26366348 2023-01-01 2023-12-31 26366348 2023-01-01 2023-12-31 2 26366348 2022-01-01 2022-12-31 26366348 2023-12-31 26366348 2022-12-31 26366348 2021-12-31 fsa:ContributedCapitalMember 26366348 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 26366348 2022-12-31 fsa:ContributedCapitalMember 26366348 2021-12-31 fsa:RetainedEarningsMember 26366348 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 26366348 2022-12-31 fsa:RetainedEarningsMember 26366348 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 26366348 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 26366348 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 26366348 2021-12-31 26366348 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 26366348 2023-12-31 fsa:ContributedCapitalMember 26366348 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 26366348 2023-12-31 fsa:RetainedEarningsMember 26366348 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 26366348 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 26366348 2023-01-01 2023-12-31 1 26366348 2023-01-01 2023-12-31 1 26366348 2023-01-01 2023-12-31 1 26366348 2023-01-01 2023-12-31 2 26366348 2023-01-01 2023-12-31 3 26366348 2023-01-01 2023-12-31 4 iso4217:DKK xbrli:pure 23 Hedehusene Today, the Board of Directors and the Executive Board have discussed and approved the Annual Report of DSV Solutions Holding A/S for the financial year 1 January - 31 December 2023. The Annual Report has been prepared in accordance with 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 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023.Further, in our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters and the result of the Company's operations and financial position.We recommend that the Annual Report be approved at the annual general meeting. OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023, and of the results of the Company’s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of DSV Solutions Holding A/S for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for opinionWe 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. Statement on Management’s ReviewManagement 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, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s Responsibilities for the Financial StatementsManagement 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. Auditor’s Responsibilities for the Audit of the Financial StatementsOur 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. To the Shareholders of DSV Solutions Holding A/S Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 State Authorised Public Accountant State Authorised Public Accountant Kim Tromholt Poul P. Petersen mne33251 mne34503 DSV Solutions Holding A/S Hovedgaden 630 2640 Hedehusene 43 20 30 40 43 20 30 41 26366348 Høje-Taastrup Jens H. Lund Chairman Michael Ebbe Brian S. Ejsing Morten L. Dragsbæk Albert D. Bruin Financial highlights20232022202120202019Key figures (in thousands):Operating loss/profit -13,954 -2,066 -2,433 -4,377 -3,617Net financials -68,326 -66,476 -9,896 -17,437 -19,371Loss/profit for the year 435,340 327,929 -311,574 1,711,005 3,357Shareholders' equity at year-end 809,755 377,389 50,577 2,113,460 407,642Total assets 3,534,895 3,157,346 2,667,855 3,660,951 1,968,179Investments for the year 480,971 901,453 1,116,014 114,193 42,029Ratios:Return on equity 73.34% 153.25% -28.80% 135.73% 0.78%Solvency ratio 22.91% 11.95% 1.90% 57.73% 20.71%Financial ratios are calculated in accordance with the Danish Finance Society's guidelines on the calculation of financial ratios as stated below:Profit/loss x 100Return on equityAverage equity Equity x 100Solvency ratioTotal AssetsBusiness reviewIn this section we refer to the DSV Group's Annual Report, where the business review has been highlighted for the Solutions division. The report is available at: https://investor.dsv.com/reports-presentationsThe Solutions division achieved 5.0% increase in gross profit and 10.7% decrease in EBIT before special items. The strategy of consolidation into larger and more efficient warehouses (campuses) and implementation of automation have been key drivers in increasing the gross profit margin.The activity levels were weaker in the first half of the year compared to the previous year, but stabilised during the second half of the year with EBIT above the 2022 level in constant currencies. We estimate that Solutions took market share in all its major markets during the year. This was driven by a strong service offering and addition of new warehouse capacity.Our expansion includes new capacity added to our Pharma and Healthcare vertical. In 2023, we opened four new sites for our customers in this segment. The new warehouses are certified in line with leading international standards, and the vertical will remain a strategic focus area going forward. Our acquisitions of two US-based transport and logistics companies, S&M Moving Systems West and Global Diversity Logistics, have strengthened our semiconductor capabilities and support our growing cross-border operations between the US and Latin America.In the e-commerce segment, we continued rolling out DSV Fulfilment Factory with 8 out of 14 planned sites in operation. DSV Fulfilment Factory offers warehouse automation to all sizes of companies with multiple distribution channels, both B2B and B2C.In 2023, we launched DSV Energy to facilitate our strategy to reduce emissions from our energy consumption. DSV Energy is responsible for producing renewable energy from large rooftop solar plants installed on our facilities. The energy produced will first and foremost be used to cover our own energy consumption at our facilities, reducing our environmental impact. Excess power can in certain cases be sold externally. ResultsThe net result in the Company for the year, shows a profit of t.DKK 435,340, which is above the result for 2022 and above the expectations. The reason for the higher result is due to the higher return on investments in Group Enterprises and Associated Companies.The result is considered satisfactory by the Management.InvestmentsIn 2023, the company made investments in Group Enterprises with a value of t.DKK 480,971.OutlookMacroeconomic uncertainty and global destocking are impacting the contract logistics market, and we maintain high focus on managing our cost base to match demand levels. Despite the current environment, we still expect the market to be characterised by growing demand for modern, efficient and automated warehouses in the right locations. In 2024, we will promote our new Sustainable Warehousing concept, by which we help our customers reduce their carbon footprint. Certified, energy efficient warehouses, automation, remaker services, waste reduction and lean processes are important features in this conecpt.22024 also marks the beginning of operating our 190.000 m warehouse facility in Horsens, Denmark. Being one of the largest facilities in Europe, the new warehouse will be equipped with a high degree of automation to match the needs of customers in different industries.Several industries are focusing on creating more robust supply chains. This may lead to relocating production for our customers, more regional production and assembly, higher inventory levels and more stock points or distribution centres closer to the end consumer. We will work closely with our customers to support their entire supply chain.It is anticipated that the earnings for 2024 will be slightly lower compared to 2023 and in a range between t.DKK 250,000 - 300,000 due to lower return on investments in Group Enterprises and Associated Companies compared to the higher return from 2023.Unusual risksThere are no unusual matters which influence the recognition and measurement in the annual report. Capital resourcesThe Company has a solid capital resource due to the fact that the Company is a part of the cashpool in the DSV Group. The capital resource is supported by the Groups strategic goal to secure sufficient financial flexibility.Reporting on corporate social responsibility cf. section 99a of the Danish Financial Statements ActDSV Solutions Holding A/S is a subsidiary of the DSV Group (CVR No.: 58233528). The Group issues a separate report on corporate socialresponsibility, the DSV Sustainability Report 2023, in accordance with section 99a of the Danish Financial Statements Act. The report is available at: https://www.dsv.com/en/sustainability-esg/our-reporting/sustainability-reportsReporting on Data Ethics policies cf. section 99d of the Danish Financial Statements ActThe DSV Group report (CVR No.: 58233528) separately on our policies and approach to Data Ethics in accordance with section 99d of the DanishFinancial Statements Act. The report is found in DSV A/S' Statutory Report on Data Ethics, available at: https://www.dsv.com/en/data-ethics Business activities and missionThe Company is a 100% owned subsidiary of DSV A/S. The Company’s financial statements are a part of the consolidated financial statements for DSV A/S.DSV Solutions Holding A/S invests in companies which offers logistics and supply chain management services to multinational and local customers. The Financial Statements Act § 99b requires Danish companies of a certain size to set targets for and report on gender representation in theCompany’s Top Management. At present, DSV Solutions Holding A/S does not comply with the requirement of equal gender representation in the Company’s Top Management.This is due to the fact that the Company’s Board is made up of members from the DSV Group’s Management Team. Equal gender representationin DSV Solutions Holding A/S depends on who holds the strategic positions in the Group. In 2024 and onwards, the DSV Group will focus onincreasing the percentage of female leaders at director level and above. In 2023, the representation of the underrepresented gender (female) on the Board of Directors for the Company was 0%, and the target hastherefore not yet been met. As the Company employs less than 50 employees, the Company is not required to have a policy for improving the gender diversity on managementlevels. Furthermore, target information regarding the Company's Executive Management is excluded due to less than 3 members per 31.12.2023.The Board of Directors of DSV A/S has established a Diversity and Inclusion Policy which describes our standpoint and approach to diversity andinclusion which also applies for DSV Solutions Holding A/S.The policy is available at: https://www.dsv.com/en/sustainability-esg/governance/policies/diversity-policyThe DSV Group recognize that diversity and inclusion vary from country to country and must be tailored to meet local requirements and align withour global Diversity Policy. Therefore, our entities are responsible for ensuring location-specific initiatives which can include everything fromusing recruitment agencies that are specialised in minority groups, over veteran programmes, training in eliminating harassment, and leadershipprogrammes for specific population groups, to initiatives at female employees.During 2023, the DSV Group continued the mandatory diversity and inclusion training for all new managers and HR employees. By increasingawareness about potential biases and stereotyping that may limit our ability to see individual differences and capabilities, the training aims toremove barriers to equal opportunities. In 2023, the DSV Group also established a Diversity Council to further increase awareness of diversity and inclusion. The Diversity Council wasestablished across the Group's large and mid-size entities to exchange experiences and best practices within diversity and inclusion across ourglobal HR staff. This input will provide guidance and serve as inspiration when implementing new initiatives. Events after the reporting dateNo events have occurred after the reporting period 31. December 2023, of importance to the financial statements. 4 0 185603000 143440000 -185603000 -143440000 1239000 1575000 173589000 244325000 701000 101376000 -13954000 -2066000 504401000 390794000 60811000 45722000 129137000 112197000 422121000 322252000 -13219000 -5677000 435340000 327929000 3371460000 3070780000 7253000 8988000 67624000 0 3446338000 3079768000 3446338000 3079768000 63044000 15044000 12986000 15758000 2210000 2544000 10003000 718000 88244000 34064000 313000 43515000 88557000 77578000 3534895000 3157346000 100000000 100000000 0 0 709755000 277389000 809755000 377389000 2614538000 411084000 2614538000 411084000 19000 138000 101188000 2358955000 9394000 9780000 110601000 2368873000 2725139000 2779957000 3534895000 3157346000 100000000 -49423000 0 50577000 0 -1117000 0 -1117000 0 0 0 0 0 327929000 0 327929000 100000000 277389000 0 0 -2974000 0 -2974000 0 0 0 0 0 435340000 0 435340000 100000000 709755000 0 Note 1. Accounting policiesThe 2023 Annual Report of DSV Solutions Holding A/S has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large reporting class C entities. The amounts in the Annual Report are stated in Danish kroner (DKK) and rounded to the nearest thousands.Consolidated financial statementsIn accordance with section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of DSV Solutions Holding A/S and its subsidiaries are included in the consolidated financial statements of DSV A/S.Fees to auditors appointed at the annual general meetingIn accordance with section 96.3 of the Danish Financial Statements Act, no information about fees to appointed auditors at the Annual General Meeting are disclosed, due to the information is disclosed on group level in the consolidated financial statements of DSV A/S.Foreign currency translationOn initial recognition, foreign currency transactions are translated at the exchange rate ruling at the transaction date. Exchange differences between the exchange rates at the transaction date and the date of payment are recognised in the income statement under financial income and expenses.Receivables, payables and other monetary items denominated in a foreign currency are translated at the exchange rate ruling at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date on which the receivable or payable was recorded or the exchange rate used in the latest annual report is recognised in the income statement as financial income and expenses.Income statementStaff costsStaff costs include wages and salaries, pensions, social security costs and other staff costs.Other external expensesOther external expenses comprise expenses incurred during the year related to management and administration of the company, including expenses for administrative personnel, management, office premises and expenses and office supplies.Other operating income and costsOther operating income includes revenue from all other operating activities which are not related to the principal activities of the company, such as gains/losses from disposals and invoicing of service fees to subsidiaries. Other operating costs are mainly related to restructuring costs.Income from investments in Group enterprises and associated companiesDividends from investments in Group enterprises and associated companies are recognised in the Company's income statement in the financial year in which the dividends are declared. If the dividends distributed exceed accumulated earnings after the date of acquisition, dividends are, however, not recognised as income in the income statement, but as an adjustment of the cost of the investment.Financial income and expensesFinancial income and expenses include interest income and expense, capital gains and losses in respect of securities, payables and transactions denominated in foreign currencies and amortisation of financial assets and liabilities as well as surcharges and refunds under the tax prepayment scheme etc. Tax on profit/loss for the yearDSV Solutions Holding A/S is subject to the Danish regulations relating to compulsory joint taxation of the DSV Group. The subsidiaries are included in the joint taxation from the time of entering the consolidation in the consolidation annual accounts and up to the time when they are deconsolidated.The current Danish corporation tax is allocated by settlement of the jointly taxed companies compared with the taxable income of theses companies. In this connection, the companies with tax losses receive joint taxation contribution from the companies which are able to apply theses losses to reduce own taxable gains (full allocation).Tax for the year, which comprises of the current corporation tax for the year, joint taxation contribution and changes in deferred tax are taken to the profit and loss account with the part which is attributable to the profit/loss for the year and directly taken to equity with the part which is attributable to entries directly in equity.Balance sheetInvestments in Group enterprises and associated companiesInvestments in Group enterprises and associated companies are measured at cost. If the cost exceeds the recoverable amount, the investment is written down to this lower value.The cost is adjusted if dividends distributed exceed accumulated earnings after the date of acquisition.Impairment of non-current assetsThe carrying amounts of other non-current assets are calculated once a year to determine whether there is an indication of impairment. If so, their recoverable amounts are calculated. The recoverable amount is the higher of the fair value of the asset less the expected disposal costs and the value in use. The value in use is calculated as the present value of expected future cash flow from the asset or the cash-generating unit of which the asset forms part. Impairment losses are recognised if the carrying amount of an asset or a cash-generating unit exceeds the recoverable amount of the asset or cash-generating unit. Impairment losses are recognised in the income statement under amortisation, depreciation and impairment losses. Impairments of investments are included in share of income from investments.Impairment of other investments is reversed if the assumptions and estimates on, which the impairment is based have changed. Impairments are reversed if the new carrying amount of the asset exceeds the book value.Other receivablesOther receivables are measured at amortised cost, which usually corresponds to the nominal value. The value is reduced by write-downs for bad debts.EquityProposed dividends are recognised as a liability when adopted at the annual general meeting (date of declaration). Expected dividends for the year are shown as a separate item under equity.Incentive programmesThe Company’s incentive schemes include equity-settled share-barsed share option and warrants programmes, which are settled in DSV A/S shares.The value of the services, which the staff delivers in return for granting of options and warrants are measured at the fair value of the options and warrants.The equity-settled share-based payment arrangements are measured at fair value at the time of granting and are recognised in the profit and loss account under staff costs during the period where the final right to the options or warrants is achieved. The counter item is directly recognised in equity.In connection with the first recognition of share-based arrangements, the number of options and warrants, which the staff are expected to gain right to is estimated Subsequently, changes are adjusted for related to the number of the right of acquisition of options and warrants so that the total recognition is based on the actual number of rights of acquisition of options and warrants.The fair value of the granted options and warrants is estimated by the use of the Black-Scholes valuation method. By the estimation terms and conditions related to the granted options and warrants are taken into account.Corporation tax and deferred taxCurrent tax liabilities and outstanding current tax are included in the balance sheet as tax calculated on the taxable income for the year adjusted for tax from previous years’ taxable income and pre-paid taxes.Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amounts and the tax value of assets and liabilities. No recognition is made of deferred tax on temporary differences relating to items disallowed for tax purposes if, except at the acquisition of enterprises, such temporary differences arose on the date of acquisition without affecting the results or the taxable income. In cases where it is possible to calculate the tax value according to different tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised at the expected value of their utilisation, either by elimination in tax on future earnings or by offsetting deferred tax liabilities within the same legal tax entity or jurisdiction.Deferred tax assets and tax liabilities are set off if the enterprise has a legally enforceable right to set off current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously.Deferred tax assets are tested for impairment annually and are only recognised if they are likely to be utilised.Current liabilitiesOther liabilities including amounts owed to suppliers, affiliates and associates and other debts are valued at net realisable value. Cash flow statementIn accordance with section 86.4 of the Danish Financial Statements Act, no cash flow statement has been prepared. The cash flow statement of DSV Solutions Holding A/S and its subsidiaries are included in the consolidated financial statement of DSV A/S. true NOTES20232022DKK '000DKK '000Note 2. Staff costsSpecification of staff costs:Salaries, wages, share options and warrants 1,140 1,466Pension costs 90 100Other expenses for social security 2 2Other staff costs 7 71,2391,575 2 2 20232022DKK '000DKK '000Note 3. Income from investments in Group enterprises incl. impairmentDividend received from subsidiaries 686,427 708,343Impairment of investments in subsidiaries -182,026 -317,549504,401390,794 Note 4.Financial incomeFinancial income from Group enterprises 19,809 12,971Foreign currency translation adjustments 40,690 32,412Other interest income 312 339 60,81145,722 Note 5.Financial expensesFinancial expenses for Group enterprises 99,848 55,845Foreign currency translation adjustments 29,272 56,329Other interest expense 17 23 129,137112,197 Information regarding remuneration to the Executive Board is excluded with reference to the Danish Financial Statements Act.Section 98 b, subsection 3.The Board of Directors does not receive renumeration for their roles as members of the board.DSV A/S has established a share option and warrant programme for the Group’s employees. The Executive Board in DSV Solutions Holding A/S has been granted share options from the programme. The Board of Directors have received options from the programme for their roles in DSV A/S. DSV Solutions Holding A/S’s part of costs regarding the share options and warrants program are included as staff costs on a continuing basis. 20232022DKK '000DKK '000Note 6. Tax for the yearCurrent tax for the year 12,990 15,726Withholding tax-2,086 -9,757Adjustment of the deferred tax charge for the year -333 495Prior year adjustments 2,648 -78613,219 5,677 Note 7. Financial assetsInvestments in Group Enterprises and Associated Companies:Associated Group CostCompanies EnterprisesCost at 1/1 202332,3374,790,761Capital increase - 7,335Additions from acquisitions - 473,636Cost at 31/12 202332,3375,271,732Write-offs and fair value adjustmentsWrite-offs and fair value adjustments at 1/1 2023-23,349-1,719,980Write-off and fair value adjustments for the year -1,735 -71,945Reductionduetodividendreceivedwhichexceedaccumulatedearningsafterthedate of acquisition - -108,347Write-offs and fair value adjustments at 31/12 2023-25,084-1,900,272Carrying amount at 31/12 20237,2533,371,460Group EnterprisesCUR’000Company nameRegistered officeOwnershipCurrencyShare Capital DSV Real Estate Duisburg A/S DENMARK 400DKK100%DSV Solutions NV BELGIUM 29,040100%EURDSV Solutions S.R.L. ROMANIA 8RON100%DSV Solutions Holding B.V. NETHERLANDS 135100%EURDSV Solutions Group GmbH GERMANY 27100%EURDSV Solutions S.A. FRANCE 38100%EURDSV Solutions SDN. BHD. MALAYSIA 6,200100% MYRDSV Solutions Ltd. UNITED KINGDOM 1,000100% GBPDSV Solutions Ltd. IRELAND 3,500EUR100%DSV Solutions A/S DENMARK 30,000100%DKKDSV Solutions AS NORWAY 297100%NOKDSV Solutions AB SWEDEN 16,000100%SEKDSV Solutions OY FINLAND 214100%EURDSV Solutions Sp. Z.o.o. POLAND 19,47679%PLNDSV Solutions Hungary Kft. HUNGARY 6,000HUF100%DSV Solutions Slovakia s. r. o. SLOVAKIA 3,200100%EURDSV Solutions Pte Ltd. SINGAPORE 1,000100%SGDDSV Solutions Co., Ltd. TAIWAN 100,000TWD100%DSV Solutions Inc. CANADA 56,872100%CADDSV Solutions S.A. de C.V. MEXICO 59,640MXN100%DSV Services Sp. Z.o.o. POLAND 210PLN100%DSV Solutions s.r.o. CZECH REPUBLIC 240100%CZKDSV Solutions Limited HONG KONG 621,955100%HKDIMS Holdings BV NETHERLANDS 44100% EURDSV Solutions Co., Ltd VIETNAM 1,407,127100% VNDDSV Solutions Pty. Ltd. AUSTRALIA 26,600100% AUDDSV Solutions Co., Ltd. JAPAN 55,000100% JPYPanalpina World Transport (Dubai) DWC-LLC UAE 300AED100%DSV Solutions S.A.S. COLOMBIA 3,256,808100%COPPanalpina S.A. PANAMA 900100% USDDSV Real Estate Thrapston Limited UNITED KINGDOM 1100%GBPDSV Solutions Ltd. KOREA 1,000,000100%KRWDSV Global Solutions Inc. PHILIPPINES 91,000100%PHPDSV Solutions B.S.C Closed BAHRAIN 4,30099%BHDPT DSV Solutions Indonesia INDONESIA 406,811,130100%IDRDSV Solutions (Management) Sdn. Bhd. MALAYSIA 1100%MYRDSV Solutions S.R.L. ITALY 12,000100%EURDSV Services GmbH GERMANY 25100%EURDSV Logistics N.V. BELGIUM 100100%EURDSV Solutions Co., Ltd. CHINA 100100%CNYDSV Logistics (Nanjing) Co., Ltd. CHINA 7,177100%CNYDSV Road S.R.L. ROMANIA 2,24698% RONAssociated CompaniesCUR’000Company nameRegistered officeOwnership CurrencyShare Capital DSV Solutions Ltd. THAILAND 72,50049% THBUTi (Global Logistics) Inc. PHILIPPINES 20,000PHP40% Note 8. Deferred tax asset20232022DKK '000DKK '000Deferred tax asset at 1/1 2,5442,049Deferred tax for the year-333495Deferred tax asset at 31/12 2,2102,544Deferred tax asset:Tangible assets626-Other liabilities1,5842,544Deferred tax asset2,2102,544 Note 9. Share capitalContributed capital consist of 1 share to nominal value t.DKK 100,000 and no changes for the last 5 years. Note 10. Non-current liabilitiesThe non-current liabilities to group companies are all due within 5 years. Note 11. Contingent liabilitiesThe Company is jointly registered for VAT with the Group's other Danish Companies. The Company is thus jointly and serverally liable for VAT as regards the jointly registration.The Company is assessed jointly for tax purposes together with the other domestic DSV Group entities. The Company is a wholly-owned subsidiary of DSV A/S and is under an unlimited and joint liability regime for Danish tax payments and withholding taxes on dividends, interest and royalties from the jointly taxed entities. The total amount is disclosed in the annual financial statements of DSV A/S, which is the administration company of the joint taxation arrangement. Any subsequent adjustments of the taxable consolidated profit or withholding taxes may result in an increase in the Company’s tax liability.DSV A/S has issued letter of support for DSV Solutions Holding A/S to provide financial support to the extent necessary, allowing the company enterprises to continue their activities and meet their obligations towards third parties.20232022DKK '000DKK '000Guarantees for rent commitments, indemnification and subordination agreements re. subsidiaries.2,771,288 1,989,650 Note 12. Related parties and ownershipDSV Solutions Holding A/S related parties comprise the following:Parties exercising controlDSV A/S, Hovedgaden 630, DK-2640 HedehuseneOtherThe Company’s related parties are the companies in the DSV Group and the companies’ daily management.Transactions with related parties has been conducted on arms lenght principles.There are not entered agreements or other transactions with companies where the Board of Directors or the Executive Board have had any financial interest except from transactions related to the conditions of employment.20232022Transactions with related parties:DKK '000DKK '000Sale of servicefee 173,780 137,434Sale of administration fee 2,547 4,608Purchase of service fee 17,788 11,214Purchase of administration fee 166,086 133,824Financial income 19,809 12,971Financial expenses 99,848 55,845The Company has bought shares from Group enterprises with a value of t.DKK 473,636 (2022 t.DKK 866,003), and made capital increases of t.DKK 7,335 (2022 t.DKK 35,451).The company has following receivables and payables as of 31 December:20232022DKK '000DKK '000Non-current receivables from Group enterprises 67,624 - Current receivables from Group enterprises 63,044 15,044Non-current liabilities to Group enterprises 2,614,538 411,084Current liabilities to Group enterprises 101,188 2,358,955OwnershipShareholders holding 5% or more of the share capital or the voting rights:DSV A/S, Hovedgaden 630, DK-2640 Hedehusene owns 100% of the shares in DSV Solutions Holding A/S. Note 13. Consolidated financial statementThe financial statements of DSV Solutions Holding A/S and its subsidiaries are included in the consolidated financial statements of DSV A/S, Hedehusene, Denmark. The consolidated financial statement of DSV A/S can be requested at the following address:DSV A/SHovedgaden 630or: DK-2640 Hedehusenewww.investor.dsv.com 435340000 327929000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-04-30 Patrick Julian Figiel-Kibsgaard Reporting class C, large enterprise 2024-04-30 58233528 DSV A/S Hovedgaden 630 2640 Hedehusene Opinion Basis for Opinion 2024-04-30 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab