Report.The aggregate remuneration to the members of the Executive Board for 2022 was DKK 54.8 million (2021: DKK 41.5 million). The remuneration to the Executive Board is specified:Executive Board remuneration (DKKm) 2021*2022Fixed salary 36.1 27.6Pension 2.9 2.2Share-based payment 15.8 11.7Total 54.8 41.5* Michael Ebbe became a member of the Executive Board on 26 October 2021.Board of DirectorsThe aggregate remuneration to the Board of Directors of DSV A/S for 2022 was DKK 6.9 million (2021: DKK 7.0 million).6.4 Fees to auditors appointed at the Annual General MeetingAudit fees and services (DKKm) 20212022Statutory audit fees 45 42Other assurance services 3 4Tax and VAT advisory services 1 2Other services 5 4Total fees to auditors appointed at the Annual General Meeting 54 52Statutory audit fees 6 13Tax and VAT advisory services 2 21Other services - 12Total fees, other 8 46Total fees 62 98Non-audit services provided by PwC Denmark amounted to DKK 5 million in 2022 relating to advisory services in relation to legal disputes, assur-ance and advisory in relation to ESG, various tax advisory services and other advisory services. Non-audit services provided by PwC Denmark did not exceed 70% of the audit fees in accordance with EU audit legislation.6.5 Related-party transactionsDSV has no related parties with control of the Group and no related par-ties with significant influence other than key management personnel \u2013 mainly in the form of the Board of Directors and the Executive Board. Related-party transactionsBoard of Directors and Executive BoardNo transactions with the Board of Directors and Executive Board were made in 2022 other than ordinary remuneration, as described in notes 6.2 and 6.3.Associated companiesDSV holds ownership interests in 8 associates (2021: 12 associates). The Group\u2019s share of associates\u2019 profit for the year amounted to DKK 7 million (2021: DKK 4 million). The carrying amount of the investment was DKK 50 million at 31 Decem-ber 2022 (2021: DKK 63 million). The Group had the following transac-tions with associates:Associated companies transactions (DKKm) 20212022Sale of services 128 163Purchase of services 14 18The Group had the following balances with associates at 31 December:Associated companies balances (DKKm) 20212022Receivables 19 26Payables - 16.6 Contingent liabilities and securAccounting policiesContingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.ty for debtContingent liabilitiesSecurity for debtBank guaranteesAs part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc. The counterparties may claim appropriation of collateral if DSV fails to pay any amount due. PledgesAt 31 December 2022, property, plant and equipment and other financial assets with a carrying value of DKK 30.9 million were pledged as security (2021: DKK 140.9 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2021: DKK 64 million).ContractsDSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.Management judgements and estimatesManagement applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met. These judgements may involve advice from external experts, legal advisors, etc.Contingent liabilitiesAs an international transport service provider, the Group is regularly in-volved in tax and VAT disputes, legal proceedings or inquiries from compe-tition authorities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.A detailed disclosure of individual contingent liabilities is considered im-practicable and is therefore not included in the notes to the financial statements.Key figures and ratios are disclosed in accordance with \u2018Recommendations Definition of & Ratios\u2019 published by the Danish Finance Society, except for financial ratios marked with (*), as these are either derived or not included in the key figures Recommendations. Earnings per share and diluted earnings per share are disclosed in accordance with IAS 33. Environmental, social and govern-and ratiosmental key figures and ratios are defined in the DSV Sustainability Report 2022 to which reference is made.Key figuresFinancial ratios Share ratiosGross profit * 100Profit attributable to the shareholders of DSV A/SNet interest- = Interest-bearing debt less interest-bearing assets and Gross margin =Earnings per share =RevenueAverage number of sharesbearing debt cash and cash equivalentsOperating profit (EBIT) before special items * 100Profit attributable to the shareholders of DSV A/SNet working = Receivables and other current operating assets less Operating margin =Diluted earnings = RevenueAverage number of shares dilutedcapital trade payables and other payables and other current per shareoperating liabilitiesOperating profit (EBIT) before special items * 100Adjusted earningsConversion ratio =Diluted adjusted = Gross profitAverage number of shares dilutedInvested capital = NWC + property, plant and equipment, ROU assets, earnings per share intangible assets including goodwill and customer rela-Tax on profit for the year * 100tionships less long-term provisionsEffective tax rate* =Profit before taxNumber of shares = Total number of shares outstanding excluding Adjusted earnings = The DSV A/S shareholders\u2019 share of profit for the re-treasury shares at the reporting dateOperating profit (EBIT) before special items * 100porting period adjusted for amortisation and impairment Return on invested =Average invested capital of goodwill and customer relationships, costs related to capital before taxAverage number = Average number of shares outstanding during share-based payments and special items. The tax effect of shares the reporting period Profit attributable to the shareholders of the adjustments has been taken into accountof DSV A/S * 100Return on equity =Average number = Average number of shares outstanding during Average equity excluding non-controlling interests Net financial =Financial income less financial expensesof shares dilutedthe reporting period including share options, expenses but excluding out-of-the-money options Equity excluding non-controlling interests * 100Solvency ratio = measured relative to the average share price Total assetsSpecial items =Exceptional items of income or expense which by nature for the periodare not related to the Group's ordinary operation or Net interest-bearing debtinvestments in future activities. See note 2.7 for addi-Gearing ratio* =Operating profit before amortisation, tional details on items includeddepreciation (EBITDA) before special itemsAdjusted free = Free cash flow adjusted for net acquisition of subsidiar-cash flowies and activities, lease liability repayments, special items and normalisation of working capital in subsidiar-ies and activities acquiredOwnership Ownership Company Countryshare ActivityCompany Countryshare ActivityGroup company Europe (continued)Europe (continued)overviewDSV Solutions N.V. Belgium 100.00%DSV Real Estate Duisburg A/S Denmark 100.00%DSV Logistics N.V. Belgium 100.00%DSV Road Holding A/S Denmark 100.00%DSV Road N.V. Belgium 100.00%DSV Road A/S Denmark 100.00%The overview below is a list of companies in the DSV Group at 31 December 2022 showing the companies by segment and not by MCI Brokers N.V. Belgium 99.90%DSV Real Estate Horsens A/S Denmark 100.00%legal structure.DSV Air & Sea EOOD Bulgaria 100.00%DSV Real Estate Hedeland 5 A/S Denmark 100.00%DSV Road EOOD Bulgaria 100.00%DSV Road Services A/S Denmark 100.00%DSV Hrvatska d.o.o. Croatia 100.00%DSV Estonia AS Estonia 100.00%Panalpina Business Services DSV Air & Sea Oy Finland 100.00%(Prague), s.r.o. Czech Republic 100.00%DSV Solutions Oy Finland 100.00%Air & Sea Road Solutions GroupActivity:DSV Air & Sea s.r.o. Czech Republic 100.00%DSV Road Oy Finland 100.00%Panalpina Czech S.R.O. Czech Republic 100.00%DSV Air & Sea SAS France 100.00%Ownership GIL Czech Republic s.r.o. Czech Republic 100.00%Company Countryshare ActivityDSV International Air & Sea France France 100.00%DSV Air & Sea Czech Republic s.r.o. Czech Republic 100.00%DSV Solutions SAS France 100.00%DSV Solutions s.r.o. Czech Republic 100.00%DSV Road Holding S.A. France 100.00%ParentDSV Road a.s. Czech Republic 100.00%DSV Road SAS France 100.00%DSV A/S DenmarkDSV Insurance A/S Denmark 100.00%ING REEIF WATTRELOS France 100.00%DSV Group Services A/S Denmark 100.00%DSV Group Services GmbH Germany 100.00%SubsidiariesDSV Shop Hub A/S Denmark 100.00%DSV Air & Sea Germany GmbH Germany 100.00%DSV FS A/S Denmark 100.00%DSV Air & Sea Deutschland GmbH Germany 100.00%EuropeAnpartselskabet af 25. januar 2017 Denmark 100.00%DSV Real Estate Duisburg A/S - DSV Air & Sea GmbH Austria 100.00%DSV Real Estate Ringsted A/S Denmark 100.00%German Branch Germany 100.00%GIL Austria GmbH in Liquidation Austria 100.00%DSV Air & Sea Holding A/S Denmark 100.00%DSV Solutions Group GmbH Germany 100.00%DSV Road GmbH Austria 100.00%DSV Air & Sea A/S Denmark 100.00%DSV Solutions GmbH Germany 100.00%DSV Air & Sea NV Belgium 100.00%DSV Ocean Transport A/S Denmark 100.00%DSV Stuttgart GmbH & Co. KG Germany 100.00%Panalpina World Transport N.V. Belgium 100.00%PC KH ApS Denmark 100.00%DSV Stuttgart Verwaltung GmbH Germany 100.00%AD Handling NV Belgium 100.00%DSV Air & Sea Denmark ApS Denmark 100.00%Administration & Accounting Service ABX Worldwide Holdings NV/SA Belgium 100.00%GmbH Germany 100.00%Agility A/S Denmark 100.00%DSV Road Holding NV Belgium 100.00%DSV Road GmbH Germany 100.00%DSV Solutions Holding A/S Denmark 100.00%DSV Air & Sea Belgium NV Belgium 100.00%DSV HELLAS S.A. Greece 100.00%DSV Solutions A/S Denmark 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityCompany Countryshare ActivityEurope (continued)Europe (continued)Europe (continued)UTi Networks Limited Guernsey 100.00%DSV Air Services Luxembourg 100.00%DSV International Shared Services Sp. z o.o. Poland 100.00%DSV Air & Sea Hungary Kft. Hungary 100.00%DSV Lead Logistics B.V. Netherlands 100.00%DSV Real Estate Warsaw Sp. z o.o. Poland 100.00%DSV Solutions Hungary Kft. Hungary 100.00%Agility Logistics International BV Netherlands 100.00%DSV Real Estate Warsaw II Sp. z o.o. Poland 100.00%DSV Hungaria Kft. Hungary 100.00%GeoLogistics European Holdings B.V. Netherlands 100.00%DSV Air & Sea Sp. z o.o. Poland 100.00%DSV Air & Sea Limited Ireland 100.00%Telmidas AMS B.V. Netherlands 100.00%Panalpina Polska Sp. z o.o. Poland 100.00%Panalpina World Transport (Ireland) TransOceanic Holdings BV Netherlands 100.00%Ltd. Ireland 100.00%GIL POLAND Sp. z o.o. Poland 100.00%DSV Finance B.V. Netherlands 100.00%DSV GIL Ireland Limited Ireland 100.00%DSV Air & Sea Poland Sp. z o.o. Poland 100.00%African Investments BV Netherlands 100.00%LEP Shannon Ltd. Ireland 100.00%DSV Services Sp. z o.o. Poland 100.00%UTi (Netherlands) Holdings BV Netherlands 100.00%DSV Air & Sea (Ireland) Limited Ireland 100.00%DSV Road Sp. z o.o. Poland 100.00%DSV Air & Sea Nederland B.V. Netherlands 100.00%DSV Solutions Ltd. Ireland 100.00%DSV Solutions Sp. z o.o. Poland 100.00%DSV Shared Services B.V. Netherlands 100.00%UTI Inventory Management Solu-DSV Group Services Unipessoal, Lda Portugal 100.00%DSV Solutions Holding B.V. Netherlands 100.00%tions Limited Ireland 100.00%DSV Air & Sea Portugal, LDA Portugal 100.00%DSV Solutions Nederland B.V. Netherlands 100.00%DSV Road Limited Ireland 100.00%DSV Solutions, Lda. Portugal 100.00%IMS Holdings BV Netherlands 100.00%DSV S.p.A. Italy 100.00%DSV SGPS, Lda. Portugal 100.00%DSV Multi-Channel Fulfilment B.V. Netherlands 100.00%UTi Italy SrL Italy 100.00%DSV Transitarios, Lda. Portugal 100.00%DSV Solutions (Moerdijk) B.V. Netherlands 100.00%Panalpina Trasporti Mondiali S.p.A. Italy 100.00%DSV Air & Sea SRL Romania 100.00%DSV Real Estate Dallas Holding B.V. Netherlands 100.00%DSV Real Estate S.p.A. Italy 89.75%GIL AIR&SEA S.R.L. Romania 100.00%DSV Real Estate Venlo 5 B.V. Netherlands 100.00%DSV Air & Sea Italy S.r.l. Italy 100.00%DSV Solutions S.R.L. Romania 100.00%DSV Real Estate Maastricht B.V. Netherlands 100.00%DSV Solutions S.R.L. Italy 100.00%DSV Road S.R.L. Romania 100.00%DSV Real Estate Moerdijk B.V. Netherlands 100.00%DSV Real Estate Novara S.r.l. Italy 66.00%DSV Road d.o.o. Serbia 100.00%DSV Moerdijk Project B.V. Netherlands 100.00%DSV Real Estate Modena S.r.l. Italy 100.00%DSV Solutions Slovakia s. r. o. Slovakia 100.00%DSV Road Holding N.V. Netherlands 100.00%DSV Road S.R.L. Italy 100.00%DSV Air & Sea Slovakia s.r.o. Slovakia 100.00%DSV Road B.V. Netherlands 100.00%DSV Real Estate Verona S.r.l. Italy 100.00%DSV Real Estate Bratislava s.r.o. Slovakia 100.00%DSV ROAD DOOEL Skopje North Macedonia 100.00%UTi Kazakhstan LLP Kazakhstan 100.00%DSV Slovakia, s.r.o. Slovakia 100.00%DSV Air & Sea AS Norway 100.00%GIL Kazakhstan LLP Kazakhstan 100.00%DSV Transport d.o.o. Slovenia 100.00%Panalpina AS Norway 100.00%DSV Latvia SIA Latvia 100.00%Tacisa Transitaria S.L. Spain 100.00%GIL Norway AS Norway 100.00%DSV Lithuania UAB Lithuania 100.00%DSV Air & Sea International, S.L.U. Spain 100.00%DSV Solutions AS Norway 100.00%DSV Air & Sea S.A. Luxembourg 100.00%DSV Solutions Spain S.A.U. Spain 100.00%DSV Road AS Norway 100.00%XB Luxembourg Holdings 1 SA Luxembourg 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityCompany Countryshare ActivityEurope (continued)Europe (continued)North AmericaServicios Logisticos Integrados SLI, S.A. Spain 100.00%DSV Road & Solutions A.S. T\u00fcrkiye 100.00%GeoLogistics Holdings (Bermuda) Limited Bermuda 100.00%DSV Road Spain S.A.U. Spain 100.00%Panalpina World Transport Ltd. Ukraine 100.00%DSV Air & Sea Inc. Canada 100.00%DSV Holding Spain S.L. Spain 100.00%DSV Logistics LLC Ukraine 100.00%DSV Solutions Inc. Canada 100.00%DSV Air & Sea, S.A.U. Spain 100.00%Agility Logistics LLC Ukraine 100.00%DSV Road, Inc. Canada 100.00%DSV Air & Sea AB Sweden 100.00%DSV GIL Holding Limited United Kingdom 100.00%DSV Air & Sea, S.A. de C.V. Mexico 100.00%DSV Air & Sea Nordic AB Sweden 100.00%DSV Air & Sea Limited United Kingdom 100.00%DSV International Shared Services Agility AB Sweden 100.00%UTi (UK) Holdings Ltd. United Kingdom 100.00%S.A. de C.V. Mexico 100.00%DSV Solutions AB Sweden 100.00%UTi Worldwide (UK) Ltd. United Kingdom 100.00%TransOceanic Shipping Co. S. DSV Real Estate Landskrona 2 AB Sweden 100.00%Panalpina World Transport Ltd. United Kingdom 100.00%de RL de C.V. Mexico 100.00%DSV Real Estate Helsingborg AB Sweden 100.00%DSV GIL UK Limited United Kingdom 100.00%DSV Solutions S.A. de C.V. Mexico 100.00%DSV Group AB Sweden 100.00%DSV GIL Fairs & Events Limited United Kingdom 100.00%DSV Road, S.A. de C.V. Mexico 100.00%DSV Road AB Sweden 100.00%DSV GIL Pension Trustees Limited United Kingdom 100.00%DSV 4PL Inc. United States 100.00%G\u00f6inge Frakt EK Sweden 100.00%DSV Air & Sea 2018 (UK) Limited United Kingdom 100.00%DSV Air & Sea Holding Inc. United States 100.00%DSV Road Property Holding AB Sweden 100.00%DSV Lead Logistics Limited United Kingdom 100.00%DSV Air & Sea Inc. United States 100.00%GIL Switzerland 4 AG Switzerland 100.00%DSV GIL Solutions Limited United Kingdom 100.00%Agility Fairs and Events Logistics LLC United States 100.00%Panalpina Welttransport Holding AG Switzerland 100.00%DSV GIL Management Limited United Kingdom 100.00%DSV Air & Sea International DSV Corporate Services AG Switzerland 100.00%DSV Peterborough Real Estate Holding Inc. United States 100.00%Limited United Kingdom 100.00%DSV Solutions, LLC United States 100.00%Panalpina International AG Switzerland 100.00%DSV Real Estate Thrapston Limited United Kingdom 100.00%DSV Inventory Management Panalpina Global Employment Services AG Switzerland 100.00%DSV Road Holding Ltd. United Kingdom 100.00%Solutions Inc. United States 100.00%Panalpina Air & Ocean AG in DSV Commercials Ltd. United Kingdom 100.00%DSV Real Estate Dallas Inc. United States 100.00%liquidation Switzerland 100.00%DSV Road Ltd. United Kingdom 100.00%Market Industries LLC United States 100.00%DSV Air & Sea AG Switzerland 100.00%Global Options Worldwide Sammons Transportation, Inc. United States 100.00%GIL Switzerland 1 AG Switzerland 100.00%Express (Ltd) United Kingdom 100.00%DSV Road, Inc. United States 100.00%GIL Switzerland 2 AG Switzerland 100.00%DSV Pension Trustees Ltd. United Kingdom 100.00%GIL Switzerland 3 AG Switzerland 100.00%DSV Solutions Ltd. United Kingdom 100.00%South AmericaDSV Logistics S.A. Switzerland 100.00%DFDS Transport Ltd. United Kingdom 100.00%UTi Logistics Argentina S.A. Argentina 100.00%DSV Air & Sea A.S. T\u00fcrkiye 100.00%DSV Real Estate Tamworth Ltd. United Kingdom 100.00%DSV Air & Sea S.A. Argentina 100.00%DSV International Hava ve Deniz DSV Solutions Brasil Servi\u00e7os de Ta\u015fimacili\u011fi Ltd.\u015eirketi T\u00fcrkiye 100.00%Log\u00edstica Ltda. Brazil 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare Activity Company Countryshare ActivitySouth America (continued)South America (continued)Asia (continued)DSV Air & Sea Brasil Ltda. Brazil 100.00%DSV Air & Sea S.A. Peru 100.00%Zhejiang DSV supply chain management CO.,LTD China 100.00%UTi Worldwide Inc. Brit. Virgin Islands 100.00%Agility Logistics Peru S.A. Peru 100.00%DSV Air & Sea Ltd. Hong Kong 100.00%UTi Logistics (Proprietary) Limited Brit. Virgin Islands 100.00%DSV Air & Sea (PR) Inc. Puerto Rico 100.00%Pantainer (H.K.) Ltd. Hong Kong 100.00%Thomas International Freight Saint Vincent And Auditors Limited Brit. Virgin Islands 100.00%Arabella Shipping LtdThe Grenadines 100.00%Prime Cargo (H.K.) Ltd. Hong Kong 100.00%UTi Kazakhstan Investments Ltd Brit. Virgin Islands 100.00%DSV Air & Sea Uruguay - Servicios Agility Logistics Limited Hong Kong 100.00%Logisticos SA Uruguay 100.00%Agility (Asia/Pacific) Limited Brit. Virgin Islands 100.00%GIL Integration Hong Kong 1 Limited Hong Kong 100.00%Panalpina Uruguay Transportes PWC Global Logistics Holdings Ltd Brit. Virgin Islands 100.00%Mundiales S.A. Uruguay 100.00%ECT Transport Limited Hong Kong 100.00%DSV Air & Sea (Latin America) Panalpina Zona Franca S.A. Uruguay 100.00%DSV Solutions Limited Hong Kong 100.00%Holding S.A. Chile 100.00%DSV Air & Sea (HK) Ltd. Hong Kong 100.00%DSV Air & Sea S.A. Chile 100.00%AsiaPanalpina World Transport Ltd. Hong Kong 100.00%Panalpina Chile Transportes Mundiales Ltda. Chile 100.00%DSV Air & Sea Ltd. Bangladesh 100.00%Panalpina China Ltd. Hong Kong 100.00%Agility Logistics Corp. Holding SpA Chile 100.00%Agility Ltd. Bangladesh 100.00%GIL Shared Services Private Limited India 100.00%Agility Logistics Chile SA Chile 100.00%UTI Pership (Pvt) Limited DSV Air & Sea Pvt. Ltd. India 100.00%- Bangladesh Branch (BDT) Bangladesh 100.00%DSV Air & Sea S.A.S. Colombia 100.00%DSV Air & Sea International DSV Air & Sea (Cambodia) Co., Ltd. Cambodia 100.00%Private Limited India 100.00%Agility Logistics Colombia S.A.S. Colombia 100.00%Prime Cargo (Cambodia) Co., Ltd. Cambodia 100.00%DSV Coload & Clearance Pvt. Ltd. India 100.00%AGENCIA DE ADUANAS DSV S.A.S. NIVEL 1 Colombia 100.00%GIL Integration 1 (Cambodia) Co., Ltd. Cambodia 100.00%DSV Solutions Private Limited India 100.00%DSV Solutions S.A.S. Colombia 100.00%DSV Air & Sea Co., Ltd. Cambodia 100.00%PT. DSV Transport Indonesia Indonesia 100.00%DSV Air & Sea S.A. Costa Rica 100.00%UTi Worldwide Co. Ltd. PT GIL Solusi Indonesia Indonesia 100.00%- Cambodia Branch (USD) Cambodia 100.00%GIL 1 (Cura\u00e7ao) N.V. Curacao 100.00%PT DSV Solutions Indonesia Indonesia 100.00%DSV Air & Sea Co., Ltd. China 100.00%Dominican PT Synergy Indonesia Indonesia 100.00%DSV AIR & SEA DOMINICANA, S.R.L.Republic 100.00%DSV Air & Sea Co., Ltd. PT Sarana Prima Optima Indonesia 100.00%(South East China) China 100.00%DSV-AIR&SEA S.A. Ecuador 100.00%DSV Air & Sea Japan GK Japan 100.00%DSV Air & Sea Co., Ltd. (China) China 100.00%DSV Air & Sea, S.A. de C.V. El Salvador 100.00%DSV Air & Sea Co., Ltd. Japan 100.00%Baisui United Logistics DSV Air & Sea PA Inc. Panama 100.00%(Shanghai) Co. Ltd. China 100.00%DSV Solutions Co., Ltd. Japan 100.00%Panalpina SEM, S.A. Panama 100.00%Agility Logistics (Shanghai) Limited China 100.00%DSV Air & Sea Ltd. Korea 100.00%Panalpina S.A. Panama 100.00%DSV Logistics Co., Ltd. China 100.00%DSV Solutions Ltd. Korea 100.00%Almacenadora Mercantil S.A. Panama 100.00%Panalpina World Transport (PRC) Ltd. China 100.00%DSV Air & Sea International Ltd. Korea 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityCompany Countryshare ActivityAsia (continued)Asia (continued)Asia (continued)DSV Air and Sea Limited Macao 100.00%Panalpina World Transport DSV Air & Sea Ltd. Thailand 100.00%(Philippines) Inc. Philippines 100.00%DSV Air & Sea Sdn. Bhd. Malaysia 100.00%Panalpina World Transport DSV Global Solutions Inc. Philippines 100.00%(Vietnam) Co. Ltd. Vietnam 99.00%Panalpina Customs Services (M) SDN BHD Malaysia 100.00%GIL Logistics Distribution Inc. Philippines 100.00%DSV Solutions Co., Ltd Vietnam 100.00%Litvest Corporation Sdn Bhd Malaysia 100.00%Agility Logistics Holdings Pte Ltd Singapore 100.00%Agility Logistics Vietnam Company Ltd. Vietnam 100.00%DSV Solutions (DC) Sdn. Bhd. Malaysia 100.00%Agility Logistics Holdings (S) Pte. Ltd. Singapore 100.00%Agility Ltd Vietnam 71.00%GOCT Logistics Sdn Bhd Malaysia 100.00%DSV Singapore Real Estate Holding DSV Air & Sea Vietnam Limited Vietnam 100.00%Pte. Ltd. Singapore 100.00%DSV Shared Services Asia Sdn Bhd Malaysia 100.00%Inventory Management Solutions DSV Air & Sea Pte. Ltd. Singapore 100.00%Vietnam Limited Vietnam 100.00%Logik Pengurusan Sdn Bhd Malaysia 100.00%Agility International Logistics Pte. Ltd. Singapore 100.00%DSV Logistics Sdn. Bhd. Malaysia 100.00%Agility Fairs & Events Logistics Pte. Ltd. Singapore 100.00%Middle EastDSV SOLUTIONS SDN. BHD. Malaysia 100.00%China Baisui Logistics Pte Ltd Singapore 100.00%Agility Logistics Limited Afghanistan 100.00%Panalpina Transport (Malaysia) Sdn. Bhd. Malaysia 100.00%ABX LOGISTICS Singapore PTE LTD Singapore 100.00%Panalpina Central Asia EC - Azerbaijan Branch Azerbaijan 100.00%DSV Inventory Management DSV Solutions Pte Ltd. Singapore 100.00%Solutions Sdn. Bhd. Malaysia 100.00%DSV W.L.L. Bahrain 100.00%DSV Air & Sea Singapore Pte. Ltd. Singapore 100.00%DSV Air & Sea (Myanmar) Limited Myanmar 100.00%Panalpina Central Asia EC Bahrain 100.00%DSV Inventory Management DSV Air and Sea Pakistan (SMC- Solutions Pte. Ltd Singapore 100.00%DSV Solutions B.S.C Closed Bahrain 100.00%Private) Limited Pakistan 100.00%UTi Pership (Pvt) Limited Sri Lanka 51.00%Panalpina Georgia LLC Georgia 100.00%DSV SOLUTIONS (PRIVATE) LIMITED Pakistan 100.00%DSV Pership (Private) Limited Sri Lanka 40.00%Al-Alb Co. for General Transportation Papua New (PLLC) Iraq 100.00%DSV Air & Sea Co., Ltd. Taiwan 100.00%DSV Air & Sea LimitedGuinea 100.00%Agility Kurdistan Company for UTi Holding Co., Ltd. Taiwan 100.00%Panalpina Global Business Services Administration of Warehouses and (GBS) - Philippines Philippines 100.00%DSV Air & Sea (Taiwan) Ltd. Taiwan 100.00%Facilitate Storage Process Limited Iraq 67.50%DSV International Shared Services Inc. Philippines 100.00%DSV Solutions Co., Ltd. Taiwan 100.00%The Warehousing Company for Shipping, Discharging and Custom DSV Air & Sea Inc. Philippines 100.00%Panalpina Asia-Pacific Services (Thailand) Ltd. Thailand 100.00%Clearance LLC Iraq 100.00%GIL Holding Co Inc. Philippines 100.00%Supreme Eliga Co. Ltd. Thailand 100.00%DSV Air & Sea Ltd. Israel 100.00%GIL Logistics Holding Inc. Philippines 100.00%Agility Co. Ltd. Thailand 100.00%DSV Marine Insurance Agency Ltd. Israel 100.00%GIL International Logistics Inc. Philippines 100.00%DSV Solutions Ltd. Thailand 100.00%Hermes Exhibition & Projects Limited Israel 100.00%DSV Logistics Solutions Philippines, Inc. Philippines 100.00%DSV Holding (Thailand) Co., Ltd. Thailand 100.00%DSV - E-COMMERCE LTD. Israel 100.00%DSV SHARED SERVICES MANILA DSV Solutions Ltd Israel 100.00%(ROHQ) Philippines 100.00%Panalpina World Transport (Thailand) Ltd. Thailand 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityCompany Countryshare ActivityMiddle East (continued)Middle East (continued)OceaniaU.T.I.-Inventory Management DSV Panalpina Marine Shipping W.L.L. Qatar 100.00%DSV Air & Sea Pty. Ltd. Australia 100.00%Solutions Limited partnership Israel 100.00%Panalpina World Transport DSV Solutions Pty. Ltd. Australia 100.00%UTI IMS Ltd. Israel 100.00%(Saudi Arabia) Ltd. Saudi Arabia 100.00%A.C.N. 116 779 876 PTY LTD Australia 100.00%DSV Air & Sea Jordan Jordan 100.00%DSV Solutions for Logistics A.C.N. 004 265 721 PTY LTD Australia 100.00%Services Company Saudi Arabia 100.00%Public warehousing Company A.C.N. 007 430 935 PTY LTD Australia 100.00%-Jordan PSC Jordan 100.00%GIL INTERNATIONAL HOLDINGS I United Arab LIMITEDEmirates 100.00%A.C.N. 078 189 296 PTY LTD Australia 100.00%Public Warehousing Company for Storage and Distribution Services Jordan 100.00%GIL INTERNATIONAL HOLDINGS II United Arab A.C.N. 082 751 460 PTY LTD Australia 100.00%LIMITEDEmirates 100.00%A.C.N. 144 885 156 PTY LTD Australia 100.00%Public warehousing Company -Jordan PSC - Aqaba Branch Jordan 100.00%GIL INTERNATIONAL HOLDINGS III United Arab DSV Air & Sea Limited New Zealand 100.00%LIMITEDEmirates 100.00%DSV Holding for Company Business Management W.L.L Kuwait 100.00%United Arab AfricaDSV Air & Sea (LLC)Emirates 100.00%Global Logistics for General Trading Agility Maghreb Sarl Algeria 49.00%and Contracting Co. WLL Kuwait 100.00%United Arab DSV Solutions DWC-LLCEmirates 100.00%Agility Logistics SARL Algeria 100.00%DSV Air & Sea Co. W.L.L. Kuwait 49.00%United Arab Frans Maas Algerie S.a.r.l. Algeria 100.00%DSV A&S for Shipping and Panalpina Jebel Ali Ltd.Emirates 100.00%Transport W.L.L Kuwait 100.00%Panalpina Transportes Mundiais United Arab Naveg\u00e3\u00e7ao e Tr\u00e2nsitos S.A.R.L. Angola 49.00%Muroona Logistics Solution Co. DSV Gulf Customs Broker LLCEmirates 49.00%for General Trading of Equipments, Global Integrated Logistics Lda Angola 100.00%Supplier for Construction and Real United Arab DSV Air & Sea (PTY) Limited Botswana 100.00%Estate WLL Kuwait 100.00%DSV Air and Sea DWC-LLCEmirates 100.00%Panalpina Transports Mondiaux DSV Solutions for Warehousing and United Arab Cameroun S.A.R.L. Cameroon 90.00%Third Party Inventory S.P.C Kuwait 100.00%DSV Air and Sea Middle East DWC-LLCEmirates 100.00%DSV-UTI Egypt Ltd. Egypt 100.00%GIL Logistics Cargo Transport W.L.L Kuwait 100.00%United Arab Panalpina World Transport Egypt LLC Egypt 100.00%DSV Solutions PJSCEmirates 49.00%Agility Freight Forwarding GIL Egypt Limited Liability Company Egypt 100.00%(Lebanon) SARL Lebanon 100.00%United Arab DSV Solutions L.L.C.Emirates 100.00%DSV Solutions S.A.E. Egypt 100.00%PWC Trading and contracting Lebanon SAL (Holding) Lebanon 100.00%United Arab Global Options Worldwide Express DSV Solutions MENA FZEEmirates 100.00%Investments (Pty) Ltd Eswatini 100.00%PWC Lebanon (Holding) SAL Lebanon 100.00%United Arab Panalpina Transports Mondiaux PWC investments (Lebanon) SARL Lebanon 100.00%DSV Road and Transport L.L.CEmirates 99.00%Gabon S.A. Gabon 89.78%DSV Air and Sea LLC Oman 70.00%United Arab DSV Air & Sea Limited Kenya 100.00%Global Logistics (Oman) LLC Oman 50.00%DSV Solutions - FZEEmirates 100.00%Panalpina Kenya Ltd. Kenya 100.00%Panalpina Qatar WLL Qatar 49.00%Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityAfrica (continued)Africa (continued)DSV Air & Sea Limited Malawi 100.00%DSV Road (Pty) Ltd. South Africa 100.00%GIL Africa Holdings Ltd Mauritius 100.00%Globeflight Worldwide Express (SA) Pty Ltd South Africa 100.00%Panalpina Morocco S.A.R.L. Morocco 100.00%Mercury Couriers (Pty) Ltd South Africa 100.00%Global Integrated Logistics Company SARL AU Morocco 100.00%DSV Air & Sea Limited Tanzania 100.00%DSV Transport Int'l S.A Morocco 100.00%DSV Air & Sea Limited Uganda 100.00%DSV Air & Sea Limitada Mozambique 100.00%Agility Logistics Limited Uganda 100.00%GIL Mozambique, LDA Mozambique 100.00%Swift Freight International (Zambia) Ltd. Zambia 100.00%Globeflight Worldwide Express (Pty) Ltd Namibia 100.00%DSV Air & Sea Limited Zambia 100.00%DSV Freight International Limited Nigeria 100.00%DSV Air & Sea (Private) Limited Zimbabwe 100.00%DSV Air and Sea (Proprietary) Limited South Africa 100.00%DSV South Africa (Pty) Ltd. South Africa 75.00%AssociatesDSV Shared Services (Pty) Ltd. South Africa 100.00%Trans-Link Cambodia Ltd Cambodia 49.00%UTi Logistics (Proprietary) Limited GT Stevedores Oy Finland 25.50%- SC OCS Division South Africa 100.00%KM Logistik GmbH Germany 35.00%DSV AFRICA HOLDING (Pty) Ltd. South Africa 100.00%IDS Logistik GmbH Germany 28.00%DSV Skyservices (Pty) Ltd South Africa 100.00%Tristar Transport (Private) Limited Pakistan 50.00%Scorpion Share Block (Pty) Ltd. South Africa 100.00%ATS Air Transport Service AG Switzerland 48.00%Marine Link (Pty) Ltd. South Africa 100.00%United Arab DSV Real Estate Johannesburg Polymer Logistics Investments LLCEmirates 36.50%(Pty) Ltd. South Africa 100.00%Key Logistics, Inc. United States 49.00%Firefly Investments 337 Properties Proprietary Limited South Africa 100.00%Linkit lnvestments (Pty) Ltd. South Africa 80.00%GIL South Africa 1 (Pty) Ltd South Africa 100.00%DSV Healthcare (Pty) Ltd. South Africa 100.00%DSV Solutions (Pty) Ltd. South Africa 100.00%DSV Assembly Services (Pty) Ltd. South Africa 65.30%DSV Mounties (Pty) Ltd. South Africa 100.00%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "Chapter 1Basis of preparationIntroductionThe Annual Report of DSV A/S comprises the consolidated financial state-ments of DSV A/S and its subsidiaries.By nature, a degree of uncertainty is involved when carrying out these judgements and estimates, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period. The primary financial statements items for which significant accounting judgements and estimates are applied are listed below: \u2022 Contract assets and accrued cost of services (note 3.4)\u2022 Provisions (note 3.8) \u2022 Acquisition and disposal of entities (note 6.1)\u2022 Tax (note 5.1 and note 5.2)Additional description of management judgements and estimates made are provided in the relevant notes.The 2022 Annual Report of DSV A/S has been prepared on a going concern basis in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and additional disclosure requirements for listed companies in the Danish Financial Statements Act. IFRS standards have been applied to the extent these have been adopted by the European Union. The consolidated financial statements are presented in Danish kroner (DKK) and rounded to the nearest million.Basis of consolidationThe consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities in which the Group directly or indirectly controls at least 20%, but not more than 50%, of the voting power are accounted for as associates and meas-ured using the equity method. Investments with negative net asset values are recognised at DKK 0.The consolidated financial statements are prepared based on uniform accounting policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, in-come and expenses.Changes in accounting policiesAll amendments to the International Financial Reporting Standards (IFRS) effective for the financial year 2022 have been implemented as basis for preparing the consolidated financial statements and notes to the statements.None of the implementations have had any material impact on the state-ments or notes presented. Management judgements and estimatesIn preparing the consolidated financial statements, Management makes various accounting judgements and estimates that affect the reported amounts and disclosures in the financial statements and notes to the statements. These are based on professional experience, historical data and other factors available to Management. The Board of Directors and Executive Board considered and approved the 2022 Annual Report of DSV A/S on 2 February 2023. The Annual Report will be submitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 16 March 2023.Basis of measurementThe Annual Report has been prepared under the historical cost convention with the exception of derivative financial instruments and acquisition opening balances, which are measured at fair value. Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The accounting policies described in the notes have been applied consistently for the financial year and for the com-parative figures.Recognition in the consolidated financial statements When preparing the consolidated financial statements, the income state-ments of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and balance sheet items are translated at the closing rate at the end of the reporting period.Foreign exchange differences arising on translation of the equity of for-eign entities and on translation of receivables considered part of net in-vestment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of income state-ments from the average exchange rate for the period to the exchange rate at the reporting date are also recognised in other comprehensive income. Adjustments are presented under a separate translation reserve in equity.Group compositionThe Group holds interests in 473 entities and was composed as follows at 31 December 2022:RegionEntities (Number)EMEA Americas APAC TotalSubsidiaries 302 55 108 465Associates 5 1 2 8Foreign currencyFunctional currencyA functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.Foreign currency translationOn initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income state-ment under financials. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rates at the reporting date and the transaction date or the exchange rate used in the latest annual report is recognised in the income statement under financials. Foreign currency translation differences arising on the translation of non-monetary items, such as investments in associates, are recognised directly in other comprehensive income.PresentationCash flow statementThe cash flow statement is prepared using the indirect method based on operating profit before amortisation, depreciation and special items. The cash flow statement cannot be derived directly from the balance sheet and income statement. Materiality in financial reportingIn preparing the Annual Report, Management seeks to improve the infor-mation value of the consolidated financial statements, the notes to the statements and other measures disclosed by presenting the information in a way that supports the understanding of the Group\u2019s performance in the reporting period. This objective is achieved by presenting fair transactional aggregation levels on items and other financial information, emphasising information that is considered of material importance to the user and making relevant rather than generic descriptions throughout the Annual Report. All disclosures are made in compliance with the International Financial Reporting Standards, the Danish Financial Statements Act and other relevant regulations, ensuring a true and fair view throughout the Annual Report.Presentation of items and subtotalsThe presentation of items and subtotals is based on separate classification of material groups of similar items. In the income statement, income and expense items are classified based on the \u2018nature of expense\u2019 method in accordance with IAS 1. Furthermore, the use of special items is applied to improve the transparency and understanding of the Group\u2019s financial statements by separating the core performance of the Group from ex-ceptional items. For a definition and reconciliation of Group results before and after special items, refer to note 2.7 Special items.New accounting regulationsThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the prepara-tion of the 2022 consolidated financial statements. DSV expects to imple-ment the standards and amendments when they take effect.None of the new standards issued are currently expected to have signifi-cant impact on the Group\u2019s financial statements when implemented.",
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"value": "The 2022 Annual Report of DSV A/S has been prepared on a going concern basis in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and additional disclosure requirements for listed companies in the Danish Financial Statements Act. IFRS standards have been applied to the extent these have been adopted by the European Union. The consolidated financial statements are presented in Danish kroner (DKK) and rounded to the nearest million.",
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"value": "The Board of Directors and Executive Board considered and approved the 2022 Annual Report of DSV A/S on 2 February 2023. The Annual Report will be submitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 16 March 2023.",
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"value": "Changes in accounting policiesAll amendments to the International Financial Reporting Standards (IFRS) effective for the financial year 2022 have been implemented as basis for preparing the consolidated financial statements and notes to the statements.None of the implementations have had any material impact on the state-ments or notes presented. ",
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"value": "Changes in accounting policiesAll amendments to the International Financial Reporting Standards (IFRS) effective for the financial year 2022 have been implemented as basis for preparing the consolidated financial statements and notes to the statements.None of the implementations have had any material impact on the state-ments or notes presented. ",
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"value": "By nature, a degree of uncertainty is involved when carrying out these judgements and estimates, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period. The primary financial statements items for which significant accounting judgements and estimates are applied are listed below: \u2022 Contract assets and accrued cost of services (note 3.4)\u2022 Provisions (note 3.8) \u2022 Acquisition and disposal of entities (note 6.1)\u2022 Tax (note 5.1 and note 5.2)Additional description of management judgements and estimates made are provided in the relevant notes.Management judgements and estimatesIn preparing the consolidated financial statements, Management makes various accounting judgements and estimates that affect the reported amounts and disclosures in the financial statements and notes to the statements. These are based on professional experience, historical data and other factors available to Management. Management judgements and estimatesIn the classification of special items, judgement is applied in ensuring that only exceptional items not associated with the ordinary operations of the Group are included.Special items (DKKm)2022 2021Restructuring and integration costs 1,117 392Transaction costs relating to acquisitions - 86Special items, costs 1,117 478Management judgements and estimatesFor goodwill impairment testing, a number of estimates are made on the development in revenues, gross profits, operating margins, future capital expenditures, discount rates and growth expectations in the terminal peri-od. These are based on an assessment of current and future developments in the three cash-generating units and on historical data and assumptions of future expected market developments, including expected long-term average market growth rates.Material value drivers affecting the future net cash flows of the three cash-generating units are:Air & SeaThe Air & Sea division operates globally, so developments in the global economy and world trade therefore have a material impact on the divi-sion\u2019s future net cash flow. Developments in gross profit per shipment, cost management initiatives and development in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.RoadThe Road division mainly operates on the EMEA and US markets, which means that the division\u2019s future net cash flow is affected by the growth rate in these regions. Developments in gross profit per shipment, including truck and terminal utilisation rates, cost management initiatives and devel-opment in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.SolutionsThe Solutions division operates globally, so developments in the global economy and world trade therefore have a material impact on the divi-sion\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost manage-ment initiatives and development in internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.The expected future net cash flow is based on budgets and business plans approved by Management for the year 2023 and projections for subsequent years up to and including 2026. From 2026 onwards, DSV expects the growth rate to remain in line with the expected long-term average growth rate for the industry.Management judgements and estimatesJudgement is applied in determining the depreciation period and future residual value of the assets recognised and is generally based on historical experience. Reassessment is done annually to ascertain that the deprecia-tion basis applied is still representative and reflects the expected life and future residual value of the assets.3.4 Contract assets and accrued cost of services Management judgements and estimatesIn the preparation of the consolidated financial statements, significant estimates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experi-ence and continuous follow-up on services in progress relative to sub-sequent invoicing.Management judgements and estimatesIn accounting for lease contracts, various judgements are applied in deter-mining right-of-use assets and lease liabilities. Judgements include assess-ment of lease periods, utilisation of extension options and applicable dis-count rates. Management judgements and estimatesIn determining pension obligations, management makes use of valuations from external and independent actuaries as basis for the estimates ap-plied. The actuarial assumptions used in the valuations vary from country to country owing to national, economic and social conditions.Management judgements and estimatesManagement continually assesses provisions, including contingencies and the likely outcome of pending and potential legal proceedings. The out-come of such proceedings depends on future events, which are, by na-ture, uncertain. When considering provisions involving significant estimates, opinions and estimates by external legal experts as well as existing case law are applied in assessing the probable outcome of material legal proceedings, etc.Management judgements and estimatesManagement applies significant estimates when recognising and measuring deferred tax assets and uncertain tax positions. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable in-come against which the temporary differences and unutilised tax losses can be utilised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxa-ble profit will allow the deferred tax asset to be recovered.Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Man-agement believes that the provisions made are adequate. The actual obliga-tions may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.Management judgements and estimatesIn applying the acquisition method of accounting, estimates are an inte-gral part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available.Valuation techniques where estimates are applied typically relate to de-termining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition.More significant estimates are typically applied in accounting for property, plant and equipment, customer relationships, trade receivables, deferred tax, debt and contingent liabilities. As a result of the uncertainties inherent in fair value estimation, measurement period adjustments may be applied.Management judgements and estimatesManagement applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met. These judgements may involve advice from external experts, legal advisors, etc.Contingent liabilitiesAs an international transport service provider, the Group is regularly in-volved in tax and VAT disputes, legal proceedings or inquiries from compe-tition authorities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.A detailed disclosure of individual contingent liabilities is considered im-practicable and is therefore not included in the notes to the financial statements.",
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"value": "Basis of consolidationThe consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities in which the Group directly or indirectly controls at least 20%, but not more than 50%, of the voting power are accounted for as associates and meas-ured using the equity method. Investments with negative net asset values are recognised at DKK 0.The consolidated financial statements are prepared based on uniform accounting policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, in-come and expenses.Recognition in the consolidated financial statements When preparing the consolidated financial statements, the income state-ments of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and balance sheet items are translated at the closing rate at the end of the reporting period.Foreign exchange differences arising on translation of the equity of for-eign entities and on translation of receivables considered part of net in-vestment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of income state-ments from the average exchange rate for the period to the exchange rate at the reporting date are also recognised in other comprehensive income. Adjustments are presented under a separate translation reserve in equity.",
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"value": "Basis of consolidationThe consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities in which the Group directly or indirectly controls at least 20%, but not more than 50%, of the voting power are accounted for as associates and meas-ured using the equity method. Investments with negative net asset values are recognised at DKK 0.The consolidated financial statements are prepared based on uniform accounting policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, in-come and expenses.",
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"value": "Group compositionThe Group holds interests in 473 entities and was composed as follows at 31 December 2022:RegionEntities (Number)EMEA Americas APAC TotalSubsidiaries 302 55 108 465Associates 5 1 2 8",
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"value": "Foreign currencyFunctional currencyA functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.Foreign currency translationOn initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income state-ment under financials. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rates at the reporting date and the transaction date or the exchange rate used in the latest annual report is recognised in the income statement under financials. Foreign currency translation differences arising on the translation of non-monetary items, such as investments in associates, are recognised directly in other comprehensive income.",
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"value": "Recognition in the consolidated financial statements When preparing the consolidated financial statements, the income state-ments of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and balance sheet items are translated at the closing rate at the end of the reporting period.Foreign exchange differences arising on translation of the equity of for-eign entities and on translation of receivables considered part of net in-vestment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of income state-ments from the average exchange rate for the period to the exchange rate at the reporting date are also recognised in other comprehensive income. Adjustments are presented under a separate translation reserve in equity.",
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"value": "PresentationCash flow statementThe cash flow statement is prepared using the indirect method based on operating profit before amortisation, depreciation and special items. The cash flow statement cannot be derived directly from the balance sheet and income statement. ",
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"value": "PresentationCash flow statementThe cash flow statement is prepared using the indirect method based on operating profit before amortisation, depreciation and special items. The cash flow statement cannot be derived directly from the balance sheet and income statement. Accounting policiesOperating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geographical presence on the world market. As such, our operat-ing segments reflect our divisional and Group reporting used for manage-ment decision-making.Accounting policiesRevenue comprises freight forwarding services, contract logistics and other related services delivered in the finan cial year. Revenue from services delivered is recognised in accordance with the over-time recognition principle following the satisfaction of various mile-stones as the performance obligation is fulfilled towards the customer. Our main services comprise air, sea, road and solutions services as de-scribed in the following.Air services Air services comprise air freight logistics facilitating transportation of goods across the globe. Air services are reported within the Air & Sea re-porting segment. Air services are characterised by short delivery times, as most air transports are completed within a few days. Sea servicesSea services comprise sea freight logistics facilitating transportation of goods across the globe. Sea services are reported within the Air & Sea re-porting segment. Sea services are characterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise road freight logistics facilitating transportation of goods by road networks mainly in Europe, Middle East, the US and South Africa. Road services are reported within the Road reporting segment. Road services are characterised by short delivery times, as most road transports are completed within a few days. Solutions servicesSolutions services comprise contract logistics, incl. warehousing and in-ventory management, across the globe. Solutions services are reported within the Solutions re porting segment. Solutions services are character-ised by very short delivery times, happening almost instanta neously as agreed actions under the customer contract are carried out.General recognition principlesRevenue from services delivered are recognised based on the price speci-fied in the contract with the customer. Revenue is measured excluding VAT and other tax collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as an expense when incurred due to the short delivery times. Trade receivables from services delivered are invoiced to the customer and are not adjusted for any financing components, as credit terms are short \u2013 typically between 14 and 60 days \u2013 and the financing component therefore insignificant. Where services delivered have yet to be invoiced and invoices on services received from hauliers have still to be received, contract assets and accrued cost of services are recognised at the re-porting date. Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business. Revenue from property projects is recognised at a point in time in the reporting segment to which it relates when control of and legal title to the property have been transferred to the customer. Revenue is recognised based on the price specified in the contract with the customer, and the consideration is due upon transfer of the legal title. Delivery times on prop-erty projects are typically 8-18 months.If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV. As such, any gain or loss recognised only corresponds to rights transferred to the buyer.Sale of services and geographical segmentation specify as follows:Accounting policiesDirect costs comprise costs paid to generate the revenue for the year. Direct costs include settlement of accounts with haulage contractors, ship-ping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs of property projects.Accounting policiesOther external expenses include expenses relating to marketing, IT, other rent, training and education, office premises, travelling, communications as well as other selling costs and administrative expenses, less costs transferred to direct costs.Accounting policiesStaff costs include wages and salaries, pension costs, social security costs and other staff costs for salaried employees, but exclude staff costs for hourly workers, which are recognised as direct costs. Staff costs are recognised in the financial year in which the employee renders the related service. Costs related to long-term employee benefits, e.g. share-based payments, are recognised in the periods in which they are earned.Reference is made to note 3.7 for detailed information on pension plans, note 6.3 for information on remuneration of the Executive Board and the Board of Directors and note 6.2 for detailed information on the Group\u2019s share option schemes.Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6).Accounting policiesSpecial items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which by their nature are not related to the Group\u2019s ordinary opera-tions or investment in future activities.Special items comprise: \u2022 Restructuring costs, impairment costs, etc., relating to fundamental structural, procedural and managerial reorganisations as well as any related gains or losses on disposals; \u2022 Transaction and restructuring costs relating to the acqui sition and divestment of enterprises. Accounting policiesFinancial income and expenses include interest, share of associates\u2019 profit/loss, foreign currency gains and losses, bank charges as well as amortisation of financial assets and liabilities, including finance lease obligations. Further-more, realised and unrealised gains and losses on derivative financial instru-ments that cannot be classified as hedging contracts are included.Accounting policiesGoodwillThe carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.Impairment testing is performed for the lowest cash-generating unit to which consolidated goodwill is allocated, as defined by our divisional management and operational structure. The cash-generating units there-by follow our divisional structure: Air & Sea, Road and Solutions.Goodwill is written down to its recoverable amount through the income statement if lower than the carrying amount.The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of risks relating to the individual cash-generating units, such as geographical and financial exposure.GoodwillOnly goodwill arising from business combinations is recognised in the finan-cial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling interests and any equity investments previously held in the acquiree, com-pared to the fair value of identifiable net assets on the date of acquisition. Goodwill is not amortised, but is tested for impairment at least annually. Customer relationshipsSoftware and software in progressOn initial recognition, customer relationships identified from business com-Software bought or developed for internal use is measured at the lower of binations are recognised in the balance sheet at fair value. Subsequently, cost less accumulated amortisation and impairment losses and the recover-customer relationships are measured at cost less accumulated amortisation able amount. Cost comprises payments for the software and other directly and impairment losses. attributable expenses of preparing the software for its intended use. Customer relationships are amortised over a period of eight years using the After commissioning, software is amortised on a straight-line basis over its diminishing balance method.expected useful life. The amortisation period is 1-8 years.Accounting policiesIf the individual components of an asset have different useful lives, each Subsequent costs, such as partial replacement of property, plant and equip-Land and buildings and other plant and operating equipment are measured at component will be depreciated separately.ment, are included in the carrying amount of the asset in question when it is cost less accumulated depreciation and impairment losses.probable that such costs will result in future economic benefits. The cost of self-constructed assets comprises direct and indirect costs for The cost comprises the acquisition price and other expenses directly attributa-materials, components, subcontractors, wages and salaries. Costs for The carrying amount of the replaced parts is disposed from the balance ble to preparing the asset for its intended use. The present value of estimated self-constructed assets are recognised as property, plant and equipment in sheet and recognised in the income statement.expenses for dismantling and disposing of the asset as well as restoration progress on an ongoing basis until the assets are ready for use.expenses are added to the cost if such expenses are recognised as a provision. Material borrowing costs directly attributable to the construction of the indi-vidual asset are also added to cost. Accounting policiesContract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress at 31 December 2022. Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Refer to note 4.4 for disclosure of credit risk as trade receivables carry substantially the same characteristics as contract assets.Accrued costs of services are estimated and recognised when supplier in-voices relating to recognised revenue for the reporting period have yet to be received.Accounting policiesInventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs incurred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the income statement.Accounting policiesWhether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use asset (ROU) and corresponding lease liability are recognised on the lease commencement date. Upon initial recognition, the right-of-use asset is measured at cost corre-sponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs. The lease liability is measured at the present value of lease payments of the leasing period discounted using the interest rate implicit in the lease contract. In cas-es where the implicit interest rate cannot be determined, an appropriate in-cremental DSV borrowing rate is used. In determining the lease period exten-sion, options are only included if it is reasonably certain they will be utilised.At subsequent measurement, the right-of-use asset is measured less accu-mulated depreciation and impairment losses and adjusted for any remeas-urements of the lease liability. Depreciation is carried out following the straight-line method over the lease term or the useful life of the right-of-use asset, whichever is shortest. The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the contract. Right-of-use assets and lease liabilities are not recognised for low value lease assets or leases with a lease term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease. Any service elements separable from the lease contract are also accounted for following the same principle. Extension options are only included in the lease term if extension of the lease is reasonably certain. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.Accounting policiesPension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the income statement for the period in which they are earned. Contributions payable are recognised in the balance sheet under other current liabilities.In regards to defined benefit plans, an actuarial valuation of the present value of future benefits payable under the plan is made once a year. The present value is calculated based on various assumptions, including the future development in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the present value less the fair value of assets under the plan is recognised in the balance sheet under pensions and other post-employment benefit plans. Pen-sion costs for the year are recognised in the income statement based on actuarial estimates and the financial outlook at the beginning of the year.Differences between the calculated development in pension plan assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains or losses.Changes in benefits payable for employees\u2019 past services to the company result in an adjustment of the actuarial calculation of the present value, which is classified as past service costs. Past service costs are charged to the income statement immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.Accounting policiesProvisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is probable that the Group will have to give up future economic benefits to meet the obligation.Provisions are measured on the basis of Management\u2019s best estimate of the anticipated expenditure for settle ment of the relevant obligation and are discounted if deemed material.Accounting policiesShares consist of only one share class and include no special rights, pref-Share capitalerences or restrictions. All shares are fully paid up.At year end, the share capital of DSV A/S amounted to 219 million shares with a nominal value of DKK 1 each. Accounting policiesThe financial liabilities of the Group are divided into four financing cate-gories: overdraft and credit facilities, issued bonds, lease liabilities and other financial liabilities.Overdraft and credit facilities obtained through the issuance of bonds are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, correspond-ing to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Lease liabilities are described in further detail in note 3.6.Other liabilities are measured at amortised cost, which, in all essentials, corresponds to the net realisable value.Accounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items.Accounting policiesCurrent tax payables and receivables are recognised in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on taxable income for previous years and for prepaid tax. Tax for the year comprises current and deferred tax on profit or loss for the year, interest expenses related to pending tax disputes and adjust-ments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the income statement, unless the tax expense relates directly to items included in other comprehensive income or equity.Accounting policiesDeferred tax is recognised based on temporary differences between the carrying amount and the tax value of assets and liabilities. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes, except at the acquisition of enterprises, if such temporary differ-ences arose on the date of acquisition without affecting the results or the taxable income. In cases where it is possible to calculate the tax value ac-cording to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utili-sation, either by elimination in tax on future earnings or by offsetting de-ferred tax liabilities within the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the enterprise has a legally enforceable right to set off current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the relevant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax. Accounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities.Accounting policiesDSV's share option schemes are equity-settled, measured at the grant date and recognised in the income statement as staff costs over the vesting period. The offsetting item is recognised directly in equity.The value of employee services received during the vesting period in ex-change for share options granted corresponds to the fair value of the share options at the date of granting. The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valua-tion model is based.Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is adjusted subsequently to reflect the actual number of share op-tions earned. The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valu-ation of the share options granted in 2022 and 2021 is based on the fol-lowing assumptions:Assumptions 2022 2021Share price 1,485.0 1,325.0Volatility 18.0% 18.0%Risk-free interest rate 1.2% (0.1%)Expected dividends 0.8% 0.8%Expected remaining life (years) 3.5 3.5Accounting policiesContingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.Key figures and ratios are disclosed in accordance with \u2018Recommendations Definition of & Ratios\u2019 published by the Danish Finance Society, except for financial ratios marked with (*), as these are either derived or not included in the key figures Recommendations. Earnings per share and diluted earnings per share are disclosed in accordance with IAS 33. Environmental, social and govern-and ratiosmental key figures and ratios are defined in the DSV Sustainability Report 2022 to which reference is made.Key figuresFinancial ratios Share ratiosGross profit * 100Profit attributable to the shareholders of DSV A/SNet interest- = Interest-bearing debt less interest-bearing assets and Gross margin =Earnings per share =RevenueAverage number of sharesbearing debt cash and cash equivalentsOperating profit (EBIT) before special items * 100Profit attributable to the shareholders of DSV A/SNet working = Receivables and other current operating assets less Operating margin =Diluted earnings = RevenueAverage number of shares dilutedcapital trade payables and other payables and other current per shareoperating liabilitiesOperating profit (EBIT) before special items * 100Adjusted earningsConversion ratio =Diluted adjusted = Gross profitAverage number of shares dilutedInvested capital = NWC + property, plant and equipment, ROU assets, earnings per share intangible assets including goodwill and customer rela-Tax on profit for the year * 100tionships less long-term provisionsEffective tax rate* =Profit before taxNumber of shares = Total number of shares outstanding excluding Adjusted earnings = The DSV A/S shareholders\u2019 share of profit for the re-treasury shares at the reporting dateOperating profit (EBIT) before special items * 100porting period adjusted for amortisation and impairment Return on invested =Average invested capital of goodwill and customer relationships, costs related to capital before taxAverage number = Average number of shares outstanding during share-based payments and special items. The tax effect of shares the reporting period Profit attributable to the shareholders of the adjustments has been taken into accountof DSV A/S * 100Return on equity =Average number = Average number of shares outstanding during Average equity excluding non-controlling interests Net financial =Financial income less financial expensesof shares dilutedthe reporting period including share options, expenses but excluding out-of-the-money options Equity excluding non-controlling interests * 100Solvency ratio = measured relative to the average share price Total assetsSpecial items =Exceptional items of income or expense which by nature for the periodare not related to the Group's ordinary operation or Net interest-bearing debtinvestments in future activities. See note 2.7 for addi-Gearing ratio* =Operating profit before amortisation, tional details on items includeddepreciation (EBITDA) before special itemsAdjusted free = Free cash flow adjusted for net acquisition of subsidiar-cash flowies and activities, lease liability repayments, special items and normalisation of working capital in subsidiar-ies and activities acquired",
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"value": "PresentationCash flow statementThe cash flow statement is prepared using the indirect method based on operating profit before amortisation, depreciation and special items. The cash flow statement cannot be derived directly from the balance sheet and income statement. ",
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"value": "Accounting policiesOperating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geographical presence on the world market. As such, our operat-ing segments reflect our divisional and Group reporting used for manage-ment decision-making.Accounting policiesRevenue comprises freight forwarding services, contract logistics and other related services delivered in the finan cial year. Revenue from services delivered is recognised in accordance with the over-time recognition principle following the satisfaction of various mile-stones as the performance obligation is fulfilled towards the customer. Our main services comprise air, sea, road and solutions services as de-scribed in the following.Air services Air services comprise air freight logistics facilitating transportation of goods across the globe. Air services are reported within the Air & Sea re-porting segment. Air services are characterised by short delivery times, as most air transports are completed within a few days. Sea servicesSea services comprise sea freight logistics facilitating transportation of goods across the globe. Sea services are reported within the Air & Sea re-porting segment. Sea services are characterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise road freight logistics facilitating transportation of goods by road networks mainly in Europe, Middle East, the US and South Africa. Road services are reported within the Road reporting segment. Road services are characterised by short delivery times, as most road transports are completed within a few days. Solutions servicesSolutions services comprise contract logistics, incl. warehousing and in-ventory management, across the globe. Solutions services are reported within the Solutions re porting segment. Solutions services are character-ised by very short delivery times, happening almost instanta neously as agreed actions under the customer contract are carried out.General recognition principlesRevenue from services delivered are recognised based on the price speci-fied in the contract with the customer. Revenue is measured excluding VAT and other tax collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as an expense when incurred due to the short delivery times. Trade receivables from services delivered are invoiced to the customer and are not adjusted for any financing components, as credit terms are short \u2013 typically between 14 and 60 days \u2013 and the financing component therefore insignificant. Where services delivered have yet to be invoiced and invoices on services received from hauliers have still to be received, contract assets and accrued cost of services are recognised at the re-porting date. Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business. Revenue from property projects is recognised at a point in time in the reporting segment to which it relates when control of and legal title to the property have been transferred to the customer. Revenue is recognised based on the price specified in the contract with the customer, and the consideration is due upon transfer of the legal title. Delivery times on prop-erty projects are typically 8-18 months.If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV. As such, any gain or loss recognised only corresponds to rights transferred to the buyer.Sale of services and geographical segmentation specify as follows:",
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"value": "2.1 Segment informationOperating segmentsOur business operations are carried out by three divisions, forming the basis of our segment reporting.Air & Sea The Air & Sea division provides air and sea freight services across the globe. This includes a projects department, handling out of gauge cargo and special transportation projects. Road The Road division provides road freight services across Europe, Middle East, North America and South Africa.Solutions The Solutions division offers contract logistics services, incl. warehousing and inventory management, across the globe.Measurement of earnings by segmentOur business segments are measured and reported down to operating profit before special items. Segment results are accounted for in the same way as in the consolidated financial statements. Segment income/expenses and assets/liabilities comprise the items directly attributable to the individual segment as well as the items that may be allocated to the individual segment on a reliable basis.Income and expenses relating to Group functions, investing activities, etc., are managed at Group level. These items are not included in the statement of segment information, but are presented under \u2018non- allocated items and eliminations\u2019.Financial position of business segmentsAssets and liabilities are included in the segmental reporting to the extent they are used for the operation of the segment. Assets and liabilities that cannot be attributed to any of the three seg-ments on a reliable basis are presented under \u2018non-allocated items and eliminations\u2019.Geographical information DSV operates in most parts of the world and has activities in more than 80 countries, which are divided into the following geographical regions:\u2022 EMEA: Europe, Middle East and Africa\u2022 Americas: North and South America\u2022 APAC: Asia, Australia and the PacificRevenue and non-current assets are allocated to the geographical areas according to the country in which the individual consolidated entity is based. Refer to note 2.2 for regional segmentation of revenue. The cor-porate headquarter of DSV is located in Denmark, which is included in the EMEA segment. Our business is based on transactions in our global net-work rather than in individual countries or regions. Intersegment transactions are made on an arm\u2019s length basis.Major customersDSV is not reliant on any major customers. No single customer exceeds 5% of combined Group revenue.Accounting policiesOperating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geographical presence on the world market. As such, our operat-ing segments reflect our divisional and Group reporting used for manage-ment decision-making.2.1 Segment information \u2013 continuedNon-allocated items Air & Sea Road Solutionsand eliminations Tot a lSegment information \u2013 divisions (DKKm)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Condensed income statementRevenue 172,868 130,899 38,746 33,077 23,826 17,989 225 341 235,665 182,306Intercompany revenue 1,563 1,002 2,761 2,339 583 745 (4,907) (4,086) - -Divisional revenue 174,431 131,901 41,507 35,416 24,409 18,734 (4,682) (3,745) 235,665 182,306Direct costs 139,807 108,132 33,596 28,321 15,091 12,081 (4,978) (3,843) 183,516 144,691Gross profit 34,624 23,769 7,911 7,095 9,318 6,653 296 98 52,149 37,615Other external expenses 4,244 3,366 1,425 1,122 1,759 1,338 (1,869) (1,653) 5,559 4,173Staff costs 8,471 6,598 3,543 3,149 2,254 1,664 2,047 1,614 16,315 13,025Operating profit before amortisation, depreciation and special items 21,909 13,805 2,943 2,824 5,305 3,651 118 137 30,275 20,417Amortisation and depreciation 1,251 1,037 903 967 2,604 1,876 313 314 5,071 4,194Operating profit (EBIT) before special items* 20,658 12,768 2,040 1,857 2,701 1,775 (195) (177) 25,204 16,223Condensed balance sheetTotal gross investments 1,797 17,262 501 1,958 4,338 4,118 165 7,864 6,801 31,202Total assets 93,821 96,879 24,437 24,135 29,347 26,245 11,440 14,136 159,045 161,395Total liabilities 67,546 79,824 17,547 18,883 23,357 20,310 (21,146) (31,900) 87,304 87,117* Reference is made to the income statement for a reconciliation from operating profit (EBIT) before special items to profit for the year.Revenue Non-current assets**Non-current assets**Geographical information Geographical information \u2013 major countries (DKKm)2022 2021 2022 2021 \u2013 regions (DKKm) 2022 2021USA 52,826 36,532 2,431 1,715EMEA 18,179 18,154Germany 17,684 15,061 1,526 1,523Americas 3,593 2,542Denmark 17,071 17,452 4,159 4,774APAC 2,455 2,422United Kingdom 9,761 7,807 896 813Total 24,227 23,118Sweden 8,360 6,172 890 896** Non-current assets less tax assets, customer relationships and goodwill.Other 129,963 99,282 14,325 13,397Total 235,665 182,306 24,227 23,1182.2 RevenueEMEA Americas APAC Tot a lServices and geogra phical segmentation (DKKm)2022 2021 2022 2021 2022 2021 2022 2021Air services 30,258 24,867 28,083 19,624 32,250 26,355 90,591 70,846Sea services 41,386 32,053 28,494 18,317 13,960 10,685 83,840 61,055Road services 37,453 32,452 4,054 2,964 - - 41,507 35,416Solutions services 16,537 12,914 4,382 3,639 3,490 2,181 24,409 18,734Total 125,634 102,286 65,013 44,544 49,700 39,221 240,347 186,051Non-allocated items and eliminations (4,682) (3,745)Total revenue 235,665 182,3062.2 RevenueRevenue is specified as follows:Revenue (DKKm) 2022 2021Sale of services 234,669 181,707Other operating income 996 599Total revenue 235,665 182,306Management judgements and estimatesFor goodwill impairment testing, a number of estimates are made on the development in revenues, gross profits, operating margins, future capital expenditures, discount rates and growth expectations in the terminal peri-od. These are based on an assessment of current and future developments in the three cash-generating units and on historical data and assumptions of future expected market developments, including expected long-term average market growth rates.Material value drivers affecting the future net cash flows of the three cash-generating units are:Air & SeaThe Air & Sea division operates globally, so developments in the global economy and world trade therefore have a material impact on the divi-sion\u2019s future net cash flow. Developments in gross profit per shipment, cost management initiatives and development in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.RoadThe Road division mainly operates on the EMEA and US markets, which means that the division\u2019s future net cash flow is affected by the growth rate in these regions. Developments in gross profit per shipment, including truck and terminal utilisation rates, cost management initiatives and devel-opment in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.SolutionsThe Solutions division operates globally, so developments in the global economy and world trade therefore have a material impact on the divi-sion\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost manage-ment initiatives and development in internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.The expected future net cash flow is based on budgets and business plans approved by Management for the year 2023 and projections for subsequent years up to and including 2026. From 2026 onwards, DSV expects the growth rate to remain in line with the expected long-term average growth rate for the industry.3.4 Contract assets and accrued cost of services ",
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"value": "2.2 RevenueEMEA Americas APAC Tot a lServices and geogra phical segmentation (DKKm)2022 2021 2022 2021 2022 2021 2022 2021Air services 30,258 24,867 28,083 19,624 32,250 26,355 90,591 70,846Sea services 41,386 32,053 28,494 18,317 13,960 10,685 83,840 61,055Road services 37,453 32,452 4,054 2,964 - - 41,507 35,416Solutions services 16,537 12,914 4,382 3,639 3,490 2,181 24,409 18,734Total 125,634 102,286 65,013 44,544 49,700 39,221 240,347 186,051Non-allocated items and eliminations (4,682) (3,745)Total revenue 235,665 182,306Accounting policiesRevenue comprises freight forwarding services, contract logistics and other related services delivered in the finan cial year. Revenue from services delivered is recognised in accordance with the over-time recognition principle following the satisfaction of various mile-stones as the performance obligation is fulfilled towards the customer. Our main services comprise air, sea, road and solutions services as de-scribed in the following.Air services Air services comprise air freight logistics facilitating transportation of goods across the globe. Air services are reported within the Air & Sea re-porting segment. Air services are characterised by short delivery times, as most air transports are completed within a few days. Sea servicesSea services comprise sea freight logistics facilitating transportation of goods across the globe. Sea services are reported within the Air & Sea re-porting segment. Sea services are characterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise road freight logistics facilitating transportation of goods by road networks mainly in Europe, Middle East, the US and South Africa. Road services are reported within the Road reporting segment. Road services are characterised by short delivery times, as most road transports are completed within a few days. Solutions servicesSolutions services comprise contract logistics, incl. warehousing and in-ventory management, across the globe. Solutions services are reported within the Solutions re porting segment. Solutions services are character-ised by very short delivery times, happening almost instanta neously as agreed actions under the customer contract are carried out.General recognition principlesRevenue from services delivered are recognised based on the price speci-fied in the contract with the customer. Revenue is measured excluding VAT and other tax collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as an expense when incurred due to the short delivery times. Trade receivables from services delivered are invoiced to the customer and are not adjusted for any financing components, as credit terms are short \u2013 typically between 14 and 60 days \u2013 and the financing component therefore insignificant. Where services delivered have yet to be invoiced and invoices on services received from hauliers have still to be received, contract assets and accrued cost of services are recognised at the re-porting date. Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business. Revenue from property projects is recognised at a point in time in the reporting segment to which it relates when control of and legal title to the property have been transferred to the customer. Revenue is recognised based on the price specified in the contract with the customer, and the consideration is due upon transfer of the legal title. Delivery times on prop-erty projects are typically 8-18 months.If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV. As such, any gain or loss recognised only corresponds to rights transferred to the buyer.Sale of services and geographical segmentation specify as follows:2.2 RevenueRevenue is specified as follows:Revenue (DKKm) 2022 2021Sale of services 234,669 181,707Other operating income 996 599Total revenue 235,665 182,306Sale of services includes revenue from freight forwarding services, con-tract logistics, sale of property projects and other related services. Sale of property projects recognised at a point in time constitutes less than 1% of total revenue (2021: less than 2%). Other operating income includes rental income from terminal and building leases, gains from disposal of non- current assets and income from insurance contracts.3.4 Contract assets and accrued cost of services Management judgements and estimatesIn the preparation of the consolidated financial statements, significant estimates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experi-ence and continuous follow-up on services in progress relative to sub-sequent invoicing.",
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"value": "Accounting policiesRevenue comprises freight forwarding services, contract logistics and other related services delivered in the finan cial year. Revenue from services delivered is recognised in accordance with the over-time recognition principle following the satisfaction of various mile-stones as the performance obligation is fulfilled towards the customer. Our main services comprise air, sea, road and solutions services as de-scribed in the following.Air services Air services comprise air freight logistics facilitating transportation of goods across the globe. Air services are reported within the Air & Sea re-porting segment. Air services are characterised by short delivery times, as most air transports are completed within a few days. Sea servicesSea services comprise sea freight logistics facilitating transportation of goods across the globe. Sea services are reported within the Air & Sea re-porting segment. Sea services are characterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise road freight logistics facilitating transportation of goods by road networks mainly in Europe, Middle East, the US and South Africa. Road services are reported within the Road reporting segment. Road services are characterised by short delivery times, as most road transports are completed within a few days. Solutions servicesSolutions services comprise contract logistics, incl. warehousing and in-ventory management, across the globe. Solutions services are reported within the Solutions re porting segment. Solutions services are character-ised by very short delivery times, happening almost instanta neously as agreed actions under the customer contract are carried out.General recognition principlesRevenue from services delivered are recognised based on the price speci-fied in the contract with the customer. Revenue is measured excluding VAT and other tax collected on behalf of third parties, and any discounts are offset against the revenue. Incremental costs of obtaining a contract with a customer are not recognised as an asset but as an expense when incurred due to the short delivery times. Trade receivables from services delivered are invoiced to the customer and are not adjusted for any financing components, as credit terms are short \u2013 typically between 14 and 60 days \u2013 and the financing component therefore insignificant. Where services delivered have yet to be invoiced and invoices on services received from hauliers have still to be received, contract assets and accrued cost of services are recognised at the re-porting date. Revenue allocated to remaining performance obligations are not disclosed following the practical expedient of IFRS 15. Revenue also comprises income from sale of property projects in the form of sale of land and buildings acquired, constructed and held for sale in the ordinary course of business. Revenue from property projects is recognised at a point in time in the reporting segment to which it relates when control of and legal title to the property have been transferred to the customer. Revenue is recognised based on the price specified in the contract with the customer, and the consideration is due upon transfer of the legal title. Delivery times on prop-erty projects are typically 8-18 months.If the property is leased back after completion, the right-of-use asset arising from the leaseback is recognised at the proportion of the previous carrying amount of the asset that relates to the right of use retained by DSV. As such, any gain or loss recognised only corresponds to rights transferred to the buyer.Sale of services and geographical segmentation specify as follows:Accounting policiesContract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress at 31 December 2022. Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Refer to note 4.4 for disclosure of credit risk as trade receivables carry substantially the same characteristics as contract assets.Accrued costs of services are estimated and recognised when supplier in-voices relating to recognised revenue for the reporting period have yet to be received.",
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},
"pp-value-44-2": {
"value": "2.3 Direct costsAccounting policiesDirect costs comprise costs paid to generate the revenue for the year. Direct costs include settlement of accounts with haulage contractors, ship-ping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs of property projects.Direct costs (DKKm) 2022 2021Cost of carriers 169,068 133,631Staff costs, hourly workers 7,647 6,280Other costs of operation 6,801 4,780Direct costs 183,516 144,6912.4 Other external expensesAccounting policiesOther external expenses include expenses relating to marketing, IT, other rent, training and education, office premises, travelling, communications as well as other selling costs and administrative expenses, less costs transferred to direct costs.Other external expenses (DKKm) 2022 2021Other external expenses 12,360 8,953Transferred to direct costs (6,801) (4,780)Total other external expenses 5,559 4,1732.5 Staff costsAccounting policiesStaff costs include wages and salaries, pension costs, social security costs and other staff costs for salaried employees, but exclude staff costs for hourly workers, which are recognised as direct costs. Staff costs are recognised in the financial year in which the employee renders the related service. Costs related to long-term employee benefits, e.g. share-based payments, are recognised in the periods in which they are earned.Reference is made to note 3.7 for detailed information on pension plans, note 6.3 for information on remuneration of the Executive Board and the Board of Directors and note 6.2 for detailed information on the Group\u2019s share option schemes.Staff costs (DKKm) 2022 2021Salaries and wages, etc. 20,111 16,250Defined contribution pension plans 745 567Defined benefit pension plans 84 74Other social security costs 2,820 2,254Share-based payments 202 160Total staff costs 23,962 19,305Recognised in the income statement items:Hourly workers \u2013 recognised as direct costs 7,647 6,280Salaried employees \u2013 recognised as staff costs 16,315 13,025Total 23,962 19,305Weighted average number of full-time employees 76,583 67,016Number of full-time employees at year-end 76,283 77,9582.6 Amortisation and depreciationAmortisation and depre ci ation (DKKm) 2022 2021Customer relationships 254 212Software 185 218Buildings 341 231Other plant and operating equipment 530 388ROU assets \u2013 Land and buildings 3,549 2,757ROU assets \u2013 Other plant and operating equipment212 388Total amortisation and depreciation 5,071 4,194Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "2.3 Direct costsDirect costs (DKKm) 2022 2021Cost of carriers 169,068 133,631Staff costs, hourly workers 7,647 6,280Other costs of operation 6,801 4,780Direct costs 183,516 144,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-44-4": {
