DSV A/S : financial details 2015-2022 Q1

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Group P&L incl. split on divisions

Group BS

Group CF

Group P&L

Profit and Loss statement, DSV Group
(DKKm)	Q1 2010	Q2 2010	Q3 2010	Q4 2010	FY 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	FY 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2012	Q1 2013	Q2 2013	Q3 2013	Q4 2013	FY 2013	Q1 2014	Q2 2014	Q3 2014	Q4 2014	FY 2014	Q1 2015	Q2 2015	Q3 2015	Q4 2015	FY 2015	Q1 2016	Q2 2016	Q3 2016	Q4 2016	FY 2016	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	FY 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	FY 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	FY 2021	Q1 2022
Revenue	9,659	10,747	11,045	11,111	42,562	10,793	11,089	10,905	10,923	43,710	10,819	11,372	11,313	11,408	44,912	10,981	11,406	11,466	11,857	45,710	11,602	12,162	12,279	12,539	48,582	12,601	13,127	12,535	12,606	50,869	15,319	17,606	17,205	17,617	67,747	18,223	18,924	18,735	19,019	74,901	18,380	19,491	20,237	20,945	79,053	19,979	20,079	24,521	30,122	94,701	27,309	28,782	28,125	31,716	115,932	33,616	37,831	49,557	61,302	182,306	61,125
Direct costs	7,466	8,355	8,683	8,738	33,242	8,421	8,589	8,455	8,426	33,891	8,384	8,794	8,784	8,896	34,858	8,577	8,853	8,944	9,331	35,705	9,137	9,554	9,670	9,924	38,285	9,919	10,240	9,733	9,776	39,668	11,712	13,392	13,186	13,619	51,909	14,003	14,707	14,621	14,965	58,296	14,260	15,041	15,765	16,498	61,564	14,865	14,794	18,250	23,038	70,947	20,625	21,396	20,873	24,504	87,398	25,831	29,498	39,734	49,628	144,691	48,248
Gross profit	2,193	2,392	2,362	2,373	9,320	2,372	2,500	2,450	2,497	9,819	2,435	2,578	2,529	2,512	10,054	2,404	2,553	2,522	2,526	10,005	2,465	2,608	2,609	2,615	10,297	2,682	2,887	2,802	2,830	11,201	3,607	4,214	4,019	3,998	15,838	4,220	4,217	4,114	4,054	16,605	4,120	4,450	4,472	4,447	17,489	5,114	5,285	6,271	7,084	23,754	6,684	7,386	7,252	7,212	28,534	7,785	8,333	9,823	11,674	37,615	12,877
Other external expenses	483	484	517	471	1,955	501	510	518	563	2,092	515	521	530	550	2,116	520	504	489	497	2,010	512	497	517	532	2,058	543	550	505	551	2,149	790	877	786	854	3,307	851	769	722	768	3,110	758	733	769	776	3,036	656	642	817	1,018	3,133	867	795	831	798	3,291	849	818	1,030	1,476	4,173	1,289
Staff costs	1,155	1,182	1,111	1,196	4,644	1,204	1,206	1,146	1,196	4,752	1,230	1,238	1,165	1,231	4,864	1,242	1,245	1,203	1,253	4,943	1,277	1,279	1,236	1,302	5,094	1,370	1,398	1,319	1,390	5,477	1,997	2,228	2,027	2,029	8,281	2,058	2,014	1,889	1,870	7,831	2,024	2,086	2,004	2,127	8,241	2,195	2,202	2,727	3,205	10,329	3,213	2,925	2,708	2,838	11,684	2,920	2,970	3,277	3,858	13,025	3,912
EBITDA before special items	555	726	734	706	2,721	667	784	786	738	2,975	690	819	834	731	3,074	642	804	830	776	3,052	676	832	856	781	3,145	769	939	978	889	3,575	820	1,109	1,206	1,115	4,250	1,311	1,434	1,503	1,416	5,664	1,338	1,631	1,699	1,544	6,212	2,263	2,441	2,727	2,861	10,292	2,604	3,666	3,713	3,576	13,559	4,016	4,545	5,516	6,340	20,417	7,676
Depreciation of right-of-use assets	632	626	680	796	2,734	798	777	723	692	2,990	752	730	771	891	3,144	892
Amortisation and depreciation of owned assets	104	139	134	142	519	133	135	132	149	549	135	132	143	124	534	133	124	139	104	500	130	131	128	132	521	128	130	127	140	525	177	209	203	186	775	182	194	190	220	786	182	182	192	206	762	177	184	262	281	904	240	276	265	268	1,049	197	244	273	336	1,050	288
EBIT before special items	451	587	600	564	2,202	534	649	654	589	2,426	555	687	691	607	2,540	509	680	691	672	2,552	546	701	728	649	2,624	641	809	851	749	3,050	643	900	1,003	929	3,475	1,129	1,240	1,313	1,196	4,878	1,156	1,449	1,507	1,338	5,450	1,454	1,631	1,785	1,784	6,654	1,566	2,613	2,725	2,616	9,520	3,067	3,571	4,472	5,113	16,223	6,496
Special Items, net costs	- 0	- 0	- 0	5	5	- 0	- 0	- 0	- 0	- 0	251	- 0	3	21	275	2	23	42	62	129	300	- 0	- 0	4	304	- 0	- 0	- 0	58	58	370	341	155	136	1,002	160	88	123	154	525	- 0	- 0	- 0	- 0	- 0	- 0	19	172	609	800	511	515	453	685	2,164	-	-	154	324	478	404
Financial income	22	25	85	(1)	131	65	91	58	40	254	208	(16)	119	(105)	206	67
Financial expenses - lease liabilities	89	91	96	107	383	114	95	109	116	434	119	108	125	143	495	162
Financial expenses	138	131	139	129	537	107	107	92	125	431	81	75	80	10	246	69	81	79	69	298	85	75	75	71	306	72	99	78	54	303	(46)	104	85	41	184	94	182	149	131	556	155	(120)	94	120	249	106	83	102	315	606	548	218	427	356	1,549	110	129	159	154	552	234
