Årsrapport29442789Redmark, Godkendt RevisionspartnerselskabDirch Passers Allé, 762000, Frederiksberg2021-01-012021-12-312022-01-012022-12-3134895732DSV FS A/SHovedgaden6302640Hedehusene2012-12-28Høje TaastrupRedmark, Godkendt Revisionspartnerselskab29442789Henrik Juul Thomsenstatsautoriseret revisormne33734Dirch Passers Allé762000FrederiksbergDanmark39163636copenhagen@redmark.dk2023-04-28Patrick Figiel-KibsgaardRegnskabsklasse BRevisionspåtegningCaseWare fra Revisorgruppen DanmarkaktionærerneKøbenhavn2023-04-28Hedehusene2023-04-28Grundlag for konklusionKonklusion-27000-32000-27000-32000604100046800002106000438800039080002600008670001570003041000103000304100010300075000750009381200009388700075000938870007500023379600032398300070000233803000323983000233803000323983000327690000324058000050000050000032655400032351500032705400032401500035000120005700000310003100063600043000636000430003276900003240580002104000438800020000210600043880005000005000005000005000003235130003234120003041000103000326554000323515000Today, the Board of Directors and the Managing Director have approved the annual report of DSV FS A/S for the financial year 1 January - 31 December 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January – 31 December 2022. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Søren SchmidtJens Bjørn AndersenSøren SchmidtJens H. LundWe have audited the financial statements of DSV FS A/S for the financial year 1 January - 31 December 2022, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022, and of the results of the Company's operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. The principal activities of the company The Company's purpose is to operate with investments, comprising of purchase and sale of debts as well as related business. Development in activities and financial matters The gross loss for the year totals TDKK -27 against TDKK -32 last year. Income from ordinary activities after tax totals TDKK 3.041 against TDKK 103 last year. Management considers the net profit or loss for the year satisfactory. Events occurring after the end of the financial year No material events have occured after 31 December 2022. 4. Contingencies The Company has no further commitments or liabilities except from those included in the financieal statements. The Company and it's ultimate parent company, DSV A/S, are taxed on a joint basis. The Company is thus jointly and severally liable for any taxes relating to the joint taxation arrangement. 5. Related parties Controlling interest DSV A/S, Hovedgaden 630, 2640 Hedehusene, which excerises control. Transactions The company has the following related party transactions: Transactions with other realted parties comprise interest bearing accounts. Transactions with realted parties have been conducted on arms length principles. There are not entered agreements or other transactions with companies where the Board of Directors or the Exectuive Board have had any financial interes except from transactions related to the conditions of employment. The annual report for DSV FS A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The annual report is presented in DKK. No consolidated financial statements have been prepared pursuant to section 112 {1) of the Danish Financial Statements Act. The financial statements of DSV FS A/S and its group enterprises are included in the consolidated financial statements for DSV A/S, Hedehusene, CVR nr. 58 23 35 28. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross loss Gross loss comprises of external costs. Other external costs comprise expenses incured during the year related to management and administration of the company. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Results from investments in subsidiariesinvestments Dividend from investments in subsidiaries is recognised in the financial year in which the dividend is declared. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. EquityDividend Dividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Liabilities other than provisions Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 348957322022-01-012022-12-31348957322021-01-012021-12-31348957322021-12-31348957322022-12-31348957322022-01-012022-12-311348957322022-01-012022-12-312348957322022-01-012022-12-313348957322022-01-012022-12-311348957322022-01-012022-12-311348957322022-01-012022-12-31e:RetainedEarningsMember348957322021-01-012021-12-31e:RetainedEarningsMember348957322022-01-01e:ContributedCapitalMember348957322022-12-31e:ContributedCapitalMember348957322022-01-01e:RetainedEarningsMember348957322022-01-012022-12-31e:RetainedEarningsMember348957322022-12-31e:RetainedEarningsMember348957322021-01-01e:ContributedCapitalMember348957322021-12-31e:ContributedCapitalMember348957322021-01-01e:RetainedEarningsMember348957322021-01-012021-12-31e:RetainedEarningsMember348957322021-12-31e:RetainedEarningsMemberiso4217:DKK