"value": "2.3 Direct costsDirect costs (DKKm) 2022 2021Cost of carriers 169,068 133,631Staff costs, hourly workers 7,647 6,280Other costs of operation 6,801 4,780Direct costs 183,516 144,6912.5 Staff costsAccounting policiesStaff costs include wages and salaries, pension costs, social security costs and other staff costs for salaried employees, but exclude staff costs for hourly workers, which are recognised as direct costs. Staff costs are recognised in the financial year in which the employee renders the related service. Costs related to long-term employee benefits, e.g. share-based payments, are recognised in the periods in which they are earned.Reference is made to note 3.7 for detailed information on pension plans, note 6.3 for information on remuneration of the Executive Board and the Board of Directors and note 6.2 for detailed information on the Group\u2019s share option schemes.Staff costs (DKKm) 2022 2021Salaries and wages, etc. 20,111 16,250Defined contribution pension plans 745 567Defined benefit pension plans 84 74Other social security costs 2,820 2,254Share-based payments 202 160Total staff costs 23,962 19,305Recognised in the income statement items:Hourly workers \u2013 recognised as direct costs 7,647 6,280Salaried employees \u2013 recognised as staff costs 16,315 13,025Total 23,962 19,305Weighted average number of full-time employees 76,583 67,016Number of full-time employees at year-end 76,283 77,9583.7 Pensions and other post-employment benefit plansDefined benefit pension obligationsDevelopment in the present value of defined benefit pension obligations is specified as follows:Defined benefit pension obligations (DKKm) 20212022Obligations at 1 January 5,693 4,218Current service cost 135 100Past service cost from plan amendments, curtailments and gains/losses on settlements 9 (26)Calculated interest on obligations 75 56Actuarial gains/losses arising from changes in financial assumptions (1,283) (186)Actuarial gains/losses arising from changes in demographic assumptions (23) (63)Actuarial gains/losses arising from experience adjustments 39 (8)Payments from the plan (521) (1,211)Additions from business combinations - 2,667Currency translation (12) 146Obligations at 31 December 4,112 5,693The expected average duration of the obligations is 14 years.Expected maturity of pension obligations (DKKm)202120220-1 year 501 2061-5 years 933 747> 5 years 2,678 4,740Total obligations recognised 4,112 5,693Pension obligationsPension obligations (DKKm) 2022 2021Present value of defined benefit plans 4,112 5,693Fair value of pension plan assets 2,929 4,785Pension obligations, net 1,183 908Of these obligations, DKK 856 million relates to unfunded pension obliga-tions (2021: DKK 1,032 million) and DKK 327 million relates to partly funded obligations (2021: DKK 124 million). The latter is primarily due to the Swiss plans being overfunded. Total pension costs for the yearIn 2022, net costs of DKK 848 million relating to the Group\u2019s pension plans were recognised in the income statement (2021: DKK 658 million) and specify as follows:Defined Defined contribution benefit Pension cost 2022 (DKKm) plansplans Tota lStaff costs 745 84 829Financial expenses - 19 19Total costs recognised 745 103 848Defined Defined contribution benefit Pension cost 2021 (DKKm) plansplans Tota lStaff costs 567 74 641Financial expenses - 17 17Total costs recognised 567 91 658Accounting policiesPension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the income statement for the period in which they are earned. Contributions payable are recognised in the balance sheet under other current liabilities.In regards to defined benefit plans, an actuarial valuation of the present value of future benefits payable under the plan is made once a year. The present value is calculated based on various assumptions, including the future development in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the present value less the fair value of assets under the plan is recognised in the balance sheet under pensions and other post-employment benefit plans. Pen-sion costs for the year are recognised in the income statement based on actuarial estimates and the financial outlook at the beginning of the year.Differences between the calculated development in pension plan assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains or losses.Changes in benefits payable for employees\u2019 past services to the company result in an adjustment of the actuarial calculation of the present value, which is classified as past service costs. Past service costs are charged to the income statement immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.Management judgements and estimatesIn determining pension obligations, management makes use of valuations from external and independent actuaries as basis for the estimates ap-plied. The actuarial assumptions used in the valuations vary from country to country owing to national, economic and social conditions.3.7 Pensions and other post-employment benefit plans \u2014 continuedPension plan assetsWe continuously work to change our defined benefit plans in DSV into Development in the fair value of pension plan assets is specified as follows:Sensitivity analysis (DKKm) 20212022defined contribution plans for the benefit of the Group and the employees. Defined benefit pension obligation 4,112 5,693Pension plan assets (DKKm) 2022 2021Applied key assumptions for the most significant pension plans are as follows:Discount ratePension plan assets at 1 January 4,785 2,999Future Increase of 0.5 percentage point 3,888 5,293Calculated interest on plan assets 56 29Discount wage/salary Future rate Decrease of 0.5 percentage point 4,346 6,126Return on plan assets excluding Key assumptions 2022rateincreaseof inflationcalculated interest (1,288) 298Future wage/salary increaseSweden 3.9% 2.6% 2.1%Contributions to the plan 163 121Increase of 0.5 percentage point 4,148 5,744Germany 4.1% 3.0% 2.4%Payments from the plan (411) (1,168)Decrease of 0.5 percentage point 4,071 5,595Other 0.7-7.3% 0-10.0% 0-3.5%Additions from business combinations - 2,312InflationWeighted average 4.2% 3.0% 1.8%Asset ceiling (374) -Increase of 0.5 percentage point 4,223 5,900Mortality prognosis tableCurrency translation (2) 194Decrease of 0.5 percentage point 3,987 5,479Pension plan assets at 31 December 2,929 4,785Sweden DUS21 (w-c)Life expectancyGermany RT Heubeck 2018 GActuarial loss included in statement of comprehensive income amounts to Life expectancy increase of 1 year 4,218 5,810DKK 395 million. DSV expects to contribute DKK 61 million to defined Life expectancy decrease of 1 year 3,986 5,507Future benefit plan assets in 2023 (2022: DKK 55 million). The pension plan Discount wage/salary Future rate assets are composed as follows:Key assumptions 2021rateincreaseof inflationSignificant pension plansSweden 1.5% 2.0% 1.5%Composition of pension plan assets (%) 20212022The most significant defined benefit plans of the Group relate to Europe, Germany 1.0% 2.0% 1.5%with Germany, Sweden and the UK being the largest. No other countries Shares 47% 52%have individual defined benefit plans of significance. The plan in Sweden is a Other 0.3-6.1% 0-10.0% 0-2.1%Bonds 44% 37%final pay scheme, which covers all salaried employees born in or before Weighted average 1.5% 2.8% 1.2%Insurance contracts 9% 11%1978 and is based on a collective labour agreement. Salaried employees born in or after 1979 are covered by a defined con tribution plan.Total 100% 100%Mortality prognosis tableSweden DUS14 (w-c)The plan in Germany covers both salaried and hourly workers. Under this Sensitivity analysisplan, employees earn a fixed amount for each year in service. The plan has Germany RT Heubeck 2018 GThe following table illustrates the change in the gross obligation relating to been closed for new employees since 1994. defined benefit plans from a change in the key actuarial assumptions. The analysis is based on reasonably probable changes, provided that the other parameters remain unchanged.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "Sale of services includes revenue from freight forwarding services, con-tract logistics, sale of property projects and other related services. Sale of property projects recognised at a point in time constitutes less than 1% of total revenue (2021: less than 2%). Other operating income includes rental income from terminal and building leases, gains from disposal of non- current assets and income from insurance contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-4": {
"value": "Accounting policiesDirect costs comprise costs paid to generate the revenue for the year. Direct costs include settlement of accounts with haulage contractors, ship-ping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs of property projects.Accounting policiesOther external expenses include expenses relating to marketing, IT, other rent, training and education, office premises, travelling, communications as well as other selling costs and administrative expenses, less costs transferred to direct costs.Accounting policiesStaff costs include wages and salaries, pension costs, social security costs and other staff costs for salaried employees, but exclude staff costs for hourly workers, which are recognised as direct costs. Staff costs are recognised in the financial year in which the employee renders the related service. Costs related to long-term employee benefits, e.g. share-based payments, are recognised in the periods in which they are earned.Reference is made to note 3.7 for detailed information on pension plans, note 6.3 for information on remuneration of the Executive Board and the Board of Directors and note 6.2 for detailed information on the Group\u2019s share option schemes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-3": {
"value": "2.6 Amortisation and depreciationAmortisation and depre ci ation (DKKm) 2022 2021Customer relationships 254 212Software 185 218Buildings 341 231Other plant and operating equipment 530 388ROU assets \u2013 Land and buildings 3,549 2,757ROU assets \u2013 Other plant and operating equipment212 388Total amortisation and depreciation 5,071 4,194Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-4": {
"value": "2.6 Amortisation and depreciationAmortisation and depre ci ation (DKKm) 2022 2021Customer relationships 254 212Software 185 218Buildings 341 231Other plant and operating equipment 530 388ROU assets \u2013 Land and buildings 3,549 2,757ROU assets \u2013 Other plant and operating equipment212 388Total amortisation and depreciation 5,071 4,194Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-6": {
"value": "Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-4": {
"value": "Accounting policiesSpecial items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which by their nature are not related to the Group\u2019s ordinary opera-tions or investment in future activities.Special items comprise: \u2022 Restructuring costs, impairment costs, etc., relating to fundamental structural, procedural and managerial reorganisations as well as any related gains or losses on disposals; \u2022 Transaction and restructuring costs relating to the acqui sition and divestment of enterprises. ",
"dimensions": {
"concept": "DSV:DescriptionOfAccountingPolicyForSpecialItems",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-4": {
"value": "Accounting policiesFinancial income and expenses include interest, share of associates\u2019 profit/loss, foreign currency gains and losses, bank charges as well as amortisation of financial assets and liabilities, including finance lease obligations. Further-more, realised and unrealised gains and losses on derivative financial instru-ments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-3": {
"value": "Financial income (DKKm) 2022 2021Interest income 323 202Share of associates\u2019 profit, net of tax 7 4Currency translation recognised in the income statement 276 -Total financial income 606 206Interest income includes interest on financial assets of DKK 323 million (2021: DKK 202 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-2": {
"value": "Financial expenses (DKKm) 2022 2021Interest expenses on lease liabilities 727 495Interest expenses on borrowings 236 159Interest expenses, bank 397 249Financial expenses on pension obligations, refer to note 3.7 19 17Currency translation recognised in the income statement - 53Other financial expenses 93 74Total financial expenses 1,472 1,047Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,453 million (2021: DKK 977 million).2.8 Financial income and expensesAccounting policiesFinancial income and expenses include interest, share of associates\u2019 profit/loss, foreign currency gains and losses, bank charges as well as amortisation of financial assets and liabilities, including finance lease obligations. Further-more, realised and unrealised gains and losses on derivative financial instru-ments that cannot be classified as hedging contracts are included.Financial income (DKKm) 2022 2021Interest income 323 202Share of associates\u2019 profit, net of tax 7 4Currency translation recognised in the income statement 276 -Total financial income 606 206Interest income includes interest on financial assets of DKK 323 million (2021: DKK 202 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "Financial expenses (DKKm) 2022 2021Interest expenses on lease liabilities 727 495Interest expenses on borrowings 236 159Interest expenses, bank 397 249Financial expenses on pension obligations, refer to note 3.7 19 17Currency translation recognised in the income statement - 53Other financial expenses 93 74Total financial expenses 1,472 1,047Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,453 million (2021: DKK 977 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "2.7 Special itemsSpecial items reconcile to the income statement items as specified in the table below:2022 2021Reported Adjusted Reported Adjusted income Special income income Specialincome Special items Bridge (DKKm) statementitemsstatementstatementitemsstatementRevenue 235,665 - 235,665 182,306 23 182,329Direct costs 183,516 19 183,535 144,691 12 144,703Gross profit 52,149 (19) 52,130 37,615 11 37,626Other external expenses 5,559 237 5,796 4,173 184 4,357Staff costs 16,315 653 16,968 13,025 277 13,302Operating profit before amortisation and depreciation 30,275 (909) 29,366 20,417 (450) 19,967Amortisation and depreciation 5,071 213 5,284 4,194 29 4,223Operating profit 25,204 (1,122) 24,082 16,223 (479) 15,744Special items, costs 1,117 (1,117) - 478 (478) -Financial income 606 - 606 206 - 206Financial expenses 1,472 (5) 1,467 1,047 (1) 1,046Profit before tax 23,221 - 23,221 14,904 - 14,904Accounting policiesSpecial items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which by their nature are not related to the Group\u2019s ordinary opera-tions or investment in future activities.Special items comprise: \u2022 Restructuring costs, impairment costs, etc., relating to fundamental structural, procedural and managerial reorganisations as well as any related gains or losses on disposals; \u2022 Transaction and restructuring costs relating to the acqui sition and divestment of enterprises. Management judgements and estimatesIn the classification of special items, judgement is applied in ensuring that only exceptional items not associated with the ordinary operations of the Group are included.Special items (DKKm)2022 2021Restructuring and integration costs 1,117 392Transaction costs relating to acquisitions - 86Special items, costs 1,117 478",
"dimensions": {
"concept": "DSV:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-4": {
"value": "Accounting policiesGoodwillThe carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.Impairment testing is performed for the lowest cash-generating unit to which consolidated goodwill is allocated, as defined by our divisional management and operational structure. The cash-generating units there-by follow our divisional structure: Air & Sea, Road and Solutions.Goodwill is written down to its recoverable amount through the income statement if lower than the carrying amount.The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of risks relating to the individual cash-generating units, such as geographical and financial exposure.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-2": {
"value": "3.1 Impairment testingAccounting policiesGoodwillThe carrying amount of goodwill is tested for impairment at least annually together with other non-current assets of the Group.Impairment testing is performed for the lowest cash-generating unit to which consolidated goodwill is allocated, as defined by our divisional management and operational structure. The cash-generating units there-by follow our divisional structure: Air & Sea, Road and Solutions.Goodwill is written down to its recoverable amount through the income statement if lower than the carrying amount.The recoverable amount is determined as the present value of the discounted future net cash flow from the cash-generating unit to which the goodwill relates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of risks relating to the individual cash-generating units, such as geographical and financial exposure.Other non-current intangible assets, property, plant and equipmentThe carrying amount of other non-current assets is tested for impairment at least once a year in connection with the impairment test of goodwill. If the tests show evidence of impairment, the asset is written down to the recoverable amount through the income statement. The recoverable amount is the higher of the fair value of the asset less the expected costs to sell and its value in use.The value in use is calculated as the present value of expected future cash flows from the asset or the division of which the asset forms part.Management judgements and estimatesFor goodwill impairment testing, a number of estimates are made on the development in revenues, gross profits, operating margins, future capital expenditures, discount rates and growth expectations in the terminal peri-od. These are based on an assessment of current and future developments in the three cash-generating units and on historical data and assumptions of future expected market developments, including expected long-term average market growth rates.Material value drivers affecting the future net cash flows of the three cash-generating units are:Air & SeaThe Air & Sea division operates globally, so developments in the global economy and world trade therefore have a material impact on the divi-sion\u2019s future net cash flow. Developments in gross profit per shipment, cost management initiatives and development in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.RoadThe Road division mainly operates on the EMEA and US markets, which means that the division\u2019s future net cash flow is affected by the growth rate in these regions. Developments in gross profit per shipment, including truck and terminal utilisation rates, cost management initiatives and devel-opment in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.SolutionsThe Solutions division operates globally, so developments in the global economy and world trade therefore have a material impact on the divi-sion\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost manage-ment initiatives and development in internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.The expected future net cash flow is based on budgets and business plans approved by Management for the year 2023 and projections for subsequent years up to and including 2026. From 2026 onwards, DSV expects the growth rate to remain in line with the expected long-term average growth rate for the industry.Impairment test Sensitivity analysisGoodwill was tested for impairment at 31 December 2022. The tests did The sensitivity analysis shows the lowest possible growth rate or highest not result in any impairment of carrying amounts.possible discount rate in percentage points by which the assumptions used can change before goodwill becomes impaired.The assumptions used, including a sensitivity analysis, are stated in the following paragraph. The pre-tax discount rate is calculated in accordance Other non-current intangible assets, property, plant and equipment with IAS 36.Other non-current assets were also tested for impairment indications to-gether with goodwill at 31 December 2022. No indication of impairment The sensitivity analysis assesses the impact of changes in cash flows and was identified in connection with these tests.discount rates on the impairment test results. The an alysis concluded that even negative changes, which are unlikely to occur, will not result in im-pairment of goodwill in any of the three cash-generating units.2022 2021Goodwill impairment test at 31 December 2022 (DKKm)Air & Sea Road Solutions Air & Sea Road SolutionsCarrying amount of goodwill 58,877 7,964 9,452 57,893 7,901 9,269Budget periodAnnual revenue growth 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%Operating margin 9.1% 5.6% 11.0% 9.1% 5.6% 11.0%Terminal periodGrowth 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%Pre-tax discount rate 11.0% 9.7% 11.1% 7.2% 6.0% 7.3%Sensitivity analysisGrowth in budget period \u2013 allowed decline (percentage points) 23.1% 28.2% 9.0% 28.3% 40.0% 18.4%Discount rate \u2013 allowed increase (percentage points) 9.9% 11.0% 2.5% 8.7% 13.2% 4.1%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-4": {
"value": "GoodwillOnly goodwill arising from business combinations is recognised in the finan-cial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling interests and any equity investments previously held in the acquiree, com-pared to the fair value of identifiable net assets on the date of acquisition. Goodwill is not amortised, but is tested for impairment at least annually. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-2": {
"value": "3.2 Intangible assetsGoodwillOnly goodwill arising from business combinations is recognised in the finan-cial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling interests and any equity investments previously held in the acquiree, com-pared to the fair value of identifiable net assets on the date of acquisition. Goodwill is not amortised, but is tested for impairment at least annually. Customer relationshipsSoftware and software in progressOn initial recognition, customer relationships identified from business com-Software bought or developed for internal use is measured at the lower of binations are recognised in the balance sheet at fair value. Subsequently, cost less accumulated amortisation and impairment losses and the recover-customer relationships are measured at cost less accumulated amortisation able amount. Cost comprises payments for the software and other directly and impairment losses. attributable expenses of preparing the software for its intended use. Customer relationships are amortised over a period of eight years using the After commissioning, software is amortised on a straight-line basis over its diminishing balance method.expected useful life. The amortisation period is 1-8 years.2022 2021Customer Software in Customer Software in Intangible assets (DKKm) Goodwillrelationships Softwareprogress Tota l Goodwillrelationships Softwareprogress Tota lCost at 1 January 75,063 2,565 1,212 280 79,120 47,476 2,032 1,265 206 50,979Additions from business combinations/previous period adjustments 370 - - - 370 25,333 569 1 13 25,916Additions - - 42 238 280 - - 56 247 303Disposals - (27) (250) (2) (279) - (56) (246) (43) (345)Reclassifications - - 174 (174) - - - 143 (143) -Currency translation 860 36 2 - 898 2,254 20 (7) - 2,267Total cost at 31 December 76,293 2,574 1,180 342 80,389 75,063 2,565 1,212 280 79,120Total amortisation and impairment at 1 January - 1,719 740 - 2,459 - 1,551 763 - 2,314Amortisation and impairments for the year - 254 185 - 439 - 212 218 - 430Disposals - (27) (191) - (218) - (56) (241) - (297)Reclassification - - - - - - - 7 - 7Currency translation - 35 - - 35 - 12 (7) - 5Total amortisation and impairment at 31 December - 1,981 734 - 2,715 - 1,719 740 - 2,459Carrying amount at 31 December 76,293 593 446 342 77,674 75,063 846 472 280 76,661",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-3": {
"value": "3.2 Intangible assets2022 2021Customer Software in Customer Software in Intangible assets (DKKm) Goodwillrelationships Softwareprogress Tota l Goodwillrelationships Softwareprogress Tota lCost at 1 January 75,063 2,565 1,212 280 79,120 47,476 2,032 1,265 206 50,979Additions from business combinations/previous period adjustments 370 - - - 370 25,333 569 1 13 25,916Additions - - 42 238 280 - - 56 247 303Disposals - (27) (250) (2) (279) - (56) (246) (43) (345)Reclassifications - - 174 (174) - - - 143 (143) -Currency translation 860 36 2 - 898 2,254 20 (7) - 2,267Total cost at 31 December 76,293 2,574 1,180 342 80,389 75,063 2,565 1,212 280 79,120Total amortisation and impairment at 1 January - 1,719 740 - 2,459 - 1,551 763 - 2,314Amortisation and impairments for the year - 254 185 - 439 - 212 218 - 430Disposals - (27) (191) - (218) - (56) (241) - (297)Reclassification - - - - - - - 7 - 7Currency translation - 35 - - 35 - 12 (7) - 5Total amortisation and impairment at 31 December - 1,981 734 - 2,715 - 1,719 740 - 2,459Carrying amount at 31 December 76,293 593 446 342 77,674 75,063 846 472 280 76,661",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-4": {
"value": "3.2 Intangible assets2022 2021Customer Software in Customer Software in Intangible assets (DKKm) Goodwillrelationships Softwareprogress Tota l Goodwillrelationships Softwareprogress Tota lCost at 1 January 75,063 2,565 1,212 280 79,120 47,476 2,032 1,265 206 50,979Additions from business combinations/previous period adjustments 370 - - - 370 25,333 569 1 13 25,916Additions - - 42 238 280 - - 56 247 303Disposals - (27) (250) (2) (279) - (56) (246) (43) (345)Reclassifications - - 174 (174) - - - 143 (143) -Currency translation 860 36 2 - 898 2,254 20 (7) - 2,267Total cost at 31 December 76,293 2,574 1,180 342 80,389 75,063 2,565 1,212 280 79,120Total amortisation and impairment at 1 January - 1,719 740 - 2,459 - 1,551 763 - 2,314Amortisation and impairments for the year - 254 185 - 439 - 212 218 - 430Disposals - (27) (191) - (218) - (56) (241) - (297)Reclassification - - - - - - - 7 - 7Currency translation - 35 - - 35 - 12 (7) - 5Total amortisation and impairment at 31 December - 1,981 734 - 2,715 - 1,719 740 - 2,459Carrying amount at 31 December 76,293 593 446 342 77,674 75,063 846 472 280 76,661",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-4": {
"value": "Customer relationshipsSoftware and software in progressOn initial recognition, customer relationships identified from business com-Software bought or developed for internal use is measured at the lower of binations are recognised in the balance sheet at fair value. Subsequently, cost less accumulated amortisation and impairment losses and the recover-customer relationships are measured at cost less accumulated amortisation able amount. Cost comprises payments for the software and other directly and impairment losses. attributable expenses of preparing the software for its intended use. Customer relationships are amortised over a period of eight years using the After commissioning, software is amortised on a straight-line basis over its diminishing balance method.expected useful life. The amortisation period is 1-8 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-4": {
"value": "Accounting policiesIf the individual components of an asset have different useful lives, each Subsequent costs, such as partial replacement of property, plant and equip-Land and buildings and other plant and operating equipment are measured at component will be depreciated separately.ment, are included in the carrying amount of the asset in question when it is cost less accumulated depreciation and impairment losses.probable that such costs will result in future economic benefits. The cost of self-constructed assets comprises direct and indirect costs for The cost comprises the acquisition price and other expenses directly attributa-materials, components, subcontractors, wages and salaries. Costs for The carrying amount of the replaced parts is disposed from the balance ble to preparing the asset for its intended use. The present value of estimated self-constructed assets are recognised as property, plant and equipment in sheet and recognised in the income statement.expenses for dismantling and disposing of the asset as well as restoration progress on an ongoing basis until the assets are ready for use.expenses are added to the cost if such expenses are recognised as a provision. Material borrowing costs directly attributable to the construction of the indi-vidual asset are also added to cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-2": {