Profit before tax	313	456	461	430	1,660	427	542	562	464	1,995	223	612	608	576	2,019	438	576	570	541	2,125	161	626	653	574	2,014	569	710	773	637	2,689	319	455	763	752	2,289	875	970	1,041	911	3,797	1,001	1,569	1,413	1,218	5,201	1,281	1,463	1,500	752	4,996	458	1,876	1,794	1,499	5,627	3,046	3,318	4,153	4,387	14,904	5,763
Tax on profit for the period	90	113	140	123	466	114	152	154	126	546	61	182	172	174	589	117	159	142	136	554	42	162	170	149	523	142	177	195	117	631	86	122	211	192	611	206	228	215	136	785	232	382	309	290	1,213	318	314	351	307	1,290	127	486	457	299	1,369	717	791	992	1,150	3,650	1,377
Profit for the period	223	343	321	307	1,194	313	390	408	338	1,449	162	430	436	402	1,430	321	417	428	405	1,571	119	464	483	425	1,491	427	533	578	520	2,058	233	333	552	560	1,678	669	742	826	775	3,012	769	1,187	1,104	928	3,988	963	1,149	1,149	445	3,706	331	1,390	1,337	1,200	4,258	2,329	2,527	3,161	3,237	11,254	4,386
Gross margin, %	22.7	22.3	21.4	21.4	21.9	22.0	22.5	22.5	22.9	22.5	22.5	22.7	22.4	22.0	22.4	21.9	22.4	22.0	21.3	21.9	21.2	21.4	21.2	20.9	21.2	21.3	22.0	22.4	22.4	22.0	23.5	23.9	23.4	22.7	23.4	23.2	22.3	22.0	21.3	22.2	22.4	22.8	22.1	21.2	22.1	25.6	26.3	25.6	23.5	25.1	24.5	25.7	25.8	22.7	24.6	23.2	22.0	19.8	19.0	20.6	21.1
Operating margin, %	4.7	5.5	5.4	5.1	5.2	4.9	5.9	6.0	5.4	5.6	5.1	6.0	6.1	5.3	5.7	4.6	6.0	6.0	5.7	5.6	4.7	5.8	5.9	5.2	5.4	5.1	6.2	6.8	5.9	6.0	4.2	5.1	5.8	5.3	5.1	6.2	6.6	7.0	6.3	6.5	6.3	7.4	7.4	6.4	6.9	7.3	8.1	7.3	5.9	7.0	5.7	9.1	9.7	8.2	8.2	9.1	9.4	9.0	8.3	8.9	10.6
Conversion ratio, %	20.6	24.5	25.4	23.8	23.6	22.5	26.0	26.7	23.6	24.7	22.8	26.6	27.3	24.2	25.3	21.2	26.6	27.4	26.6	25.5	22.2	26.9	27.9	24.8	25.5	23.9	28.0	30.4	26.5	27.2	17.8	21.4	25.0	23.2	21.9	26.8	29.4	31.9	29.5	29.4	28.1	32.6	33.7	30.1	31.2	28.4	30.9	28.5	25.2	28.0	23.4	35.4	37.6	36.3	33.4	39.4	42.9	45.5	43.8	43.1	50.4
Tax percentage	28.8	24.8	30.4	28.6	28.1	26.7	28.0	27.4	27.2	27.4	27.4	29.7	28.3	30.2	29.2	26.7	27.6	24.9	25.1	26.1	26.1	25.9	26.0	26.0	26.0	25.0	24.9	25.2	18.4	23.5	27.0	26.8	27.7	25.5	26.7	23.5	23.5	20.7	14.9	20.7	23.2	24.3	21.9	23.8	23.3	24.8	21.5	23.4	40.8	25.8	27.7	25.9	25.5	19.9	24.3	23.5	23.8	23.9	26.2	24.5	23.9
Blue-collar costs (included in direct costs)	487.0	503.0	499.0	535.0	2,024	525.0	526.0	516.0	552.0	2,119	547.0	553.0	543.0	574.0	2,217	555	556	538	580	2,229	565	577	574	605	2,321	568	558	554	619	2,299	812	993	1,034	1,121	3,960	1,081	1,103	1,123	1,149	4,456	1,155	1,184	1,181	1,271	4,791	1,218	1,231	1,313	1,537	5,299	1,411	1,132	1,282	1,449	5,274	1,405	1,457	1,553	1,865	6,280	1,802
Number of full-time employees	21,153	21,173	21,309	21,300	21,300	21,287	21,405	21,705	21,678	21,678	21,383	21,433	21,579	21,932	21,932	21,650	21,812	22,302	22,021	22,021	22,133	22,254	22,955	22,874	22,874	22,599	22,467	22,773	22,783	22,783	44,334	43,593	45,395	44,779	44,779	45,112	44,851	45,161	45,636	45,636	46,767	47,144	48,182	47,394	47,394	47,281	47,552	61,799	61,216	61,216	58,788	53,399	56,090	56,621	56,621	57,642	59,871	79,325	77,958	77,958	77,358
Profit and Loss statement, Air & Sea
(DKKm)	Q1 2010	Q2 2010	Q3 2010	Q4 2010	FY 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	FY 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2012	Q1 2013	Q2 2013	Q3 2013	Q4 2013	FY 2013	Q1 2014	Q2 2014	Q3 2014	Q4 2014	FY 2014	Q1 2015	Q2 2015	Q3 2015	Q4 2015	FY 2015	Q1 2016	Q2 2016	Q3 2016	Q4 2016	FY 2016	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	FY 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	FY 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	FY 2021	Q1 2021
Divisional revenue	4,114	4,952	5,319	5,019	19,404	4,665	4,743	4,742	4,776	18,926	4,414	5,048	5,236	5,157	19,855	4,726	5,000	5,171	5,298	20,195	5,024	5,485	5,672	5,820	22,001	5,421	5,703	5,379	5,182	21,685	7,055	8,416	8,282	8,347	32,100	8,470	8,873	9,044	8,817	35,204	8,414	9,095	9,625	9,838	36,972	9,411	9,682	13,981	18,077	51,151	16,674	19,144	17,910	19,961	73,689	22,924	25,948	36,861	46,168	131,901	45,887
Direct costs	3,258	3,998	4,339	4,014	15,609	3,700	3,723	3,715	3,698	14,836	3,416	3,960	4,130	4,080	15,586	3,732	3,910	4,074	4,181	15,897	3,970	4,335	4,487	4,633	17,425	4,195	4,351	4,012	3,836	16,394	5,178	6,108	6,159	6,317	23,762	6,354	6,656	6,845	6,725	26,580	6,269	6,708	7,266	7,536	27,779	6,987	7,153	10,538	13,956	38,634	12,799	14,481	13,607	15,893	56,780	18,136	20,806	30,547	38,643	108,132	37,250
