DSV, 252 - Interim Announcement for the period ended 30 June 2007 and announcement of commencement of share buy-back programme

3 August 2007

 	
STOCK EXCHANGE ANNOUNCEMENT NO. 252

Interim Announcement for the period ended 30 June 2007 and announcement of
commencement of share buy-back programme 


Revenue amounted to DKK 17,074 million. 

Gross profit came to DKK 3,845 million.

Operating profit before special items came to DKK 847 million. 

Profit before tax amounted to DKK 645 million. 

DSV's share of the profit for the period amounted to DKK 441 million, and the
diluted adjusted earnings per share amounted to DKK 2.7. 

Free cash flow for the period adjusted for the acquisition of enterprises
amounted to DKK 382 million. 

Group Management considers the results for the period satisfactory.

DSV will launch new share buy-backs for DKK 500 million according to the 'safe
harbour' method. 

Yours faithfully
DSV

 
MANAGEMENT'S REVIEW

DSV achieved satisfactory financial results for the first six months of 2007,
in which focus was on the continued integration of Frans Maas Groep N.V. (Frans
Maas), acquired on 1 April 2006, and on company acquisitions in the Air & Sea
Division. 

Revenue
In the first half of 2007, DSV achieved a revenue increase of 13.5% relative to
the same period of 2006. The increase in revenue is mainly attributable to the
acquisition of Frans Maas. Hence, organic growth for the period was 1.4%. The
modest organic growth is due to a continued focus on elimination of loss-making
contracts and replacement of agents with own networks. 

H1 REVENUE - REALISED 2007 VERSUS REALISED 2006
DKKm	
H1 2006 revenue	15,037
Foreign currency translation adjustments	(89)
Acquisition and divestments of enterprises, net	1,922
Growth	204
H1 2007 revenue	17,074

The Group's revenue was 3.0% below budget, which is mainly attributable to
lower growth. 

H1 REVENUE - REALISED 2007 VERSUS BUDGET 2007
DKKm	
H1 2007 revenue, budget	17,607
Foreign currency translation adjustments	29
Acquisition and divestments of enterprises, net	26
Growth	(588)
H1 2007 revenue	17,074

Gross profit
The consolidated gross margin ratio increased to 22.5% relative to 21.6% in the
same period of 2006. This is mainly related to a change in the product mix
after the acquisition of Frans Maas, which has a comparatively higher
proportion of international mixed cargo, which usually realises high gross
margin ratios. In addition, the realised synergies have had a positive effect
on gross profit. 

The gross margin ratio realised was 0.8 percentage point above budget. 

Operating profit before special items
The Group returned an operating profit before special items for H1 2007 of DKK
847 million compared with DKK 723 million for the corresponding period of last
year, equalling a growth of 17.3%. 

When adjusted for amortisation of customer relationships of DKK 27 million and
costs related to share-based payments of DKK 5 million, the Group's operating
profit before special items came to DKK 879 million. 





The corresponding profit for 2006 amounted to DKK 742 million.

The ratio was 5.0% for the period compared with 4.8% for the same period of
2006. 

H1 OPERATING PROFIT BEFORE SPECIAL ITEMS - REALISED 2007 VERSUS REALISED 2006
DKKm	
H1 2006 operating profit before special items	723
Foreign currency translation adjustments	(14)
Acquisition and divestments of enterprises, net	7
Growth	131
H1 2007 operating profit before special items	847

Operating profit before special items was 8.3% above budget. This is due to an
improved gross margin ratio and to the fact that other external costs and
amortisation and depreciation of intangibles, property, plant and equipment
were below budget. 

H1 OPERATING PROFIT BEFORE SPECIAL ITEMS - REALISED 2007 VERSUS BUDGET 2007
DKKm	
H1 2007 operating profit before special items, budget	782
Foreign currency translation adjustments	(1)
Acquisition and divestments of enterprises, net	1
Growth	65
H1 2007 operating profit before special items	847

Special items
Special items represent a net cost of DKK 91 million for the period and
primarily relate to restructuring costs in Germany and France following the
integration of Frans Maas. 
 
Special items were DKK 16 million above budget. This is attributable to a time
lag between H1 and H2 compared with the budget. 

Net financial expenses
Financial expenses netted DKK 111 million for the period as against DKK 82
million for the same period of 2006. 

Net financial expenses were on a par with the budget.

Profit before tax
Profit before tax came to DKK 645 million for the period as against DKK 391
million for the same period of 2006. Profit before tax for H1 2006 was affected
negatively by one-off items of DKK 250 million net, while the profit before tax
for H1 2007 was affected negatively by special items of DKK 91 million. When
adjusted for these special items, the profit before tax for the period improved
by DKK 95 million. The main reason for the increase is the higher activity
level following the acquisition of Frans Maas and improved margin ratios,
although they are partly offset by higher financial expenses. 




Profit before tax was 7.9% above budget. This is attributable to improved
earnings, which are partly offset by special costs above budget. 

Diluted adjusted earnings per share
Diluted adjusted earnings per share for the year came to DKK 5.3 for 2007
compared with DKK 4.4 for 2006, corresponding to an increase of 20.5%. 

Balance sheet
The balance sheet stood at DKK 16,577 million at 30 June 2007 as against DKK
16,062 million at 31 December 2006. 
The increase in the balance sheet total at 30 June 2007 is primarily
attributable to the acquisition of enterprises and an increase in working
capital. 

Equity
On 30 April 2007, the Supervisory Board of DSV decided to buy back shares for
up to DKK 400 million in the period from 30 April to 31 July 2007, both days
inclusive. At 30 June 2007, DSV has bought back shares for an amount of DKK 220
million in this share buy-back programme. 