"value": "3.3 Property, plant and equipment2022 2021Other plant Property, plant Other plant Property, plant Land and and operating and equipment Land and and operating and equipment Property, plant and equipment (DKKm)buildingsequipmentin progress Totalbuildingsequipmentin progress TotalCost at 1 January 4,907 3,838 282 9,027 2,355 2,649 473 5,477Additions from business combinations/previous period adjustments (408) - - (408) 2,229 295 30 2,554Additions 393 963 158 1,514 241 762 177 1,180Disposals (533) (402) - (935) (146) (348) (33) (527)Transferred to assets held for sale - - - - 2 - (2) -Reclassification 19 22 (26) 15 64 356 (375) 45Currency translation 83 4 - 87 162 124 12 298Total cost at 31 December 4,461 4,425 414 9,300 4,907 3,838 282 9,027Total depreciation and impairment at 1 January 1,111 1,654 - 2,765 967 1,496 - 2,463Depreciation for the year 341 530 - 871 231 388 - 619Disposals (226) (402) - (628) (87) (289) - (376)Reclassification (21) 21 - - 24 31 - 55Currency translation 7 1 - 8 (24) 28 - 4Total depreciation and impairment at 31 December 1,212 1,804 - 3,016 1,111 1,654 - 2,765Carrying amount at 31 December 3,249 2,621 414 6,284 3,796 2,184 282 6,262Accounting policiesIf the individual components of an asset have different useful lives, each Subsequent costs, such as partial replacement of property, plant and equip-Land and buildings and other plant and operating equipment are measured at component will be depreciated separately.ment, are included in the carrying amount of the asset in question when it is cost less accumulated depreciation and impairment losses.probable that such costs will result in future economic benefits. The cost of self-constructed assets comprises direct and indirect costs for The cost comprises the acquisition price and other expenses directly attributa-materials, components, subcontractors, wages and salaries. Costs for The carrying amount of the replaced parts is disposed from the balance ble to preparing the asset for its intended use. The present value of estimated self-constructed assets are recognised as property, plant and equipment in sheet and recognised in the income statement.expenses for dismantling and disposing of the asset as well as restoration progress on an ongoing basis until the assets are ready for use.expenses are added to the cost if such expenses are recognised as a provision. Material borrowing costs directly attributable to the construction of the indi-vidual asset are also added to cost. 3.3 Property, plant and equipment \u2014 continuedDepreciation is carried out on a straight-line basis over the expected useful lives of the assets. The expected useful lives of the overall asset categories are as follows: \u2022 Terminals and administration buildings: 50-60 years\u2022 Other buildings and building elements: 10-30 years\u2022 Technical plant and machinery: 6-10 years\u2022 Other plant and operating equipment: 3-8 years\u2022 Land is not depreciatedThe basis of depreciation takes into account the residual value of assets and is reduced by any impairment losses. The residual value is calculated on the date of acquisition and reassessed once a year. Depreciation will be halted if the residual value exceeds the carrying amount of the asset.Assets are transferred to assets held for sale if it is highly probable that their carrying amount will be recovered primarily through sale rather than through continuing use.Management judgements and estimatesJudgement is applied in determining the depreciation period and future residual value of the assets recognised and is generally based on historical experience. Reassessment is done annually to ascertain that the deprecia-tion basis applied is still representative and reflects the expected life and future residual value of the assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-4": {
"value": "Accounting policiesInventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs incurred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-4": {
"value": "Accounting policiesWhether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use asset (ROU) and corresponding lease liability are recognised on the lease commencement date. Upon initial recognition, the right-of-use asset is measured at cost corre-sponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs. The lease liability is measured at the present value of lease payments of the leasing period discounted using the interest rate implicit in the lease contract. In cas-es where the implicit interest rate cannot be determined, an appropriate in-cremental DSV borrowing rate is used. In determining the lease period exten-sion, options are only included if it is reasonably certain they will be utilised.At subsequent measurement, the right-of-use asset is measured less accu-mulated depreciation and impairment losses and adjusted for any remeas-urements of the lease liability. Depreciation is carried out following the straight-line method over the lease term or the useful life of the right-of-use asset, whichever is shortest. The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the contract. Right-of-use assets and lease liabilities are not recognised for low value lease assets or leases with a lease term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease. Any service elements separable from the lease contract are also accounted for following the same principle. Extension options are only included in the lease term if extension of the lease is reasonably certain. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-5": {
"value": "3.4 Contract assets and accrued cost of services Accounting policiesContract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress at 31 December 2022. Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Refer to note 4.4 for disclosure of credit risk as trade receivables carry substantially the same characteristics as contract assets.Accrued costs of services are estimated and recognised when supplier in-voices relating to recognised revenue for the reporting period have yet to be received.Management judgements and estimatesIn the preparation of the consolidated financial statements, significant estimates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experi-ence and continuous follow-up on services in progress relative to sub-sequent invoicing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-6": {
"value": "3.4 Contract assets and accrued cost of services Accounting policiesContract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress at 31 December 2022. Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Refer to note 4.4 for disclosure of credit risk as trade receivables carry substantially the same characteristics as contract assets.Accrued costs of services are estimated and recognised when supplier in-voices relating to recognised revenue for the reporting period have yet to be received.Management judgements and estimatesIn the preparation of the consolidated financial statements, significant estimates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experi-ence and continuous follow-up on services in progress relative to sub-sequent invoicing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-2": {
"value": "3.5 InventoriesInventories (DKKm) 20212022Stocks 93 119Property projects under construction 1,796 165Total 1,889 284Inventories consists of land and buildings under construction held for the purpose of sale in the ordinary course of business (property projects) and stocks. In total, DKK 1,231 million relating to property projects was recog-nised as an expense in 2022 (2021: DKK 1,562 million).Accounting policiesInventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs incurred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-2": {
"value": "3.6 LeasesAccounting policiesWhether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use asset (ROU) and corresponding lease liability are recognised on the lease commencement date. Upon initial recognition, the right-of-use asset is measured at cost corre-sponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs. The lease liability is measured at the present value of lease payments of the leasing period discounted using the interest rate implicit in the lease contract. In cas-es where the implicit interest rate cannot be determined, an appropriate in-cremental DSV borrowing rate is used. In determining the lease period exten-sion, options are only included if it is reasonably certain they will be utilised.At subsequent measurement, the right-of-use asset is measured less accu-mulated depreciation and impairment losses and adjusted for any remeas-urements of the lease liability. Depreciation is carried out following the straight-line method over the lease term or the useful life of the right-of-use asset, whichever is shortest. The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the contract. Right-of-use assets and lease liabilities are not recognised for low value lease assets or leases with a lease term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease. Any service elements separable from the lease contract are also accounted for following the same principle. Extension options are only included in the lease term if extension of the lease is reasonably certain. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.Management judgements and estimatesIn accounting for lease contracts, various judgements are applied in deter-mining right-of-use assets and lease liabilities. Judgements include assess-ment of lease periods, utilisation of extension options and applicable dis-count rates. LeasesRight-of-use assets classified as land and buildings mainly relate to leases of warehouses, terminals and office buildings, whereas assets recognised as other plant and operating equipment mainly relate to leases of trailers, trucks, company cars, forklifts, IT hardware and other office equipment. Land and building leases normally have a lease term of up to ten years, whereas leases of other plant and operating equipment normally have a lease term of up to five years. Land and buildings may include extension options with the intention of se-curing flexibility in the lease \u2013 however, any leasing period beyond the nor-mal ten years expected at the initiation of the lease will normally be reflect-ed in the contractual lease term agreed.Analysis of lease liabilities showing the remaining contractual maturities is provided in the following table:2022 2021Other Other plant and plant and Land and operating Land and operating Right-of-use assets (DKKm)buildingsequipment Totalbuildingsequipment TotalCarrying amount at 1 January 13,121 588 13,709 10,146 965 11,111Additions from business combinations - - - 2,367 8 2,375Additions 4,970 75 5,045 3,488 227 3,715Disposals (252) (40) (292) (336) (224) (560)Depreciation for the year (3,549) (212) (3,761) (2,757) (388) (3,145)Currency translation (5) (2) (7) 213 - 213Carrying amount at 31 December 14,285 409 14,694 13,121 588 13,709Contractual maturity of lease liabilities (DKKm)202120220-1 year 4,302 3,6921-5 years 11,059 9,835> 5 years 5,917 4,803Total undiscounted lease liabilities at 31 December 21,278 18,330Current/non-current classification (discounted)Current 3,577 3,440Non-current 13,190 11,848The profit or loss and cash flow impact of leases recognised for the year are specified below:Lease effects recognised in profit or loss and cash flow (DKKm) 20212022Profit or lossInterest expenses on lease liabilities 727 495Expenses relating to short-term leases 563 457Expenses relating to leases of low-value assets 635 308Expenses relating to variable lease payments not included in the measurement of lease liabilities 97 103Gains from sale and leaseback transactions 109 56Income from subleasing of right-of-use assets 14 -Cash flowTotal cash outflow for leases 4,461 3,655",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-5": {
"value": "Accounting policiesPension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the income statement for the period in which they are earned. Contributions payable are recognised in the balance sheet under other current liabilities.In regards to defined benefit plans, an actuarial valuation of the present value of future benefits payable under the plan is made once a year. The present value is calculated based on various assumptions, including the future development in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the present value less the fair value of assets under the plan is recognised in the balance sheet under pensions and other post-employment benefit plans. Pen-sion costs for the year are recognised in the income statement based on actuarial estimates and the financial outlook at the beginning of the year.Differences between the calculated development in pension plan assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains or losses.Changes in benefits payable for employees\u2019 past services to the company result in an adjustment of the actuarial calculation of the present value, which is classified as past service costs. Past service costs are charged to the income statement immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.6.2 Share option schemesAccounting policiesDSV's share option schemes are equity-settled, measured at the grant date and recognised in the income statement as staff costs over the vesting period. The offsetting item is recognised directly in equity.The value of employee services received during the vesting period in ex-change for share options granted corresponds to the fair value of the share options at the date of granting. The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valua-tion model is based.Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is adjusted subsequently to reflect the actual number of share op-tions earned. The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valu-ation of the share options granted in 2022 and 2021 is based on the fol-lowing assumptions:Assumptions 2022 2021Share price 1,485.0 1,325.0Volatility 18.0% 18.0%Risk-free interest rate 1.2% (0.1%)Expected dividends 0.8% 0.8%Expected remaining life (years) 3.5 3.5Current share option schemesNumber of Market value at date Scheme Options granted Exercise period Exercise priceemployeesof granting (DKKm)2018 2,733,500 28.03.2021 - 28.03.2023 477.5 1,600 118.22019 2,735,000 29.03.2022 - 27.03.2024 545.0 1,624 141.72020 3,080,750 31.03.2023 - 31.03.2025 560.0 2,000 155.52021 2,438,300 01.04.2024 - 31.03.2026 1,325.0 2,202 205.32022 2,640,900 01.04.2025 - 31.03.2027 1,485.0 2,524 279.8Share option schemes at 31 December 2022Key Average exercise Scheme Executive Boardemployees Tot a lprice per option2018* 190,000 687,000 877,000 477.52019* 190,000 1,836,500 2,026,500 545.02020 202,000 2,708,500 2,910,500 560.02021 168,750 2,193,800 2,362,550 1,325.02022 198,250 2,387,000 2,585,250 1,485.0Outstanding at 31 December 2022 949,000 9,812,800 10,761,800 940.6Open for exercise at 31 December 2022 380,000 2,523,500 2,903,500 524.6Life (years) 2.2 2.6 2.6 n.a.Market value (DKKm) 350.5 3,134.4 3,484.9 n.a.* Share options granted in 2018 and 2019 are currently exercisable.Share option schemesDSV has launched incentive share-based payment schemes with the purpose of motivating and retaining key employees across the organisa-tion. Share options are awarded at all levels in the organisation, e.g. from team leads, specialists, branch managers, country managers, up to Executive Management.Retention is motivated by requiring continued service for a period cover-ing the vesting period as a minimum. The schemes are also intended to align the interests of employees and shareholders. All active schemes entail a three-year vesting period and a two-year ex-ercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices lead-ing up to the date of granting. The share options can be exercised by cash purchase of shares only. The obligation relating to the schemes is partly covered by the Company\u2019s treasury shares.Share options are granted pursuant to the procedures laid down in the Group\u2019s Remuneration Policy applicable in the relevant year.A total of 2,988 employees held share options at 31 December 2022 (2021: 2,625 employees). Total costs recognised in 2022 for services received but not recognised as an asset amounted to DKK 202 million (2021: DKK 160 million). The average share price for options exercised in the financial year was DKK 1,093.4 per share at the date of exercise (2021: DKK 1,324.5 per share).Outstanding share options Boardemployees Tota lprice per optionOutstanding at 1 January 2021 760,000 8,646,129 9,406,129 507.2Granted 156,750 2,281,550 2,438,300 1,325.0*Transferred 36,000 (36,000) - -Exercised (190,000) (1,953,556) (2,143,556) 427.9Options waived/expired - (123,475) (123,475) 684.7Outstanding at 31 December 2021 762,750 8,814,648 9,577,398 730.9Outstanding at 1 January 2022 762,750 8,814,648 9,577,398 730.9Granted 198,250 2,442,650 2,640,900 1,485.0Exercised (12,000) (1,279,573) (1,291,573) 479.1Options waived/expired - (164,925) (164,925) 1,091.6Outstanding at 31 December 2022 949,000 9,812,800 10,761,800 940.6* A member of the Executive Board has previously received share options in the Director\u2019s former capacity as a key employee.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "3.7 Pensions and other post-employment benefit plansDefined benefit pension obligationsDevelopment in the present value of defined benefit pension obligations is specified as follows:Defined benefit pension obligations (DKKm) 20212022Obligations at 1 January 5,693 4,218Current service cost 135 100Past service cost from plan amendments, curtailments and gains/losses on settlements 9 (26)Calculated interest on obligations 75 56Actuarial gains/losses arising from changes in financial assumptions (1,283) (186)Actuarial gains/losses arising from changes in demographic assumptions (23) (63)Actuarial gains/losses arising from experience adjustments 39 (8)Payments from the plan (521) (1,211)Additions from business combinations - 2,667Currency translation (12) 146Obligations at 31 December 4,112 5,693The expected average duration of the obligations is 14 years.Expected maturity of pension obligations (DKKm)202120220-1 year 501 2061-5 years 933 747> 5 years 2,678 4,740Total obligations recognised 4,112 5,693Pension obligationsPension obligations (DKKm) 2022 2021Present value of defined benefit plans 4,112 5,693Fair value of pension plan assets 2,929 4,785Pension obligations, net 1,183 908Of these obligations, DKK 856 million relates to unfunded pension obliga-tions (2021: DKK 1,032 million) and DKK 327 million relates to partly funded obligations (2021: DKK 124 million). The latter is primarily due to the Swiss plans being overfunded. Total pension costs for the yearIn 2022, net costs of DKK 848 million relating to the Group\u2019s pension plans were recognised in the income statement (2021: DKK 658 million) and specify as follows:Defined Defined contribution benefit Pension cost 2022 (DKKm) plansplans Tota lStaff costs 745 84 829Financial expenses - 19 19Total costs recognised 745 103 848Defined Defined contribution benefit Pension cost 2021 (DKKm) plansplans Tota lStaff costs 567 74 641Financial expenses - 17 17Total costs recognised 567 91 658Accounting policiesPension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the income statement for the period in which they are earned. Contributions payable are recognised in the balance sheet under other current liabilities.In regards to defined benefit plans, an actuarial valuation of the present value of future benefits payable under the plan is made once a year. The present value is calculated based on various assumptions, including the future development in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the present value less the fair value of assets under the plan is recognised in the balance sheet under pensions and other post-employment benefit plans. Pen-sion costs for the year are recognised in the income statement based on actuarial estimates and the financial outlook at the beginning of the year.Differences between the calculated development in pension plan assets and liabilities and the realised values are recognised in other comprehensive income as actuarial gains or losses.Changes in benefits payable for employees\u2019 past services to the company result in an adjustment of the actuarial calculation of the present value, which is classified as past service costs. Past service costs are charged to the income statement immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the income statement over the period in which the employees earn the right to the adjusted benefits.Management judgements and estimatesIn determining pension obligations, management makes use of valuations from external and independent actuaries as basis for the estimates ap-plied. The actuarial assumptions used in the valuations vary from country to country owing to national, economic and social conditions.3.7 Pensions and other post-employment benefit plans \u2014 continuedPension plan assetsWe continuously work to change our defined benefit plans in DSV into Development in the fair value of pension plan assets is specified as follows:Sensitivity analysis (DKKm) 20212022defined contribution plans for the benefit of the Group and the employees. Defined benefit pension obligation 4,112 5,693Pension plan assets (DKKm) 2022 2021Applied key assumptions for the most significant pension plans are as follows:Discount ratePension plan assets at 1 January 4,785 2,999Future Increase of 0.5 percentage point 3,888 5,293Calculated interest on plan assets 56 29Discount wage/salary Future rate Decrease of 0.5 percentage point 4,346 6,126Return on plan assets excluding Key assumptions 2022rateincreaseof inflationcalculated interest (1,288) 298Future wage/salary increaseSweden 3.9% 2.6% 2.1%Contributions to the plan 163 121Increase of 0.5 percentage point 4,148 5,744Germany 4.1% 3.0% 2.4%Payments from the plan (411) (1,168)Decrease of 0.5 percentage point 4,071 5,595Other 0.7-7.3% 0-10.0% 0-3.5%Additions from business combinations - 2,312InflationWeighted average 4.2% 3.0% 1.8%Asset ceiling (374) -Increase of 0.5 percentage point 4,223 5,900Mortality prognosis tableCurrency translation (2) 194Decrease of 0.5 percentage point 3,987 5,479Pension plan assets at 31 December 2,929 4,785Sweden DUS21 (w-c)Life expectancyGermany RT Heubeck 2018 GActuarial loss included in statement of comprehensive income amounts to Life expectancy increase of 1 year 4,218 5,810DKK 395 million. DSV expects to contribute DKK 61 million to defined Life expectancy decrease of 1 year 3,986 5,507Future benefit plan assets in 2023 (2022: DKK 55 million). The pension plan Discount wage/salary Future rate assets are composed as follows:Key assumptions 2021rateincreaseof inflationSignificant pension plansSweden 1.5% 2.0% 1.5%Composition of pension plan assets (%) 20212022The most significant defined benefit plans of the Group relate to Europe, Germany 1.0% 2.0% 1.5%with Germany, Sweden and the UK being the largest. No other countries Shares 47% 52%have individual defined benefit plans of significance. The plan in Sweden is a Other 0.3-6.1% 0-10.0% 0-2.1%Bonds 44% 37%final pay scheme, which covers all salaried employees born in or before Weighted average 1.5% 2.8% 1.2%Insurance contracts 9% 11%1978 and is based on a collective labour agreement. Salaried employees born in or after 1979 are covered by a defined con tribution plan.Total 100% 100%Mortality prognosis tableSweden DUS14 (w-c)The plan in Germany covers both salaried and hourly workers. Under this Sensitivity analysisplan, employees earn a fixed amount for each year in service. The plan has Germany RT Heubeck 2018 GThe following table illustrates the change in the gross obligation relating to been closed for new employees since 1994. defined benefit plans from a change in the key actuarial assumptions. The analysis is based on reasonably probable changes, provided that the other parameters remain unchanged.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-103-4": {
"value": "Accounting policiesProvisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is probable that the Group will have to give up future economic benefits to meet the obligation.Provisions are measured on the basis of Management\u2019s best estimate of the anticipated expenditure for settle ment of the relevant obligation and are discounted if deemed material.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-2": {
"value": "3.8 ProvisionsProvisionsProvisions have not been discounted, as the effect thereof is immaterial. Provisions are expected to be settled within two years in all material respects.Restructuring costsRestructuring costs relate mainly to the integration of acquirees and the restructuring plans previously announced, which consist mainly of termina-tion benefits and costs under terminated leases.Disputes and legal actionsOther provisionsProvisions for disputes and legal actions relate mainly to probable lia bilities Other provisions include indemnification liabilities totalling DKK taken over at the acquisition of enterprises.1,843 million relating to various company- and value added taxes (2021: DKK 1,818 million). Furthermore, other provisions mainly relates to restoration obligations in connection with property leases and onerous contracts.Restruc turing Disputes and Other Provisions \u2014 2022 (DKKm)costslegal actionsprovisions Tota lProvisions at 1 January 673 940 3,736 5,349Additions for the year 978 301 2,202 3,481Additions from business combinations 4 4 69 77Used for the year (655) (227) (1,223) (2,105)Reversal of provisions made in previous years (36) (56) (53) (145)Currency translation 2 13 (5) 10Provisions at 31 December 966 975 4,726 6,667Current/non-current classification:Non-current liabilities 445 325 3,490 4,260Current liabilities 521 650 1,236 2,407Provisions at 31 December 966 975 4,726 6,667Accounting policiesProvisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is probable that the Group will have to give up future economic benefits to meet the obligation.Provisions are measured on the basis of Management\u2019s best estimate of the anticipated expenditure for settle ment of the relevant obligation and are discounted if deemed material.Management judgements and estimatesManagement continually assesses provisions, including contingencies and the likely outcome of pending and potential legal proceedings. The out-come of such proceedings depends on future events, which are, by na-ture, uncertain. When considering provisions involving significant estimates, opinions and estimates by external legal experts as well as existing case law are applied in assessing the probable outcome of material legal proceedings, etc.",
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"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-5": {
"value": "Accounting policiesShares consist of only one share class and include no special rights, pref-Share capitalerences or restrictions. All shares are fully paid up.At year end, the share capital of DSV A/S amounted to 219 million shares with a nominal value of DKK 1 each. ",
"dimensions": {
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"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-2": {
"value": "4.1 EquityReserves specification \u2013 2022 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (6) (9) (341) (356)Other comprehensive income, net of tax - 14 1,257 1,271Transactions with shareholders:Purchase of treasury shares (19) - - (19)Sale of treasury shares 2 - - 2Capital reduction 21 - - 21Reserves at 31 December (2) 5 916 919Reserves specification \u2013 2021 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (4) (11) (2,821) (2,836)Other comprehensive income, net of tax - 2 2,480 2,482Transactions with shareholders:Purchase of treasury shares (13) - - (13)Sale of treasury shares 2 - - 2Capital reduction 6 - - 6Transfer of treasury shares as business combination consideration 3 - - 3Reserves at 31 December (6) (9) (341) (356)Accounting policiesShares consist of only one share class and include no special rights, pref-Share capitalerences or restrictions. All shares are fully paid up.At year end, the share capital of DSV A/S amounted to 219 million shares with a nominal value of DKK 1 each. ReservesReserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as speci-fied on the previous page.Hedging reserveThe reserve comprises the fair value of hedging instruments qualifying for hedge accounting.Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.Translation reserveThe reserve comprises foreign currency translation arising on the transla-tion of net investments and related hedging in entities with a functional currency other than DKK.The reserve is dissolved upon disposal of entities.Treasury share reserveThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.Treasury shares are bought to meet obligations under the Company\u2019s incen-tive schemes and to adapt the capital structure.The reserve is a distributable reserve.20222021Market value% of share capital Nominal valueMarket value% of share capital Nominal value Treasury shares(DKKm)at 31 December(DKKm)(DKKm)at 31 December(DKKm)Portfolio, beginning of year 8,921 2.4% 5.8 3,972 1.7% 3.9New shares issued - - - 24,495 6.7% 16.0Cancellation of treasury shares (24,474) (9.6%) (21.0) (5,863) (2.5%) (6.0)Portfolio, adjusted for amount of shares (15,553) (6.9%) (15.2) 22,604 5.8% 13.9Purchased during the year 20,313 8.5% 18.6 17,841 5.5% 13.3Consideration for acquisition - - - (29,571) (8.0%) (19.3)Sold during the year (1,601) (0.6%) (1.3) (784) (0.9%) (2.1)Value adjustment (820) - - (1,169) - -Portfolio, end of year 2,339 1.0% 2.1 8,921 2.4% 5.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-3": {
"value": "4.1 EquityReserves specification \u2013 2022 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (6) (9) (341) (356)Other comprehensive income, net of tax - 14 1,257 1,271Transactions with shareholders:Purchase of treasury shares (19) - - (19)Sale of treasury shares 2 - - 2Capital reduction 21 - - 21Reserves at 31 December (2) 5 916 919Reserves specification \u2013 2021 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (4) (11) (2,821) (2,836)Other comprehensive income, net of tax - 2 2,480 2,482Transactions with shareholders:Purchase of treasury shares (13) - - (13)Sale of treasury shares 2 - - 2Capital reduction 6 - - 6Transfer of treasury shares as business combination consideration 3 - - 3Reserves at 31 December (6) (9) (341) (356)Accounting policiesShares consist of only one share class and include no special rights, pref-Share capitalerences or restrictions. All shares are fully paid up.At year end, the share capital of DSV A/S amounted to 219 million shares with a nominal value of DKK 1 each. ReservesReserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as speci-fied on the previous page.Hedging reserveThe reserve comprises the fair value of hedging instruments qualifying for hedge accounting.Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.Translation reserveThe reserve comprises foreign currency translation arising on the transla-tion of net investments and related hedging in entities with a functional currency other than DKK.The reserve is dissolved upon disposal of entities.Treasury share reserveThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.Treasury shares are bought to meet obligations under the Company\u2019s incen-tive schemes and to adapt the capital structure.The reserve is a distributable reserve.20222021Market value% of share capital Nominal valueMarket value% of share capital Nominal value Treasury shares(DKKm)at 31 December(DKKm)(DKKm)at 31 December(DKKm)Portfolio, beginning of year 8,921 2.4% 5.8 3,972 1.7% 3.9New shares issued - - - 24,495 6.7% 16.0Cancellation of treasury shares (24,474) (9.6%) (21.0) (5,863) (2.5%) (6.0)Portfolio, adjusted for amount of shares (15,553) (6.9%) (15.2) 22,604 5.8% 13.9Purchased during the year 20,313 8.5% 18.6 17,841 5.5% 13.3Consideration for acquisition - - - (29,571) (8.0%) (19.3)Sold during the year (1,601) (0.6%) (1.3) (784) (0.9%) (2.1)Value adjustment (820) - - (1,169) - -Portfolio, end of year 2,339 1.0% 2.1 8,921 2.4% 5.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-105-4": {