Gross profit	856	954	980	1,005	3,795	965	1,020	1,027	1,078	4,090	998	1,088	1,106	1,077	4,269	994	1,090	1,097	1,117	4,298	1,054	1,150	1,185	1,187	4,576	1,226	1,352	1,367	1,346	5,291	1,877	2,308	2,123	2,030	8,338	2,116	2,217	2,199	2,092	8,624	2,145	2,387	2,359	2,302	9,193	2,424	2,529	3,443	4,121	12,517	3,875	4,663	4,303	4,068	16,909	4,788	5,142	6,314	7,525	23,769	8,637
Other external expenses	187	205	210	217	819	205	206	209	243	863	214	224	229	242	909	232	234	222	229	917	236	234	250	251	971	264	257	258	266	1,045	479	640	550	508	2,177	491	451	431	425	1,798	457	485	439	473	1,854	386	424	594	863	2,267	797	736	692	645	2,870	753	663	814	1,136	3,366	1,076
Staff costs	401	409	412	415	1,637	437	436	429	438	1,740	453	456	446	459	1,814	460	479	466	478	1,883	481	491	474	511	1,957	545	565	544	561	2,215	937	1,078	898	911	3,824	904	895	839	852	3,490	870	893	886	911	3,560	943	935	1,442	1,773	5,093	1,679	1,530	1,394	1,445	6,048	1,445	1,435	1,698	2,020	6,598	2,033
EBITDA before special items	268	340	358	373	1,339	323	378	389	397	1,487	331	408	431	376	1,546	302	377	409	410	1,498	337	425	461	425	1,648	417	530	565	519	2,031	461	590	675	611	2,337	721	871	929	815	3,336	818	1,009	1,034	918	3,779	1,095	1,170	1,407	1,485	5,157	1,399	2,397	2,217	1,978	7,991	2,590	3,044	3,802	4,369	13,805	5,528
Depreciation of right-of-use assets	82	61	127	214	484	211	190	151	127	679	136	144	189	239	708	220
Amortisation and depreciation of owned assets	29	33	32	32	126	32	33	33	34	132	33	32	34	35	134	26	26	26	27	105	27	27	26	26	106	29	28	24	27	108	47	56	49	42	194	31	28	26	26	111	23	21	21	21	86	15	16	60	76	167	58	95	72	61	286	61	57	92	119	329	84
EBIT before special items	239	307	326	341	1,213	291	345	356	363	1,355	298	376	397	341	1,412	276	351	383	382	1,392	310	398	435	399	1,542	388	502	541	492	1,923	414	534	626	569	2,143	690	843	903	789	3,225	795	988	1,013	897	3,693	998	1,093	1,220	1,195	4,506	1,130	2,112	1,994	1,790	7,026	2,393	2,843	3,521	4,011	12,768	5,224
Gross margin, %	20.8	19.3	18.4	20.0	19.6	20.7	21.5	21.7	22.6	21.6	22.6	21.6	21.1	20.9	21.5	21.0	21.8	21.2	21.1	21.3	21.0	21.0	20.9	20.4	20.8	22.6	23.7	25.4	26.0	24.4	26.6	27.4	25.6	24.3	26.0	25.0	25.0	24.3	23.7	24.5	25.5	26.2	24.5	23.4	24.9	25.8	26.1	24.6	22.8	24.5	23.2	24.4	24.0	20.4	22.9	20.9	19.8	17.1	16.3	18.0	18.8
Operating margin, %	5.8	6.2	6.1	6.8	6.3	6.2	7.3	7.5	7.6	7.2	6.8	7.4	7.6	6.6	7.1	5.8	7.0	7.4	7.2	6.9	6.2	7.3	7.7	6.9	7.0	7.2	8.8	10.1	9.5	8.9	5.9	6.3	7.6	6.8	6.7	8.1	9.5	10.0	8.9	9.2	9.4	10.9	10.5	9.1	10.0	10.6	11.3	8.7	6.6	8.8	6.8	11.0	11.1	9.0	9.5	10.4	11.0	9.6	8.7	9.7	11.4
Conversion ratio, %	27.9	32.2	33.3	33.9	32.0	30.2	33.8	34.7	33.7	33.1	29.9	34.6	35.9	31.7	33.1	27.8	32.2	34.9	34.3	32.4	29.4	34.6	36.7	33.6	33.7	31.6	37.1	39.6	36.6	36.3	22.1	23.1	29.5	28.0	25.7	32.6	38.0	41.1	37.7	37.4	37.1	41.4	42.9	39.0	40.2	41.2	43.2	35.4	29.0	36.0	29.2	45.3	46.3	44.0	41.6	50.0	55.3	55.8	53.3	53.7	60.5
Number of full-time employees	5,729	5,731	5,860	5,893	5,893	5,918	6,010	6,070	6,092	6,092	6,020	6,016	6,067	6,331	6,331	6,049	6,140	6,374	6,310	6,310	6,285	6,352	6,654	6,761	6,761	6,796	6,804	6,790	6,754	6,754	16,686	15,016	13,799	12,891	12,891	12,648	12,282	12,177	12,041	12,041	11,996	12,065	12,090	12,130	12,130	12,072	12,103	22,824	21,516	21,516	20,610	18,723	18,067	18,008	18,008	17,999	18,067	25,742	24,675	24,675	23,700
Air & Sea split and volume
Air
Revenue, DKKm	1,751	2,093	2,122	2,213	8,180	1,950	2,092	2,060	2,234	8,336	1,867	2,072	2,104	2,191	8,234	1,915	2,008	2,014	2,261	8,198	2,006	2,252	2,246	2,428	8,932	2,145	2,355	2,299	2,372	9,171	3,223	4,107	3,965	4,505	15,800	4,028	4,211	4,450	4,890	17,579	4,206	4,610	4,894	5,182	18,892	4,598	4,564	7,352	10,620	27,134	9,530	12,057	10,296	12,873	44,756	12,975	14,197	18,399	25,275	70,846	24,207
Gross profit DKKm	393	433	428	461	1,715	416	449	443	494	1,802	423	468	482	488	1,861	416	450	447	486	1,799	438	477	493	505	1,913	513	561	574	586	2,234	888	1,117	999	987	3,991	1,033	1,072	1,073	1,040	4,218	1,065	1,186	1,194	1,182	4,627	1,230	1,224	1,827	2,313	6,594	2,153	3,015	2,578	2,529	10,275	2,762	2,897	3,329	4,063	13,051	4,695
Airfreight, ton	56,537	63,235	61,202	67,823	248,797	63,103	67,305	62,786	69,168	262,362	60,979	65,391	65,210	67,477	259,057	59,644	63,235	64,308	72,178	259,365	66,654	70,109	73,044	77,854	287,662	71,749	77,146	80,080	82,218	311,193	122,817	151,562	147,744	152,521	574,644	147,439	155,430	165,051	167,735	635,655	162,689	173,578	177,155	175,623	689,045	170,103	170,301	288,793	442,069	1,071,266	359,975	287,452	300,147	324,831	1,272,405	336,307	349,210	386,702	438,614	1,510,833	410,911
GP/ton, DKK	6,948	6,846	6,992	6,802	6,893	6,592	6,671	7,056	7,142	6,866	6,937	7,157	7,392	7,232	7,179	6,966	7,107	6,954	6,738	6,936	6,586	6,795	6,753	6,470	6,650	7,153	7,273	7,162	7,127	7,179	7,227	7,371	6,762	6,471	6,945	7,004	6,897	6,501	6,199	6,635	6,546	6,833	6,736	6,730	6,715	7,231	7,187	6,326	5,226	6,155	5,981	10,489	8,589	7,786	8,075	8,213	8,296	8,609	9,263	8,638	11,426
Sea
Revenue, DKKm	2,363	2,859	3,197	2,806	11,224	2,715	2,651	2,682	2,542	10,590	2,547	2,976	3,133	2,966	11,622	2,811	2,992	3,157	3,037	11,997	3,018	3,233	3,426	3,392	13,069	3,276	3,349	3,080	2,810	12,514	3,832	4,309	4,317	3,842	16,300	4,442	4,662	4,594	3,927	17,625	4,208	4,485	4,731	4,656	18,080	4,813	5,118	6,629	7,457	24,017	7,144	7,087	7,614	7,088	28,933	9,949	11,751	18,462	20,893	61,055	21,680
Gross profit DKKm	463	521	552	544	2,080	549	571	584	584	2,288	575	620	625	588	2,408	578	640	650	631	2,499	616	673	692	682	2,663	713	791	793	760	3,057	989	1,191	1,124	1,043	4,347	1,083	1,145	1,126	1,052	4,406	1,080	1,201	1,165	1,120	4,566	1,194	1,305	1,616	1,808	5,923	1,722	1,648	1,725	1,539	6,634	2,026	2,245	2,985	3,462	10,718	3,942
TEU	169,474	182,513	186,333	168,873	707,193	180,538	188,870	184,143	174,310	727,861	174,707	190,729	185,938	174,432	725,806	178,012	198,612	200,465	195,053	772,142	195,970	216,044	215,673	207,800	835,487	204,057	220,023	220,598	210,641	855,319	285,109	345,808	345,463	329,214	1,305,594	332,787	358,383	355,291	343,150	1,389,611	346,788	369,211	369,143	357,206	1,442,348	359,925	391,333	520,048	635,820	1,907,126	575,814	512,138	568,130	548,820	2,204,902	581,019	573,385	633,690	705,857	2,493,951	667,653
GP/TEU, DKK	2,733	2,855	2,963	3,219	2,941	3,041	3,023	3,171	3,350	3,144	3,291	3,251	3,361	3,371	3,318	3,248	3,224	3,242	3,234	3,237	3,142	3,116	3,209	3,288	3,187	3,492	3,595	3,597	3,608	3,574	3,470	3,443	3,254	3,168	3,329	3,255	3,195	3,169	3,067	3,171	3,114	3,253	3,156	3,135	3,166	3,317	3,335	3,107	2,846	3,106	2,991	3,218	3,036	2,804	3,009	3,487	3,915	4,711	4,905	4,298	5,904
Profit and Loss statement, Road
(DKKm)	Q1 2010	Q2 2010	Q3 2010	Q4 2010	FY 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	FY 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2012	Q1 2013	Q2 2013	Q3 2013	Q4 2013	FY 2013	Q1 2014	Q2 2014	Q3 2014	Q4 2014	FY 2014	Q1 2015	Q2 2015	Q3 2015	Q4 2015	FY 2015	Q1 2016	Q2 2016	Q3 2016	Q4 2016	FY 2016	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	FY 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	FY 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	FY 2021	Q1 2021
Divisional revenue	4,930	5,256	5,199	5,718	21,103	5,594	5,815	5,646	5,586	22,641	5,785	5,756	5,494	5,619	22,654	5,666	5,800	5,686	5,964	23,117	6,024	6,102	5,984	6,059	24,169	6,122	6,298	6,044	6,254	24,718	6,688	7,368	7,111	7,156	28,323	7,633	7,684	7,514	7,796	30,627	7,676	7,862	7,812	7,893	31,243	8,102	7,833	7,698	7,988	31,621	7,921	6,987	7,521	7,966	30,395	8,056	8,663	8,783	9,914	35,416	10,188
Direct costs	3,940	4,184	4,199	4,675	16,998	4,547	4,695	4,588	4,531	18,361	4,686	4,623	4,440	4,559	18,308	4,609	4,688	4,614	4,906	18,818	4,945	4,986	4,923	5,002	19,856	4,990	5,115	4,966	5,150	20,221	5,431	6,009	5,864	5,925	23,229	6,200	6,368	6,235	6,537	25,340	6,370	6,544	6,439	6,582	25,935	6,541	6,298	6,170	6,456	25,465	6,386	5,556	5,936	6,379	24,257	6,399	6,895	7,038	7,989	28,321	8,250
Gross profit	990	1,072	1,000	1,043	4,105	1,047	1,120	1,058	1,055	4,280	1,099	1,133	1,054	1,060	4,346	1,057	1,112	1,072	1,058	4,299	1,079	1,116	1,061	1,057	4,313	1,132	1,183	1,078	1,104	4,497	1,257	1,359	1,247	1,231	5,094	1,433	1,316	1,279	1,259	5,287	1,306	1,318	1,373	1,311	5,308	1,561	1,535	1,528	1,532	6,156	1,535	1,431	1,585	1,587	6,138	1,657	1,768	1,745	1,925	7,095	1,938
Other external expenses	242	242	243	246	973	246	258	258	272	1,034	266	257	249	248	1,020	244	239	246	246	975	254	253	253	265	1,025	274	273	238	264	1,049	332	314	304	274	1,224	332	309	294	334	1,269	347	275	357	347	1,326	300	232	261	267	1,060	287	242	251	241	1,021	258	272	282	310	1,122	341
Staff costs	555	553	510	581	2,199	581	579	539	559	2,258	576	578	535	569	2,258	579	574	544	587	2,284	593	589	553	584	2,319	606	619	568	611	2,404	670	691	612	689	2,662	686	688	641	657	2,672	686	687	639	694	2,706	719	725	679	741	2,864	757	686	650	706	2,799	742	779	761	867	3,149	871
EBITDA before special items	193	277	247	216	933	220	283	261	224	988	257	298	270	243	1,068	234	299	282	225	1,040	232	274	255	208	969	252	291	272	229	1,044	255	354	331	268	1,208	415	319	344	268	1,346	273	356	377	270	1,276	542	578	588	524	2,232	491	503	684	640	2,318	657	717	702	748	2,824	726
Depreciation of right-of-use assets	218	213	212	219	862	206	209	211	202	828	236	220	196	206	858	205
Amortisation and depreciation of owned assets	38	44	41	39	162	41	38	35	40	154	37	34	36	28	135	32	30	36	- 0	98	33	32	33	34	132	32	32	30	32	126	36	44	41	38	159	37	38	33	37	145	32	34	32	31	129	26	27	33	33	119	26	31	25	18	100	18	21	41	29	109	23
EBIT before special items	155	233	206	177	771	179	245	226	184	834	220	264	234	215	933	202	269	246	225	942	199	242	222	174	837	220	259	242	197	918	219	310	290	230	1,049	378	281	311	231	1,201	241	322	345	239	1,147	298	338	343	272	1,251	259	263	448	420	1,390	403	476	465	513	1,857	498
Gross margin, %	20.1	20.4	19.2	18.2	19.5	18.7	19.3	18.7	18.9	18.9	19.0	19.7	19.2	18.9	19.2	18.7	19.2	18.9	17.7	18.6	17.9	18.3	17.7	17.4	17.8	18.5	18.8	17.8	17.7	18.2	18.8	18.4	17.5	17.2	18.0	18.8	17.1	17.0	16.1	17.3	17.0	16.8	17.6	16.6	17.0	19.3	19.6	19.8	19.2	19.5	19.4	20.5	21.1	19.9	20.2	20.6	20.4	19.9	19.4	20.0	19.0
Operating margin, %	3.1	4.4	4.0	3.1	3.7	3.2	4.2	4.0	3.3	3.7	3.8	4.6	4.3	3.8	4.1	3.6	4.6	4.3	3.8	4.1	3.3	4.0	3.7	2.9	3.5	3.6	4.1	4.0	3.1	3.7	3.3	4.2	4.1	3.2	3.7	5.0	3.7	4.1	3.0	3.9	3.1	4.1	4.4	3.0	3.7	3.7	4.3	4.5	3.4	4.0	3.3	3.8	6.0	5.3	4.6	5.0	5.5	5.3	5.2	5.2	4.9
Conversion ratio, %	15.7	21.7	20.6	17.0	18.8	17.1	21.9	21.4	17.4	19.5	20.0	23.3	22.2	20.3	21.5	19.1	24.2	22.9	21.3	21.9	18.4	21.7	20.9	16.5	19.4	19.4	21.9	22.4	17.8	20.4	17.4	22.8	23.3	18.7	20.6	26.4	21.4	24.3	18.3	22.7	18.5	24.4	25.1	18.2	21.6	19.1	22.0	22.4	17.8	20.3	16.9	18.4	28.3	26.5	22.6	24.3	26.9	26.6	26.6	26.2	25.7
Number of full-time employees	9,886	9,823	9,812	9,777	9,777	9,732	9,731	9,818	9,806	9,806	9,707	9,616	9,630	9,730	9,730	9,220	9,251	9,433	9,372	9,372	9,457	9,313	9,389	9,292	9,292	9,206	9,167	9,251	9,280	9,280	11,581	11,931	12,710	12,518	12,518	12,576	12,706	12,788	12,998	12,998	13,047	13,160	13,345	12,850	12,850	13,181	13,134	13,493	13,644	13,644	15,200	13,408	14,090	14,003	14,003	14,222	15,503	16,942	16,888	16,888	17,001
Profit and Loss statement, Solutions
(DKKm)	Q1 2010	Q2 2010	Q3 2010	Q4 2010	FY 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	FY 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2012	Q1 2013	Q2 2013	Q3 2013	Q4 2013	FY 2013	Q1 2014	Q2 2014	Q3 2014	Q4 2014	FY 2014	Q1 2015	Q2 2015	Q3 2015	Q4 2015	FY 2015	Q1 2016	Q2 2016	Q3 2016	Q4 2016	FY 2016	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	FY 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	FY 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	FY 2021	Q1 2021
Divisional revenue	1,196	1,233	1,210	1,222	4,861	1,248	1,259	1,231	1,271	5,009	1,285	1,275	1,286	1,335	5,181	1,344	1,372	1,374	1,380	5,470	1,345	1,400	1,441	1,543	5,729	1,440	1,500	1,476	1,544	5,960	2,043	2,406	2,492	2,742	9,683	2,678	2,913	2,757	3,014	11,362	2,848	3,111	3,417	3,853	13,229	3,049	3,147	3,465	4,729	14,390	3,441	3,256	3,388	4,523	14,608	3,609	3,997	4,739	6,389	18,734	6,162
Direct costs	843	861	840	857	3,401	879	887	861	899	3,526	934	914	917	978	3,743	996	1,012	1,018	1,034	4,061	1,015	1,054	1,091	1,173	4,333	1,110	1,142	1,117	1,171	4,540	1,507	1,737	1,808	2,015	7,067	2,007	2,223	2,111	2,291	8,632	2,149	2,370	2,659	3,016	10,194	1,923	1,961	2,209	3,328	9,421	2,185	1,985	2,075	2,994	9,239	2,261	2,620	3,022	4,178	12,081	3,840
Gross profit	353	372	370	365	1,460	369	372	370	372	1,483	351	361	369	357	1,438	348	360	356	345	1,409	330	346	350	370	1,396	330	358	359	373	1,420	536	669	684	727	2,616	671	690	646	723	2,730	699	741	758	837	3,035	1,126	1,186	1,256	1,401	4,969	1,256	1,271	1,313	1,529	5,369	1,348	1,377	1,717	2,211	6,653	2,322
Other external expenses	134	129	136	118	517	134	141	137	114	526	123	124	130	125	502	119	110	108	107	444	105	100	106	109	420	125	117	113	131	486	165	192	202	242	801	236	220	204	224	884	235	226	235	259	955	264	254	278	292	1,088	289	244	255	301	1,089	281	297	348	412	1,338	423
