529900X41C0BSLK67H70 2022-01-01 2022-12-31 529900X41C0BSLK67H70 2021-01-01 2021-12-31 529900X41C0BSLK67H70 2021-12-31 529900X41C0BSLK67H70 2022-12-31 529900X41C0BSLK67H70 2020-12-31 529900X41C0BSLK67H70 2021-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2021-12-31 ifrs-full:NoncontrollingInterestsMember 529900X41C0BSLK67H70 2020-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2020-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2020-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2020-12-31 ifrs-full:NoncontrollingInterestsMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2022-01-01 2022-12-31 ifrs-full:NoncontrollingInterestsMember 529900X41C0BSLK67H70 2021-01-01 2021-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2021-01-01 2021-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2021-01-01 2021-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2021-01-01 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2021-01-01 2021-12-31 ifrs-full:NoncontrollingInterestsMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:IssuedCapitalMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:OtherReservesMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:RetainedEarningsMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900X41C0BSLK67H70 2022-12-31 ifrs-full:NoncontrollingInterestsMember iso4217:DKK iso4217:DKK xbrli:shares global Geographical information DSV operates in most parts of the world and has activities in more than 80 countries, which are divided into the following geographical regions:• EMEA: Europe, Middle East and Africa• Americas: North and South America• APAC: Asia, Australia and the PacificRevenue and non-current assets are allocated to the geographical areas according to the country in which the individual consolidated entity is based. Refer to note 2.2 for regional segmentation of revenue. The cor-porate headquarter of DSV is located in Denmark, which is included in the EMEA segment. Our business is based on transactions in our global net-work rather than in individual countries or regions. Intersegment transactions are made on an arm’s length basis.Major customersDSV is not reliant on any major customers. No single customer exceeds 5% of combined Group revenue.Revenue Non-current assets**Non-current assets**Geographical information Geographical information – major countries (DKKm)2022 2021 2022 2021 – regions (DKKm) 2022 2021USA 52,826 36,532 2,431 1,715EMEA 18,179 18,154Germany 17,684 15,061 1,526 1,523Americas 3,593 2,542Denmark 17,071 17,452 4,159 4,774APAC 2,455 2,422United Kingdom 9,761 7,807 896 813Total 24,227 23,118Sweden 8,360 6,172 890 896** Non-current assets less tax assets, customer relationships and goodwill.Other 129,963 99,282 14,325 13,397Total 235,665 182,306 24,227 23,118 DSV A/S Hovedgaden 630, 2640 Hedehusene, Denmark 235665000000 182306000000 183516000000 144691000000 52149000000 37615000000 5559000000 4173000000 16315000000 13025000000 30275000000 20417000000 5071000000 4194000000 25204000000 16223000000 1117000000 478000000 606000000 206000000 1472000000 1047000000 23221000000 14904000000 5550000000 3650000000 17671000000 11254000000 17568000000 11205000000 103000000 49000000 1 1 77.3 49.3 1 1 76.2 48.2 17671000000 11254000000 1260000000 2472000000 9000000 -21000000 -9000000 -6000000 2000000 -3000000 -395000000 555000000 -54000000 119000000 935000000 2896000000 18606000000 14150000000 18500000000 14109000000 106000000 41000000 18606000000 14150000000 30275000000 20417000000 202000000 160000000 520000000 105000000 -2840000000 4604000000 664000000 828000000 323000000 153000000 727000000 495000000 745000000 443000000 5178000000 2263000000 26846000000 12202000000 280000000 303000000 1514000000 1180000000 824000000 420000000 0 -1631000000 -4000000 148000000 -966000000 420000000 25880000000 12622000000 4393000000 12834000000 3719000000 489000000 3734000000 3160000000 -161000000 118000000 1320000000 920000000 20313000000 17841000000 618000000 784000000 -9000000 -6000000 -24245000000 -8680000000 1635000000 3942000000 8299000000 4060000000 1635000000 3942000000 226000000 297000000 10160000000 8299000000 25880000000 12622000000 0 -1631000000 664000000 828000000 3734000000 3160000000 22810000000 8659000000 77674000000 76661000000 14694000000 13709000000 6284000000 6262000000 2461000000 2395000000 3494000000 3544000000 104607000000 102571000000 32387000000 36369000000 5785000000 9797000000 1889000000 284000000 4179000000 4009000000 10160000000 8299000000 38000000 66000000 54438000000 58824000000 159045000000 161395000000 219000000 240000000 919000000 -356000000 70381000000 74219000000 71519000000 74103000000 222000000 175000000 71741000000 74278000000 13190000000 11848000000 21398000000 16993000000 1183000000 908000000 4260000000 3508000000 504000000 447000000 40535000000 33704000000 3577000000 3440000000 814000000 4472000000 14992000000 17040000000 12085000000 13289000000 2407000000 1841000000 9640000000 10257000000 3254000000 3074000000 46769000000 53413000000 87304000000 87117000000 159045000000 161395000000 240000000 -356000000 74219000000 74103000000 175000000 74278000000 230000000 -2836000000 49991000000 47385000000 -88000000 47297000000 0 0 17568000000 17568000000 103000000 17671000000 0 0 11205000000 11205000000 49000000 11254000000 0 1271000000 -339000000 932000000 3000000 935000000 0 2482000000 422000000 2904000000 -8000000 2896000000 0 1271000000 17229000000 18500000000 106000000 18606000000 0 2482000000 11627000000 14109000000 41000000 14150000000 0 0 202000000 202000000 0 202000000 0 0 160000000 160000000 0 160000000 0 0 322000000 322000000 0 322000000 0 0 -791000000 -791000000 0 -791000000 0 0 1320000000 1320000000 58000000 1378000000 0 0 920000000 920000000 7000000 927000000 0 19000000 20294000000 20313000000 0 20313000000 0 13000000 17828000000 17841000000 0 17841000000 0 2000000 616000000 618000000 0 618000000 0 2000000 782000000 784000000 0 784000000 0 0 0 0 0 0 16000000 0 24479000000 24495000000 0 24495000000 21000000 -21000000 0 0 1000000 1000000 6000000 -6000000 0 0 0 0 0 0 0 0 0 0 0 3000000 5073000000 5076000000 0 5076000000 0 0 0 0 0 0 0 0 0 0 273000000 273000000 0 0 43000000 43000000 0 43000000 0 28000000 28000000 0 28000000 0 0 8000000 8000000 0 8000000 0 0 36000000 36000000 -44000000 -8000000 -21000000 4000000 -21067000000 -21084000000 -59000000 -21143000000 10000000 -2000000 12601000000 12609000000 222000000 12831000000 219000000 919000000 70381000000 71519000000 222000000 71741000000 240000000 -356000000 74219000000 74103000000 175000000 74278000000 Chapt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er 1Basis of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ationIntroductionThe Annual Report of DSV A/S comprises the consolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate-ments of DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S and its subsidiaries.By nature, a degr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee of unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainty is involved when carrying out these judgements and estimates, henc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e actual results may deviat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e from the assessments made at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting date. Judgements and estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e continuously evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, and the effects of any changes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant period. The primary financial statements it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or which significant acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting judgements and estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e list<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed below: • <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets and accrued cost of services (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.4<span class="fc1">)</span></span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.8<span class="fc1">) </span></span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Acquisition and disposal of entities (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">no<span class="_ _0"/>te 6.1<span class="fc1">)</span></span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">note 5.1 </span>and<span xmlns="http://www.w3.org/1999/xhtml" class="fc2"> not<span class="_ _0"/>e 5.2<span class="fc1">)</span></span>Additional description of management judgements and estimates made are pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided in the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tes.The 2022 Annual Report of DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S has been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ed on a going concern basis in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>dance with the Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernational Financial Reporting St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ds (IFRS) as issued by the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> International Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tandar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ds Board (IASB) and additional disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>equirements f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or list<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanies in the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. IFRS standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ds have been applied to the <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent these have been adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opean Union. The consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in Danish kr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oner (DKK) and <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounded t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the near<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>est million.Basis of consolidationThe consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements include the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany (DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S) and all subsidiaries over which DSV A/S exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cises c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol. Entities in which the Group dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly or indir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly controls at leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t 20%, but not mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e than 50%, of the voting pow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er are ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or as associates and me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as-ured using the equity method. Investments with negativ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e net asset values are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at DKK 0.The consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed based on unif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting policies in all Group entities. C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidation of Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup entities is performed after elimination of all intr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a-gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup transactions, balances, in-come and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses.Changes in accounting policiesAll amendments to the Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernational Financial Reporting St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andards (IFRS) effective f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year 2022 have been implemented as basis for pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatements and no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tes t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements.None of the implementations have had any mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial impact on the state-ments or not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es present<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. Management judgements and estimatesIn preparing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements, Management makes various acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting judgements and estimates that aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect the reported amounts and disclosures in the financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements and notes t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements. These are based on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essional e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xperience, hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orical data and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther factors available t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Management. The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors and Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Board c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oved the 2022 Annual Report of DSV A/S on 2 February 2023. The Annual Report will be submitted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shareholders of DSV A/S for appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oval at the Annual General Mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting on 16 Mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ch 2023.Basis of measurementThe Annual Report has been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed under the historical c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onvention with the exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eption of derivative financial instruments and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition opening balances, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value. Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets held for sale ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the low<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of their carrying amount and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value less costs t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o sell. The acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting policies described in the not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es have been applied consist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ently f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the com-parative figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es.Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition in the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements When preparing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements, the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate-ments of entities with a functional currency other than DKK ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e translat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the average e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the period, and balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet items ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e translat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the closing rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e at the end of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting period.For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>change differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es arising on translation of the equity of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or-eign entities and on translation of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed part of net in-vestment ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly in other compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>change differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es arising on the translation of inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-ments from the av<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erage e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the period to the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate at the reporting dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e are also r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income. Adjustments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e present<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed under a separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ve in equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup compositionThe Group holds int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests in 473 entities and was c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omposed as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows at 31 December 2022:RegionEntities <span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0"> </span>(Number)EMEA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Americas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws6c">A<span class="_ _7"/>PA<span class="_ _4"/>C<span class="_ _a6"> </span><span class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"/>l</span></span>Subsidiaries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16c"> </span>302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>55<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>108<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>465Associates<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span>8Foreign cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rencyFunctional currencyA functional currency is determined f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or each Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup entity. The functional curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency is the currency used in the primary financial environment in which the individual Group entity oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates.For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translationOn initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency transactions are tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the functional currency at the exchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate at the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction dates. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es between the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates at the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ans<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>action date and the date of payment ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-ment under financials. Monetary items denominat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency are tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslated at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the exchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e at the reporting dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tween the exchan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ge rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting date and the transaction date or the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate used in the latest annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement under financials. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es arising on the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslation of non-monetary items, such as inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments in associates, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised directly in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income.Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentationCash flow statementThe cash flow stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed using the indirect method based on operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortisation, depreciation and special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems. The cash flow stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement cannot be deriv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed directly fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the balance sheet and income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement. Materiality in financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eportingIn preparing the Annual R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, Management seeks to impr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ove the inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-mation value of the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements, the not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to the stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements and other measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es disclosed by pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esenting the inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation in a way that supports the understanding of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance in the reporting period. This objective is achieved by presenting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air transactional aggr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egation levels on items and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther financial information, emphasising inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation that is consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed of material import<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the user and making relevant rather than generic descriptions thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oughout the Annual R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. All disclosures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e made in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with the Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernational Financial Reporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds, the Danish Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements Act and other relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant regulations, ensuring a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air view thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oughout the Annual Report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentation of it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems and subt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alsThe present<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of items and sub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tals is based on separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate classification of material gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oups of similar items. In the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement, income and expense it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems are classified based on the ‘natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’ method in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with IAS 1. Furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, the use of special items is applied t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o improv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the transpar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency and understanding of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements by separating the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e performanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of the Group fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x-ceptional it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems. For a definition and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>econciliation of Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and after special items, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">no<span class="_ _0"/>te 2.7<span class="fc1"> Special it<span class="_ _0"/>ems.</span></span>New accounting r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egulationsThe IASB has issued a number of new standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds and amendments no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t yet in effect or adopted by the EU and ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a-tion of the 2022 consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements. DSV expects to imple<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ment the standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds and amendments when they tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e effect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.None of the new standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds issued ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ently expected t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o have signifi-cant impact on the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial statements when implement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.2.1 Segment inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ormationOper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating segmentsOur business operations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ried out by thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee divisions, forming the basis of our segment reporting.Air &amp; Sea The Air &amp; Sea division pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovides air and sea fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. This includes a projects department<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, handling out of gauge car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>go and special transportation pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects. Road The Road division pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovides r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight services across Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East, Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>th America and South Afric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a.Solutions The Solutions division offers c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract logistics ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, incl. war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing and inventory management, across the globe.Measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of earnings by segmentOur business segments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed down to oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems. Segment r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults are ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or in the same way as in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements. Segment income/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>expenses and as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>liabilities c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprise the items directly attributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the individual segment as well as the it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems that may be allocated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the individual segment on a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eliable basis.Income and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup functions, investing activities, etc., are managed at Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup level. These it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not included in the stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of segment information, but ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed under ‘non- allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems and eliminations’.Financial position of business segmentsAssets and liabilities are included in the segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al reporting t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the extent they are used f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Assets and liabilities that cannot be attributed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o any of the thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee seg-ments on a reliable basis ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed under ‘non-allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems and eliminations’.Geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation DSV operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in most parts of the world and has activities in more than 80 countries, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e divided into the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egions:• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>EMEA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>: Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East and Africa• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Americas: Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>th and South America• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>AP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>AC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>: Asia, Australia and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acificRevenue and non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts are alloc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the geographic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ording t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the country in which the individual c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated entity is based. Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">no<span class="_ _0"/>te 2.2<span class="fc1"> f<span class="_ _0"/>or r<span class="_ _0"/>egional segmentation of r<span class="_ _0"/>evenue. The c<span class="_ _0"/>or<span class="_ _0"/>-</span></span>porat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e headquarter of DSV is locat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in Denmark, which is included in the EMEA segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Our business is based on transactions in our global net-work rather than in individual c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountries or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egions. Intersegment tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactions are made on an arm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s length basis.Major customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sDSV is not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eliant on any major cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omers. No single customer e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xceeds 5% of combined Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue.Accounting policiesOperating segments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e defined by the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational and management structure of DSV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, which is derived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the types of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es we deliver and our geographical pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on the world mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. As such, our operat-ing segments reflect our divisional and Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting used for manage-ment decision-making.2.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Segment inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ormation – continuedNon-allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems Air &amp; Sea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16e"> </span>Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16e"> </span>Solutionsand eliminations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"> </span>a<span class="_ _2"> </span>l</span>Segment inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation – divisions <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _25"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _70"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _25"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _70"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Condensed income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ementRevenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16f"> </span>172,868<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>130,899<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>38,746<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>33,077<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>23,826<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>17,989<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>225<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>341<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>235,665<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>182,306Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>company r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b2"> </span>1,563<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>1,002<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>2,761<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>2,339<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>583<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>(4,907)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>(4,086)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15c"> </span>-Divisional rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">174,431<span class="_ _b"> </span>131,901<span class="_ _2d"> </span>41,507<span class="_ _93"> </span>35,416<span class="_ _2d"> </span>24,409<span class="_ _93"> </span>18,734<span class="_ _10"> </span>(4,682)<span class="_ _79"> </span>(3,745)<span class="_ _134"> </span>235,665<span class="_ _b"> </span>182,306</span>Direct cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ac"> </span>139,807<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>108,132<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>33,596<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>28,321<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>15,091<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>12,081<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>(4,978)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"> </span>(3,843)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>183,516<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>144,691Gross pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _173"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">34,624<span class="_ _93"> </span>23,769<span class="_ _a6"> </span>7,911<span class="_ _2d"> </span>7,095<span class="_ _a6"> </span>9,318<span class="_ _57"> </span>6,653<span class="_ _e2"> </span>296<span class="_ _166"> </span>98<span class="_ _2d"> </span>52,149<span class="_ _45"> </span>37,615</span>Other external e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span>4,244<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>3,366<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>1,425<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,122<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>1,759<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,338<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>(1,869)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>(1,653)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>5,559<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>4,173Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _175"> </span>8,471<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>6,598<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>3,543<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>3,149<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>2,254<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,664<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>2,047<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,614<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>16,315<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>13,025Oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortisation, depreciation and special items<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">21,909<span class="_ _93"> </span>13,805<span class="_ _a6"> </span>2,943<span class="_ _57"> </span>2,824<span class="_ _7e"> </span>5,305<span class="_ _57"> </span>3,651<span class="_ _e2"> </span>118<span class="_ _86"> </span>137<span class="_ _2d"> </span>30,275<span class="_ _93"> </span>20,417</span>Amortisation and depreciation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _176"> </span>1,251<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,037<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>903<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>967<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>2,604<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,876<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>313<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>314<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>5,071<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>4,194Oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit (EBIT) before special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">20,658<span class="_ _93"> </span>12,768<span class="_ _a6"> </span>2,040<span class="_ _2d"> </span>1,857<span class="_ _a6"> </span>2,701<span class="_ _57"> </span>1,775<span class="_ _55"> </span>(195)<span class="_ _2d"> </span>(177)<span class="_ _36"> </span>25,204<span class="_ _45"> </span>16,223</span>Condensed balance shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss investments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11f"> </span>1,797<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>17,262<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>501<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>1,958<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>4,338<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>4,118<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>165<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>7,864<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>6,801<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>31,202T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _178"> </span>93,821<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>96,879<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>24,437<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>24,135<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>29,347<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>26,245<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>11,440<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>14,136<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>159,045<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>161,395T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _179"> </span>67,546<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>79,824<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>17,547<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>18,883<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>23,357<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>20,310<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>(21,146)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>(31,900)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span>87,304<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>87,117* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>Refer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence is made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>econciliation fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit (EBIT) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special items t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit for the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.Revenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span>Non-current assets**Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets**Geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation<span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>– major countries <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _25"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span> – regions <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>USA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b5"> </span>52,826<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>36,532<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>2,431<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,715EMEA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span>18,179<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>18,154Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>17,684<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>15,061<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>1,526<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,523Americas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span>3,593<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>2,542Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>17,071<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>17,452<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>4,159<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>4,774A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>PA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0">2,455<span class="_ _37"> </span>2,422</span>United Kingdom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17a"> </span>9,761<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>7,807<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>813T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17f"> </span>24,227<span xmlns="http://www.w3.org/1999/xhtml" class="_ _93"> </span>23,118Sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _104"> </span>8,360<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>6,172<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>890<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>896** Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets less tax asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships and goodwill.Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11b"> </span>129,963<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>99,282<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>14,325<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>13,397T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>235,665<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"> </span>182,306<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span>24,227<span xmlns="http://www.w3.org/1999/xhtml" class="_ _93"> </span>23,1182.2 R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenueEMEA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span>Americas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>PA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"> </span>a<span class="_ _2"> </span>l</span>Ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices and geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>phical <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>segmentation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>30,258<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>24,867<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>28,083<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>19,624<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>32,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>26,355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>90,591<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>70,846Sea services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _29"> </span>41,386<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>32,053<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>28,494<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>18,317<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>13,960<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>10,685<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>83,840<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>61,055Road services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span>37,453<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>32,452<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>4,054<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>2,964<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>41,507<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>35,416Solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>16,537<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>12,914<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>4,382<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>3,639<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span>3,490<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,181<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>24,409<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>18,734T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11"> </span>125,634<span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>102,286<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>65,013<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>44,544<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>49,700<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>39,221<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span>240,347<span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>186,051Non-allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems and eliminations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _183"> </span>(4,682)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>(3,745)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _184"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">235,665<span class="_ _14a"> </span>182,306</span>Accounting policiesRevenue c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logistics and other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the finan <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>cial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the over-time r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principle f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the satisfaction of various mile-stones as the perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligation is fulfilled t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Our main ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, sea, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad and solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es as de-scribed in the following.Air services Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilitating tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within the Air &amp; Sea re<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Air services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by short delivery times,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>as most air transports ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Sea servicesSea services comprise sea fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Sea services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Air &amp; Sea r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Sea services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods by road ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tworks mainly in Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East, the US and South<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Africa. Road services ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Road r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting segment. Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e characterised by short delivery times, as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>most road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>rts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omplet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Solutions servicesSolutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract logistics, incl. war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing and in-ventory management, across the globe. Solutions services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Solutions re <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"/>por<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ting segment. Solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acter-ised by very short deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y times, happening almost inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anta <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>neously as agreed actions under the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act are carried out.General r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principlesRevenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised based on the price speci<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>fied in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act with the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed excluding V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T and other tax c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollected on behalf of thir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d parties, and any discounts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e offset against the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue. Incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emental c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of obtaining a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with a customer ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an asset but as an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed due to the short delivery times. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services delivered ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e invoic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer and are no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for any financing c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omponents, as cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit terms ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e short – typically between 14 and 60 days – and the financing component theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e insignificant. Where services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed have yet t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be invoiced and invoices on services r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om hauliers have still t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets and accrued cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-porting date. Revenue allocat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emaining perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not disclosed following the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actical expedient of IFRS 15. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue also comprises income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om sale of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects in the form of sale of land and buildings acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructed and held for sale in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary course of business. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at a point in time in the reporting segment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which it relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es when contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of and legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the property have been transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. Revenue is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ised based on the price specified in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation is due upon transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of the legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle. De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>livery tim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>erty projects are typically 8-18 months.If the property is leased back after comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion, the right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t arising from the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseback is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oportion of the previous carrying amount of the asset that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the right of use r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>etained by DSV. As such, any gain or loss r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised only c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds to rights transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the buyer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and geographic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al segmentation specify as follows:2.2 R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenueRevenue is specified as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue<span xmlns="http://www.w3.org/1999/xhtml" class="fs5 ls3 ws0"> <span class="ff1 ls7 ws3">(DKKm)<span class="_ _27"> </span></span><span class="lse ws21">2022<span class="_ _57"> </span></span><span class="ff1">2021</span></span>Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>234,669<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>181,707Other operating inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span>996<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>599T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">235,665<span class="_ _14a"> </span>182,306</span>Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es includes r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om freight f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, con<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tract logistics, sale of property projects and other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed services. Sale of property pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects recognised at a point in time c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstitutes l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>% of to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue (2021: less than 2%). Other oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ncome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>clu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>des rent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erminal and building leases, gains fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om disposal of non- <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets and income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontracts.2.3 Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ostsAccounting policiesDirect cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts comprise c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts paid to gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Direct cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts include settlement of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounts with haulage contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actors, ship<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ping companies, airlines, et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c. Direct costs also include staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to hourly workers used f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or fulfilling or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ders and other dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs of oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, such as rent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al of logistics facilities and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects.Direct costs <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _2f"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Cost of carriers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>169,068<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>133,631Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, hourly workers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span>7,647<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>6,280Other costs of oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>6,801<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>4,780Direct costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">183,516<span class="_ _14a"> </span>144,691</span>2.4 Other external e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpensesAccounting policiesOther external e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses include expenses r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o marketing, IT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther rent, training and education, offic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e premises, tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>avelling, communications as well as o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther selling costs and administr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative expenses, les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s costs transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs.Other external expenses <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _7f"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Other external e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _188"> </span>12,360<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>8,953T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _189"> </span>(6,801)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>(4,780)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal other e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _43"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">5,559<span class="_ _6e"> </span>4,173</span>2.5 St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costsAccounting policiesStaff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts include wages and salaries, pension c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, social security co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sts and other st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or salaried employees, but ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>clude staff <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r hourly workers, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs. Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the financial year in which the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e renders the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed service. Costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o long-term employee benefits, e.g. share-based payments, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>perio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ds in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> they<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arned.Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence is made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.7<span class="fc1"> f<span class="_ _0"/>or detailed inf<span class="_ _0"/>ormation on pension plans, </span></span>not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e 6.3<span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> for inf<span class="_ _0"/>ormation on r<span class="_ _0"/>emuner<span class="_ _0"/>ation of the Executive Boar<span class="_ _0"/>d and the </span>Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors and <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">no<span class="_ _0"/>te 6.2<span class="fc1"> f<span class="_ _0"/>or det<span class="_ _0"/>ailed information on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s </span></span>share option schemes.Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _34"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Salaries and wages, et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7d"> </span>20,111<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>16,250Defined contribution pension plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>567Defined benefit pension plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>84<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>74Other social security costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>2,820<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,254Share-based payments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18d"> </span>202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>160T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _92"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">23,962<span class="_ _7b"> </span>19,305</span>Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems:Hourly workers – r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as direct cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">7,647<span class="_ _3c"> </span>6,280</span>Salaried employees – rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>16,315<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>13,025T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _49"> </span>23,962<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>19,305W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of full-time employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"><span style="letter-spacing: 0px;">76,583</span><span class="_ _a"> </span><span style="letter-spacing: 0px;">67,016</span></span>Number of full-time employees at year-end<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>76,283<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>77,9582.6 Amor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tisation and depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciationAmortisation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>depre ci ation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _25"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>254<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>212Software<span xmlns="http://www.w3.org/1999/xhtml" class="_ _dc"> </span>185<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>218Buildings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _df"> </span>341<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>231Other plant and operating equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>530<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>388ROU assets – Land and buildings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>3,549<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,757ROU assets – Other plant and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating equipment212<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>388T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal amortisation and depreciation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">5,071<span class="_ _6e"> </span>4,194</span>Accounting policiesAmortisation and depreciation f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised based on the amor <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>tisation and depreciation pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofiles of the underlying assets (r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es 3.2, 3.3<span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> and </span>3.6<span xmlns="http://www.w3.org/1999/xhtml" class="fc1">).</span>2.7 Special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emsFinancial expenses <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _d9"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses on lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>727<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>495Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses on borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span>236<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>159Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses, bank<span xmlns="http://www.w3.org/1999/xhtml" class="_ _34"> </span>397<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>249Financial expenses on pension obligations, ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e 3.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1">19<span class="_ _7c"> </span>17</span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>53Other financial expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19d"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>74T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal financial e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">1,472<span class="_ _6e"> </span>1,047</span>Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses include inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est on financial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost of DKK 1,453 million (2021: DKK 977 million).Special items r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>econcile t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement items as specified in the table below:2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Reported Adjusted Reported Adjusted income Special income income Specialincome Special items Bridge <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ementitemsstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ementstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ementitemsstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ementRevenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _191"> </span>235,665<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>235,665<span xmlns="http://www.w3.org/1999/xhtml" class="_ _41"> </span>182,306<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>23<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>182,329Direct cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11d"> </span>183,516<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>183,535<span xmlns="http://www.w3.org/1999/xhtml" class="_ _93"> </span>144,691<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>12<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>144,703Gross pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _192"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">52,149<span class="_ _180"> </span>(19)<span class="_ _8e"> </span>52,130<span class="_ _6e"> </span>37,615<span class="_ _55"> </span>11<span class="_ _81"> </span>37,626</span>Other external e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _135"> </span>5,559<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>237<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>5,796<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span>4,173<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>184<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>4,357Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _130"> </span>16,315<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>653<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>16,968<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>13,025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>277<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>13,302Oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortisation and depreciation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">30,275<span class="_ _3f"> </span>(909)<span class="_ _72"> </span>29,366<span class="_ _26"> </span>20,417<span class="_ _3f"> </span>(450)<span class="_ _72"> </span>19,967</span>Amortisation and depreciation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c5"> </span>5,071<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>213<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>5,284<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>4,194<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>29<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>4,223Oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">25,204<span class="_ _6c"> </span>(1,122)<span class="_ _8e"> </span>24,082<span class="_ _6e"> </span>16,223<span class="_ _3f"> </span>(479)<span class="_ _8e"> </span>15,744</span>Special items, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span>1,117<span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span>(1,117)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>478<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>(478)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>-Financial income<span xmlns="http://www.w3.org/1999/xhtml" class="_ _195"> </span>606<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>606<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>206<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>206Financial expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5c"> </span>1,472<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>(5)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>1,467<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>1,047<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>(1)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>1,046Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">23,221<span class="_ _137"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _81"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">23,221<span class="_ _26"> </span>14,904<span class="_ _170"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _7b"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">14,904</span>Accounting policiesSpecial items ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e used in connection with the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentation of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ss for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar to distinguish c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eptional items, which by their natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s ordinary opera-tions or investment in futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e activities.Special items c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprise: • <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Restructuring costs, impairment c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, etc., relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o fundamental structural, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al and managerial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganisations as well as any relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed gains or losses on disposals; • <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransaction and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estructuring costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>qui <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>sition and divestment of enterprises. Management judgements and estimatesIn the classification of special items, judgement is applied in ensuring that only exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eptional items no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t associated with the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations of the Group ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e included.Special items <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Restructuring and integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>1,117<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>392T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransaction cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o acquisitions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>86Special items, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _197"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">1,117<span class="_ _28"> </span>478</span>2.8 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Financial inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome and expensesAccounting policiesFinancial income and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses include inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est, share of associat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>’ pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit/loss, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oreign cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency gains and losses, bank charges as well as amortisation of financial assets and liabilities, including finance le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase obligations. Further<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>more, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised and unr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised gains and losses on deriv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative financial instru<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ments that cannot be classified as hedging c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontracts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e included.Financial income <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _198"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _199"> </span>323<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>202Share of as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sociates’ profit, net of tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19a"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>4Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span>276<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal financial inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">606<span class="_ _28"> </span>206</span>Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome includes inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est on financial assets of DKK 323 million (2021: DKK 202 million).3.1 Impairment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estingAccounting policiesGoodwillThe carrying amount of goodwill is test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impairment at least annually together with o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup.Impairment testing is perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the lowest cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating unit t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed goodwill is allocated, as defined by our divisional management and operational structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating units there-by follow our divisional s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.Goodwill is written down t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o its rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the income stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement if lower than the car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.The rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount is determined as the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of the disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted future ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cash flow fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating unit to which the goodwill relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es. In calculating the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value, disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflecting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> the risk-free int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate with the addition of risks r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to the individual cash-generating units, such as geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical and financial e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.Other non-current int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>angible assets, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>plant and equipmentThe carrying amount of other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts is test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t at least once a year in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onnection with the impairment test <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>of good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>will. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>If the tests show evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of impairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, the asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t is written down t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement. The recover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount is the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>higher of the fair valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s to sell and its value in use.The value in use is calculated as the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cash flows from the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>set or the division of which the asset f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orms part<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.Management judgements and estimatesFor goodwill impairment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting, a number of estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e made on the development in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenues, gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss profits, oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gins, futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capita<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>l expenditur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and growth expectations in the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erminal peri<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>od. These are based on an as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sessment of curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent and fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s in the three c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash-generating units and on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>l data<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ssump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>of fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ture expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ted mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ket devel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>opments, including expected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>long-term average mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es.Material value drivers aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecting the future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flows of the thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash-generating units ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e:Air &amp; SeaThe Air &amp; Sea division operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es globally, so developments in the global economy and world tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material impact on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>divi-sion’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flow. Developments in gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit per shipmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t, cost management initiatives and development in int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y (number of shipments per employee) also affect the divisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.RoadThe Road division mainly oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates on the EMEA and US marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, which means that the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cash flow is affected by the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in these r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egions. Developments in gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit per shipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, including truck and terminal utilisation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost management initiatives and devel-opment in internal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivity (number of shipments per employee) also<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> affect the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash flow.SolutionsThe Solutions division operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es globally, so developments in the global economy and world tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material impact on the divi-sion’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flow. Developments in w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouse lease costs and costs of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, utilisation of war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouse f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities, cost manage-ment initiatives and development in internal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivity (number of order lines per employee) also aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash flows.The expected futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e net cash flow is based on budgets and busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s plans approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by Management f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year 2023 and projections f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or subsequent years up to and including 2026. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>6 on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> DSV expects the growth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emain in line with the expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>cted <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>long-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>term average gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the industry.Impairment test Sensitivity analysisGoodwill was t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ested f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impairment at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022. The tests did The sensitivity analysis shows the lowest possible growth r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate or highest not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult in any impairment of carrying amounts.possible discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate in per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage points by which the assumptions used can change bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e goodwill becomes impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.The assumptions used, including a sensitivity analysis, are stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the following par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aph. The pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-tax discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is calculated in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>danc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent intangible asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, plant and equipment with IAS 36.Other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ere also t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for impairment indic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations to<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>gether with goodwill at 31 December 2022. No indic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of impairment The sensitivity analysis assesses the impac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t of changes in cash flows and was identified in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onnection with these tests.discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates on the impairment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults. The an <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>alysis concluded that even negative changes, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e unlikely t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o occur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, will not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult in im-pairment of goodwill in any of the thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash-generating units.2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Goodwill impairment test at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>Air &amp; Sea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>Solutions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span>Air &amp; Sea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>SolutionsCarrying amount of goodwill<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span>58,877<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>7,964<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>9,452<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>57,893<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>7,901<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>9,269Budget periodAnnual rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue growth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a1"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>4.0%Operating mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a4"> </span>9.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>5.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>11.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>9.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>5.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>11.0%T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>erminal periodGrowth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a6"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>2.5%Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-tax disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span>11.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>9.7%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>11.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>7.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>6.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>7.3%Sensitivity analysisGrowth in budget period – allow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed decline (per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>centage points)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _de"> </span>23.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>28.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>9.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>28.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>40.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>18.4%Discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate – allow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ease (per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>centage points)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _130"> </span>9.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>11.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>8.7%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>13.