DSV, 359 - Interim Financial Report, H1 2010

30.07.2010
INTERIM FINANCIAL REPORT, H1 2010
Company Announcement No. 359


Major key figures of the H1 2010 Interim Financial Report for the period ended
30 June 2010 
•	Revenue amounted to DKK 20,406 million (2009: DKK 18,267 million)
•	Gross profit came to DKK 4,585 million (2009: DKK 4,574 million),
corresponding to a gross margin of 22.5% 
(2009: 25.0%)
•	Operating profit before special items (EBITA) came to DKK 1,038 million
(2009: DKK 804 million), corresponding to an EBITA margin of 5.1% (2009: 4.4%) 
•	Profit before tax amounted to DKK 769 million (2009: DKK 197 million)
•	DSV's share of the profit for the period amounted to DKK 562 million (2009:
DKK 47 million) 
•	Diluted adjusted earnings per share were DKK 2.9 for the period (2009: DKK
1.8), which amounts to an annualised figure of DKK 5.1 (2009: DKK 4.8) 
•	Free cash flow for the period adjusted for the acquisition of enterprises
amounted to DKK 416 million 
(2009: DKK 795 million)

The results for H1 2010 are deemed very satisfactory.

Outlook for 2010
As a consequence of the increase in activity levels and freight rates, DSV
adjusts the outlook for 2010 previously disclosed. 

The full-year 2010 outlook is now:
•	Revenue is expected to be in the range of DKK 41,000-43,000 million,
corresponding to an increase of approx. 
14-19% relative to the revenue achieved in 2009 (increase, previously
announced: 3-7%) 
•	Gross profit is expected to be in the range of DKK 9,200-9,400 million 
•	Operating profit before special items (EBITA) is expected to be in the range
of DKK 2,000-2,200 million (previously announced: DKK 1,900-2,100 million) 
•	Special items are still not expected to any appreciable extent 
•	Financials are expected to remain unchanged around DKK 500 million 
•	The effective tax rate of DSV is expected to amount to approx. 28% and to
remain at this level for the coming periods (previously announced: 30%) 
•	Free cash flow adjusted for the acquisition of enterprises is maintained at
around DKK 1,200 million 



Yours sincerely,
DSV