Staff costs	135	142	127	127	531	131	128	125	137	521	138	141	128	134	541	141	138	132	130	541	140	140	133	127	540	133	136	132	139	540	273	322	311	282	1,188	309	274	264	240	1,087	278	286	283	294	1,141	306	304	341	355	1,306	385	365	344	355	1,449	377	377	418	492	1,664	525
EBITDA before special items	84	101	107	120	412	104	103	108	121	436	90	96	111	98	395	88	112	116	108	424	85	106	111	134	436	72	105	114	103	394	98	155	171	203	627	126	196	178	259	759	186	229	240	284	939	556	628	637	754	2,575	582	662	714	873	2,831	690	703	951	1,307	3,651	1,374
Depreciation of right-of-use assets	314	335	329	348	1,326	364	361	342	355	1,422	369	359	378	440	1,546	461
Amortisation and depreciation of owned assets	22	39	37	46	144	35	38	37	48	158	35	37	42	31	145	43	36	45	44	168	39	39	40	44	162	36	37	39	40	152	51	65	66	61	243	60	68	63	74	265	59	54	56	61	230	49	52	69	66	236	59	67	60	62	248	58	66	87	119	330	124
EBIT before special items	62	62	70	74	268	69	65	71	73	278	55	59	69	67	250	45	76	71	64	256	46	67	71	90	274	36	68	75	63	242	47	90	105	142	384	66	128	115	185	494	127	175	184	223	709	193	241	239	340	1,013	159	234	312	456	1,161	263	278	486	748	1,775	789
Gross margin, %	29.5	30.2	30.6	29.9	30.0	29.6	29.5	30.1	29.3	29.6	27.3	28.3	28.7	26.7	27.8	25.9	26.2	25.9	25.0	25.8	24.5	24.7	24.3	24.0	24.4	22.9	23.9	24.3	24.2	23.8	26.2	27.8	27.4	26.5	27.0	25.1	23.7	23.4	24.0	24.0	24.5	23.8	22.2	21.7	22.9	36.9	37.7	36.2	29.6	34.5	36.5	39.0	38.8	33.8	36.8	37.4	34.5	36.2	34.6	35.5	37.7
Operating margin, %	5.2	5.0	5.8	6.1	5.5	5.5	5.2	5.8	5.7	5.6	4.3	4.6	5.4	5.0	4.8	3.3	5.5	5.2	4.6	4.7	3.4	4.8	4.9	5.8	4.8	2.5	4.5	5.1	4.1	4.1	2.3	3.7	4.2	5.2	4.0	2.5	4.4	4.2	6.1	4.3	4.5	5.6	5.4	5.8	5.4	6.3	7.7	6.9	7.2	7.0	4.6	7.2	9.2	10.1	7.9	7.3	7.0	10.3	11.7	9.5	12.8
Conversion ratio, %	17.6	16.7	18.9	20.3	18.4	18.7	17.5	19.2	19.6	18.7	15.7	16.3	18.7	18.8	17.4	12.9	21.1	19.9	18.6	18.2	13.9	19.4	20.3	24.3	19.6	10.9	19.0	20.9	16.9	17.0	8.8	13.5	15.4	19.5	14.7	9.8	18.6	17.8	25.6	18.1	18.2	23.6	24.3	26.6	23.4	17.1	20.3	19.0	24.3	20.4	12.7	18.4	23.8	29.8	21.6	19.5	20.2	28.3	33.8	26.7	34.0
Number of full-time employees	5,216	5,288	5,296	5,284	5,284	5,291	5,319	5,459	5,414	5,414	5,318	5,405	5,458	5,428	5,428	5,916	5,937	6,009	5,838	5,838	5,830	5,973	6,246	6,110	6,110	5,690	5,650	5,844	5,821	5,821	15,057	14,598	16,854	17,432	17,432	17,651	17,692	17,946	18,382	18,382	19,534	19,584	20,384	20,025	20,025	19,862	20,146	22,521	22,777	22,777	20,079	18,428	21,039	21,478	21,478	22,188	22,814	32,007	31,866	31,866	31,845

Group CF

Cash flow statement, DSV Group
(DKKm)
CASH FLOW STATEMENT	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022 YTD
Operating profit before amortisation, depreciation and special items	2,721	2,975	3,074	3,052	3,145	3,575	4,250	5,664	6,212	10,292	13,559	20,417	7,676
Adjustment, non-cash operating items etc.:
Share-based payments	30	34	40	39	37	37	48	68	93	117	134	160	41
Change in provisions	(372)	(122)	22	(174)	96	(238)	(168)	(279)	(329)	(181)	93	105	245
Change in working capital etc.	(8)	(184)	(196)	(217)	(280)	758	(1,158)	944	(520)	(1,165)	209	(4,604)	(1,145)
Special items	6	- 0	(271)	(129)	(296)	(58)	(644)	(488)	- 0	(292)	(1,944)	(828)	(397)
Interest received	- 0	- 0	46	32	50	50	118	110	107	131	225	153	67
Interest paid	(533)	(415)	(282)	(292)	(306)	(363)	(409)	(386)	(411)	(939)	(933)	(938)	(363)
Corporation tax, paid	(181)	(425)	(782)	(536)	(527)	(601)	(764)	(969)	(851)	(1,084)	(1,067)	(2,263)	(823)
Cash flow from operating activities	1,663	1,863	1,651	1,775	1,919	3,160	1,273	4,664	4,301	6,879	10,276	12,202	5,301
Purchase of intangible assets	(115)	(96)	(132)	(177)	(230)	(284)	(338)	(393)	(501)	(292)	(220)	(303)	(87)
Purchase of property, plant and equipment	(330)	(548)	(446)	(226)	(373)	(297)	(457)	(620)	(709)	(1,000)	(1,121)	(1,180)	(148)
Disposal of property, plant and equipment	376	680	404	314	169	318	492	636	859	623	803	420	296
Acquisition and disposal of subsidiaries and activities	(54)	(65)	(94)	(269)	(14)	(108)	(4,624)	(8)	(59)	2,101	(140)	1,631	-
Change in other financial assets	(28)	(5)	19	10	(13)	(60)	(26)	60	(34)	(61)	122	(148)	(12)
Cash flow from investing activities	(151)	(34)	(249)	(348)	(461)	(431)	(4,953)	(325)	(444)	1,371	(556)	420	49
Free cash flow	1,512	1,829	1,402	1,427	1,458	2,729	(3,680)	4,339	3,857	8,250	9,720	12,622	5,350
Proceeds from borrowings	574	2,022	750	2,485	1,489	715	4,470	1,488	855	2,445	4,108	12,834	4,719
Repayment of borrowings	(1,605)	(880)	(547)	(3,003)	(1,692)	(2,395)	(3,936)	(4,517)	(750)	(2,466)	(3,243)	(489)	(2,065)
Interest paid lease liabilities	-	- 0	- 0	- 0
Repayment of lease liabilities	(2,763)	(3,058)	(3,160)	(889)
Other financial liabilities incurred	(11)	(459)	(66)	(58)	(128)	(3)	(39)	(69)	48	(29)	5	118	(86)
Shareholders:
Capital increase	- 0	- 0	- 0	- 0	- 0	4,761	- 0	- 0	-	- 0	- 0	- 0	- 0
Dividends distributed	(52)	(105)	(190)	(235)	(270)	(283)	(327)	(342)	(380)	(423)	(588)	(920)	(1,320)
Purchase of treasury shares	(397)	(2,505)	(1,302)	(700)	(1,183)	(1,419)	- 0	(1,559)	(4,161)	(4,888)	(5,031)	(17,841)	(3,546)
Sale of treasury shares	100	87	219	162	178	437	220	303	372	623	818	784	199
Other transactions with shareholders	(7)	23	34	(38)	37	42	8	(19)	16	17	(10)	(6)	58
Cash flow from financing activities	(1,398)	(1,817)	(1,102)	(1,387)	(1,569)	1,855	396	(4,715)	(4,000)	(7,484)	(6,999)	(8,680)	(2,930)
Cash flow for the year (period)	114	12	300	40	(111)	4,584	(3,284)	(376)	(143)	766	2,721	3,942	2,420
Cash and cash equivalents 1 January	367	363	367	552	707	432	4,908	1,714	1,348	1,158	2,043	4,060	8,299
Cash flow for the year (period)	114	12	300	40	(111)	4,584	(3,284)	(376)	(143)	766	2,721	3,942	2,420
Currency translation adjustments	(118)	(8)	(115)	115	(164)	(108)	90	10	(47)	119	(704)	297	330
Cash and cash equivalents end of period	363	367	552	707	432	4,908	1,714	1,348	1,158	2,043	4,060	8,299	11,049
The cash flow statement cannot be directly derived from the balance sheet and income statement.
Statement of adjusted free cash flow
Free cash flow	1,512	1,829	1,402	1,427	1,458	2,729	(3,680)	4,339	3,857	8,250	9,720	12,622	5,350
Repayment of lease liabilities and interest (IFRS 16 impact reversed)	(2,763)	(3,058)	(3,160)	(889)
Net acquisition of subsidiaries and activities	54	65	94	269	14	108	4,624	8	59	(2,101)	140	(1,631)	-
Normalisation of working capital in subsidiaries and activities acquired	- 0	- 0	13	58	- 0	- 0	250	- 0	- 0	- 0	-	-
Special items (restucturing costs)	- 0	- 0	- 0	- 0	- 0	- 0	644	488	- 0	292	1,944	828	397
Adjusted free cash flow	1,566	1,894	1,509	1,754	1,472	2,837	1,838	4,835	3,916	3,678	8,746	8,659	4,858

Group BS
Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: Please note that minor reclassifications have been made regarding the accounting policy on property projects. These are now classified as "Work in progress" rather than "assets held for sale" and "other receiveables"
Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: Please note that minor reclassifications have been made regarding the accounting policy on property projects. These are now classified as "Work in progress" rather than "assets held for sale" and "other receiveables"
Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: Please note that minor reclassifications have been made regarding the accounting policy on property projects. These are now classified as "Work in progress" rather than "assets held for sale" and "other receiveables"
Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: DKK 242 million relates to Other interest-bearing receiveables included in "Other receiveables" (Current)
Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: DKK 10 million relates to minor I/C difference included in current liabilities "Financial liabilities" Assets held for sale is excluded in NWC
tc={41FC1734-DC83-431A-91DF-BA83F0097172}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Minor adjustment of DKK 6 million
tc={3CFB915B-F188-4674-B9B1-8725E43840CE}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Minor adjustment of DKK 7 million
tc={8C9BA606-B279-49B7-AF37-6DEA41C0A8C4}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Adjustment of DKK 556 million is related to Panalpina acquisition (squeeze out of minority shareholders, settled in January 2020. The amount was included in other payables). Furthermore formula has been changed to consider the impact of IFRS 16 (short term lease liabilities). Finally corporation tax payable is no longer included in net working capital. This is due to a significant increase after the acquisition of Panalpina.