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.1%3.2 Intangible assetsGoodwillOnly goodwill arising from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>cial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements. Goodwill is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed as the differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e between the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al of the fair value of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, the value of non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olling inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests and any equity investments pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously held in the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>pared t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of identifiable net assets on the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition. Goodwill is not amortised, but is test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impairment at least annually<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>elationshipsSoftwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and software in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ogressOn initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer relationships identified fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om business c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>Software bought or dev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eloped for int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal use is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the lower of binations are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the balance shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t at fair value. Subsequently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, cost less ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cumulated amortisation and impairment losses and the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t less accumulat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed amortisation able amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Cost c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises payments f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and other dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly and impairment losses. attributable expenses of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparing the softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or its intended use. Customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortised over a period of eight years using the After commissioning, softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is amortised on a straight-line basis over its diminishing balance method.expected useful lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The amortisation period is 1-8 years.2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Customer Software in Customer Software in Intangible assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _66"> </span><span class="fs5 ls3 ws0">Goodwill</span></span>relationships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>Softwareprogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"> </span>l<span class="_ _7e"> </span></span>Goodwillrelationships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>Softwareprogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"> </span>l</span>Cost at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a8"> </span>75,063<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>2,565<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>1,212<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>280<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>79,120<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>47,476<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>2,032<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>1,265<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>206<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>50,979Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations/pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious period adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>370<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>370<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>25,333<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>569<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>13<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>25,916Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a9"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>42<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>238<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>280<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>56<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>247<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>303Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _118"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>(27)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>(250)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>(279)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>(56)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>(246)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>(43)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>(345)Reclassifications<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ae"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>174<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>(174)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>143<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>(143)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11d"> </span>860<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>36<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>898<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>2,254<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fd"> </span>(7)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>2,267T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _68"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">76,293<span class="_ _180"> </span>2,574<span class="_ _10b"> </span>1,180<span class="_ _107"> </span>342<span class="_ _3f"> </span>80,389<span class="_ _64"> </span>75,063<span class="_ _180"> </span>2,565<span class="_ _10b"> </span>1,212<span class="_ _107"> </span>280<span class="_ _3f"> </span>79,120</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al amortisation and impairment at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ac"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>1,719<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>740<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>2,459<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>1,551<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>763<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>2,314Amortisation and impairments for the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>254<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>185<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>439<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>212<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>218<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>430Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _118"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>(27)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>(191)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>(218)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>(56)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>(241)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>(297)Reclassification<span xmlns="http://www.w3.org/1999/xhtml" class="_ _153"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>7Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _121"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>35<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>35<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>12<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fd"> </span>(7)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>5T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal amortisation and impairment at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1af"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _180"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">1,981<span class="_ _107"> </span>734<span class="_ _15e"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _180"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">2,715<span class="_ _ea"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _10b"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">1,719<span class="_ _107"> </span>740<span class="_ _15e"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _180"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">2,459</span>Carrying amount at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">76,293<span class="_ _107"> </span>593<span class="_ _107"> </span>446<span class="_ _107"> </span>342<span class="_ _3f"> </span>77,674<span class="_ _64"> </span>75,063<span class="_ _c4"> </span>846<span class="_ _107"> </span>472<span class="_ _107"> </span>280<span class="_ _3f"> </span>76,661</span>3.3 Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, plant and equipment2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Other plant Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant Other plant Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant Land and and operating and equipment Land and and operating and equipment Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, plant and equipment <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>buildingsequipmentin progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"/>l</span>buildingsequipmentin progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"/>l</span>Cost at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _155"> </span>4,907<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>3,838<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>282<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>9,027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>2,355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>2,649<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>473<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>5,477Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations/pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious period adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a5"> </span>(408)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(408)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>2,229<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>295<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>30<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,554Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b1"> </span>393<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>963<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>158<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>1,514<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16c"> </span>241<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>762<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>177<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>1,180Disposals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b3"> </span>(533)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>(402)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(935)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>(146)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>(348)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>(33)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(527)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o assets held f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b6"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-Reclassification<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b8"> </span>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>22<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>(26)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>15<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>64<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>356<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>(375)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>45Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _114"> </span>83<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>87<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>162<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>124<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>12<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>298T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">4,461<span class="_ _1b2"> </span>4,425<span class="_ _108"> </span>414<span class="_ _166"> </span>9,300<span class="_ _1bb"> </span>4,907<span class="_ _1b2"> </span>3,838<span class="_ _108"> </span>282<span class="_ _166"> </span>9,027</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation and impairment at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bc"> </span>1,111<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>1,654<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>2,765<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16c"> </span>967<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>1,496<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,463Depreciation f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14b"> </span>341<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>530<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>871<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>231<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>388<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>619Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bd"> </span>(226)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>(402)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(628)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>(87)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>(289)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(376)Reclassification<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1be"> </span>(21)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>21<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>24<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>55Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bf"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>(24)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>28<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>4T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation and impairment at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">1,212<span class="_ _e6"> </span>1,804<span class="_ _1b0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _166"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,016<span class="_ _84"> </span>1,111<span class="_ _1b2"> </span>1,654<span class="_ _1b0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _166"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">2,765</span>Carrying amount at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,249<span class="_ _1b2"> </span>2,621<span class="_ _108"> </span>414<span class="_ _15f"> </span>6,284<span class="_ _84"> </span>3,796<span class="_ _1b2"> </span>2,184<span class="_ _108"> </span>282<span class="_ _166"> </span>6,262</span>Accounting policiesIf the individual components of an asset hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent useful lives, each Subsequent costs, such as partial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eplacement of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equip<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>Land and buildings and other plant and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating equipment ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measured<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t component will be depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciated separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely.ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e included in the carrying amount of the asset in question when it is cost less ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cumulated depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation and impairment losses.probable that such c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts will r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult in futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e economic benefits. The cost of self<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructed assets comprises dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect and indirect costs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or The cost c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises the acquisition pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and other e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses directly attributa<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>materials, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omponents, subcontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actors, wages and salaries. Costs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or The carrying amount of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eplaced parts is disposed fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the balance ble to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparing the asset f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or its int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ended use. The pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>stima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ted self-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstructed assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment in sheet and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.expenses f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or dismantling and disposing of the asset as w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess on an ongoing basis until the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ady for use.expenses ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e added to the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost if such expenses ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>n. Material bor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rowing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>costs dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly attributable to the construc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tion of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> indi<span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0">-</span>vidual asset ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also added to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> 3.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, plant and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>equipment — continuedDepreciation is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arried out on a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aight-line basis over the expected useful lives of the assets. The expected useful lives of the over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>all asset c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategories are as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>erminals and administr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation buildings:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lse">50-60 years</span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Other buildings and building elements:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lse">10-30 years</span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>echnical plant and machinery:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lse">6-10 years</span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Other plant and operating equipment:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lse">3-8 years</span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Land is not depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciatedThe basis of depreciation t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>akes int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esidual value of assets and is reduc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by any impairment losses. The r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esidual value is calculat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition and re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>assessed once a year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. Depreciation will be halted if the residual v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eeds the carrying amount of the asset.Assets are tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts held for sale if it is highly pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable that their carrying amount will be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed primarily thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough sale rather than through c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinuing use.Management judgements and estimatesJudgement is applied in determining the depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation period and futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e residual v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue of the assets r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised and is gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ally based on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orical experienc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. Reassessment is done annually t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o ascertain that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecia<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion basis applied is still r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epresent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflects the expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ted lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and future r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esidual value of the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets.3.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t assets and accrued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> cost of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Accounting policiesContract assets and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>crued costs of services include accrued r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue and accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om freight f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed services in progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022. Contract assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when a sales tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction fulfils the criteria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, but the final invoice has ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t to be issued t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the customer f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">note 4.4</span> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of credit risk as tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables carry substantially the same char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acteristics as contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets.Accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of services are estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when supplier in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>voices r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting period have yet to be rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived.Management judgements and estimatesIn the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements, significant estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied in assessing services in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess, including accrual of income and pertaining dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs. These estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e based on experi-ence and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinuous follow-up on services in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elative to sub-sequent invoicing.3.5 Invent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oriesInvent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ories <span xmlns="http://www.w3.org/1999/xhtml" class="ff1">(DKKm) </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Stocks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c1"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>119Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects under construction<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>1,796<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>165T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d8"> </span>1,889<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>284Inventories c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsists of land and buildings under cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>truction held for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>the purpose of sale in the ordinary c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ourse of business (pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects) and stocks. In t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal, DKK 1,231 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>nised as an expense in 2022 (2021: DKK 1,562 milli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>on).Accounting policiesInventories ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the low<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of cost and net r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealisable value. The cost of invent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ories comprises all c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chase, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocessing and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther costs incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in bringing the invent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ories to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>heir pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ndition. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Wr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ite-downs of inventories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>to net r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealisable value ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> as dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t costs in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement.3.6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d3"> </span> LeasesAccounting policiesWhether a contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act contains a lease is assessed at c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act inception. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> identified leases, a right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t (ROU) and cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>responding lease <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>liability are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised on the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommencement dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. Upon initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, the right-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-use asset is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sponding to the lease liability r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised, adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any lease pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epayments or directly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, including dismantling and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts. The lease liability is measured at the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of lease payments of the leasing period discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed using the inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate implicit in the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract. In cas<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>es where the implicit int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate canno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t be determined, an appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>crement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al DSV borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate is used. In det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermining the lease period ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sion, options are only included if it is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonably c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain they will be utilised.At subsequent measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement, the right-of-use asset is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed less ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cu<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mulated depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation and impairment losses and adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any reme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>urements of the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase liability. Depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation is carried out f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the straight-line me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>thod over the lease term or the useful lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of the right-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-use asset, whichever is shor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The lease liability is measured at amortised cost using the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ective inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est method and adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements or modifications made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and lease liabilities ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or low value lease assets or leases with a lease t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of 12 months or less. These ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an expense on a s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>traight-line basis over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of the lease. Any ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e elements separable fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted for f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the same principle. Extension options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e only included in the lease term if e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xtension of the lease is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asonably certain. The majority of extension and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermination options held are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cisable only by the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and not by the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>espective lessor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Management judgements and estimatesIn acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting for le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, various judgements are applied in det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mining right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and lease liabilities. Judgements include assess<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ment of lease periods, utilisation of extension options and applic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able dis<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>count r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates. LeasesRight-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts classified as land and buildings mainly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o leases of war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouses, terminals and offic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e buildings, where<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as assets r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as other plant and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating equipment mainly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o leases of trailers, trucks, company cars, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orklifts, IT hardw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and other office equipment. Land and building leases normally have a lease term of up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o ten years, where<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as leases of other plant and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating equipment normally have a lease term of up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o five years. Land and buildings may include extension options with the int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ention of se<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>curing flexibility in the lease – however<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, any leasing period beyond the nor<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mal ten years e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected at the initiation of the lease will normally be reflect<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ed in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual lease term agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eed.Analysis of lease liabilities showing the remaining c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontractual maturities is provided in the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able:2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Other Other plant and plant and Land and operating Land and operating Right-of-use assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>buildingsequipment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"/>l</span>buildingsequipment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"/>l</span>Carrying amount at 1 Januar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c3"> </span>13,121<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>588<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>13,709<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>10,146<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>965<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>11,111Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c4"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>2,367<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _101"> </span>2,375Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _111"> </span>4,970<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _101"> </span>5,045<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>3,488<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>227<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>3,715Disposals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c5"> </span>(252)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(40)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(292)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>(336)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(224)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(560)Depreciation f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c6"> </span>(3,549)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(212)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>(3,761)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>(2,757)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(388)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>(3,145)Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c7"> </span>(5)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>(7)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f5"> </span>213<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>213Carrying amount at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">14,285<span class="_ _12"> </span>409<span class="_ _a"> </span>14,694<span class="_ _3f"> </span>13,121<span class="_ _12"> </span>588<span class="_ _fa"> </span>13,709</span>Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual maturit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>of lease liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span>4,302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>3,6921-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>11,059<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>9,835&gt; 5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span>5,917<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>4,803T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal undisc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted lease <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>liabilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _87"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">21,278<span class="_ _81"> </span>18,330</span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent/non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent classific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation (discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed)Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _142"> </span>3,577<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>3,440Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>13,190<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>11,848The profit or los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and cash flow impact of leases rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year are specified below:Lease eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ects rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in profit or loss and cash flow (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c8"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or lossInter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses on lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>727<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>495Expenses relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o short-term leases<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span>563<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>457Expenses relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o leases of low-value assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">635<span class="_ _64"> </span>308</span>Expenses relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o variable lease payments not included in the measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>97<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>103Gains from sale and le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseback transactions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">109<span class="_ _122"> </span>56</span>Income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om subleasing of right-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-use assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">14<span class="_ _137"> </span>-</span>Cash flowT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash outflow for le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ases<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9d"> </span>4,461<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>3,6553.7 P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ensions and other post-employment benefit plansDefined benefit pension obligationsDevelopment in the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of defined benefit pension obligations is specified as follows:Defined benefit pension <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1">(DKKm) </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Obligations at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>5,693<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>4,218Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent service cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>135<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>100Pas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cost fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om plan amendments, curtailments and gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses on settlements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(26)Calculated inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est on obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>56Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from changes in financial assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>(1,283)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(186)Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from changes in demographic assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span>(23)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>(63)Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xperience adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c9"> </span>39<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>(8)Payments fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span>(521)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>(1,211)Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,667Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>(12)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span>146Obligations at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">4,112<span class="_ _100"> </span>5,693</span>The expected aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age duration of the obligations is 14 years.Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed maturity of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>pension obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span>501<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2061-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span>933<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>747&gt; 5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span>2,678<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>4,740T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal obligations r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">4,112<span class="_ _6e"> </span>5,693</span>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligationsP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _18f"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs2e ls5d ws72">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of defined benefit plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span>4,112<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>5,693Fair value of pension plan assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>2,929<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>4,785P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligations, net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws72">1,183<span class="_ _28"> </span>908</span>Of these obligations, DKK 856 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o unfunded pension obliga-tions (2021: DKK 1,032 million) and DKK 327 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o partly funded obligations (2021: DKK 124 million). The latter is primarily due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Swiss plans being ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erfunded. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al pension cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the yearIn 2022, net costs of DKK 848 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s pension plans wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement (2021: DKK 658 million) and specif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Defined Defined contribution benefit P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension cost 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>plansplans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span>745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>84<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>829Financial expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>19T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">745<span class="_ _8a"> </span>103<span class="_ _28"> </span>848</span>Defined Defined contribution benefit P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension cost 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>plansplans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span>567<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>74<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>641Financial expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>17<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>17T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">567<span class="_ _55"> </span>91<span class="_ _28"> </span>658</span>Accounting policiesPension obligations r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined contribution plans, under which the Group pays r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egular pension c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontributions to independent pension funds, are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the period in which they ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e earned. Contributions payable ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet under other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities.In regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined benefit plans, an actuarial valuation of the present valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>f future benefits pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able under the plan is made once a year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>esen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue is calculated based on various as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sumptions, including the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ure deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>lopm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> in wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary levels, inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, inflation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is only calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or benefits t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>mpl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>oye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ecom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>d during their employment with the Group. The actuarial calculation of the prese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nt v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>alue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>s th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>r value of assets under the plan is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pensions and other post-employment benefit plans. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the year ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement based on actuarial estimates and the financial outlook at the beginning of the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es between the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculated development in pension plan assets and liabilities and the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income as actuarial gains or losses.Changes in benefits payable f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or employees’ past ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the company result in an adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tment of the actuarial calculation of the present value, which is classified as past service costs. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ast service costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement immediat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely if the employees have alr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eady earned the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits. Otherwise, they will be recognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement over the period in which the employees earn the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits.Management judgements and estimatesIn determining pension obligations, management mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es use of valuations fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d independent actuaries as basis for the es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timates ap-plied. The actuarial assumptions used in the valuations vary from country to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountry owing to national, economic and social c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions.3.7 P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ensions and other post-employment benefit plans — continuedP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assetsW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e continuously work t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o change our defined benefit plans in DSV into Development in the fair value of pension plan as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets is specified as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Sensitivity analysis <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _1d7"> </span><span class="fs5 ls3 ws0">2021<span class="_ _1c0"/><span class="ff2 lse ws21">2022</span></span></span>defined contribution plans f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the benefit of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and the employees. Defined benefit pension obligation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>4,112<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,693P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _1d2"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Applied key assumptions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the most significant pension plans ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atePension plan as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>4,785<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>2,999Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>3,888<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,293Calculated inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est on plan asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span>56<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>29Discount wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>4,346<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>6,126Return on plan asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts excluding K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey assumptions 2022rateincre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseof inflationcalculated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span>(1,288)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>298Future w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>3.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.1%Contributions to the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ec"> </span>163<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>121Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>4,148<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,744Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>4.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>3.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2.4%Payments fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span>(411)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>(1,168)Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>4,071<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,595Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>0.7-7.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>0-10.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>0-3.5%Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,312InflationW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>4.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>3.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.8%Asset ceiling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span>(374)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>-Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>4,223<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,900Mortality prognosis tableCurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d4"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>194Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>3,987<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,479P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assets at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">2,929<span class="_ _6e"> </span>4,785</span>Sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span>DUS21 (w-c)Lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e expectancyGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>RT Heubeck 2018 GActuarial loss included in statement of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e income amounts t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Life e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectancy increase of 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>4,218<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,810DKK 395 million. DSV expects to contribut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e DKK 61 million to defined Life e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectancy decrease of 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span>3,986<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,507Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e benefit plan assets in 2023 (2022: DKK 55 million). The pension plan Discount wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e composed as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey assumptions 2021rateincre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseof inflationSignificant pension plansSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>1.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.5%Composition of pension plan assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws73">(%)<span class="_ _18f"> </span><span class="fs5 ls3 ws0">2021<span class="_ _1c0"/><span class="ff2 lse ws21">2022</span></span></span>The most significant defined benefit plans of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>1.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1.5%with Germany, S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>weden and the UK being the lar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gest. No other countries Shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span>47%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>52%have individual defined benefit plans of significance. The plan in S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden is a Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>0.3-6.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>0-10.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>0-2.1%Bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d5"> </span>44%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>37%final pay scheme, which covers all salaried employees born in or bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>1.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.2%Insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>9% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span>11%1978 and is based on a collective labour agreement. Salaried employees born in or after 1979 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by a defined c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>tribution plan.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d6"> </span>100%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>100%Mortality prognosis tableSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span>DUS14 (w-c)The plan in Germany covers bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>th salaried and hourly workers. Under this Sensitivity analysisplan, employees earn a fixed amount f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or each year in service. The plan has Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>RT Heubeck 2018 GThe following t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able illustr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates the change in the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss obligation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to been closed for new employees sinc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e 1994. defined benefit plans from a change in the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey actuarial assumptions. The analysis is based on reasonably pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable changes, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided that the other paramet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emain unchanged.3.8 Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ovisionsPr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisionsPr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions have not been disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted, as the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect thereof is immat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial. Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e expected t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be settled within two years in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial respects.Restructuring costsRestructuring costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e mainly to the int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egration of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees and the res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructuring plans previously announced, which c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsist mainly of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermina<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion benefits and costs under t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erminated leases.Disputes and legal actionsOther provisionsPr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or disputes and legal actions r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate mainly t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o probable lia <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>bilities Other provisions include indemnific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation liabilities to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>talling DKK taken ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er at the acquisition of ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erprises.1,843 million relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o various c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany- and value added taxes (2021: DKK 1,818 million). Furthermore, o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions mainly relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation obligations in connection with property leases and onerous c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts.Restruc turing Disputes and Other Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions <span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0">—<span class="_ _0"/><span class="lsc"> 2022 <span class="ff1 ws30">(DKKm)</span></span></span>costslegal actionsprovisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _121"> </span>673<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>940<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>3,736<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>5,349Additions for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1da"> </span>978<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>301<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>2,202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>3,481Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _131"> </span>4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>69<span xmlns="http://www.w3.org/1999/xhtml" class="_ _78"> </span>77Used for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span>(655)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(227)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>(1,223)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>(2,105)Reversal of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions made in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span>(36)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>(56)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>(53)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>(145)Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1db"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>13<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>(5)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>10Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions at 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">966<span class="_ _108"> </span>975<span class="_ _e6"> </span>4,726<span class="_ _1b2"> </span>6,667</span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent/non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent classific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation:Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dd"> </span>445<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>325<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>3,490<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>4,260Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1de"> </span>521<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>650<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>1,236<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>2,407Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions at 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">966<span class="_ _108"> </span>975<span class="_ _e6"> </span>4,726<span class="_ _1b2"> </span>6,667</span>Accounting policiesPr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when, due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o an event occurring on or bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the reporting dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, the Group has a legal or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstructive obligation and it is probable that the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup will have t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o give up futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e economic benefits to meet the obligation.Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the basis of Management’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s best estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of the anticipated e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenditure f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or settle <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"/>ment of the relevant obligation and are disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted if deemed mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial.Management judgements and estimatesManagement continually assesses pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions, including c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontingencies and the likely out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>come of pending and po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tential legal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oceedings. The out-come of such pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oceedings depends on futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e events, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, by na-ture, unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain. When considering pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions involving significant estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, opinions and estimates by e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal legal experts as w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ell as existing case law ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied in assessing the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable outc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome of material legal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eedings, etc.4.1 EquityReserves specification – 2022 (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury share r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Hedging r<span class="_ _0"/>eserve<span class="_ _8b"> </span>T<span class="_ _3"/>ranslation r<span class="_ _0"/>eser<span class="_ _4"/>ve<span class="_ _2d"> </span>T<span class="_ _1"/>otal r<span class="_ _0"/>eser<span class="_ _4"/>ves</span>Reserves at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _123"> </span>(6)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span>(341)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span>(356)Other compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome, net of tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1df"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span>14<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>1,257<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>1,271T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransactions with shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eholders:Purchase of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b5"> </span>(19)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e0"> </span>(19)Sale of tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>2Capital r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eduction<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1da"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">21<span class="_ _61"> </span>-<span class="_ _61"> </span>-<span class="_ _1e1"> </span>21</span>Reserves at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">(2)<span class="_ _80"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">5<span class="_ _16c"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">916<span class="_ _e4"> </span>919</span>Reserves specification – 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>1 (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>reasury share r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Hedging r<span class="_ _0"/>eserve<span class="_ _8b"> </span>T<span class="_ _3"/>ranslation r<span class="_ _0"/>eserve<span class="_ _2d"> </span>T<span class="_ _3"/>otal r<span class="_ _0"/>eserves</span>Reserves at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _123"> </span>(4)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span>(11)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15c"> </span>(2,821)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(2,836)Other compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome, net of tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1df"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>2,480<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>2,482T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransactions with shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eholders:Purchase of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b5"> </span>(13)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e0"> </span>(13)Sale of tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>2Capital r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eduction<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e3"> </span>6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>6T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es as business combination c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">3<span class="_ _61"> </span>-<span class="_ _61"> </span>-<span class="_ _b6"> </span>3</span>Reserves at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">(6)<span class="_ _1e4"> </span>(9)<span class="_ _1a5"> </span>(341)<span class="_ _1a5"> </span>(356)</span>Accounting policiesShares c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsist of only one shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e class and include no special rights, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-Shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capitalerenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estrictions. All shares ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e fully paid up.At year end, the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al of DSV A/S amounted to 219 million shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es with a nominal value of DKK 1 each. ReservesReserves as present<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of changes in equity comprise tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury share r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eserve, hedging reserve and translation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eserve, as speci<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>fied on the previous page.Hedging r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>veThe reserve comprises the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of hedging instruments qualifying for hedge acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting.Hedge acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting ceases when the hedging instrument matur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es or if a hedge is no longer effective.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ranslation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>eser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>veThe reserve comprises f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation arising on the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansla<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion of net investments and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated hedging in entities with a functional curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency other than DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.The reserve is dissolved upon disposal of entities.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury share r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eserveThe reserve comprises the nominal value of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es. The differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e between the mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e paid and the nominal value plus dividends on tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury shares is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly as r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>etained earnings in equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shares ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bought t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o meet obligations under the Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s incen<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tive schemes and to adapt the capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al structure.The reserve is a distributable r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eserve.20222021Market v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue% of share c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>apital Nominal valueMarket v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue% of share c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>apital Nominal value T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury shares(DKKm)at 31 December(DKKm)(DKKm)at 31 December(DKKm)Portfolio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, beginning of year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>8,921<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>2.4%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>5.8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>3,972<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>1.7%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>3.9New shares is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>24,495<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>6.7%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>16.0Cancellation of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>(24,474)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(9.6%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>(21.0)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>(5,863)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(2.5%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>(6.0)Portfolio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or amount of shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _189"> </span>(15,553)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(6.9%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>(15.2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>22,604<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>5.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>13.9Purchased during the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span>20,313<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>8.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>18.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>17,841<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>5.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>13.3Consideration f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(29,571)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>(8.0%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>(19.3)Sold during the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span>(1,601)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>(0.6%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>(1.3)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>(784)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(0.9%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>(2.1)V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue adjustment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span>(820)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>(1,169)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ortfolio, end of year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">2,339<span class="_ _172"> </span>1.0%<span class="_ _33"> </span>2.1<span class="_ _84"> </span>8,921<span class="_ _172"> </span>2.4%<span class="_ _1dc"> </span>5.8</span>4.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Capital struc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>capital alloc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ationCapital structureThe capital structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of DSV is intended t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o maintain financial stability, opti<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mise cost of capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al and to ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eadiness allowing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o act on business opportunities as they present themselves. The gearing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atio was 1.0 at 31 December 2022 (2021: 1.4). The t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t gearing ratio is below 2.0 x EBITDA, but may exceed this level f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing significant ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisitions. Capital allocationThe Group aims t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o spend its fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash flow in the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>der of priority<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>:1. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>Repayment of net int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t-bearing debt in periods when the financial gearing ratio is above t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>get;2. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue-adding investments in the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisitions or development of the existing business;3. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>Distribution to the Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eholders by means of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e buybacks and dividends.Net inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing debt The Group incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eased its ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing debt in 2022 by DKK 625 million (2021: incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ased by DKK 11,056 million). Net inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing debt can be specified as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows: Net inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing debt <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)<span class="_ _172"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d4"> </span>16,767<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>15,288Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _82"> </span>22,206<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>21,472Pensions and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther post-employment benefit plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _93"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">1,183<span class="_ _64"> </span>908</span>Other rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>(126)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(124)Cash and cash equivalents<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9d"> </span>(10,160)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>(8,299)Net inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing debt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">29,870<span class="_ _7b"> </span>29,245</span>Insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e collat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>als Insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e collat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erals c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstitut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e security for outstanding insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e con-tracts sold to cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omers by DSV Insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The amount is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egulated and measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with laws and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egulations issued by the Danish Financial Supervisor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y Authority.Distribution to the Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s shareholder<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sIn 2022, the Group spent DKK 20,313 million on pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chase of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shares and DKK 1,320 million on dividends dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tributed (2021: DKK 17,841 million and DKK 920 million, respectively). It is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oposed to <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>distribute a dividend of DKK 6.50 per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2022 (2021: DKK 5.50). Cash and capital restrictionsCash and cash equivalents comprise cash on hand and short-term liquid assets that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eadily convertible to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash. Of to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal cash and cash equiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a-lents, DKK 1,777 million (2021: DKK 839 million) ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e subject to restric-tions implying that the cash may not be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eadily available f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al use or distribution by the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup. Major types of cash and capital r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estrictions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>: Cash and capital restrictions <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Exchange contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estrictions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>1,498<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>654Insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e collat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span>273<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>178Other collat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span>6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>7T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d8"> </span>1,777<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>839Exchange contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ol restrictions Exchange contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estrictions comprise cash balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in countries wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e various f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orms of for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrols or o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther legal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estrictions apply. While the cash balances ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e available f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the daily oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations of the local entities, the balances canno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t be immediately r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epatriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the ultimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e parent c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.4.3 Financial liabilitiesFinancial liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ec"> </span>34,588<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>28,841Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c3"> </span>4,391<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>7,912T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _49"> </span>38,979<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>36,753Non-cash changeAdditions Beginning from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sCurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency Financing activities 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>of year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>Cash flowcombinations effects<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span>End of yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span>(1,159)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>92<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>829Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13e"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>1,833<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>53<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>(66)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>21,377Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ea"> </span>15,288<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span>(3,734)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>(33)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span>5,246<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>16,767T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal liabilities fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om financing activities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">36,741<span class="_ _180"> </span>(3,060)<span class="_ _1ae"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _c4"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">112<span class="_ _10b"> </span>5,180<span class="_ _28"> </span>38,973</span>Other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">12<span class="_ _1ef"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">6</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal financial liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">36,753<span class="_ _173"> </span>38,979</span>Financing activities 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>1,089<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>563<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>139<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>105<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>1,896Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _126"> </span>7,730<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>11,782<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>48<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>(3)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>19,557Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ea"> </span>12,278<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span>(3,160)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>2,539<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>246<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>3,385<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>15,288T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal liabilities fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om financing activities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">21,097<span class="_ _25"> </span>9,185<span class="_ _10b"> </span>2,678<span class="_ _170"> </span>399<span class="_ _101"> </span>3,382<span class="_ _28"> </span>36,741</span>Other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _199"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lse ws21">62<span class="_ _1ec"> </span>12</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal financial liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">21,159<span class="_ _173"> </span>36,753</span>Accounting policiesThe financial liabilities of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup are divided int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>our financing cate-gories: overdraft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities, issued bonds, lease liabilities and other financial liabilities.Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tained thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the issuance of bonds ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e initially rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value net of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction expenses. Subsequently, the financial liability is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost, correspond<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ing to the capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised value using the effective inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>thod, s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e between the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eeds and the nominal value is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of the loan. Lease liabilities ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e described in further detail in <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.6<span class="fc1">.</span></span>Other liabilities are me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asured at amortised c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, which, in all essentials, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the net r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealisable value.Liquidity risk The cash r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eadiness of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup is ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed through short and long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm credit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the main banks of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the issuance of bonds. The purpose of issuing bond loans is to diversify the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s long-term debt, making the Group less dependent on bank loans. The Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s bank and bond loans are subject to st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d clauses, acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ord-ing to which the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s debt must be repaid in case of a change of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on-trol. The long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities with banks are furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e subject to one c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovenant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovenant r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the gearing ratio of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and is report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on every quarter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The covenant has no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t been br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eached in 2022. The to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s long-term loan commitments and the amounts drawn on its cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit lines at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shown in the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanying table. Furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, a maturity analysis has been provided based on contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual cash flows, including estimated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t payments. The amounts have not been disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted and as such do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncile directly to the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet.For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency riskDue to its global activities, the Group is e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposed to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate fluctu-ations to a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain extent. DSV seeks to eliminate f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency risks by hedging curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposures c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ally via the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury depart-ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The risk exposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is managed on a ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t basis, primarily by using for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts. The Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign subsidiaries ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ected wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e trading inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome and costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e denominat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the local functional currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. This applies to a large part of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s subsidiaries. Fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>thermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, a lar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ge pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oportion of the income and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses of the Group ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e denominat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in EUR<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, and the to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency risk is theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e limited.Commitments and amounts dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awn on long-term cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atecommitments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span>Duration (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>Undr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awnBond loan - ISIN XS2387735470<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>17-09-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>13.