"value": "4.1 EquityReserves specification \u2013 2022 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (6) (9) (341) (356)Other comprehensive income, net of tax - 14 1,257 1,271Transactions with shareholders:Purchase of treasury shares (19) - - (19)Sale of treasury shares 2 - - 2Capital reduction 21 - - 21Reserves at 31 December (2) 5 916 919Reserves specification \u2013 2021 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (4) (11) (2,821) (2,836)Other comprehensive income, net of tax - 2 2,480 2,482Transactions with shareholders:Purchase of treasury shares (13) - - (13)Sale of treasury shares 2 - - 2Capital reduction 6 - - 6Transfer of treasury shares as business combination consideration 3 - - 3Reserves at 31 December (6) (9) (341) (356)ReservesReserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as speci-fied on the previous page.Hedging reserveThe reserve comprises the fair value of hedging instruments qualifying for hedge accounting.Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.Translation reserveThe reserve comprises foreign currency translation arising on the transla-tion of net investments and related hedging in entities with a functional currency other than DKK.The reserve is dissolved upon disposal of entities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-110-4": {
"value": "Treasury share reserveThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.Treasury shares are bought to meet obligations under the Company\u2019s incen-tive schemes and to adapt the capital structure.The reserve is a distributable reserve.20222021Market value% of share capital Nominal valueMarket value% of share capital Nominal value Treasury shares(DKKm)at 31 December(DKKm)(DKKm)at 31 December(DKKm)Portfolio, beginning of year 8,921 2.4% 5.8 3,972 1.7% 3.9New shares issued - - - 24,495 6.7% 16.0Cancellation of treasury shares (24,474) (9.6%) (21.0) (5,863) (2.5%) (6.0)Portfolio, adjusted for amount of shares (15,553) (6.9%) (15.2) 22,604 5.8% 13.9Purchased during the year 20,313 8.5% 18.6 17,841 5.5% 13.3Consideration for acquisition - - - (29,571) (8.0%) (19.3)Sold during the year (1,601) (0.6%) (1.3) (784) (0.9%) (2.1)Value adjustment (820) - - (1,169) - -Portfolio, end of year 2,339 1.0% 2.1 8,921 2.4% 5.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-2": {
"value": "4.2 Capital structure and capital allocationCapital structureThe capital structure of DSV is intended to maintain financial stability, opti-mise cost of capital and to ensure financial readiness allowing to act on business opportunities as they present themselves. The gearing ratio was 1.0 at 31 December 2022 (2021: 1.4). The target gearing ratio is below 2.0 x EBITDA, but may exceed this level following significant acquisitions. Capital allocationThe Group aims to spend its free cash flow in the following order of priority:1. Repayment of net interest-bearing debt in periods when the financial gearing ratio is above target;2. Value-adding investments in the form of acquisitions or development of the existing business;3. Distribution to the Company\u2019s shareholders by means of share buybacks and dividends.Net interest-bearing debt The Group increased its net interest-bearing debt in 2022 by DKK 625 million (2021: increased by DKK 11,056 million). Net interest-bearing debt can be specified as follows: Net interest-bearing debt (DKKm) 2022 2021Lease liabilities 16,767 15,288Interest-bearing borrowings 22,206 21,472Pensions and other post-employment benefit plans 1,183 908Other receivables (126) (124)Cash and cash equivalents (10,160) (8,299)Net interest-bearing debt 29,870 29,245Insurance collaterals Insurance collaterals constitute security for outstanding insurance con-tracts sold to customers by DSV Insurance. The amount is regulated and measured in accordance with laws and regulations issued by the Danish Financial Supervisory Authority.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-114-2": {
"value": "Distribution to the Company\u2019s shareholdersIn 2022, the Group spent DKK 20,313 million on purchase of treasury shares and DKK 1,320 million on dividends distributed (2021: DKK 17,841 million and DKK 920 million, respectively). It is proposed to distribute a dividend of DKK 6.50 per share for 2022 (2021: DKK 5.50). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s11_notes__5__5": {
"value": "1320000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s11_notes__6__5": {
"value": "920000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s11_notes__5__6": {
"value": "6.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s11_notes__6__6": {
"value": "5.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"pp-value-115-2": {
"value": "Cash and capital restrictionsCash and cash equivalents comprise cash on hand and short-term liquid assets that are readily convertible to cash. Of total cash and cash equiva-lents, DKK 1,777 million (2021: DKK 839 million) are subject to restric-tions implying that the cash may not be readily available for general use or distribution by the Group. Major types of cash and capital restrictions: Cash and capital restrictions (DKKm)20212022Exchange control restrictions 1,498 654Insurance collaterals 273 178Other collaterals 6 7Total 1,777 839Exchange control restrictions Exchange control restrictions comprise cash balances in countries where various forms of foreign exchange controls or other legal restrictions apply. While the cash balances are available for the daily operations of the local entities, the balances cannot be immediately repatriated to the ultimate parent company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-120-4": {
"value": "Accounting policiesThe financial liabilities of the Group are divided into four financing cate-gories: overdraft and credit facilities, issued bonds, lease liabilities and other financial liabilities.Overdraft and credit facilities obtained through the issuance of bonds are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, correspond-ing to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Lease liabilities are described in further detail in note 3.6.Other liabilities are measured at amortised cost, which, in all essentials, corresponds to the net realisable value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-2": {
"value": "4.3 Financial liabilitiesFinancial liabilities (DKKm)20212022Non-current liabilities 34,588 28,841Current liabilities 4,391 7,912Total 38,979 36,753Non-cash changeAdditions Beginning from businessCurrency Financing activities 2022 (DKKm)of year Cash flowcombinations effects Other* End of yearOverdraft and credit facilities 1,896 (1,159) - 92 - 829Issued bonds 19,557 1,833 - 53 (66) 21,377Lease liabilities 15,288 (3,734) - (33) 5,246 16,767Total liabilities from financing activities 36,741 (3,060) - 112 5,180 38,973Other non-current liabilities 12 6Total financial liabilities 36,753 38,979Financing activities 2021 (DKKm)Overdraft and credit facilities 1,089 563 139 105 - 1,896Issued bonds 7,730 11,782 - 48 (3) 19,557Lease liabilities 12,278 (3,160) 2,539 246 3,385 15,288Total liabilities from financing activities 21,097 9,185 2,678 399 3,382 36,741Other non-current liabilities 62 12Total financial liabilities 21,159 36,753Accounting policiesThe financial liabilities of the Group are divided into four financing cate-gories: overdraft and credit facilities, issued bonds, lease liabilities and other financial liabilities.Overdraft and credit facilities obtained through the issuance of bonds are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, correspond-ing to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Lease liabilities are described in further detail in note 3.6.Other liabilities are measured at amortised cost, which, in all essentials, corresponds to the net realisable value.Commitments and amounts drawn on long-term credit facilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)interest ratecommitments Duration (years) UndrawnBond loan - ISIN XS2387735470 500 3,718 Fixed 17-09-2036 13.7 -Bond loan - ISIN XS2360881549 600 4,462 Fixed 05-07-2033 10.5 -Bond loan - ISIN XS2308616841 500 3,718 Fixed 03-03-2031 8.2 -Bond loan - ISIN XS2458285355 600 4,462 Fixed 16-03-2030 7.2 -Bond loan - ISIN 212542679 500 3,718 Fixed 26-02-2027 4.2 -Bond loan - ISIN 0030403993 200 1,487 Fixed 20-09-2024 1.7 -Revolving credit facility I 200 1,487 Floating 03-10-2027 4.8 1,487Revolving credit facility II 75 558 Floating 31-12-2024 2.0 558Revolving credit facility III 125 930 Floating 28-02-2024 1.2 930Revolving credit facility IV 150 1,115 Floating 31-01-2024 1.1 1,115Revolving credit facility V 100 744 Floating 31-01-2024 1.1 744Revolving credit facility VI 100 744 Floating 15-01-2026 3.0 744Overdraft facility I 100 744 Floating 28-02-2025 2.2 744Overdraft facility II 50 372 Floating 31-01-2024 1.1 372Total and weighted duration 3,800 28,259 8.3 6,694The Group\u2019s financial liabilities fall due as follows:Total cash flow, Financial liabilities \u2013 maturity 2022 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 829 859 859 - -Issued bonds 21,377 23,062 186 5,852 17,024Lease liabilities 16,767 21,278 4,302 11,059 5,917Trade payables 14,992 14,992 14,992 - -Currency derivatives 93 93 93 - -Total 54,058 60,284 20,432 16,911 22,941Total cash flow, Financial liabilities \u2013 maturity 2021 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 1,896 1,932 1,932 - -Issued bonds 19,557 20,923 2,741 1,952 16,230Lease liabilities 15,288 18,330 3,692 9,835 4,803Trade payables 17,040 17,040 17,040 - -Currency derivatives 33 33 33 - -Interest rate derivatives 7 (9) (9) - -Total 53,821 58,249 25,429 11,787 21,0332022 2021Loan and credit facilities Fixed/floating Fixed/floating (DKKm)Carrying amountinterest rate Expiry Carrying amountinterest rate Expiry Bond loans 21,377 Fixed 2024-2036 19,557 Fixed/floating 2022-2036Credit facilities - - - 818 Fixed 2022Overdraft facility 829 Floating 2023 1,078 Floating 2022Loans and credit facilities at 31 December 22,206 21,453Current/non-current classification:Non-current liabilities 21,392 16,981Current liabilities 814 4,472",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-2": {
"value": "Liquidity risk The cash readiness of the Group is ensured through short and long-term credit facilities from the main banks of the Group and through the issuance of bonds. The purpose of issuing bond loans is to diversify the Group\u2019s long-term debt, making the Group less dependent on bank loans. The Group\u2019s bank and bond loans are subject to standard clauses, accord-ing to which the Group\u2019s debt must be repaid in case of a change of con-trol. The long-term credit facilities with banks are furthermore subject to one covenant. The covenant relates to the gearing ratio of the Group and is reported on every quarter. The covenant has not been breached in 2022. The total duration of the Group\u2019s long-term loan commitments and the amounts drawn on its credit lines at 31 December 2022 are shown in the accompanying table. Furthermore, a maturity analysis has been provided based on contractual cash flows, including estimated interest payments. The amounts have not been discounted and as such do not reconcile directly to the balance sheet.Commitments and amounts drawn on long-term credit facilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)interest ratecommitments Duration (years) UndrawnBond loan - ISIN XS2387735470 500 3,718 Fixed 17-09-2036 13.7 -Bond loan - ISIN XS2360881549 600 4,462 Fixed 05-07-2033 10.5 -Bond loan - ISIN XS2308616841 500 3,718 Fixed 03-03-2031 8.2 -Bond loan - ISIN XS2458285355 600 4,462 Fixed 16-03-2030 7.2 -Bond loan - ISIN 212542679 500 3,718 Fixed 26-02-2027 4.2 -Bond loan - ISIN 0030403993 200 1,487 Fixed 20-09-2024 1.7 -Revolving credit facility I 200 1,487 Floating 03-10-2027 4.8 1,487Revolving credit facility II 75 558 Floating 31-12-2024 2.0 558Revolving credit facility III 125 930 Floating 28-02-2024 1.2 930Revolving credit facility IV 150 1,115 Floating 31-01-2024 1.1 1,115Revolving credit facility V 100 744 Floating 31-01-2024 1.1 744Revolving credit facility VI 100 744 Floating 15-01-2026 3.0 744Overdraft facility I 100 744 Floating 28-02-2025 2.2 744Overdraft facility II 50 372 Floating 31-01-2024 1.1 372Total and weighted duration 3,800 28,259 8.3 6,694The Group\u2019s financial liabilities fall due as follows:Total cash flow, Financial liabilities \u2013 maturity 2022 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 829 859 859 - -Issued bonds 21,377 23,062 186 5,852 17,024Lease liabilities 16,767 21,278 4,302 11,059 5,917Trade payables 14,992 14,992 14,992 - -Currency derivatives 93 93 93 - -Total 54,058 60,284 20,432 16,911 22,941Total cash flow, Financial liabilities \u2013 maturity 2021 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 1,896 1,932 1,932 - -Issued bonds 19,557 20,923 2,741 1,952 16,230Lease liabilities 15,288 18,330 3,692 9,835 4,803Trade payables 17,040 17,040 17,040 - -Currency derivatives 33 33 33 - -Interest rate derivatives 7 (9) (9) - -Total 53,821 58,249 25,429 11,787 21,0332022 2021Loan and credit facilities Fixed/floating Fixed/floating (DKKm)Carrying amountinterest rate Expiry Carrying amountinterest rate Expiry Bond loans 21,377 Fixed 2024-2036 19,557 Fixed/floating 2022-2036Credit facilities - - - 818 Fixed 2022Overdraft facility 829 Floating 2023 1,078 Floating 2022Loans and credit facilities at 31 December 22,206 21,453Current/non-current classification:Non-current liabilities 21,392 16,981Current liabilities 814 4,472",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-3": {
"value": "Liquidity risk The cash readiness of the Group is ensured through short and long-term credit facilities from the main banks of the Group and through the issuance of bonds. The purpose of issuing bond loans is to diversify the Group\u2019s long-term debt, making the Group less dependent on bank loans. The Group\u2019s bank and bond loans are subject to standard clauses, accord-ing to which the Group\u2019s debt must be repaid in case of a change of con-trol. The long-term credit facilities with banks are furthermore subject to one covenant. The covenant relates to the gearing ratio of the Group and is reported on every quarter. The covenant has not been breached in 2022. The total duration of the Group\u2019s long-term loan commitments and the amounts drawn on its credit lines at 31 December 2022 are shown in the accompanying table. Furthermore, a maturity analysis has been provided based on contractual cash flows, including estimated interest payments. The amounts have not been discounted and as such do not reconcile directly to the balance sheet.Foreign currency riskDue to its global activities, the Group is exposed to exchange rate fluctu-ations to a certain extent. DSV seeks to eliminate foreign currency risks by hedging currency exposures centrally via the Group\u2019s Treasury depart-ment. The risk exposure is managed on a net basis, primarily by using foreign exchange forward contracts. The Group\u2019s foreign subsidiaries are not affected where trading income and costs are denominated in the local functional currency. This applies to a large part of the Group\u2019s subsidiaries. Furthermore, a large proportion of the income and expenses of the Group are denominated in EUR, and the total foreign currency risk is therefore limited.Commitments and amounts drawn on long-term credit facilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)interest ratecommitments Duration (years) UndrawnBond loan - ISIN XS2387735470 500 3,718 Fixed 17-09-2036 13.7 -Bond loan - ISIN XS2360881549 600 4,462 Fixed 05-07-2033 10.5 -Bond loan - ISIN XS2308616841 500 3,718 Fixed 03-03-2031 8.2 -Bond loan - ISIN XS2458285355 600 4,462 Fixed 16-03-2030 7.2 -Bond loan - ISIN 212542679 500 3,718 Fixed 26-02-2027 4.2 -Bond loan - ISIN 0030403993 200 1,487 Fixed 20-09-2024 1.7 -Revolving credit facility I 200 1,487 Floating 03-10-2027 4.8 1,487Revolving credit facility II 75 558 Floating 31-12-2024 2.0 558Revolving credit facility III 125 930 Floating 28-02-2024 1.2 930Revolving credit facility IV 150 1,115 Floating 31-01-2024 1.1 1,115Revolving credit facility V 100 744 Floating 31-01-2024 1.1 744Revolving credit facility VI 100 744 Floating 15-01-2026 3.0 744Overdraft facility I 100 744 Floating 28-02-2025 2.2 744Overdraft facility II 50 372 Floating 31-01-2024 1.1 372Total and weighted duration 3,800 28,259 8.3 6,694The Group\u2019s financial liabilities fall due as follows:Total cash flow, Financial liabilities \u2013 maturity 2022 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 829 859 859 - -Issued bonds 21,377 23,062 186 5,852 17,024Lease liabilities 16,767 21,278 4,302 11,059 5,917Trade payables 14,992 14,992 14,992 - -Currency derivatives 93 93 93 - -Total 54,058 60,284 20,432 16,911 22,941Total cash flow, Financial liabilities \u2013 maturity 2021 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 1,896 1,932 1,932 - -Issued bonds 19,557 20,923 2,741 1,952 16,230Lease liabilities 15,288 18,330 3,692 9,835 4,803Trade payables 17,040 17,040 17,040 - -Currency derivatives 33 33 33 - -Interest rate derivatives 7 (9) (9) - -Total 53,821 58,249 25,429 11,787 21,0332022 2021Loan and credit facilities Fixed/floating Fixed/floating (DKKm)Carrying amountinterest rate Expiry Carrying amountinterest rate Expiry Bond loans 21,377 Fixed 2024-2036 19,557 Fixed/floating 2022-2036Credit facilities - - - 818 Fixed 2022Overdraft facility 829 Floating 2023 1,078 Floating 2022Loans and credit facilities at 31 December 22,206 21,453Current/non-current classification:Non-current liabilities 21,392 16,981Current liabilities 814 4,472The Group is also exposed to foreign currency risks, partly on the transla-tion of debt denominated in foreign currency other than the functional currency and partly on the translation of net investments in enterprises with a functional currency other than DKK. The former risk affects profit before tax. On recognition of net investments in foreign subsidiaries, the Group is exposed to a translation risk when the profit or loss and equity of foreign subsidiaries are translated into DKK at the reporting date based on the average rates of exchange and the closing rates. The need to hedge the Parent\u2019s net investments in subsidiaries is assessed on a regular basis. It is Group policy to reduce net investments in Group subsidiaries on an ongoing basis by distributing the subsidiaries\u2019 profits as dividends. The Group hedges booked external net currency positions and currencies with large expected short-term operational cash flows for up to six months. At year-end 2022, 71% of expected six-month cash flows in USD were hedged. As hedge accounting is only applied to a limited extent and we do not hedge currency exposure related to intra-group balances with no under-lying cash flow impact, significant changes in currency rates, especially EUR/DKK, USD/DKK, CNY/DKK and CHF/DKK, will result in more fluctua-tions in reported financial items. Unhedged intra- group balances at 31 December are outlined in the main currency exposures table to the right. In general, the Group does not hedge EUR positions, as it expects that the official Danish fixed exchange-rate policy against the EUR will continue. The sensitivity analysis of EUR/DKK exposure shows the effect of a 2% (2021: 5%) change in average exchange rates for the year on profit/loss (EBIT) and the effect of a 2% (2021: 5%) change in year-end closing rates on other comprehensive income.The sensitivity analysis of other significant currency exposures shows the effect of a 5% change in average exchange rates for the year on profit/loss (EBIT) and the effect of a 5% change in year-end closing rates on other comprehensive income. The calculation method applied in the sensitivity analysis is unchanged compared to previous years.Unhedged intra-group balances Currency exposures \u2013 sensitivity analysis2022 2021 2022 2021Main currency exposures Impact on Impact on Impact on Impact Impact on Impact (DKKm)Net positionprofit/loss Net positionprofit/lossprofit/losson OCIprofit/losson OCIEUR/DKK (26,927) (539) (12,154) (608) 103 130 191 238USD/DKK (7,076) (354) (188) (9) 275 552 145 293CNY/DKK (2,558) (128) (3,143) (157) 134 74 84 54CHF/DKK (1,798) (90) (1,771) (89) 18 24 14 38PLN/DKK (873) (44) (543) (27) 28 38 22 24SGD/DKK (845) (42) 102 n.a. 18 16 n.a. n.a.SEK/DKK (551) (28) (240) n.a. 42 33 n.a. n.a.Total n.a. (1,225) n.a. (890) 618 867 456 647",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-3": {
"value": "Foreign currency riskDue to its global activities, the Group is exposed to exchange rate fluctu-ations to a certain extent. DSV seeks to eliminate foreign currency risks by hedging currency exposures centrally via the Group\u2019s Treasury depart-ment. The risk exposure is managed on a net basis, primarily by using foreign exchange forward contracts. The Group\u2019s foreign subsidiaries are not affected where trading income and costs are denominated in the local functional currency. This applies to a large part of the Group\u2019s subsidiaries. Furthermore, a large proportion of the income and expenses of the Group are denominated in EUR, and the total foreign currency risk is therefore limited.The Group is also exposed to foreign currency risks, partly on the transla-tion of debt denominated in foreign currency other than the functional currency and partly on the translation of net investments in enterprises with a functional currency other than DKK. The former risk affects profit before tax. On recognition of net investments in foreign subsidiaries, the Group is exposed to a translation risk when the profit or loss and equity of foreign subsidiaries are translated into DKK at the reporting date based on the average rates of exchange and the closing rates. The need to hedge the Parent\u2019s net investments in subsidiaries is assessed on a regular basis. It is Group policy to reduce net investments in Group subsidiaries on an ongoing basis by distributing the subsidiaries\u2019 profits as dividends. The Group hedges booked external net currency positions and currencies with large expected short-term operational cash flows for up to six months. At year-end 2022, 71% of expected six-month cash flows in USD were hedged. As hedge accounting is only applied to a limited extent and we do not hedge currency exposure related to intra-group balances with no under-lying cash flow impact, significant changes in currency rates, especially EUR/DKK, USD/DKK, CNY/DKK and CHF/DKK, will result in more fluctua-tions in reported financial items. Unhedged intra- group balances at 31 December are outlined in the main currency exposures table to the right. In general, the Group does not hedge EUR positions, as it expects that the official Danish fixed exchange-rate policy against the EUR will continue. The sensitivity analysis of EUR/DKK exposure shows the effect of a 2% (2021: 5%) change in average exchange rates for the year on profit/loss (EBIT) and the effect of a 2% (2021: 5%) change in year-end closing rates on other comprehensive income.The sensitivity analysis of other significant currency exposures shows the effect of a 5% change in average exchange rates for the year on profit/loss (EBIT) and the effect of a 5% change in year-end closing rates on other comprehensive income. The calculation method applied in the sensitivity analysis is unchanged compared to previous years.Unhedged intra-group balances Currency exposures \u2013 sensitivity analysis2022 2021 2022 2021Main currency exposures Impact on Impact on Impact on Impact Impact on Impact (DKKm)Net positionprofit/loss Net positionprofit/lossprofit/losson OCIprofit/losson OCIEUR/DKK (26,927) (539) (12,154) (608) 103 130 191 238USD/DKK (7,076) (354) (188) (9) 275 552 145 293CNY/DKK (2,558) (128) (3,143) (157) 134 74 84 54CHF/DKK (1,798) (90) (1,771) (89) 18 24 14 38PLN/DKK (873) (44) (543) (27) 28 38 22 24SGD/DKK (845) (42) 102 n.a. 18 16 n.a. n.a.SEK/DKK (551) (28) (240) n.a. 42 33 n.a. n.a.Total n.a. (1,225) n.a. (890) 618 867 456 647",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-124-5": {
"value": "Commitments and amounts drawn on long-term credit facilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)interest ratecommitments Duration (years) UndrawnBond loan - ISIN XS2387735470 500 3,718 Fixed 17-09-2036 13.7 -Bond loan - ISIN XS2360881549 600 4,462 Fixed 05-07-2033 10.5 -Bond loan - ISIN XS2308616841 500 3,718 Fixed 03-03-2031 8.2 -Bond loan - ISIN XS2458285355 600 4,462 Fixed 16-03-2030 7.2 -Bond loan - ISIN 212542679 500 3,718 Fixed 26-02-2027 4.2 -Bond loan - ISIN 0030403993 200 1,487 Fixed 20-09-2024 1.7 -Revolving credit facility I 200 1,487 Floating 03-10-2027 4.8 1,487Revolving credit facility II 75 558 Floating 31-12-2024 2.0 558Revolving credit facility III 125 930 Floating 28-02-2024 1.2 930Revolving credit facility IV 150 1,115 Floating 31-01-2024 1.1 1,115Revolving credit facility V 100 744 Floating 31-01-2024 1.1 744Revolving credit facility VI 100 744 Floating 15-01-2026 3.0 744Overdraft facility I 100 744 Floating 28-02-2025 2.2 744Overdraft facility II 50 372 Floating 31-01-2024 1.1 372Total and weighted duration 3,800 28,259 8.3 6,694The Group\u2019s financial liabilities fall due as follows:Total cash flow, Financial liabilities \u2013 maturity 2022 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 829 859 859 - -Issued bonds 21,377 23,062 186 5,852 17,024Lease liabilities 16,767 21,278 4,302 11,059 5,917Trade payables 14,992 14,992 14,992 - -Currency derivatives 93 93 93 - -Total 54,058 60,284 20,432 16,911 22,941Total cash flow, Financial liabilities \u2013 maturity 2021 (DKKm) Carrying amountinclu ding interest 0-1 year 1-5 years > 5 yearOverdraft and credit facilities 1,896 1,932 1,932 - -Issued bonds 19,557 20,923 2,741 1,952 16,230Lease liabilities 15,288 18,330 3,692 9,835 4,803Trade payables 17,040 17,040 17,040 - -Currency derivatives 33 33 33 - -Interest rate derivatives 7 (9) (9) - -Total 53,821 58,249 25,429 11,787 21,0332022 2021Loan and credit facilities Fixed/floating Fixed/floating (DKKm)Carrying amountinterest rate Expiry Carrying amountinterest rate Expiry Bond loans 21,377 Fixed 2024-2036 19,557 Fixed/floating 2022-2036Credit facilities - - - 818 Fixed 2022Overdraft facility 829 Floating 2023 1,078 Floating 2022Loans and credit facilities at 31 December 22,206 21,453Current/non-current classification:Non-current liabilities 21,392 16,981Current liabilities 814 4,472",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-128-2": {
"value": "Interest rate riskAt 31 December 2022, 96% (2021: 92%) of Group borrowings were secured either through fixed-rate loans or other hedge transactions. The duration of hedges relating to net borrowings of the Group was 182 months (2021: 151 months).The weighted average interest rate on the Group\u2019s loans, credit facilities and interest rate hedging was 1.0% at the end of 2022 (2021: 1.2%).A 1 percentage point increase in interest rates would not have a signifi-cant impact on the income statement (2021: increase DKK 57 million) and other comprehensive income (2021: increase DKK 5 million), based on average net interest-bearing debt for 2022. The calculation method applied in the sensitivity analysis is unchanged compared to pre vious years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-2": {
"value": "Credit riskThe Group\u2019s credit risk mainly relates to trade receivables.The Group is not dependent on particular customer segments or any spe-cific customers, and all customers are subjected to individual credit as-sessments and credit limits in accordance with the Group\u2019s Credit Policy. As a result, the credit risk of the Group is generally considered insignificant. The Group mainly hedges credit risks through the use of credit insurance.For a limited number of customers, the Group uses non-recourse fac-toring. At 31 December 2022, non-recourse factoring amounted to DKK 2,288 million (2021: 1,696 million).DSV is exposed to counterparty credit risk when entering into derivative financial instruments. In order to reduce this risk, DSV only enters into derivative financial instruments with the existing banks of the Group whose credit ratings from Standard & Poor\u2019s are long-term A or higher. As a general rule, the Group only makes short-term deposits with banks Expected credit loss 2021Carrying Expected Loss rated short-term A-2 or higher by Standard & Poor\u2019s and/or P-2 or high-(DKKm)amount loss rate (%)allowance er by Moody\u2019s.Current 31,079 0.4% 117Overdue 1-30 days 3,834 1.6% 62Impairment of trade receivablesOverdue 31-60 days 970 5.8% 56Impairment of trade receivables is assessed on an ongoing basis and in-surance policies are taken out for the majority of these. Overdue 61-90 days 413 13.3% 55Overdue 91-120 days 167 24.4% 41At 31 December 2022, credit insurance amounted to DKK 26,628 mil-Overdue >121 days 663 64.2% 426lion, corresponding to 82% of total trade receivables (2021: DKK 25,295 Total 37,126 757million or 70%). Loss allowances for impaired trade receivables are provided for following Current receivables are considered to have high credit worthiness with a an expected credit loss model. The model includes uninsured trade receiv-low risk of loss. ables and also factors in any own risk on insured receivables. Expected credit loss at 31 December 2022 is presented in the following table:The loss allowance provision for the year is specified below:Expected credit loss 2022Carrying Expected Loss Loss allowance provision (DKKm)amount loss rate (%)allowance (DKKm) 20212022Current 25,745 0.3% 76Provision at 1 January 757 423Overdue 1-30 days 4,319 2.2% 94Additions from business combinations - 351Overdue 31-60 days 1,331 7.1% 95Additions for the year 713 337Overdue 61-90 days 615 15.0% 92Losses recognised (155) (79)Overdue 91-120 days 368 26.9% 99Reversal of provisions from previous years (443) (277)Overdue >121 days 882 47.3% 417Currency translation 1 2Total 33,260 873Provision at 31 December 873 757Impairment losses on trade receivables for 2022 amounted to DKK 155 million, corresponding to 0.07% of consolidated revenue (2021: DKK 79 million, or 0.04%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-130-3": {
