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Chapter 1

Basis of preparation

The 2024 Annual Report of DSV A/S is pre-pared on a going concern basis in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements for listed companies in the Danish Financial Statements Act.

The consolidated financial statements are pre-sented in Danish kroner (DKK) and rounded to the nearest million.

Introduction

The financial statements of DSV A/S comprises the consolidated financial statements of DSV A/S and its subsidiaries.

The Board of Directors and Executive Board considered and approved the 2024 Annual Report of DSV A/S on 4 February 2025. The Annual Report will be sub-mitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 20 March 2025.

Basis of measurement

The financial statements are prepared under the historical cost convention with the exception of derivative financial instruments, which are measured at fair value. Non-current assets held for sale are measured at the lower of their car-rying amount and fair value less costs to sell. The accounting policies described in the notes to the consolidated financial statements have been applied consist-ently for the financial year and for the comparative figures.

Changes in accounting policies

All amendments to the IFRS Accounting Standards effective for the financial year 2024 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

Management judgements and estimates

In 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.

By nature, a degree of uncertainty is involved when carrying out these judge-ments and estimates, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evalu-ated, and the effects of any changes are recognised in the relevant period.

The financial statements items for which significant accountingjudgements and estimates are applied are listed below:

\u2022\tContract assets and accrued cost of services (note 3.4)

\u2022\tProvisions (note 3.8)

\u2022\tDeferred tax (note 5.2)

Additional description of management judgements and estimates made are provided in the relevant notes.

Climate-related risks in the financial statements

In preparing the consolidated financial statements, Management assesses how climate-related risks may affect the consolidated financial statements and the measures that have been, or will be, put in place to mitigate them. Manage-ment assesses that climate-related risks do not have a significant impact on the 2024 financial statements.

While climate-related risks do not currently impact the financial statements significantly, we are closely monitoring changes and developments in these risks. Our assessment of climate-related risks is included in the notes to the financial statements regarding the financial statement items that are assessed to be potentially exposed to climate-related risks in the future. These are:

\u2022\tImpairment testing (note 3.1)

\u2022\tProperty, plant and equipment (note 3.3)

Basis of consolidation

The consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. Entities over which the Group has direct or indirect significant influence are accounted for as associates and measured using the equity method. Investments with negative net asset values are recognised at DKK 0 (2023: 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, income and expenses.

Group composition

The Group held interests in 428 entities (2023: 455 entities) and is composed as follows:

Entities 2024(Number)

Region

EMEA

Americas

APAC

Total

Subsidiaries

269

59

95

423

Joint ventures

1

-

-

1

Associates

2

-

2

4

Entities 2023(Number)

Region

EMEA

Americas

APAC

Total

Subsidiaries

288

59

99

446

Associates

6

1

2

9

Foreign currency

Functional currency

A functional currency is determined for each Group entity. The functional cur-rency is the currency used in the primary financial environment in which the individual Group entity operates.

Foreign currency translation

On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign cur-rency translation differences between the exchange rates at the transaction date and the date of payment are recognised in the statement of profit or loss under financials.

Monetary items denominated in a foreign currency are translated at the ex-change rate at the reporting date. The difference between the exchange rate at the reporting date and the transaction date or the exchange rate used in the latest financial statements is recognised in the statement of profit or loss under financial items.

Foreign currency translation differences arising on the translation of non-mon-etary items, such as investments in associates, are recognised directly in other comprehensive income.

Recognition in the consolidated financial statements

When preparing the consolidated financial statements, the statement of profit or loss of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and statement of financial position items are translated at the closing rate at the end of the reporting period.

Foreign exchange differences arising on translation of the equity of foreign en-tities and on translation of receivables considered part of net investment are recognised directly in other comprehensive income.

Foreign exchange differences arising on the translation of statement of profit or loss from the average exchange rate for the period to the exchange rate at the reporting date are recognised in other comprehensive income. Adjustments are presented within the translation reserve in equity.

Presentation of the financial statements

Statement of cash flows

The statement of cash flows is prepared using the indirect method based on operating profit before amortisation and depreciation (EBITDA) before special items. The statement of cash flows cannot be derived directly from the state-ment of financial position and the statement of profit or loss.

Applying materiality in financial reporting

In preparing the financial statements, Management seeks to achieve a high information value 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 consid-ered of material importance to the user.

Disclosures that are considered immaterial to the decision making of the prima-ry users of these financial statements are omitted.

Presentation of financial statement items and subtotals

The presentation of financial statement items and subtotals is based on sepa-rate classification of material groups of similar items. In the statement of profit or loss, income and expense items are classified using a hybrid approach. To best reflect the nature of our business, direct costs are disclosed separately, while the other cost items are classified according to the 'nature of expense' method, in compliance with IAS 1. Furthermore, the use of special items is ap-plied to improve the transparency and understanding of the Group\u2019s financial statements by separating the core performance of the Group from exceptional items. For a definition and reconciliation of Group results before and after spe-cial items, please refer to note 2.7Special items.

New accounting regulations

The IASB has issued new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2024 consolidated financial statements. DSV expects to implement the standards and amendments when they take effect.

Management assesses that none of the issued standards and amendments not yet in effect will significantly impact the recognition and measurement policies of the Group. The Group has initiated but has not yet completed its analysis of the impact of IFRS 18 on the Group\u2019s financial statements and accompanying notes.

Accounting policies

Operating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geo-graphical presence on the global market. As such, our operating segments re-flect our divisional and Group reporting used for Management decision making.

Accounting policies

Revenue comprises sale of services and other operating income. Sale of servic-es comprises freight forwarding services, contract logistics, sale of property projects and other related services rendered. Other operating income includes rental income from terminal and building leases, gains from disposal of non-current assets and income from insurance contracts.

Revenue from services rendered is recognised in accordance with the over time recognition principle following the satisfaction of various milestones as the performance obligations are fulfilled towards the customer. Our main services comprise the following:

Air services

Air services comprise air freight logistics. Air services are reported within the Air & Sea operating segment. Air services are characterised by short delivery times, as most air transports are completed within a few days.

Sea services

Sea services comprise sea freight logistics. Sea services are reported within the Air & Sea operating segment. Sea services are characterised by longer delivery times, averaging one month depending on destination.

Road services

Road services comprise road freight logistics. Road services are reported within the Road operating segment. Road services are characterised by short delivery times, as most road transports are completed within a few days.

Solutions services

Solutions services comprise contract logistics, including warehousing and in-ventory management. Solutions services are reported within the Solutions op-erating segment. Solutions services are characterised by very short delivery times, happening almost instantaneously.

Recognition principles

Revenue from services rendered are recognised based on the price specified in the contract with the customer. Revenue is measured excluding VAT and other

taxes 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 a cost when incurred, due to the short delivery times.

Trade receivables are recognised as services invoiced to the customer. Trade receivables are not adjusted for financing components due to short credit terms, typically ranging from 14 to 60 days, rendering the financing compo-nent insignificant. Where services rendered have yet to be invoiced and invoic-es on services received from hauliers still have to be received, contract assets and accrued cost of services are recognised at the reporting date.

Revenue allocated to remaining performance obligations are not disclosed fol-lowing 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 operating seg-ment to which it relates. Revenue is recognised based on the price and performance obligations specified in the contract with the customer. Delivery times on property 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.

Accounting policies

Direct costs comprise costs paid to generate the revenue. Direct costs include settlement of accounts with haulage contractors, shipping 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 relating to property projects.

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

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 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remunera-tion of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

Accounting policies

Amortisation and depreciation for the year are recognised based on the amor-tisation and depreciation profiles of the underlying assets (reference is made to notes 3.2, 3.3and 3.6).

Accounting policies

Special 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 operations or in-vestment in future activities.

Special items in these financial statements comprise restructuring costs, trans-action costs relating to acquisitions, impairment costs, etc., relating to material structural, procedural or managerial reorganisations as well as any related gains or losses on disposals.

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

Goodwill

The carrying amount of goodwill is tested for impairment at least annually to-gether 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 thereby follow our divisional structure: Air & Sea, Road and Solutions.

Goodwill is written down to its recoverable amount through profit or loss 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 re-lates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The 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 recovera-ble amount through profit or loss. 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.

Accounting policiesGoodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared 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 relationships

On initial recognition, customer relationships identified from business combina-tions are recognised in the statement of financial position at fair value. Subse-quently, customer relationships are measured at cost less accumulated amorti-sation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

Accounting policies

Land and buildings and other plant and operating equipment are measured at cost less accumulated depreciation and impairment losses.

The cost comprises the acquisition price and other costs directly attributable to preparing the asset for its intended use. The present value of estimated costs for dismantling and disposing of assets as well as restoration costs are added to the cost if such costs are recognised as provisions. Material borrowing costs directly attributable to the construction of the individual asset are also added to cost.

If the individual components of an asset have different useful lives, each com-ponent will be depreciated separately.

The cost of self-constructed assets comprises direct and indirect costs for materials, components, subcontractors, wages and salaries. Costs for self-con-structed assets are recognised as property, plant and equipment in progress on an ongoing basis until the assets are ready for use.

Subsequent costs, such as partial replacement of property, plant and equip-ment (PPE), are included in the carrying amount of the asset in question when it is probable that such costs will result in future economic benefits.

Depreciation 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:

The 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 re-sidual 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.

Accounting policies

Contract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress.

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. Please refer to note 4.5for 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 invoices relating to recognised revenue for the reporting period have yet to be received.

Accounting policies

Inventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs in-curred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the state-ment of profit or loss.

Accounting policies

Whether a contract contains a lease is assessed at contract inception. For iden-tified leases, a right-of-use (ROU) asset and corresponding lease liability are recognised on the lease commencement date.

Upon initial recognition, the ROU asset is measured at cost corresponding 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 cases where the implicit interest rate cannot be determined, an appropriate incremental DSV borrowing rate is used.

At subsequent measurement, the ROU asset is measured less accumulated de-preciation and impairment losses and adjusted for any remeasurements of the lease liability. Depreciation follows the straight-line method over the lease term or the useful life of the ROU 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.

ROU 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 accounted for fol-lowing 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.

ROU assets classified as land and buildings mainly relate to leases of warehous-es, 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. The leases may include extension options with the intention of securing 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 reflected in the contractual lease term agreed.

Accounting policies

Pension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the statement of profit or loss for the period in which they are earned. Contributions payable are recognised in the statement of financial position 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 val-ue is calculated based on various assumptions, including the future develop-ment in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become enti-tled 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 statement of financial position under pensions and other post-employment benefit plans. Pension costs for the year are recognised in the statement of profit or loss 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 clas-sified as past service costs. Past service costs are charged to the statement of profit or loss immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the statement of profit or loss over the period in which the employees earn the right to the adjusted benefits.

Accounting policies

Provisions 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 proba-ble 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 settlement of the relevant obligation and are dis-counted if deemed material.

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2023: 219 million shares) with a nominal value of DKK 1 each.

Capital increase

On 4 October 2024, DSV completed an equity offering of 26.4 million shares to raise DKK 37.3 billion to partially finance the acquisition of Schenker. The equity offering was completed without discount compared to the closing price on 3 October 2024 of DKK 1,410.5 per share. Transaction costs amounted to DKK 695 million.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the pre-vious page.

Treasury share reserve

The 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 incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The 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.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-cur-rent financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss over the term of the loan. Lease liabilities are described in further detail in note 3.6.

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial posi-tion. Positive 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 val-uation 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 investments in foreign entities. The effectiveness of recognised financial instruments is as-sessed on a monthly basis, and any ineffectiveness is recognised in the state-ment of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and quali-fies 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 com-prehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging 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 in-struments are recognised on an ongoing basis in the statement of profit or loss under financial items.

Accounting policies

Current tax payables and receivables are recognised in the statement of financial position 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 including global minimum top-up taxes, penalties related to pending tax disputes and adjustments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the statement of profit or loss, unless the tax expense relates directly to items included in other comprehensive income or equity.

Accounting policies

Deferred tax is recognised based on temporary differences between the carry-ing 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 entities, if such temporary differences 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 according 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 rec-ognised as other non-current assets at the expected value of their utilisation, either by elimination in tax on future earnings or by offsetting deferred 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 rele-vant 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 policies

When 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.

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss 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 exchange 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 ex-pectations of the various parameters on which the valuation 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 options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2024 and 2023 is based on the following assumptions:

Accounting policies

Contingent 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 provi-sion are met.

Definition of key figures and ratios

Key figures and ratios are disclosed in accordance with \u2018Recommendations & Ratios\u2019 published by the Danish Finance Society, except for financial ratios marked with (*), as these are either derived or not included in the Recom-mendations. Earnings per share and diluted earnings per share are disclosed in accordance with IAS 33. For a definition of sustainability data, please refer to the accounting policies of the sustainability statement.

Key figures

Net interest- bearing debt (NIBD)

=

Interest-bearing debt less interest-bearing assets and cash and cash equivalents

Net working\tcapital (NWC)

=

Receivables and other current operating assets less trade payables and other payables and other current operating liabilities

Invested capital

=

NWC + property, plant and equipment, right-of-use assets, intangible assets including goodwill and cus-tomer relationships less long-term provisions

Adjusted earnings

=

The DSV A/S shareholders\u2019 share of profit for the re-porting period adjusted for amortisation and impairment of goodwill and customer relationships, costs related to share-based payments and special items. The tax effect of the adjustments has been taken into account

Net financial\texpenses

=

Financial income less financial expenses

Special items

=

Exceptional items of income or cost which by nature are not related to the Group\u2019s ordinary operation or investments in future activities. Please refer to note 2.7for additional details on items included

Adjusted free\tcash flow

=

Free cash flow adjusted for net acquisition of sub-sidiaries and activities, lease liability repayments, special items and normalisation of working capital in subsidiaries and activities acquired

Financial ratios

Gross margin

=

Gross profit * 100

Revenue

Operating margin

=

Operating profit (EBIT) before special items * 100

Revenue

Conversion ratio

=

Operating profit (EBIT) before special items * 100

Gross profit

Effective tax rate*

=

Tax on profit for the year * 100

Profit before tax

Return on invested capital (ROIC) before tax

=

Operating profit (EBIT) before special items * 100

Average invested capital

Return on equity

=

Profit attributable to the shareholders

of DSV A/S * 100

Average equity excluding non-controlling interests

Solvency ratio

=

Equity excluding non-controlling interests * 100

Total assets

Gearing ratio*

=

Net interest-bearing debt

Operating profit before amortisation, depreciation (EBITDA) before special items

Share ratios

Earnings per share

=

Profit attributable to the shareholders of DSV A/S

Average number of shares

Diluted earnings\tper share

=

Profit attributable to the shareholders of DSV A/S

Average number of shares diluted

Diluted adjusted earnings per share

=

Adjusted earnings

Average number of shares diluted

Number of shares issued

=

Total number of shares issued at the reporting date

Average number of shares outstanding

=

Average number of shares issued adjusted for treasury shares

Average number\tof shares diluted

=

Average number of shares outstanding during the reporting period including share options, but ex-cluding out-of-the-money options measured relative to the average share price for the period

Other liabilities are measured at amortised cost, which does not differ signifi-cantly from the net realisable value.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__16-1": { "value": "

Basis of preparation

The 2024 Annual Report of DSV A/S is pre-pared on a going concern basis in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements for listed companies in the Danish Financial Statements Act.

The consolidated financial statements are pre-sented in Danish kroner (DKK) and rounded to the nearest million.

Introduction

The financial statements of DSV A/S comprises the consolidated financial statements of DSV A/S and its subsidiaries.

The Board of Directors and Executive Board considered and approved the 2024 Annual Report of DSV A/S on 4 February 2025. The Annual Report will be sub-mitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 20 March 2025.

Basis of measurement

The financial statements are prepared under the historical cost convention with the exception of derivative financial instruments, which are measured at fair value. Non-current assets held for sale are measured at the lower of their car-rying amount and fair value less costs to sell. The accounting policies described in the notes to the consolidated financial statements have been applied consist-ently for the financial year and for the comparative figures.

Changes in accounting policies

All amendments to the IFRS Accounting Standards effective for the financial year 2024 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

Climate-related risks in the financial statements

In preparing the consolidated financial statements, Management assesses how climate-related risks may affect the consolidated financial statements and the measures that have been, or will be, put in place to mitigate them. Manage-ment assesses that climate-related risks do not have a significant impact on the 2024 financial statements.

While climate-related risks do not currently impact the financial statements significantly, we are closely monitoring changes and developments in these risks. Our assessment of climate-related risks is included in the notes to the financial statements regarding the financial statement items that are assessed to be potentially exposed to climate-related risks in the future. These are:

\u2022\tImpairment testing (note 3.1)

\u2022\tProperty, plant and equipment (note 3.3)

Basis of consolidation

The consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. Entities over which the Group has direct or indirect significant influence are accounted for as associates and measured using the equity method. Investments with negative net asset values are recognised at DKK 0 (2023: 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, income and expenses.

Group composition

The Group held interests in 428 entities (2023: 455 entities) and is composed as follows:

Entities 2024(Number)

Region

EMEA

Americas

APAC

Total

Subsidiaries

269

59

95

423

Joint ventures

1

-

-

1

Associates

2

-

2

4

Entities 2023(Number)

Region

EMEA

Americas

APAC

Total

Subsidiaries

288

59

99

446

Associates

6

1

2

9

Foreign currency

Functional currency

A functional currency is determined for each Group entity. The functional cur-rency is the currency used in the primary financial environment in which the individual Group entity operates.

Foreign currency translation

On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign cur-rency translation differences between the exchange rates at the transaction date and the date of payment are recognised in the statement of profit or loss under financials.

Monetary items denominated in a foreign currency are translated at the ex-change rate at the reporting date. The difference between the exchange rate at the reporting date and the transaction date or the exchange rate used in the latest financial statements is recognised in the statement of profit or loss under financial items.

Foreign currency translation differences arising on the translation of non-mon-etary items, such as investments in associates, are recognised directly in other comprehensive income.

Recognition in the consolidated financial statements

When preparing the consolidated financial statements, the statement of profit or loss of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and statement of financial position items are translated at the closing rate at the end of the reporting period.

Foreign exchange differences arising on translation of the equity of foreign en-tities and on translation of receivables considered part of net investment are recognised directly in other comprehensive income.

Foreign exchange differences arising on the translation of statement of profit or loss from the average exchange rate for the period to the exchange rate at the reporting date are recognised in other comprehensive income. Adjustments are presented within the translation reserve in equity.

Presentation of the financial statements

Statement of cash flows

The statement of cash flows is prepared using the indirect method based on operating profit before amortisation and depreciation (EBITDA) before special items. The statement of cash flows cannot be derived directly from the state-ment of financial position and the statement of profit or loss.

Applying materiality in financial reporting

In preparing the financial statements, Management seeks to achieve a high information value 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 consid-ered of material importance to the user.

Disclosures that are considered immaterial to the decision making of the prima-ry users of these financial statements are omitted.

Presentation of financial statement items and subtotals

The presentation of financial statement items and subtotals is based on sepa-rate classification of material groups of similar items. In the statement of profit or loss, income and expense items are classified using a hybrid approach. To best reflect the nature of our business, direct costs are disclosed separately, while the other cost items are classified according to the 'nature of expense' method, in compliance with IAS 1. Furthermore, the use of special items is ap-plied to improve the transparency and understanding of the Group\u2019s financial statements by separating the core performance of the Group from exceptional items. For a definition and reconciliation of Group results before and after spe-cial items, please refer to note 2.7Special items.

New accounting regulations

The IASB has issued new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2024 consolidated financial statements. DSV expects to implement the standards and amendments when they take effect.

Management assesses that none of the issued standards and amendments not yet in effect will significantly impact the recognition and measurement policies of the Group. The Group has initiated but has not yet completed its analysis of the impact of IFRS 18 on the Group\u2019s financial statements and accompanying notes.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f70840": { "value": "

The 2024 Annual Report of DSV A/S is pre-pared on a going concern basis in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements for listed companies in the Danish Financial Statements Act.

The consolidated financial statements are pre-sented in Danish kroner (DKK) and rounded to the nearest million.

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f70929": { "value": "DSV A/S ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f70932": { "value": "A/S ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f70946": { "value": "The Board of Directors and Executive Board considered and approved the 2024 Annual Report of DSV A/S on 4 February 2025. The Annual Report will be sub-mitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 20 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71068": { "value": "

Changes in accounting policies

All amendments to the IFRS Accounting Standards effective for the financial year 2024 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71069": { "value": "

Changes in accounting policies

All amendments to the IFRS Accounting Standards effective for the financial year 2024 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71122": { "value": "

Management judgements and estimates

In 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.

By nature, a degree of uncertainty is involved when carrying out these judge-ments and estimates, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evalu-ated, and the effects of any changes are recognised in the relevant period.

The financial statements items for which significant accountingjudgements and estimates are applied are listed below:

\u2022\tContract assets and accrued cost of services (note 3.4)

\u2022\tProvisions (note 3.8)

\u2022\tDeferred tax (note 5.2)

Additional description of management judgements and estimates made are provided in the relevant notes.

Management judgements and estimates

In 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.

Management judgements and estimates

For goodwill impairment testing, a number of estimates are made on the devel-opment in revenues, gross profits, conversion ratios, future capital expendi-tures, discount rates and growth expectations in the terminal period. 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 expect-ed market developments, including expected long-term average market growth rates. Data includes both internal and external data sources.

Material value drivers affecting the future net cash flows of the three cash-generating units are:

Air & Sea

The Air & Sea division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in gross profit per shipment, cost development and management initiatives in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Road

The 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 termi-nal utilisation rates, cost development and management initiatives in internal productivity (number of shipments per employee) also affect the division\u2019scash flow.

Solutions

The Solutions division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost development and management initiatives in internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.

Management judgements and estimates

Judgement 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 depreciation basis applied is still representative and reflects the expected life and future residual value of the assets.

Management judgements and estimates

In the preparation of the consolidated financial statements, significant esti-mates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experience and con-tinuous follow-up on services in progress relative to subsequent invoicing.

Management judgements and estimates

In accounting for lease contracts, various judgements are applied in determining ROU assets and lease liabilities. Judgements include assessment of lease periods, utilisation of extension and termination options and applicable discount rates.

Management judgements and estimates

In determining pension obligations, Management makes use of valuations from external and independent actuaries as basis for the estimates applied. The ac-tuarial assumptions used in the valuations vary from country to country owing to national, economic and social conditions.

Management judgements and estimates

Management continually assesses provisions, including contingencies and the likely outcome of pending and potential legal proceedings. The outcome of such proceedings depends on future events, which are, by nature, uncertain.

When considering provisions involving significant estimates, opinions and esti-mates by external legal experts as well as existing case law are applied in as-sessing the probable outcome of material legal proceedings, etc.

Management judgements and estimates

Management applies significant judgements and estimates when recognising and measuring deferred tax assets and uncertain tax positions.

Deferred tax assets, including the tax base of tax loss carryforwards, are rec-ognised if it is assessed that there will be sufficient future taxable income against which the temporary differences and unutilised tax losses can be uti-lised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested an-

nually and are only recognised if it is probable that future taxable 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. Management believes that the provisions made are adequate. The actual obligations may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.

Management judgements and estimates

In applying the acquisition method of accounting, estimates are an integral part of assessing fair values of several identifiable assets acquired and liabilities as-sumed, as observable market prices are typically not available.

Valuation techniques where estimates are applied typically relate to determining 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 estimates

Management applies judgements in assessing the existence of contingent liabil-ities on an ongoing basis and in this regard considers if the criteria for recognis-ing a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition authori-ties. Management believes that the cases currently identified will have no ma-terial impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impractica-ble and is therefore not included in the notes to the financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71460": { "value": "

Basis of consolidation

The consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. Entities over which the Group has direct or indirect significant influence are accounted for as associates and measured using the equity method. Investments with negative net asset values are recognised at DKK 0 (2023: 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, income and expenses.

Group composition

The Group held interests in 428 entities (2023: 455 entities) and is composed as follows:

Entities 2024(Number)

Region

EMEA

Americas

APAC

Total

Subsidiaries

269

59

95

423

Joint ventures

1

-

-

1

Associates

2

-

2

4

Entities 2023(Number)

Region

EMEA

Americas

APAC

Total

Subsidiaries

288

59

99

446

Associates

6

1

2

9

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71485": { "value": "Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. Entities over which the Group has direct or indirect significant influence are accounted for as associates and measured using the equity method. Investments with negative net asset values are recognised at DKK 0 (2023: DKK 0).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71486": { "value": "Entities over which the Group has joint control are accounted for as joint ventures and measured using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71507": { "value": "Entities over which the Group has direct or indirect significant influence are accounted for as associates and measured using the equity method. Investments with negative net asset values are recognised at DKK 0 (2023: DKK 0).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71735": { "value": "

Foreign currency

Functional currency

A functional currency is determined for each Group entity. The functional cur-rency is the currency used in the primary financial environment in which the individual Group entity operates.

Foreign currency translation

On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign cur-rency translation differences between the exchange rates at the transaction date and the date of payment are recognised in the statement of profit or loss under financials.

Monetary items denominated in a foreign currency are translated at the ex-change rate at the reporting date. The difference between the exchange rate at the reporting date and the transaction date or the exchange rate used in the latest financial statements is recognised in the statement of profit or loss under financial items.

Foreign currency translation differences arising on the translation of non-mon-etary items, such as investments in associates, are recognised directly in other comprehensive income.

Recognition in the consolidated financial statements

When preparing the consolidated financial statements, the statement of profit or loss of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and statement of financial position items are translated at the closing rate at the end of the reporting period.

Foreign exchange differences arising on translation of the equity of foreign en-tities and on translation of receivables considered part of net investment are recognised directly in other comprehensive income.

Foreign exchange differences arising on the translation of statement of profit or loss from the average exchange rate for the period to the exchange rate at the reporting date are recognised in other comprehensive income. Adjustments are presented within the translation reserve in equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f71736": { "value": "

Foreign currency

Functional currency

A functional currency is determined for each Group entity. The functional cur-rency is the currency used in the primary financial environment in which the individual Group entity operates.

Foreign currency translation

On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign cur-rency translation differences between the exchange rates at the transaction date and the date of payment are recognised in the statement of profit or loss under financials.

Monetary items denominated in a foreign currency are translated at the ex-change rate at the reporting date. The difference between the exchange rate at the reporting date and the transaction date or the exchange rate used in the latest financial statements is recognised in the statement of profit or loss under financial items.

Foreign currency translation differences arising on the translation of non-mon-etary items, such as investments in associates, are recognised directly in other comprehensive income.

Recognition in the consolidated financial statements

When preparing the consolidated financial statements, the statement of profit or loss of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and statement of financial position items are translated at the closing rate at the end of the reporting period.

Foreign exchange differences arising on translation of the equity of foreign en-tities and on translation of receivables considered part of net investment are recognised directly in other comprehensive income.

Foreign exchange differences arising on the translation of statement of profit or loss from the average exchange rate for the period to the exchange rate at the reporting date are recognised in other comprehensive income. Adjustments are presented within the translation reserve in equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f72049": { "value": "

Presentation of the financial statements

Statement of cash flows

The statement of cash flows is prepared using the indirect method based on operating profit before amortisation and depreciation (EBITDA) before special items. The statement of cash flows cannot be derived directly from the state-ment of financial position and the statement of profit or loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__32-1": { "value": "

Presentation of the financial statements

Statement of cash flows

The statement of cash flows is prepared using the indirect method based on operating profit before amortisation and depreciation (EBITDA) before special items. The statement of cash flows cannot be derived directly from the state-ment of financial position and the statement of profit or loss.

The 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)

2023

2024

Profit or loss

Income from subleasing of ROU assets

94

79

Gain on sale and leaseback transactions

56

101

Expenses relating to short-term leases

(564)

(591)

Expenses relating to leases of low-value assets

(780)

(655)

Expenses relating to variable lease payments not included in the measurement of lease liabilities

(74)

(70)

Depreciation of ROU assets

(4,416)

(4,028)

Interest expenses on lease liabilities

(1,152)

(851)

Total profit or loss for leases

(6,836)

(6,015)

Cash flow

Total cash outflow for leases

6,822

6,072

Non-cash change

Financing activities 2024(DKKm)

Beginning

of year

Cash flow

Foreign currency exchange rate adjustments

Other1

End of year

Overdraft and credit facilities

677

(338)

19

4

362

Issued bonds

21,450

39,299

25

8

60,782

Lease liabilities

17,947

(4,252)

285

7,693

21,673

Total liabilities from financing activities

40,074

34,709

329

7,705

82,817

Other non-current financial liabilities

16

-

-

(16)

-

Total financial liabilities

40,090

34,709

329

7,689

82,817

Financing activities 2023(DKKm)

Overdraft and credit facilities

829

(115)

(20)

(17)

677

Issued bonds

21,377

-

36

37

21,450

Lease liabilities

16,767

(3,905)

(234)

5,319

17,947

Total liabilities from financing activities

38,973

(4,020)

(218)

5,339

40,074

Other non-current financial liabilities

6

-

-

10

16

Total financial liabilities

38,979

(4,020)

(218)

5,349

40,090

1Other includes additions and remeasurement of financial liabilities.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f72333": { "value": "

New accounting regulations

The IASB has issued new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2024 consolidated financial statements. DSV expects to implement the standards and amendments when they take effect.

Management assesses that none of the issued standards and amendments not yet in effect will significantly impact the recognition and measurement policies of the Group. The Group has initiated but has not yet completed its analysis of the impact of IFRS 18 on the Group\u2019s financial statements and accompanying notes.

", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f72546": { "value": "

2.1 Segment information

Accounting policies

Operating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geo-graphical presence on the global market. As such, our operating segments re-flect our divisional and Group reporting used for Management decision making.

Operating segments

Our business operations are carried out by three divisions, forming the basis of our segment reporting.

Air & Sea

The Air & Sea division operates a global network specialising in transportation of cargo by air and sea. The division offers both conventional freight forwarding services and tailored project cargo solutions.

Road

The Road division offers road freight services, including full load, part load and groupage. The division operates a European network and furthermore has op-erations in North America, South Africa and in the Middle East.

Solutions

The Solutions division offers warehousing and logistics services globally. The service portfolio includes freight management, customs clearance, order man-agement and e-commerce solutions.

Measurement of earnings by segment

Our operating segments are measured and reported down to operating profit before special items. This reporting adheres to the accounting policies disclosed in these consolidated financial statements.

Segment income and costs, as well as assets and liabilities, comprise items di-rectly attributable to the segment as well as items that may be allocated to the segment on a reliable basis.

Income and costs relating to Group functions 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 operating segments

Assets 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 segments 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\tEMEA: Europe, Middle East and Africa

\u2022\tAmericas: North and South America

\u2022\tAPAC: Asia, Australia and the Pacific

Revenue and non-current assets are allocated to the geographical areas ac-cording to the country in which the individual consolidated entity is based. Please refer to note 2.2for regional segmentation of revenue.

The corporate headquarters of DSV is located in Denmarkwhich is in the EMEA region. Our business is based on transactions in our global network rather than in individual countries or regions.

Intersegment transactions are made on an arm\u2019s length basis.

Major customers

DSV is not reliant on any major customers. No single customer exceeds 5% of the consolidated Group revenue.

2.1 Segment information \u2013 continued

Segment information \u2013 divisions(DKKm)

Air & Sea

Road

Solutions

Non-allocated items

and eliminations

Total

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

Condensed statement of profit or loss

Revenue

103,926

92,438

37,740

35,509

25,009

22,482

431

356

167,106

150,785

Intersegment revenue

570

534

2,767

2,646

615

658

(3,952)

(3,838)

-

-

Divisional revenue

104,496

92,972

40,507

38,155

25,624

23,140

(3,521)

(3,482)

167,106

150,785

Direct costs

79,775

67,002

32,797

30,295

15,568

13,630

(4,008)

(3,960)

124,132

106,967

Gross profit

24,721

25,970

7,710

7,860

10,056

9,510

487

478

42,974

43,818

Other external costs

3,732

3,574

1,207

1,428

1,794

1,782

(2,081)

(1,946)

4,652

4,838

Staff costs

7,945

7,877

3,700

3,574

2,631

2,418

2,215

2,114

16,491

15,983

Operating profit before amortisation and depreciation (EBITDA) before special items

13,044

14,519

2,803

2,858

5,631

5,310

353

310

21,831

22,997

Amortisation and depreciation

1,156

1,156

939

849

3,303

2,955

337

314

5,735

5,274

Operating profit (EBIT) before special items1

11,888

13,363

1,864

2,009

2,328

2,355

16

(4)

16,096

17,723

Condensed statement of financial position

Total gross investments

1,256

1,776

3,008

1,057

5,429

5,229

318

475

10,011

8,537

Total assets

81,102

80,257

26,106

25,702

36,895

30,730

92,442

10,421

236,545

147,110

Total liabilities

48,032

50,336

19,313

19,057

30,521

24,658

24,176

(15,907)

122,042

78,144

1Reference is made to the statement of profit or loss for reconciliation of operating profit (EBIT) before special items to profit for the year.

Geographical information \u2013 major countries(DKKm)

Revenue

Non-current assets2

2024

2023

2024

2023

USA

28,222

26,399

4,302

3,184

Denmark

14,459

11,534

6,181

4,297

Germany

13,627

12,187

1,809

1,786

United Kingdom

6,778

5,845

1,137

1,054

Sweden

6,568

5,497

1,445

856

Other

97,452

89,323

14,918

14,069

Total

167,106

150,785

29,792

25,246

Geographical information\u2013 regions(DKKm)

Non-current assets2

2024

2023

EMEA

20,717

18,416

Americas

6,158

4,625

APAC

2,917

2,205

Total

29,792

25,246

2Non-current assets less tax assets, customer relationships and goodwill.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f72557": { "value": "

Accounting policies

Operating segments are defined by the operational and management structure of DSV, which is derived from the types of services we deliver and our geo-graphical presence on the global market. As such, our operating segments re-flect our divisional and Group reporting used for Management decision making.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f72593": { "value": "global ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f72987": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f72988": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f73972": { "value": "

2.2 Revenue

Accounting policies

Revenue comprises sale of services and other operating income. Sale of servic-es comprises freight forwarding services, contract logistics, sale of property projects and other related services rendered. Other operating income includes rental income from terminal and building leases, gains from disposal of non-current assets and income from insurance contracts.

Revenue from services rendered is recognised in accordance with the over time recognition principle following the satisfaction of various milestones as the performance obligations are fulfilled towards the customer. Our main services comprise the following:

Air services

Air services comprise air freight logistics. Air services are reported within the Air & Sea operating segment. Air services are characterised by short delivery times, as most air transports are completed within a few days.

Sea services

Sea services comprise sea freight logistics. Sea services are reported within the Air & Sea operating segment. Sea services are characterised by longer delivery times, averaging one month depending on destination.

Road services

Road services comprise road freight logistics. Road services are reported within the Road operating segment. Road services are characterised by short delivery times, as most road transports are completed within a few days.

Solutions services

Solutions services comprise contract logistics, including warehousing and in-ventory management. Solutions services are reported within the Solutions op-erating segment. Solutions services are characterised by very short delivery times, happening almost instantaneously.

Recognition principles

Revenue from services rendered are recognised based on the price specified in the contract with the customer. Revenue is measured excluding VAT and other

taxes 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 a cost when incurred, due to the short delivery times.

Trade receivables are recognised as services invoiced to the customer. Trade receivables are not adjusted for financing components due to short credit terms, typically ranging from 14 to 60 days, rendering the financing compo-nent insignificant. Where services rendered have yet to be invoiced and invoic-es on services received from hauliers still have to be received, contract assets and accrued cost of services are recognised at the reporting date.

Revenue allocated to remaining performance obligations are not disclosed fol-lowing 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 operating seg-ment to which it relates. Revenue is recognised based on the price and performance obligations specified in the contract with the customer. Delivery times on property 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.

Services and geographical segmentation of revenue are specified as follows:

Services and geographical segmentation of revenue(DKKm)

EMEA

Americas

APAC

Total

2024

2023

2024

2023

2024

2023

2024

2023

Air services

21,294

20,793

15,144

15,189

18,729

14,622

55,167

50,604

Sea services

24,638

20,607

15,824

14,243

8,867

7,518

49,329

42,368

Road services

36,817

34,624

3,690

3,531

-

-

40,507

38,155

Solutions services

17,415

15,062

4,969

4,803

3,240

3,275

25,624

23,140

Total

100,164

91,086

39,627

37,766

30,836

25,415

170,627

154,267

Non-allocated items and eliminations

(3,521)

(3,482)

Total revenue

167,106

150,785

Revenue is specified as follows:

Revenue(DKKm)

2024

2023

Sale of services

166,206

149,916

Other operating income

900

869

Total

167,106

150,785

Sale of property projects presented within sale of services constitutes approxi-mately 2% of total revenue (2023: less than 1%). Income from insurance con-tracts presented within other operating income constitutes less than 1% of total revenue (2023: less than 1%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__40-1": { "value": "

2.2 Revenue

Accounting policies

Revenue comprises sale of services and other operating income. Sale of servic-es comprises freight forwarding services, contract logistics, sale of property projects and other related services rendered. Other operating income includes rental income from terminal and building leases, gains from disposal of non-current assets and income from insurance contracts.

Revenue from services rendered is recognised in accordance with the over time recognition principle following the satisfaction of various milestones as the performance obligations are fulfilled towards the customer. Our main services comprise the following:

Air services

Air services comprise air freight logistics. Air services are reported within the Air & Sea operating segment. Air services are characterised by short delivery times, as most air transports are completed within a few days.

Sea services

Sea services comprise sea freight logistics. Sea services are reported within the Air & Sea operating segment. Sea services are characterised by longer delivery times, averaging one month depending on destination.

Road services

Road services comprise road freight logistics. Road services are reported within the Road operating segment. Road services are characterised by short delivery times, as most road transports are completed within a few days.

Solutions services

Solutions services comprise contract logistics, including warehousing and in-ventory management. Solutions services are reported within the Solutions op-erating segment. Solutions services are characterised by very short delivery times, happening almost instantaneously.

Recognition principles

Revenue from services rendered are recognised based on the price specified in the contract with the customer. Revenue is measured excluding VAT and other

taxes 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 a cost when incurred, due to the short delivery times.

Trade receivables are recognised as services invoiced to the customer. Trade receivables are not adjusted for financing components due to short credit terms, typically ranging from 14 to 60 days, rendering the financing compo-nent insignificant. Where services rendered have yet to be invoiced and invoic-es on services received from hauliers still have to be received, contract assets and accrued cost of services are recognised at the reporting date.

Revenue allocated to remaining performance obligations are not disclosed fol-lowing 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 operating seg-ment to which it relates. Revenue is recognised based on the price and performance obligations specified in the contract with the customer. Delivery times on property 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.

Services and geographical segmentation of revenue are specified as follows:

Services and geographical segmentation of revenue(DKKm)

EMEA

Americas

APAC

Total

2024

2023

2024

2023

2024

2023

2024

2023

Air services

21,294

20,793

15,144

15,189

18,729

14,622

55,167

50,604

Sea services

24,638

20,607

15,824

14,243

8,867

7,518

49,329

42,368

Road services

36,817

34,624

3,690

3,531

-

-

40,507

38,155

Solutions services

17,415

15,062

4,969

4,803

3,240

3,275

25,624

23,140

Total

100,164

91,086

39,627

37,766

30,836

25,415

170,627

154,267

Non-allocated items and eliminations

(3,521)

(3,482)

Total revenue

167,106

150,785

Revenue is specified as follows:

Revenue(DKKm)

2024

2023

Sale of services

166,206

149,916

Other operating income

900

869

Total

167,106

150,785

Sale of property projects presented within sale of services constitutes approxi-mately 2% of total revenue (2023: less than 1%). Income from insurance con-tracts presented within other operating income constitutes less than 1% of total revenue (2023: less than 1%).

3.4 Contract assets and accrued cost of services

Accounting policies

Contract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress.

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. Please refer to note 4.5for 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 invoices relating to recognised revenue for the reporting period have yet to be received.

Management judgements and estimates

In the preparation of the consolidated financial statements, significant esti-mates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experience and con-tinuous follow-up on services in progress relative to subsequent invoicing.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__41-1": { "value": "

Accounting policies

Revenue comprises sale of services and other operating income. Sale of servic-es comprises freight forwarding services, contract logistics, sale of property projects and other related services rendered. Other operating income includes rental income from terminal and building leases, gains from disposal of non-current assets and income from insurance contracts.

Revenue from services rendered is recognised in accordance with the over time recognition principle following the satisfaction of various milestones as the performance obligations are fulfilled towards the customer. Our main services comprise the following:

Air services

Air services comprise air freight logistics. Air services are reported within the Air & Sea operating segment. Air services are characterised by short delivery times, as most air transports are completed within a few days.

Sea services

Sea services comprise sea freight logistics. Sea services are reported within the Air & Sea operating segment. Sea services are characterised by longer delivery times, averaging one month depending on destination.

Road services

Road services comprise road freight logistics. Road services are reported within the Road operating segment. Road services are characterised by short delivery times, as most road transports are completed within a few days.

Solutions services

Solutions services comprise contract logistics, including warehousing and in-ventory management. Solutions services are reported within the Solutions op-erating segment. Solutions services are characterised by very short delivery times, happening almost instantaneously.

Recognition principles

Revenue from services rendered are recognised based on the price specified in the contract with the customer. Revenue is measured excluding VAT and other

taxes 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 a cost when incurred, due to the short delivery times.

Trade receivables are recognised as services invoiced to the customer. Trade receivables are not adjusted for financing components due to short credit terms, typically ranging from 14 to 60 days, rendering the financing compo-nent insignificant. Where services rendered have yet to be invoiced and invoic-es on services received from hauliers still have to be received, contract assets and accrued cost of services are recognised at the reporting date.

Revenue allocated to remaining performance obligations are not disclosed fol-lowing 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 operating seg-ment to which it relates. Revenue is recognised based on the price and performance obligations specified in the contract with the customer. Delivery times on property 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.

Accounting policies

Contract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress.

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. Please refer to note 4.5for 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 invoices relating to recognised revenue for the reporting period have yet to be received.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f74764": { "value": "

Revenue is specified as follows:

Revenue(DKKm)

2024

2023

Sale of services

166,206

149,916

Other operating income

900

869

Total

167,106

150,785

Sale of property projects presented within sale of services constitutes approxi-mately 2% of total revenue (2023: less than 1%). Income from insurance con-tracts presented within other operating income constitutes less than 1% of total revenue (2023: less than 1%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__43-1": { "value": "

Revenue is specified as follows:

Revenue(DKKm)

2024

2023

Sale of services

166,206

149,916

Other operating income

900

869

Total

167,106

150,785

Sale of property projects presented within sale of services constitutes approxi-mately 2% of total revenue (2023: less than 1%). Income from insurance con-tracts presented within other operating income constitutes less than 1% of total revenue (2023: less than 1%).

2.4 Other external costs

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Other external costs(DKKm)

2024

2023

Other external costs

12,099

11,850

Transferred to direct costs

(7,447)

(7,012)

Total

4,652

4,838

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__44-1": { "value": "

2.3 Direct costs

Accounting policies

Direct costs comprise costs paid to generate the revenue. Direct costs include settlement of accounts with haulage contractors, shipping 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 relating to property projects.

Direct costs(DKKm)

2024

2023

Cost of carriers

108,486

92,286

Staff costs, hourly workers

8,199

7,669

Other costs of operation

7,447

7,012

Total

124,132

106,967

2.4 Other external costs

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Other external costs(DKKm)

2024

2023

Other external costs

12,099

11,850

Transferred to direct costs

(7,447)

(7,012)

Total

4,652

4,838

2.5 Staff costs

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

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 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remunera-tion of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

Staff costs(DKKm)

2024

2023

Salaries and wages, etc.

20,300

19,590

Defined contribution pension plans

823

728

Defined benefit pension plans

50

54

Other social security costs

3,190

3,013

Share-based payments

327

267

Total

24,690

23,652

Statement of profit or loss classification:

Hourly workers \u2013 recognised as direct costs

8,199

7,669

Salaried employees \u2013 recognised as staff costs

16,491

15,983

Total

24,690

23,652

Weighted average number of FTEs

73,892

74,839

Number of FTEs at year-end

73,338

73,577

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__45-1": { "value": "

Accounting policies

Direct costs comprise costs paid to generate the revenue. Direct costs include settlement of accounts with haulage contractors, shipping 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 relating to property projects.

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

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 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remunera-tion of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f75046": { "value": "

2.4 Other external costs

Accounting policies

Other external costs comprise costs relating to IT, marketing, consultants, other rent, training and education, office premises, travelling, communications as well as other selling and administrative costs, less costs transferred to direct costs.

Other external costs(DKKm)

2024

2023

Other external costs

12,099

11,850

Transferred to direct costs

(7,447)

(7,012)

Total

4,652

4,838

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__50-1": { "value": "

2.5 Staff costs

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

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 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remunera-tion of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

Staff costs(DKKm)

2024

2023

Salaries and wages, etc.

20,300

19,590

Defined contribution pension plans

823

728

Defined benefit pension plans

50

54

Other social security costs

3,190

3,013

Share-based payments

327

267

Total

24,690

23,652

Statement of profit or loss classification:

Hourly workers \u2013 recognised as direct costs

8,199

7,669

Salaried employees \u2013 recognised as staff costs

16,491

15,983

Total

24,690

23,652

Weighted average number of FTEs

73,892

74,839

Number of FTEs at year-end

73,338

73,577

3.7 Pensions and other post-employment benefit plans

Accounting policies

Pension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the statement of profit or loss for the period in which they are earned. Contributions payable are recognised in the statement of financial position 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 val-ue is calculated based on various assumptions, including the future develop-ment in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become enti-tled 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 statement of financial position under pensions and other post-employment benefit plans. Pension costs for the year are recognised in the statement of profit or loss 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 clas-sified as past service costs. Past service costs are charged to the statement of profit or loss immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the statement of profit or loss over the period in which the employees earn the right to the adjusted benefits.

Management judgements and estimates

In determining pension obligations, Management makes use of valuations from external and independent actuaries as basis for the estimates applied. The ac-tuarial assumptions used in the valuations vary from country to country owing to national, economic and social conditions.

Pension obligations

Net pension obligations at 31 December are specified as follows:

Pension obligations(DKKm)

2024

2023

Present value of defined benefit plans

5,005

4,983

Fair value of pension plan assets

4,548

3,702

Pension obligations, net

457

1,281

Of these obligations, DKK 842 million relates to unfunded pension obligations (2023: DKK 873 million) and the net pension asset of DKK 385 million relates to funded obligations (2023: A net liability of DKK 408 million related to partly funded obligations). The latter is primarily due to the Swiss plans being over-funded.

Total pension costs for the year

In 2024, net costs of DKK 919 million relating to the Group\u2019s pension plans were recognised in the statement of profit or loss (2023: DKK 602 million) and specify as follows:

Pension cost 2024(DKKm)

Defined contribution plans

Defined benefit

plans

Total

Staff costs

823

50

873

Financial expenses

-

46

46

Total costs recognised

823

96

919

Pension cost 2023(DKKm)

Defined contribution plans

Defined benefit

plans

Total

Staff costs

728

54

782

Special items

-

(227)

(227)

Financial expenses

-

47

47

Total costs recognised

728

(126)

602

Defined benefit pension obligations

Development in the present value of defined benefit pension obligations is specified as follows:

Defined benefit pension obligations(DKKm)

2023

2024

Obligations at 1 January

4,983

4,112

Current service cost

50

86

Past service cost from plan amendments, curtailments and gains/losses on settlements

-

(259)

Calculated interest on obligations

148

174

Actuarial gains/losses arising from changes in financial assumptions

24

243

Actuarial gains/losses arising from changes in demographic assumptions

(39)

3

Actuarial gains/losses arising from experience adjustments

69

(14)

Payments from the plan

(267)

(87)

Settlement payments from the plan

-

596

Additions from business combinations

-

4

Currency translation

37

125

Obligations at 31 December

5,005

4,983

The expected average duration of the obligations is 13 years (2023: 13 years).

Expected maturity of pension obligations(DKKm)

2023

2024

0-1 year

355

581

1-5 years

1,161

1,115

> 5 years

3,489

3,287

Total obligations recognised

5,005

4,983

3.7 Pensions and other post-employment benefit plans \u2014 continued

Sensitivity analysis

The following table illustrates the change in the gross obligation relating to de-fined 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.

Sensitivity analysis(DKKm)

2024

2023

Defined benefit pension obligations

5,005

4,983

Discount rate

Increase of 0.5 percentage point

4,723

4,698

Decrease of 0.5 percentage point

5,286

5,276

Future wage/salary increase

Increase of 0.5 percentage point

5,034

5,013

Decrease of 0.5 percentage point

4,957

4,937

Inflation

Increase of 0.5 percentage point

5,105

5,104

Decrease of 0.5 percentage point

4,888

4,848

Life expectancy

Increase of 1 year

5,161

5,122

Decrease of 1 year

4,831

4,842

Pension plan assets

The composition of the pension plan assets is as follows:

Composition of pension plan assets(%)

2024

2023

Shares

38%

35%

Bonds

48%

51%

Other incl. insurance contracts

13%

14%

Development in the fair value of pension plan assets is specified as follows:

Pension plan assets(DKKm)

2024

2023

Pension plan assets at 1 January

3,702

2,929

Calculated interest on plan assets

102

126

Return on plan assets excluding calculated interest

176

102

Contributions to the plan

109

121

Payments from the plan

(245)

(254)

Settlement payments from the plan

-

819

Asset ceiling

693

(268)

Currency translation

11

127

Pension plan assets at 31 December

4,548

3,702

Actuarial gain included in statement of comprehensive income amounts to DKK 815 million (2023: DKK 398 million loss). DSV expects to contribute DKK 67 million to defined benefit plan assets in 2025 (2024: DKK 67 million). Due to market changes, the asset ceiling of DKK 693 million recognised in Switzerland has been released in 2024.

Significant pension plans

The most significant defined benefit plans of the Group relate to Europe, spe-cifically Germany, United Kingdom, Sweden and Switzerland. No other countries have individual significant net pension obligations or assets. The plan in Germa-ny covers both salaried and hourly workers. Under this plan, employees earn a fixed amount for each year in service. The plan has been closed for new em-ployees since 1994. The plan in the United Kingdom is a legacy final salary ar-rangement, which has been closed to the accrual of new benefits for several years. The plan in Sweden is a final pay scheme, which covers all salaried em-ployees born in or before 1978 and is based on a collective labour agreement. Salaried employees born in or after 1979 are covered by a defined contribution plan. The Swiss pension plan is a cash-balance plan. Contributions are paid into individual employee accounts and interest is granted annually by the pension plan foundation board. Upon retirement, an employee\u2019s savings may be either

taken as a lump sum or converted into an annual pension based on specific rates defined in regulations.

We continuously work to change our defined benefit plans in DSV into defined contribution plans for the benefit of the Group and the employees. The key as-sumptions applied for the most significant pension plans are as follows:

Key assumptions 2024 (%)

Discount rate

Future

wage/salary

increase

Future rate

of inflation

Sweden

3.6%

2.3%

1.8%

Germany

3.4%

2.7%

2.2%

Switzerland

1.0%

1.0%

1.0%

Other

0-6.8%

0-10.0%

0-2.5%

Weighted average

3.4%

2.6%

2.1%

Mortality prognosis tables

Sweden

DUS23 (w-c)

Germany

RT Heubeck 2018 G

Switzerland

BVG 2020

Key assumptions 2023 (%)

Discount rate

Future

wage/salary

increase

Future rate

of inflation

Sweden

3.5%

2.4%

1.9%

Germany

3.5%

2.7%

2.2%

Other

0-7.3%

0-10.0%

0-3.8%

Weighted average

3.6%

2.6%

1.7%

Mortality prognosis tables

Sweden

DUS21 (w-c)

Germany

RT Heubeck 2018 G

6.2 Share option schemes

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss 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 exchange 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 ex-pectations of the various parameters on which the valuation 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 options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2024 and 2023 is based on the following assumptions:

Assumptions

2024

2023

Exercise price (DKK)

1,106.0

1,485.0

Volatility

20.0%

18.0%

Risk-free interest rate

3.0%

3.4%

Expected dividends

0.8%

0.8%

Expected remaining life (years)

3.5

3.5

Current share option schemes

Scheme

Options granted

Exercise period

Exercise price (DKK)

Number of

employees

Fair value at date of granting (DKKm)

2020

3,080,750

31.03.2023 - 31.03.2025

560.0

2,000

155.5

2021

2,438,300

01.04.2024 - 31.03.2026

1,325.0

2,202

205.3

2022

2,640,900

01.04.2025 - 31.03.2027

1,485.0

2,524

279.8

2023

2,664,000

01.04.2026 - 31.03.2028

1,485.0

2,516

368.1

2024

2,017,165

01.04.2027 - 31.03.2029

1,106.0

2,196

366.2

Share option schemes at 31 December 2024

Scheme

Executive Board

Key employees

Total

Average exercise price per option (DKK)

20201

-

496,756

496,756

560.0

20211

96,000

1,854,622

1,950,622

1,325.0

2022

125,500

2,337,550

2,463,050

1,485.0

2023

129,300

2,418,358

2,547,658

1,485.0

2024

116,945

1,859,125

1,976,070

1,106.0

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

Open for exercise at 31 December 2024

96,000

2,351,378

2,447,378

1,169.7

Life (years)

2.82

2.61

2.62

n.a.

Fair value (DKKm)

122.0

2,614.4

2,736.4

n.a.

1Share options granted in 2020 and 2021 are currently exercisable.

6.2 Share option schemes \u2014 continued

Share option schemes

DSV has launched share-based incentive schemes with the purpose of moti-vating and retaining key employees across the organisation and aligning the interests of these with our shareholders. Share options are awarded to key em-ployees and Executive Management.

Retention is motivated by requiring continued service for a period covering the vesting period as a minimum. The schemes are also intended to align the inter-ests of employees and shareholders.

All active schemes entail a three-year vesting period and a two-year exercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices leading 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 in accordance with the procedures outlined in the Group\u2019s Remuneration Policy for the respective year.

A total of 3,054 employees held share options at 31 December 2024 (2023: 3,117 employees).

Total costs recognised in 2024 for services received but not recognised as an asset amounted to DKK 327 million (2023: DKK 267 million).

The average share price for options exercised in the financial year was DKK 1,245.8 per share at the date of exercise (2023: DKK 1,263.6 per share).

Outstanding share options

ExecutiveBoard

Key employees

Total

Average exercise price per option (DKK)

Outstanding at 1 January 2024

565,750

9,351,375

9,917,125

1,219.1

Transferred1

(190,950)

190,950

-

n.a.

Granted

116,945

1,900,220

2,017,165

1,106.0

Exercised

(24,000)

(2,237,172)

(2,261,172)

664.2

Options waived/expired

-

(238,962)

(238,962)

1,380.3

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

Outstanding at 1 January 2023

949,000

9,812,800

10,761,800

940.6

Granted

198,750

2,465,250

2,664,000

1,485.0

Exercised

(582,000)

(2,784,500)

(3,366,500)

533.1

Options waived/expired

-

(142,175)

(142,175)

1,365.5

Outstanding at 31 December 2023

565,750

9,351,375

9,917,125

1,219.1

1Brian Ejsing has previously received share options in the Director\u2019s former capacity as key employee. These have been transferred from key employees to Executive Board. Due to the CEO change that took effect in 2024 share options granted to Jens Bj\u00f8rn Andersen have been transferred from Executive Board to key employees.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__52-1": { "value": "

Accounting policies

Staff costs comprise salaries and wages, pension costs, social security costs, costs relating to share options schemes and other staff costs for salaried employees. Staff costs for hourly workers, recognised as direct costs, are excluded.

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 3.7for detailed information regarding pensions and other post-employment benefit plans, note 6.3for information on remunera-tion of the Executive Board and the Board of Directors and note 6.2for detailed information on the Group\u2019s share option schemes.

Accounting policies

Pension obligations relating to defined contribution plans, under which the Group pays regular pension contributions to independent pension funds, are recognised in the statement of profit or loss for the period in which they are earned. Contributions payable are recognised in the statement of financial position 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 val-ue is calculated based on various assumptions, including the future develop-ment in wage/salary levels, interest rates, inflation and mortality. The present value is only calculated for benefits to which the employees have become enti-tled 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 statement of financial position under pensions and other post-employment benefit plans. Pension costs for the year are recognised in the statement of profit or loss 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 clas-sified as past service costs. Past service costs are charged to the statement of profit or loss immediately if the employees have already earned the right to the adjusted benefits. Otherwise, they will be recognised in the statement of profit or loss over the period in which the employees earn the right to the adjusted benefits.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f75294": { "value": "

Staff costs(DKKm)

2024

2023

Salaries and wages, etc.

20,300

19,590

Defined contribution pension plans

823

728

Defined benefit pension plans

50

54

Other social security costs

3,190

3,013

Share-based payments

327

267

Total

24,690

23,652

Statement of profit or loss classification:

Hourly workers \u2013 recognised as direct costs

8,199

7,669

Salaried employees \u2013 recognised as staff costs

16,491

15,983

Total

24,690

23,652

Weighted average number of FTEs

73,892

74,839

Number of FTEs at year-end

73,338

73,577

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f75468": { "value": "

2.6 Amortisation and depreciation

Accounting policies

Amortisation and depreciation for the year are recognised based on the amor-tisation and depreciation profiles of the underlying assets (reference is made to notes 3.2, 3.3and 3.6).

Amortisation and depreciation(DKKm)

2024

2023

Customer relationships

131

178

Software

180

154

Buildings

375

341

Other plant and operating equipment

667

610

ROU assets \u2013 land and buildings

4,338

3,888

ROU assets \u2013 other plant and operating equipment

78

140

Net gain on sale of assets

(34)

(37)

Total

5,735

5,274

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__57-1": { "value": "

Accounting policies

Amortisation and depreciation for the year are recognised based on the amor-tisation and depreciation profiles of the underlying assets (reference is made to notes 3.2, 3.3and 3.6).

Accounting policies

Land and buildings and other plant and operating equipment are measured at cost less accumulated depreciation and impairment losses.

The cost comprises the acquisition price and other costs directly attributable to preparing the asset for its intended use. The present value of estimated costs for dismantling and disposing of assets as well as restoration costs are added to the cost if such costs are recognised as provisions. Material borrowing costs directly attributable to the construction of the individual asset are also added to cost.

If the individual components of an asset have different useful lives, each com-ponent will be depreciated separately.

The cost of self-constructed assets comprises direct and indirect costs for materials, components, subcontractors, wages and salaries. Costs for self-con-structed assets are recognised as property, plant and equipment in progress on an ongoing basis until the assets are ready for use.

Subsequent costs, such as partial replacement of property, plant and equip-ment (PPE), are included in the carrying amount of the asset in question when it is probable that such costs will result in future economic benefits.

Depreciation 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:

The 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 re-sidual 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f75674": { "value": "

2.7 Special items

Accounting policies

Special 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 operations or in-vestment in future activities.

Special items in these financial statements comprise restructuring costs, trans-action costs relating to acquisitions, impairment costs, etc., relating to material structural, procedural or managerial reorganisations as well as any related gains or losses on disposals.

Management judgements and estimates

In 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)

2024

2023

Restructuring and integration costs

657

160

Transaction costs relating to acquisitions

196

-

Settlement of defined benefit plans relating to previous acquisitions

-

(227)

Termination benefits to the Executive Board

-

67

Special items, costs

853

-

2024

2023

Special items bridge(DKKm)

Reported statement of profit or loss

Special items

Adjusted statement of profit or loss

Reported statement of profit or loss

Special

items

Adjusted statement of profit or loss

Revenue

167,106

-

167,106

150,785

-

150,785

Direct costs

124,132

23

124,155

106,967

-

106,967

Gross profit

42,974

(23)

42,951

43,818

-

43,818

Other external costs

4,652

366

5,018

4,838

-

4,838

Staff costs

16,491

229

16,720

15,983

(18)

15,965

Operating profit before amortisation and depreciation

21,831

(618)

21,213

22,997

18

23,015

Amortisation and depreciation

5,735

200

5,935

5,274

18

5,292

Operating profit

16,096

(818)

15,278

17,723

-

17,723

Special items, costs

853

(853)

-

-

-

-

Financial income

650

-

650

473

-

473

Financial expenses

2,470

35

2,505

1,706

-

1,706

Profit before tax

13,423

-

13,423

16,490

-

16,490

", "dimensions": { "concept": "DSV:DisclosureOfSpecialItems", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f75685": { "value": "

Accounting policies

Special 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 operations or in-vestment in future activities.

Special items in these financial statements comprise restructuring costs, trans-action costs relating to acquisitions, impairment costs, etc., relating to material structural, procedural or managerial reorganisations as well as any related gains or losses on disposals.

", "dimensions": { "concept": "DSV:DescriptionOfAccountingPolicyForSpecialItems", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__60-1": { "value": "

Accounting policies

Special 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 operations or in-vestment in future activities.

Special items in these financial statements comprise restructuring costs, trans-action costs relating to acquisitions, impairment costs, etc., relating to material structural, procedural or managerial reorganisations as well as any related gains or losses on disposals.

Management judgements and estimates

In 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f76249": { "value": "

2.8 Financial income and expenses

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

Financial income(DKKm)

2024

2023

Interest income

650

469

Share of associates\u2019 net result, net of tax

-

4

Total

650

473

Interest income includes interest on financial assets of DKK 650 million (2023: DKK 469 million).

Financial expenses (DKKm)

2024

2023

Interest expenses on lease liabilities

1,152

851

Interest expenses on borrowings

410

229

Interest expenses, bank

364

349

Share of associates\u2019 net result, net of tax

23

-

Financial expenses on pension obligations, refer to note 3.7

46

47

Foreign exchange loss, net

372

157

Other financial expenses

103

73

Total

2,470

1,706

Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,926 million (2023: DKK 1,429 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f76250": { "value": "

2.8 Financial income and expenses

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

Financial income(DKKm)

2024

2023

Interest income

650

469

Share of associates\u2019 net result, net of tax

-

4

Total

650

473

Interest income includes interest on financial assets of DKK 650 million (2023: DKK 469 million).

Financial expenses (DKKm)

2024

2023

Interest expenses on lease liabilities

1,152

851

Interest expenses on borrowings

410

229

Interest expenses, bank

364

349

Share of associates\u2019 net result, net of tax

23

-

Financial expenses on pension obligations, refer to note 3.7

46

47

Foreign exchange loss, net

372

157

Other financial expenses

103

73

Total

2,470

1,706

Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,926 million (2023: DKK 1,429 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f76262": { "value": "

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f76265": { "value": "

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f76268": { "value": "

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__64-1": { "value": "

Financial income(DKKm)

2024

2023

Interest income

650

469

Share of associates\u2019 net result, net of tax

-

4

Total

650

473

Interest income includes interest on financial assets of DKK 650 million (2023: DKK 469 million).

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__65-1": { "value": "

Financial income(DKKm)

2024

2023

Interest income

650

469

Share of associates\u2019 net result, net of tax

-

4

Total

650

473

Interest income includes interest on financial assets of DKK 650 million (2023: DKK 469 million).

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__66-1": { "value": "

Financial expenses (DKKm)

2024

2023

Interest expenses on lease liabilities

1,152

851

Interest expenses on borrowings

410

229

Interest expenses, bank

364

349

Share of associates\u2019 net result, net of tax

23

-

Financial expenses on pension obligations, refer to note 3.7

46

47

Foreign exchange loss, net

372

157

Other financial expenses

103

73

Total

2,470

1,706

Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,926 million (2023: DKK 1,429 million).

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__67-1": { "value": "

Financial expenses (DKKm)

2024

2023

Interest expenses on lease liabilities

1,152

851

Interest expenses on borrowings

410

229

Interest expenses, bank

364

349

Share of associates\u2019 net result, net of tax

23

-

Financial expenses on pension obligations, refer to note 3.7

46

47

Foreign exchange loss, net

372

157

Other financial expenses

103

73

Total

2,470

1,706

Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,926 million (2023: DKK 1,429 million).

Accounting policies

Financial income and expenses include interest, share of associates\u2019 net result, foreign exchange gains and losses, bank charges as well as amortisation of fi-nancial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f76707": { "value": "

3.1 Impairment test

Goodwill

The carrying amount of goodwill is tested for impairment at least annually to-gether 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 thereby follow our divisional structure: Air & Sea, Road and Solutions.

Goodwill is written down to its recoverable amount through profit or loss 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 re-lates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The 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 recovera-ble amount through profit or loss. 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 estimates

For goodwill impairment testing, a number of estimates are made on the devel-opment in revenues, gross profits, conversion ratios, future capital expendi-tures, discount rates and growth expectations in the terminal period. 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 expect-ed market developments, including expected long-term average market growth rates. Data includes both internal and external data sources.

Material value drivers affecting the future net cash flows of the three cash-generating units are:

Air & Sea

The Air & Sea division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in gross profit per shipment, cost development and management initiatives in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Road

The 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 termi-nal utilisation rates, cost development and management initiatives in internal productivity (number of shipments per employee) also affect the division\u2019scash flow.

Solutions

The Solutions division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost development and management initiatives in internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.

Climate-related risks

Management has assessed that no climate-related assumptions are key as-sumptions for the 2024 impairment test of goodwill. Investments associated with our climate change initiatives, including our commitment to achieving net-zero carbon emissions, are considered when determining the recoverable amount of each cash-generating unit.

3.1 Impairment testing \u2014 continued

Impairment test 2024

Goodwill was tested for impairment at 31 December 2024. The tests did not result in any impairment of carrying amounts.

The expected future net cash flow is based on budgets and business plans approved by Management for the year 2025 and projections for sub-sequent years up to and including 2029. These projections are based on the assumption of stable global economic development, with average annual GDP growth of at least 3% and transport market growth in line with GDP. From 2027 onwards, DSV expects the growth rate to remain in line with the expected long-term average growth rate for the industry.

The budget for 2025 assumes growth in air and sea freight market global vol-umes of around 3% in line with global GDP forecast. For the road market, the budget assumes a flat- to low-single digit growth, while the contract logistics market is assumed to achieve low- to mid-single digit growth. The budget for 2025 assumes that the currency exchange rates, especially the US dollar against DKK, will remain at the current level.

The conversion ratios applied in the impairment test reflect the Group\u2019s com-municated long-term targets for 2026. The pre-tax discount rate is calculated in accordance with IAS 36.

Sensitivity analysis

The sensitivity analysis assesses the impact of changes in cash flows and dis-count rates on the impairment test results. The analysis concluded that even negative changes, which are unlikely to occur, will not result in impairment of goodwill in any of the three cash-generating units.

The sensitivity analysis shows the lowest possible growth rate or highest pos-sible discount rate in percentage points by which the assumptions used can change before goodwill becomes impaired.

Other non-current intangible assets and property, plant and equipment

Other non-current assets were also tested for impairment indications together with goodwill at 31 December 2024. No indication of impairment was identi-fied in connection with these tests.

Goodwill impairment test at 31 December

2024

2023

Air & Sea

Road

Solutions

Air & Sea

Road

Solutions

Carrying amount of goodwill (DKKm)

58,840

8,076

9,729

58,198

8,008

9,568

Budget period

Annual revenue growth

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

Conversion ratio

50.0%

30.0%

30.0%

50.0%

30.0%

30.0%

Terminal period

Growth

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

Pre-tax discount rate

9.9%

6.7%

8.5%

11.3%

7.9%

9.5%

Sensitivity analysis

Growth in budget period \u2013 allowed decline (percentage points)

19.9

34.0

3.3

15.8

29.0

11.1

Discount rate \u2013 allowed increase (percentage points)

6.7

10.4

2.2

5.3

10.7

2.7

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__76-1": { "value": "

3.1 Impairment test

Goodwill

The carrying amount of goodwill is tested for impairment at least annually to-gether 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 thereby follow our divisional structure: Air & Sea, Road and Solutions.

Goodwill is written down to its recoverable amount through profit or loss 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 re-lates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The 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 recovera-ble amount through profit or loss. 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 estimates

For goodwill impairment testing, a number of estimates are made on the devel-opment in revenues, gross profits, conversion ratios, future capital expendi-tures, discount rates and growth expectations in the terminal period. 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 expect-ed market developments, including expected long-term average market growth rates. Data includes both internal and external data sources.

Material value drivers affecting the future net cash flows of the three cash-generating units are:

Air & Sea

The Air & Sea division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in gross profit per shipment, cost development and management initiatives in internal productivity (number of shipments per employee) also affect the division\u2019s cash flow.

Road

The 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 termi-nal utilisation rates, cost development and management initiatives in internal productivity (number of shipments per employee) also affect the division\u2019scash flow.

Solutions

The Solutions division operates globally, so developments in the global econo-my and world trade therefore have a material impact on the division\u2019s future net cash flow. Developments in warehouse lease costs and costs of related services, utilisation of warehouse facilities, cost development and management initiatives in internal productivity (number of order lines per employee) also affect the division\u2019s cash flows.

Climate-related risks

Management has assessed that no climate-related assumptions are key as-sumptions for the 2024 impairment test of goodwill. Investments associated with our climate change initiatives, including our commitment to achieving net-zero carbon emissions, are considered when determining the recoverable amount of each cash-generating unit.

3.1 Impairment testing \u2014 continued

Impairment test 2024

Goodwill was tested for impairment at 31 December 2024. The tests did not result in any impairment of carrying amounts.

The expected future net cash flow is based on budgets and business plans approved by Management for the year 2025 and projections for sub-sequent years up to and including 2029. These projections are based on the assumption of stable global economic development, with average annual GDP growth of at least 3% and transport market growth in line with GDP. From 2027 onwards, DSV expects the growth rate to remain in line with the expected long-term average growth rate for the industry.

The budget for 2025 assumes growth in air and sea freight market global vol-umes of around 3% in line with global GDP forecast. For the road market, the budget assumes a flat- to low-single digit growth, while the contract logistics market is assumed to achieve low- to mid-single digit growth. The budget for 2025 assumes that the currency exchange rates, especially the US dollar against DKK, will remain at the current level.

The conversion ratios applied in the impairment test reflect the Group\u2019s com-municated long-term targets for 2026. The pre-tax discount rate is calculated in accordance with IAS 36.

Sensitivity analysis

The sensitivity analysis assesses the impact of changes in cash flows and dis-count rates on the impairment test results. The analysis concluded that even negative changes, which are unlikely to occur, will not result in impairment of goodwill in any of the three cash-generating units.

The sensitivity analysis shows the lowest possible growth rate or highest pos-sible discount rate in percentage points by which the assumptions used can change before goodwill becomes impaired.

Other non-current intangible assets and property, plant and equipment

Other non-current assets were also tested for impairment indications together with goodwill at 31 December 2024. No indication of impairment was identi-fied in connection with these tests.

Goodwill impairment test at 31 December

2024

2023

Air & Sea

Road

Solutions

Air & Sea

Road

Solutions

Carrying amount of goodwill (DKKm)

58,840

8,076

9,729

58,198

8,008

9,568

Budget period

Annual revenue growth

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

Conversion ratio

50.0%

30.0%

30.0%

50.0%

30.0%

30.0%

Terminal period

Growth

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

Pre-tax discount rate

9.9%

6.7%

8.5%

11.3%

7.9%

9.5%

Sensitivity analysis

Growth in budget period \u2013 allowed decline (percentage points)

19.9

34.0

3.3

15.8

29.0

11.1

Discount rate \u2013 allowed increase (percentage points)

6.7

10.4

2.2

5.3

10.7

2.7

3.2 Intangible assets

Accounting policiesGoodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared 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 relationships

On initial recognition, customer relationships identified from business combina-tions are recognised in the statement of financial position at fair value. Subse-quently, customer relationships are measured at cost less accumulated amorti-sation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

2024

2023

Intangible assets(DKKm)

Goodwill

Customer

relationships

Software

Software in progress

Total

Goodwill

Customer

relationships

Software

Software in progress

Total

Cost at 1 January

75,774

2,564

1,411

364

80,113

76,293

2,574

1,180

342

80,389

Additions from business combinations/previous period adjustments

-

-

-

-

-

640

-

-

-

640

Additions

7

-

33

297

337

-

-

18

327

345

Disposals

-

(1)

(171)

(7)

(179)

-

(10)

(82)

-

(92)

Reclassifications

-

-

298

(298)

-

-

-

302

(302)

-

Currency translation

864

-

-

-

864

(1,159)

-

(7)

(3)

(1,169)

Total cost at 31 December

76,645

2,563

1,571

356

81,135

75,774

2,564

1,411

364

80,113

Total amortisation and impairment at 1 January

-

2,149

858

-

3,007

-

1,981

734

-

2,715

Amortisation and impairments for the year

-

131

180

-

311

-

178

154

-

332

Disposals

-

(1)

(59)

-

(60)

-

(10)

(30)

-

(40)

Total amortisation and impairment at 31 December

-

2,279

979

-

3,258

-

2,149

858

-

3,007

Carrying amount at 31 December

76,645

284

592

356

77,877

75,774

415

553

364

77,106

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__77-1": { "value": "

3.1 Impairment test

Goodwill

The carrying amount of goodwill is tested for impairment at least annually to-gether 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 thereby follow our divisional structure: Air & Sea, Road and Solutions.

Goodwill is written down to its recoverable amount through profit or loss 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 re-lates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Impairment test 2024

Goodwill was tested for impairment at 31 December 2024. The tests did not result in any impairment of carrying amounts.

The expected future net cash flow is based on budgets and business plans approved by Management for the year 2025 and projections for sub-sequent years up to and including 2029. These projections are based on the assumption of stable global economic development, with average annual GDP growth of at least 3% and transport market growth in line with GDP. From 2027 onwards, DSV expects the growth rate to remain in line with the expected long-term average growth rate for the industry.

The budget for 2025 assumes growth in air and sea freight market global vol-umes of around 3% in line with global GDP forecast. For the road market, the budget assumes a flat- to low-single digit growth, while the contract logistics market is assumed to achieve low- to mid-single digit growth. The budget for 2025 assumes that the currency exchange rates, especially the US dollar against DKK, will remain at the current level.

The conversion ratios applied in the impairment test reflect the Group\u2019s com-municated long-term targets for 2026. The pre-tax discount rate is calculated in accordance with IAS 36.

Sensitivity analysis

The sensitivity analysis assesses the impact of changes in cash flows and dis-count rates on the impairment test results. The analysis concluded that even negative changes, which are unlikely to occur, will not result in impairment of goodwill in any of the three cash-generating units.

The sensitivity analysis shows the lowest possible growth rate or highest pos-sible discount rate in percentage points by which the assumptions used can change before goodwill becomes impaired.

Other non-current intangible assets and property, plant and equipment

Other non-current assets were also tested for impairment indications together with goodwill at 31 December 2024. No indication of impairment was identi-fied in connection with these tests.

Goodwill impairment test at 31 December

2024

2023

Air & Sea

Road

Solutions

Air & Sea

Road

Solutions

Carrying amount of goodwill (DKKm)

58,840

8,076

9,729

58,198

8,008

9,568

Budget period

Annual revenue growth

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

Conversion ratio

50.0%

30.0%

30.0%

50.0%

30.0%

30.0%

Terminal period

Growth

2.5%

2.5%

2.5%

2.5%

2.5%

2.5%

Pre-tax discount rate

9.9%

6.7%

8.5%

11.3%

7.9%

9.5%

Sensitivity analysis

Growth in budget period \u2013 allowed decline (percentage points)

19.9

34.0

3.3

15.8

29.0

11.1

Discount rate \u2013 allowed increase (percentage points)

6.7

10.4

2.2

5.3

10.7

2.7

Accounting policiesGoodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared 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.

2024

2023

Intangible assets(DKKm)

Goodwill

Customer

relationships

Software

Software in progress

Total

Goodwill

Customer

relationships

Software

Software in progress

Total

Cost at 1 January

75,774

2,564

1,411

364

80,113

76,293

2,574

1,180

342

80,389

Additions from business combinations/previous period adjustments

-

-

-

-

-

640

-

-

-

640

Additions

7

-

33

297

337

-

-

18

327

345

Disposals

-

(1)

(171)

(7)

(179)

-

(10)

(82)

-

(92)

Reclassifications

-

-

298

(298)

-

-

-

302

(302)

-

Currency translation

864

-

-

-

864

(1,159)

-

(7)

(3)

(1,169)

Total cost at 31 December

76,645

2,563

1,571

356

81,135

75,774

2,564

1,411

364

80,113

Total amortisation and impairment at 1 January

-

2,149

858

-

3,007

-

1,981

734

-

2,715

Amortisation and impairments for the year

-

131

180

-

311

-

178

154

-

332

Disposals

-

(1)

(59)

-

(60)

-

(10)

(30)

-

(40)

Total amortisation and impairment at 31 December

-

2,279

979

-

3,258

-

2,149

858

-

3,007

Carrying amount at 31 December

76,645

284

592

356

77,877

75,774

415

553

364

77,106

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f76722": { "value": "

Goodwill

The carrying amount of goodwill is tested for impairment at least annually to-gether 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 thereby follow our divisional structure: Air & Sea, Road and Solutions.

Goodwill is written down to its recoverable amount through profit or loss 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 re-lates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The 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 recovera-ble amount through profit or loss. 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f76723": { "value": "

Goodwill

The carrying amount of goodwill is tested for impairment at least annually to-gether 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 thereby follow our divisional structure: Air & Sea, Road and Solutions.

Goodwill is written down to its recoverable amount through profit or loss 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 re-lates. In calculating the present value, discount rates are applied reflecting the risk-free interest rate with the addition of the market risk premium relating to the individual cash-generating units, such as geographical and financial exposure.

Other non-current intangible assets and property, plant and equipment

The 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 recovera-ble amount through profit or loss. 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f78037": { "value": "

3.2 Intangible assets

Accounting policiesGoodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared 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 relationships

On initial recognition, customer relationships identified from business combina-tions are recognised in the statement of financial position at fair value. Subse-quently, customer relationships are measured at cost less accumulated amorti-sation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

2024

2023

Intangible assets(DKKm)

Goodwill

Customer

relationships

Software

Software in progress

Total

Goodwill

Customer

relationships

Software

Software in progress

Total

Cost at 1 January

75,774

2,564

1,411

364

80,113

76,293

2,574

1,180

342

80,389

Additions from business combinations/previous period adjustments

-

-

-

-

-

640

-

-

-

640

Additions

7

-

33

297

337

-

-

18

327

345

Disposals

-

(1)

(171)

(7)

(179)

-

(10)

(82)

-

(92)

Reclassifications

-

-

298

(298)

-

-

-

302

(302)

-

Currency translation

864

-

-

-

864

(1,159)

-

(7)

(3)

(1,169)

Total cost at 31 December

76,645

2,563

1,571

356

81,135

75,774

2,564

1,411

364

80,113

Total amortisation and impairment at 1 January

-

2,149

858

-

3,007

-

1,981

734

-

2,715

Amortisation and impairments for the year

-

131

180

-

311

-

178

154

-

332

Disposals

-

(1)

(59)

-

(60)

-

(10)

(30)

-

(40)

Total amortisation and impairment at 31 December

-

2,279

979

-

3,258

-

2,149

858

-

3,007

Carrying amount at 31 December

76,645

284

592

356

77,877

75,774

415

553

364

77,106

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f78047": { "value": "

Accounting policiesGoodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared 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 relationships

On initial recognition, customer relationships identified from business combina-tions are recognised in the statement of financial position at fair value. Subse-quently, customer relationships are measured at cost less accumulated amorti-sation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f78048": { "value": "

Accounting policiesGoodwill

Only goodwill arising from business combinations is recognised in the financial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling inter-ests and any equity investments previously held in the acquiree, compared 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f78132": { "value": "

Customer relationships

On initial recognition, customer relationships identified from business combina-tions are recognised in the statement of financial position at fair value. Subse-quently, customer relationships are measured at cost less accumulated amorti-sation and impairment losses.

Customer relationships are amortised over a period of eight years using the diminishing balance method.

Software and software in progress

Software bought or developed for internal use is measured at the lower of cost less accumulated amortisation and impairment losses and the recoverable amount. Cost comprises payments for the software and other directly attribut-able costs of preparing the software for its intended use.

After commissioning, software is amortised on a straight-line basis over its expected useful life. The amortisation period is 1-8 years.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f78816": { "value": "

3.3 Property, plant and equipment

Accounting policies

Land and buildings and other plant and operating equipment are measured at cost less accumulated depreciation and impairment losses.

The cost comprises the acquisition price and other costs directly attributable to preparing the asset for its intended use. The present value of estimated costs for dismantling and disposing of assets as well as restoration costs are added to the cost if such costs are recognised as provisions. Material borrowing costs directly attributable to the construction of the individual asset are also added to cost.

If the individual components of an asset have different useful lives, each com-ponent will be depreciated separately.

The cost of self-constructed assets comprises direct and indirect costs for materials, components, subcontractors, wages and salaries. Costs for self-con-structed assets are recognised as property, plant and equipment in progress on an ongoing basis until the assets are ready for use.

Subsequent costs, such as partial replacement of property, plant and equip-ment (PPE), are included in the carrying amount of the asset in question when it is probable that such costs will result in future economic benefits.

The carrying amount of the replaced parts is disposed from the financial posi-tion and recognised in the profit or loss.

2024

2023

Property, plant and equipment(DKKm)

Land and buildings

Other plant

and operating equipment

Property, plant and equipment

in progress

Total

Land and buildings

Other plant

and operating

equipment

Property, plant and equipment

in progress

Total

Cost at 1 January

3,962

5,256

580

9,798

4,461

4,425

414

9,300

Additions from business combinations/previous period adjustments

-

-

-

-

-

1

7

8

Additions

448

1,165

479

2,092

430

1,120

480

2,030

Disposals

(441)

(342)

(201)

(984)

(1,023)

(205)

(30)

(1,258)

Reclassification

147

130

(277)

-

226

63

(289)

-

Currency translation

84

-

11

95

(132)

(148)

(2)

(282)

Total cost at 31 December

4,200

6,209

592

11,001

3,962

5,256

580

9,798

Total depreciation and impairment at 1 January

1,402

2,182

-

3,584

1,212

1,804

-

3,016

Depreciation for the year

375

667

-

1,042

341

610

-

951

Disposals

(147)

(263)

-

(410)

(125)

(212)

-

(337)

Currency translation

-

3

3

6

(26)

(20)

-

(46)

Total depreciation and impairment at 31 December

1,630

2,589

3

4,222

1,402

2,182

-

3,584

Carrying amount at 31 December

2,570

3,620

589

6,779

2,560

3,074

580

6,214

3.3 Property, plant and equipment \u2014 continued

Depreciation 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:

The 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 re-sidual 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 estimates

Judgement 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 depreciation basis applied is still representative and reflects the expected life and future residual value of the assets.

Climate-related risks

Management has considered the influence of climate-related risks on property, plant and equipment, including inherent impact on useful lives of underlying asset groups. Climate-related risks assessed encompass accellerated techno-logical deterioration of assets due to climate-related innovations, regulatory requirements, and customer demand, as well as increased demolition and re-storation costs on premises vacated, due to stricter environmental regulations.

\u2022\tTerminals and administration buildings:

50-60 years

\u2022\tOther buildings and building elements:

10-30 years

\u2022\tTechnical plant and machinery:

6-10 years

\u2022\tOther plant and operating equipment:

3-8 years

\u2022\tLand is not depreciated

", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__89-1": { "value": "

Accounting policies

Land and buildings and other plant and operating equipment are measured at cost less accumulated depreciation and impairment losses.

The cost comprises the acquisition price and other costs directly attributable to preparing the asset for its intended use. The present value of estimated costs for dismantling and disposing of assets as well as restoration costs are added to the cost if such costs are recognised as provisions. Material borrowing costs directly attributable to the construction of the individual asset are also added to cost.

If the individual components of an asset have different useful lives, each com-ponent will be depreciated separately.

The cost of self-constructed assets comprises direct and indirect costs for materials, components, subcontractors, wages and salaries. Costs for self-con-structed assets are recognised as property, plant and equipment in progress on an ongoing basis until the assets are ready for use.

Subsequent costs, such as partial replacement of property, plant and equip-ment (PPE), are included in the carrying amount of the asset in question when it is probable that such costs will result in future economic benefits.

Depreciation 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:

The 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 re-sidual 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f79874": { "value": "

3.4 Contract assets and accrued cost of services

Accounting policies

Contract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress.

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. Please refer to note 4.5for 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 invoices relating to recognised revenue for the reporting period have yet to be received.

Management judgements and estimates

In the preparation of the consolidated financial statements, significant esti-mates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experience and con-tinuous follow-up on services in progress relative to subsequent invoicing.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f80058": { "value": "

3.5 Inventories

Accounting policies

Inventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs in-curred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the state-ment of profit or loss.

Inventories(DKKm)

2024

2023

Property projects under construction

4,926

4,247

Stocks

81

67

Total

5,007

4,314

Inventories consists of property projects under construction held for the pur-pose of sale in the ordinary course of business and stocks. Costs relating to prop-erty projects presented within direct costs constitutes less than 3% of total di-rect costs (2023: less than 1%).

", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f80066": { "value": "

Accounting policies

Inventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs in-curred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the state-ment of profit or loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f80263": { "value": "

3.6 Leases

Accounting policies

Whether a contract contains a lease is assessed at contract inception. For iden-tified leases, a right-of-use (ROU) asset and corresponding lease liability are recognised on the lease commencement date.

Upon initial recognition, the ROU asset is measured at cost corresponding 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 cases where the implicit interest rate cannot be determined, an appropriate incremental DSV borrowing rate is used.

At subsequent measurement, the ROU asset is measured less accumulated de-preciation and impairment losses and adjusted for any remeasurements of the lease liability. Depreciation follows the straight-line method over the lease term or the useful life of the ROU 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.

ROU 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 accounted for fol-lowing 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.

ROU assets classified as land and buildings mainly relate to leases of warehous-es, 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. The leases may include extension options with the intention of securing 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 reflected in the contractual lease term agreed.

Management judgements and estimates

In accounting for lease contracts, various judgements are applied in determining ROU assets and lease liabilities. Judgements include assessment of lease periods, utilisation of extension and termination options and applicable discount rates.

2024

2023

Right-of-use assets(DKKm)

Land and buildings

Other plantand operating equipment

Total

Land and buildings

Other plant and operating equipment

Total

Carrying amount at 1 January

15,356

299

15,655

14,285

409

14,694

Additions

7,552

30

7,582

5,453

61

5,514

Disposals

(305)

(6)

(311)

(308)

(9)

(317)

Depreciation for the year

(4,338)

(78)

(4,416)

(3,888)

(140)

(4,028)

Currency translation

194

9

203

(186)

(22)

(208)

Carrying amount at 31 December

18,459

254

18,713

15,356

299

15,655

Analysis of lease liabilities showing the remaining contractual maturities is pro-vided in the table below:

Contractual maturity of lease liabilities(DKKm)

2023

2024

0-1 year

5,447

4,599

1-5 years

14,224

12,056

> 5 years

7,674

5,055

Total undiscounted lease liabilities at 31 December

27,345

21,710

Non-current/current classification (discounted)

Non-current

17,324

14,139

Current

4,349

3,808

The 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)

2023

2024

Profit or loss

Income from subleasing of ROU assets

94

79

Gain on sale and leaseback transactions

56

101

Expenses relating to short-term leases

(564)

(591)

Expenses relating to leases of low-value assets

(780)

(655)

Expenses relating to variable lease payments not included in the measurement of lease liabilities

(74)

(70)

Depreciation of ROU assets

(4,416)

(4,028)

Interest expenses on lease liabilities

(1,152)

(851)

Total profit or loss for leases

(6,836)

(6,015)

Cash flow

Total cash outflow for leases

6,822

6,072

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f80271": { "value": "

Accounting policies

Whether a contract contains a lease is assessed at contract inception. For iden-tified leases, a right-of-use (ROU) asset and corresponding lease liability are recognised on the lease commencement date.

Upon initial recognition, the ROU asset is measured at cost corresponding 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 cases where the implicit interest rate cannot be determined, an appropriate incremental DSV borrowing rate is used.

At subsequent measurement, the ROU asset is measured less accumulated de-preciation and impairment losses and adjusted for any remeasurements of the lease liability. Depreciation follows the straight-line method over the lease term or the useful life of the ROU 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.

ROU 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 accounted for fol-lowing 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.

ROU assets classified as land and buildings mainly relate to leases of warehous-es, 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. The leases may include extension options with the intention of securing 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 reflected in the contractual lease term agreed.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__99-1": { "value": "

Contractual maturity of lease liabilities(DKKm)

2023

2024

0-1 year

5,447

4,599

1-5 years

14,224

12,056

> 5 years

7,674

5,055

Total undiscounted lease liabilities at 31 December

27,345

21,710

Non-current/current classification (discounted)

Non-current

17,324

14,139

Current

4,349

3,808

Expected maturity of pension obligations(DKKm)

2023

2024

0-1 year

355

581

1-5 years

1,161

1,115

> 5 years

3,489

3,287

Total obligations recognised

5,005

4,983

3.7 Pensions and other post-employment benefit plans \u2014 continued

Sensitivity analysis

The following table illustrates the change in the gross obligation relating to de-fined 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.

Sensitivity analysis(DKKm)

2024

2023

Defined benefit pension obligations

5,005

4,983

Discount rate

Increase of 0.5 percentage point

4,723

4,698

Decrease of 0.5 percentage point

5,286

5,276

Future wage/salary increase

Increase of 0.5 percentage point

5,034

5,013

Decrease of 0.5 percentage point

4,957

4,937

Inflation

Increase of 0.5 percentage point

5,105

5,104

Decrease of 0.5 percentage point

4,888

4,848

Life expectancy

Increase of 1 year

5,161

5,122

Decrease of 1 year

4,831

4,842

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 bond loans, credit and overdraft facilities are subject to standard clauses, according to which the Group\u2019s debt must be repaid in case of a change of control.

The total duration of the Group\u2019s long-term loan commitments and the un-drawn amounts on our credit lines at 31 December 2024 are presented in the accompanying table. The weighted duration of the Group\u2019s drawn long-term loan facilities was 5.8 years at 31 December 2024.

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 statement of financial position.

Supplier finance arrangements

DSV facilitates immaterial supplier finance arrangements presented within trade payables. These arrangements have no significant impact on the Group\u2019s liquidity risk.

Commitments and amounts drawn on long-term loan facilities at 31 December 2024:

Loan facilities

Principal amount (EURm)

Principal amount (DKKm)

Fixed/floating interest rate

Expiry of commitments

Duration (years)

Undrawn (DKKm)

Bond loan - ISIN XS2387735470

500

3,730

Fixed

17-09-2036

11.7

-

Bond loan - ISIN XS2932829356

750

5,595

Fixed

06-11-2034

9.9

-

Bond loan - ISIN XS2360881549

600

4,476

Fixed

05-07-2033

8.5

-

Bond loan - ISIN XS2932836211

750

5,595

Fixed

06-11-2032

7.9

-

Bond loan - ISIN XS2308616841

500

3,730

Fixed

03-03-2031

6.2

-

Bond loan - ISIN XS2932834604

1,250

9,325

Fixed

06-11-2030

5.9

-

Bond loan - ISIN XS2458285355

600

4,476

Fixed

16-03-2030

5.2

-

Bond loan - ISIN XS2850439642

500

3,730

Fixed

26-06-2029

4.5

-

Bond loan - ISIN XS2932831923

1,000

7,460

Fixed

06-11-2028

3.9

-

Bond loan - ISIN 212542679

500

3,730

Fixed

26-02-2027

2.2

-

Bond loan - ISIN XS2932831766

650

4,849

Fixed

06-11-2026

1.8

-

Bond loan - ISIN XS2932830958

600

4,476

Floating

06-11-2026

1.8

-

Revolving credit facility III

200

1,492

Floating

16-12-2029

5.0

1,492

Revolving credit facility IV

200

1,492

Floating

14-12-2029

5.0

1,492

Revolving credit facility I

200

1,492

Floating

03-10-2029

4.8

1,492

Revolving credit facility V

75

559

Floating

31-01-2029

4.1

559

Revolving credit facility VI

100

746

Floating

15-01-2027

2.0

746

Revolving credit facility II

75

559

Floating

31-12-2026

2.0

559

Overdraft facility I

75

559

Floating

31-01-2029

4.1

559

Total

9,125

68,071

5.8

6,899

Loan facilities (DKKm)

2024

2023

Carryingamount

Fixed/floating interest rate

Expiry

Carrying amount

Fixed/floating interest rate

Expiry

Bond loans

60,782

Fixed/floating

2026-2036

21,450

Fixed

2024-2036

Credit facilities

70

Floating

2026-2029

-

n.a.

n.a.

Overdraft facilities

292

Floating

2025

677

Floating

2024

Loan facilities at 31 December

61,144

22,127

Non-current/current classification:

Non-current liabilities

60,852

19,988

Current liabilities

292

2,139

4.5 Financial risks \u2014 continued

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f83338": { "value": "

3.8 Provisions

Accounting policies

Provisions 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 proba-ble 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 settlement of the relevant obligation and are dis-counted if deemed material.

Management judgements and estimates

Management continually assesses provisions, including contingencies and the likely outcome of pending and potential legal proceedings. The outcome of such proceedings depends on future events, which are, by nature, uncertain.

When considering provisions involving significant estimates, opinions and esti-mates by external legal experts as well as existing case law are applied in as-sessing the probable outcome of material legal proceedings, etc.

Provisions

Provisions have not been discounted, as the effect thereof is immaterial. Provi-sions are expected to be settled within two years in all material respects.

Restructuring costs

Restructuring costs relate mainly to the integration of acquirees and the re-structuring plans previously announced, which consist mainly of termination benefits and costs under terminated leases.

Disputes and legal actions

Provisions for disputes and legal actions relate mainly to ongoing disputes and legal proceedings.

Indemnification liabilitiesIndemnification liabilities totalled DKK 1,763 million (2023: DKK 1,742 million) relate to various company- and value-added taxes from the GIL acquisition. A corresponding indemnification asset has been recognised as other non-current receivables.Other provisions

Other provisions relate mainly to restoration obligations in connection with property leases and onerous contracts.

Provisions \u2014 2024(DKKm)

Restructuring costs

Disputes and legal actions

Indemnification liabilities

Other provisions

Total

Provisions at 1 January

607

1,492

1,742

1,898

5,739

Additions for the year

294

114

-

817

1,225

Additions from business combinations

-

-

-

2

2

Used for the year

(465)

(527)

-

(646)

(1,638)

Reversal of provisions made in previous years

(11)

(62)

-

30

(43)

Currency translation

1

(5)

21

(12)

5

Provisions at 31 December

426

1,012

1,763

2,089

5,290

Non-current/current classification:

Non-current liabilities

92

547

1,763

1,385

3,787

Current liabilities

334

465

-

704

1,503

Provisions at 31 December

426

1,012

1,763

2,089

5,290

", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f83348": { "value": "

Accounting policies

Provisions 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 proba-ble 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 settlement of the relevant obligation and are dis-counted if deemed material.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84043": { "value": "

4.1 Capital structure and capital allocation

Capital structure

The capital structure of DSV is intended to maintain financial stability, optimise cost of capital and to ensure financial readiness allowing to act on business opportunities as they present themselves. The gearing ratio was 0.0 at 31 De-cember 2024 (2023: 1.5). The target gearing ratio is below 2.0x EBITDA, but may exceed this level following significant acquisitions.

Capital allocation

The Group aims to spend its free cash flow in the following order of priority:

1.\tRepayment of net interest-bearing debt in periods when the financial gearing ratio is above target;

2.\tValue-adding investments in the form of acquisitions or development of the existing business;

3.\tDistribution to the Company\u2019s shareholders by means of share buybacks and dividends.

Net interest-bearing debt

The Group decreased its net interest-bearing debt in 2024 by DKK 35,112 million (2023: increased by DKK 4,713 million). At 31 December 2024, net interest-bearing debt was positively impacted by the completed equity offering, raising DKK 37.3 billion. The raised capital will be used to par-tially finance the acquisition of Schenker. The transaction is expected to close in Q2 2025.

Net interest-bearing debt can be specified as follows:

Net interest-bearing debt (DKKm)

2024

2023

Lease liabilities

21,673

17,947

Interest-bearing borrowings

61,144

22,127

Pensions and other post-employment benefit plans

457

1,281

Other receivables

(227)

(320)

Cash and cash equivalents

(83,576)

(6,452)

Total

(529)

34,583

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84341": { "value": "

34,583

Distribution to the Company\u2019s shareholders

In 2024, the Group spent DKK 3,347 million on the purchase of treasury shares and DKK 1,533 million on dividends distributed (2023: DKK 13,997 million and DKK 1,424 million, respectively). It is proposed to distribute a dividend of DKK 7.00per share for 2024 (2023: DKK 7.00).

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84395": { "value": "7.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:529900X41C0BSLK67H70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "s10__7__110-1": { "value": "

Cash and capital restrictions

Cash and cash equivalents comprise cash on hand, short-term cash deposits and short-term liquid assets that are readily convertible to cash and are subject to insignificant risk of changes in value. Of total cash and cash equivalents, DKK 1,786 million (2023: DKK 1,918 million) are subject to restrictions implying that the cash may not be readily available for general use or distribution by the Group. Specification of cash and capital restrictions is provided below:

Exchange control restrictions

Exchange control restrictions comprise cash balances in countries where vari-ous 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. To a limited extent, certain cash balances cannot currently be repatriated to the ultimate parent company due to legal restrictions.

Insurance collaterals

Insurance collaterals constitute security for outstanding insurance contracts sold to customers by DSV Insurance. The amount is regulated and measured in accordance with laws and regulations issued by the Danish Financial Super-visory Authority.

Cash and capital restrictions(DKKm)

2024

2023

Exchange control restrictions

1,350

1,581

Insurance collaterals

430

330

Other collaterals

6

7

Total

1,786

1,918

", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__111-1": { "value": "

Insurance collaterals

Insurance collaterals constitute security for outstanding insurance contracts sold to customers by DSV Insurance. The amount is regulated and measured in accordance with laws and regulations issued by the Danish Financial Super-visory Authority.

Cash and capital restrictions(DKKm)

2024

2023

Exchange control restrictions

1,350

1,581

Insurance collaterals

430

330

Other collaterals

6

7

Total

1,786

1,918

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to au-thorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2024, property, plant and equipment and other financial as-sets with a carrying amount of DKK 3 million were pledged as security (2023: DKK 2 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2023: DKK 0 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84723": { "value": "

4.2 Equity

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2023: 219 million shares) with a nominal value of DKK 1 each.

Capital increase

On 4 October 2024, DSV completed an equity offering of 26.4 million shares to raise DKK 37.3 billion to partially finance the acquisition of Schenker. The equity offering was completed without discount compared to the closing price on 3 October 2024 of DKK 1,410.5 per share. Transaction costs amounted to DKK 695 million.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the pre-vious page.

Treasury share reserve

The 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 incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The 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.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Reserves(DKKm)

Treasury share reserve

Hedging reserve

Foreign currency translation reserve

Total

Reserves at 1 January 2024

(10)

(4)

(704)

(718)

Other comprehensive income, net of tax

-

(4)

955

951

Transactions with shareholders:

Purchase of treasury shares

(3)

-

-

(3)

Sale of treasury shares

2

-

-

2

Capital reduction

5

-

-

5

Reserves at 31 December 2024

(6)

(8)

251

237

Reserves at 1 January 2023

(2)

5

916

919

Other comprehensive income, net of tax

-

(9)

(1,620)

(1,629)

Transactions with shareholders:

Purchase of treasury shares

(11)

-

-

(11)

Sale of treasury shares

3

-

-

3

Reserves at 31 December 2023

(10)

(4)

(704)

(718)

2024

2023

Treasury shares

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Portfolio at 1 January

11,664

4.5%

9.8

2,339

1.0%

2.1

Cancellation of treasury shares

(6,221)

(2.3%)

(5.0)

-

-

-

Portfolio, adjusted for number of shares

5,443

2.0%

4.8

2,339

1.0%

2.1

Purchased during the year

3,347

1.2%

2.9

13,997

5.1%

11.1

Sold during the year

(2,783)

(1.0%)

(2.3)

(3,983)

(1.6%)

(3.4)

Value adjustment

2,388

-

-

(689)

-

-

Portfolio at 31 December

8,395

2.2%

5.4

11,664

4.5%

9.8

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84724": { "value": "

4.2 Equity

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2023: 219 million shares) with a nominal value of DKK 1 each.

Capital increase

On 4 October 2024, DSV completed an equity offering of 26.4 million shares to raise DKK 37.3 billion to partially finance the acquisition of Schenker. The equity offering was completed without discount compared to the closing price on 3 October 2024 of DKK 1,410.5 per share. Transaction costs amounted to DKK 695 million.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the pre-vious page.

Treasury share reserve

The 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 incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The 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.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Reserves(DKKm)

Treasury share reserve

Hedging reserve

Foreign currency translation reserve

Total

Reserves at 1 January 2024

(10)

(4)

(704)

(718)

Other comprehensive income, net of tax

-

(4)

955

951

Transactions with shareholders:

Purchase of treasury shares

(3)

-

-

(3)

Sale of treasury shares

2

-

-

2

Capital reduction

5

-

-

5

Reserves at 31 December 2024

(6)

(8)

251

237

Reserves at 1 January 2023

(2)

5

916

919

Other comprehensive income, net of tax

-

(9)

(1,620)

(1,629)

Transactions with shareholders:

Purchase of treasury shares

(11)

-

-

(11)

Sale of treasury shares

3

-

-

3

Reserves at 31 December 2023

(10)

(4)

(704)

(718)

2024

2023

Treasury shares

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Portfolio at 1 January

11,664

4.5%

9.8

2,339

1.0%

2.1

Cancellation of treasury shares

(6,221)

(2.3%)

(5.0)

-

-

-

Portfolio, adjusted for number of shares

5,443

2.0%

4.8

2,339

1.0%

2.1

Purchased during the year

3,347

1.2%

2.9

13,997

5.1%

11.1

Sold during the year

(2,783)

(1.0%)

(2.3)

(3,983)

(1.6%)

(3.4)

Value adjustment

2,388

-

-

(689)

-

-

Portfolio at 31 December

8,395

2.2%

5.4

11,664

4.5%

9.8

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84725": { "value": "

4.2 Equity

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2023: 219 million shares) with a nominal value of DKK 1 each.

Capital increase

On 4 October 2024, DSV completed an equity offering of 26.4 million shares to raise DKK 37.3 billion to partially finance the acquisition of Schenker. The equity offering was completed without discount compared to the closing price on 3 October 2024 of DKK 1,410.5 per share. Transaction costs amounted to DKK 695 million.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the pre-vious page.

Treasury share reserve

The 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 incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The 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.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Reserves(DKKm)

Treasury share reserve

Hedging reserve

Foreign currency translation reserve

Total

Reserves at 1 January 2024

(10)

(4)

(704)

(718)

Other comprehensive income, net of tax

-

(4)

955

951

Transactions with shareholders:

Purchase of treasury shares

(3)

-

-

(3)

Sale of treasury shares

2

-

-

2

Capital reduction

5

-

-

5

Reserves at 31 December 2024

(6)

(8)

251

237

Reserves at 1 January 2023

(2)

5

916

919

Other comprehensive income, net of tax

-

(9)

(1,620)

(1,629)

Transactions with shareholders:

Purchase of treasury shares

(11)

-

-

(11)

Sale of treasury shares

3

-

-

3

Reserves at 31 December 2023

(10)

(4)

(704)

(718)

2024

2023

Treasury shares

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Portfolio at 1 January

11,664

4.5%

9.8

2,339

1.0%

2.1

Cancellation of treasury shares

(6,221)

(2.3%)

(5.0)

-

-

-

Portfolio, adjusted for number of shares

5,443

2.0%

4.8

2,339

1.0%

2.1

Purchased during the year

3,347

1.2%

2.9

13,997

5.1%

11.1

Sold during the year

(2,783)

(1.0%)

(2.3)

(3,983)

(1.6%)

(3.4)

Value adjustment

2,388

-

-

(689)

-

-

Portfolio at 31 December

8,395

2.2%

5.4

11,664

4.5%

9.8

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84726": { "value": "

4.2 Equity

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2023: 219 million shares) with a nominal value of DKK 1 each.

Capital increase

On 4 October 2024, DSV completed an equity offering of 26.4 million shares to raise DKK 37.3 billion to partially finance the acquisition of Schenker. The equity offering was completed without discount compared to the closing price on 3 October 2024 of DKK 1,410.5 per share. Transaction costs amounted to DKK 695 million.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the pre-vious page.

Treasury share reserve

The 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 incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The 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.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation of net investments and related hedging in entities with a functional currency other than DKK. The reserve is dissolved upon disposal of entities.

Reserves(DKKm)

Treasury share reserve

Hedging reserve

Foreign currency translation reserve

Total

Reserves at 1 January 2024

(10)

(4)

(704)

(718)

Other comprehensive income, net of tax

-

(4)

955

951

Transactions with shareholders:

Purchase of treasury shares

(3)

-

-

(3)

Sale of treasury shares

2

-

-

2

Capital reduction

5

-

-

5

Reserves at 31 December 2024

(6)

(8)

251

237

Reserves at 1 January 2023

(2)

5

916

919

Other comprehensive income, net of tax

-

(9)

(1,620)

(1,629)

Transactions with shareholders:

Purchase of treasury shares

(11)

-

-

(11)

Sale of treasury shares

3

-

-

3

Reserves at 31 December 2023

(10)

(4)

(704)

(718)

2024

2023

Treasury shares

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Market value

(DKKm)

% of share capital at 31 December

Nominal value

(DKKm)

Portfolio at 1 January

11,664

4.5%

9.8

2,339

1.0%

2.1

Cancellation of treasury shares

(6,221)

(2.3%)

(5.0)

-

-

-

Portfolio, adjusted for number of shares

5,443

2.0%

4.8

2,339

1.0%

2.1

Purchased during the year

3,347

1.2%

2.9

13,997

5.1%

11.1

Sold during the year

(2,783)

(1.0%)

(2.3)

(3,983)

(1.6%)

(3.4)

Value adjustment

2,388

-

-

(689)

-

-

Portfolio at 31 December

8,395

2.2%

5.4

11,664

4.5%

9.8

", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84737": { "value": "

Share capital

At year end, the share capital of DSV A/S amounted to 240 million shares (2023: 219 million shares) with a nominal value of DKK 1 each.

Capital increase

On 4 October 2024, DSV completed an equity offering of 26.4 million shares to raise DKK 37.3 billion to partially finance the acquisition of Schenker. The equity offering was completed without discount compared to the closing price on 3 October 2024 of DKK 1,410.5 per share. Transaction costs amounted to DKK 695 million.

Shares consist of only one share class and include no special rights, preferences or restrictions. All shares are fully paid up.

Reserves

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the pre-vious page.

Treasury share reserve

The 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 incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The 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.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation 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:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f84851": { "value": "

Reserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as specified on the pre-vious page.

Treasury share reserve

The 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 incentive schemes and to adapt the capital structure. The reserve is a distributable reserve.

Hedging reserve

The 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.

Foreign currency translation reserve

The reserve comprises foreign currency translation arising on the translation 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:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f85562": { "value": "

4.3 Earnings per share

Earnings per share(DKKm)

2024

2023

Profit for the year

10,175

12,407

Non-controlling interests\u2019 share of

consolidated profit for the year

66

92

DSV A/S shareholders\u2019

share of profit for the year

10,109

12,315

Amortisation of customer relationships

131

178

Share-based payment

327

267

Special items, costs

853

-

Related tax effect

(317)

(110)

Adjusted profit for the year

11,103

12,650

(\u2018000 shares)

Total average number of shares issued

221,837

219,000

Average number of treasury shares

(7,108)

(5,482)

Average number of shares outstanding

214,729

213,518

Average dilutive effect of outstanding share

options under incentive schemes

448

2,000

Diluted average number of shares

outstanding

215,177

215,518

Earnings per share of DKK 1

47.1

57.7

Diluted earnings per share of DKK 1

47.0

57.1

Adjusted earnings per share of DKK 1

51.7

59.2

Diluted adjusted earnings per share of DKK 1

51.6

58.7

Diluted 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 average number of non-vested out-of-the money share options was 7,221,103 in 2024 (2023: 6,870,263).

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__120-1": { "value": "

4.4 Financial liabilities

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-cur-rent financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss over the term of the loan. Lease liabilities are described in further detail in note 3.6.