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2360881549<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>05-07-2033<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>10.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2308616841<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-03-2031<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>8.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN XS2458285355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>16-03-2030<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>7.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 212542679<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>26-02-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 0030403993<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>20-09-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-10-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>4.8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-12-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility III<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>125<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility IV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>150<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility VI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>15-01-2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>3.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f5"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>50<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,800<span class="_ _122"> </span>28,259<span class="_ _65"> </span>8.3<span class="_ _170"> </span>6,694</span>The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial liabilities fall due as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>23,062<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>186<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,852<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>17,024Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>16,767<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>21,278<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>11,059<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,917T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>54,058<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>60,284<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>20,432<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>16,911<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>22,941T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>20,923<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>2,741<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,952<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>16,230Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>15,288<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>18,330<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>3,692<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>9,835<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,803T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _165"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>53,821<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>58,249<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>25,429<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>11,787<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>21,0332022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _65"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Loan and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="ff1 fs5"> </span>Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> (DKKm)Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Expiry <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>Expiry Bond loans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span>2024-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>Fixed/floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span>2022-2036Credit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>818<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2022Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>1,078<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2022Loans and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f9"> </span>22,206<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c1"> </span>21,453Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent/non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent classific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation:Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span>21,392<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>16,981Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>814<span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span>4,472The Group is also e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposed to f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency risks, partly on the transla-tion of debt denominated in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency other than the functional curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency and par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tly on the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslation of net investments in ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erprises with a functional currency other than DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormer risk aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ects profit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax. On recognition of net inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oreign subsidiaries, the Group is e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposed to a tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslation risk when the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or loss and equity of for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign subsidiaries ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting date based on the average r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange and the closing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates. The need t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o hedge the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s net investments in subsidiaries is assessed on a regular basis. It is Group policy to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>educ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e net investments in Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup subsidiaries on an ongoing basis by distributing the subsidiaries’ profits as dividends. The Group hedges book<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal net curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency positions and currencies with large e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected short-term oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational cash flows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or up to six months. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/> year-end 2022, 71% of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected six-month cash flows in USD wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e hedged. As hedge accounting is only applied t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o a limited ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent and we do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t hedge curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposure r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to intr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a-gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup balances with no under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-lying cash flow impact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, significant changes in curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, especially EUR/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK, USD/DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, CNY<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>/DKK and CHF/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, will r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult in mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e fluctua-tions in report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial items. Unhedged intr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a- <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>group balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es at 31 December ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e outlined in the main curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es table t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. In general, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup does no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t hedge EUR positions, as it expects that the official Danish fixed ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>change-rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e policy against the EUR will continue. The sensitivity analysis of EUR/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK exposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shows the effect of a 2% (2021: 5%) change in average e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>loss (EBIT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>) and the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect of a 2% (2021: 5%) change in year-end closing rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income.The sensitivity analysis of other significant curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposures shows the effect of a 5% change in average e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>loss (EBIT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>) and the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect of a 5% change in year-end closing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates on o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome. The calculation method applied in the sensitivity analysis is unchanged compar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious years.Unhedged intra-gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposures – sensitivity analysis2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _1fa"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Main curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposures Impact on Impact on Impact on Impact Impact on Impact (DKKm)Net positionprofit/loss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span>Net positionprofit/lossprofit/losson OCIprofit/losson OCIEUR/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>(26,927)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(539)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>(12,154)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(608)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>103<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>130<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>191<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>238USD/DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _34"> </span>(7,076)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>(354)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>(188)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>275<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>552<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>145<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>293CNY<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6d"> </span>(2,558)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(128)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>(3,143)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>(157)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f5"> </span>134<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>74<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>84<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>54CHF/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6d"> </span>(1,798)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>(90)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>(1,771)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(89)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>18<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>24<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>14<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>38PLN/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fb"> </span>(873)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(44)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>(543)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(27)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>28<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>38<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>22<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>24SGD/DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>(845)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>(42)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>102<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>18<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>16<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>n.a.SEK/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fc"> </span>(551)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(28)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>(240)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>42<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>n.a.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f9"> </span>(1,225)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(890)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>618<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>867<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>456<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>647Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate riskAt 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022, 96% (2021: 92%) of Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owings wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e secured either thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough fix<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed-rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e loans or other hedge tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactions. The duration of hedges r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o net borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owings of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup was 182 months (2021: 151 months).The weight<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed average int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s loans, credit facilities and inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate hedging w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as 1.0% at the end of 2022 (2021: 1.2%).A 1 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ease in int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es would no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t have a signifi-cant impact on the income stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement (2021: incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ease DKK 57 million) and other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome (2021: incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ease DKK 5 million), based on average ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing debt f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2022. The calculation me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>thod applied in the sensitivity analysis is unchanged compared t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>vious years.Credit riskThe Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s credit risk mainly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables.The Group is no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t dependent on particular customer segments or any spe-cific customers, and all cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omers ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e subjected to individual cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit as-sessments and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit limits in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s Credit P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olicy. As a result, the credit risk of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup is generally c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed insignificant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The Group mainly hedges cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit risks thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the use of cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance.For a limit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed number of customers, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup uses non-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecourse f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ac-toring. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t 31 December 2022, non-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ourse factoring amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to DKK 2,288 million (2021: 1,696 million).DSV is exposed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erpart<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit risk when ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ering into derivative financial instruments. In or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>der to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>educ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e this risk, DSV only enters int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o derivative financial instruments with the exis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting banks of the Group whose credit r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atings fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d &amp; Poor’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s are long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm A or higher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. As a general rule, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup only makes short-term deposits with banks Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss 2021Carrying Expected Loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed short-term A-2 or higher by St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d &amp; Poor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s and/or P-2 or high-(DKKm)amount loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (%)allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e er by Moody’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s.Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _154"> </span>31,079<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.4%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>117Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 1-30 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>3,834<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>62Impairment of trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivablesOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 31-60 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span>970<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>5.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>56Impairment of trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables is assessed on an ongoing basis and in-suranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e policies ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taken out f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the majority of these. Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 61-90 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span>413<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>13.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>55Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 91-120 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span>167<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>24.4%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>41At 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022, cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 26,628 mil-Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due &gt;121 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span>663<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>64.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>426lion, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponding t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 82% of to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables (2021: DKK 25,295 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>37,126<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>757million or 70%). Loss allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided for f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsidered t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o have high cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>worthiness with a an expected cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss model. The model includes uninsur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eiv-low risk of loss. ables and also factors in any own risk on insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables. Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed credit los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s at 31 December 2022 is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esented in the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able:The loss allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e provision f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year is specified below:Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss 2022Carrying Expected Loss Loss allow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision (DKKm)amount loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (%)allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (DKKm) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _124"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19b"> </span>25,745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>0.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>76Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span>757<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>423Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 1-30 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>4,319<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>2.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>94Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>351Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 31-60 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>1,331<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>7.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>95Additions for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _31"> </span>713<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>337Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 61-90 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>615<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>15.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>92Losses r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fe"> </span>(155)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>(79)Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 91-120 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fd"> </span>368<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>26.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>99Reversal of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om previous ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span>(443)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(277)Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due &gt;121 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c8"> </span>882<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>47.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>417Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3a"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>33,260<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>873Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">873<span class="_ _28"> </span>757</span>Impairment losses on trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2022 amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 155 million, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponding t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 0.07% of consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue (2021: DKK 79 million, or 0.04%).4.5 Derivativ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e financial instrumentsAccounting policiesDerivative financial instruments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised on the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade date and ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ositive and negative f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e included in oth<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>er curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ceivables or other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent payables in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet. Posi<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tive and negative fair v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alues are only offse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t if the Group has a right and an intention t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o settle sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al financial instruments net (by means of settle<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ment of differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es). Fair value is det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermined based on generally ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cept<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed valuation methods using available observable market data.When entering int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts for financial instruments, an assessment is made of whether the instrument qualifies f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or hedge acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting, including whether the instrument hedges r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and liabilities or net in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>vestments in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign entities. The effectiveness of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised financial in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>struments is assessed on a monthly basis, and any in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>effectiveness is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>nised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement.Fair value changes which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e classified as and fulfil the crit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogni<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion as a fair value hedge ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogether with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition as a futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cash flow hedge and which eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectively<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> hedges against changes in the value of the hedged item ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome as a separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate hedging r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eserve.When the underlying hedged item is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised, any gain or loss on the hedg<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ing transaction is transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om equity and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised toge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther with the hedged item. Fair value changes that do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t meet the criteria f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eatment as hedging instruments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised on an ongoing basis in the income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement under financial items.Foreign cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rency risk hedgingInter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate risk hedgingThe Group mainly uses f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orward c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts to hedge for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-The Group has ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tained long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm loans mainly on a fixed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate basis, eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency risks. The main currency hedged is USD. The f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign ex-which means that the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup is less exposed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate fluctuations.change forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontracts are used as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value hedges of curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency expo-sures r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal balance sheet asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and liabilities as well as The Group mainly uses int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aps to hedge futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cash flows expected short-term oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational cash flows. relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e risks. Thereby<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, floating-rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e loans ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e convert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to fix<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed-rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e financing. A loss on hedging instruments of DKK 184 million was r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2022 (2021: a loss of DKK 84 million). In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> sa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>me At the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet date, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup no longer had any int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate period, a gain of DKK 460 million was r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ng to a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ssets a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nd swaps. The w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age effective inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of existing int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t liabilities (2021: a loss of DKK 28 million). The net gain in 2022 primarily rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e instruments used as hedges of long-term loans w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore 0.0% relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to unhedged int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>company positions.at the reporting dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (2021: 0.8%).2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _165"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal hedging <span xmlns="http://www.w3.org/1999/xhtml" class="ws30">instruments </span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate (DKKm)instrumentsinstruments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>instrumentsinstruments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>Contractual value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fc"> </span>5,589<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>5,589<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>11,801<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>12,545Maturity (year)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d4"> </span>2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19d"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>2022Fair value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _dc"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _78"> </span>(33)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _200"> </span>(7)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>(40)Of which rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _201"> </span>97<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>97<span xmlns="http://www.w3.org/1999/xhtml" class="_ _78"> </span>(34)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>(34)Of which rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in OCI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>(4)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>(4)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>(7)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _200"> </span>(6)4.6 Earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ec"> </span>Earnings per share <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3">(DKKm)<span class="_ _1fa"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>17,671<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>11,254Non-contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olling inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests’ shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed profit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>103<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>49DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eholders’ share of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">17,568<span class="_ _7b"> </span>11,205</span>Amortisation of customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>254<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>212Share-based payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _38"> </span>202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>160Special items, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>1,117<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>478Relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span>(376)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(208)Adjusted pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">18,765<span class="_ _81"> </span>11,847</span>(‘000 shares)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fd"> </span>235,438<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>231,732A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span>(8,121)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>(4,231)A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>culation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>227,317<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>227,501A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age dilutive effect of outstanding shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options under incentive schemes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>3,150<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,138Diluted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>age number of shares in circulation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">230,467<span class="_ _14a"> </span>232,639</span>Earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of DKK 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4e"> </span>77.3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>49.3Diluted earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of DKK 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fd"> </span>76.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>48.2Adjusted earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of DKK 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e0"> </span>82.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>52.1Diluted adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of DKK 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>81.4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>50.9Diluted av<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erage number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es Diluted earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and dilut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed adjusted earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e have been calculated e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcluding out-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-the money share options. The number of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>out-o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-the money share options w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as 0 in 2022 (2021: 0).4.7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Financial instruments — f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value hier<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chyFair value hier<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>archy by categoryFinancial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised costDSV has no financial instruments measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value based on lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>el 1 input<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> In 2021, the carrying value of financial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ed cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> (quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed active market prices) or level 3 input (non-observable market dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a).was not c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er significantly fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value. All financial instruments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed based on level 2 input (inp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ut <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er Due to changes in the macr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oeconomic envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onment, the carrying value of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>fi<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>than quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed prices that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e observable either directly or indirectly).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> nancial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost is no longer consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ep<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>resent the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value. The 2022 f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of issued bonds me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>Derivative financial instruments tised cost is within level 1 of the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value hier<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chy.The fair value of cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rency and inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e derivatives is determined <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>based on generally ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cept<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed valuation methods using a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>il<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>et T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>eceivables, trade payables and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivablesdata. Calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e verified again<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>st comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>arable ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ternal <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>market Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables and payables pertaining to oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating activities and with short<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on a monthly basis. churn ratios ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsidered t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o have a car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying value equal to fair value. 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Financial instruments by category <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 fs5 ls3">(DKKm)<span class="_ _172"> </span>C<span class="_ _4"/>arrying amount<span class="_ _1a5"> </span>F<span class="_ _0"/>air V<span class="_ _3"/>alue<span class="_ _64"> </span>Carr<span class="_ _4"/>ying amount<span class="_ _1a5"> </span>Fair value</span>Financial assets:Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _63"> </span>32,387<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>32,387<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>36,369<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>36,369Other rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _202"> </span>6,640<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>6,640<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>6,404<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>6,404Cash and cash equivalents<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c9"> </span>10,160<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>10,160<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>8,299<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>8,299Financial assets measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _203"> </span>49,187<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>49,187<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>51,072<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>51,072Financial liabilities:Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _104"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _87"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _204"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span>7Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b4"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _205"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>33Issued bonds measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10e"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>16,615<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>19,557Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _206"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b6"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>1,896T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>17,040Financial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span>37,198<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>32,436<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>38,493<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>38,4935.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axAccounting policiesCurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent tax payables and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the balance shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t as tax calculat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the taxable inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or tax on taxable inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or previous ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars and for pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epaid t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax for the year comprises cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent and def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or loss f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t expenses r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o pending tax disput<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and adjust-ments to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious years, including adjustments due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o tax rulings. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax for the year is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, unless the tax e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly to items included in o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome or equity.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax for the year (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _160"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 ls3 ws0">2021<span class="_ _1c0"/><span class="ff2 lse ws21">2022</span></span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year is disaggr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egated as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax on profit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span>5,550<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>3,650T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax on other changes in equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span>322<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(791)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax on other compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>(52)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span>116T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _208"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">5,820<span class="_ _100"> </span>2,975</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year is calculat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>:Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>5,704<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>3,830Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>(302)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(220)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax adjustment relating to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>148<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>40T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax on profit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _209"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">5,550<span class="_ _100"> </span>3,650</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax on other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income specifies as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>:Fair value adjustment of hedging instruments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>3Actuarial gains/(losses)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span>54<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>(119)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax on other compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">52<span class="_ _e"> </span>(116)</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (%) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 ls3 ws0">2021<span class="_ _1c0"/><span class="ff2 lse ws21">2022</span></span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e specifies as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Calculated tax on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>22.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>22.0%Adjustment of calculated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign group ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erprises r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elative to 22.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>2.4%Change in defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax based on change in income tax r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c3"> </span>0.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(0.1%)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax effect of:Non-deductible expenses/non-taxable inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>0.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.7%Non-deductible losses/non-taxable gains on shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20b"> </span>(0.1%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>0.0%T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax adjustment relating to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span>0.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>0.3%T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax asset valuation adjustments, net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span>(2.3%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>(1.2%)Other taxes and adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4f"> </span>0.7%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.4%Eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ective tax rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">23.9%<span class="_ _41"> </span>24.5%</span>5.2 Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axDef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the balance sheet <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7a"> </span>3,097<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>2,293Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ec"> </span>302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>220T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax adjustment relating to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20c"> </span>(74)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(337)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax on changes in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"> </span>(430)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>675Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>79<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>456Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span>36<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(47)Other adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d4"> </span>(20)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(163)Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">2,990<span class="_ _100"> </span>3,097</span>Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax not rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>nised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> in the balance sheet <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>empor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ary differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ences<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>29<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(58)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax loss carry<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span>853<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>1,220T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax assets not rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20d"> </span>882<span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>1,162Of not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax loss carryforwards, DKK 574 million (2021: DKK 795 million) may be carried f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orward indefinit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Accounting policiesDefer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised based on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emporary diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>een the carrying amount and the tax value of assets and liabilities. No r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition is made of defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax on tempor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ary differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o amortisation or depreciation of goodwill, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operties and other it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems if disallowed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax purposes, exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ept at the acquisition of ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erprises, if such tempor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ary differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ences ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ose on the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition without aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecting the results or the taxable inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome. In cases wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e it is possible to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculate the tax v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue ac<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding to diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation rules, defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>is o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the planned use of the asset or the settlement of the liability.Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets, including the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax base of tax loss carryforwards, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as other non-cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets at the expected value of their utili<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sation, either by elimination in tax on futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e earnings or by offsetting de<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax liabilities within the same legal tax entity and jurisdiction. Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax liabilities are offse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t if the enterprise has a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>leg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ally enfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eable right to se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t off current t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax liabilities and tax assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>r i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> either to settle cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax liabilities and tax assets on a ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t basis or to re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alise the assets and liabilities simultaneously<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for elimination of unr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised intr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a-gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup gains and losses. Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the basis of the tax rules and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es of the relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant countries that will be eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ective under current legislation at the reporting dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on which the defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is expected t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o materialise as curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent tax. Management judgements and estimatesManagement applies significant estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es when rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognising and measuring defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets and unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain tax positions. Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets, including the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax base of tax loss carryforwards, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised if it is assessed that ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e will be sufficient futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taxable in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>come against which the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emporary diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and unutilised tax losses c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an be utilised. This assessment is based on budgets and business plans f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the following ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars, including planned business initiatives. Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets are t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed annually and are only r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised if it is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable that futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taxa<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ble profit will allow the def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax asset t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.Uncertain tax positions include ongoing disput<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es with tax authorities and have been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided for in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>danc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting policies. Man<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>agement believes that the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions made are adequat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The actual obliga<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>s may dev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>iate as the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y depen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>d on the result of litigations and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>settlements with the relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant tax authorities.5.2 Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax — c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinuedThe def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax assets and liabilities r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e allocated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing items: PPE<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, ROU T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax base ofDef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax allocation 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>assets, lease tax loss car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ry-(DKKm)Intangible assetsliabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span>Other liabilitiesforwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"> </span>l</span>Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20e"> </span>(290)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(166)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>889<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>1,758<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>906<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>3,097Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in profit/loss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20f"> </span>277<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>170<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>111<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(298)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>(32)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>228Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _210"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>52<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(482)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(430)Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _211"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>90<span xmlns="http://www.w3.org/1999/xhtml" class="_ _212"> </span>(95)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>84<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>79Other adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _213"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>13<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>(31)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>(20)Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _210"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>18<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>15<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>36Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _214"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">(11)<span class="_ _109"> </span>112<span class="_ _162"> </span>953<span class="_ _162"> </span>994<span class="_ _110"> </span>942<span class="_ _15f"> </span>2,990</span>Balance sheet clas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sification:Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _215"> </span>162<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>273<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>1,034<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>1,074<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>951<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>3,494Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _216"> </span>(173)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(161)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>(81)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>(80)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _200"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(504)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax base of Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax allocation 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>PPE and tax loss car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ry-(DKKm)Intangible assets ROU assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span>Other liabilitiesforwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"> </span>l</span>Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20e"> </span>(253)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(252)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>1,225<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>702<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>871<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,293Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in profit/loss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _217"> </span>(42)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>204<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(418)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>311<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(172)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(117)Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _210"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(116)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>791<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>675Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _218"> </span>6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>(135)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>210<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>(21)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>396<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>456Other adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _213"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c2"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(162)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(163)Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _219"> </span>(1)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>17<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>(13)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>(23)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>(27)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>(47)Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _218"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">(290)<span class="_ _e2"> </span>(166)<span class="_ _109"> </span>889<span class="_ _166"> </span>1,758<span class="_ _162"> </span>906<span class="_ _166"> </span>3,097</span>Balance sheet clas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sification:Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21a"> </span>(275)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>590<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>701<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>1,620<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>908<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>3,544Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span>(15)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(756)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>188<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>138<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>(447)6.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Acquisition and disposal of entitiesAccounting policiesWhen acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting for busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations, the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition method is applied in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with IFRS 3.Acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition. The date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition is the date on which DSV obtains c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Entities disposed of ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements until the date of disposal. The dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of disposal is the date on which DSV surr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enders c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.The consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed as payment f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee consists of the fair value of asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, liabilities incur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormer owners of the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee and equity instruments issued. Contingent consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations de-pendent on future ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ents or the performance of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual obligations are also r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm part of the total c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value changes in contingent c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsiderations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og-nised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement until final settlement.Identifiable assets, liabilities and contingent liabilities of the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition by applying r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant val-uation methods. Identifiable intangible asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised if they are separable or arise fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontractual right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised for identifiable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax benefits existing at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition and fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the perspective of the new combined Group in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with loc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al tax legislation.The exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess of the to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, value of non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrolling inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests and the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of any equity investments pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously held in the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal identifiable ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t assets measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as goodwill.If measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of the identifiable net assets is unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain at the date of acquisition, initial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition is done based on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisional amounts. Measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments to the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisional amounts may be done for up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 12 months f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition. The effects of cros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s-period measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og-nised in equity at the beginning of the financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omparative figures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated.After the end of the measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period, goodwill is no longer adjusted. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransaction cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts inherent fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the in-come st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.Goodwill and fair value adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments arising from the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition of an ac-quiree whose functional curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency differs fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentation curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency of the Group ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the functional currency of the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign entity using the exchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate ruling at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition.Other than cros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s-period measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments, compar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative figures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t adjusted when ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quiring or disposing of entities.Management judgements and estimatesIn applying the acquisition method of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting, estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e an int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-gral part of assessing f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air values of sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al identifiable assets acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and liabilities assumed, as observable market prices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e typically not available.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aluation t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>echniques wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied typically r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o de-termining the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e uncertain c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flows or assessing other events in which the out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>come is unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain at the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition.Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e significant estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e typically applied in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships, trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables, def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax, debt and contingent liabilities. As a result of the unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainties inher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent in fair value es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timation, measurement period adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments may be applied.Acquisitions and disposalsOn 16 August 2021, DSV acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed the Global Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egrat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Logistics divi-sion (GIL) of Agility Public W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing Company K.S.C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. No material enterprises, non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrolling int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests or activities wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed or di-vested in 2022.About Agility's Global Integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogistics businessThe GIL business was a leading global tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansport and logistics provider with a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong foo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tprint in emer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ging markets. The busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s offer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed a mix of integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated logistics services, including air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, ocean and road fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d-ing ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logistics and specialised logistics capabilities. GIL operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed a flexible, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-centric and sust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ainability-driven business with a global workf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oximat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely 17,000 employees and service provision acr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss 100+ c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountries ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ound the world (incl. agents). GIL em-powered<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> businesses of all siz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om small businesses to lar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ge multination<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>als<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough sector-specific e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpertise and digital tools and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>echnology to enhance supply chain efficiency.Consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edThe consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or GIL w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as made in DSV equity instru-ments by offering 19,304,348 DSV shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal at a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of DKK 29,493 million based on the acquisition dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e closing price of DKK 1,531 on Nasdaq Copenhagen, offset by a cash c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed from Agility t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DSV of appro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ximately DKK 61 million. Adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of cash and cash equivalents ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed of DKK 1,759 million, the to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to DKK 27,734 million. Fair value of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quired net as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised goodwillIn 2022, DKK 370 million was r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asurement period adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t-ments to the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisitional opening balance. The measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments primarily r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the valuation of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operties. For further details, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>te 6.1 in the <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">DSV Annual R<span class="_ _0"/>eport 2021.</span>The fair value of o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised includes indemnification assets to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>talling DKK 1,818 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o various corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax and value added taxes. Indemnific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation assets have no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t been excluded fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed or opening balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition.Had the indemnification assets been e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcluded, the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ans-fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and net assets r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ould have amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 27,675 million and DKK 2,105 million respectively, wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eas ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisitional goodwill would have r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emained unchanged.The fair value of identified ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t assets and goodwill r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the acquisition is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprised of the following it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems: Net assets and goodwill rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised Fair value at dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (DKKm)of acquisitionCustomer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span>569Other intangible assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21c"> </span>13Right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span>2,375Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span>2,146T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21d"> </span>5,438Contract assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>1,448Inventories<span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span>34Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span>720Other rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span>2,365Cash and cash equivalents<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span>1,759T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _da"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">16,867</span>Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>2,331Borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bd"> </span>138Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13f"> </span>2,800Pensions and similar obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>349T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>2,499Accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost of services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>1,864Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _220"> </span>159T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span>605Other payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>1,935T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d6"> </span>12,680NCI share of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed net assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d7"> </span>264Acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed net assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,923</span>Fair value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>29,493Goodwill arising from the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _222"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">25,570</span>6.2 Shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e option schemesAccounting policiesDSV's share option schemes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e equity-settled, measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant date and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement as s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>taff costs over the v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting period. The offsetting item is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.The value of employee services rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived during the vesting period in ex<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>change for shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the fair value of the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options at the date of gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anting. The fair value of the options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is determined based on the Black &amp; Scholes valuation model. The assumptions used in the valuation tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es into acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount the terms and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions applicable to the options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted and Management’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s expectations of the various par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>amet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers on which the valua<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion model is based.Upon initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, an estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is made of the number of share options that the employees are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected to earn. The es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timated number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options is adjusted subsequently t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflect the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tual number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tions earned. The estimated volatility is based on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orical data over the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> three years adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any unusual cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cumst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ances during the period. The valu-ation of the share options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in 2022 and 2021 is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> based <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol-lowing assumptions:Assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Share pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span>1,485.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>1,325.0V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olatility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span>18.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>18.0%Risk-free int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>1.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(0.1%)Expected dividends<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>0.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.8%Expected remaining lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span>3.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>3.5Current shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e option schemesNumber of Market v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue at date Scheme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fc"> </span>Options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise period<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eemployeesof granting (DKKm)2018<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,733,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>28.03.2021 - 28.03.2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>477.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>1,600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>118.22019<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,735,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>29.03.2022 - 27.03.2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>545.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>1,624<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>141.72020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>3,080,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>31.03.2023 - 31.03.2025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>560.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>2,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>155.52021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,438,300<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>01.04.2024 - 31.03.2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>1,325.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>205.32022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,640,900<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>01.04.2025 - 31.03.2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>1,485.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,524<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>279.8Share option schemes at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0"> </span>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise Scheme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span>Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>demployees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"> </span>a<span class="_ _2"> </span>l</span>price per option2018*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ec"> </span>190,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>687,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>877,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>477.52019*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ec"> </span>190,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>1,836,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,026,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>545.02020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>202,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,708,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,910,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>560.02021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>168,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,193,800<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,362,550<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>1,325.02022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>198,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,387,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,585,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>1,485.0Outstanding at 31 December 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">949,000<span class="_ _93"> </span>9,812,800<span class="_ _b"> </span>10,761,800<span class="_ _84"> </span>940.6</span>Open for e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span>380,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>2,523,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,903,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _212"> </span>524.6Life (ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ef"> </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>2.