"value": "As a general rule, the Group only makes short-term deposits with banks Expected credit loss 2021Carrying Expected Loss rated short-term A-2 or higher by Standard & Poor\u2019s and/or P-2 or high-(DKKm)amount loss rate (%)allowance er by Moody\u2019s.Current 31,079 0.4% 117Overdue 1-30 days 3,834 1.6% 62Impairment of trade receivablesOverdue 31-60 days 970 5.8% 56Impairment of trade receivables is assessed on an ongoing basis and in-surance policies are taken out for the majority of these. Overdue 61-90 days 413 13.3% 55Overdue 91-120 days 167 24.4% 41At 31 December 2022, credit insurance amounted to DKK 26,628 mil-Overdue >121 days 663 64.2% 426lion, corresponding to 82% of total trade receivables (2021: DKK 25,295 Total 37,126 757million or 70%). Loss allowances for impaired trade receivables are provided for following Current receivables are considered to have high credit worthiness with a an expected credit loss model. The model includes uninsured trade receiv-low risk of loss. ables and also factors in any own risk on insured receivables. Expected credit loss at 31 December 2022 is presented in the following table:The loss allowance provision for the year is specified below:Expected credit loss 2022Carrying Expected Loss Loss allowance provision (DKKm)amount loss rate (%)allowance (DKKm) 20212022Current 25,745 0.3% 76Provision at 1 January 757 423Overdue 1-30 days 4,319 2.2% 94Additions from business combinations - 351Overdue 31-60 days 1,331 7.1% 95Additions for the year 713 337Overdue 61-90 days 615 15.0% 92Losses recognised (155) (79)Overdue 91-120 days 368 26.9% 99Reversal of provisions from previous years (443) (277)Overdue >121 days 882 47.3% 417Currency translation 1 2Total 33,260 873Provision at 31 December 873 757Impairment losses on trade receivables for 2022 amounted to DKK 155 million, corresponding to 0.07% of consolidated revenue (2021: DKK 79 million, or 0.04%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-4": {
"value": "Accounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-5": {
"value": "Accounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-6": {
"value": "Accounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-2": {
"value": "4.5 Derivative financial instrumentsAccounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items.Foreign currency risk hedgingInterest rate risk hedgingThe Group mainly uses foreign exchange forward contracts to hedge for-The Group has obtained long-term loans mainly on a fixed rate basis, eign currency risks. The main currency hedged is USD. The foreign ex-which means that the Group is less exposed to interest rate fluctuations.change forward contracts are used as fair value hedges of currency expo-sures relating to external balance sheet assets and liabilities as well as The Group mainly uses interest rate swaps to hedge future cash flows expected short-term operational cash flows. relating to interest rate risks. Thereby, floating-rate loans are converted to fixed-rate financing. A loss on hedging instruments of DKK 184 million was recognised in the income statement for 2022 (2021: a loss of DKK 84 million). In the same At the balance sheet date, the Group no longer had any interest rate period, a gain of DKK 460 million was recognised relating to assets and swaps. The weighted average effective interest rate of existing interest liabilities (2021: a loss of DKK 28 million). The net gain in 2022 primarily rate instruments used as hedges of long-term loans was therefore 0.0% relates to unhedged intercompany positions.at the reporting date (2021: 0.8%).2022 2021External hedging instruments Currency Interest rate Currency Interest rate (DKKm)instrumentsinstruments Tota linstrumentsinstruments Tota lContractual value 5,589 - 5,589 11,801 744 12,545Maturity (year) 2023 - 2022 2022Fair value 93 - 93 (33) (7) (40)Of which recognised in income statement 97 - 97 (34) - (34)Of which recognised in OCI (4) - (4) 1 (7) (6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-2": {
"value": "4.6 Earnings per share Earnings per share (DKKm) 2022 2021Profit for the year 17,671 11,254Non-controlling interests\u2019 share of consolidated profit for the year 103 49DSV A/S shareholders\u2019 share of profit for the year 17,568 11,205Amortisation of customer relationships 254 212Share-based payment 202 160Special items, costs 1,117 478Related tax effect (376) (208)Adjusted profit for the year 18,765 11,847(\u2018000 shares)Total average number of shares 235,438 231,732Average number of treasury shares (8,121) (4,231)Average number of shares in circulation 227,317 227,501Average dilutive effect of outstanding share options under incentive schemes 3,150 5,138Diluted average number of shares in circulation 230,467 232,639Earnings per share of DKK 1 77.3 49.3Diluted earnings per share of DKK 1 76.2 48.2Adjusted earnings per share of DKK 1 82.5 52.1Diluted adjusted earnings per share of DKK 1 81.4 50.9Diluted average number of shares Diluted earnings per share and diluted adjusted earnings per share have been calculated excluding out-of-the money share options. The number of out-of-the money share options was 0 in 2022 (2021: 0).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-2": {
"value": "4.7 Financial instruments \u2014 fair value hierarchyFair value hierarchy by categoryFinancial liabilities measured at amortised costDSV has no financial instruments measured at fair value based on level 1 input In 2021, the carrying value of financial liabilities measured at amortised cost (quoted active market prices) or level 3 input (non-observable market data).was not considered to differ significantly from fair value. All financial instruments are measured based on level 2 input (input other Due to changes in the macroeconomic environment, the carrying value of fi-than quoted prices that are observable either directly or indirectly). nancial liabilities measured at amortised cost is no longer considered to rep-resent the fair value. The 2022 fair value of issued bonds measured at amor-Derivative financial instruments tised cost is within level 1 of the fair value hierarchy.The fair value of currency and interest rate derivatives is determined based on generally accepted valuation methods using available obser vable market Trade receivables, trade payables and other receivablesdata. Calculated fair values are verified against comparable external market Receivables and payables pertaining to operating activities and with short quotes on a monthly basis. churn ratios are considered to have a carrying value equal to fair value. 2022 2021Financial instruments by category (DKKm) Carrying amount Fair Value Carrying amount Fair valueFinancial assets:Currency derivatives 93 93 - -Trade receivables 32,387 32,387 36,369 36,369Other receivables 6,640 6,640 6,404 6,404Cash and cash equivalents 10,160 10,160 8,299 8,299Financial assets measured at amortised cost 49,187 49,187 51,072 51,072Financial liabilities:Interest rate derivatives - - 7 7Currency derivatives - - 33 33Issued bonds measured at amortised cost 21,377 16,615 19,557 19,557Overdraft and credit facilities 829 829 1,896 1,896Trade payables 14,992 14,992 17,040 17,040Financial liabilities measured at amortised cost 37,198 32,436 38,493 38,493",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-3": {
"value": "4.7 Financial instruments \u2014 fair value hierarchyFair value hierarchy by categoryFinancial liabilities measured at amortised costDSV has no financial instruments measured at fair value based on level 1 input In 2021, the carrying value of financial liabilities measured at amortised cost (quoted active market prices) or level 3 input (non-observable market data).was not considered to differ significantly from fair value. All financial instruments are measured based on level 2 input (input other Due to changes in the macroeconomic environment, the carrying value of fi-than quoted prices that are observable either directly or indirectly). nancial liabilities measured at amortised cost is no longer considered to rep-resent the fair value. The 2022 fair value of issued bonds measured at amor-Derivative financial instruments tised cost is within level 1 of the fair value hierarchy.The fair value of currency and interest rate derivatives is determined based on generally accepted valuation methods using available obser vable market Trade receivables, trade payables and other receivablesdata. Calculated fair values are verified against comparable external market Receivables and payables pertaining to operating activities and with short quotes on a monthly basis. churn ratios are considered to have a carrying value equal to fair value. 2022 2021Financial instruments by category (DKKm) Carrying amount Fair Value Carrying amount Fair valueFinancial assets:Currency derivatives 93 93 - -Trade receivables 32,387 32,387 36,369 36,369Other receivables 6,640 6,640 6,404 6,404Cash and cash equivalents 10,160 10,160 8,299 8,299Financial assets measured at amortised cost 49,187 49,187 51,072 51,072Financial liabilities:Interest rate derivatives - - 7 7Currency derivatives - - 33 33Issued bonds measured at amortised cost 21,377 16,615 19,557 19,557Overdraft and credit facilities 829 829 1,896 1,896Trade payables 14,992 14,992 17,040 17,040Financial liabilities measured at amortised cost 37,198 32,436 38,493 38,4936.1 Acquisition and disposal of entitiesManagement judgements and estimatesIn applying the acquisition method of accounting, estimates are an inte-gral part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available.Valuation techniques where estimates are applied typically relate to de-termining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition.More significant estimates are typically applied in accounting for property, plant and equipment, customer relationships, trade receivables, deferred tax, debt and contingent liabilities. As a result of the uncertainties inherent in fair value estimation, measurement period adjustments may be applied.Acquisitions and disposalsOn 16 August 2021, DSV acquired the Global Integrated Logistics divi-sion (GIL) of Agility Public Warehousing Company K.S.C.P. No material enterprises, non-controlling interests or activities were acquired or di-vested in 2022.About Agility's Global Integrated Logistics businessThe GIL business was a leading global transport and logistics provider with a strong footprint in emerging markets. The business offered a mix of integrated logistics services, including air, ocean and road freight forward-ing services, contract logistics and specialised logistics capabilities. GIL operated a flexible, customer-centric and sustainability-driven business with a global workforce of approximately 17,000 employees and service provision across 100+ countries around the world (incl. agents). GIL em-powered businesses of all sizes, from small businesses to large multination-als, through sector-specific expertise and digital tools and technology to enhance supply chain efficiency.Consideration transferredThe consideration transferred for GIL was made in DSV equity instru-ments by offering 19,304,348 DSV shares in total at a fair value of DKK 29,493 million based on the acquisition date share closing price of DKK 1,531 on Nasdaq Copenhagen, offset by a cash consideration transferred from Agility to DSV of approximately DKK 61 million. Adjusted for the fair value of cash and cash equivalents acquired of DKK 1,759 million, the total net consideration amounted to DKK 27,734 million. Fair value of acquired net assets and recognised goodwillIn 2022, DKK 370 million was recognised as measurement period adjust-ments to the acquisitional opening balance. The measurement period adjustments primarily relate to the valuation of properties. For further details, refer to note 6.1 in the DSV Annual Report 2021.The fair value of other receivables recognised includes indemnification assets totalling DKK 1,818 million relating to various corporate tax and value added taxes. Indemnification assets have not been excluded from the consideration transferred or opening balance recognition.Had the indemnification assets been excluded, the consideration trans-ferred and net assets recognised would have amounted to DKK 27,675 million and DKK 2,105 million respectively, whereas acquisitional goodwill would have remained unchanged.The fair value of identified net assets and goodwill recognised from the acquisition is comprised of the following items: Net assets and goodwill recognised Fair value at date (DKKm)of acquisitionCustomer relationships 569Other intangible assets 13Right-of-use assets 2,375Property, plant and equipment 2,146Trade receivables 5,438Contract assets 1,448Inventories 34Deferred tax assets 720Other receivables 2,365Cash and cash equivalents 1,759Total assets 16,867Lease liabilities 2,331Borrowings 138Provisions 2,800Pensions and similar obligations 349Trade payables 2,499Accrued cost of services 1,864Deferred tax liabilities 159Tax payables 605Other payables 1,935Total liabilities 12,680NCI share of acquired net assets 264Acquired net assets 3,923Fair value of total consideration transferred 29,493Goodwill arising from the acquisition 25,570",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-4": {
"value": "4.7 Financial instruments \u2014 fair value hierarchyFair value hierarchy by categoryFinancial liabilities measured at amortised costDSV has no financial instruments measured at fair value based on level 1 input In 2021, the carrying value of financial liabilities measured at amortised cost (quoted active market prices) or level 3 input (non-observable market data).was not considered to differ significantly from fair value. All financial instruments are measured based on level 2 input (input other Due to changes in the macroeconomic environment, the carrying value of fi-than quoted prices that are observable either directly or indirectly). nancial liabilities measured at amortised cost is no longer considered to rep-resent the fair value. The 2022 fair value of issued bonds measured at amor-Derivative financial instruments tised cost is within level 1 of the fair value hierarchy.The fair value of currency and interest rate derivatives is determined based on generally accepted valuation methods using available obser vable market Trade receivables, trade payables and other receivablesdata. Calculated fair values are verified against comparable external market Receivables and payables pertaining to operating activities and with short quotes on a monthly basis. churn ratios are considered to have a carrying value equal to fair value. 2022 2021Financial instruments by category (DKKm) Carrying amount Fair Value Carrying amount Fair valueFinancial assets:Currency derivatives 93 93 - -Trade receivables 32,387 32,387 36,369 36,369Other receivables 6,640 6,640 6,404 6,404Cash and cash equivalents 10,160 10,160 8,299 8,299Financial assets measured at amortised cost 49,187 49,187 51,072 51,072Financial liabilities:Interest rate derivatives - - 7 7Currency derivatives - - 33 33Issued bonds measured at amortised cost 21,377 16,615 19,557 19,557Overdraft and credit facilities 829 829 1,896 1,896Trade payables 14,992 14,992 17,040 17,040Financial liabilities measured at amortised cost 37,198 32,436 38,493 38,493",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-4": {
"value": "Accounting policiesCurrent tax payables and receivables are recognised in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on taxable income for previous years and for prepaid tax. Tax for the year comprises current and deferred tax on profit or loss for the year, interest expenses related to pending tax disputes and adjust-ments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the income statement, unless the tax expense relates directly to items included in other comprehensive income or equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-136-2": {
"value": "5.1 Income taxAccounting policiesCurrent tax payables and receivables are recognised in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on taxable income for previous years and for prepaid tax. Tax for the year comprises current and deferred tax on profit or loss for the year, interest expenses related to pending tax disputes and adjust-ments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the income statement, unless the tax expense relates directly to items included in other comprehensive income or equity.Tax for the year (DKKm) 20212022Tax for the year is disaggregated as follows:Tax on profit for the year 5,550 3,650Tax on other changes in equity 322 (791)Tax on other comprehensive income (52) 116Total tax for the year 5,820 2,975Tax on profit for the year is calculated as follows:Current tax 5,704 3,830Deferred tax (302) (220)Tax adjustment relating to previous years 148 40Total tax on profit for the year 5,550 3,650Tax on other comprehensive income specifies as follows:Fair value adjustment of hedging instruments (2) 3Actuarial gains/(losses) 54 (119)Total tax on other comprehensive income 52 (116)Tax rate (%) 20212022Tax rate specifies as follows:Calculated tax on profit for the year before tax 22.0% 22.0%Adjustment of calculated tax in foreign group enterprises relative to 22.0% 2.5% 2.4%Change in deferred tax based on change in income tax rate 0.0% (0.1%)Tax effect of:Non-deductible expenses/non-taxable income 0.5% 0.7%Non-deductible losses/non-taxable gains on shares (0.1%) 0.0%Tax adjustment relating to previous years 0.6% 0.3%Tax asset valuation adjustments, net (2.3%) (1.2%)Other taxes and adjustments 0.7% 0.4%Effective tax rate 23.9% 24.5%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-143-4": {
"value": "Accounting policiesDeferred tax is recognised based on temporary differences between the carrying amount and the tax value of assets and liabilities. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes, except at the acquisition of enterprises, if such temporary differ-ences arose on the date of acquisition without affecting the results or the taxable income. In cases where it is possible to calculate the tax value ac-cording to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utili-sation, either by elimination in tax on future earnings or by offsetting de-ferred tax liabilities within the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the enterprise has a legally enforceable right to set off current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the relevant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-140-2": {
"value": "5.2 Deferred taxDeferred tax recognised in the balance sheet (DKKm)20212022Deferred tax at 1 January 3,097 2,293Deferred tax for the year 302 220Tax adjustment relating to previous years (74) (337)Tax on changes in equity (430) 675Additions from business combinations 79 456Currency translation 36 (47)Other adjustments (20) (163)Deferred tax at 31 December 2,990 3,097Deferred tax not recog nised in the balance sheet (DKKm)20212022Temporary differences 29 (58)Tax loss carryforwards 853 1,220Total tax assets not recognised 882 1,162Of not recognised tax loss carryforwards, DKK 574 million (2021: DKK 795 million) may be carried forward indefinitely.Accounting policiesDeferred tax is recognised based on temporary differences between the carrying amount and the tax value of assets and liabilities. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes, except at the acquisition of enterprises, if such temporary differ-ences arose on the date of acquisition without affecting the results or the taxable income. In cases where it is possible to calculate the tax value ac-cording to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utili-sation, either by elimination in tax on future earnings or by offsetting de-ferred tax liabilities within the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the enterprise has a legally enforceable right to set off current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the relevant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax. Management judgements and estimatesManagement applies significant estimates when recognising and measuring deferred tax assets and uncertain tax positions. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable in-come against which the temporary differences and unutilised tax losses can be utilised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxa-ble profit will allow the deferred tax asset to be recovered.Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Man-agement believes that the provisions made are adequate. The actual obliga-tions may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.5.2 Deferred tax \u2014 continuedThe deferred tax assets and liabilities recognised are allocated to the following items: PPE, ROU Tax base ofDeferred tax allocation 2022 assets, lease tax loss carry-(DKKm)Intangible assetsliabilities Provisions Other liabilitiesforwards Tota lDeferred tax at 1 January (290) (166) 889 1,758 906 3,097Recognised in profit/loss 277 170 111 (298) (32) 228Recognised in equity - - 52 (482) - (430)Additions from business combinations - 90 (95) - 84 79Other adjustments - - (2) 13 (31) (20)Currency translation 2 18 (2) 3 15 36Deferred tax at 31 December (11) 112 953 994 942 2,990Balance sheet classification:Deferred tax assets 162 273 1,034 1,074 951 3,494Deferred tax liabilities (173) (161) (81) (80) (9) (504)Tax base of Deferred tax allocation 2021 PPE and tax loss carry-(DKKm)Intangible assets ROU assets Provisions Other liabilitiesforwards Tota lDeferred tax at 1 January (253) (252) 1,225 702 871 2,293Recognised in profit/loss (42) 204 (418) 311 (172) (117)Recognised in equity - - (116) 791 - 675Additions from business combinations 6 (135) 210 (21) 396 456Other adjustments - - 1 (2) (162) (163)Currency translation (1) 17 (13) (23) (27) (47)Deferred tax at 31 December (290) (166) 889 1,758 906 3,097Balance sheet classification:Deferred tax assets (275) 590 701 1,620 908 3,544Deferred tax liabilities (15) (756) 188 138 (2) (447)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-147-4": {
"value": "Accounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-147-5": {
"value": "Accounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-147-6": {
"value": "Accounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-3": {
"value": "6.1 Acquisition and disposal of entitiesAccounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities.Management judgements and estimatesIn applying the acquisition method of accounting, estimates are an inte-gral part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available.Valuation techniques where estimates are applied typically relate to de-termining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition.More significant estimates are typically applied in accounting for property, plant and equipment, customer relationships, trade receivables, deferred tax, debt and contingent liabilities. As a result of the uncertainties inherent in fair value estimation, measurement period adjustments may be applied.Acquisitions and disposalsOn 16 August 2021, DSV acquired the Global Integrated Logistics divi-sion (GIL) of Agility Public Warehousing Company K.S.C.P. No material enterprises, non-controlling interests or activities were acquired or di-vested in 2022.About Agility's Global Integrated Logistics businessThe GIL business was a leading global transport and logistics provider with a strong footprint in emerging markets. The business offered a mix of integrated logistics services, including air, ocean and road freight forward-ing services, contract logistics and specialised logistics capabilities. GIL operated a flexible, customer-centric and sustainability-driven business with a global workforce of approximately 17,000 employees and service provision across 100+ countries around the world (incl. agents). GIL em-powered businesses of all sizes, from small businesses to large multination-als, through sector-specific expertise and digital tools and technology to enhance supply chain efficiency.Consideration transferredThe consideration transferred for GIL was made in DSV equity instru-ments by offering 19,304,348 DSV shares in total at a fair value of DKK 29,493 million based on the acquisition date share closing price of DKK 1,531 on Nasdaq Copenhagen, offset by a cash consideration transferred from Agility to DSV of approximately DKK 61 million. Adjusted for the fair value of cash and cash equivalents acquired of DKK 1,759 million, the total net consideration amounted to DKK 27,734 million. Fair value of acquired net assets and recognised goodwillIn 2022, DKK 370 million was recognised as measurement period adjust-ments to the acquisitional opening balance. The measurement period adjustments primarily relate to the valuation of properties. For further details, refer to note 6.1 in the DSV Annual Report 2021.The fair value of other receivables recognised includes indemnification assets totalling DKK 1,818 million relating to various corporate tax and value added taxes. Indemnification assets have not been excluded from the consideration transferred or opening balance recognition.Had the indemnification assets been excluded, the consideration trans-ferred and net assets recognised would have amounted to DKK 27,675 million and DKK 2,105 million respectively, whereas acquisitional goodwill would have remained unchanged.The fair value of identified net assets and goodwill recognised from the acquisition is comprised of the following items: Net assets and goodwill recognised Fair value at date (DKKm)of acquisitionCustomer relationships 569Other intangible assets 13Right-of-use assets 2,375Property, plant and equipment 2,146Trade receivables 5,438Contract assets 1,448Inventories 34Deferred tax assets 720Other receivables 2,365Cash and cash equivalents 1,759Total assets 16,867Lease liabilities 2,331Borrowings 138Provisions 2,800Pensions and similar obligations 349Trade payables 2,499Accrued cost of services 1,864Deferred tax liabilities 159Tax payables 605Other payables 1,935Total liabilities 12,680NCI share of acquired net assets 264Acquired net assets 3,923Fair value of total consideration transferred 29,493Goodwill arising from the acquisition 25,570",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-153-2": {
"value": "6.2 Share option schemesAccounting policiesDSV's share option schemes are equity-settled, measured at the grant date and recognised in the income statement as staff costs over the vesting period. The offsetting item is recognised directly in equity.The value of employee services received during the vesting period in ex-change for share options granted corresponds to the fair value of the share options at the date of granting. The fair value of the options granted is determined based on the Black & Scholes valuation model. The assumptions used in the valuation takes into account the terms and conditions applicable to the options granted and Management\u2019s expectations of the various parameters on which the valua-tion model is based.Upon initial recognition, an estimate is made of the number of share options that the employees are expected to earn. The estimated number of share options is adjusted subsequently to reflect the actual number of share op-tions earned. The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valu-ation of the share options granted in 2022 and 2021 is based on the fol-lowing assumptions:Assumptions 2022 2021Share price 1,485.0 1,325.0Volatility 18.0% 18.0%Risk-free interest rate 1.2% (0.1%)Expected dividends 0.8% 0.8%Expected remaining life (years) 3.5 3.5Current share option schemesNumber of Market value at date Scheme Options granted Exercise period Exercise priceemployeesof granting (DKKm)2018 2,733,500 28.03.2021 - 28.03.2023 477.5 1,600 118.22019 2,735,000 29.03.2022 - 27.03.2024 545.0 1,624 141.72020 3,080,750 31.03.2023 - 31.03.2025 560.0 2,000 155.52021 2,438,300 01.04.2024 - 31.03.2026 1,325.0 2,202 205.32022 2,640,900 01.04.2025 - 31.03.2027 1,485.0 2,524 279.8Share option schemes at 31 December 2022Key Average exercise Scheme Executive Boardemployees Tot a lprice per option2018* 190,000 687,000 877,000 477.52019* 190,000 1,836,500 2,026,500 545.02020 202,000 2,708,500 2,910,500 560.02021 168,750 2,193,800 2,362,550 1,325.02022 198,250 2,387,000 2,585,250 1,485.0Outstanding at 31 December 2022 949,000 9,812,800 10,761,800 940.6Open for exercise at 31 December 2022 380,000 2,523,500 2,903,500 524.6Life (years) 2.2 2.6 2.6 n.a.Market value (DKKm) 350.5 3,134.4 3,484.9 n.a.* Share options granted in 2018 and 2019 are currently exercisable.Share option schemesDSV has launched incentive share-based payment schemes with the purpose of motivating and retaining key employees across the organisa-tion. Share options are awarded at all levels in the organisation, e.g. from team leads, specialists, branch managers, country managers, up to Executive Management.Retention is motivated by requiring continued service for a period cover-ing the vesting period as a minimum. The schemes are also intended to align the interests of employees and shareholders. All active schemes entail a three-year vesting period and a two-year ex-ercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices lead-ing up to the date of granting. The share options can be exercised by cash purchase of shares only. The obligation relating to the schemes is partly covered by the Company\u2019s treasury shares.Share options are granted pursuant to the procedures laid down in the Group\u2019s Remuneration Policy applicable in the relevant year.A total of 2,988 employees held share options at 31 December 2022 (2021: 2,625 employees). Total costs recognised in 2022 for services received but not recognised as an asset amounted to DKK 202 million (2021: DKK 160 million). The average share price for options exercised in the financial year was DKK 1,093.4 per share at the date of exercise (2021: DKK 1,324.5 per share).Outstanding share options Boardemployees Tota lprice per optionOutstanding at 1 January 2021 760,000 8,646,129 9,406,129 507.2Granted 156,750 2,281,550 2,438,300 1,325.0*Transferred 36,000 (36,000) - -Exercised (190,000) (1,953,556) (2,143,556) 427.9Options waived/expired - (123,475) (123,475) 684.7Outstanding at 31 December 2021 762,750 8,814,648 9,577,398 730.9Outstanding at 1 January 2022 762,750 8,814,648 9,577,398 730.9Granted 198,250 2,442,650 2,640,900 1,485.0Exercised (12,000) (1,279,573) (1,291,573) 479.1Options waived/expired - (164,925) (164,925) 1,091.6Outstanding at 31 December 2022 949,000 9,812,800 10,761,800 940.6* A member of the Executive Board has previously received share options in the Director\u2019s former capacity as a key employee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-158-2": {
"value": "6.3 Remuneration of the Executive Board and the Board of DirectorsExecutive BoardThe members of the Executive Board are subject to a notice period of up to 24 months. Remuneration of the members of the Executive Board and the Board of Directors complies with the principles of the Company\u2019s Re-muneration Policy and is described in detail in the Remuneration Report.The aggregate remuneration to the members of the Executive Board for 2022 was DKK 54.8 million (2021: DKK 41.5 million). The remuneration to the Executive Board is specified:Executive Board remuneration (DKKm) 2021*2022Fixed salary 36.1 27.6Pension 2.9 2.2Share-based payment 15.8 11.7Total 54.8 41.5* Michael Ebbe became a member of the Executive Board on 26 October 2021.Board of DirectorsThe aggregate remuneration to the Board of Directors of DSV A/S for 2022 was DKK 6.9 million (2021: DKK 7.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-158-3": {
"value": "6.3 Remuneration of the Executive Board and the Board of DirectorsExecutive BoardThe members of the Executive Board are subject to a notice period of up to 24 months. Remuneration of the members of the Executive Board and the Board of Directors complies with the principles of the Company\u2019s Re-muneration Policy and is described in detail in the Remuneration Report.The aggregate remuneration to the members of the Executive Board for 2022 was DKK 54.8 million (2021: DKK 41.5 million). The remuneration to the Executive Board is specified:Executive Board remuneration (DKKm) 2021*2022Fixed salary 36.1 27.6Pension 2.9 2.2Share-based payment 15.8 11.7Total 54.8 41.5* Michael Ebbe became a member of the Executive Board on 26 October 2021.Board of DirectorsThe aggregate remuneration to the Board of Directors of DSV A/S for 2022 was DKK 6.9 million (2021: DKK 7.0 million).6.5 Related-party transactionsDSV has no related parties with control of the Group and no related par-ties with significant influence other than key management personnel \u2013 mainly in the form of the Board of Directors and the Executive Board. Related-party transactionsBoard of Directors and Executive BoardNo transactions with the Board of Directors and Executive Board were made in 2022 other than ordinary remuneration, as described in notes 6.2 and 6.3.Associated companiesDSV holds ownership interests in 8 associates (2021: 12 associates). The Group\u2019s share of associates\u2019 profit for the year amounted to DKK 7 million (2021: DKK 4 million). The carrying amount of the investment was DKK 50 million at 31 Decem-ber 2022 (2021: DKK 63 million). The Group had the following transac-tions with associates:Associated companies transactions (DKKm) 20212022Sale of services 128 163Purchase of services 14 18The Group had the following balances with associates at 31 December:Associated companies balances (DKKm) 20212022Receivables 19 26Payables - 1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-160-2": {
"value": "6.4 Fees to auditors appointed at the Annual General MeetingAudit fees and services (DKKm) 20212022Statutory audit fees 45 42Other assurance services 3 4Tax and VAT advisory services 1 2Other services 5 4Total fees to auditors appointed at the Annual General Meeting 54 52Statutory audit fees 6 13Tax and VAT advisory services 2 21Other services - 12Total fees, other 8 46Total fees 62 98Non-audit services provided by PwC Denmark amounted to DKK 5 million in 2022 relating to advisory services in relation to legal disputes, assur-ance and advisory in relation to ESG, various tax advisory services and other advisory services. Non-audit services provided by PwC Denmark did not exceed 70% of the audit fees in accordance with EU audit legislation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-165-5": {
"value": "Accounting policiesContingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-2": {
"value": "6.6 Contingent liabilities and securAccounting policiesContingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.ty for debtContingent liabilitiesSecurity for debtBank guaranteesAs part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc. The counterparties may claim appropriation of collateral if DSV fails to pay any amount due. PledgesAt 31 December 2022, property, plant and equipment and other financial assets with a carrying value of DKK 30.9 million were pledged as security (2021: DKK 140.9 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2021: DKK 64 million).ContractsDSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.Management judgements and estimatesManagement applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met. These judgements may involve advice from external experts, legal advisors, etc.Contingent liabilitiesAs an international transport service provider, the Group is regularly in-volved in tax and VAT disputes, legal proceedings or inquiries from compe-tition authorities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.A detailed disclosure of individual contingent liabilities is considered im-practicable and is therefore not included in the notes to the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-3": {
"value": "6.6 Contingent liabilities and securAccounting policiesContingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group\u2019s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.ty for debtContingent liabilitiesSecurity for debtBank guaranteesAs part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc. The counterparties may claim appropriation of collateral if DSV fails to pay any amount due. PledgesAt 31 December 2022, property, plant and equipment and other financial assets with a carrying value of DKK 30.9 million were pledged as security (2021: DKK 140.9 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2021: DKK 64 million).ContractsDSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.Management judgements and estimatesManagement applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met. These judgements may involve advice from external experts, legal advisors, etc.Contingent liabilitiesAs an international transport service provider, the Group is regularly in-volved in tax and VAT disputes, legal proceedings or inquiries from compe-tition authorities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.A detailed disclosure of individual contingent liabilities is considered im-practicable and is therefore not included in the notes to the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-172-2": {
"value": "Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityGroup company Europe (continued)Europe (continued)overviewDSV Solutions N.V. Belgium 100.00%DSV Real Estate Duisburg A/S Denmark 100.00%DSV Logistics N.V. Belgium 100.00%DSV Road Holding A/S Denmark 100.00%DSV Road N.V. Belgium 100.00%DSV Road A/S Denmark 100.00%The overview below is a list of companies in the DSV Group at 31 December 2022 showing the companies by segment and not by MCI Brokers N.V. Belgium 99.90%DSV Real Estate Horsens A/S Denmark 100.00%legal structure.DSV Air & Sea EOOD Bulgaria 100.00%DSV Real Estate Hedeland 5 A/S Denmark 100.00%DSV Road EOOD Bulgaria 100.00%DSV Road Services A/S Denmark 100.00%DSV Hrvatska d.o.o. Croatia 100.00%DSV Estonia AS Estonia 100.00%Panalpina Business Services DSV Air & Sea Oy Finland 100.00%(Prague), s.r.o. Czech Republic 100.00%DSV Solutions Oy Finland 100.00%Air & Sea Road Solutions GroupActivity:DSV Air & Sea s.r.o. Czech Republic 100.00%DSV Road Oy Finland 100.00%Panalpina Czech S.R.O. Czech Republic 100.00%DSV Air & Sea SAS France 100.00%Ownership GIL Czech Republic s.r.o. Czech Republic 100.00%Company Countryshare ActivityDSV International Air & Sea France France 100.00%DSV Air & Sea Czech Republic s.r.o. Czech Republic 100.00%DSV Solutions SAS France 100.00%DSV Solutions s.r.o. Czech Republic 100.00%DSV Road Holding S.A. France 100.00%ParentDSV Road a.s. Czech Republic 100.00%DSV Road SAS France 100.00%DSV A/S DenmarkDSV Insurance A/S Denmark 100.00%ING REEIF WATTRELOS France 100.00%DSV Group Services A/S Denmark 100.00%DSV Group Services GmbH Germany 100.00%SubsidiariesDSV Shop Hub A/S Denmark 100.00%DSV Air & Sea Germany GmbH Germany 100.00%DSV FS A/S Denmark 100.00%DSV Air & Sea Deutschland GmbH Germany 100.00%EuropeAnpartselskabet af 25. januar 2017 Denmark 100.00%DSV Real Estate Duisburg A/S - DSV Air & Sea GmbH Austria 100.00%DSV Real Estate Ringsted A/S Denmark 100.00%German Branch Germany 100.00%GIL Austria GmbH in Liquidation Austria 100.00%DSV Air & Sea Holding A/S Denmark 100.00%DSV Solutions Group GmbH Germany 100.00%DSV Road GmbH Austria 100.00%DSV Air & Sea A/S Denmark 100.00%DSV Solutions GmbH Germany 100.00%DSV Air & Sea NV Belgium 100.00%DSV Ocean Transport A/S Denmark 100.00%DSV Stuttgart GmbH & Co. KG Germany 100.00%Panalpina World Transport N.V. Belgium 100.00%PC KH ApS Denmark 100.00%DSV Stuttgart Verwaltung GmbH Germany 100.00%AD Handling NV Belgium 100.00%DSV Air & Sea Denmark ApS Denmark 100.00%Administration & Accounting Service ABX Worldwide Holdings NV/SA Belgium 100.00%GmbH Germany 100.00%Agility A/S Denmark 100.00%DSV Road Holding NV Belgium 100.00%DSV Road GmbH Germany 100.00%DSV Solutions Holding A/S Denmark 100.00%DSV Air & Sea Belgium NV Belgium 100.00%DSV HELLAS S.A. Greece 100.00%DSV Solutions A/S Denmark 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityCompany Countryshare ActivityEurope (continued)Europe (continued)Europe (continued)UTi Networks Limited Guernsey 100.00%DSV Air Services Luxembourg 100.00%DSV International Shared Services Sp. z o.o. Poland 100.00%DSV Air & Sea Hungary Kft. Hungary 100.00%DSV Lead Logistics B.V. Netherlands 100.00%DSV Real Estate Warsaw Sp. z o.o. Poland 100.00%DSV Solutions Hungary Kft. Hungary 100.00%Agility Logistics International BV Netherlands 100.00%DSV Real Estate Warsaw II Sp. z o.o. Poland 100.00%DSV Hungaria Kft. Hungary 100.00%GeoLogistics European Holdings B.V. Netherlands 100.00%DSV Air & Sea Sp. z o.o. Poland 100.00%DSV Air & Sea Limited Ireland 100.00%Telmidas AMS B.V. Netherlands 100.00%Panalpina Polska Sp. z o.o. Poland 100.00%Panalpina World Transport (Ireland) TransOceanic Holdings BV Netherlands 100.00%Ltd. Ireland 100.00%GIL POLAND Sp. z o.o. Poland 100.00%DSV Finance B.V. Netherlands 100.00%DSV GIL Ireland Limited Ireland 100.00%DSV Air & Sea Poland Sp. z o.o. Poland 100.00%African Investments BV Netherlands 100.00%LEP Shannon Ltd. Ireland 100.00%DSV Services Sp. z o.o. Poland 100.00%UTi (Netherlands) Holdings BV Netherlands 100.00%DSV Air & Sea (Ireland) Limited Ireland 100.00%DSV Road Sp. z o.o. Poland 100.00%DSV Air & Sea Nederland B.V. Netherlands 100.00%DSV Solutions Ltd. Ireland 100.00%DSV Solutions Sp. z o.o. Poland 100.00%DSV Shared Services B.V. Netherlands 100.00%UTI Inventory Management Solu-DSV Group Services Unipessoal, Lda Portugal 100.00%DSV Solutions Holding B.V. Netherlands 100.00%tions Limited Ireland 100.00%DSV Air & Sea Portugal, LDA Portugal 100.00%DSV Solutions Nederland B.V. Netherlands 100.00%DSV Road Limited Ireland 100.00%DSV Solutions, Lda. Portugal 100.00%IMS Holdings BV Netherlands 100.00%DSV S.p.A. Italy 100.00%DSV SGPS, Lda. Portugal 100.00%DSV Multi-Channel Fulfilment B.V. Netherlands 100.00%UTi Italy SrL Italy 100.00%DSV Transitarios, Lda. Portugal 100.00%DSV Solutions (Moerdijk) B.V. Netherlands 100.00%Panalpina Trasporti Mondiali S.p.A. Italy 100.00%DSV Air & Sea SRL Romania 100.00%DSV Real Estate Dallas Holding B.V. Netherlands 100.00%DSV Real Estate S.p.A. Italy 89.75%GIL AIR&SEA S.R.L. Romania 100.00%DSV Real Estate Venlo 5 B.V. Netherlands 100.00%DSV Air & Sea Italy S.r.l. Italy 100.00%DSV Solutions S.R.L. Romania 100.00%DSV Real Estate Maastricht B.V. Netherlands 100.00%DSV Solutions S.R.L. Italy 100.00%DSV Road S.R.L. Romania 100.00%DSV Real Estate Moerdijk B.V. Netherlands 100.00%DSV Real Estate Novara S.r.l. Italy 66.00%DSV Road d.o.o. Serbia 100.00%DSV Moerdijk Project B.V. Netherlands 100.00%DSV Real Estate Modena S.r.l. Italy 100.00%DSV Solutions Slovakia s. r. o. Slovakia 100.00%DSV Road Holding N.V. Netherlands 100.00%DSV Road S.R.L. Italy 100.00%DSV Air & Sea Slovakia s.r.o. Slovakia 100.00%DSV Road B.V. Netherlands 100.00%DSV Real Estate Verona S.r.l. Italy 100.00%DSV Real Estate Bratislava s.r.o. Slovakia 100.00%DSV ROAD DOOEL Skopje North Macedonia 100.00%UTi Kazakhstan LLP Kazakhstan 100.00%DSV Slovakia, s.r.o. Slovakia 100.00%DSV Air & Sea AS Norway 100.00%GIL Kazakhstan LLP Kazakhstan 100.00%DSV Transport d.o.o. Slovenia 100.00%Panalpina AS Norway 100.00%DSV Latvia SIA Latvia 100.00%Tacisa Transitaria S.L. Spain 100.00%GIL Norway AS Norway 100.00%DSV Lithuania UAB Lithuania 100.00%DSV Air & Sea International, S.L.U. Spain 100.00%DSV Solutions AS Norway 100.00%DSV Air & Sea S.A. Luxembourg 100.00%DSV Solutions Spain S.A.U. Spain 100.00%DSV Road AS Norway 100.00%XB Luxembourg Holdings 1 SA Luxembourg 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityCompany Countryshare ActivityEurope (continued)Europe (continued)North AmericaServicios Logisticos Integrados SLI, S.A. Spain 100.00%DSV Road & Solutions A.S. T\u00fcrkiye 100.00%GeoLogistics Holdings (Bermuda) Limited Bermuda 100.00%DSV Road Spain S.A.U. Spain 100.00%Panalpina World Transport Ltd. Ukraine 100.00%DSV Air & Sea Inc. Canada 100.00%DSV Holding Spain S.L. Spain 100.00%DSV Logistics LLC Ukraine 100.00%DSV Solutions Inc. Canada 100.00%DSV Air & Sea, S.A.U. Spain 100.00%Agility Logistics LLC Ukraine 100.00%DSV Road, Inc. Canada 100.00%DSV Air & Sea AB Sweden 100.00%DSV GIL Holding Limited United Kingdom 100.00%DSV Air & Sea, S.A. de C.V. Mexico 100.00%DSV Air & Sea Nordic AB Sweden 100.00%DSV Air & Sea Limited United Kingdom 100.00%DSV International Shared Services Agility AB Sweden 100.00%UTi (UK) Holdings Ltd. United Kingdom 100.00%S.A. de C.V. Mexico 100.00%DSV Solutions AB Sweden 100.00%UTi Worldwide (UK) Ltd. United Kingdom 100.00%TransOceanic Shipping Co. S. DSV Real Estate Landskrona 2 AB Sweden 100.00%Panalpina World Transport Ltd. United Kingdom 100.00%de RL de C.V. Mexico 100.00%DSV Real Estate Helsingborg AB Sweden 100.00%DSV GIL UK Limited United Kingdom 100.00%DSV Solutions S.A. de C.V. Mexico 100.00%DSV Group AB Sweden 100.00%DSV GIL Fairs & Events Limited United Kingdom 100.00%DSV Road, S.A. de C.V. Mexico 100.00%DSV Road AB Sweden 100.00%DSV GIL Pension Trustees Limited United Kingdom 100.00%DSV 4PL Inc. United States 100.00%G\u00f6inge Frakt EK Sweden 100.00%DSV Air & Sea 2018 (UK) Limited United Kingdom 100.00%DSV Air & Sea Holding Inc. United States 100.00%DSV Road Property Holding AB Sweden 100.00%DSV Lead Logistics Limited United Kingdom 100.00%DSV Air & Sea Inc. United States 100.00%GIL Switzerland 4 AG Switzerland 100.00%DSV GIL Solutions Limited United Kingdom 100.00%Agility Fairs and Events Logistics LLC United States 100.00%Panalpina Welttransport Holding AG Switzerland 100.00%DSV GIL Management Limited United Kingdom 100.00%DSV Air & Sea International DSV Corporate Services AG Switzerland 100.00%DSV Peterborough Real Estate Holding Inc. United States 100.00%Limited United Kingdom 100.00%DSV Solutions, LLC United States 100.00%Panalpina International AG Switzerland 100.00%DSV Real Estate Thrapston Limited United Kingdom 100.00%DSV Inventory Management Panalpina Global Employment Services AG Switzerland 100.00%DSV Road Holding Ltd. United Kingdom 100.00%Solutions Inc. United States 100.00%Panalpina Air & Ocean AG in DSV Commercials Ltd. United Kingdom 100.00%DSV Real Estate Dallas Inc. United States 100.00%liquidation Switzerland 100.00%DSV Road Ltd. United Kingdom 100.00%Market Industries LLC United States 100.00%DSV Air & Sea AG Switzerland 100.00%Global Options Worldwide Sammons Transportation, Inc. United States 100.00%GIL Switzerland 1 AG Switzerland 100.00%Express (Ltd) United Kingdom 100.00%DSV Road, Inc. United States 100.00%GIL Switzerland 2 AG Switzerland 100.00%DSV Pension Trustees Ltd. United Kingdom 100.00%GIL Switzerland 3 AG Switzerland 100.00%DSV Solutions Ltd. United Kingdom 100.00%South AmericaDSV Logistics S.A. Switzerland 100.00%DFDS Transport Ltd. United Kingdom 100.00%UTi Logistics Argentina S.A. Argentina 100.00%DSV Air & Sea A.S. T\u00fcrkiye 100.00%DSV Real Estate Tamworth Ltd. United Kingdom 100.00%DSV Air & Sea S.A. Argentina 100.00%DSV International Hava ve Deniz DSV Solutions Brasil Servi\u00e7os de Ta\u015fimacili\u011fi Ltd.\u015eirketi T\u00fcrkiye 100.00%Log\u00edstica Ltda. Brazil 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare Activity Company Countryshare ActivitySouth America (continued)South America (continued)Asia (continued)DSV Air & Sea Brasil Ltda. Brazil 100.00%DSV Air & Sea S.A. Peru 100.00%Zhejiang DSV supply chain management CO.,LTD China 100.00%UTi Worldwide Inc. Brit. Virgin Islands 100.00%Agility Logistics Peru S.A. Peru 100.00%DSV Air & Sea Ltd. Hong Kong 100.00%UTi Logistics (Proprietary) Limited Brit. Virgin Islands 100.00%DSV Air & Sea (PR) Inc. Puerto Rico 100.00%Pantainer (H.K.) Ltd. Hong Kong 100.00%Thomas International Freight Saint Vincent And Auditors Limited Brit. Virgin Islands 100.00%Arabella Shipping LtdThe Grenadines 100.00%Prime Cargo (H.K.) Ltd. Hong Kong 100.00%UTi Kazakhstan Investments Ltd Brit. Virgin Islands 100.00%DSV Air & Sea Uruguay - Servicios Agility Logistics Limited Hong Kong 100.00%Logisticos SA Uruguay 100.00%Agility (Asia/Pacific) Limited Brit. Virgin Islands 100.00%GIL Integration Hong Kong 1 Limited Hong Kong 100.00%Panalpina Uruguay Transportes PWC Global Logistics Holdings Ltd Brit. Virgin Islands 100.00%Mundiales S.A. Uruguay 100.00%ECT Transport Limited Hong Kong 100.00%DSV Air & Sea (Latin America) Panalpina Zona Franca S.A. Uruguay 100.00%DSV Solutions Limited Hong Kong 100.00%Holding S.A. Chile 100.00%DSV Air & Sea (HK) Ltd. Hong Kong 100.00%DSV Air & Sea S.A. Chile 100.00%AsiaPanalpina World Transport Ltd. Hong Kong 100.00%Panalpina Chile Transportes Mundiales Ltda. Chile 100.00%DSV Air & Sea Ltd. Bangladesh 100.00%Panalpina China Ltd. Hong Kong 100.00%Agility Logistics Corp. Holding SpA Chile 100.00%Agility Ltd. Bangladesh 100.00%GIL Shared Services Private Limited India 100.00%Agility Logistics Chile SA Chile 100.00%UTI Pership (Pvt) Limited DSV Air & Sea Pvt. Ltd. India 100.00%- Bangladesh Branch (BDT) Bangladesh 100.00%DSV Air & Sea S.A.S. Colombia 100.00%DSV Air & Sea International DSV Air & Sea (Cambodia) Co., Ltd. Cambodia 100.00%Private Limited India 100.00%Agility Logistics Colombia S.A.S. Colombia 100.00%Prime Cargo (Cambodia) Co., Ltd. Cambodia 100.00%DSV Coload & Clearance Pvt. Ltd. India 100.00%AGENCIA DE ADUANAS DSV S.A.S. NIVEL 1 Colombia 100.00%GIL Integration 1 (Cambodia) Co., Ltd. Cambodia 100.00%DSV Solutions Private Limited India 100.00%DSV Solutions S.A.S. Colombia 100.00%DSV Air & Sea Co., Ltd. Cambodia 100.00%PT. DSV Transport Indonesia Indonesia 100.00%DSV Air & Sea S.A. Costa Rica 100.00%UTi Worldwide Co. Ltd. PT GIL Solusi Indonesia Indonesia 100.00%- Cambodia Branch (USD) Cambodia 100.00%GIL 1 (Cura\u00e7ao) N.V. Curacao 100.00%PT DSV Solutions Indonesia Indonesia 100.00%DSV Air & Sea Co., Ltd. China 100.00%Dominican PT Synergy Indonesia Indonesia 100.00%DSV AIR & SEA DOMINICANA, S.R.L.Republic 100.00%DSV Air & Sea Co., Ltd. PT Sarana Prima Optima Indonesia 100.00%(South East China) China 100.00%DSV-AIR&SEA S.A. Ecuador 100.00%DSV Air & Sea Japan GK Japan 100.00%DSV Air & Sea Co., Ltd. (China) China 100.00%DSV Air & Sea, S.A. de C.V. El Salvador 100.00%DSV Air & Sea Co., Ltd. Japan 100.00%Baisui United Logistics DSV Air & Sea PA Inc. Panama 100.00%(Shanghai) Co. Ltd. China 100.00%DSV Solutions Co., Ltd. Japan 100.00%Panalpina SEM, S.A. Panama 100.00%Agility Logistics (Shanghai) Limited China 100.00%DSV Air & Sea Ltd. Korea 100.00%Panalpina S.A. Panama 100.00%DSV Logistics Co., Ltd. China 100.00%DSV Solutions Ltd. Korea 100.00%Almacenadora Mercantil S.A. Panama 100.00%Panalpina World Transport (PRC) Ltd. China 100.00%DSV Air & Sea International Ltd. Korea 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityCompany Countryshare ActivityAsia (continued)Asia (continued)Asia (continued)DSV Air and Sea Limited Macao 100.00%Panalpina World Transport DSV Air & Sea Ltd. Thailand 100.00%(Philippines) Inc. Philippines 100.00%DSV Air & Sea Sdn. Bhd. Malaysia 100.00%Panalpina World Transport DSV Global Solutions Inc. Philippines 100.00%(Vietnam) Co. Ltd. Vietnam 99.00%Panalpina Customs Services (M) SDN BHD Malaysia 100.00%GIL Logistics Distribution Inc. Philippines 100.00%DSV Solutions Co., Ltd Vietnam 100.00%Litvest Corporation Sdn Bhd Malaysia 100.00%Agility Logistics Holdings Pte Ltd Singapore 100.00%Agility Logistics Vietnam Company Ltd. Vietnam 100.00%DSV Solutions (DC) Sdn. Bhd. Malaysia 100.00%Agility Logistics Holdings (S) Pte. Ltd. Singapore 100.00%Agility Ltd Vietnam 71.00%GOCT Logistics Sdn Bhd Malaysia 100.00%DSV Singapore Real Estate Holding DSV Air & Sea Vietnam Limited Vietnam 100.00%Pte. Ltd. Singapore 100.00%DSV Shared Services Asia Sdn Bhd Malaysia 100.00%Inventory Management Solutions DSV Air & Sea Pte. Ltd. Singapore 100.00%Vietnam Limited Vietnam 100.00%Logik Pengurusan Sdn Bhd Malaysia 100.00%Agility International Logistics Pte. Ltd. Singapore 100.00%DSV Logistics Sdn. Bhd. Malaysia 100.00%Agility Fairs & Events Logistics Pte. Ltd. Singapore 100.00%Middle EastDSV SOLUTIONS SDN. BHD. Malaysia 100.00%China Baisui Logistics Pte Ltd Singapore 100.00%Agility Logistics Limited Afghanistan 100.00%Panalpina Transport (Malaysia) Sdn. Bhd. Malaysia 100.00%ABX LOGISTICS Singapore PTE LTD Singapore 100.00%Panalpina Central Asia EC - Azerbaijan Branch Azerbaijan 100.00%DSV Inventory Management DSV Solutions Pte Ltd. Singapore 100.00%Solutions Sdn. Bhd. Malaysia 100.00%DSV W.L.L. Bahrain 100.00%DSV Air & Sea Singapore Pte. Ltd. Singapore 100.00%DSV Air & Sea (Myanmar) Limited Myanmar 100.00%Panalpina Central Asia EC Bahrain 100.00%DSV Inventory Management DSV Air and Sea Pakistan (SMC- Solutions Pte. Ltd Singapore 100.00%DSV Solutions B.S.C Closed Bahrain 100.00%Private) Limited Pakistan 100.00%UTi Pership (Pvt) Limited Sri Lanka 51.00%Panalpina Georgia LLC Georgia 100.00%DSV SOLUTIONS (PRIVATE) LIMITED Pakistan 100.00%DSV Pership (Private) Limited Sri Lanka 40.00%Al-Alb Co. for General Transportation Papua New (PLLC) Iraq 100.00%DSV Air & Sea Co., Ltd. Taiwan 100.00%DSV Air & Sea LimitedGuinea 100.00%Agility Kurdistan Company for UTi Holding Co., Ltd. Taiwan 100.00%Panalpina Global Business Services Administration of Warehouses and (GBS) - Philippines Philippines 100.00%DSV Air & Sea (Taiwan) Ltd. Taiwan 100.00%Facilitate Storage Process Limited Iraq 67.50%DSV International Shared Services Inc. Philippines 100.00%DSV Solutions Co., Ltd. Taiwan 100.00%The Warehousing Company for Shipping, Discharging and Custom DSV Air & Sea Inc. Philippines 100.00%Panalpina Asia-Pacific Services (Thailand) Ltd. Thailand 100.00%Clearance LLC Iraq 100.00%GIL Holding Co Inc. Philippines 100.00%Supreme Eliga Co. Ltd. Thailand 100.00%DSV Air & Sea Ltd. Israel 100.00%GIL Logistics Holding Inc. Philippines 100.00%Agility Co. Ltd. Thailand 100.00%DSV Marine Insurance Agency Ltd. Israel 100.00%GIL International Logistics Inc. Philippines 100.00%DSV Solutions Ltd. Thailand 100.00%Hermes Exhibition & Projects Limited Israel 100.00%DSV Logistics Solutions Philippines, Inc. Philippines 100.00%DSV Holding (Thailand) Co., Ltd. Thailand 100.00%DSV - E-COMMERCE LTD. Israel 100.00%DSV SHARED SERVICES MANILA DSV Solutions Ltd Israel 100.00%(ROHQ) Philippines 100.00%Panalpina World Transport (Thailand) Ltd. Thailand 100.00%Ownership Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityCompany Countryshare ActivityMiddle East (continued)Middle East (continued)OceaniaU.T.I.-Inventory Management DSV Panalpina Marine Shipping W.L.L. Qatar 100.00%DSV Air & Sea Pty. Ltd. Australia 100.00%Solutions Limited partnership Israel 100.00%Panalpina World Transport DSV Solutions Pty. Ltd. Australia 100.00%UTI IMS Ltd. Israel 100.00%(Saudi Arabia) Ltd. Saudi Arabia 100.00%A.C.N. 116 779 876 PTY LTD Australia 100.00%DSV Air & Sea Jordan Jordan 100.00%DSV Solutions for Logistics A.C.N. 004 265 721 PTY LTD Australia 100.00%Services Company Saudi Arabia 100.00%Public warehousing Company A.C.N. 007 430 935 PTY LTD Australia 100.00%-Jordan PSC Jordan 100.00%GIL INTERNATIONAL HOLDINGS I United Arab LIMITEDEmirates 100.00%A.C.N. 078 189 296 PTY LTD Australia 100.00%Public Warehousing Company for Storage and Distribution Services Jordan 100.00%GIL INTERNATIONAL HOLDINGS II United Arab A.C.N. 082 751 460 PTY LTD Australia 100.00%LIMITEDEmirates 100.00%A.C.N. 144 885 156 PTY LTD Australia 100.00%Public warehousing Company -Jordan PSC - Aqaba Branch Jordan 100.00%GIL INTERNATIONAL HOLDINGS III United Arab DSV Air & Sea Limited New Zealand 100.00%LIMITEDEmirates 100.00%DSV Holding for Company Business Management W.L.L Kuwait 100.00%United Arab AfricaDSV Air & Sea (LLC)Emirates 100.00%Global Logistics for General Trading Agility Maghreb Sarl Algeria 49.00%and Contracting Co. WLL Kuwait 100.00%United Arab DSV Solutions DWC-LLCEmirates 100.00%Agility Logistics SARL Algeria 100.00%DSV Air & Sea Co. W.L.L. Kuwait 49.00%United Arab Frans Maas Algerie S.a.r.l. Algeria 100.00%DSV A&S for Shipping and Panalpina Jebel Ali Ltd.Emirates 100.00%Transport W.L.L Kuwait 100.00%Panalpina Transportes Mundiais United Arab Naveg\u00e3\u00e7ao e Tr\u00e2nsitos S.A.R.L. Angola 49.00%Muroona Logistics Solution Co. DSV Gulf Customs Broker LLCEmirates 49.00%for General Trading of Equipments, Global Integrated Logistics Lda Angola 100.00%Supplier for Construction and Real United Arab DSV Air & Sea (PTY) Limited Botswana 100.00%Estate WLL Kuwait 100.00%DSV Air and Sea DWC-LLCEmirates 100.00%Panalpina Transports Mondiaux DSV Solutions for Warehousing and United Arab Cameroun S.A.R.L. Cameroon 90.00%Third Party Inventory S.P.C Kuwait 100.00%DSV Air and Sea Middle East DWC-LLCEmirates 100.00%DSV-UTI Egypt Ltd. Egypt 100.00%GIL Logistics Cargo Transport W.L.L Kuwait 100.00%United Arab Panalpina World Transport Egypt LLC Egypt 100.00%DSV Solutions PJSCEmirates 49.00%Agility Freight Forwarding GIL Egypt Limited Liability Company Egypt 100.00%(Lebanon) SARL Lebanon 100.00%United Arab DSV Solutions L.L.C.Emirates 100.00%DSV Solutions S.A.E. Egypt 100.00%PWC Trading and contracting Lebanon SAL (Holding) Lebanon 100.00%United Arab Global Options Worldwide Express DSV Solutions MENA FZEEmirates 100.00%Investments (Pty) Ltd Eswatini 100.00%PWC Lebanon (Holding) SAL Lebanon 100.00%United Arab Panalpina Transports Mondiaux PWC investments (Lebanon) SARL Lebanon 100.00%DSV Road and Transport L.L.CEmirates 99.00%Gabon S.A. Gabon 89.78%DSV Air and Sea LLC Oman 70.00%United Arab DSV Air & Sea Limited Kenya 100.00%Global Logistics (Oman) LLC Oman 50.00%DSV Solutions - FZEEmirates 100.00%Panalpina Kenya Ltd. Kenya 100.00%Panalpina Qatar WLL Qatar 49.00%Ownership Ownership Company Countryshare ActivityCompany Countryshare ActivityAfrica (continued)Africa (continued)DSV Air & Sea Limited Malawi 100.00%DSV Road (Pty) Ltd. South Africa 100.00%GIL Africa Holdings Ltd Mauritius 100.00%Globeflight Worldwide Express (SA) Pty Ltd South Africa 100.00%Panalpina Morocco S.A.R.L. Morocco 100.00%Mercury Couriers (Pty) Ltd South Africa 100.00%Global Integrated Logistics Company SARL AU Morocco 100.00%DSV Air & Sea Limited Tanzania 100.00%DSV Transport Int'l S.A Morocco 100.00%DSV Air & Sea Limited Uganda 100.00%DSV Air & Sea Limitada Mozambique 100.00%Agility Logistics Limited Uganda 100.00%GIL Mozambique, LDA Mozambique 100.00%Swift Freight International (Zambia) Ltd. Zambia 100.00%Globeflight Worldwide Express (Pty) Ltd Namibia 100.00%DSV Air & Sea Limited Zambia 100.00%DSV Freight International Limited Nigeria 100.00%DSV Air & Sea (Private) Limited Zimbabwe 100.00%DSV Air and Sea (Proprietary) Limited South Africa 100.00%DSV South Africa (Pty) Ltd. South Africa 75.00%AssociatesDSV Shared Services (Pty) Ltd. South Africa 100.00%Trans-Link Cambodia Ltd Cambodia 49.00%UTi Logistics (Proprietary) Limited GT Stevedores Oy Finland 25.50%- SC OCS Division South Africa 100.00%KM Logistik GmbH Germany 35.00%DSV AFRICA HOLDING (Pty) Ltd. South Africa 100.00%IDS Logistik GmbH Germany 28.00%DSV Skyservices (Pty) Ltd South Africa 100.00%Tristar Transport (Private) Limited Pakistan 50.00%Scorpion Share Block (Pty) Ltd. South Africa 100.00%ATS Air Transport Service AG Switzerland 48.00%Marine Link (Pty) Ltd. South Africa 100.00%United Arab DSV Real Estate Johannesburg Polymer Logistics Investments LLCEmirates 36.50%(Pty) Ltd. South Africa 100.00%Key Logistics, Inc. United States 49.00%Firefly Investments 337 Properties Proprietary Limited South Africa 100.00%Linkit lnvestments (Pty) Ltd. South Africa 80.00%GIL South Africa 1 (Pty) Ltd South Africa 100.00%DSV Healthcare (Pty) Ltd. South Africa 100.00%DSV Solutions (Pty) Ltd. South Africa 100.00%DSV Assembly Services (Pty) Ltd. South Africa 65.30%DSV Mounties (Pty) Ltd. South Africa 100.00%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900X41C0BSLK67H70",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}