DSV, 541 - Interim Financial Report First quarter 2014

| Source: DSV A/S

Company Announcement No. 541

30 April 2014


Selected financial and operating data for the period 1 January - 31 March 2014

(DKKm)     Q1 2014 Q1 2013
Net revenue                11,602            10,981
Gross profit                  2,465              2,404
EBIT before special items                     546                 509
Operating margin     4.7% 4.6%
Conversion ratio     22.2% 21.2%
Special items, net                     300                     2
Profit before tax                     161                 438
Adjusted earnings for the period                     373                 352
Adjusted free cash flow                     486                 232
Diluted adjusted earnings per share of DKK 1 for the period                    2.12                1.96

Jens Bjørn Andersen, CEO: “We started 2014 on a positive note and we see growing optimism and healthy growth rates in the transport markets. Despite a continued competitive market situation, we have managed to convert volume growth into earnings growth and achieved good results in the first quarter of 2014 for air and sea freight in particular. We continuously focus on optimising our service offerings. The results of these efforts are clear, and DSV has a strong position for future growth, organic as well as through acquisitions.”

DSV maintains its full-year outlook for 2014 previously announced.

A separate company announcement about the launch of a new share buyback programme of DKK 400 million will be issued today.

Inquiries relating to the Interim Financial Report may be addressed to:

Jens Bjørn Andersen, CEO, tel. +45 43 20 30 40
Jens H. Lund, CFO, tel. +45 43 20 30 40
Flemming Ole Nielsen, Director Investor Relations, tel. +45 43 20 33 92 or by email to investor@dsv.com

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.


Yours sincerely,