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>2.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span>n.a.Market v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _138"> </span>350.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>3,134.4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>3,484.9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>n.a.* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span>Share options grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in 2018 and 2019 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ently exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cisable.Share option schemesDSV has launched incentive shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-based payment schemes with the purpose of motivating and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aining key employees acr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganisa-tion. Share options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e aw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ded at all levels in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganisation, e.g. from t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eam leads, specialists, br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anch managers, country managers, up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Executive Management.Ret<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ention is motivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equiring continued service f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or a period cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-ing the vesting period as a minimum. The schemes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also intended t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o align the inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests of employees and shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eholders. All active schemes entail a three-year v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting period and a two-year ex-ercise period. In c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of a change of contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol, all outst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anding share options will vest. E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e set based on the quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t prices lead-ing up to the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of granting. The shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options can be e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised by cash purchase of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es only<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The obligation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the schemes is partly cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es.Share options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted pursuant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es laid down in the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation Policy applicable in the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.A to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal of 2,988 employees held shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options at 31 December 2022 (2021: 2,625 employees). T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in 2022 f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or services rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived but not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an asset amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 202 million (2021: DKK 160 million). The average shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or options exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised in the financial year w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as DKK 1,093.4 per share at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise (2021: DKK 1,324.5 per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e).Outstanding shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options Boardemployees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>price per optionOutstanding at 1 January 2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>760,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>8,646,129<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>9,406,129<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>507.2Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12e"> </span>156,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2,281,550<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>2,438,300<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>1,325.0*T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red 36,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>(36,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>-Exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span>(190,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(1,953,556)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(2,143,556)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>427.9Options waived/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>expir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _226"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>(123,475)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>(123,475)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>684.7Outstanding at 31 December 2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">762,750<span class="_ _2d"> </span>8,814,648<span class="_ _2d"> </span>9,577,398<span class="_ _10a"> </span>730.9</span>Outstanding at 1 January 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>762,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>8,814,648<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>9,577,398<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>730.9Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12e"> </span>198,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2,442,650<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>2,640,900<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>1,485.0Exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _af"> </span>(12,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(1,279,573)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(1,291,573)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>479.1Options waived/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>expir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _226"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>(164,925)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>(164,925)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>1,091.6Outstanding at 31 December 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">949,000<span class="_ _2d"> </span>9,812,800<span class="_ _45"> </span>10,761,800<span class="_ _10a"> </span>940.6</span>* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span>A member of the Executive Board has pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options in the Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ector<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormer capacity as a key employee.6.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ation of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ector<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sExecutive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dThe members of the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e subject to a notice period of up to 24 months. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuneration of the members of the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecutive Board and the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omplies with the principles of the Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Re-muneration P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olicy and is described in detail in the R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuneration R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.The aggregat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuneration t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the members of the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2022 was DKK 54.8 million (2021: DKK 41.5 million). The r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation to the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d is specified:Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _227"> </span>2021*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Fixed salary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bc"> </span>36.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>27.6Pension<span xmlns="http://www.w3.org/1999/xhtml" class="_ _228"> </span>2.9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>2.2Share-based payment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6d"> </span>15.8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>11.7T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _229"> </span>54.8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _101"> </span>41.5* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span>Michael Ebbe became a member of the Executive Board on 26 October 2021.Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectorsThe aggregat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuneration t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors of DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2022 was DKK 6.9 million (2021: DKK 7.0 million).6.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Fees t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>appoint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Annual Gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>al MeetingAudit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees and ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>(DKKm) 2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Statut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ory audit fees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>45<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>42Other assuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _90"> </span>3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>4T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax and V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>T advisory services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2Other ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span>5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>4T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o auditor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s appointed <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>at the Annual Gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al Meeting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">54<span class="_ _1f6"> </span>52</span>Statut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ory audit fees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22a"> </span>6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>13T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax and V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>T advisory services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>21Other ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>12T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees, other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">8<span class="_ _25"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">46</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">62<span class="_ _25"> </span>98</span>Non-audit ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided by PwC Denmark amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 5 million in 2022 relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o advisory ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elation to legal disput<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, assu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-ance and advisory in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elation to ESG, various t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax advisory ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther advisory ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices. Non-audit services pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided by PwC Denmark did not exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eed 70% of the audit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with EU audit legislation.6.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d3"> </span> Relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed-part<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0"> </span>tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ansac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tionsDSV has no relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed parties with contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and no r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-ties with significant influence o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther than key management personnel – mainly in the form of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors and the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d. Relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed-part<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactionsBoar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Directors and Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecutive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dNo transactions with the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Directors and Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecutive Board w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e made in 2022 other than or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, as described in <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>es </span>6.2 <span xmlns="http://www.w3.org/1999/xhtml" class="fc1">and</span> 6.3<span xmlns="http://www.w3.org/1999/xhtml" class="fc1">.</span>Associated companiesDSV holds ownership inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests in 8 associat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es (2021: 12 associates). The Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s share of associat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es’ profit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 7 million (2021: DKK 4 million). The carrying amount of the investment was DKK 50 million at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>em-ber 2022 (2021: DKK 63 million). The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup had the following tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansac-tions with associates:Associated companies tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22c"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _199"> </span>128<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>163Purchase of services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>14<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>18The Group had the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es with associates at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>:Associated companies balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22c"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17a"> </span>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>26Payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>16.6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Contingent liabilities and securAccounting policiesContingent liabilities comprise possible obligations which hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not yet been confirmed, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e uncertain or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>annot be measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eliably, b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ut <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>whic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h, if re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised, may result in a dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ain on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s resour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ces. Oblig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> are rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements only t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the extent that the crit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognising a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e met<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.ty f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or debtContingent liabilitiesSecurity for debtBank guarant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eesAs par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t of its or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary operations, DSV has pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided bank guar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>antees t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o authorities, suppliers, etc. The count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erparties may claim appropriation of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollater<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al if DSV fails t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o pay any amount due. PledgesAt 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment and other financial assets with a carrying value of DKK 30.9 million w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ere pledged as security (2021: DKK 140.9 million). The carrying amount of debt secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by pledges amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 0 million (2021: DKK 64 million).Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actsDSV has concluded IT service contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts. Costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o these contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as the services are pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided.Management judgements and estimatesManagement applies judgements in assessing the exist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontingent liabilities on an ongoing basis and in this r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egard c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsiders if the criteria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognising a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e met<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. These judgements may involve advice fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal experts, legal advisors, etc.Contingent liabilitiesAs an international transport service provider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, the Group is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arly i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n-volved in tax and V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>T disputes, legal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eedings or inquiries fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mpe<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tition authorities. Management believes that the cases currently <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>identif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ied will have no material impact on the financial position of the Group.A detailed disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of individual c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontingent liabilities is consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed im-practicable and is ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t included in the not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to the financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements.Key figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atios ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e disclosed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with ‘Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommendations Definition of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>&amp; Ratios’ published by the Danish Finance Society, exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ept f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or financial ratios mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed with (*), as these ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e either derived or not included in the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ey figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommendations. Earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and diluted earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e disclosed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with IAS 33. Envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onmental, social and govern-and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>atiosmental key figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atios ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e defined in the <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">DSV Sustainability Report </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> to which r<span class="_ _0"/>ef<span class="_ _0"/>er<span class="_ _0"/>ence is made.</span>K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>esFinancial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>atios<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20a"> </span>Share r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>atiosGros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s profit * 100Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit attributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shareholders of DSV A/SNet inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est- <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>= Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing debt less int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing assets and Gros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s margin <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span>=Earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span>=RevenueA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of sharesbearing debt cash and cash equivalentsOperating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit (EBIT) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special items * 100Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit attributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shareholders of DSV A/SNet working <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>= Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables and other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating assets less Operating mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gin <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>=Diluted earnings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f4"> </span>= RevenueA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shares dilut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edcapital trade payables and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther payables and other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent per shareoperating liabilitiesOperating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit (EBIT) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special items * 100Adjusted earningsConversion r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atio <span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>=Diluted adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>= Gros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s profitA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shares dilut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edInvested c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>apital <span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>NWC + property, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, ROU assets, earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e intangible assets including goodwill and cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ela-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year * 100tionships less long-term pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisionsEffective tax r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate* <span xmlns="http://www.w3.org/1999/xhtml" class="_"> </span>=Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axNumber of shares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22d"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es outstanding e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcluding Adjusted earnings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22d"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>The DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S shareholders’ shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of profit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury shares at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting dateOperating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit (EBIT) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special items * 100porting period adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or amortisation and impairment Return on inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"> </span>=A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age invested c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>apital of goodwill and customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to capital bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taxA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16b"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es outstanding during share-based payments and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>special items. The t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax effect of shares the reporting period Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit attributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shareholders of the adjustments has been tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en into ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>countof DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S * 100Return on equity <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e8"> </span>=A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number <span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es outstanding during A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age equity excluding non-contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olling int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests Net financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>=Financial income less financial e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpensesof shares dilut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edthe reporting period including shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options, expenses but excluding out-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-the-money options Equity excluding non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrolling int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests * 100Solvency ratio <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>measured r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elative to the aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e price T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al assetsSpecial items <span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>=Exceptional it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems of income or e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense which by nature for the periodare no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Group's or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary operation or Net inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing deb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tinvestments in futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e activities. See <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">note 2.7</span> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or addi-Gearing ratio* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>=Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortisation, tional details on it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems includeddepreciation (EBITD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>A) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emsAdjusted fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _41"> </span>= Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash flow adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or net acquisition of subsidiar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-cash flowies and activities, lease liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epayments, special items and normalisation of working capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al in subsidiar-ies and activities acquiredOwnership Ownership Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityCompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityGr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>oup company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Europe (c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinued)Europe (c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinued)over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>viewDSV Solutions N.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Duisbur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>g A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Logistics N.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Road Holding A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _233"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Road N.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19b"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Road A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%The overview below is a list of companies in the DSV Group at 31 December 2022 showing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanies by segment and not by MCI Br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>okers N.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>99.90%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Horsens A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _236"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%legal structure.DSV Air &amp; Sea EOOD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f0"> </span>Bulgaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Hedeland 5 A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Road EOOD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>Bulgaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Road Services A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Hrvatska d.o.o.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span>Croatia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Estonia AS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>Es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tonia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina Business Services DSV Air &amp; 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Sea Germany GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Germany<span class="_ _8b"> </span>100.00%</span>DSV FS A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19d"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Deutschland GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%EuropeAnpartselskabet af 25. januar 2017<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Duisbur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>g A/S - DSV Air &amp; Sea GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _231"> </span>Austria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>100.00%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Ringst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%German Branch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _208"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%GIL Austria GmbH in Liquidation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15c"> </span>Austria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>100.00%DSV Air &amp; 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Vir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gin Islands<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Mundiales S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _197"> </span>Uruguay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%ECT T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>Hong Kong<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea (Latin America) Panalpina Z<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ona Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anca S.A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _43"> </span>Uruguay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Solutions Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>Hong K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Holding S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a4"> </span>Chile<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea (HK) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _43"> </span>Hong Kong<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span>Chile<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%AsiaPanalpina W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orld T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>Hong Kong<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina Chile T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ransportes Mundiales Ltda.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>Chile<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _231"> </span>Bangladesh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Panalpina China Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _222"> </span>Hong Kong<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility Logistics Corp. 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Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4f"> </span>India<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%- Bangladesh Branch (BD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>Bangladesh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.S.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _204"> </span>Colombia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea International DSV Air &amp; Sea (Cambodia) Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>Cambodia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Privat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span>India<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility Logistics Colombia S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.S.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fd"> </span>Colombia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Prime Car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>go (Cambodia) Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Cambodia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Coload &amp; Clear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance Pvt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _236"> </span>India<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%AGENCIA DE ADUANAS DSV S.A.S. NIVEL 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>Colombia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%GIL Integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation 1 (Cambodia) Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Cambodia<span class="_ _8b"> </span>100.00%</span>DSV Solutions Privat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20d"> </span>India<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Solutions S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.S.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _204"> </span>Colombia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>Cambodia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%PT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. DSV T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansport Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f0"> </span>Costa Ric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%UTi W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orldwide Co. Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d. PT GIL Solusi Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _241"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%- Cambodia Branch (USD)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _209"> </span>Cambodia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%GIL 1 (Curaç<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ao) N.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span>Cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acao<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%PT DSV Solutions Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">China<span class="_ _8b"> </span>100.00%</span>Dominican PT Syner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gy Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f1"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV AIR &amp; SEA DOMINIC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ANA, S.R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.Republic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea Co., Ltd. PT Sarana P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rima Optima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%(South East China)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV-AIR&amp;SEA S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>Ecuador<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea Japan GK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>Japan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Co., Ltd. (China)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea, S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. de C.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>El Salvador<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span>Japan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Baisui United Logis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tics DSV Air &amp; Sea P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>A Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anama<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%(Shanghai) Co. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _237"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Solutions Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span>Japan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina SEM, S.A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anama<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility Logistics (Shanghai) Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls69 ws7c">Ko<span class="_ _4"/>rea<span class="_ _8f"> </span></span>100.00%Panalpina S.A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span>Panama<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Logistics Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Solutions Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls69 ws7c">Ko<span class="_ _4"/>rea<span class="_ _242"> </span></span>100.00%Almacenador<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a Mer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cantil S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>Panama<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orld T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport (PRC) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">China<span class="_ _8b"> </span>100.00%</span>DSV Air &amp; Sea International Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls69 ws7c">Ko<span class="_ _4"/>rea<span class="_ _242"> </span></span>100.00%Ownership Ownership Ownership Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityCompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityCompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityAsia (continued)Asia (continued)Asia (continued)DSV Air and Sea Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span>Macao<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Panalpina W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orld T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport DSV Air &amp; Sea Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _203"> </span>Thailand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%(Philippines) Inc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _203"> </span>Philippines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Sdn. Bhd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _241"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3e ws3b">Malaysia<span class="_ _8b"> </span></span>100.00%Panalpina W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orld T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport DSV Global Solutions Inc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>Philippines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%(Vietnam) Co. Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4e"> </span>Vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>99.00%Panalpina Cus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>toms Services (M) SDN BHD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%GIL Logistics Distribution Inc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>Philippines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Solutions Co., Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _222"> </span>Vietnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Litvest Corporation Sdn Bhd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _238"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Agility Logistics Holdings P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>Singapor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Agility Logistics Vietnam Company Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Vietnam<span class="_ _ee"> </span>100.00%</span>DSV Solutions (DC) Sdn. Bhd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Malaysia<span class="_ _8b"> </span>100.00%</span>Agility Logistics Holdings (S) P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Singapore<span class="_ _ee"> </span>100.00%</span>Agility Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _245"> </span>Vietnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>71.00%GOCT Logistics Sdn Bhd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>Malay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>sia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Singapore R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eal Estat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Holding DSV Air &amp; Sea Vietnam Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20c"> </span>Vietnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span>Singapore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Shared Services Asia Sdn Bhd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>Malay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>sia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Inventory Management Solutions DSV Air &amp; Sea Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>Singapore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Vietnam Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _208"> </span>Vietnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Logik P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>engurusan Sdn Bhd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility International Logistics Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Singapore<span class="_ _ee"> </span>100.00%</span>DSV Logistics Sdn. Bhd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _241"> </span>Malay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>sia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility Fairs &amp; Events Logistics Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Singapore<span class="_ _ee"> </span>100.00%</span>Middle EastDSV SOLUTIONS SDN. 