Balance sheet, DSV Group
(DKKm)
BALANCE SHEET, ASSETS	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022 YTD
Intangibles assets	8,772	8,683	8,723	8,982	8,928	8,996	17,247	16,573	16,742	51,988	48,665	76,661	77,940
Right-of-use assets	193	11,671	11,111	13,709	14,165
Property, plant & equipment	4,782	4,503	4,261	3,883	3,927	3,568	3,334	2,431	2,297	3,022	3,014	6,262	6,309
Other receivables	140	170	153	147	297	119	317	257	291	494	372	2,395	2,407
Deferred tax assets	449	430	409	430	488	515	1,031	965	851	2,164	2,536	3,544	3,248
Total non-current assets	14,143	13,786	13,546	13,442	13,640	13,198	21,929	20,226	20,374	69,339	65,698	102,571	104,069
Trade receivables	7,155	7,112	7,238	7,469	7,854	7,799	12,338	12,557	13,252	18,252	19,038	36,369	39,251
Contract assets	541	604	629	676	744	588	2,026 Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: Please note that minor reclassifications have been made regarding the accounting policy on property projects. These are now classified as "Work in progress" rather than "assets held for sale" and "other receiveables"	1,762	1,554	3,054	3,283	9,797	8,778
Inventories	718	1,324	1,426	284	958
Other receivables	709	849	791	794	985	1,232	1,850 Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: Please note that minor reclassifications have been made regarding the accounting policy on property projects. These are now classified as "Work in progress" rather than "assets held for sale" and "other receiveables"	1,778	1,662	3,410	2,635	4,009	4,188
Cash and cash equivalents	363	367	552	707	432	4,908	1,714	1,348	1,158	2,043	4,060	8,299	11,049
Assets held for sale	174	16	38	12	25	0	510 Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: Please note that minor reclassifications have been made regarding the accounting policy on property projects. These are now classified as "Work in progress" rather than "assets held for sale" and "other receiveables"	717	94	135	110	66	15
Total current assets	8,942	8,948	9,248	9,658	10,040	14,527	18,438	18,162	18,438	28,218	30,552	58,824	64,239
Total assets	23,085	22,734	22,794	23,100	23,680	27,725	40,367	38,388	38,812	97,557	96,250	161,395	168,308
BALANCE SHEET, EQUITY AND LIABILITES	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022 YTD
Share capital	209	190	188	180	177	192	190	190	188	235	230	240	240
Reserves	6,340	5,089	5,160	6,038	5,875	11,617	13,226	14,645	14,373	49,195	47,155	73,863	75,381
DSV A/S shareholders' share of equity	6,549	5,279	5,348	6,218	6,052	11,809	13,416	14,835	14,561	49,430	47,385	74,103	75,621
Non-controlling interests	36	30	37	30	29	32	-38	-26	-29	-111	-88	175	197
Total equity	6,585	5,309	5,385	6,248	6,081	11,841	13,378	14,809	14,532	49,319	47,297	74,278	75,818
Deferred tax	576	527	411	411	366	321	287	82	188	455	243	447	503
Pensions and similar obligations	871	975	1,078	1,034	1,311	1,226	1,488	1,124	915	1,494	1,219	908	673
Provisions	309	391	418	361	328	360	736	706	627	1,282	1,253	3,508	3,477
Lease liabilities	132	9,227	9,428	11,848	12,562
Borrowings	5,642	6,091	6,190	6,066	5,702	4,309	8,725	6,491	6,461	6,464	7,696	16,993	21,487
Total non-current liabilities	7,398	7,984	8,097	7,872	7,707	6,216	11,236	8,403	8,323	18,922	19,839	33,704	38,702
Provisions	332	215	275	242	474	270	462	383	412	1,157	1,525	1,841	2,334
Lease liabilities	60	3,385	2,850	3,440	3,442
Borrowings	593	861	923	590	589	313	1,358	495	485	1,520	1,185	4,472	2,644
Trade payables	4,195	4,350	4,385	4,537	4,782	4,997	7,010	7,477	7,646	9,783	9,926	17,040	16,899
Accrued cost of services	1,418	1,283	1,284	1,252	1,377	1,451	2,435	2,539	2,813	5,330	5,913	13,289	14,537
Other payables	2,220	2,305	2,248	2,115	2,458	2,347	3,879	3,953	4,087	7,201	6,316	10,257	10,355
Corporation tax	228	427	197	244	212	290	609	329	454	940	1,399	3,074	3,577
Total current liabilities	9,102	9,441	9,312	8,980	9,892	9,668	15,753	15,176	15,957	29,316	29,114	53,413	53,788
Total liabilities	16,500	17,425	17,409	16,852	17,599	15,884	26,989	23,579	24,280	48,238	48,953	87,117	92,490
Total equity and liabilities	23,085	22,734	22,794	23,100	23,680	27,725	40,367	38,388	38,812	97,557	96,250	161,395	168,308
Net Working Capital	70	1	307	561	305	22 Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: DKK 242 million relates to Other interest-bearing receiveables included in "Other receiveables" (Current)	1,809 Ronni Funch Olsen - DSV: Ronni Funch Olsen - DSV: DKK 10 million relates to minor I/C difference included in current liabilities "Financial liabilities" Assets held for sale is excluded in NWC	1,410 tc={41FC1734-DC83-431A-91DF-BA83F0097172}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Minor adjustment of DKK 6 million	1,767 tc={3CFB915B-F188-4674-B9B1-8725E43840CE}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Minor adjustment of DKK 7 million	3,125 tc={8C9BA606-B279-49B7-AF37-6DEA41C0A8C4}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Adjustment of DKK 556 million is related to Panalpina acquisition (squeeze out of minority shareholders, settled in January 2020. The amount was included in other payables). Furthermore formula has been changed to consider the impact of IFRS 16 (short term lease liabilities). Finally corporation tax payable is no longer included in net working capital. This is due to a significant increase after the acquisition of Panalpina.	2,701 tc={6DFBC825-B95C-4D93-A268-FB2A9A0864DF}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Adjustment of DKK 1 million due to rounding of figures.	8,031 tc={ED2FB0C2-7D34-483B-8998-D2BE8FC3A84B}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Minor adjustment of DKK 1 million.	9,051 tc={F871EB2A-EB20-4117-8E4F-16064CE57DA4}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Minor adjustment of DKK 1 million.