At 30 June 2007, Group equity came to DKK 3,918 million, DKK 166 million of
which is attributable to minority interests. At 31 December 2006, Group equity
came to DKK 3,844 million. The increase derived mainly from profit for the
period, which is partly offset by share buy-backs to cover an option scheme and
a share buy-back programme as well as distribution of dividends to the DSV
shareholders. 

DEVELOPMENT IN EQUITY		
DKKm	H1 2006	H1 2007
Equity at 1 January	3,323	3,844
Net profit for the period	275	461
Share buy-back, net	(162)	(360)
Dividends	(50)	(50)
Foreign currency translation adjustments	(25)	(12)
Fair value adjustment of interest swaps	17	24
Other	(3)	11
Equity at 30 June	3,375	3,918

The solvency ratio exclusive of minority interests came to 22.6%. This is a
decrease on 31 December 2006 when the corresponding ratio was 23.0%. The
development is primarily attributable to an increase in the balance sheet
total. 

At the Annual General Meeting of DSV on 30 April 2007, the shareholders
resolved to reduce the nominal value of the shares in the Company and to issue
bonus shares. The Company's share capital thus changed from DKK 40.3 million
divided into 20.15 million shares of DKK 2 per share to DKK 201.5 million
divided into 201.5 million shares of DKK 1 per share. 

Net working capital
The Company's funds tied up in net working capital came to DKK 888 million at
30 June 2007 compared with DKK 722 million at 31 December 2006. The increase is
mainly attributable to seasonal fluctuations because the activity level was low
in the second half of December and because the current implementation of new IT
systems and the establishment of shared service centres at the former Frans
Maas locations imply that more funds is tied up in working capital in a
transitional phase. 

Net interest-bearing debt
Net interest-bearing debt amounted to DKK 4,998 million at 30 June 2007 as
against DKK 4,835 million at 31 December 2006. The increase is primarily
attributable to share buy-backs, an increase in net working capital and
acquisitions of enterprises, which are set off in part by cash flow from
operating activities. 

Cash flow from operating activities
Cash flow from operating activities came to DKK 499 million for the period
compared with DKK 502 million for the same period of 2006. Cash flow from
operating activities includes an increased profit before tax and amortisation
and depreciation of intangibles, property, plant and equipment, which is set
off by changes in provisions and higher tax payments on account. 

Cash flow from investing activities
Cash flow from investment activities netted an outflow of DKK 225 million.
Adjusted for the impact of acquisition of enterprises, cash flow from investing
activities netted an outflow of DKK 117 million. 

Free cash flow
Free cash flow for the period adjusted for the acquisition of enterprises
amounted to DKK 382 million. 

Invested capital including goodwill and customer relationships
The Group's invested capital including goodwill and customer relationships came
to DKK 9,153 million at 30 June 2007 as against DKK 8,870 million at 30 June
2006, equal to an increase of DKK 283 million. The increase is mainly due to
acquisitions in the past year. 

ROIC including goodwill and customer relationships
Return on invested capital including goodwill and customer relationships was
18.8% for the period compared with 19.8% for the same period of 2006. The
development is primarily caused by an increase in average invested capital. 

Events after the balance sheet date of the Interim Report
No material events other than the share buy-back programme and a change in the
Supervisory Board have occurred after the balance sheet date. 

Outlook for 2007 
DSV maintains the expectations of the H2 2007 income statement disclosed in the
2006 Annual Report. 

Expected free cash flow for 2007 adjusted for the acquisition of enterprises
remains at DKK 1,000 million as disclosed in the 2006 Annual Report. 

Status of consolidation
As previously announced DSV has a strong wish to play a pro-active role in the
current consolidation of the transport and logistics sector. Group Management
considers DSV to have both the operative and financial strength to play an
active role in the consolidation of the sector. 

In the second quarter of 2007, DSV has continued the consolidation within the
Air & Sea Division, particularly through the acquisition of Cambell Freight
Agencies Limited, situated in Northern Ireland, and Campbell Freight Agencies
(Ireland) Limited, situated in Ireland. 

At present, DSV is in dialogue with a number of small, medium-sized and large
transport and logistics companies. At present, the interests are mainly focused
on additional consolidations within Air & Sea. 

At present it is impossible for Group Management to assess whether one or more
of these dialogues will result in additional acquisitions or consolidations. 

Share buy-backs for up to DKK 500 million according to the 'safe harbour' method
The Supervisory Board of DSV has decided to buy back shares in accordance with
the authorisation granted by the General Meeting on 30 April 2007. 

At 2 August 2007, DSV holds 7,632,327 treasury shares of a nominal value of DKK
1 each, corresponding to 3.79% of DSV's share capital. 

Background
The capital structure of DSV is assessed on a regular basis. Considering the
increased activity level of DSV, its strong operations and high free cash flow,
Group Management has resolved to launch a share buy-back programme in
accordance with the targets set out for the Group's capital structure. The
ratio of net interest-bearing debt to EBITDA (operating profit before
amortisation, depreciation and special items) should be at least 2-3. 
 EXCHANGE RATES
	Currency	Realised	Year-to-date average	Budget
		30.06.06	30.06.07	30.06.06	30.06.07	2007
Euroland	EUR	746	744	746	745	745
UK	GBP	1,078	1,104	1,086	1,105	1,100
Norway	NOK	94	93	94	92	92
Sweden	SEK	81	80	80	81	80
USA	USD	587	551	609	561	580

Considering the financial results achieved and the expectations for the
remaining part of 2007, the Group's net interest-bearing debt should be around
DKK 4.3-6.4 billion. 

Group Management deems that the share buy-back will not prevent DSV from
actively contributing to the continued consolidation of the transport and
logistics sector. 

The purpose of the share buy-back is to reduce the share capital. At the next
Annual General Meeting, the Supervisory Board will propose a resolution to
reduce the share capital of DSV by a nominal amount equalling at least the
nominal amount of the shares bought back. 

The share buy-back period runs from 3 August 2007 to 31 October 2007, both days
inclusive. During this period DSV will buy back shares not exceeding a value of
DKK 500 million as set forth in the share buy-back programme prepared in
accordance with the provisions of Commission Regulation (EC) no. 2273/2003 of
22 December 2003, the so-called 'safe harbour' method that protects the
supervisory and executive boards of listed 



companies from violating insider trading legislation in connection with share
buy-backs. 

Buy-back terms
•	DSV is required to retain a financial adviser who is to make its own trading
decisions independently of and without influence from DSV and execute the
buy-backs within the announced framework. DSV will retain Carnegie Bank A/S as
its financial adviser and lead manager for the share buy-back. 
•	The maximum amount that DSV may pay for shares purchased under the share
buy-back programme is DKK 500 million. No more than 12,517,673 shares,
corresponding to 6.21% of the current share capital of DSV A/S, may be
purchased. 
•	No shares may be bought back at a price deviating by more than 5% from the
most recently quoted market price of the shares at the date of acquisition, or
which otherwise exceeds the higher of the price of the last independent trade
and the highest current independent bid (by buyers) on the OMX Nordic Exchange
at the time of trading. As a result of this restriction, DSV can hardly expect
to make purchases up to the daily share buy-back limit. 
•	On each business day, a maximum of 301,608 shares in the Company may be
purchased, corresponding to 25% of the average trading volume of DSV shares on
the OMX Nordic Exchange in July 2007. 
•	The reporting obligations under Danish law and the rules of the OMX Nordic
Exchange must be fulfilled within the applicable time-limits. 

Audit
This Interim Announcement has not been audited or reviewed.
DKK for 100 currency units
 


DSV GROUP - INCOME STATEMENT FOR THE PERIOD			
(DKKm) 	01.01.06-30.06.06
Realised	01.01.07-30.06.07
Budget	01.01.07-30.06.07
Realised 
Revenue 	15,037	17,607	17,074
Direct costs	11,794	13,792	13,229
Gross profit	3,243	3,815	3,845
Other external expenses	815	1,003	948
Staff costs	1,550	1,810	1,855
Operating profit before amortisation, depreciation and special
items	878	1,002	1,042 
Amortisation, depreciation and impairment of intangibles, property, plant and
equipment, excluding customer relationships	138	194	168 
Amortisation and impairment of customer relationships	17	26	27
Operating profit before special items	723	782	847
Special items, net	(250)	(75)	(91)
Operating profit (EBIT)	473	707	756
Finansial expenses, net	82	109	111
Profit before tax	391	598	645
Calculated tax	116	173	184
Net profit for the period	275	425	461

Net profit for the period is allocated to:	 	 	 
Shareholders of DSV A/S	258	411	441
Minority interests	17	14	20

DSV GROUP - BALANCE SHEET, SUMMARY 		
(DKKm)	31.12.06	30.06.07
Goodwill and customer relationships (Acquisition cost: DKK 5,426
million)	4,755	4,902 
Other intangibles, property, plant and equipment	3,928	3,925
Other non-current assets	410	428
Total non-current assets	9,093	9,255
Receivables	6,562	6,914
Cash	407	408
Total current assets	6,969	7,322
Total assets	16,062	16,577

Equity including minority interests	3,844	3,918
Interest-bearing long-term debt	4,604	4,591
Other non-current liabilities, including provisions	1,136	1,227
Non-current liabilities	5,740	5,818
Interest-bearing short-term debt	638	815
Other short-term debt	5,840	6,026
Total current liabilities	6,478	6,841
Total equity and liabilities	16,062	16,577
Number of employees: 19,040.		

































DSV GROUP - CASH FLOW STATEMENT FOR THE PERIOD		
(DKKm) 		
	01.01.06-30.06.06	01.01.07-30.06.07
Profit before tax	391	645
Reversed amortisation and depreciation of intangibles, property, plant and
equipment	155	195 
Other non-cash operating items	0	5
Changes in working capital	(203)	(180)
Changes in provisions 	278	20
Corporation tax paid	(119)	(186)
Cash flow from operating activities	502	499

Acquisition/divestment of subsidiaries and activities, net	
(1,455)	
(108)
Acquisition/divestment of intangibles, property, plant and equipment,
net	(83)	(150) 
Acquisition/divestment of financial assets, net 	1	33
Cash flow from investing activities	(1,537)	(225)

Free cash flow	
(1,035)	
274

Financial payments, net 	
1,353	
153
Cash items under equity, net	(210)	(413)
Cash flow from financing activities	1,143	(260)

Cash flow for the period	
108	
14
		
Cash and cash equivalents at beginning of period	385	407
Cash flow for the period	108	14
Foreign currency translation adjustments	(21)	(13)
Cash and cash equivalents at end of period	472	408
The cash flow statement cannot be directly derived from the balance sheet and
income statement. 
		
Specification 1: Statement of adjusted free cash flow:		
Free cash flow	(1,035)	274
Acquisition/divestment of subsidiaries and activities, net	1,455	108
Normalisation of net working capital in acquirees and activities	100	0
Adjusted free cash flow	520	382
		
Specification 2: Statement of enterprise value of acquirees:		
Acquisition/divestment of subsidiaries and activities, net	1,455	108
Interest-bearing debt	1,874	10
Normalisation of net working capital in acquirees and activities	100	0
Enterprise value of acquirees	3,429	118
		


FINANCIAL HIGHLIGHTS		
	At 30.06.06	At 30.06.07
Financial ratios (%)		
Gross margin ratio	21.6	22.5
EBITDA margin	5.8	6.1
EBITA margin	4.8	5.0
EBIT margin	3.1	4.4
ROIC including goodwill and customer relationships  	19.8	18.8
ROE	15.2	25.2
Equity ratio (exclusive of minority interests)	20.2	22.6
		
Key figures (DKKm) 		
Adjusted earnings	445	533
Net interest-bearing debt	5,331	4,998
Invested capital including goodwill and customer relationships 	8,870	9,153
		
Share ratios1)		
Earnings per share for the year (DKK)	2.6	4.5
Diluted adjusted earnings per share for the period (DKK)	2.2	2.7
Diluted adjusted earnings per share for the year (DKK)	4.4	5.3
Total number of shares (1,000)	209,042	201,500
Average number of shares (1,000)	198,560	197,805
Average number of diluted shares (1,000)	202,610	201,078

1) Comparative figures at 30 June 2006 have been adjusted to the changed
denomination of the Company's shares and the issue of bonus shares. 
Key figures are calculated in accordance with The Danish Society of Financial
Analysts' "Recommendations & Financial Ratios 2005". See also DSV's 2006 Annual
Report, page 56. 




 
SUMMARY OF DIVISION RESULTS

Segmentation change

DSV has changed its segmentation of Frans Maas and own activities in 2007
relative to 2006. In 2007, the Frans Maas activities are reported under the
individual divisions, as opposed to previously when it was mainly booked under
the Road Division. This has resulted in a transfer in the 2007 budget of about
DKK 3,500 million of the acquired revenue from the Road Division to the Air &
Sea Division (about DKK 400 million) and to the Solutions Division (about DKK
3,100 million). 

Road Division

Revenue
The revenue of the Road Division was 2.6% below budget. Norway, Germany and
South Eastern Europe were above budget, while the Netherlands and Sweden were
below budget. 

Gross profit
The gross margin ratio of the Road Division came to 21.2% in the period as
against the budgeted 20.8%. This is mainly due to elimination of loss-making
activities and realised synergies in connection with the acquisition of Frans
Maas. 

Operating profit before special items
The Road Division achieved an operating profit before special items that was
4.1% above budget. This is primarily attributable to book profits on the sale
of properties and operating equipment. Denmark, Norway and the UK were above
budget, while the Netherlands, Germany, France and Spain were below budget. 

Balance sheet
The balance sheet of the Road Division stood at DKK 13,307 million at 30 June
2007 as against DKK 14,094 million at 31 December 2006. The main reason for the
decline is the reduction of non-current assets following the changed
segmentation in the divisions. 

Net working capital
The Road Division's funds tied up in net working capital came to DKK 480
million at 30 June 2007 compared with DKK 598 million at 31 December 2006. The
change is due to the segmentation change in the divisions, which is partly
offset by the current implementation of new IT systems and establishment of
shared service centres at the former Frans Maas locations, which imply that
more funds is tied up in working capital in a transitional phase. 

Group Management is satisfied with the development in and results of the
Division. 

Air & Sea Division

Revenue
The revenue of the Air & Sea Division was 4.5% below budget in the period. This
is mainly due to a declining Dollar and the fact that budgeted increases in
freight rates were realised later than expected. The USA, Germany, the
Netherlands and Hong Kong were below budget, while Denmark, the UK and Ireland,
and China were above budget. 

Gross profit
The gross margin ratio of the Air & Sea Division came to 21.5% in the period as
against budgeted 19.4%. 

Operating profit before special items
The operating profit before special items of the Air & Sea Division was 13.9%
above budget in the first half of 2007. The USA, the Project Department in
Denmark, the UK, Ireland and China were above budget, while the Netherlands was
below budget. 
 
Balance sheet
The balance sheet of the Air & Sea Division stood at DKK 3,021 million at 30
June 2007 as against DKK 2,766 million at 31 December 2006. The decline is
mainly due to acquisition of enterprises in the second quarter of 2007, which
is partly offset by payment of dividends to DSV A/S. 

Net working capital
The Air & Sea Division's funds tied up in net working capital came to DKK 115
million at 30 June 2007 compared with DKK 91 million at 31 December 2006. The
change is due to the current implementation of new IT systems and establishment
of shared service centres at the former Frans Maas locations, which imply that
more funds is tied up in working capital in a transitional phase. 

Group Management is satisfied with the development in and results of the
Division. 

Solutions Division

Revenue
The revenue of the Solutions Division was 4.6% above budget in the period. Both
the Nordic countries and the rest of Europe outperformed budgets. 

Gross profit
The gross margin ratio of the Solutions Division came to 27.6% in the period as
against budgeted 28.5%. 

Operating profit before special items
Operating profit before special items came to DKK 119 million for the first
half of 2007, which is better than the budgeted amount of DKK 108 million. This
is attributable to the rest of Europe as the Nordic countries were slightly
below budget. 

Balance sheet
The balance sheet of the Solutions Division stood at DKK 3,485 million at 30
June 2007 as against DKK 554 million at 31 December 2006. The increase is
mainly attributable to the segmentation change in the divisions. 

Net working capital
The Solutions Division's funds tied up in net working capital came to DKK 265
million at 30 June 2007 compared with DKK 61 million at 31 December 2006. The
increase is mainly attributable to the segmentation change in the divisions. 

Group Management is highly satisfied with the development in and results of the
Division. 
 
ROAD DIVISION

INCOME STATEMENT FOR THE PERIOD, SUMMARY			
(DKKm)	01.01.06-30.06.06
Realised 	01.01.07-30.06.07
Budget	01.01.07-30.06.07
Realised 
Revenue	11,291	11,732	11,427
Direct costs	8,876	9,286	9,002
Gross profit	2,415	2,446	2,425
			
Other external expenses	630	634	603
Staff costs	1,196	1,250	1,267
Operating profit before amortisation, depreciation and special items	589	562	555
			
Amortisation, depreciation and impairment of intangibles, property, plant and
equipment, excluding customer relationships	 
124	
140	
120
Amortisation and impairment of customer relationships	12	8	4
Operating profit before special items	453	414	431

BALANCE SHEET, SUMMARY	 	
(DKKm)	31.12.06	30.06.07
Goodwill and customer relationships	2,307	2,149
Other intangibles, property, plant and equipment	3,707	2,903
Other non-current assets	542	596
Total non-current assets	6,556	5,648
Receivables	5,278	4,718
Cash and intercompany balances	2,260	2,941
Total current assets	7,538	7,659
Total assets	14,094	13,307
Equity	827	1,205
Interest-bearing long-term debt	848	420
Other non-current liabilities, including provisions	1,037	947
Non-current liabilities	1,885	1,367
Interest-bearing short-term debt, including intercompany debt	6,702	6,497
Other short-term debt	4,680	4,238
Total current liabilities	11,382	10,735
Total equity and liabilities	14,094	13,307
ROIC came to 14.2%. The calculation of ROIC included DKK 2,355 million relating
to goodwill and customer relationships. The item consists of the Division's
goodwill, customer relationships and goodwill allocated from DSV. 
Number of employees: 11,470.


 
Activities
The Road Division handles transport (full and part loads and mixed cargo) by
trucks domestically and between the European countries. The services are
produced by Group enterprises all over Europe. 

The actual transport operations have basically been outsourced to
sub-contractors. 

The Division in brief
The results of the Division are satisfactory, particularly considering that the
Road Division included many Solutions activities and a significant profit from
the sale of real property of DKK 50 million in 2006. The Road Division's
earnings are therefore far better than for the same period last year. 

The Division is still in the process of realising synergies and integrating
Frans Maas in Germany, the Netherlands, France and Spain. 
 
The realisation of synergies includes the integration of traffic and changes in
working methods in the network, which proved to be more different in DSV and
Frans Maas than anticipated by Management. In addition, there have been changes
in and coordination of IT systems, review and re-negotiation of loss-making
contracts and regaining volumes in the countries previously based on agents,
such as Austria, Hungary, Switzerland, Italy, Spain, Portugal, Greece and
Turkey, etc. 

It is obvious that earnings will increase markedly in the Division when the
integration is complete. 

The key personnel of the Division believe that we have solved many of the tough
tasks and that we will be able to see an emerging improvement in the results of
the Division. 
 

 
COUNTRY	DEVELOPMENT IN REVENUE	DEVELOPMENT IN OPERATING PROFIT BEFORE SPECIAL
ITEMS (EBITA)	FOCUS 
Denmark 	Slightly below budget.	Markedly better than budget.	Maybe the best
managed company and the company with the highest EBITA margin of the Division. 
Aim at maintaining and strengthening the high earnings and the high quality. 
Sweden	Slightly below budget.	On a level with budget.	The company demonstrated
high quality on European traffic in recent months with an EBITA margin that
compares favourably with that of the other Nordic countries. The company's
earnings are better than the comparable companies in the Swedish market. 
The company ought to have a higher growth and maintain the improved earnings.
Norway	Outperformed budget.	Much better than budget.	Good management,
domestically and internationally. Two well managed companies in a small market. 
However, especially Tollpost Globe showed particularly high growth in profit
and revenue. 
Finland	Outperformed budget.	Outperformed budget.	Good management, handsome
EBITA margin. The management has spent resources on supporting the Solutions
Division. 
Maintain growth and aim at a slightly higher EBITA margin.
UK	On a level with budget.	50% better than budget.	Incredible turnaround. The
company should have more growth and maintain the new high EBITA margin. 
Ireland	On a level with budget.	Outperformed budget.	Handsome development in
EBITA margin, but growth ought to improve. 
Germany	Outperformed budget.	Below budget.	It is difficult, but the managements
in Germany and Copenhagen are confident that the problems will be solved. 
The Netherlands	Below budget.	Very disappointing. 	The budget was probably
prepared according to expectations which failed. A higher payment from the
Netherlands to the largest countries of cooperation, the UK and France in
particular, was an important factor. 
The improved European network available to the Netherlands should make it
possible for the company to create high earnings and high growth. 
Belgium	Almost on a level with budget.	Outperformed budget.	Good management.
High EBITA margin on a level with that of Denmark. 
Should be able to improve its growth. 
France	On a level with budget.	Below budget.	Difficult market. Confidence that
the local management will create a profitable business. 
Italy	Below budget.	Below budget.	Manage the other countries' great
expectations of the Italian company, primarily in relation to service, quality
and earnings. 
Spain and Portugal	Below budget.	Below budget.	One of the areas acquired
through Frans Maas and which was the most problematic. The new network and the
new facilities in Barcelona ought to result in a more handsome EBITA. 
The somewhat critical comments only apply to Spain, whereas Portugal is doing
well with respect to revenue and earnings. 
Poland	Slightly better than budget.	Almost on a level with budget.	Management
in Poland is expected to create a slightly improved EBITA margin and stronger
growth. 
The Baltics, Russia and Ukraine	Outperformed budget.	Much better than
budget.	Good management in all areas. This is the highest growth; around 33%
compared with the same period last year. Mainly organic. New markets with a
growing economy. The growth demonstrated in the areas in recent years ought to
be maintained. The management in the area considers a growth of 20% possible. 
Central Europe	Outperformed budget.	Outperformed budget.	Part of the area is
new for DSV. Results have continued to improve, however, the overall EBITA
margin is modest. 
Higher earnings and a significant growth should be demanded. 
South Eastern Europe	Much better than budget.	Slightly below budget. 	The
countries differ widely, but the overall EBITA margin is relatively modest. A
strong growth in the area and an EBITA margin resembling that of the Baltics
should be expected. 

 

REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS
	Revenue	Operating profit before special items	Operating profit before special
items 
(%)
(DKKm)	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07 
Denmark	2,312	2,422	2,369	129	127	160	5.6	5.2	6.8
Sweden	2,036	2,177	2,062	77	63	63	3.8	2.9	3.1
Norway	1,478	1,561	1,631	68	78	94	4.6	5.0	5.8
Finland	583	604	627	18	18	20	3.1	3.0	3.2
UK	1,022	1,053	1,039	29	39	60	2.8	3.7	5.8
Ireland	295	295	292	11	11	14	3.7	3.7	4.8
Germany	1,735	1,099	1,150	(13)	(4)	(23)	-0.7	-0.4	-2.0
The Netherlands	815	623	446	73	31	1	9.0	5.0	0.2
Belgium	490	474	454	43	27	31	8.8	5.7	6.8
France	495	708	701	(8)	(9)	(17)	-1.6	-1.3	-2.4
Italy	195	487	450	3	12	6	1.5	2.5	1.3
Spain and Portugal	176	351	325	(4)	(4)	(12)	-2.3	-1.1	-3.7
Poland	237	195	200	9	8	8	3.8	4.1	4.0
The Baltics, Russia and Ukraine	383	500	515	19	24	29	5.0	4.8	5.6
Central Europe1)	218	401	406	5	6	10	2.3	1.5	2.5
South Eastern Europe2)	165	166	209	5	2	4	3.0	1.2	1.9
Total	12,635	13,116	12,876	464	429	448	3.6	3.3	3.5
Group	298	417	405	1	(7)	(13)	-	-	-
Amortisation of customer relationships	0	0	0	(12)	(8)	(4)	-	-	-
Elimination	(1,642)	(1,801)	(1,854)	0	0	0	-	-	-
Net	11,291	11,732	11,427	453	414	431	4.0	3.5	3.8
									
1) The segment comprises the following countries: Austria, Switzerland,
Hungary, the Czech Republic and Slovakia. 
2) The segment comprises the following countries: Greece, Bulgaria, Slovenia,
Croatia, Serbia, Turkey and Morocco. 
 
AIR & SEA DIVISION

INCOME STATEMENT FOR THE PERIOD, SUMMARY			
(DKKm) 	01.01.06-30.06.06 Realised	01.01.07-30.06.07 Budget	01.01.07-30.06.07
Realised 
Revenue	3,615	4,313	4,117
Direct costs	2,879	3,476	3,233
Gross profit	736	837	884
			
Other external expenses	162	187	192
Staff costs	308	362	366
Operating profit before amortisation, depreciation and special items	266	288	326
			
Amortisation, depreciation and impairment of intangibles, property, plant and
equipment, excluding customer relationships	 
9	
12	
11
Amortisation and impairment of customer relationships	3	3	4
Operating profit before special items	254	273	311


BALANCE SHEET, SUMMARY		
(DKKm) 	31.12.06	30.06.07
Goodwill and customer relationships	745	886
Other intangibles, property, plant and equipment	100	105
Other non-current assets	37	34
Total non-current assets	882	1,025
Receivables	1,301	1,436
Cash and intercompany balances	583	560
Total current assets	1,884	1,996
Total assets	2,766	3,021
		
Equity	491	491
Interest-bearing long-term debt	1	40
Other non-current liabilities, including provisions	83	79
Non-current liabilities	84	119
Interest-bearing short-term debt, including intercompany debt	981	1,090
Other short-term debt	1,210	1,321
Total current liabilities	2,191	2,411
Total equity and liabilities	2,766	3,021
ROIC came to 40.7%. The calculation of ROIC included DKK 1,438 million relating
to goodwill and customer relationships. The item consists of the Division's
goodwill, customer relationships and goodwill allocated from DSV. 
Number of employees: 2,865.
		


 
Activities
The Air & Sea Division handles shipments to overseas markets by air and sea.
The activities are concentrated in Scandinavia, the USA, the UK, Germany, the
Benelux countries and the Far East. The Division handles full loads, part
loads, containers and flight palettes. The Division does not have its own fleet
of aircraft or ships, but mainly acts as an intermediary between the individual
customer and the shipping line or airline company. 

The Division in brief
The Division had a very good six-month period. Both revenue and earnings
increased markedly. 

The Division has great focus on growth. Management and key personnel are thus
aware of and committed to growth opportunities, organically or through
acquisitions. 
It is important to the Division that the managers are updated on the
opportunities present in the market, in their respective parts of the world. 

In spite of very good results, the Division also had somewhat disappointing
earnings and revenue in Germany and the Netherlands. Group Management is
convinced that the two areas will improve. 

In the first six months, the Division has expanded its activities in India and
acquired enterprises in Dubai and Ireland. 

In connection with the acquisition of Frans Maas, countries in which activities
were previously managed by agents experienced some reduction in revenue and
earnings, the most significant countries being Italy, Spain and Turkey. 
 
 
COUNTRY	DEVELOPMENT IN REVENUE	DEVELOPMENT IN OPERATING PROFIT BEFORE SPECIAL
ITEMS (EBITA)	FOCUS 
USA	Slightly below budget, but clearly related to the low Dollar.	Outperformed
budget and on a level with last year in spite of the Dollar rate.	The American
company has an extraordinarily high EBITA margin compared with the rest of the
industry, which the company should aim to maintain. 
Denmark	Much better than budget.	Outperformed budget.	Continue growth and
develop the good collaboration with the two other divisions in Denmark. 
Denmark 
Project Dept	Slightly below budget.	Much better than budget. More than a
twofold increase compared with the same period of 2006.	Maintain and continue
the tremendous development of the period. 
Norway	Outperformed budget. 	Outperformed budget.	Develop a well managed
company in relation to a market with a great potential. 
Sweden	Below budget.	Outperformed budget.	A good effort in the Swedish company
with a markedly improved EBITA margin after having lost some volume last year. 
Maintain the high earnings margin.
Finland	Below budget.	On a level with budget.	A well managed company which
ought to display stronger growth. 
UK and Ireland	Outperformed budget.	Markedly better than budget.	The company
shows handsome growth and a handsome improvement of EBITA margin. 
Aim to develop growth as well as EBITA margin. A stable and well managed
company. 
Management wishes to take the opportunity to thank Hugh Burnham, who is now
retiring, for the way he has built up the British Air & Sea company. 
Germany	Below budget.	Slightly below budget.	The company has a modest EBITA
margin which has not developed. The company operates in a difficult market. 
But ought to show more growth and a slightly better EBITA margin. 
The Netherlands	Below budget.	Below budget.	A modest EBITA margin in a market
with a substantial potential. Should be able to exploit the opportunities in
the network in the next six-month period. 
Central Europe	Slightly below budget.	Below budget.	The lowest EBITA margin of
the group of Air & Sea companies. 
Should clearly improve. 
Canada	Below budget.	Below budget.	The company has experienced a total change
with a new management and new initiatives and has demonstrated handsome results
in recent months. 
Division Management believes in increased earnings in the company.
China	Outperformed budget.	Markedly better than budget.	Maintain the high EBITA
margin of the first six months. 
Hong Kong	Below budget. 	On a level with budget.	The highest EBITA margin of
the Division thanks to the management and employees in Hong Kong. 
Australia	On a level with budget.	Outperformed budget.	A handsome growth
compared with the same period last year. Very handsome EBITA margin. 
Develop both EBITA margin and revenue. 
Other Far East	Outperformed budget. More than a 40% increase compared with the
same period of 2006.	Outperformed budget.	Very handsome development. It varies
from country to country, but an overall EBITA margin slightly lower than last
year. Maintain growth and increase the EBITA margin to the previous level. 


 
REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS
	Revenue	Operating profit before special items	Operating profit before special
items 
(%)
(DKKm) 	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07 
USA	886	898	858	97	84	97	10.9	9.4	11.3
Denmark 	690	799	829	41	43	46	5.9	5.4	5.5
Project Dept.	311	329	310	11	13	24	3.5	4.0	7.7
Norway	121	153	154	10	12	14	8.3	7.8	9.1
Sweden	268	218	205	10	7	12	3.7	3.2	5.9
Finland	104	123	107	5	5	5	4.8	4.1	4.7
UK and Ireland	437	546	567	18	18	25	4.1	3.3	4.4
Germany	520	531	485	12	10	11	2.3	1.9	2.3
The Netherlands	74	283	239	2	17	7	2.7	6.0	2.9
Central Europe1)	68	128	116	2	4	2	2.9	3.1	1.7
Canada	75	75	56	0	4	2	0.0	5.3	3.6
China	210	215	237	16	18	26	7.6	8.4	11.0
Hong Kong	156	212	185	17	22	22	10.9	10.4	11.9
Australia	94	113	113	4	5	8	4.3	4.4	7.1
Other Far East2)	219	304	317	12	14	15	5.5	4.6	4.7
Total	4,233	4,927	4,778	257	276	316	6.1	5.6	6.6
Group	5	3	1	0	0	(1)	-	-	-
Amortisation of customer relationships	0	0	0	(3)	(3)	(4)	-	-	-
Elimination	(623)	(617)	(662)	0	0	0	-	-	-
Net	3,615	4,313	4,117	254	273	311	7.0	6.3	7.6
									
1) The segment comprises the following countries: Poland, Hungary, the Czech
Republic and Turkey. 

2) The segment comprises the following countries: Indonesia, Thailand,
Singapore, Malaysia, the Philippines, Korea, Taiwan, Vietnam, India Bangladesh
and the United Arab Emirates. 

 
SOLUTIONS DIVISION

INCOME STATEMENT FOR THE PERIOD, SUMMARY			
(DKKm) 	01.01.06-30.06.06 Realised	01.01.07-30.06.07 Budget	01.01.07-30.06.07
Realised 
Revenue	476	2,013	2,105
Direct costs	363	1,440	1,525
Gross profit	113	573	580
			
Other external expenses	36	218	191
Staff costs	44	192	215
Operating profit before amortisation, depreciation and special items	33	163	174
			
Amortisation, depreciation and impairment of intangibles, property, plant and
equipment, excluding customer relationships	 
7	
40	
36
Amortisation and impairment of customer relationships	0	15	19
Operating profit before special items	26	108	119


BALANCE SHEET, SUMMARY 		
(DKKm) 	 31.12.06	30.06.07
Goodwill and customer relationships	81	978
Other intangibles, property, plant and equipment	111	917
Other non-current assets	26	118
Total non-current assets	218	2,013
Receivables	250	1,129
Cash and intercompany balances	86	343
Total current assets	336	1,472
Total assets	554	3,485
		
Equity	276	345
Interest-bearing long-term debt	8	392
Other non-current liabilities, including provisions	18	197
Non-current liabilities	26	589
Interest-bearing short-term debt, including intercompany debt	63	1,687
Other short-term debt	189	864
Total current liabilities	252	2,551
Total equity and liabilities	554	3,485
ROIC came to 16.1%. The calculation of ROIC included DKK 1,633 million relating
to goodwill and customer relationships. The item consists of the Division's
goodwill, customer relationships and goodwill allocated from DSV. 
Number of employees: 4,705.


 
Activities
The Solutions Division defines solutions as comprehensive logistics solutions,
including outsourcing of stocks, distribution and a number of services related
to customers' supply chain. These services are mainly aimed at large industrial
companies within branded products and brands. The business areas of the
Division also include distribution and cross-docking. 

The Division in brief
Division Management has put a lot of energy into establishing the structure of
the new Division. This work will continue over the coming 12 months. In
addition to the changes, the Division has succeeded in creating fantastic
results. 

This business area is in high demand in most of Europe. According to Division
Management, this demand is at least on a level with that of the two other
divisions. 

Similar to the Air & Sea Division, Division Management is open and attentive
towards strategic acquisition opportunities. The Group is very willing to
invest in this business area, as volumes to and from the logistics centres
often result in revenue and value in the other divisions. 

 
COUNTRY	DEVELOPMENT IN REVENUE	DEVELOPMENT IN OPERATING PROFIT BEFORE SPECIAL
ITEMS (EBITA)	FOCUS 
Nordic countries
	Outperformed budget.	Below budget.	A somewhat disappointing development in
Denmark and Sweden, which should be corrected quickly. 
Finland handled its crisis in a sensible way and is back on a handsome
operating profit. The Norwegian results are very handsome. 
Focus should be on a higher EBITA margin in Denmark and Sweden.
Other Europe	Outperformed budget.	Outperformed budget.	The Netherlands and
Belgium demonstrate very good operating profits, and Management believes that
the other European countries will be able to realise significantly higher EBITA
margins over time than is the case today. 
Focus on development and growth.


REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS
	Revenue	Operating profit before special items	Operating profit before special
items 
(%)
(DKKm) 	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07	Realised 01.01.06-30.06.06	Budget 01.01.07-30.06.07	Realised
01.01.07-30.06.07 
Nordic countries1)	517	501	556	26	26	20	5.0	5.2	3.6
Other Europe2)	0	1,564	1,610	0	97	118	-	6.2	7.3
Total	517	2,065	2,166	26	123	138	5.0	6.0	6.3
Group	2	3	3	0	0	0	-	-	-
Amortisation of customer relationships	0	0	0	0	(15)	(19)	-	-	-
Elimination	(43)	(55)	(64)	0	0	0	-	-	-
Net	476	2,013	2,105	26	108	119	5.5	5.4	5.7

1) The segment comprises the following countries: Denmark, Norway, Sweden and
Finland. 
2) The segment comprises the following countries: The UK, Germany, the
Netherlands, Belgium, France, Poland and Romania. 


 
 
SHAREHOLDER INFORMATION

Group Management
Leif Tullberg, Managing Director, has decided to resign from his position as
Supervisory Board member of DSV A/S. The Supervisory Board took note of the
decision with regret at its meeting on 2 August 2007. 

Mr Tullberg has worked for the Company for 31 years and was one of the original
founders of the Company back in the summer of 1976. His efforts have been
invaluable, and Mr Tullberg can undoubtedly be credited with a very large part
of the Company's size and value. 

Remuneration of the Executive Board
In H1 2007, DKK 7.8 million was paid out to the members of the Executive Board
of DSV as remuneration. DKK 6.6 million was paid out in H1 2006. 

Incentive programme
DSV has launched an incentive programme consisting of options with a view to
motivating and retaining staff, senior staff and members of the Executive
Board. The incentive programme launched is also to make staff and shareholders
identify with the same interests. 

The market value of the Group's incentive programme at 30 June 2007 amounted to
DKK 158.5 million, DKK 14.9 million of which constituted the proportion held by
members of the Executive Board. The market value is calculated according to the
Black & Scholes model. 

Latest important stock exchange announcements
30 April 2007 (announcement no. 235)
Minutes of Annual General Meeting of DSV A/S

1 May 2007 (announcement no. 236)
DSV A/S reduces the nominal value of its shares and issues bonus shares

6 June 2007 (announcement no. 244)
DSV acquires Campbell Freight Agencies Limited and Campbell Freight Agencies
(Ireland) Limited 

1 August 2007 (announcement no. 251)
Share buy-back in DSV A/S - regarding the closing of a share buy-back programme
of DKK 400,000 million 

Investor teleconference 
DSV invites investors, shareholders, analysts and others to participate in an
investor teleconference on 3 August 2007 at 10:30 a.m. 

At the conference, DSV will present this Interim Announcement. Participants
will have ample opportunity to ask questions. 

Participants from DSV will be:
Kurt K. Larsen, Group CEO
Jens H. Lund, CFO

The phone number for the teleconference is 
+44 (0) 208 817 9301. The conference will be in English. No prior registration
is required to attend the teleconference. 

Web-based investor teleconference
The teleconference can be viewed and heard directly at the DSV website
(http://www.dsv.com) or via the OMX Nordice Exchange
(http://www.omzgroup.com/nordicexchange/). Questions can only be asked by
telephone. Please note that Microsoft Media Player is required to view the
teleconference. Microsoft Media Player can be downloaded free of charge from
both websites. It will be possible to test the connection at the above websites
in the hours before the teleconference. 

Inquiries relating to the Interim Announcement
Questions may be addressed to:
Kurt K. Larsen, Group CEO, tel. +45 43 20 30 40, or Jens H. Lund, CFO, tel. +45
43 20 30 40. 

This Announcement is available on the Internet at: www.dsv.com. The
announcement has been prepared in Danish and in English. In the event of
discrepancies, the Danish version shall apply. 

Statement by the Executive and Supervisory Boards
The Supervisory Board and the Executive Board have today considered and adopted
the Interim Announcement of DSV A/S for the six months ended 30 June 2007. 

The Interim Report (unaudited) has been prepared in accordance with the rules
on recognition and measurement of the International Financial Reporting
Standards (IFRS) as well as additional Danish disclosure requirements of the
financial reporting of listed companies. 

We consider the accounting policies applied to be appropriate and the estimates
made acceptable so that the Interim Report gives a true and fair view of the
Group's assets, equity, liabilities and financial position at 30 June 2007 and
of the results of the Group's activities and cash flows for the six-month
period ended 30 June 2007. 

Brøndby, 3 August 2007

Executive Board:


Kurt K. Larsen		Jens H. Lund
Group CEO		CFO

Supervisory Board:


Palle Flackeberg		Erik B. Pedersen Chairman		Deputy Chairman


Kaj Christiansen 		Per Skov


Hans Peter Drisdal Hansen	Egon Korsbæk