Non-cash change

Financing activities 2024(DKKm)

Beginning

of year

Cash flow

Foreign currency exchange rate adjustments

Other1

End of year

Overdraft and credit facilities

677

(338)

19

4

362

Issued bonds

21,450

39,299

25

8

60,782

Lease liabilities

17,947

(4,252)

285

7,693

21,673

Total liabilities from financing activities

40,074

34,709

329

7,705

82,817

Other non-current financial liabilities

16

-

-

(16)

-

Total financial liabilities

40,090

34,709

329

7,689

82,817

Financing activities 2023(DKKm)

Overdraft and credit facilities

829

(115)

(20)

(17)

677

Issued bonds

21,377

-

36

37

21,450

Lease liabilities

16,767

(3,905)

(234)

5,319

17,947

Total liabilities from financing activities

38,973

(4,020)

(218)

5,339

40,074

Other non-current financial liabilities

6

-

-

10

16

Total financial liabilities

38,979

(4,020)

(218)

5,349

40,090

1Other includes additions and remeasurement of financial liabilities.

Other liabilities are measured at amortised cost, which does not differ signifi-cantly from the net realisable value.

Financial liabilities(DKKm)

2024

2023

Non-current liabilities

78,176

34,143

Current liabilities

4,641

5,947

Total

82,817

40,090

Commitments and amounts drawn on long-term loan facilities at 31 December 2024:

Loan facilities

Principal amount (EURm)

Principal amount (DKKm)

Fixed/floating interest rate

Expiry of commitments

Duration (years)

Undrawn (DKKm)

Bond loan - ISIN XS2387735470

500

3,730

Fixed

17-09-2036

11.7

-

Bond loan - ISIN XS2932829356

750

5,595

Fixed

06-11-2034

9.9

-

Bond loan - ISIN XS2360881549

600

4,476

Fixed

05-07-2033

8.5

-

Bond loan - ISIN XS2932836211

750

5,595

Fixed

06-11-2032

7.9

-

Bond loan - ISIN XS2308616841

500

3,730

Fixed

03-03-2031

6.2

-

Bond loan - ISIN XS2932834604

1,250

9,325

Fixed

06-11-2030

5.9

-

Bond loan - ISIN XS2458285355

600

4,476

Fixed

16-03-2030

5.2

-

Bond loan - ISIN XS2850439642

500

3,730

Fixed

26-06-2029

4.5

-

Bond loan - ISIN XS2932831923

1,000

7,460

Fixed

06-11-2028

3.9

-

Bond loan - ISIN 212542679

500

3,730

Fixed

26-02-2027

2.2

-

Bond loan - ISIN XS2932831766

650

4,849

Fixed

06-11-2026

1.8

-

Bond loan - ISIN XS2932830958

600

4,476

Floating

06-11-2026

1.8

-

Revolving credit facility III

200

1,492

Floating

16-12-2029

5.0

1,492

Revolving credit facility IV

200

1,492

Floating

14-12-2029

5.0

1,492

Revolving credit facility I

200

1,492

Floating

03-10-2029

4.8

1,492

Revolving credit facility V

75

559

Floating

31-01-2029

4.1

559

Revolving credit facility VI

100

746

Floating

15-01-2027

2.0

746

Revolving credit facility II

75

559

Floating

31-12-2026

2.0

559

Overdraft facility I

75

559

Floating

31-01-2029

4.1

559

Total

9,125

68,071

5.8

6,899

Loan facilities (DKKm)

2024

2023

Carryingamount

Fixed/floating interest rate

Expiry

Carrying amount

Fixed/floating interest rate

Expiry

Bond loans

60,782

Fixed/floating

2026-2036

21,450

Fixed

2024-2036

Credit facilities

70

Floating

2026-2029

-

n.a.

n.a.

Overdraft facilities

292

Floating

2025

677

Floating

2024

Loan facilities at 31 December

61,144

22,127

Non-current/current classification:

Non-current liabilities

60,852

19,988

Current liabilities

292

2,139

4.5 Financial risks \u2014 continued

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__122-1": { "value": "

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-cur-rent financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss 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 does not differ signifi-cantly from the net realisable value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__123-1": { "value": "

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-cur-rent financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss 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 does not differ signifi-cantly from the net realisable value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__124-1": { "value": "

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-cur-rent financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss 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 does not differ signifi-cantly from the net realisable value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__125-1": { "value": "

Accounting policies

The financial liabilities of the Group are divided into four financing categories: overdraft and credit facilities, issued bonds, lease liabilities, and other non-cur-rent financial liabilities.

Overdraft and credit facilities are initially recognised at fair value net of trans-action expenses.

Subsequently, overdraft and credit facilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the statement of profit or loss 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 does not differ signifi-cantly from the net realisable value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f86471": { "value": "

4.5 Financial risks

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 bond loans, credit and overdraft facilities are subject to standard clauses, according to which the Group\u2019s debt must be repaid in case of a change of control.

The total duration of the Group\u2019s long-term loan commitments and the un-drawn amounts on our credit lines at 31 December 2024 are presented in the accompanying table. The weighted duration of the Group\u2019s drawn long-term loan facilities was 5.8 years at 31 December 2024.

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 statement of financial position.

Supplier finance arrangements

DSV facilitates immaterial supplier finance arrangements presented within trade payables. These arrangements have no significant impact on the Group\u2019s liquidity risk.

Foreign currency risk

Due to its global activities, the Group is to some degree exposed to exchange rate fluctuations. DSV seeks to eliminate foreign currency risks by hedging cur-rency exposures centrally via the Group\u2019s Treasury department. 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 cur-rency risk is therefore limited.

Commitments and amounts drawn on long-term loan facilities at 31 December 2024:

Loan facilities

Principal amount (EURm)

Principal amount (DKKm)

Fixed/floating interest rate

Expiry of commitments

Duration (years)

Undrawn (DKKm)

Bond loan - ISIN XS2387735470

500

3,730

Fixed

17-09-2036

11.7

-

Bond loan - ISIN XS2932829356

750

5,595

Fixed

06-11-2034

9.9

-

Bond loan - ISIN XS2360881549

600

4,476

Fixed

05-07-2033

8.5

-

Bond loan - ISIN XS2932836211

750

5,595

Fixed

06-11-2032

7.9

-

Bond loan - ISIN XS2308616841

500

3,730

Fixed

03-03-2031

6.2

-

Bond loan - ISIN XS2932834604

1,250

9,325

Fixed

06-11-2030

5.9

-

Bond loan - ISIN XS2458285355

600

4,476

Fixed

16-03-2030

5.2

-

Bond loan - ISIN XS2850439642

500

3,730

Fixed

26-06-2029

4.5

-

Bond loan - ISIN XS2932831923

1,000

7,460

Fixed

06-11-2028

3.9

-

Bond loan - ISIN 212542679

500

3,730

Fixed

26-02-2027

2.2

-

Bond loan - ISIN XS2932831766

650

4,849

Fixed

06-11-2026

1.8

-

Bond loan - ISIN XS2932830958

600

4,476

Floating

06-11-2026

1.8

-

Revolving credit facility III

200

1,492

Floating

16-12-2029

5.0

1,492

Revolving credit facility IV

200

1,492

Floating

14-12-2029

5.0

1,492

Revolving credit facility I

200

1,492

Floating

03-10-2029

4.8

1,492

Revolving credit facility V

75

559

Floating

31-01-2029

4.1

559

Revolving credit facility VI

100

746

Floating

15-01-2027

2.0

746

Revolving credit facility II

75

559

Floating

31-12-2026

2.0

559

Overdraft facility I

75

559

Floating

31-01-2029

4.1

559

Total

9,125

68,071

5.8

6,899

Loan facilities (DKKm)

2024

2023

Carryingamount

Fixed/floating interest rate

Expiry

Carrying amount

Fixed/floating interest rate

Expiry

Bond loans

60,782

Fixed/floating

2026-2036

21,450

Fixed

2024-2036

Credit facilities

70

Floating

2026-2029

-

n.a.

n.a.

Overdraft facilities

292

Floating

2025

677

Floating

2024

Loan facilities at 31 December

61,144

22,127

Non-current/current classification:

Non-current liabilities

60,852

19,988

Current liabilities

292

2,139

4.5 Financial risks \u2014 continued

The Group is exposed to foreign currency risks relating to the translation of debt denominated in foreign currency other than the functional currency and the translation of net investments in entities with a functional currency other than DKK. The 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 sub-sidiaries is assessed on a regular basis. It is Group policy to reduce net invest-ments 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 2024, 75.6% 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 underlying cash flow impact, significant changes in currency rates, especially EUR/DKK, USD/DKK, and CNY/DKK, will result in more fluctuations in reported financial items. The Group does not hedge EUR positions, as it expects that the official Danish fixed exchange-rate policy against the EUR will continue. Unhedged intra-

group balances at 31 December are outlined in the main currency exposures table to the right.

Sensitivity analysis

The sensitivity analysis provides an overview of the Group\u2019s consolidated transla-tion risk associated with significant currency exposures. The Group is not materi-ally exposed to transaction risk. For EUR/DKK exposure, the sensitivity analysis evaluates the impact of a 2% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 2% variation in year-end exchange rates on other comprehensive income. For other significant currency exposures, the analysis assesses the impact of a 5% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 5% variation in year-end ex-change rates on other comprehensive income. The methodology applied in the sensitivity analysis remains consistent with that used in prior years.

Unhedged intra-group balances

Foreign currency translation risk

Main currency exposures - sensitivity(DKKm)

2024

2023

2024

2023

Net position

Impact on profit/loss

Net position

Impact on profit/loss

Impact on profit/loss

Impact

on OCI

Impact on profit/loss

Impact on OCI

EUR/DKK (2%)

(53,056)

\u00b11,061

(27,945)

\u00b1559

\u00b173

\u00b1450

\u00b189

\u00b1456

CNY/DKK (5%)

(2,053)

\u00b1103

(1,776)

\u00b189

\u00b166

\u00b1310

\u00b168

\u00b1303

USD/DKK (5%)

1,026

\u00b151

(2,781)

\u00b1139

\u00b1123

\u00b1831

\u00b1179

\u00b1894

CHF/DKK (5%)

(726)

\u00b136

(688)

\u00b134

\u00b116

\u00b1234

\u00b117

\u00b1210

PLN/DKK (5%)

(554)

\u00b128

(1,074)

\u00b154

\u00b117

\u00b168

\u00b115

\u00b194

SGD/DKK (5%)

(544)

\u00b127

(1,352)

\u00b168

\u00b111

\u00b1119

\u00b116

\u00b1119

Total

n.a.

\u00b11,204

n.a.

\u00b1943

\u00b1306

\u00b12,012

\u00b1384

\u00b12,076

The Group\u2019s financial liabilities fall due as follows:

Financial liabilities \u2013 2024(DKKm)

Carrying amount

Total cash flow,

incl. interest

0-1 year

2-5 years

6-9 years

>9 years

Overdraft and credit facilities

362

387

303

84

-

-

Issued bonds

60,782

69,456

1,504

28,943

29,435

9,574

Lease liabilities

21,673

27,345

5,447

14,224

5,901

1,773

Trade payables

14,456

14,456

14,456

-

-

-

Currency derivatives

63

63

63

-

-

-

Total

97,336

111,707

21,773

43,251

35,336

11,347

Financial liabilities \u2013 2023(DKKm)

Carrying amount

Total cash flow, incl. interest

0-1 year

2-5 years

6-9 years

>9 years

Overdraft and credit facilities

677

700

700

-

-

-

Issued bonds

21,450

22,927

1,670

4,342

8,578

8,337

Lease liabilities

17,947

21,710

4,599

12,056

4,622

433

Trade payables

13,111

13,111

13,111

-

-

-

Total

53,185

58,448

20,080

16,398

13,200

8,770

4.5 Financial risks \u2014 continued

Interest rate risk

At 31 December 2024, 92% (2023: 97%) of Group borrowings were secured through fixed-rate loans. The weighted duration of the fixed-rate loans is 5.1 years at 31 December 2024 (2023: 7.3 years).

The weighted average interest rate on the Group\u2019s loans, credit and overdraft facilities was 2.5% at the end of 2024 (2023: 0.9%).

A 1 percentage point increase in interest rates would not have a significant impact on the statement of profit or loss or other comprehensive income, based on average net interest-bearing debt for 2024. The calculation method applied in the sensitivity analysis is unchanged compared to previous years. The Group does not hedge the interest rate risk.

Credit risk

The Group\u2019s credit risk mainly relates to trade receivables.

The Group is not dependent on particular customer segments or any specific customers, and all customers are subjected to individual credit assessments 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 number of customers, the Group uses non-recourse factoring. At 31 De-cember 2024, non-recourse factoring amounted to DKK 2,445 million (2023: DKK 2,030 million).

DSV is exposed to counterparty credit risk when entering into derivative finan-cial 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 rated short-term A-2 or higher by Standard & Poor\u2019s and/or P-2 or higher by Moody\u2019s.

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2024, credit insurance amounted to DKK 18,288 million, corre-sponding to 67% of total trade receivables (2023: DKK 17,598 million or 79%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2024 and 31 December 2023 is pre-sented in the following tables:

Expected credit loss 2024

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

28,685

0.1%

43

Overdue 1-30 days

3,428

1.2%

42

Overdue 31-60 days

854

4.4%

38

Overdue 61-90 days

364

9.6%

35

Overdue 91-120 days

210

16.7%

35

Overdue >121 days

406

43.8%

178

Total

33,947

371

Expected credit loss 2023

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

23,139

0.1%

32

Overdue 1-30 days

2,687

1.2%

32

Overdue 31-60 days

730

3.8%

28

Overdue 61-90 days

289

8.3%

24

Overdue 91-120 days

167

15.6%

26

Overdue >121 days

600

31.5%

189

Total

27,612

331

Current receivables are considered to have high creditworthiness with a low risk of loss.

The loss allowance provision for the year is specified below:

Loss allowance provision

(DKKm)

2023

2024

Provision at 1 January

331

873

Losses recognised

(120)

(159)

Reversal of provisions from previous years

(206)

(670)

Additions for the year

363

301

Currency translation

3

(14)

Provision at 31 December

371

331

Impairment losses on trade receivables for 2024 amounted to DKK 120 million, corresponding to 0.07% of consolidated revenue (2023: DKK 159 million, or 0.11%).

A reclassification has been made between two line items in the comparative figures of the loss allowance provision note to more accurately reflect the nature of the movements. This reclassification does not represent a correction of an error or a change in the expected credit loss model.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f86672": { "value": "

Foreign currency risk

Due to its global activities, the Group is to some degree exposed to exchange rate fluctuations. DSV seeks to eliminate foreign currency risks by hedging cur-rency exposures centrally via the Group\u2019s Treasury department. 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 cur-rency risk is therefore limited.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__134-1": { "value": "

Foreign currency risk

Due to its global activities, the Group is to some degree exposed to exchange rate fluctuations. DSV seeks to eliminate foreign currency risks by hedging cur-rency exposures centrally via the Group\u2019s Treasury department. 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 cur-rency risk is therefore limited.

The Group is exposed to foreign currency risks relating to the translation of debt denominated in foreign currency other than the functional currency and the translation of net investments in entities with a functional currency other than DKK. The 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 sub-sidiaries is assessed on a regular basis. It is Group policy to reduce net invest-ments 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 2024, 75.6% 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 underlying cash flow impact, significant changes in currency rates, especially EUR/DKK, USD/DKK, and CNY/DKK, will result in more fluctuations in reported financial items. The Group does not hedge EUR positions, as it expects that the official Danish fixed exchange-rate policy against the EUR will continue. Unhedged intra-

group balances at 31 December are outlined in the main currency exposures table to the right.

Sensitivity analysis

The sensitivity analysis provides an overview of the Group\u2019s consolidated transla-tion risk associated with significant currency exposures. The Group is not materi-ally exposed to transaction risk. For EUR/DKK exposure, the sensitivity analysis evaluates the impact of a 2% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 2% variation in year-end exchange rates on other comprehensive income. For other significant currency exposures, the analysis assesses the impact of a 5% variation in average exchange rates during the year on profit/loss (EBIT) and the effect of a 5% variation in year-end ex-change rates on other comprehensive income. The methodology applied in the sensitivity analysis remains consistent with that used in prior years.

Unhedged intra-group balances

Foreign currency translation risk

Main currency exposures - sensitivity(DKKm)

2024

2023

2024

2023

Net position

Impact on profit/loss

Net position

Impact on profit/loss

Impact on profit/loss

Impact

on OCI

Impact on profit/loss

Impact on OCI

EUR/DKK (2%)

(53,056)

\u00b11,061

(27,945)

\u00b1559

\u00b173

\u00b1450

\u00b189

\u00b1456

CNY/DKK (5%)

(2,053)

\u00b1103

(1,776)

\u00b189

\u00b166

\u00b1310

\u00b168

\u00b1303

USD/DKK (5%)

1,026

\u00b151

(2,781)

\u00b1139

\u00b1123

\u00b1831

\u00b1179

\u00b1894

CHF/DKK (5%)

(726)

\u00b136

(688)

\u00b134

\u00b116

\u00b1234

\u00b117

\u00b1210

PLN/DKK (5%)

(554)

\u00b128

(1,074)

\u00b154

\u00b117

\u00b168

\u00b115

\u00b194

SGD/DKK (5%)

(544)

\u00b127

(1,352)

\u00b168

\u00b111

\u00b1119

\u00b116

\u00b1119

Total

n.a.

\u00b11,204

n.a.

\u00b1943

\u00b1306

\u00b12,012

\u00b1384

\u00b12,076

Interest rate risk

At 31 December 2024, 92% (2023: 97%) of Group borrowings were secured through fixed-rate loans. The weighted duration of the fixed-rate loans is 5.1 years at 31 December 2024 (2023: 7.3 years).

The weighted average interest rate on the Group\u2019s loans, credit and overdraft facilities was 2.5% at the end of 2024 (2023: 0.9%).

A 1 percentage point increase in interest rates would not have a significant impact on the statement of profit or loss or other comprehensive income, based on average net interest-bearing debt for 2024. The calculation method applied in the sensitivity analysis is unchanged compared to previous years. The Group does not hedge the interest rate risk.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f88868": { "value": "

Credit risk

The Group\u2019s credit risk mainly relates to trade receivables.

The Group is not dependent on particular customer segments or any specific customers, and all customers are subjected to individual credit assessments 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 number of customers, the Group uses non-recourse factoring. At 31 De-cember 2024, non-recourse factoring amounted to DKK 2,445 million (2023: DKK 2,030 million).

DSV is exposed to counterparty credit risk when entering into derivative finan-cial 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 rated short-term A-2 or higher by Standard & Poor\u2019s and/or P-2 or higher by Moody\u2019s.

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2024, credit insurance amounted to DKK 18,288 million, corre-sponding to 67% of total trade receivables (2023: DKK 17,598 million or 79%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2024 and 31 December 2023 is pre-sented in the following tables:

Expected credit loss 2024

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

28,685

0.1%

43

Overdue 1-30 days

3,428

1.2%

42

Overdue 31-60 days

854

4.4%

38

Overdue 61-90 days

364

9.6%

35

Overdue 91-120 days

210

16.7%

35

Overdue >121 days

406

43.8%

178

Total

33,947

371

Expected credit loss 2023

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

23,139

0.1%

32

Overdue 1-30 days

2,687

1.2%

32

Overdue 31-60 days

730

3.8%

28

Overdue 61-90 days

289

8.3%

24

Overdue 91-120 days

167

15.6%

26

Overdue >121 days

600

31.5%

189

Total

27,612

331

Current receivables are considered to have high creditworthiness with a low risk of loss.

The loss allowance provision for the year is specified below:

Loss allowance provision

(DKKm)

2023

2024

Provision at 1 January

331

873

Losses recognised

(120)

(159)

Reversal of provisions from previous years

(206)

(670)

Additions for the year

363

301

Currency translation

3

(14)

Provision at 31 December

371

331

Impairment losses on trade receivables for 2024 amounted to DKK 120 million, corresponding to 0.07% of consolidated revenue (2023: DKK 159 million, or 0.11%).

A reclassification has been made between two line items in the comparative figures of the loss allowance provision note to more accurately reflect the nature of the movements. This reclassification does not represent a correction of an error or a change in the expected credit loss model.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f89045": { "value": "

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2024, credit insurance amounted to DKK 18,288 million, corre-sponding to 67% of total trade receivables (2023: DKK 17,598 million or 79%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2024 and 31 December 2023 is pre-sented in the following tables:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f89046": { "value": "

Impairment of trade receivables

Impairment of trade receivables is assessed on an ongoing basis and insurance policies are taken out for the majority of these.

At 31 December 2024, credit insurance amounted to DKK 18,288 million, corre-sponding to 67% of total trade receivables (2023: DKK 17,598 million or 79%).

Loss allowances for impaired trade receivables are provided for following an expected credit loss model. The model includes uninsured trade receivables and contract assets. The model also factors in any own risk on insured receivables. Expected credit loss at 31 December 2024 and 31 December 2023 is pre-sented in the following tables:

Expected credit loss 2024

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

28,685

0.1%

43

Overdue 1-30 days

3,428

1.2%

42

Overdue 31-60 days

854

4.4%

38

Overdue 61-90 days

364

9.6%

35

Overdue 91-120 days

210

16.7%

35

Overdue >121 days

406

43.8%

178

Total

33,947

371

Expected credit loss 2023

(DKKm)

Carrying amount

Expected

loss rate (%)

Loss allowance

Current

23,139

0.1%

32

Overdue 1-30 days

2,687

1.2%

32

Overdue 31-60 days

730

3.8%

28

Overdue 61-90 days

289

8.3%

24

Overdue 91-120 days

167

15.6%

26

Overdue >121 days

600

31.5%

189

Total

27,612

331

Current receivables are considered to have high creditworthiness with a low risk of loss.

The loss allowance provision for the year is specified below:

Loss allowance provision

(DKKm)

2023

2024

Provision at 1 January

331

873

Losses recognised

(120)

(159)

Reversal of provisions from previous years

(206)

(670)

Additions for the year

363

301

Currency translation

3

(14)

Provision at 31 December

371

331

Impairment losses on trade receivables for 2024 amounted to DKK 120 million, corresponding to 0.07% of consolidated revenue (2023: DKK 159 million, or 0.11%).

A reclassification has been made between two line items in the comparative figures of the loss allowance provision note to more accurately reflect the nature of the movements. This reclassification does not represent a correction of an error or a change in the expected credit loss model.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f89651": { "value": "

4.6 Derivative financial instruments

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial posi-tion. Positive 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 val-uation 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 investments in foreign entities. The effectiveness of recognised financial instruments is as-sessed on a monthly basis, and any ineffectiveness is recognised in the state-ment of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and quali-fies 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 com-prehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging 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 in-struments are recognised on an ongoing basis in the statement of profit or loss under financial items.

Foreign currency risk hedging

The Group mainly uses foreign exchange forward contracts to hedge foreign currency risks. The main currency hedged is USD. The foreign exchange forward contracts are used as fair value hedges of currency expo-sures relating to external assets and liabilities as well as expected short-term operational cash flows.

A loss on hedging instruments of DKK 294 million was recognised in the state-ment of profit or loss for 2024 (2023: a gain of DKK 181 million). In the same period, a loss of DKK 78 million was recognised relating to assets and liabilities (2023: a loss of DKK 338 million).

Currency instruments (DKKm)

2024

2023

Contractual value

14,063

4,131

Maturity (year)

2025

2024

Fair value

(58)

37

Of which recognised in profit or loss

(63)

40

Of which recognised in OCI

5

(3)

", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f89661": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial posi-tion. Positive 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 val-uation 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 investments in foreign entities. The effectiveness of recognised financial instruments is as-sessed on a monthly basis, and any ineffectiveness is recognised in the state-ment of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and quali-fies 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 com-prehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging 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 in-struments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f89662": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial posi-tion. Positive 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 val-uation 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 investments in foreign entities. The effectiveness of recognised financial instruments is as-sessed on a monthly basis, and any ineffectiveness is recognised in the state-ment of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and quali-fies 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 com-prehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging 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 in-struments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f89663": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial posi-tion. Positive 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 val-uation 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 investments in foreign entities. The effectiveness of recognised financial instruments is as-sessed on a monthly basis, and any ineffectiveness is recognised in the state-ment of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and quali-fies 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 com-prehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging 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 in-struments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f89664": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial posi-tion. Positive 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 val-uation 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 investments in foreign entities. The effectiveness of recognised financial instruments is as-sessed on a monthly basis, and any ineffectiveness is recognised in the state-ment of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and quali-fies 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 com-prehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging 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 in-struments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f89665": { "value": "

Accounting policies

Derivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial posi-tion. Positive 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 val-uation 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 investments in foreign entities. The effectiveness of recognised financial instruments is as-sessed on a monthly basis, and any ineffectiveness is recognised in the state-ment of profit or loss.

Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge are recognised in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged.

Fair value changes in the part of the derivative which is classified as and quali-fies 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 com-prehensive income as a separate hedging reserve.

When the underlying hedged item is realised, any gain or loss on the hedging 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 in-struments are recognised on an ongoing basis in the statement of profit or loss under financial items.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f90188": { "value": "

4.7 Financial instruments \u2014 fair value hierarchy

Fair value hierarchy by category

Derivative financial instruments

DSV has no financial instruments measured at fair value based on level 1 input (quoted active market prices) or level 3 input (non-observable market data). Financial instruments are measured based on level 2 input (input other than quoted prices that are observable either directly or indirectly). The fair value of currency derivatives is determined based on generally accepted valuation methods using available observable market data. Calculated fair values are verified against comparable external market quotes on a monthly basis.

Issued bonds

Issued bonds are measured at amortised cost. The fair value of issued bonds is determined based on quoted active market prices, within level 1 of the fair value hierarchy.

Overdraft and credit facilities

The carrying amount of overdraft and credit facilities measured at amortised cost is not considered to differ significantly from the fair value.

Trade receivables, trade payables and other receivables

Receivables and payables pertaining to operating activities with short churn ratios are considered to have a carrying amount equal to fair value.

Cash and cash equivalents

The carrying amount of cash and cash equivalents is not considered to differ significantly from the fair value.

2024

2023

Financial instruments by category(DKKm)

Carrying amount

Fair value

Carrying amount

Fair value

Financial assets:

Currency derivatives

5

5

37

37

Trade receivables

27,222

27,222

22,296

22,296

Other receivables

7,668

7,668

6,744

6,744

Cash and cash equivalents

83,576

83,576

6,452

6,452

Financial assets measured at amortised cost

118,466

118,466

35,492

35,492

Financial liabilities:

Currency derivatives

63

63

-

-

Issued bonds

60,782

58,813

21,450

18,364

Overdraft and credit facilities

362

362

677

677

Trade payables

14,456

14,456

13,111

13,111

Financial liabilities measured at amortised cost

75,600

73,631

35,238

32,152

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f90202": { "value": "

Fair value hierarchy by category

Derivative financial instruments

DSV has no financial instruments measured at fair value based on level 1 input (quoted active market prices) or level 3 input (non-observable market data). Financial instruments are measured based on level 2 input (input other than quoted prices that are observable either directly or indirectly). The fair value of currency derivatives is determined based on generally accepted valuation methods using available observable market data. Calculated fair values are verified against comparable external market quotes on a monthly basis.

Issued bonds

Issued bonds are measured at amortised cost. The fair value of issued bonds is determined based on quoted active market prices, within level 1 of the fair value hierarchy.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f90203": { "value": "

Fair value hierarchy by category

Derivative financial instruments

DSV has no financial instruments measured at fair value based on level 1 input (quoted active market prices) or level 3 input (non-observable market data). Financial instruments are measured based on level 2 input (input other than quoted prices that are observable either directly or indirectly). The fair value of currency derivatives is determined based on generally accepted valuation methods using available observable market data. Calculated fair values are verified against comparable external market quotes on a monthly basis.

Issued bonds

Issued bonds are measured at amortised cost. The fair value of issued bonds is determined based on quoted active market prices, within level 1 of the fair value hierarchy.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f90294": { "value": "

Issued bonds

Issued bonds are measured at amortised cost. The fair value of issued bonds is determined based on quoted active market prices, within level 1 of the fair value hierarchy.

Overdraft and credit facilities

The carrying amount of overdraft and credit facilities measured at amortised cost is not considered to differ significantly from the fair value.

Trade receivables, trade payables and other receivables

Receivables and payables pertaining to operating activities with short churn ratios are considered to have a carrying amount equal to fair value.

Cash and cash equivalents

The carrying amount of cash and cash equivalents is not considered to differ significantly from the fair value.

2024

2023

Financial instruments by category(DKKm)

Carrying amount

Fair value

Carrying amount

Fair value

Financial assets:

Currency derivatives

5

5

37

37

Trade receivables

27,222

27,222

22,296

22,296

Other receivables

7,668

7,668

6,744

6,744

Cash and cash equivalents

83,576

83,576

6,452

6,452

Financial assets measured at amortised cost

118,466

118,466

35,492

35,492

Financial liabilities:

Currency derivatives

63

63

-

-

Issued bonds

60,782

58,813

21,450

18,364

Overdraft and credit facilities

362

362

677

677

Trade payables

14,456

14,456

13,111

13,111

Financial liabilities measured at amortised cost

75,600

73,631

35,238

32,152

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f90759": { "value": "

5.1 Income tax

Accounting policies

Current tax payables and receivables are recognised in the statement of financial position 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 including global minimum top-up taxes, penalties related to pending tax disputes and adjustments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the statement of profit or loss, unless the tax expense relates directly to items included in other comprehensive income or equity.

Income tax(DKKm)

2024

2023

Tax on profit for the year

3,248

4,083

Tax on other changes in equity

(130)

(171)

Tax on other comprehensive income

136

(81)

Total tax for the year

3,254

3,831

Current tax

3,591

3,961

Deferred tax

(169)

245

Tax adjustment relating to previous years

(174)

(123)

Total tax on profit for the year

3,248

4,083

Fair value adjustment of hedging instruments

(1)

6

Actuarial gains/(losses)

(135)

75

Total tax on other comprehensive income

(136)

81

Tax rate(%)

2024

2023

Calculated tax on profit for the year before tax

22.0%

22.0%

Adjustment of calculated tax in foreign

Group entities relative to 22.0%

1.9%

2.0%

Change in deferred tax based on change

in income tax rate

0.0%

0.0%

Tax effect of:

Non-deductible expenses/non-taxable income

2.1%

1.9%

Non-deductible losses/non-taxable

gains on shares

(2.0%)

(0.4%)

Tax adjustment relating to previous years

(1.2%)

(0.7%)

Tax asset valuation adjustments, net

(0.2%)

(0.8%)

Other taxes and adjustments

1.6%

0.8%

Effective tax rate

24.2%

24.8%

5.1 Income tax \u2014 continued

Global minimum top-up tax

In March 2022, the Organisation for Economic Co-operation and Development (OECD) issued technical guidance and overview of the potential impact of the OECD Pillar Two expansion on the financial statements in accordance with IAS 12 Income Taxes.

The expansion of Pillar Two aims to address Base Erosion and Profit Shifting (BEPS) by introducing a global minimum tax rate of 15% and implementing tax legislation for the allocation of taxing rights.

The Group\u2019s ultimate parent is based in Denmark, which has enacted new tax legislation to implement the global minimum top-up tax, which may conse-quently be applied with respect to all subsidiaries of the Group.

The tax legislation is effective from 1 January 2024, and therefore the Group is subject to the global minimum top-up tax under Pillar Two legislation for the fiscal year 2024. At 31 December 2024, the top-up tax has had no material impact on the Group.

In most of the jurisdictions, where the Group was present during the fiscal year 2024, the Group is eligible for the Transitional CbCR Safe Harbour.

The Group has applied a temporary mandatory relief from deferred tax ac-counting for the impacts of the top-up tax and accounts for it as a current tax as it is incurred.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f90768": { "value": "

Accounting policies

Current tax payables and receivables are recognised in the statement of financial position 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 including global minimum top-up taxes, penalties related to pending tax disputes and adjustments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the statement of profit or loss, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f91482": { "value": "

5.2 Deferred tax

Accounting policies

Deferred tax is recognised based on temporary differences between the carry-ing 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 entities, if such temporary differences 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 according 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 rec-ognised as other non-current assets at the expected value of their utilisation, either by elimination in tax on future earnings or by offsetting deferred 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 rele-vant 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 estimates

Management applies significant judgements and estimates when recognising and measuring deferred tax assets and uncertain tax positions.

Deferred tax assets, including the tax base of tax loss carryforwards, are rec-ognised if it is assessed that there will be sufficient future taxable income against which the temporary differences and unutilised tax losses can be uti-lised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested an-

nually and are only recognised if it is probable that future taxable 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. Management believes that the provisions made are adequate. The actual obligations may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.

Deferred tax recognised in the statement of financial position (DKKm)

2023

2024

Deferred tax at 1 January

2,691

2,990

Deferred tax for the year

169

(245)

Tax adjustment relating to previous years

249

101

Tax on changes in equity

(234)

(139)

Additions from business combinations

(7)

(24)

Other adjustments

(38)

40

Currency translation

74

(32)

Deferred tax at 31 December

2,904

2,691

Deferred tax not recognised in the statement of financial position(DKKm)

2023

2024

Temporary differences

14

4

Tax loss carryforwards

387

515

Total tax assets not recognised

401

519

Of not recognised tax loss carryforwards, DKK 198 million (2023: DKK 354 million) may be carried forward indefinitely.

5.2 Deferred tax \u2014 continued

The deferred tax assets and liabilities recognised are allocated to the following items:

Deferred tax allocation 2024 (DKKm)

Intangible assets

PPE, ROU assets, lease liabilities

Provisions

Other liabilities

Tax base of

tax loss carry-

forwards

Total

Deferred tax at 1 January

11

99

855

570

1,156

2,691

Recognised in profit or loss

42

142

(54)

334

(46)

418

Recognised in equity

-

-

(111)

(123)

-

(234)

Additions from business combinations

-

1

-

(4)

(4)

(7)

Other adjustments

7

268

(43)

(210)

(60)

(38)

Currency translation

-

3

23

16

32

74

Deferred tax at 31 December

60

513

670

583

1,078

2,904

Recognised as follows:

Deferred tax assets

130

624

859

640

1,059

3,312

Deferred tax liabilities

(70)

(111)

(189)

(57)

19

(408)

Deferred tax allocation 2023(DKKm)

Intangibleassets

PPE, ROU assets, lease liabilities

Provisions

Other liabilities

Tax base of

tax loss carry-

forwards

Total

Deferred tax at 1 January

(11)

112

953

994

942

2,990

Recognised in profit or loss

49

(20)

(176)

(201)

204

(144)

Recognised in equity

-

-

81

(220)

-

(139)

Additions from business combinations

(24)

-

-

-

-

(24)

Other adjustments

-

2

13

12

13

40

Currency translation

(3)

5

(16)

(15)

(3)

(32)

Deferred tax at 31 December

11

99

855

570

1,156

2,691

Recognised as follows:

Deferred tax assets

155

209

1,084

768

1,084

3,300

Deferred tax liabilities

(144)

(110)

(229)

(198)

72

(609)

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f91493": { "value": "

Accounting policies

Deferred tax is recognised based on temporary differences between the carry-ing 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 entities, if such temporary differences 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 according 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 rec-ognised as other non-current assets at the expected value of their utilisation, either by elimination in tax on future earnings or by offsetting deferred 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 rele-vant 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f92870": { "value": "

6.1 Acquisition and disposal of entities

Accounting policies

When 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.

Management judgements and estimates

In applying the acquisition method of accounting, estimates are an integral part of assessing fair values of several identifiable assets acquired and liabilities as-sumed, as observable market prices are typically not available.

Valuation techniques where estimates are applied typically relate to determining 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 disposals

No material entities, non-controlling interests or activities were acquired or divested in 2024.

DSV to acquire Schenker

On 13 September 2024, DSV announced the acquisition of Schenker from Deutsche Bahn in an all-cash transaction with an enterprise value of EUR 14.3 billion (approximately DKK 107 billion) and equity value of EUR 11.3 billion (ap-proximately DKK 82 billion).

The transaction was approved by the Supervisory Board of Deutsche Bahn and the German Federal Ministry for Digital and Transport on 2 October 2024. With both seller approvals received, only the customary regulatory approvals are outstanding. The transaction is expected to close in Q2 2025.

In October 2024, DSV completed an equity offering and bonds issue raising a total of EUR 10 billion to finance the transaction. On 4 October 2024, DSV successfully completed an equity offering of 26.4 million new shares raising DKK 37.3 billion (EUR 5 billion) at a price of DKK 1,410.5 per share. Sub-sequently on 30 October, DSV successfully placed and closed a bonds issue in six tranches with a total value of DKK 37.3 billion (EUR 5 billion) with an av-erage duration of 5.5 years and an average coupon rate of 3.25%.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f92884": { "value": "

Accounting policies

When 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f92885": { "value": "

Accounting policies

When 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f93334": { "value": "

6.2 Share option schemes

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss 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 exchange 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 ex-pectations of the various parameters on which the valuation 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 options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2024 and 2023 is based on the following assumptions:

Assumptions

2024

2023

Exercise price (DKK)

1,106.0

1,485.0

Volatility

20.0%

18.0%

Risk-free interest rate

3.0%

3.4%

Expected dividends

0.8%

0.8%

Expected remaining life (years)

3.5

3.5

Current share option schemes

Scheme

Options granted

Exercise period

Exercise price (DKK)

Number of

employees

Fair value at date of granting (DKKm)

2020

3,080,750

31.03.2023 - 31.03.2025

560.0

2,000

155.5

2021

2,438,300

01.04.2024 - 31.03.2026

1,325.0

2,202

205.3

2022

2,640,900

01.04.2025 - 31.03.2027

1,485.0

2,524

279.8

2023

2,664,000

01.04.2026 - 31.03.2028

1,485.0

2,516

368.1

2024

2,017,165

01.04.2027 - 31.03.2029

1,106.0

2,196

366.2

Share option schemes at 31 December 2024

Scheme

Executive Board

Key employees

Total

Average exercise price per option (DKK)

20201

-

496,756

496,756

560.0

20211

96,000

1,854,622

1,950,622

1,325.0

2022

125,500

2,337,550

2,463,050

1,485.0

2023

129,300

2,418,358

2,547,658

1,485.0

2024

116,945

1,859,125

1,976,070

1,106.0

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

Open for exercise at 31 December 2024

96,000

2,351,378

2,447,378

1,169.7

Life (years)

2.82

2.61

2.62

n.a.

Fair value (DKKm)

122.0

2,614.4

2,736.4

n.a.

1Share options granted in 2020 and 2021 are currently exercisable.

6.2 Share option schemes \u2014 continued

Share option schemes

DSV has launched share-based incentive schemes with the purpose of moti-vating and retaining key employees across the organisation and aligning the interests of these with our shareholders. Share options are awarded to key em-ployees and Executive Management.

Retention is motivated by requiring continued service for a period covering the vesting period as a minimum. The schemes are also intended to align the inter-ests of employees and shareholders.

All active schemes entail a three-year vesting period and a two-year exercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices leading 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 in accordance with the procedures outlined in the Group\u2019s Remuneration Policy for the respective year.

A total of 3,054 employees held share options at 31 December 2024 (2023: 3,117 employees).

Total costs recognised in 2024 for services received but not recognised as an asset amounted to DKK 327 million (2023: DKK 267 million).

The average share price for options exercised in the financial year was DKK 1,245.8 per share at the date of exercise (2023: DKK 1,263.6 per share).

Outstanding share options

ExecutiveBoard

Key employees

Total

Average exercise price per option (DKK)

Outstanding at 1 January 2024

565,750

9,351,375

9,917,125

1,219.1

Transferred1

(190,950)

190,950

-

n.a.

Granted

116,945

1,900,220

2,017,165

1,106.0

Exercised

(24,000)

(2,237,172)

(2,261,172)

664.2

Options waived/expired

-

(238,962)

(238,962)

1,380.3

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

Outstanding at 1 January 2023

949,000

9,812,800

10,761,800

940.6

Granted

198,750

2,465,250

2,664,000

1,485.0

Exercised

(582,000)

(2,784,500)

(3,366,500)

533.1

Options waived/expired

-

(142,175)

(142,175)

1,365.5

Outstanding at 31 December 2023

565,750

9,351,375

9,917,125

1,219.1

1Brian Ejsing has previously received share options in the Director\u2019s former capacity as key employee. These have been transferred from key employees to Executive Board. Due to the CEO change that took effect in 2024 share options granted to Jens Bj\u00f8rn Andersen have been transferred from Executive Board to key employees.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__161-1": { "value": "

6.2 Share option schemes

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss 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 exchange 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 ex-pectations of the various parameters on which the valuation 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 options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2024 and 2023 is based on the following assumptions:

Assumptions

2024

2023

Exercise price (DKK)

1,106.0

1,485.0

Volatility

20.0%

18.0%

Risk-free interest rate

3.0%

3.4%

Expected dividends

0.8%

0.8%

Expected remaining life (years)

3.5

3.5

Current share option schemes

Scheme

Options granted

Exercise period

Exercise price (DKK)

Number of

employees

Fair value at date of granting (DKKm)

2020

3,080,750

31.03.2023 - 31.03.2025

560.0

2,000

155.5

2021

2,438,300

01.04.2024 - 31.03.2026

1,325.0

2,202

205.3

2022

2,640,900

01.04.2025 - 31.03.2027

1,485.0

2,524

279.8

2023

2,664,000

01.04.2026 - 31.03.2028

1,485.0

2,516

368.1

2024

2,017,165

01.04.2027 - 31.03.2029

1,106.0

2,196

366.2

Share option schemes at 31 December 2024

Scheme

Executive Board

Key employees

Total

Average exercise price per option (DKK)

20201

-

496,756

496,756

560.0

20211

96,000

1,854,622

1,950,622

1,325.0

2022

125,500

2,337,550

2,463,050

1,485.0

2023

129,300

2,418,358

2,547,658

1,485.0

2024

116,945

1,859,125

1,976,070

1,106.0

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

Open for exercise at 31 December 2024

96,000

2,351,378

2,447,378

1,169.7

Life (years)

2.82

2.61

2.62

n.a.

Fair value (DKKm)

122.0

2,614.4

2,736.4

n.a.

1Share options granted in 2020 and 2021 are currently exercisable.

6.2 Share option schemes \u2014 continued

Share option schemes

DSV has launched share-based incentive schemes with the purpose of moti-vating and retaining key employees across the organisation and aligning the interests of these with our shareholders. Share options are awarded to key em-ployees and Executive Management.

Retention is motivated by requiring continued service for a period covering the vesting period as a minimum. The schemes are also intended to align the inter-ests of employees and shareholders.

All active schemes entail a three-year vesting period and a two-year exercise period. In case of a change of control, all outstanding share options will vest. Exercise prices are set based on the quoted market prices leading 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 in accordance with the procedures outlined in the Group\u2019s Remuneration Policy for the respective year.

A total of 3,054 employees held share options at 31 December 2024 (2023: 3,117 employees).

Total costs recognised in 2024 for services received but not recognised as an asset amounted to DKK 327 million (2023: DKK 267 million).

The average share price for options exercised in the financial year was DKK 1,245.8 per share at the date of exercise (2023: DKK 1,263.6 per share).

Outstanding share options

ExecutiveBoard

Key employees

Total

Average exercise price per option (DKK)

Outstanding at 1 January 2024

565,750

9,351,375

9,917,125

1,219.1

Transferred1

(190,950)

190,950

-

n.a.

Granted

116,945

1,900,220

2,017,165

1,106.0

Exercised

(24,000)

(2,237,172)

(2,261,172)

664.2

Options waived/expired

-

(238,962)

(238,962)

1,380.3

Outstanding at 31 December 2024

467,745

8,966,411

9,434,156

1,323.8

Outstanding at 1 January 2023

949,000

9,812,800

10,761,800

940.6

Granted

198,750

2,465,250

2,664,000

1,485.0

Exercised

(582,000)

(2,784,500)

(3,366,500)

533.1

Options waived/expired

-

(142,175)

(142,175)

1,365.5

Outstanding at 31 December 2023

565,750

9,351,375

9,917,125

1,219.1

1Brian Ejsing has previously received share options in the Director\u2019s former capacity as key employee. These have been transferred from key employees to Executive Board. Due to the CEO change that took effect in 2024 share options granted to Jens Bj\u00f8rn Andersen have been transferred from Executive Board to key employees.

6.3 Remuneration of the Executive Board and the Board of Directors

Executive Board

The 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 Remuneration Policy and is described in detail in the Remuneration Report.

The aggregate remuneration for the members of the Executive Board for 2024 was DKK 55.0 million (2023: DKK 130.6 million).

Board of Directors

The aggregate remuneration to the Board of Directors of DSV A/S for 2024 was DKK 9.0 million (2023: DKK 8.4 million).

Executive Board remuneration

(DKKm)

2023

2024

Fixed salary

34.4

39.1

Pension

2.1

3.1

Share-based payment

18.5

21.4

Total ordinary remuneration

55.0

63.6

Share-based payment - termination benefits

-

30.9

Termination benefits

-

36.1

Total aggregate remuneration

55.0

130.6

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f93348": { "value": "

Accounting policies

DSV's share option schemes are equity-settled, measured at the grant date and recognised in the statement of profit or loss 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 exchange 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 ex-pectations of the various parameters on which the valuation 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 options earned.

The estimated volatility is based on historical data over the preceding three years adjusted for any unusual circumstances during the period. The valuation of the share options granted in 2024 and 2023 is based on the following assumptions:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s10__7__164-1": { "value": "

6.3 Remuneration of the Executive Board and the Board of Directors

Executive Board

The 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 Remuneration Policy and is described in detail in the Remuneration Report.

The aggregate remuneration for the members of the Executive Board for 2024 was DKK 55.0 million (2023: DKK 130.6 million).

Board of Directors

The aggregate remuneration to the Board of Directors of DSV A/S for 2024 was DKK 9.0 million (2023: DKK 8.4 million).

Executive Board remuneration

(DKKm)

2023

2024

Fixed salary

34.4

39.1

Pension

2.1

3.1

Share-based payment

18.5

21.4

Total ordinary remuneration

55.0

63.6

Share-based payment - termination benefits

-

30.9

Termination benefits

-

36.1

Total aggregate remuneration

55.0

130.6

6.5 Related parties

DSV has no related parties with control of the Group and no related parties with significant influence other than key management personnel.

Related-party transactions

Board of Directors and Executive Board

No transactions with the Board of Directors and Executive Board were made in 2024 other than ordinary remuneration and termination benefits, as described in notes 6.2and 6.3.

Associated companies and joint ventures

DSV holds ownership interests in 5 associated companies and joint ventures (2023: 9 associates). The Group\u2019s share of associates\u2019 net result amounted to an expense of DKK 23 million (2023: an income of DKK 4 million). The Group\u2019s share of joint ventures\u2019 profit for the year amounted to DKK 0 million (2023: DKK 0 million). The carrying amount of the investment was DKK 19 million at 31 December 2024 (2023: DKK 47 million).

The Group had the following transactions with associated companies and joint ventures:

Associated companies and joint ventures transactions (DKKm)

2023

2024

Sale of services

-

79

Purchase of services

3

14

The Group had the following outstanding balances with associated companies and joint ventures:

Associated companies and joint ventures balances(DKKm)

2023

2024

Receivables

19

199

Payables

-

-

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f94806": { "value": "

6.4 Fees to auditors appointed at the Annual General Meeting

Audit fees and services(DKKm)

2023

2024

Statutory audit fees

50

47

Other assurance services

5

3

Tax and VAT advisory services

1

1

Other services

11

4

Total fees to auditors appointed at the Annual General Meeting

67

55

Statutory audit fees

4

4

Tax and VAT advisory services

2

1

Other services

1

-

Total fees, other

7

5

Total

74

60

Non-audit services provided by PwC Denmark amounted to DKK 10 million in 2024, relating to various assurance and advisory services on sustainability matters, due diligence services, issuance of comfort letters in relation to share capital increase, limited assurance over IT systems and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f95346": { "value": "

6.6 Contingent liabilities and security for debt

Contingent liabilities

Accounting policies

Contingent 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 provi-sion are met.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabil-ities on an ongoing basis and in this regard considers if the criteria for recognis-ing a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition authori-ties. Management believes that the cases currently identified will have no ma-terial impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impractica-ble and is therefore not included in the notes to the financial statements.

Commitments

Joint ventures

The Group has a funding commitment towards joint ventures of USD 2,450 million corresponding to DKK 17,490 million (2023: DKK 16,522 million). The commitment is callable until 31 December 2031. At 31 December 2024, the Group had a remaining commitment of USD 2,450 million, corresponding to DKK 17,490 million (2023: DKK 16,522 million), if called.

Contracts

DSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to au-thorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2024, property, plant and equipment and other financial as-sets with a carrying amount of DKK 3 million were pledged as security (2023: DKK 2 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2023: DKK 0 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f95347": { "value": "

6.6 Contingent liabilities and security for debt

Contingent liabilities

Accounting policies

Contingent 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 provi-sion are met.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabil-ities on an ongoing basis and in this regard considers if the criteria for recognis-ing a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition authori-ties. Management believes that the cases currently identified will have no ma-terial impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impractica-ble and is therefore not included in the notes to the financial statements.

Commitments

Joint ventures

The Group has a funding commitment towards joint ventures of USD 2,450 million corresponding to DKK 17,490 million (2023: DKK 16,522 million). The commitment is callable until 31 December 2031. At 31 December 2024, the Group had a remaining commitment of USD 2,450 million, corresponding to DKK 17,490 million (2023: DKK 16,522 million), if called.

Contracts

DSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to au-thorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2024, property, plant and equipment and other financial as-sets with a carrying amount of DKK 3 million were pledged as security (2023: DKK 2 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2023: DKK 0 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f95348": { "value": "

6.6 Contingent liabilities and security for debt

Contingent liabilities

Accounting policies

Contingent 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 provi-sion are met.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabil-ities on an ongoing basis and in this regard considers if the criteria for recognis-ing a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition authori-ties. Management believes that the cases currently identified will have no ma-terial impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impractica-ble and is therefore not included in the notes to the financial statements.

Commitments

Joint ventures

The Group has a funding commitment towards joint ventures of USD 2,450 million corresponding to DKK 17,490 million (2023: DKK 16,522 million). The commitment is callable until 31 December 2031. At 31 December 2024, the Group had a remaining commitment of USD 2,450 million, corresponding to DKK 17,490 million (2023: DKK 16,522 million), if called.

Contracts

DSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to au-thorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2024, property, plant and equipment and other financial as-sets with a carrying amount of DKK 3 million were pledged as security (2023: DKK 2 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2023: DKK 0 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f95349": { "value": "

6.6 Contingent liabilities and security for debt

Contingent liabilities

Accounting policies

Contingent 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 provi-sion are met.

Management judgements and estimates

Management applies judgements in assessing the existence of contingent liabil-ities on an ongoing basis and in this regard considers if the criteria for recognis-ing a provision are met.

These judgements may involve advice from external experts, legal advisors, etc.

As an international transport service provider, the Group is regularly involved in tax and VAT disputes, legal proceedings or inquiries from competition authori-ties. Management believes that the cases currently identified will have no ma-terial impact on the financial position of the Group.

A detailed disclosure of individual contingent liabilities is considered impractica-ble and is therefore not included in the notes to the financial statements.

Commitments

Joint ventures

The Group has a funding commitment towards joint ventures of USD 2,450 million corresponding to DKK 17,490 million (2023: DKK 16,522 million). The commitment is callable until 31 December 2031. At 31 December 2024, the Group had a remaining commitment of USD 2,450 million, corresponding to DKK 17,490 million (2023: DKK 16,522 million), if called.

Contracts

DSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.

Security for debt

Bank guarantees

As part of its ordinary operations, DSV has provided bank guarantees to au-thorities, suppliers, etc.

The counterparties may claim appropriation of collateral if DSV fails to pay any amount due.

Pledges

At 31 December 2024, property, plant and equipment and other financial as-sets with a carrying amount of DKK 3 million were pledged as security (2023: DKK 2 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2023: DKK 0 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f95370": { "value": "

Accounting policies

Contingent 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 provi-sion are met.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f96539": { "value": "

Group company overview

The overview below is a list of companies in the DSV Group at 31 December 2024 showing the companies by segment and not by legal structure.

Activity:

Air & Sea

Road

Solutions

Group

Company

Country

Ownership share

Activity

Parent

DSV A/S

Denmark

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Subsidiaries

Europe

DSV Andorra, SLU

Andorra

100.0%

DSV Air & Sea GmbH

Austria

100.0%

DSV Road GmbH

Austria

100.0%

Panalpina Central Asia EC

- Azerbaijan Branch

Azerbaijan

100.0%

DSV Air & Sea NV

Belgium

100.0%

Panalpina World Transport N.V.

Belgium

100.0%

AD Handling NV

Belgium

100.0%

ABX Worldwide Holdings NV/SA

Belgium

100.0%

DSV Road Holding NV

Belgium

100.0%

DSV Air & Sea Belgium NV

Belgium

100.0%

DSV Solutions N.V.

Belgium

100.0%

DSV Logistics N.V.

Belgium

100.0%

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DSV Real Estate Ghent NV

Belgium

100.0%

DSV Road N.V.

Belgium

100.0%

MCI Brokers N.V.

Belgium

99.9%

DSV Air & Sea EOOD

Bulgaria

100.0%

DSV Road EOOD

Bulgaria

100.0%

DSV Hrvatska d.o.o.

Croatia

100.0%

DSV Air & Sea s.r.o.

Czech Republic

100.0%

DSV Air & Sea Czech Republic s.r.o.

Czech Republic

100.0%

DSV Solutions s.r.o.

Czech Republic

100.0%

DSV Road a.s.

Czech Republic

100.0%

DSV Insurance A/S

Denmark

100.0%

DSV Group Services A/S

Denmark

100.0%

DSV FS A/S

Denmark

100.0%

DSV Road A/S - Energy branch

Denmark

100.0%

DSV Air & Sea Holding A/S

Denmark

100.0%

DSV Air & Sea A/S

Denmark

100.0%

DSV Ocean Transport A/S

Denmark

100.0%

PC KH ApS

Denmark

100.0%

DSV Air & Sea Denmark ApS

Denmark

100.0%

DSV Solutions Holding A/S

Denmark

100.0%

DSV Solutions A/S

Denmark

100.0%

DSV Real Estate Leipzig A/S

Denmark

100.0%

DSV Real Estate Magdeburg A/S

Denmark

100.0%

DSV Road Holding A/S

Denmark

100.0%

DSV Road A/S

Denmark

100.0%

DSV Real Estate Hedeland 5 A/S

Denmark

100.0%

DSV Road Services A/S

Denmark

100.0%

DSV Estonia AS

Estonia

100.0%

DSV Air & Sea Oy

Finland

100.0%

DSV Solutions Oy

Finland

100.0%

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DSV Road Oy

Finland

100.0%

DSV Air & Sea SAS

France

100.0%

DSV International Air & Sea France

France

100.0%

DSV Solutions SAS

France

100.0%

DSV Road Holding S.A.

France

100.0%

DSV Road SAS

France

100.0%

Panalpina Georgia LLC

Georgia

100.0%

DSV Group Services GmbH

Germany

100.0%

DSV Holding Germany GmbH

Germany

100.0%

DSV Air & Sea Germany GmbH

Germany

100.0%

DSV Air & Sea Deutschland GmbH

Germany

100.0%

DSV Services GmbH

Germany

100.0%

DSV Real Estate Leipzig A/S

- German Branch

Germany

100.0%

DSV Real Estate Magdeburg A/S

- German Branch

Germany

100.0%

DSV Solutions Group GmbH

Germany

100.0%

DSV Solutions GmbH

Germany

100.0%

DSV Stuttgart GmbH & Co. KG

Germany

100.0%

DSV Stuttgart Verwaltung GmbH

Germany

100.0%

DSV Road GmbH

Germany

100.0%

DSV Air & Sea Single Member S.A.

Greece

100.0%

DSV Road Single Member S.A.

Greece

100.0%

DSV Air & Sea Hungary Kft.

Hungary

100.0%

DSV Solutions Hungary Kft.

Hungary

100.0%

DSV Hungaria Kft.

Hungary

100.0%

DSV Real Estate Hungary Kft.

Hungary

100.0%

DSV Air & Sea Limited

Ireland

100.0%

Panalpina World Transport (Ireland) Ltd.

Ireland

100.0%

DSV GIL Ireland Limited

Ireland

100.0%

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DSV Air & Sea (Ireland) Limited

Ireland

100.0%

DSV Solutions Ltd.

Ireland

100.0%

DSV Inventory Management Solutions Limited

Ireland

100.0%

DSV Road Limited

Ireland

100.0%

DSV S.p.A.

Italy

100.0%

Panalpina Trasporti Mondiali S.p.A.

Italy

100.0%

DSV Real Estate S.p.A.

Italy

89.8%

DSV Air & Sea Italy S.r.l.

Italy

100.0%

DSV Solutions S.R.L.

Italy

100.0%

DSV Real Estate Novara S.r.l.

Italy

66.0%

DSV Real Estate Modena S.r.l.

Italy

100.0%

DSV Road S.R.L.

Italy

100.0%

DSV Verona S.r.l.

Italy

100.0%

GIL Kazakhstan LLP

Kazakhstan

100.0%

DSV Latvia SIA

Latvia

100.0%

DSV Lithuania UAB

Lithuania

100.0%

DSV Air Services

Luxembourg

100.0%

DSV Lead Logistics B.V.

Netherlands

100.0%

Agility Logistics International BV

Netherlands

100.0%

GeoLogistics European Holdings B.V.

Netherlands

100.0%

TransOceanic Holdings BV

Netherlands

100.0%

DSV Finance B.V.

Netherlands

100.0%

UTi (Netherlands) Holdings BV

Netherlands

100.0%

DSV Air & Sea Nederland B.V.

Netherlands

100.0%

DSV Real Estate Eindhoven B.V

Netherlands

100.0%

DSV Solutions Holding B.V.

Netherlands

100.0%

DSV Solutions Nederland B.V.

Netherlands

100.0%

IMS Holdings BV

Netherlands

100.0%

DSV Solutions (Moerdijk) B.V.

Netherlands

100.0%

\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"

DSV Real Estate Moerdijk B.V.

Netherlands

100.0%

DSV Road Holding N.V.

Netherlands

100.0%

DSV Road B.V.

Netherlands

100.0%

DSV ROAD DOOEL Skopje

North Macedonia

100.0%

DSV Air & Sea AS

Norway

100.0%

Panalpina AS

Norway

100.0%

GIL Norway AS

Norway

100.0%

DSV Solutions AS

Norway

100.0%

DSV Road AS

Norway

100.0%

DSV International Shared Services Sp. z o.o.

Poland

100.0%

DSV Real Estate Warsaw II Sp. z o.o.

Poland

100.0%

DSV Air & Sea Sp. z o.o.

Poland

100.0%

Panalpina Polska Sp. z o.o.

Poland

100.0%

DSV Air & Sea Poland Sp. z o.o.

Poland

100.0%

DSV Services Sp. z o.o.

Poland

100.0%

DSV Real Estate Lodz Sp. z o.o.

Poland

100.0%

DSV Road Sp. z o.o.

Poland

100.0%

DSV Solutions Sp. z o.o.

Poland

100.0%

DSV Group Services Unipessoal, Lda

Portugal

100.0%

DSV Air & Sea Portugal, LDA

Portugal

100.0%

DSV Solutions, Lda.

Portugal

100.0%

DSV SGPS, Lda.

Portugal

100.0%

DSV Transitarios, Lda.

Portugal

100.0%

DSV Air & Sea SRL

Romania

100.0%

GIL AIR&SEA S.R.L.

Romania

100.0%

DSV Solutions S.R.L.

Romania

100.0%

DSV Road S.R.L.

Romania

100.0%

DSV Road d.o.o.

Serbia

100.0%

DSV Solutions Slovakia s. r. o.

Slovakia

100.0%

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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"
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\"\"
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\"\"

DSV Air & Sea Slovakia s.r.o.

Slovakia

100.0%

DSV Real Estate Bratislava s.r.o.

Slovakia

100.0%

DSV Slovakia, s.r.o.

Slovakia

100.0%

DSV Air & Sea d.o.o.

Slovenia

100.0%

DSV Transport d.o.o.

Slovenia

100.0%

Tacisa Transitaria S.L.

Spain

100.0%

DSV Air & Sea International, S.L.U.

Spain

100.0%

DSV Solutions Spain S.A.U.

Spain

100.0%

Servicios Logisticos Integrados SLI, S.A.

Spain

100.0%

DSV REAL ESTATE LA BISBAL S.L.

Spain

100.0%

DSV Road Spain S.A.U.

Spain

100.0%

DSV Holding Spain S.L.

Spain

100.0%

DSV Air & Sea, S.A.U.

Spain

100.0%

DSV Road AB - Energy branch

Sweden

100.0%

DSV Air & Sea AB

Sweden

100.0%

DSV Air & Sea Nordic AB

Sweden

100.0%

Agility AB

Sweden

100.0%

DSV Solutions AB

Sweden

100.0%

DSV Group AB

Sweden

100.0%

DSV Road AB

Sweden

100.0%

G\u00f6inge Frakt EK

Sweden

100.0%

DSV Road Property Holding AB

Sweden

100.0%

GIL Switzerland 4 AG

Switzerland

100.0%

Panalpina Welttransport Holding AG

Switzerland

100.0%

DSV Corporate Services AG

Switzerland

100.0%

Panalpina International AG

Switzerland

100.0%

DSV Air & Sea AG

Switzerland

100.0%

DSV Logistics S.A.

Switzerland

100.0%

DSV Air & Sea A.S.

T\u00fcrkiye

100.0%

DSV International Hava ve Deniz Ta\u015fimacili\u011fi Ltd.\u015eirketi

T\u00fcrkiye

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road & Solutions A.S.

T\u00fcrkiye

100.0%

Panalpina World Transport Ltd.

Ukraine

100.0%

DSV Logistics LLC

Ukraine

100.0%

Agility Logistics LLC

Ukraine

100.0%

DSV GIL Holding Limited

United Kingdom

100.0%

DSV Air & Sea Limited

United Kingdom

100.0%

DSV GIL UK Limited

United Kingdom

100.0%

DSV GIL Fairs & Events Limited

United Kingdom

100.0%

DSV GIL Pension Trustees Limited

United Kingdom

100.0%

DSV Air & Sea 2018 (UK) Limited

United Kingdom

100.0%

DSV Lead Logistics Limited

United Kingdom

100.0%

DSV GIL Solutions Limited

United Kingdom

100.0%

DSV GIL Management Limited

United Kingdom

100.0%

DSV Real Estate Thrapston Limited

United Kingdom

100.0%

G T Exhibitions Limited

United Kingdom

100.0%

DSV Real Estate Mercia Park Limited

United Kingdom

100.0%

DSV Road Holding Ltd.

United Kingdom

100.0%

DSV Commercials Ltd.

United Kingdom

100.0%

DSV Road Ltd.

United Kingdom

100.0%

Global Options Worldwide Express (Ltd)

United Kingdom

100.0%

DSV Pension Trustees Ltd.

United Kingdom

100.0%

DSV Solutions Ltd.

United Kingdom

100.0%

DFDS Transport Ltd.

United Kingdom

100.0%

DSV Real Estate Tamworth Ltd.

United Kingdom

100.0%

DSV Air & Sea Inc.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Flinnco Shipping Limited

Canada

100.0%

DSV Solutions Inc.

Canada

100.0%

DSV Road, Inc.

Canada

100.0%

DSV Air & Sea, S.A. de C.V.

Mexico

100.0%

DSV International Shared Services S.A. de C.V.

Mexico

100.0%

TransOceanic Shipping Co. S. de RL de C.V.

Mexico

100.0%

DSV Solutions S.A. de C.V.

Mexico

100.0%

DSV Road, S.A. de C.V.

Mexico

100.0%

DSV 4PL Inc.

United States

100.0%

DSV Air & Sea Holding Inc.

United States

100.0%

DSV Air & Sea Inc.

United States

100.0%

DSV Air & Sea International Holding Inc.

United States

100.0%

DSV Solutions, LLC

United States

100.0%

DSV Inventory Management Solutions Inc.

United States

100.0%

DSV US Property Holding, Inc.

United States

100.0%

DSV Real Estate Los Angeles, LLC

United States

100.0%

DSV Real Estate Phoenix, LLC

United States

100.0%

DSV Real Estate New Jersey, LLC

United States

100.0%

DSV Real Estate Chicago, LLC

United States

100.0%

DSV Real Estate New Albany, LLC

United States

100.0%

DSV Real Estate Pharr, LLC

United States

100.0%

DSV Real Estate Portland, LLC

United States

100.0%

DSV Real Estate Laredo, LLC

United States

100.0%

Market Industries LLC

United States

100.0%

DSV Road Transport, Inc.

United States

100.0%

DSV Road, Inc.

United States

100.0%

UTi Logistics Argentina S.A.

Argentina

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.

Argentina

100.0%

GeoLogistics Holdings (Bermuda) Limited

Bermuda

100.0%

DSV Solutions Brasil Servi\u00e7os de Log\u00edstica Ltda.

Brazil

100.0%

DSV Air & Sea Brasil Ltda.

Brazil

100.0%

UTi Worldwide Inc.

Brit. Virgin Islands

100.0%

UTi Logistics (Proprietary) Limited

Brit. Virgin Islands

100.0%

Agility (Asia/Pacific) Limited

Brit. Virgin Islands

100.0%

PWC Global Logistics Holdings Ltd

Brit. Virgin Islands

100.0%

DSV Air & Sea (Latin America) Holding S.A.

Chile

100.0%

DSV Air & Sea S.A.

Chile

100.0%

Agility Logistics Corp. Holding SpA

Chile

100.0%

Agility Logistics Chile SA

Chile

100.0%

DSV Air & Sea S.A.S.

Colombia

100.0%

AGENCIA DE ADUANAS DSV S.A.S. NIVEL 1

Colombia

100.0%

DSV Solutions S.A.S.

Colombia

100.0%

DSV Solutions Zona Franca SAS

Colombia

100.0%

DSV Air & Sea S.A.

Costa Rica

100.0%

DSV AIR & SEA DOMINICANA, S.R.L.

Dominican Republic

100.0%

DSV-AIR&SEA S.A.

Ecuador

100.0%

DSV Air & Sea, S.A. de C.V.

El Salvador

100.0%

DSV Air & Sea PA Inc.

Panama

100.0%

Panalpina SEM, S.A.

Panama

100.0%

Panalpina S.A.

Panama

100.0%

Almacenadora Mercantil S.A.

Panama

100.0%

Penza S.A.

Paraguay

100.0%

DSV Air & Sea S.A.

Peru

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Peru S.A.

Peru

100.0%

DSV Air & Sea (PR) Inc.

Puerto Rico

100.0%

Arabella Shipping Ltd

Saint Vincent And The Grenadines

100.0%

DSV Air & Sea Uruguay - Servicios Logisticos SA

Uruguay

100.0%

DSV Air & Sea Uruguay S.A.

Uruguay

100.0%

Asia

DSV Air & Sea Ltd.

Bangladesh

100.0%

Agility Ltd.

Bangladesh

100.0%

DSV Air & Sea (Cambodia) Co., Ltd.

Cambodia

100.0%

Prime Cargo (Cambodia) Co., Ltd.

Cambodia

100.0%

GIL Integration 1 (Cambodia) Co., Ltd.

Cambodia

100.0%

DSV Air & Sea Co., Ltd.

Cambodia

100.0%

UTi Worldwide Co. Ltd. - Cambodia Branch (USD)

Cambodia

100.0%

DSV Air & Sea Co., Ltd.

China

100.0%

DSV Air & Sea Co., Ltd. (China)

China

100.0%

DSV Logistics Co., Ltd.

China

100.0%

Zhejiang DSV supply chain management CO.,LTD

China

100.0%

DSV Solutions Co., Ltd.

China

100.0%

DSV Logistics (Nanjing) Co., Ltd.

China

100.0%

DSV Air & Sea Ltd.

Hong Kong

100.0%

Pantainer (H.K.) Ltd.

Hong Kong

100.0%

Agility Logistics Limited

Hong Kong

100.0%

ECT Transport Limited

Hong Kong

100.0%

DSV Solutions Limited

Hong Kong

100.0%

DSV Air & Sea (HK) Ltd.

Hong Kong

100.0%

Panalpina China Ltd.

Hong Kong

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Pvt. Ltd.

India

100.0%

DSV Air & Sea International Private Limited

India

100.0%

DSV Coload & Clearance Pvt. Ltd.

India

100.0%

DSV Solutions Private Limited

India

100.0%

PT. DSV Transport Indonesia

Indonesia

100.0%

PT GIL Solusi Indonesia

Indonesia

100.0%

PT DSV Solutions Indonesia

Indonesia

100.0%

PT Synergy Indonesia

Indonesia

100.0%

PT Sarana Prima Optima

Indonesia

100.0%

DSV Air & Sea Japan GK

Japan

100.0%

DSV Air & Sea Co., Ltd.

Japan

100.0%

DSV Solutions Co., Ltd.

Japan

100.0%

DSV Air & Sea Ltd.

Korea

100.0%

DSV Solutions Ltd.

Korea

100.0%

DSV Air & Sea International Ltd.

Korea

100.0%

DSV Air and Sea Limited

Macao

100.0%

DSV Air & Sea Sdn. Bhd.

Malaysia

100.0%

Panalpina Customs Services (M) SDN BHD

Malaysia

100.0%

Litvest Corporation Sdn Bhd

Malaysia

100.0%

DSV Solutions (DC) Sdn. Bhd.

Malaysia

100.0%

GOCT Logistics Sdn Bhd

Malaysia

100.0%

DSV Shared Services Asia Sdn Bhd

Malaysia

100.0%

DSV Solutions (Management) Sdn. Bhd.

Malaysia

100.0%

DSV Logistics Sdn. Bhd.

Malaysia

100.0%

DSV STATIONARY SDN. BHD.

Malaysia

100.0%

Panalpina Transport (Malaysia) Sdn. Bhd.

Malaysia

100.0%

DSV Inventory Management Solutions Sdn. Bhd.

Malaysia

100.0%

DSV Air & Sea (Myanmar) Limited

Myanmar

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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DSV Air and Sea Pakistan (SMC-Private) Limited

Pakistan

100.0%

DSV SOLUTIONS (PRIVATE) LIMITED

Pakistan

100.0%

DSV Air & Sea Limited

Papua New Guinea

100.0%

Panalpina Global Business Services (GBS) - Philippines

Philippines

100.0%

DSV International Shared Services Inc.

Philippines

100.0%

DSV Air & Sea Inc.

Philippines

100.0%

GIL Holding Co Inc.

Philippines

100.0%

GIL Logistics Holding Inc.

Philippines

100.0%

GIL International Logistics Inc.

Philippines

100.0%

DSV Logistics Solutions Philippines, Inc.

Philippines

100.0%

Panalpina World Transport (Philippines) Inc.

Philippines

100.0%

DSV Global Solutions Inc.

Philippines

100.0%

GIL Logistics Distribution Inc.

Philippines

100.0%

Agility Logistics Holdings Pte Ltd

Singapore

100.0%

Agility Logistics Holdings (S) Pte. Ltd.

Singapore

100.0%

DSV Singapore Real Estate Holding Pte. Ltd.

Singapore

100.0%

Agility International Logistics Pte. Ltd.

Singapore

100.0%

China Baisui Logistics Pte Ltd

Singapore

100.0%

DSV Solutions Pte Ltd.

Singapore

100.0%

DSV Air & Sea Singapore Pte. Ltd.

Singapore

100.0%

DSV Inventory Management Solutions Pte. Ltd

Singapore

100.0%

DSV Pership (Private) Limited

Sri Lanka

40.0%

DSV Air & Sea Co., Ltd.

Taiwan

100.0%

DSV Air & Sea (Taiwan) Ltd.

Taiwan

100.0%

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DSV Solutions Co., Ltd.

Taiwan

100.0%

Panalpina Asia-Pacific Services (Thailand) Ltd.

Thailand

100.0%

Supreme Eliga Co. Ltd.

Thailand

100.0%

GIL Air & Sea (Thailand) Co., Ltd.

Thailand

100.0%

DSV Solutions Ltd.

Thailand

100.0%

DSV Holding (Thailand) Co., Ltd.

Thailand

100.0%

Panalpina World Transport (Thailand) Ltd.

Thailand

100.0%

DSV Air & Sea Ltd.

Thailand

100.0%

DSV Air & Sea Company Limited

Viet Nam

99.0%

DSV Solutions Co., Ltd

Viet Nam

100.0%

Agility Logistics Vietnam Joint Stock Company Ltd

Viet Nam

100.0%

Agility Ltd

Viet Nam

71.0%

DSV Air & Sea Vietnam Limited

Viet Nam

100.0%

Inventory Management Solutions Vietnam Limited

Viet Nam

100.0%

Middle East

Agility Logistics Limited

Afghanistan

100.0%

DSV AIR & SEA W.L.L.

Bahrain

100.0%

Panalpina Central Asia EC

Bahrain

100.0%

DSV Solutions B.S.C Closed

Bahrain

100.0%

Al-Alb Co. for General Transportation (PLLC)

Iraq

100.0%

Agility Kurdistan Company for Administration of Warehouses and Facilitate Storage Process Limited

Iraq

67.5%

The Warehousing Company for Shipping, Discharging and Custom Clearance LLC

Iraq

100.0%

DSV Air & Sea Ltd.

Israel

100.0%

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DSV Marine Insurance Agency Ltd.

Israel

100.0%

DSV - E-COMMERCE LTD.

Israel

100.0%

DSV Solutions Ltd

Israel

100.0%

U.T.I.-Inventory Management Solutions Limited partnership

Israel

100.0%

UTI IMS Ltd.

Israel

100.0%

DSV Air & Sea Jordan

Jordan

100.0%

Public warehousing Company -Jordan PSC

Jordan

100.0%

Public Warehousing Company for Storage and Distribution Services

Jordan

100.0%

Public warehousing Company -Jordan PSC - Aqaba Branch

Jordan

100.0%

DSV Holding for Company Business Management W.L.L

Kuwait

100.0%

Global Logistics for General Trading and Contracting Co. WLL

Kuwait

100.0%

DSV Air & Sea Co. W.L.L.

Kuwait

49.0%

DSV A&S for Shipping and Transport\u00a0 W.L.L

Kuwait

100.0%

DSV Solutions for Warehousing and Third Party Inventory Management Co. S.P.C

Kuwait

100.0%

GIL Logistics Cargo Transport W.L.L

Kuwait

100.0%

Agility Freight Forwarding (Lebanon) SARL

Lebanon

100.0%

PWC Trading and contracting Lebanon SAL (Holding)

Lebanon

100.0%

PWC Lebanon (Holding) SAL

Lebanon

100.0%

PWC investments (Lebanon) SARL

Lebanon

100.0%

DSV Air and Sea LLC

Oman

70.0%

Global Logistics (Oman) LLC

Oman

50.0%

DSV Air and Sea Shipping WLL

Qatar

49.0%

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DSV Panalpina Marine Shipping W.L.L.

Qatar

100.0%

DSV Air and Sea for Logistics Services Company

Saudi Arabia

100.0%

Regional Headquarter of DSV Arabia

Saudi Arabia

100.0%

DSV Solutions for Logistics Services Company

Saudi Arabia

100.0%

GIL INTERNATIONAL HOLDINGS I LIMITED

United Arab Emirates

100.0%

GIL INTERNATIONAL HOLDINGS II LIMITED

United Arab Emirates

100.0%

GIL INTERNATIONAL HOLDINGS III LIMITED

United Arab Emirates

100.0%

DSV Solutions DWC-LLC

United Arab Emirates

100.0%

Panalpina Jebel Ali Ltd.

United Arab Emirates

100.0%

DSV Gulf Customs Broker LLC

United Arab Emirates

49.0%

DSV Air and Sea DWC-LLC

United Arab Emirates

100.0%

DSV Air and Sea Middle East DWC-LLC

United Arab Emirates

100.0%

DSV Solutions PJSC

United Arab Emirates

49.0%

DSV Solutions L.L.C.

United Arab Emirates

100.0%

DSV Solutions MENA FZE

United Arab Emirates

100.0%

DSV Solutions - FZE

United Arab Emirates

100.0%

DSV FAIRS & EVENTS L.L.C

United Arab Emirates

100.0%

DSV Air & Sea Pty. Ltd.

Australia

100.0%

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DSV Solutions Pty. Ltd.

Australia

100.0%

A.C.N. 116 779 876 PTY LTD

Australia

100.0%

A.C.N. 004 265 721 PTY LTD

Australia

100.0%

A.C.N. 007 430 935 PTY LTD

Australia

100.0%

A.C.N. 078 189 296 PTY LTD

Australia

100.0%

A.C.N. 082 751 460 PTY LTD

Australia

100.0%

A.C.N. 144 885 156 PTY LTD

Australia

100.0%

DSV Air & Sea Limited

New Zealand

100.0%

Africa

Agility Logistics SARL

Algeria

100.0%

Frans Maas Algerie S.a.r.l.

Algeria

100.0%

Panalpina Transportes Mundiais Naveg\u00e3\u00e7ao e Tr\u00e2nsitos S.A.

Angola

92.0%

Global Integrated Logistics Lda

Angola

100.0%

DSV Air & Sea (PTY) Limited

Botswana

100.0%

Panalpina Transports Mondiaux Cameroun S.A.R.L.

Cameroon

90.0%

DSV-UTI Egypt Ltd.

Egypt

100.0%

Panalpina World Transport Egypt LLC

Egypt

100.0%

GIL Egypt Limited Liability Company

Egypt

100.0%

DSV Solutions S.A.E.

Egypt

100.0%

Global Options Worldwide Express Investments (Pty) Ltd

Eswatini

100.0%

DSV Air & Sea Limited

Kenya

100.0%

Panalpina Kenya Ltd.

Kenya

100.0%

GIL Africa Holdings Ltd

Mauritius

100.0%

Panalpina Morocco S.A.R.L.

Morocco

100.0%

Global Integrated Logistics Company SARL AU

Morocco

100.0%

DSV Transport Int'l S.A

Morocco

100.0%

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DSV Air & Sea Limitada

Mozambique

100.0%

GIL Mozambique, LDA

Mozambique

100.0%

Globeflight Worldwide Express (Pty) Ltd

Namibia

100.0%

DSV Freight International Limited

Nigeria

100.0%

DSV South Africa (Pty) Ltd.

South Africa

75.0%

DSV Shared Services (Pty) Ltd.

South Africa

100.0%

UTi Logistics (Proprietary) Limited - SC OCS Division

South Africa

100.0%

DSV AFRICA HOLDING (Pty) Ltd.

South Africa

100.0%

DSV Skyservices (Pty) Ltd

South Africa

100.0%

Scorpion Share Block (Pty) Ltd.

South Africa

100.0%

DSV Real Estate Johannesburg (Pty) Ltd.

South Africa

100.0%

Firefly Investments 337 Properties Proprietary Limited

South Africa

100.0%

Linkit lnvestments (Pty) Ltd.

South Africa

80.0%

GIL South Africa 1 (Pty) Ltd

South Africa

100.0%

DSV Healthcare (Pty) Ltd.

South Africa

100.0%

DSV Solutions (Pty) Ltd.

South Africa

100.0%

DSV Assembly Services (Pty) Ltd.

South Africa

65.3%

DSV Mounties (Pty) Ltd.

South Africa

100.0%

DSV Road (Pty) Ltd.

South Africa

100.0%

Globeflight Worldwide Express (SA) Pty Ltd

South Africa

100.0%

Mercury Couriers (Pty) Ltd

South Africa

100.0%

DSV Air & Sea Limited

Zambia

100.0%

DSV Air & Sea (Private) Limited

Zimbabwe

100.0%

NEOM DSV Logistics Company Limited

Saudi Arabia

49.0%

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Associates

Trans-Link Cambodia Ltd

Cambodia

49.0%

AEP Logistics Properties Venlo B.V.

Netherlands

30.0%

Tristar Transport (Private) Limited

Pakistan

50.0%

Polymer Logistics Investments LLC

United Arab Emirates

36.5%

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f96540": { "value": "

Group company overview

The overview below is a list of companies in the DSV Group at 31 December 2024 showing the companies by segment and not by legal structure.

Activity:

Air & Sea

Road

Solutions

Group

Company

Country

Ownership share

Activity

Parent

DSV A/S

Denmark

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Subsidiaries

Europe

DSV Andorra, SLU

Andorra

100.0%

DSV Air & Sea GmbH

Austria

100.0%

DSV Road GmbH

Austria

100.0%

Panalpina Central Asia EC

- Azerbaijan Branch

Azerbaijan

100.0%

DSV Air & Sea NV

Belgium

100.0%

Panalpina World Transport N.V.

Belgium

100.0%

AD Handling NV

Belgium

100.0%

ABX Worldwide Holdings NV/SA

Belgium

100.0%

DSV Road Holding NV

Belgium

100.0%

DSV Air & Sea Belgium NV

Belgium

100.0%

DSV Solutions N.V.

Belgium

100.0%

DSV Logistics N.V.

Belgium

100.0%

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DSV Real Estate Ghent NV

Belgium

100.0%

DSV Road N.V.

Belgium

100.0%

MCI Brokers N.V.

Belgium

99.9%

DSV Air & Sea EOOD

Bulgaria

100.0%

DSV Road EOOD

Bulgaria

100.0%

DSV Hrvatska d.o.o.

Croatia

100.0%

DSV Air & Sea s.r.o.

Czech Republic

100.0%

DSV Air & Sea Czech Republic s.r.o.

Czech Republic

100.0%

DSV Solutions s.r.o.

Czech Republic

100.0%

DSV Road a.s.

Czech Republic

100.0%

DSV Insurance A/S

Denmark

100.0%

DSV Group Services A/S

Denmark

100.0%

DSV FS A/S

Denmark

100.0%

DSV Road A/S - Energy branch

Denmark

100.0%

DSV Air & Sea Holding A/S

Denmark

100.0%

DSV Air & Sea A/S

Denmark

100.0%

DSV Ocean Transport A/S

Denmark

100.0%

PC KH ApS

Denmark

100.0%

DSV Air & Sea Denmark ApS

Denmark

100.0%

DSV Solutions Holding A/S

Denmark

100.0%

DSV Solutions A/S

Denmark

100.0%

DSV Real Estate Leipzig A/S

Denmark

100.0%

DSV Real Estate Magdeburg A/S

Denmark

100.0%

DSV Road Holding A/S

Denmark

100.0%

DSV Road A/S

Denmark

100.0%

DSV Real Estate Hedeland 5 A/S

Denmark

100.0%

DSV Road Services A/S

Denmark

100.0%

DSV Estonia AS

Estonia

100.0%

DSV Air & Sea Oy

Finland

100.0%

DSV Solutions Oy

Finland

100.0%

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DSV Road Oy

Finland

100.0%

DSV Air & Sea SAS

France

100.0%

DSV International Air & Sea France

France

100.0%

DSV Solutions SAS

France

100.0%

DSV Road Holding S.A.

France

100.0%

DSV Road SAS

France

100.0%

Panalpina Georgia LLC

Georgia

100.0%

DSV Group Services GmbH

Germany

100.0%

DSV Holding Germany GmbH

Germany

100.0%

DSV Air & Sea Germany GmbH

Germany

100.0%

DSV Air & Sea Deutschland GmbH

Germany

100.0%

DSV Services GmbH

Germany

100.0%

DSV Real Estate Leipzig A/S

- German Branch

Germany

100.0%

DSV Real Estate Magdeburg A/S

- German Branch

Germany

100.0%

DSV Solutions Group GmbH

Germany

100.0%

DSV Solutions GmbH

Germany

100.0%

DSV Stuttgart GmbH & Co. KG

Germany

100.0%

DSV Stuttgart Verwaltung GmbH

Germany

100.0%

DSV Road GmbH

Germany

100.0%

DSV Air & Sea Single Member S.A.

Greece

100.0%

DSV Road Single Member S.A.

Greece

100.0%

DSV Air & Sea Hungary Kft.

Hungary

100.0%

DSV Solutions Hungary Kft.

Hungary

100.0%

DSV Hungaria Kft.

Hungary

100.0%

DSV Real Estate Hungary Kft.

Hungary

100.0%

DSV Air & Sea Limited

Ireland

100.0%

Panalpina World Transport (Ireland) Ltd.

Ireland

100.0%

DSV GIL Ireland Limited

Ireland

100.0%

\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"

DSV Air & Sea (Ireland) Limited

Ireland

100.0%

DSV Solutions Ltd.

Ireland

100.0%

DSV Inventory Management Solutions Limited

Ireland

100.0%

DSV Road Limited

Ireland

100.0%

DSV S.p.A.

Italy

100.0%

Panalpina Trasporti Mondiali S.p.A.

Italy

100.0%

DSV Real Estate S.p.A.

Italy

89.8%

DSV Air & Sea Italy S.r.l.

Italy

100.0%

DSV Solutions S.R.L.

Italy

100.0%

DSV Real Estate Novara S.r.l.

Italy

66.0%

DSV Real Estate Modena S.r.l.

Italy

100.0%

DSV Road S.R.L.

Italy

100.0%

DSV Verona S.r.l.

Italy

100.0%

GIL Kazakhstan LLP

Kazakhstan

100.0%

DSV Latvia SIA

Latvia

100.0%

DSV Lithuania UAB

Lithuania

100.0%

DSV Air Services

Luxembourg

100.0%

DSV Lead Logistics B.V.

Netherlands

100.0%

Agility Logistics International BV

Netherlands

100.0%

GeoLogistics European Holdings B.V.

Netherlands

100.0%

TransOceanic Holdings BV

Netherlands

100.0%

DSV Finance B.V.

Netherlands

100.0%

UTi (Netherlands) Holdings BV

Netherlands

100.0%

DSV Air & Sea Nederland B.V.

Netherlands

100.0%

DSV Real Estate Eindhoven B.V

Netherlands

100.0%

DSV Solutions Holding B.V.

Netherlands

100.0%

DSV Solutions Nederland B.V.

Netherlands

100.0%

IMS Holdings BV

Netherlands

100.0%

DSV Solutions (Moerdijk) B.V.

Netherlands

100.0%

\"\"
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\"\"
\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Real Estate Moerdijk B.V.

Netherlands

100.0%

DSV Road Holding N.V.

Netherlands

100.0%

DSV Road B.V.

Netherlands

100.0%

DSV ROAD DOOEL Skopje

North Macedonia

100.0%

DSV Air & Sea AS

Norway

100.0%

Panalpina AS

Norway

100.0%

GIL Norway AS

Norway

100.0%

DSV Solutions AS

Norway

100.0%

DSV Road AS

Norway

100.0%

DSV International Shared Services Sp. z o.o.

Poland

100.0%

DSV Real Estate Warsaw II Sp. z o.o.

Poland

100.0%

DSV Air & Sea Sp. z o.o.

Poland

100.0%

Panalpina Polska Sp. z o.o.

Poland

100.0%

DSV Air & Sea Poland Sp. z o.o.

Poland

100.0%

DSV Services Sp. z o.o.

Poland

100.0%

DSV Real Estate Lodz Sp. z o.o.

Poland

100.0%

DSV Road Sp. z o.o.

Poland

100.0%

DSV Solutions Sp. z o.o.

Poland

100.0%

DSV Group Services Unipessoal, Lda

Portugal

100.0%

DSV Air & Sea Portugal, LDA

Portugal

100.0%

DSV Solutions, Lda.

Portugal

100.0%

DSV SGPS, Lda.

Portugal

100.0%

DSV Transitarios, Lda.

Portugal

100.0%

DSV Air & Sea SRL

Romania

100.0%

GIL AIR&SEA S.R.L.

Romania

100.0%

DSV Solutions S.R.L.

Romania

100.0%

DSV Road S.R.L.

Romania

100.0%

DSV Road d.o.o.

Serbia

100.0%

DSV Solutions Slovakia s. r. o.

Slovakia

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Slovakia s.r.o.

Slovakia

100.0%

DSV Real Estate Bratislava s.r.o.

Slovakia

100.0%

DSV Slovakia, s.r.o.

Slovakia

100.0%

DSV Air & Sea d.o.o.

Slovenia

100.0%

DSV Transport d.o.o.

Slovenia

100.0%

Tacisa Transitaria S.L.

Spain

100.0%

DSV Air & Sea International, S.L.U.

Spain

100.0%

DSV Solutions Spain S.A.U.

Spain

100.0%

Servicios Logisticos Integrados SLI, S.A.

Spain

100.0%

DSV REAL ESTATE LA BISBAL S.L.

Spain

100.0%

DSV Road Spain S.A.U.

Spain

100.0%

DSV Holding Spain S.L.

Spain

100.0%

DSV Air & Sea, S.A.U.

Spain

100.0%

DSV Road AB - Energy branch

Sweden

100.0%

DSV Air & Sea AB

Sweden

100.0%

DSV Air & Sea Nordic AB

Sweden

100.0%

Agility AB

Sweden

100.0%

DSV Solutions AB

Sweden

100.0%

DSV Group AB

Sweden

100.0%

DSV Road AB

Sweden

100.0%

G\u00f6inge Frakt EK

Sweden

100.0%

DSV Road Property Holding AB

Sweden

100.0%

GIL Switzerland 4 AG

Switzerland

100.0%

Panalpina Welttransport Holding AG

Switzerland

100.0%

DSV Corporate Services AG

Switzerland

100.0%

Panalpina International AG

Switzerland

100.0%

DSV Air & Sea AG

Switzerland

100.0%

DSV Logistics S.A.

Switzerland

100.0%

DSV Air & Sea A.S.

T\u00fcrkiye

100.0%

DSV International Hava ve Deniz Ta\u015fimacili\u011fi Ltd.\u015eirketi

T\u00fcrkiye

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Road & Solutions A.S.

T\u00fcrkiye

100.0%

Panalpina World Transport Ltd.

Ukraine

100.0%

DSV Logistics LLC

Ukraine

100.0%

Agility Logistics LLC

Ukraine

100.0%

DSV GIL Holding Limited

United Kingdom

100.0%

DSV Air & Sea Limited

United Kingdom

100.0%

DSV GIL UK Limited

United Kingdom

100.0%

DSV GIL Fairs & Events Limited

United Kingdom

100.0%

DSV GIL Pension Trustees Limited

United Kingdom

100.0%

DSV Air & Sea 2018 (UK) Limited

United Kingdom

100.0%

DSV Lead Logistics Limited

United Kingdom

100.0%

DSV GIL Solutions Limited

United Kingdom

100.0%

DSV GIL Management Limited

United Kingdom

100.0%

DSV Real Estate Thrapston Limited

United Kingdom

100.0%

G T Exhibitions Limited

United Kingdom

100.0%

DSV Real Estate Mercia Park Limited

United Kingdom

100.0%

DSV Road Holding Ltd.

United Kingdom

100.0%

DSV Commercials Ltd.

United Kingdom

100.0%

DSV Road Ltd.

United Kingdom

100.0%

Global Options Worldwide Express (Ltd)

United Kingdom

100.0%

DSV Pension Trustees Ltd.

United Kingdom

100.0%

DSV Solutions Ltd.

United Kingdom

100.0%

DFDS Transport Ltd.

United Kingdom

100.0%

DSV Real Estate Tamworth Ltd.

United Kingdom

100.0%

DSV Air & Sea Inc.

Canada

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Flinnco Shipping Limited

Canada

100.0%

DSV Solutions Inc.

Canada

100.0%

DSV Road, Inc.

Canada

100.0%

DSV Air & Sea, S.A. de C.V.

Mexico

100.0%

DSV International Shared Services S.A. de C.V.

Mexico

100.0%

TransOceanic Shipping Co. S. de RL de C.V.

Mexico

100.0%

DSV Solutions S.A. de C.V.

Mexico

100.0%

DSV Road, S.A. de C.V.

Mexico

100.0%

DSV 4PL Inc.

United States

100.0%

DSV Air & Sea Holding Inc.

United States

100.0%

DSV Air & Sea Inc.

United States

100.0%

DSV Air & Sea International Holding Inc.

United States

100.0%

DSV Solutions, LLC

United States

100.0%

DSV Inventory Management Solutions Inc.

United States

100.0%

DSV US Property Holding, Inc.

United States

100.0%

DSV Real Estate Los Angeles, LLC

United States

100.0%

DSV Real Estate Phoenix, LLC

United States

100.0%

DSV Real Estate New Jersey, LLC

United States

100.0%

DSV Real Estate Chicago, LLC

United States

100.0%

DSV Real Estate New Albany, LLC

United States

100.0%

DSV Real Estate Pharr, LLC

United States

100.0%

DSV Real Estate Portland, LLC

United States

100.0%

DSV Real Estate Laredo, LLC

United States

100.0%

Market Industries LLC

United States

100.0%

DSV Road Transport, Inc.

United States

100.0%

DSV Road, Inc.

United States

100.0%

UTi Logistics Argentina S.A.

Argentina

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea S.A.

Argentina

100.0%

GeoLogistics Holdings (Bermuda) Limited

Bermuda

100.0%

DSV Solutions Brasil Servi\u00e7os de Log\u00edstica Ltda.

Brazil

100.0%

DSV Air & Sea Brasil Ltda.

Brazil

100.0%

UTi Worldwide Inc.

Brit. Virgin Islands

100.0%

UTi Logistics (Proprietary) Limited

Brit. Virgin Islands

100.0%

Agility (Asia/Pacific) Limited

Brit. Virgin Islands

100.0%

PWC Global Logistics Holdings Ltd

Brit. Virgin Islands

100.0%

DSV Air & Sea (Latin America) Holding S.A.

Chile

100.0%

DSV Air & Sea S.A.

Chile

100.0%

Agility Logistics Corp. Holding SpA

Chile

100.0%

Agility Logistics Chile SA

Chile

100.0%

DSV Air & Sea S.A.S.

Colombia

100.0%

AGENCIA DE ADUANAS DSV S.A.S. NIVEL 1

Colombia

100.0%

DSV Solutions S.A.S.

Colombia

100.0%

DSV Solutions Zona Franca SAS

Colombia

100.0%

DSV Air & Sea S.A.

Costa Rica

100.0%

DSV AIR & SEA DOMINICANA, S.R.L.

Dominican Republic

100.0%

DSV-AIR&SEA S.A.

Ecuador

100.0%

DSV Air & Sea, S.A. de C.V.

El Salvador

100.0%

DSV Air & Sea PA Inc.

Panama

100.0%

Panalpina SEM, S.A.

Panama

100.0%

Panalpina S.A.

Panama

100.0%

Almacenadora Mercantil S.A.

Panama

100.0%

Penza S.A.

Paraguay

100.0%

DSV Air & Sea S.A.

Peru

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Agility Logistics Peru S.A.

Peru

100.0%

DSV Air & Sea (PR) Inc.

Puerto Rico

100.0%

Arabella Shipping Ltd

Saint Vincent And The Grenadines

100.0%

DSV Air & Sea Uruguay - Servicios Logisticos SA

Uruguay

100.0%

DSV Air & Sea Uruguay S.A.

Uruguay

100.0%

Asia

DSV Air & Sea Ltd.

Bangladesh

100.0%

Agility Ltd.

Bangladesh

100.0%

DSV Air & Sea (Cambodia) Co., Ltd.

Cambodia

100.0%

Prime Cargo (Cambodia) Co., Ltd.

Cambodia

100.0%

GIL Integration 1 (Cambodia) Co., Ltd.

Cambodia

100.0%

DSV Air & Sea Co., Ltd.

Cambodia

100.0%

UTi Worldwide Co. Ltd. - Cambodia Branch (USD)

Cambodia

100.0%

DSV Air & Sea Co., Ltd.

China

100.0%

DSV Air & Sea Co., Ltd. (China)

China

100.0%

DSV Logistics Co., Ltd.

China

100.0%

Zhejiang DSV supply chain management CO.,LTD

China

100.0%

DSV Solutions Co., Ltd.

China

100.0%

DSV Logistics (Nanjing) Co., Ltd.

China

100.0%

DSV Air & Sea Ltd.

Hong Kong

100.0%

Pantainer (H.K.) Ltd.

Hong Kong

100.0%

Agility Logistics Limited

Hong Kong

100.0%

ECT Transport Limited

Hong Kong

100.0%

DSV Solutions Limited

Hong Kong

100.0%

DSV Air & Sea (HK) Ltd.

Hong Kong

100.0%

Panalpina China Ltd.

Hong Kong

100.0%

\"\"
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\"\"
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\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"

DSV Air & Sea Pvt. Ltd.

India

100.0%

DSV Air & Sea International Private Limited

India

100.0%

DSV Coload & Clearance Pvt. Ltd.

India

100.0%

DSV Solutions Private Limited

India

100.0%

PT. DSV Transport Indonesia

Indonesia

100.0%

PT GIL Solusi Indonesia

Indonesia

100.0%

PT DSV Solutions Indonesia

Indonesia

100.0%

PT Synergy Indonesia

Indonesia

100.0%

PT Sarana Prima Optima

Indonesia

100.0%

DSV Air & Sea Japan GK

Japan

100.0%

DSV Air & Sea Co., Ltd.

Japan

100.0%

DSV Solutions Co., Ltd.

Japan

100.0%

DSV Air & Sea Ltd.

Korea

100.0%

DSV Solutions Ltd.

Korea

100.0%

DSV Air & Sea International Ltd.

Korea

100.0%

DSV Air and Sea Limited

Macao

100.0%

DSV Air & Sea Sdn. Bhd.

Malaysia

100.0%

Panalpina Customs Services (M) SDN BHD

Malaysia

100.0%

Litvest Corporation Sdn Bhd

Malaysia

100.0%

DSV Solutions (DC) Sdn. Bhd.

Malaysia

100.0%

GOCT Logistics Sdn Bhd

Malaysia

100.0%

DSV Shared Services Asia Sdn Bhd

Malaysia

100.0%

DSV Solutions (Management) Sdn. Bhd.

Malaysia

100.0%

DSV Logistics Sdn. Bhd.

Malaysia

100.0%

DSV STATIONARY SDN. BHD.

Malaysia

100.0%

Panalpina Transport (Malaysia) Sdn. Bhd.

Malaysia

100.0%

DSV Inventory Management Solutions Sdn. Bhd.

Malaysia

100.0%

DSV Air & Sea (Myanmar) Limited

Myanmar

100.0%

\"\"
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\"\"
\"\"
\"\"
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\"\"
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\"\"
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\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"
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\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
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\"\"

DSV Air and Sea Pakistan (SMC-Private) Limited

Pakistan

100.0%

DSV SOLUTIONS (PRIVATE) LIMITED

Pakistan

100.0%

DSV Air & Sea Limited

Papua New Guinea

100.0%

Panalpina Global Business Services (GBS) - Philippines

Philippines

100.0%

DSV International Shared Services Inc.

Philippines

100.0%

DSV Air & Sea Inc.

Philippines

100.0%

GIL Holding Co Inc.

Philippines

100.0%

GIL Logistics Holding Inc.

Philippines

100.0%

GIL International Logistics Inc.

Philippines

100.0%

DSV Logistics Solutions Philippines, Inc.

Philippines

100.0%

Panalpina World Transport (Philippines) Inc.

Philippines

100.0%

DSV Global Solutions Inc.

Philippines

100.0%

GIL Logistics Distribution Inc.

Philippines

100.0%

Agility Logistics Holdings Pte Ltd

Singapore

100.0%

Agility Logistics Holdings (S) Pte. Ltd.

Singapore

100.0%

DSV Singapore Real Estate Holding Pte. Ltd.

Singapore

100.0%

Agility International Logistics Pte. Ltd.

Singapore

100.0%

China Baisui Logistics Pte Ltd

Singapore

100.0%

DSV Solutions Pte Ltd.

Singapore

100.0%

DSV Air & Sea Singapore Pte. Ltd.

Singapore

100.0%

DSV Inventory Management Solutions Pte. Ltd

Singapore

100.0%

DSV Pership (Private) Limited

Sri Lanka

40.0%

DSV Air & Sea Co., Ltd.

Taiwan

100.0%

DSV Air & Sea (Taiwan) Ltd.

Taiwan

100.0%

\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Co., Ltd.

Taiwan

100.0%

Panalpina Asia-Pacific Services (Thailand) Ltd.

Thailand

100.0%

Supreme Eliga Co. Ltd.

Thailand

100.0%

GIL Air & Sea (Thailand) Co., Ltd.

Thailand

100.0%

DSV Solutions Ltd.

Thailand

100.0%

DSV Holding (Thailand) Co., Ltd.

Thailand

100.0%

Panalpina World Transport (Thailand) Ltd.

Thailand

100.0%

DSV Air & Sea Ltd.

Thailand

100.0%

DSV Air & Sea Company Limited

Viet Nam

99.0%

DSV Solutions Co., Ltd

Viet Nam

100.0%

Agility Logistics Vietnam Joint Stock Company Ltd

Viet Nam

100.0%

Agility Ltd

Viet Nam

71.0%

DSV Air & Sea Vietnam Limited

Viet Nam

100.0%

Inventory Management Solutions Vietnam Limited

Viet Nam

100.0%

Middle East

Agility Logistics Limited

Afghanistan

100.0%

DSV AIR & SEA W.L.L.

Bahrain

100.0%

Panalpina Central Asia EC

Bahrain

100.0%

DSV Solutions B.S.C Closed

Bahrain

100.0%

Al-Alb Co. for General Transportation (PLLC)

Iraq

100.0%

Agility Kurdistan Company for Administration of Warehouses and Facilitate Storage Process Limited

Iraq

67.5%

The Warehousing Company for Shipping, Discharging and Custom Clearance LLC

Iraq

100.0%

DSV Air & Sea Ltd.

Israel

100.0%

\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Marine Insurance Agency Ltd.

Israel

100.0%

DSV - E-COMMERCE LTD.

Israel

100.0%

DSV Solutions Ltd

Israel

100.0%

U.T.I.-Inventory Management Solutions Limited partnership

Israel

100.0%

UTI IMS Ltd.

Israel

100.0%

DSV Air & Sea Jordan

Jordan

100.0%

Public warehousing Company -Jordan PSC

Jordan

100.0%

Public Warehousing Company for Storage and Distribution Services

Jordan

100.0%

Public warehousing Company -Jordan PSC - Aqaba Branch

Jordan

100.0%

DSV Holding for Company Business Management W.L.L

Kuwait

100.0%

Global Logistics for General Trading and Contracting Co. WLL

Kuwait

100.0%

DSV Air & Sea Co. W.L.L.

Kuwait

49.0%

DSV A&S for Shipping and Transport\u00a0 W.L.L

Kuwait

100.0%

DSV Solutions for Warehousing and Third Party Inventory Management Co. S.P.C

Kuwait

100.0%

GIL Logistics Cargo Transport W.L.L

Kuwait

100.0%

Agility Freight Forwarding (Lebanon) SARL

Lebanon

100.0%

PWC Trading and contracting Lebanon SAL (Holding)

Lebanon

100.0%

PWC Lebanon (Holding) SAL

Lebanon

100.0%

PWC investments (Lebanon) SARL

Lebanon

100.0%

DSV Air and Sea LLC

Oman

70.0%

Global Logistics (Oman) LLC

Oman

50.0%

DSV Air and Sea Shipping WLL

Qatar

49.0%

\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Panalpina Marine Shipping W.L.L.

Qatar

100.0%

DSV Air and Sea for Logistics Services Company

Saudi Arabia

100.0%

Regional Headquarter of DSV Arabia

Saudi Arabia

100.0%

DSV Solutions for Logistics Services Company

Saudi Arabia

100.0%

GIL INTERNATIONAL HOLDINGS I LIMITED

United Arab Emirates

100.0%

GIL INTERNATIONAL HOLDINGS II LIMITED

United Arab Emirates

100.0%

GIL INTERNATIONAL HOLDINGS III LIMITED

United Arab Emirates

100.0%

DSV Solutions DWC-LLC

United Arab Emirates

100.0%

Panalpina Jebel Ali Ltd.

United Arab Emirates

100.0%

DSV Gulf Customs Broker LLC

United Arab Emirates

49.0%

DSV Air and Sea DWC-LLC

United Arab Emirates

100.0%

DSV Air and Sea Middle East DWC-LLC

United Arab Emirates

100.0%

DSV Solutions PJSC

United Arab Emirates

49.0%

DSV Solutions L.L.C.

United Arab Emirates

100.0%

DSV Solutions MENA FZE

United Arab Emirates

100.0%

DSV Solutions - FZE

United Arab Emirates

100.0%

DSV FAIRS & EVENTS L.L.C

United Arab Emirates

100.0%

DSV Air & Sea Pty. Ltd.

Australia

100.0%

\"\"
\"\"
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\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Solutions Pty. Ltd.

Australia

100.0%

A.C.N. 116 779 876 PTY LTD

Australia

100.0%

A.C.N. 004 265 721 PTY LTD

Australia

100.0%

A.C.N. 007 430 935 PTY LTD

Australia

100.0%

A.C.N. 078 189 296 PTY LTD

Australia

100.0%

A.C.N. 082 751 460 PTY LTD

Australia

100.0%

A.C.N. 144 885 156 PTY LTD

Australia

100.0%

DSV Air & Sea Limited

New Zealand

100.0%

Africa

Agility Logistics SARL

Algeria

100.0%

Frans Maas Algerie S.a.r.l.

Algeria

100.0%

Panalpina Transportes Mundiais Naveg\u00e3\u00e7ao e Tr\u00e2nsitos S.A.

Angola

92.0%

Global Integrated Logistics Lda

Angola

100.0%

DSV Air & Sea (PTY) Limited

Botswana

100.0%

Panalpina Transports Mondiaux Cameroun S.A.R.L.

Cameroon

90.0%

DSV-UTI Egypt Ltd.

Egypt

100.0%

Panalpina World Transport Egypt LLC

Egypt

100.0%

GIL Egypt Limited Liability Company

Egypt

100.0%

DSV Solutions S.A.E.

Egypt

100.0%

Global Options Worldwide Express Investments (Pty) Ltd

Eswatini

100.0%

DSV Air & Sea Limited

Kenya

100.0%

Panalpina Kenya Ltd.

Kenya

100.0%

GIL Africa Holdings Ltd

Mauritius

100.0%

Panalpina Morocco S.A.R.L.

Morocco

100.0%

Global Integrated Logistics Company SARL AU

Morocco

100.0%

DSV Transport Int'l S.A

Morocco

100.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

DSV Air & Sea Limitada

Mozambique

100.0%

GIL Mozambique, LDA

Mozambique

100.0%

Globeflight Worldwide Express (Pty) Ltd

Namibia

100.0%

DSV Freight International Limited

Nigeria

100.0%

DSV South Africa (Pty) Ltd.

South Africa

75.0%

DSV Shared Services (Pty) Ltd.

South Africa

100.0%

UTi Logistics (Proprietary) Limited - SC OCS Division

South Africa

100.0%

DSV AFRICA HOLDING (Pty) Ltd.

South Africa

100.0%

DSV Skyservices (Pty) Ltd

South Africa

100.0%

Scorpion Share Block (Pty) Ltd.

South Africa

100.0%

DSV Real Estate Johannesburg (Pty) Ltd.

South Africa

100.0%

Firefly Investments 337 Properties Proprietary Limited

South Africa

100.0%

Linkit lnvestments (Pty) Ltd.

South Africa

80.0%

GIL South Africa 1 (Pty) Ltd

South Africa

100.0%

DSV Healthcare (Pty) Ltd.

South Africa

100.0%

DSV Solutions (Pty) Ltd.

South Africa

100.0%

DSV Assembly Services (Pty) Ltd.

South Africa

65.3%

DSV Mounties (Pty) Ltd.

South Africa

100.0%

DSV Road (Pty) Ltd.

South Africa

100.0%

Globeflight Worldwide Express (SA) Pty Ltd

South Africa

100.0%

Mercury Couriers (Pty) Ltd

South Africa

100.0%

DSV Air & Sea Limited

Zambia

100.0%

DSV Air & Sea (Private) Limited

Zimbabwe

100.0%

NEOM DSV Logistics Company Limited

Saudi Arabia

49.0%

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Associates

Trans-Link Cambodia Ltd

Cambodia

49.0%

AEP Logistics Properties Venlo B.V.

Netherlands

30.0%

Tristar Transport (Private) Limited

Pakistan

50.0%

Polymer Logistics Investments LLC

United Arab Emirates

36.5%

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900X41C0BSLK67H70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }