DSV, 295 - Q1 2008 Interim Financial Report (1 January - 31 March 2008) and announcement of new share buy-back programme

STOCK EXCHANGE ANNOUNCEMENT NO. 295

Q1 2008 Interim Financial Report (1 January - 31 March 2008) and announcement
of new share buy-back programme 

Major key figures of the Q1 Interim Financial 2008 Report for the period 1
January - 31 March 2008 
•	Revenue amounted to DKK 8,519 million.
•	Gross profit came to DKK 1,792 million.
•	Operating profit before special items came to DKK 385 million.
•	Profit before tax amounted to DKK 734 million.
•	DSV's share of the profit for the period amounted to DKK 640 million, and the
diluted adjusted earnings per share for the period amounted to DKK 1.1. Diluted
adjusted earnings per share for the year amount to DKK 4.6. 
•	Free cash flow for the period adjusted for the acquisition of enterprises
amounted to a negative DKK 424 million. 

Group Management considers the results for the first three months of 2008 very
satisfactory. 

Outlook for 2008
DSV maintains the expectations for the last nine months of 2008 announced in
the 2007 Annual Report. 

New share buy-back
DSV will launch a new share buy-back for DKK 300 million according to the 'safe
harbour' method. 



Yours sincerely,
DSV
 
Financial highlights

FINANCIAL HIGHLIGHTS					
			Budget
01.01.08-31.03.08	Realised
01.01.07-31.03.07	Realised
01.01.08-31.03.08
Income statement (DKKm)					 
Revenue			8,020	8,493	8,519
Gross profit			1,737	1,885	1,792
Operating profit before special items (EBITA)			324	370	385
Special items, net			440	4	436
Operating profit (EBIT)			763	374	821
Net financial expenses			66	57	87
Profit before tax			697	317	734
DSV A/S shareholders' share of net profit for the period			625	214	640
					 
Balance sheet (DKKm)					 
Balance sheet total				16,136	15,477
Equity				3,918	3,735
Net working capital				842	811
Net interest-bearing debt				4,841	4,973
Invested capital including goodwill and customer relationships				9,150	9,065
					 
Cash flows (DKKm)					 
Operating activities				176	(242)
Investing activities				(38)	694
Free cash flow				138	452
Adjusted free cash flow				138	(424)
					 
Financial ratios (%)					 
Gross margin ratio				22.2	21.0
EBITA margin				4.4	4.5
EBIT margin				4.4	9.6
Effective tax rate				28.7	12.8
ROIC including goodwill and customer relationships				16.4	16.9
Return on equity				23.9	68.4
Solvency ratio				23.3	24.0
					 
Share ratios					 
Diluted adjusted earnings per share of DKK 1 for the period				1.1	1.1
Diluted adjusted earnings per share of DKK 1 for the year				4.4	4.6
Adjusted profit (DKKm)				221	218
Earnings per share of DKK 1				4.3	13.7
Net asset value per share of DKK 1				19.1	20.1
Number of shares issued at 31 March ('000)				201,500	201,500
Number of shares at 31 March ('000)				197,370	185,236
Average number of shares ('000)				198,770	186,862
Average number of fully diluted shares ('000)				201,400	190,653
Share price quoted at 31 March (DKK)				97.8	103.3
					 
Staff					 
Number of employees at 31 March				19,113	18,684

 
Management's review

DSV achieved very satisfactory financial results for the period.

With accounting effect as from 1 January 2008, DSV has sold its 50% stake in
the Norwegian company Tollpost Globe AS, which was fully consolidated in 2007.
Comparative figures for 2007 have not been restated. 

REVENUE
In Q1 2008, DSV realised an organic growth of 8.3% on Q1 2007 when adjusted for
foreign currency translation differences and acquisition and divestment of
enterprises. The growth more than offset falling exchange rates (GBP and USD),
the sale of Tollpost Globe AS and public holidays in connection with Easter,
which fell in the first quarter in 2008, but in the second quarter in 2007. 

In the first quarter of 2008, revenue increased by 0.3% relative to the same
period of 2007. 

Q1 REVENUE 
- REALISED 2008 VERSUS REALISED 2007
DKKm	
Q1 2007 revenue	8,493
Foreign currency translation adjustments	(138)
Acquisition and divestment of enterprises, net	(489)
Growth	653
Q1 2008 revenue	8,519

The Group's revenue was 6.2% above budget, which is attributable to organic
growth. 

Q1 REVENUE 
- REALISED 2008 VERSUS BUDGET 2008
DKKm	
Q1 2008 revenue, budget	8,021
Foreign currency translation adjustments	(2)
Acquisition and divestment of enterprises, net	0
Growth	500
Q1 2008 revenue	8,519

GROSS PROFIT
The consolidated gross margin ratio decreased to 21.0% relative to 22.2% for
the same period of 2007. 

The gross margin ratio realised was 0.7 percentage points below budget.

OPERATING PROFIT BEFORE SPECIAL ITEMS
The Group returned an operating profit before special items for Q1 2008 of DKK
385 million compared with DKK 370 million for the corresponding period last
year. The organic growth was 18.6% when adjusted for foreign currency
translation differences and acquisition and divestment of enterprises.
Operating profit before special items increased by 4.1% compared with the same
period last year. 

 
The ratio was 4.5% for the period compared with 4.4% for the same period of
2007, having been positively influenced by the reduction of other external
expenses. 

Q1 OPERATING PROFIT BEFORE SPECIAL ITEMS 
- REALISED 2008 VERSUS REALISED 2007
DKKm	
Q1 2007 operating profit before special items	370
Foreign currency translation adjustments	(15)
Acquisition and divestment of enterprises, net	(30)
Growth	60
Q1 2008 operating profit before special items	385

Operating profit before special items was 19.2% above budget. This is mainly
due to organic revenue growth and a reduction of other external expenses,
although that was partly offset by a lower gross margin ratio. 

Q1 OPERATING PROFIT BEFORE SPECIAL ITEMS 
- REALISED 2008 VERSUS BUDGET 2008
DKKm	
Q1 2008 operating profit before special items, budget	323
Foreign currency translation adjustments	(2)
Acquisition and divestment of enterprises, net	0
Growth	64
Q1 2008 operating profit before special items	385

When adjusted for amortisation of customer relationships of DKK 15 million and
costs related to share-based payments of DKK 5 million, the Group's operating
profit before special items came to DKK 405 million. The corresponding profit
for 2007 amounted to DKK 386 million. 

SPECIAL ITEMS
Special items for the first quarter represents a net income of DKK 436 million
and relates to a book gain from the sale of the shares in Tollpost Globe AS in
Norway. 

Special items were on a par with the budget.

NET FINANCIAL EXPENSES
Financial expenses netted DKK 87 million for the period as against DKK 57
million for the same period of 2007. 

Net financial expenses were approx. DK 20 million above budget, which is
attributable to foreign currency translation adjustments of approx. DKK 10
million and higher interest expenses due to a larger proportion of funds tied
up in net working capital. 

PROFIT BEFORE TAX
Profit before tax came to DKK 734 million for the period as against DKK 317
million for the same period of 2007. Profit before tax for the first quarter of
2008 was affected positively by special items of DKK 436 million net. 
 
When adjusted for these special items, profit before tax for the period dropped
by DKK 19 million. 

This is mainly attributable to higher net financial expenses, which are partly
offset by a higher operating profit before special items achieved without any
operating profit from Tollpost Globe AS in the first three months of 2008. 

Profit before tax was 5.3% above budget, which is mainly attributable to
organic growth. 

EFFECTIVE TAX RATE
The effective tax rate was 12.8% in Q1 2008. It was positively affected by a
non-taxable gain on the sale of DSV's shares in Tollpost Globe AS. When
adjusted for this gain, the effective tax rate was 31.5%. In 2007, the
effective tax rate was 28.7%. 

DILUTED ADJUSTED EARNINGS PER SHARE
Diluted adjusted earnings per share came to DKK 1.1 for the period, which is in
line with the corresponding period of 2007. 

Diluted adjusted earnings per share is DKK 4.6 for 2008, which is higher than
for 2007 when the diluted adjusted earnings per share came to DKK 4.4. 

BALANCE SHEET
The balance sheet stood at DKK 15,477 million at 31 March 2008 as against DKK
16,304 million at 31 December 2007. The drop is mainly caused by the sale of
DSV's shares in Tollpost Globe AS. 

EQUITY
DSV has completed a share buy-back programme for DKK 400 million launched in
2007. At 31 March 2008, there is still an ongoing share buy-back programme for
1,500,000 shares. Accordingly, DSV spent DKK 306 million on share buy-backs in
the first three months of 2008. 

At 31 March 2008, Group equity came to DKK 3,735 million, DKK 16 million of
which is attributable to minority interests. At 31 December 2007, Group equity
came to DKK 3,649 million. The increase derived mainly from profit for the
period, which is offset by share buy-backs to hedge an incentive programme and
a share buy-back programme as well as the sale of the minority interest in
Tollpost Globe AS. 

DEVELOPMENT IN EQUITY		
DKKm	Q1 2007	Q1 2008
Equity at 1 January	3,844	3,649
Net profit for the period	226	640
Share buy-back, net	(139)	(306)
Foreign currency translation adjustments	(17)	(48)
Fair value adjustment of interest swaps	6	(29)
Purchase/disposal minority interests	0	(174)
Other	(2)	3
Equity at 31 March	3,918	3,735

 
The solvency ratio exclusive of minority interests came to 24.0%. This is an
increase compared with 31 December 2007, when the corresponding ratio was
21.2%. The increase was mainly caused by the share buy-backs and the sale of
DSV's shares in Tollpost Globe AS, which reduced the balance sheet total. 

NET WORKING CAPITAL
The Group's funds tied up in net working capital came to DKK 811 million at 31
March 2008 as against DKK 291 million at 31 December 2007, which was lower than
usual. 

Funds tied up in debtors and other receivables have been reduced since 31
December 2007, but this is more than offset by a reduction of trade payables. 

Moreover, funds were tied up in a property, which has subsequently been sold in
Q2 2008 without affecting results. 

The current implementation of new IT systems and the establishment of shared
service centres also contribute to the increased working capital because these
implementations imply that more funds are tied up in working capital in a
transitional phase. 

NET INTEREST-BEARING DEBT
Net interest-bearing debt amounted to DKK 4,973 million at 31 March 2008 as
against DKK 5,121 million at 31 December 2007. The drop was mainly caused by
proceeds from the sale of DSV's shares in Tollpost Globe AS, although this drop
was partly offset by share buy-backs and an increase in net working capital. 

CASH FLOW STATEMENT		
DKKm	Q1 2007	Q1 2008
Profit before tax	317	734
Changes in net working capital	(116)	(468)
Adjustment, non-cash operating items etc.	(25)	(508)
Cash flow from operating activities	176	(242)
Purchase and sale of intangibles, property, plant and equipment	(65)	(198)
Acquisition and divestment of enterprises/ disposal of activities	0	876
Other	27	16
Cash flow from investing activities	(38)	694
Free cash flow	138	452
Proceeds from and repayments of current and non-current liabilities	18	(225)
Transactions with shareholders	(143)	(309)
Cash flow from financing activities	(125)	(534)
Cash flow for the period	13	(82)
		
Adjusted free cash flow for the period	138	(424)

CASH FLOW FROM OPERATING ACTIVITIES
Cash flow from operating activities came to a negative DKK 242 million for the
period as against DKK 176 million for the same period of 2007. The development
is primarily attributable to more funds tied up in net working capital. 

 
CASH FLOW FROM INVESTING ACTIVITIES
Cash flow from investment activities netted an inflow of DKK 694 million.
Adjusted for the impact of acquisition and divestment of enterprises, cash flow
from investing activities netted an outflow of DKK 182 million. The investments
include the construction of buildings to be resold before the end of the year
for about DKK 150 million. 

FREE CASH FLOW
Free cash flow for the period adjusted for the acquisition of enterprises
amounted to a negative DKK 424 million. 

INVESTED CAPITAL INCLUDING GOODWILL AND CUSTOMER RELATIONSHIPS
The Group's invested capital including goodwill and customer relationships came
to DKK 9,065 million at 31 March 2008 as against DKK 9,150 million at 31 March
2007. 

ROIC INCLUDING GOODWILL AND CUSTOMER RELATIONSHIPS
Return on invested capital including goodwill and customer relationships
is16.9% for 2008 compared with 16.4% for 2007. 

ACQUISITION AND DIVESTMENT OF ENTERPRISES IN Q1 2008
The sale of DSV's stake in Norwegian Tollpost Globe AS closed on 11 March 2008.
The sales price was DKK 993 million. The assets sold including allocated
goodwill total DKK 720 million, and the liabilities sold totalled DKK 172
million, which resulted in a gain after selling costs of DKK 437 million. For
2007, Tollpost Globe AS had a revenue of DKK 2,100 million and an EBITA of DKK
125 million. 

The acquisition of Roadferry Ltd. was completed on 29 February 2008 and will be
recognised in the consolidated financial statements as from 1 March 2008.
Roadferry Ltd. has been included in the budgeted net revenue of the Road
Division for 2008 by DKK 400 million. 


EVENTS AFTER THE BALANCE SHEET DATE OF THE INTERIM FINANCIAL REPORT
Kurt Larsen will resign from the Executive Board and has been nominated for the
Supervisory Board to be elected with effect from 1 August 2008 in connection
with the Annual General Meeting of the Company. As already announced, Jens
Bjørn Andersen will become his successor as Group CEO. 

On 4 March 2008, the Supervisory Board of DSV decided to buy back up to
1,500,000 treasury shares in the period from 4 March to 10 April 2008, both
days inclusive. This share programme has expired, the result being the
acquisition of treasury shares for DKK 149.1 million. 

As mentioned below, the Supervisory Board of DSV decided on 29 April 2008 to
launch yet another share buy-back programme for up to DKK 300 million. 

No other material events have occurred after the balance sheet date.


OUTLOOK FOR 2008 
DSV maintains the expectations for the last nine months of 2008 announced in
the 2007 Annual Report relating to revenue and operating profit before special
items. The expectations of cash flow and net investments for 2008 remain
unchanged from the expectations announced in the 2007 Annual Report. 


STATUS OF CONSOLIDATION
The strategy of DSV is to play a proactive role in the ongoing consolidation of
the transport and logistics sector. Group Management considers DSV to have both
operative and financial strength and that it would be natural for the Company
to play an active role in the consolidation of the sector. 

DSV is at all times in dialogue with a number of transport and logistics
companies, including large and medium-sized market players which may contribute
to an expansive development of the current activities of the Group within their
relevant fields. 

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 300 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 29 April 2008, DSV holds 16,850,927 treasury shares of a nominal value of
DKK 1 each, corresponding to 8.24% 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 operating results 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 2-3.5. 

Considering the financial results achieved and the expectations for the
remaining part of 2008, the Group's net interest-bearing debt should be around
DKK 4.3-7.6 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 and to hedge
the Group's incentive programmes. At next year's 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 29 April 2008 to 31 July 2008, both days
inclusive. During this period DSV will buy back shares of a value not exceeding
DKK 300 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 300 million. No more than 3,299,073 shares,
corresponding to 1.76% 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 for DSV shares at the date of acquisition, or
which otherwise exceeds the higher of the price of the latest independent trade
and the highest current independent bid (by buyers) on the OMX Nordic Exchange
Copenhagen 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 292,792 shares in the Company may be
purchased, corresponding to 25% of the average trading volume of DSV shares on
the OMX Nordic Exchange Copenhagen in March 2008. 
•	The reporting obligations under Danish law and the rules of the OMX Nordic
Exchange Copenhagen must be fulfilled within the applicable time-limits. 

EXCHANGE RATES

		Realised	Year-to-date average	Budget
Country	Cur¬ren¬cy	31.03.07	31.03.08	31.03.07	31.03.08	2008
Euroland	EUR	745	746	745	745	744
UK	GBP	1,096	937	1,112	984	1,000
Norway	NOK	92	93	91	94	93
Sweden	SEK	80	79	81	79	79
USA	USD	559	472	569	497	500
DKK for 100 currency units

 
Summary of Division results

Road Division

REVENUE
The revenue of the Road Division was 5.1% above budget, Sweden, the UK, Germany
and the Netherlands performing particularly well. 

GROSS PROFIT
The gross margin ratio of the Road Division came to 19.9% for the period as
against the budgeted 19.1%. 

OPERATING PROFIT BEFORE SPECIAL ITEMS
The Road Division achieved an operating profit before special items that was
27.9% above budget, which is mainly attributable to Sweden and the UK. 

BALANCE SHEET
The balance sheet of the Road Division stood at DKK 12,031 million at 31 March
2008 as against DKK 13,030 million at 31 December 2007. The drop is mainly
caused by the sale of DSV's shares in Tollpost Globe AS. 

NET WORKING CAPITAL
The Road Division's funds tied up in net working capital came to DKK 328
million at 31 March 2008 compared with DKK 152 million at 31 December 2007.
Funds tied up in debtors and other receivables were reduced, but this was more
than offset by a reduction of trade payables and corporation tax payable. 

The current implementation of new IT systems and the establishment of shared
service centres contribute to the increased working capital because these
implementations imply that more funds are tied up in working capital in a
transitional phase. 

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

Air & Sea Division

REVENUE
The revenue of the Air & Sea Division outperformed budget by 7.1% in the first
three months of 2008, the USA, Denmark and the Project Department being above
budget. 

GROSS PROFIT
The gross margin ratio of the Air & Sea Division came to 20.2% for the period
as against the budgeted 21.0%. 

OPERATING PROFIT BEFORE SPECIAL ITEMS
The operating profit before special items of the Air & Sea Division was 19.3%
above budget for the first three months of 2008, which is mainly attributable
to the USA and Denmark. 

BALANCE SHEET
The balance sheet of the Air & Sea Division stood at DKK 2,820 million at 31
March 2008 as against DKK 3,214 million at 31 December 2007. The decrease is
mainly due to lower net interest-bearing debt. 

NET WORKING CAPITAL
The Air & Sea Division's funds tied up in net working capital came to DKK 288
million at 31 March 2008 compared with DKK 165 million at 31 December 2007.
Funds tied up in debtors and other receivables were reduced, but this was more
than offset by a reduction of trade payables and corporation tax payable. 

The current implementation of new IT systems and establishment of shared
service centres contribute to the increased working capital because these
implementations imply that more funds are tied up in working capital in a
transitional phase. 

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

Solutions Division

REVENUE
The revenue of the Solutions Division outperformed budget by 6.2% in the first
three months of 2008, which is mainly attributable to Other Europe. 

GROSS PROFIT
The gross margin ratio of the Solutions Division came to 21.6% for the period
as against the budgeted 23.6%. The drop was mainly caused by greater
competition and major internal relocations. 

OPERATING PROFIT BEFORE SPECIAL ITEMS
Operating profit before special items came to DKK 36 million for the first
three months of 2008, which is in line with budget. 

BALANCE SHEET
The balance sheet of the Solutions Division stood at DKK 3,808 million at 31
March 2008 as against DKK 3,532 million at 31 December 2007. This increase
mainly occurred because more funds have been tied up in net working capital and
goodwill originating from activities acquired from the Road Division. 

NET WORKING CAPITAL
The Solutions Division's funds tied up in net working capital came to DKK 181
million at 31 March 2008 compared with a negative amount of DKK 24 million at
31 December 2007. The increase is caused by more funds being tied up in debtors
and by the repayment of liabilities relating to trade payables. 

Moreover, funds were tied up in a property, which has subsequently been sold in
Q2 2008 without affecting results. 

Moreover the current implementation of new IT systems and the establishment of
shared service centres for a transitional phase imply that more working capital
is tied up. 

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

 
Road Division

CONDENSED INCOME STATEMENT FOR THE PERIOD			
(DKKm)	01.01.07-31.03.07
Realised 	01.01.08-31.03.08
Budget	01.01.08-31.03.08
Realised 
Revenue	5,741	4,726	4,967
Direct costs	4,526	3,822	3,980
Gross profit	1,215	904	987
			
Other external expenses	314	180	223
Staff costs	640	524	528
Operating profit before amortisation, depreciation and special items	261	200	236
			
Amortisation, depreciation and impairment of intangibles, property, plant and
equipment, excluding customer relationships	61	43	36 
Amortisation and impairment of customer relationships	2	3	3
Operating profit before special items	198	154	197

CONDENSED BALANCE SHEET	 	
(DKKm)	31.12.07	31.03.08
Goodwill and customer relationships	2,456	2,483
Other intangibles, property, plant and equipment	2,784	2,170
Other non-current assets	608	757
Total non-current assets	5,848	5,410
Receivables	4,333	3,983
Cash and intercompany balances	2,849	2,638
Total current assets	7,182	6,621
Total assets	13,030	12,031
Equity	1,614	2,451
Interest-bearing long-term debt	260	222
Other non-current liabilities, including provisions	617	604
Total non-current liabilities	877	826
Interest-bearing short-term debt, including intercompany debt	6,358	5,099
Other short-term debt	4,181	3,655
Total current liabilities	10,539	8,754
Total equity and liabilities	13,030	12,031
ROIC came to 16.5%. The calculation of ROIC included DKK 2,236 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: 10,067.


 
ACTIVITIES
The Road Division handles transport (full and part loads and mixed cargo) by
trucks domestically and between the European countries. The services are
provided by Group companies throughout Europe. 

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

THE DIVISION IN BRIEF
During the budgeting phase, the Division was particularly concerned about the
situation in Europe because of the worry that the US economic crisis would
spread to the European market. 

Things have, however, developed better than anticipated in the somewhat worried
budgets made for the first quarter. The Division did not see a reduction in
volumes, nor of the EBITA margin. If the results are compared with those of
2007 and adjusted for the Easter season (which did not fall until the second
quarter in 2007) and the divestment of DSV's 50% stake in Tollpost Globe AS,
then the Division achieved a growth rate of more than 20%. 

Whether the financial crisis will hit the Division and its operations next
quarter is difficult to foresee. 

The Division has improved its quality, and the integration falls more and more
into place. Due to these factors the Division has a chance of improved earnings
and fine growth. What has happened in reality is that the very weak markets
have improved and the strong markets with somewhat higher earnings have held
the fort; some of them have even improved their operating results. 
 
 
COUNTRY	DEVELOPMENT IN REVENUE	DEVELOPMENT IN OPERATING PROFIT BEFORE SPECIAL
ITEMS (EBITA)	FOCUS 
Denmark 	On budget	On budget	Very handsome EBITA margin. Good management with
strong initiatives to improve quality and operating results. 
Sweden	Outperformed budget	Much better than budget	Very fine improvement of
EBITA margin. Strong growth. The company replaced its operating management
about a year ago. This has contributed to growth and to a notable improve¬ment
of the EBITA margin. 
Norway	On budget	On budget	Create a strategy on the future domestic situation
of the company. This is relevant after the sale of DSV's 50% stake in Tollpost
Globe AS. The domestic activities imply considerable develop¬ment potential. 
Finland	On budget	Below budget	A clearly reduced EBITA margin as a consequence
of domes¬tic IT problems. The executive management of Finland will assume
direct responsibility for the activity in future. Part of the IT problem is
caused by the Group IT Dept. in Copen¬hagen. 
UK	Outperformed budget
	Outperformed budget	The volume decrease seen some time ago has now been
replaced by growth, good quality and stability. Corporate earn¬ings become
stronger and stronger, and there is potential for increased growth in the UK. 
Ireland	Slightly below budget	Slightly below budget	The company has experienced
a difficult period. However, managements in Ireland and Copenhagen expect the
old growth rate to return in 2008. 
Germany	Outperformed budget	Outperformed budget	Results are better compared
with the corresponding period last year, although there is still cause for full
focus from the national management in Germany and Group Management in
Copenhagen. Quality and operating results have improved, but figures are still
red. 
The Netherlands	Outperformed budget 
	Outperformed budget	The new Dutch management seems to have got operating
results under control. Group Management has great expectations of the Dutch
organisation. The company ought to return to the previous, strong positions of
both enterprises before the acquisi¬tion of Frans Maas. 
Belgium	On budget	On budget	The company performed well. No difference relative
to previous announcements. Good management, handsome margins and good quality.
The company should create larger growth. 
France	Below budget 

	Outperformed budget	Small loss, but clear improvement on Q1 2007. There is
reason for optimism in the French organisation; and the Group head¬quarters in
Copenhagen feel confident that the French manage¬ment will reach the goal of
positive results in future. Management ran the company well before the
acquisition of Frans Maas. 
Italy	Below budget	Slightly better than budget	A large market to which there
are expectations of strong growth. EBITA ought to improve. 
Spain 	Slightly below budget, but much better than Q1 2007	Below budget;
results lower than for Q1 2007	New management working to improve operating
results and company administration. Things are being straightened out in the
company. Group Management has confidence in the new Spanish management. 
Portugal	On budget 	On budget	Portugal is no big market, but still it should be
possible to create higher top-line growth. 
Poland	Slightly below budget, but better than Q1 2007	On budget	Poland is a big
market, and the company should create the best results among the former Central
and Eastern European countries. This applies to both EBITA and revenue. 
The Baltics, Russia and Ukraine	Outperformed budget

	On budget	Ukraine is very new and the company of a modest size. 
Russian figures are small, and Group Management has not been particularly
active in respect of Russia. 
The economic growth in the Baltic countries has come to a halt. The Companies
still have fine figures, but the previously very strong growth will presumably
slow down. 
Czech Republic	Outperformed budget	On budget	Handsome growth which ought to be
maintained in future. The company previously had a somewhat higher EBITA
margin, which is worth having a look at. 
Central Europe (Austria, Switzer¬¬land, Hungary and Slovakia)	Much better than
budget 	Outperformed budget	The countries in Central Europe differ greatly. 
Austria has a modest EBITA and modest growth. 
Switzerland returned fairly poor results and weak growth. 
Hungary is improving both results and growth. 
Slovakia is doing surprisingly well in all areas.
South Eastern Europe (Greece, Bul¬garia, Slovenia, Croatia, Serbia, Turkey and
Morocco)	Below budget	On budget	Turkey saw fine growth. 
Greece returned negative results.
Bulgaria is slightly disappointing. 
Slovenia, Croatia and Serbia did well measured by all parameters.
Morocco delivered results without attracting much attention from its network. 
 

REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS
 	Revenue	Operating profit before special items	Operating profit before special
items (%) 
(DKKm)
 	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08
Denmark	1,196	1,189	1,179	80	75	79	6.7	6.3	6.7
Sweden	1,026	995	1,055	25	24	44	2.4	2.4	4.2
Norway	813	290	276	46	16	16	5.7	5.5	5.8
Finland	314	337	331	7	7	4	2.2	2.1	1.2
UK	535	420	466	26	19	36	4.9	4.5	7.7
Ireland	145	97	90	6	4	3	4.1	4.1	3.3
Germany	577	546	612	(9)	(8)	(5)	-1.6	-1.5	-0.8
The Netherlands	226	188	222	3	(5)	(1)	1.3	-2.7	-0.5
Belgium	237	258	253	14	16	15	5.9	6.2	5.9
France	359	213	195	(9)	(3)	(1)	-2.5	-1.4	-0.5
Italy	218	162	152	5	2	3	2.3	1.2	2.0
Spain	122	96	92	(9)	(6)	(12)	-7.4	-6.3	-13.0
Portugal	39	41	40	2	1	1	5.1	2.4	2.5
Poland	102	110	107	4	5	5	3.9	4.5	4.7

The Baltics, Russia and Ukraine	246	229	255	11	6	7	4.5	2.6	2.7
Czech Republic	54	60	66	4	2	2	7.4	3.3	3.0
Central Europe	145	146	172	(1)	(1)	1	-0.7	-0.7	0.6
(Austria, Switzerland, Hungary and Slovakia)			 			 			 

South Eastern Europe	92	113	105	2	3	2	2.2	2.7	1.9
(Greece, Bulgaria, Slovenia, Croatia, Serbia, Turkey and Morocco)			 			 			 
Total 	6,446	5,490	5,668	207	157	199	3.2	2.9	3.5
Group	196	95	112	(7)	0	1	-	-	-
Amortisation of customer relationships	0	0	0	(2)	(3)	(3)	-	-	-
Elimination	(901)	(859)	(813)	0	0	0	-	-	-
Net	5,741	4,726	4,967	198	154	197	3.4	3.3	4.0
 
Air & Sea Division

CONDENSED INCOME STATEMENT FOR THE PERIOD			
(DKKm) 	01.01.07-31.03.07
Realised 	01.01.08-31.03.08
Budget	01.01.08-31.03.08
Realised 
Revenue	1,976	2,377	2,546
Direct costs	1,564	1,879	2,031
Gross profit	412	498	515
			
Other external expenses	98	126	121
Staff costs	181	228	225
Operating profit before amortisation, depreciation and special items	133	144	169
			
Amortisation, depreciation and impairment of intangibles, property, plant and
equipment, excluding customer relationships	5	6	6 
Amortisation and impairment of customer relationships	2	3	2
Operating profit before special items	126	135	161


CONDENSED BALANCE SHEET		
(DKKm) 	31.12.07	31.03.08
Goodwill and customer relationships	910	903
Other intangibles, property, plant and equipment	102	97
Other non-current assets	43	42
Total non-current assets	1,055	1,042
Receivables	1,480	1,515
Cash and intercompany balances	679	263
Total current assets	2,159	1,778
Total assets	3,214	2,820
		
Equity	699	769
Interest-bearing long-term debt	33	32
Other non-current liabilities, including provisions	81	88
Total non-current liabilities	114	120
Interest-bearing short-term debt, including intercompany debt	1,086	704
Other short-term debt	1,315	1,227
Total current liabilities	2,401	1,931
Total equity and liabilities	3,214	2,820
ROIC came to 40.2%. The calculation of ROIC included DKK 1,432 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: 3,133.

 
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
As with the Road Division, there has been considerable concern about the
revenue of the Air & Sea Division. However, the US crisis and the low dollar
rate did not influence the growth of the Division, which remains high in
respect of both top line and EBITA. 

Of course the low dollar rate has caused some changes; it has created a large
growth in the outbound export from the USA. For our US subsidiary, the greater
export volumes have more than compensated for the somewhat lower import
volumes. 

It is seen very clearly from the figures of the Division that nearly all
markets did better than the first quarter of 2007. 

The Division supplies high-quality services, for which reason it is likely that
part of the growth is attributable to increased market shares. 
 
 
COUNTRY	DEVELOPMENT IN REVENUE	DEVELOPMENT IN OPERATING PROFIT BEFORE SPECIAL
ITEMS (EBITA)	FOCUS 
USA	Outperformed budget and much better than Q1 2007	Outperformed
budget	Impressively well run considering the US economic crisis and a declining
dollar rate. The US shippers are very good at seeing the opportunities of a
changing market. 
Denmark	Outperformed budget	Much better than budget and significantly better
than Q1 2007	Well run, handsome growth. Nice improvement of EBITA margin. 
Denmark 
Project Dept.	Much better than budget and significantly better than Q1
2007	Outperformed budget and much better than Q1 2007	The Department has seen a
significant positive development. Earnings were good, but the EBITA margin was
a tiny bit below budget. 
Norway	Outperformed budget 	Outperformed budget	Fine development, particularly
of the EBITA margin. 
Slightly higher growth would look good for the company.
Sweden	On budget 	Slightly below budget and slightly below Q1 2007	A modest
EBITA margin and modest growth. The competitors in the Swedish market are not
performing too well; still the company ought to perform better. 
Finland	Slightly better than budget	Below budget	A very small EBITA margin
which ought to be worked on. 
UK and Ireland	Outperformed budget	Outperformed budget	Handsome EBITA margin in
Ireland. 
The EBITA margin could be tightened up a bit in the UK in particular. 
Northern Ireland is a new and positive member of the family.
Germany	Slightly below budget 	Slightly better than budget	The EBITA margin of
the company is very low, one of the lowest of the Air & Sea Division. It ought
to be higher in the huge German market. 
The Netherlands	Outperformed budget 	Below budget and below Q1 2007	Somewhat
disappointing in the Netherlands; returned a very weak EBITA margin, but also
fairly handsome growth. 
France	On budget 	Slightly better than budget	Positive, although very modest
results. 
Italy	Slightly below budget, but 50% better than Q1 2007 	On budget	Even though
the company performs according to budget, it still returned a loss. Therefore
hard work is needed make black figures in future. 
Spain	Much below budget and much lower than for Q1 2007 	Below budget; lower
than for Q1 2007	The Spanish executive management has been replaced. This
management clean-out may have had a negative effect on the Q1 results. 
Central Europe 
(Poland, Hungary, the Czech Republic and Turkey)	Outperformed budget 	On
budget	Other than the Czech Republic, the companies are of modest sizes. In
general, results are nice and regular. 
Canada	Below budget, more or less on a level with Q1 2007	On budget, but much
better than Q1 2007	The company ought to grow in terms of both size and
earnings. 
China	Outperformed budget, almost 40% up on Q1 2007 	Better than budget and
very much better than Q1 2007	Fine growth. In general a very well managed and
well run company. 
Hong Kong	Almost on budget 	Slightly below budget	Handsome EBITA margin, the
highest of the Division. If a wish were to be expressed in respect of Hong
Kong, it should be of growth, maybe not in the order of that of China, but
something like it. 
Australia and New Zealand	Much better than budget 	Outperformed budget	Good
operating profit in both geographical areas. Particularly Australia excels by
its handsome growth and very fine improvement of the EBITA margin. 
Other Far East (Indonesia, Thailand, Singapore, Malaysia, the Philippines,
Korea, Taiwan, Vietnam, India, Bangladesh and the United Arab
Emirates)	Slightly below budget	Outperformed budget	Generally a high EBITA
level. Some of the countries are found in the Division top. 
This is one of the areas in the world with the highest growth rates.
Accordingly we ought to create a somewhat higher growth than was the case in
Q1. 


 
REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS
 	Revenue	Operating profit before special items	Operating profit before special
items (%) 
(DKKm)	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08
USA	395	401	470	40	40	48	10.1	10.0	10.2
Denmark	400	428	444	22	24	34	5.5	5.6	7.7
Project Dept.	161	164	226	8	11	12	5.0	6.7	5.3
Norway	80	77	86	6	6	8	7.5	7.8	9.3
Sweden	103	102	100	5	4	4	4.9	3.9	4.0
Finland	52	57	61	2	3	2	3.8	5.3	3.3
UK and Ireland	253	339	335	7	10	13	2.8	2.9	3.9
Germany	235	239	233	4	3	4	1.7	1.3	1.7
The Netherlands	122	133	138	5	4	4	4.1	3.0	2.9
France	0	123	121	0	1	1	-	0.8	0.8
Italy	0	71	65	0	(2)	(2)	-	-2.8	-3.1
Spain	0	37	29	0	(1)	(3)	-	-2.7	-10.3
Central Europe	54	84	86	(1)	2	2	-1.9	2.4	2.3
(Poland, Hungary, Czech Republic, Bulgaria and Turkey)			 			 			 
Canada	27	32	26	0	1	1	0.0	3.1	3.8
China	105	141	144	10	12	13	9.5	8.5	9.0
Hong Kong	85	93	91	10	10	9	11.8	10.8	9.9

Australia and New Zealand	54	70	82	3	3	4	5.6	4.3	4.9

Other Far East (Indonesia, Thailand, Singapore, Malaysia, the Philippines,
Korea, Taiwan, Vietnam, India, Bangladesh and the United Arab Emirates)	153 









	176









	172









	7









	8









	10









	4.6









	4.5









	5.8










Total 	2,279	2,767	2,909	128	139	164	5.6	5.0	5.6
Group	2	3	3	0	(1)	(1)	-	-	-
Amortisation of customer relationships	0	0	0	(2)	(3)	(2)	-	-	-
Elimination	(305)	(393)	(366)	0	0	0	-	-	-
Net	1,976	2,377	2,546	126	135	161	6.4	5.7	6.3
 
Solutions Division

CONDENSED INCOME STATEMENT FOR THE PERIOD			
(DKKm) 	01.01.07-31.03.07
Realised 	01.01.08-31.03.08
Budget	01.01.08-31.03.08
Realised 
Revenue	1,051	1,189	1,263
Direct costs	776	908	990
Gross profit	275	281	273
			
Other external expenses	91	95	84
Staff costs	105	119	123
Operating profit before amortisation, depreciation and special items	79	67	66
			
Amortisation, depreciation and impairment of intangibles, property, plant and
equipment, excluding customer relationships	18	21	21 
Amortisation and impairment of customer relationships	9	9	9
Operating profit before special items	52	37	36


CONDENSED BALANCE SHEET 		
(DKKm) 	31.12.07	31.03.08
Goodwill and customer relationships	764	873
Other intangibles, property, plant and equipment	1,126	1,260
Other non-current assets	119	104
Total non-current assets	2,009	2,237
Receivables	963	1,139
Cash and intercompany balances	560	432
Total current assets	1,523	1,571
Total assets	3,532	3,808
		
Equity	408	387
Interest-bearing long-term debt	466	468
Other non-current liabilities, including provisions	186	194
Total non-current liabilities	652	662
Interest-bearing short-term debt, including intercompany debt	1,485	1,801
Other short-term debt	987	958
Total current liabilities	2,472	2,759
Total equity and liabilities	3,532	3,808
ROIC came to 5.3%. The calculation of ROIC included DKK 1,390 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: 5,484.


 
ACTIVITIES
The Solutions Division defines solutions as comprehen¬sive logistics solutions,
including outsourcing of stocks, distribution and a number of services related
to custom¬ers' 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
It was disappointing to Group Management in Copenhagen that the Nordic
countries were fairly weak and unable to meet their budgets. Some specific
initiatives have been started to regain the old earnings and growth levels. In
the rest of Europe, the Solutions Division is doing fine. The Division
Management is good, and the quality provided is very high. Demand for Solutions
products has not decreased. 

For a period the collaboration between the Solutions and Road Divisions has
been less intensive because of the lower quality provided by the Road Division.
Now that quality has regained its previous level, increased collaboration would
benefit both Divisions when looking forward in 2008. 

 
COUNTRY	DEVELOPMENT IN REVENUE	DEVELOPMENT IN OPERATING PROFIT BEFORE SPECIAL
ITEMS (EBITA)	FOCUS 
Nordic countries
(Denmark, Norway, Sweden and Finland)	On budget	Below budget	Finland was indeed
a positive surprise this quarter. We have been very worried about the situation
in Finland, but now the country is back with a very fine EBITA margin. 
Denmark returned disappointing results of only half the size of last year's
results. 
Norway did not perform as budgeted or expected either. 
Those results are attributable to a number of specific circumstances in the
Nordic countries, and initiatives have been made to improve operating results. 
Other Europe 
(The UK, Germany, the Netherlands, Belgium, France, Poland and
Romania)	Outperformed budget	Slightly below budget	Results and EBITA margins
are still very fine in the Netherlands and Belgium. 
Italy and Romania look reasonable. 
Division Management has made a great effort to solve the problems on several
locations in Europe and has taken charge of some of the German problems. 

REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS
 	Revenue	Operating profit before special items	Operating profit before special
items (%) 
(DKKm)	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08	Realised 
01.01.07-31.03.07	Budget 
01.01.08-31.03.08	Realised 
01.01.08-31.03.08
Nordic countries	284	266	271	13	8	8	4.6	3.0	3.0
(Denmark, Norway, Sweden and Finland)			 			 			 
Other Europe	796	961	1,024	48	38	36	6.0	4.0	3.5
(The UK, Germany, the Netherlands, Belgium, France, Poland and Romania)			 			
			 
Total 	1,080	1,227	1,295	61	46	44	5.6	3.7	3.4
Group	1	3	3	0	0	0	-	-	-
Amortisation of customer relationships	0	0	0	(9)	(9)	(8)	-	-	-
Elimination	(30)	(41)	(35)	0	0	0	-	-	-
Net	1,051	1,189	1,263	52	37	36	4.9	3.1	2.9

 
 
Shareholder information
 

SALARIES AND BONUSES FOR THE EXECUTIVE BOARD
An amount of DKK 4.5 million was charged to the income statement for salaries
and bonuses for the Executive Board members in Q1 2008. 

INCENTIVE PROGRAMME
DSV launched a new incentive programme on 31 March 2008. Please see page 22 for
a list of all current incentive programmes. 

LATEST IMPORTANT STOCK EXCHANGE ANNOUNCEMENTS
4 March 2008 (announcement No. 286):
2007 Annual Report

11 March 2008 (announcement No. 288):
Sale of DSV's 50% stake in Tollpost Globe AS by DSV Road Holding A/S ("DSV") to
Posten AB closed 

INVESTOR TELECONFERENCE 
DSV invites investors, shareholders, analysts and others to participate in an
investor teleconference on 29 April 2008 at 1:00 p.m. 

At the conference, which will take place in English, DSV will present its Q1
2008 Interim Financial Report. Participants will have an opportunity to ask
questions. 

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

The telephone number for the teleconference is +45 32 71 47 67 for Danish
participants. Foreign participants can attend the conference on either +44 (0)
208 817 9301 or +1 718 354 1226. Participants will have an opportunity to ask
questions. No prior registration is required to attend the teleconference. 

WEB-BASED INVESTOR TELECONFERENCE
The teleconference can be viewed and heard directly on the DSV website
(http://www.dsv.com) or via the OMX Nordic Exchange Copenhagen
(http://.omxgroup.com/nordicexchange/). Questions can only be asked by
telephone. Please note that Microsoft Media Player is required to view the
tele¬conference. 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 FINANCIAL REPORT
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. 

ACCOUNTING POLICIES
The Interim Financial Report has been prepared according to IAS 34.

DSV has implemented IFRS 8 "Operating Segments" with effect from 1 January
2008. The new financial reporting standard has not influenced recognition and
measurement, but implies additional segment reporting. 

The accounting policies remain unchanged compared with the 2007 Annual Report,
except for the implementation of IFRS 8. 

STATEMENT BY THE EXECUTIVE AND SUPERVISORY BOARDS
The Supervisory Board and the Executive Board have today considered and adopted
the Interim Financial Report of DSV A/S for the three-month period ended 31
March 2008. 

The Interim Financial Report, which has not been audited or reviewed by the
Company auditor, has been prepared in accordance with IAS 34 "Interim Financial
Reporting" as approved by the European Union and additional Danish disclosure
requirements for interim financial reports of listed companies. 

In our opinion, the Interim Financial Report gives a true and fair view of the
Group's assets, equity, liabilities and financial position at 31 March 2008 and
of the results of the Group's activities and the cash flows for the three-month
period ended 31 March 2008. 

We also find that Management's review provides a fair statement of developments
in the activities and financial situation of the Group, financial results for
the period, the general financial position of the Group and a description of
the major risks and elements of uncertainty faced by the Group. 

Brøndby, 29 April 2008


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
 
Interim Financial Statements

INCOME STATEMENT
(DKKm)			01.01.07-31.03.07	01.01.08-31.03.08
Revenue			8,493	8,519
Direct costs			6,608	6,727
Gross profit			1,885	1,792
				 
Other external expenses			490	413
Staff costs			928	907
Operating profit before amortisation, depreciation and special items 			467	472
				 
Amortisation, depreciation and impairment of intangibles, property, plant and
equipment			97	87 
Operating profit before special items			370	385
				 
Special items, net			4	436
Operating profit (EBIT) 			374	821
				 
Share of associates' net profit after tax			- 	(1)
Financial income			13	21
Financial expenses			(70)	(107)
Profit before tax			317	734
				 
Tax on profit for the period			91	94
Net profit  for the period 			226	640
				 
Net profit for the period is allocated to: 				 
Shareholders of DSV A/S			214	640
Minority interests			12	0
				 
Earnings per share (DKK): 				 
Earnings per share of DKK 1			4.3	13.7
Diluted earnings per share of DKK 1			4.4	4.6

STATEMENT OF RECOGNISED INCOME AND EXPENSE
(DKKm)	01.01.07-31.03.07	01.01.08-31.03.08
Foreign currency translation adjustments, foreign enterprises	(17)	(48)
Value adjustment of hedging instruments for the period	20	7
Value adjustment of hedging instruments transferred to financial
expenses	(13)	(45) 
Share-based payments	2	5
Actuarial adjustments	0	0
Others adjustments	(3) 	0
Tax on changes in equity	2	9
Net expense recognised directly in equity	(9)	(72)
Profit for the period	226	640
Total statement of recognised income and expense 	217	568
		 
Statement of recognised income and expense is attributable to: 		 
Shareholders of DSV A/S	205	568
Minority interests	12	0
Total 	217	568

 

BALANCE SHEET, ASSETS
(DKKm)	31.03.07	31.12.07	31.03.08
Non-current assets			 
Intangibles	4,972	5,114	4,808
Property, plant and equipment	3,718	3,795	3,523
Investments in associates	14	7	6
Other securities and receivables 	108	118	105
Deferred tax asset	279	328	340
Total non-current assets 	9,091	9,362	8,782
			 
Current assets			 
Assets held for sale	141	121	120
			 
Operating current assets			 
Trade and other receivables	6,485	6,438	6,271
Cash	419	383	304
Total operating current assets 	6,904	6,821	6,575
Total current assets 	7,045	6,942	6,695
Total assets 	16,136	16,304	15,477

BALANCE SHEET, EQUITY AND LIABILITIES
(DKKm)	31.03.07	31.12.07	31.03.08
Equity			 
Share capital	40	202	202
Reserves	3,723	3,255	3,517
DSV A/S shareholders' share of equity	3,763	3,457	3,719
Minority interests	155	192	16
Total equity 	3,918	3,649	3,735
			 
Liabilities 			 
Non-current liabilities			 
Deferred tax	293	300	302
Pensions and similar obligations	551	405	412
Provisions	330	178	172
Financial liabilities	4,576	4,900	4,441
Total non-current liabilities 	5,750	5,783	5,327
			 
Current liabilities			 
Liabilities relating to assets held for sale	0	81	0
			 
Other current liabilities			 
Provisions	74	147	129
Financial liabilities	684	604	835
Trade and other payables	5,707	5,857	5,342
Corporation tax	3	183	109
Total other current liabilities 	6,468	6,791	6,415
Total current liabilities	6,468	6,872	6,415
Total liabilities 	12,218	12,655	11,742
Total equity and liabilities 	16,136	16,304	15,477

 

CASH FLOW STATEMENT
(DKKm)		01.01.07-31.03.07	01.01.08-31.03.08
Profit before tax		317 	734 
Adjustment, non-cash operating items etc.			 
Amortisation, depreciation and impairment losses		97	87
Share-based payments		2	5
Special items		0	(437)
Changes in provisions		(22)	(28)
Share of profit of associates		0 	1
Financial income		(13)	(21)
Financial expenses 		70	107
Cash flow from operating activities before changes in net working capital
		451	448 
Changes in net working capital		(116)	(468)
Financial income, paid		13	21
Financial expenses, paid		(70)	(113)
Cash flow from ordinary activities		278	(112)
Corporation tax, paid		(102)	(130)
Cash flow from operating activities		176	(242)
			 
Acquisition of intangibles		(2)	(52)
Sale of intangibles		19 	0
Acquisition of property, plant and equipment		(111)	(181)
Sale of property, plant and equipment		29	35
Net divestment of enterprises/disposal of activities		0	876
Change in other financial assets		27	16
Cash flow from investing activities		(38)	694
Free cash flow		138	452
			 
Proceeds from incurring non-current liabilities		40	0
Repayments on loans and credits		0	(215)
Other financial liabilities incurred		(22)	10)
Shareholders:			 
Dividends distributed		0	0
Share buy-backs		(139)	(306)
Other transactions with shareholders		(4)	(3)
Cash flow from financing activities		(125)	(534)
			 
Net cash flow for the year 		13	(82)
Foreign currency translation adjustments		(1)	3
Cash at 1 January 		407	383
Cash at 31 March 		419	304
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		138	452
Net divestment of enterprises/disposal of activities		0	(876)
Adjusted free cash flow 		138	(424)
			
Specification 2: Statement of enterprise value of acquirees			 
Net divestment of enterprises/disposal of activities		0	(876)
Interest-bearing debt		0	10 
Enterprise value of acquirees		0	(866)
 

STATEMENT OF CHANGES IN EQUITY - 01.01.07-31.03.07
(DKKm)	Share capital	Hedging reserve	Reserve for exchange rate adjust-ments
	Retained earnings	Pro¬posed divi¬dends 	DSV A/S share¬holders' share of equity
	Minority interests	Total equity 
Equity at 1 January 2007	40	18	(7)	3,598	50	3,699	145	3,844
Recognised income and expense for the period	- 	7	(18)	214	0	203	14	217
Dividends distributed	
- 	 - 	- 	- 	-	-	(1)	(1)

Purchase and sale of treasury shares, net	- 	- 	- 	(139)	- 	(139)	- 	(139)
Purchase/disposal minority interests	
- 	- 	- 	- 	- 	- 	(3)	(3)
Total changes in equity in 2007 	-	7	(18)	75	0	64	10	74
Equity at 31 March 2007	40	25	(25)	3,673	50	3,763	155	3,918


STATEMENT OF CHANGES IN EQUITY - 01.01.08-31.03.08
(DKKm)	Share capital	Hedging reserve	Reserve for exchange rate adjust-ments
	Retained earnings	Pro¬posed divi¬dends 	DSV A/S share¬holders' share of equity
	Minority interests	Total equity 
Equity at 1 January 2008	202	29	(77)	3,253	50	3,457	192	3,649
Recognised income and expense for the period	- 	(29)	(48)	645	-	568	-	568
Dividends distributed	
- 	- 	- 	- 	-	-	(2)	(2)

Purchase and sale of treasury shares, net	- 	- 	- 	(306)	- 	(306)	- 	(306)
Purchase/disposal minority interests	-	-	-	-	-	-	(174)	(174)
Total changes in equity in 2008 	-	(29)	(48)	339	-	262	(176)	86
Equity at 31 March 2008	202	-	(125)	3,931	50	3,719	16	3,735



 

SEGMENT INFORMATION 2007						
(DKKm)						
Activities - primary segment						
Condensed income statement	Road Division	Air & Sea Division	Solutions
Division	Parent	Non-allocated items and elimination	Total 
Revenue 	5,741	1,976	1,051	0	-	8,768
Intercompany sales	(196)	(54)	(25)	- 	-	(275)
Revenue	5,545	1,922	1,026	0	- 	8,493
						
Operating profit before special items	198	126	52	(6)	-	370
Special items, net					4	4
Financials, net					(57)	(57)
Profit before tax (EBT)	198	126	52	(6)	(53)	317
						
Total assets	13,106	2,597	3,491	7,682	(10,740)	16,136

SEGMENT INFORMATION 2008						
(DKKm)						
Activities - primary segment						
Condensed income statement	Road Division	Air & Sea Division	Solutions
Division	Parent	Non-allocated items and elimination	Total 
Revenue	4,967	2,546	1,263	83	-	8,859
Intercompany sales	(175)	(54)	(28)	(83)	-	(340)
Revenue 	4,792	2,492	1,235	0	- 	8,519
			 			
Operating profit before special items	197	161	36	(9)	-	385
Special items, net					436	436
Financials, net					(87)	(87)
Profit before tax (EBT)	197	161	36	(9)	349	734
						
Total assets	12,031	2,820	3,808	7,619	(10,801)	15,477

 

INCENTIVE PROGRAMMES 
DSV has launched incentive programmes consisting of options with a view to
motivating and retaining staff, senior staff and members of the Executive
Board. The incentive programmes launched are also to make staff and
shareholders identify with the same interests. 

List of current programmes				
Programme	Number of employees	Options granted	Exercise price	Market value at
date of grant 
2003	465	150,000	21.7	-
2005	483	998,000	44.5	7.9
2006 - tranche I	767	1,500,000	82.0	24.3
2006 - tranche II	1	100,000	65.0	0.3
2007	818	1,500,000	97.5	29.2
2008	825	1,660,000	103.3	37.1

Options granted in 2003 are deemed to have vested before 1 January 2005.
Therefore no market value is calculated at the date of grant as a consequence
of the transitional provisions applicable for the transition to the IFRS
accounting standards at 1 January 2005. 
Continued employment with DSV at the date of exercise is a condition for
exercise of options granted after 2003. 
All exercise prices have been fixed on the basis of the quoted market value at
the date of grant. 
The option schemes can be utilised by the employees by cash purchase of shares
only. The liability relating to incentive programmes is hedged by the Company's
treasury shares. 

As regards the 2008 option scheme, Kurt Larsen has been granted 90,000 options
of a value of DKK 2 million, and Jens H. Lund has been granted 60,000 options
of a value of DKK 1.3 million. 

A total of 1,076 employees held options at 31 March 2008.

Outstanding incentive programmes at 31 March 2008
 	Exercise period	Executive Board	Senior staff	Total 	 Average exercise price
per option 
Outstanding options of 2003 scheme	01.01.09 - 31.12.09	0 	50,000	50,000	21.7
Outstanding options of 2005 scheme	26.04.09 -
26.04.10	100,000	820,700	920,700	44.5 
Outstanding options of 2006 scheme	01.04.09 - 31.03.10	0	30,000	30,000	65.0
Outstanding options of 2006 scheme	30.03.10 -
30.03.11	130,000	1,191,300	1,321,300	82.0 
Outstanding options of 2007 scheme	01.04.10 -
30.03.12	130,000	1,338,500	1,468,500	97.5 
Outstanding options of 2008 scheme	01.04.11 -
27.03.13	150,000	1,510,000	1,660,000	103.3 
Outstanding at 31 March 2008 	 	510,000	4,940,500	5,450,500	85.7
Exercise period open at 31 March 2008	0	0	0	
The weighted average remaining life at 31 March 2008 was 3.7 years. The
aggregate market value was DKK 173.1 million, of which options amounting to DKK
16.4 million were held by Executive Board members. 

Calculation of market values				
Programme	Historical rolling three-year volatility	Risk-free 
interest rate	Expected dividends	Expected remaining life (years)
2008 scheme at date of grant	23.7%	4.06%	0.5%	3.3
Schemes outstanding at balance sheet date	24.4%	4.40%	0.5%	2.4
				
Overview of development in outstanding options			
	Executive Board	Senior staff	Total 	Average exercise price per option
Outstanding at 1 January 2007	230,000	2,527,230	2,757,230	60.6
Granted in 2007	130,000	1,370,000	1,500,000	97.5
Exercised in 2007	0	210,000	210,000	17.7
Options waived/expired	 0	74,830	74,830	20.6
Outstanding at 31 March 2007	360,000	3,612,400	3,972,400	77.5
				
Outstanding at 1 January 2008	360,000	3,431,500	3,791,500	78.0
Granted in 2008	150,000	1,510,000	1,660,000	103.3
Exercised in 2008	0	1,000	1,000	82.0
Options waived/expired	 0	0	0	0
Outstanding at 31 March 2008	510,000	4,940,500	5,450,500	85.7
The average share price as at the date of exercise in 2008 was DKK 98.7.