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