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class="_ _ee"> </span>100.00%</span>DSV South Africa (Pty) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>75.00%AssociatesDSV Shared Services (Pty) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rans-Link Cambodia Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>Cambodia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>49.00%UTi Logistics (Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oprie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tary) Limited GT Stev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edores Oy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f9"> </span>Finland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>25.50%- SC OCS Division<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fa"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%KM Logistik GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _42"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>35.00%DSV AFRIC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>A HOLDING (Pty) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%IDS Logistik GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _42"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>28.00%DSV Sky<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>services (Pty) Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ristar T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansport (Private) Limit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>Pakistan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>50.00%Scorpion Shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Block (Pty) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>TS Air T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport Service AG<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>witzerland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>48.00%Marine Link (Pt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y) Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">South Africa<span class="_ _8b"> </span>100.00%</span>United Ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ab DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Johannesbur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>g Polymer L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogistics Investments LL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>CEmirat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>36.50%(Pt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y) Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _154"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Key Logis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tics, Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>United St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>49.00%Fir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efly Investments 337 Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operties Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oprietary Limit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Linkit lnvestments (Pty) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>80.00%GIL South Africa 1 (Pty) Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Healthcar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (Pt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y) Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _247"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Solutions (Pt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y) Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Assembly Ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices (Pty) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>65.30%DSV Mounties (Pt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y) Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _238"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00% Chapter 1Basis of preparationIntroductionThe Annual Report of DSV A/S comprises the consolidated financial state-ments of DSV A/S and its subsidiaries.By nature, a degree of uncertainty is involved when carrying out these judgements and estimates, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period. The primary financial statements items for which significant accounting judgements and estimates are applied are listed below: • Contract assets and accrued cost of services (note 3.4)• Provisions (note 3.8) • Acquisition and disposal of entities (note 6.1)• Tax (note 5.1 and note 5.2)Additional description of management judgements and estimates made are provided in the relevant notes.The 2022 Annual Report of DSV A/S has been prepared on a going concern basis in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and additional disclosure requirements for listed companies in the Danish Financial Statements Act. IFRS standards have been applied to the extent these have been adopted by the European Union. The consolidated financial statements are presented in Danish kroner (DKK) and rounded to the nearest million.Basis of consolidationThe consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities in which the Group directly or indirectly controls at least 20%, but not more than 50%, of the voting power are accounted for as associates and meas-ured using the equity method. Investments with negative net asset values are recognised at DKK 0.The consolidated financial statements are prepared based on uniform accounting policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, in-come and expenses.Changes in accounting policiesAll amendments to the International Financial Reporting Standards (IFRS) effective for the financial year 2022 have been implemented as basis for preparing the consolidated financial statements and notes to the statements.None of the implementations have had any material impact on the state-ments or notes presented. Management judgements and estimatesIn preparing the consolidated financial statements, Management makes various accounting judgements and estimates that affect the reported amounts and disclosures in the financial statements and notes to the statements. These are based on professional experience, historical data and other factors available to Management. The Board of Directors and Executive Board considered and approved the 2022 Annual Report of DSV A/S on 2 February 2023. The Annual Report will be submitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 16 March 2023.Basis of measurementThe Annual Report has been prepared under the historical cost convention with the exception of derivative financial instruments and acquisition opening balances, which are measured at fair value. Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The accounting policies described in the notes have been applied consistently for the financial year and for the com-parative figures.Recognition in the consolidated financial statements When preparing the consolidated financial statements, the income state-ments of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and balance sheet items are translated at the closing rate at the end of the reporting period.Foreign exchange differences arising on translation of the equity of for-eign entities and on translation of receivables considered part of net in-vestment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of income state-ments from the average exchange rate for the period to the exchange rate at the reporting date are also recognised in other comprehensive income. Adjustments are presented under a separate translation reserve in equity.Group compositionThe Group holds interests in 473 entities and was composed as follows at 31 December 2022:RegionEntities (Number)EMEA Americas APAC TotalSubsidiaries 302 55 108 465Associates 5 1 2 8Foreign currencyFunctional currencyA functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.Foreign currency translationOn initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income state-ment under financials. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rates at the reporting date and the transaction date or the exchange rate used in the latest annual report is recognised in the income statement under financials. Foreign currency translation differences arising on the translation of non-monetary items, such as investments in associates, are recognised directly in other comprehensive income.PresentationCash flow statementThe cash flow statement is prepared using the indirect method based on operating profit before amortisation, depreciation and special items. The cash flow statement cannot be derived directly from the balance sheet and income statement. Materiality in financial reportingIn preparing the Annual Report, Management seeks to improve the infor-mation value of the consolidated financial statements, the notes to the statements and other measures disclosed by presenting the information in a way that supports the understanding of the Group’s performance in the reporting period. This objective is achieved by presenting fair transactional aggregation levels on items and other financial information, emphasising information that is considered of material importance to the user and making relevant rather than generic descriptions throughout the Annual Report. All disclosures are made in compliance with the International Financial Reporting Standards, the Danish Financial Statements Act and other relevant regulations, ensuring a true and fair view throughout the Annual Report.Presentation of items and subtotalsThe presentation of items and subtotals is based on separate classification of material groups of similar items. In the income statement, income and expense items are classified based on the ‘nature of expense’ method in accordance with IAS 1. Furthermore, the use of special items is applied to improve the transparency and understanding of the Group’s financial statements by separating the core performance of the Group from ex-ceptional items. For a definition and reconciliation of Group results before and after special items, refer to note 2.7 Special items.New accounting regulationsThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the prepara-tion of the 2022 consolidated financial statements. DSV expects to imple-ment the standards and amendments when they take effect.None of the new standards issued are currently expected to have signifi-cant impact on the Group’s financial statements when implemented. The 2022 Annual Report of DSV A/S has been prepared on a going concern basis in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and additional disclosure requirements for listed companies in the Danish Financial Statements Act. IFRS standards have been applied to the extent these have been adopted by the European Union. The consolidated financial statements are presented in Danish kroner (DKK) and rounded to the nearest million. The Board of Directors and Executive Board considered and approved the 2022 Annual Report of DSV A/S on 2 February 2023. The Annual Report will be submitted to the shareholders of DSV A/S for approval at the Annual General Meeting on 16 March 2023. Changes in accounting policiesAll amendments to the International Financial Reporting Standards (IFRS) effective for the financial year 2022 have been implemented as basis for preparing the consolidated financial statements and notes to the statements.None of the implementations have had any material impact on the state-ments or notes presented. Changes in accounting policiesAll amendments to the International Financial Reporting Standards (IFRS) effective for the financial year 2022 have been implemented as basis for preparing the consolidated financial statements and notes to the statements.None of the implementations have had any material impact on the state-ments or notes presented. By nature, a degr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee of unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainty is involved when carrying out these judgements and estimates, henc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e actual results may deviat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e from the assessments made at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting date. Judgements and estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e continuously evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, and the effects of any changes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant period. The primary financial statements it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or which significant acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting judgements and estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e list<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed below: • <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets and accrued cost of services (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.4<span class="fc1">)</span></span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.8<span class="fc1">) </span></span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Acquisition and disposal of entities (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">no<span class="_ _0"/>te 6.1<span class="fc1">)</span></span>• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">note 5.1 </span>and<span xmlns="http://www.w3.org/1999/xhtml" class="fc2"> not<span class="_ _0"/>e 5.2<span class="fc1">)</span></span>Additional description of management judgements and estimates made are pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided in the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tes.Management judgements and estimatesIn preparing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements, Management makes various acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting judgements and estimates that aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect the reported amounts and disclosures in the financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements and notes t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements. These are based on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essional e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xperience, hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orical data and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther factors available t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Management. Management judgements and estimatesIn the classification of special items, judgement is applied in ensuring that only exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eptional items no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t associated with the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations of the Group ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e included.Special items <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Restructuring and integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>1,117<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>392T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransaction cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o acquisitions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>86Special items, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _197"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">1,117<span class="_ _28"> </span>478</span>Management judgements and estimatesFor goodwill impairment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting, a number of estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e made on the development in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenues, gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss profits, oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gins, futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capita<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>l expenditur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and growth expectations in the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erminal peri<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>od. These are based on an as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sessment of curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent and fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s in the three c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash-generating units and on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>l data<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ssump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>of fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ture expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ted mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ket devel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>opments, including expected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>long-term average mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es.Material value drivers aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecting the future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flows of the thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash-generating units ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e:Air &amp; SeaThe Air &amp; Sea division operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es globally, so developments in the global economy and world tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material impact on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>divi-sion’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flow. Developments in gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit per shipmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t, cost management initiatives and development in int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y (number of shipments per employee) also affect the divisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.RoadThe Road division mainly oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates on the EMEA and US marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, which means that the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cash flow is affected by the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in these r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egions. Developments in gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit per shipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, including truck and terminal utilisation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost management initiatives and devel-opment in internal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivity (number of shipments per employee) also<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> affect the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash flow.SolutionsThe Solutions division operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es globally, so developments in the global economy and world tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material impact on the divi-sion’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flow. Developments in w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouse lease costs and costs of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, utilisation of war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouse f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities, cost manage-ment initiatives and development in internal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivity (number of order lines per employee) also aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash flows.The expected futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e net cash flow is based on budgets and busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s plans approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by Management f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year 2023 and projections f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or subsequent years up to and including 2026. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>6 on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> DSV expects the growth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emain in line with the expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>cted <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>long-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>term average gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the industry.Management judgements and estimatesJudgement is applied in determining the depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation period and futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e residual v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue of the assets r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised and is gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ally based on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orical experienc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. Reassessment is done annually t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o ascertain that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecia<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion basis applied is still r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epresent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflects the expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ted lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and future r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esidual value of the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets.3.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t assets and accrued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> cost of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Management judgements and estimatesIn the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements, significant estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied in assessing services in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess, including accrual of income and pertaining dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs. These estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e based on experi-ence and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinuous follow-up on services in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elative to sub-sequent invoicing.Management judgements and estimatesIn acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting for le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, various judgements are applied in det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mining right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and lease liabilities. Judgements include assess<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ment of lease periods, utilisation of extension options and applic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able dis<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>count r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates. Management judgements and estimatesIn determining pension obligations, management mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es use of valuations fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d independent actuaries as basis for the es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timates ap-plied. The actuarial assumptions used in the valuations vary from country to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountry owing to national, economic and social c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions.Management judgements and estimatesManagement continually assesses pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions, including c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontingencies and the likely out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>come of pending and po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tential legal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oceedings. The out-come of such pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oceedings depends on futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e events, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, by na-ture, unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain. When considering pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions involving significant estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, opinions and estimates by e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal legal experts as w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ell as existing case law ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied in assessing the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable outc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome of material legal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eedings, etc.Management judgements and estimatesManagement applies significant estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es when rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognising and measuring defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets and unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain tax positions. Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets, including the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax base of tax loss carryforwards, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised if it is assessed that ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e will be sufficient futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taxable in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>come against which the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emporary diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and unutilised tax losses c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an be utilised. This assessment is based on budgets and business plans f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the following ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars, including planned business initiatives. Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets are t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed annually and are only r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised if it is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable that futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taxa<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ble profit will allow the def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax asset t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.Uncertain tax positions include ongoing disput<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es with tax authorities and have been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided for in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>danc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting policies. Man<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>agement believes that the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions made are adequat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The actual obliga<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>s may dev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>iate as the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y depen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>d on the result of litigations and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>settlements with the relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant tax authorities.Management judgements and estimatesIn applying the acquisition method of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting, estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e an int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-gral part of assessing f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air values of sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al identifiable assets acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and liabilities assumed, as observable market prices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e typically not available.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aluation t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>echniques wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied typically r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o de-termining the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e uncertain c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flows or assessing other events in which the out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>come is unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain at the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition.Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e significant estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e typically applied in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships, trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables, def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax, debt and contingent liabilities. As a result of the unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainties inher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent in fair value es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timation, measurement period adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments may be applied.Management judgements and estimatesManagement applies judgements in assessing the exist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontingent liabilities on an ongoing basis and in this r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egard c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsiders if the criteria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognising a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e met<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. These judgements may involve advice fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal experts, legal advisors, etc.Contingent liabilitiesAs an international transport service provider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, the Group is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arly i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n-volved in tax and V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>T disputes, legal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eedings or inquiries fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mpe<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tition authorities. Management believes that the cases currently <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>identif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ied will have no material impact on the financial position of the Group.A detailed disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of individual c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontingent liabilities is consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed im-practicable and is ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t included in the not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to the financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements. Basis of consolidationThe consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities in which the Group directly or indirectly controls at least 20%, but not more than 50%, of the voting power are accounted for as associates and meas-ured using the equity method. Investments with negative net asset values are recognised at DKK 0.The consolidated financial statements are prepared based on uniform accounting policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, in-come and expenses.Recognition in the consolidated financial statements When preparing the consolidated financial statements, the income state-ments of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and balance sheet items are translated at the closing rate at the end of the reporting period.Foreign exchange differences arising on translation of the equity of for-eign entities and on translation of receivables considered part of net in-vestment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of income state-ments from the average exchange rate for the period to the exchange rate at the reporting date are also recognised in other comprehensive income. Adjustments are presented under a separate translation reserve in equity. Basis of consolidationThe consolidated financial statements include the Parent Company (DSV A/S) and all subsidiaries over which DSV A/S exercises control. Entities in which the Group directly or indirectly controls at least 20%, but not more than 50%, of the voting power are accounted for as associates and meas-ured using the equity method. Investments with negative net asset values are recognised at DKK 0.The consolidated financial statements are prepared based on uniform accounting policies in all Group entities. Consolidation of Group entities is performed after elimination of all intra-group transactions, balances, in-come and expenses. Group compositionThe Group holds interests in 473 entities and was composed as follows at 31 December 2022:RegionEntities (Number)EMEA Americas APAC TotalSubsidiaries 302 55 108 465Associates 5 1 2 8 Foreign currencyFunctional currencyA functional currency is determined for each Group entity. The functional currency is the currency used in the primary financial environment in which the individual Group entity operates.Foreign currency translationOn initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income state-ment under financials. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. The difference between the exchange rates at the reporting date and the transaction date or the exchange rate used in the latest annual report is recognised in the income statement under financials. Foreign currency translation differences arising on the translation of non-monetary items, such as investments in associates, are recognised directly in other comprehensive income. Recognition in the consolidated financial statements When preparing the consolidated financial statements, the income state-ments of entities with a functional currency other than DKK are translated at the average exchange rate for the period, and balance sheet items are translated at the closing rate at the end of the reporting period.Foreign exchange differences arising on translation of the equity of for-eign entities and on translation of receivables considered part of net in-vestment are recognised directly in other comprehensive income. Foreign exchange differences arising on the translation of income state-ments from the average exchange rate for the period to the exchange rate at the reporting date are also recognised in other comprehensive income. Adjustments are presented under a separate translation reserve in equity. PresentationCash flow statementThe cash flow statement is prepared using the indirect method based on operating profit before amortisation, depreciation and special items. The cash flow statement cannot be derived directly from the balance sheet and income statement. Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentationCash flow statementThe cash flow stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed using the indirect method based on operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortisation, depreciation and special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems. The cash flow stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement cannot be deriv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed directly fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the balance sheet and income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement. Accounting policiesOperating segments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e defined by the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational and management structure of DSV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, which is derived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the types of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es we deliver and our geographical pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on the world mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. As such, our operat-ing segments reflect our divisional and Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting used for manage-ment decision-making.Accounting policiesRevenue c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logistics and other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the finan <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>cial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the over-time r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principle f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the satisfaction of various mile-stones as the perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligation is fulfilled t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Our main ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, sea, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad and solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es as de-scribed in the following.Air services Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilitating tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within the Air &amp; Sea re<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Air services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by short delivery times,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>as most air transports ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Sea servicesSea services comprise sea fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Sea services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Air &amp; Sea r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Sea services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods by road ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tworks mainly in Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East, the US and South<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Africa. Road services ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Road r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting segment. Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e characterised by short delivery times, as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>most road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>rts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omplet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Solutions servicesSolutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract logistics, incl. war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing and in-ventory management, across the globe. Solutions services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Solutions re <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"/>por<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ting segment. Solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acter-ised by very short deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y times, happening almost inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anta <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>neously as agreed actions under the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act are carried out.General r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principlesRevenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised based on the price speci<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>fied in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act with the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed excluding V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T and other tax c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollected on behalf of thir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d parties, and any discounts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e offset against the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue. Incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emental c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of obtaining a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with a customer ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an asset but as an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed due to the short delivery times. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services delivered ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e invoic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer and are no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for any financing c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omponents, as cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit terms ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e short – typically between 14 and 60 days – and the financing component theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e insignificant. Where services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed have yet t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be invoiced and invoices on services r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om hauliers have still t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets and accrued cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-porting date. Revenue allocat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emaining perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not disclosed following the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actical expedient of IFRS 15. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue also comprises income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om sale of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects in the form of sale of land and buildings acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructed and held for sale in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary course of business. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at a point in time in the reporting segment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which it relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es when contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of and legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the property have been transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. Revenue is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ised based on the price specified in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation is due upon transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of the legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle. De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>livery tim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>erty projects are typically 8-18 months.If the property is leased back after comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion, the right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t arising from the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseback is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oportion of the previous carrying amount of the asset that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the right of use r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>etained by DSV. As such, any gain or loss r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised only c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds to rights transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the buyer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and geographic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al segmentation specify as follows:Accounting policiesDirect cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts comprise c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts paid to gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Direct cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts include settlement of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounts with haulage contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actors, ship<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ping companies, airlines, et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c. Direct costs also include staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to hourly workers used f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or fulfilling or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ders and other dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs of oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, such as rent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al of logistics facilities and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects.Accounting policiesOther external e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses include expenses r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o marketing, IT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther rent, training and education, offic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e premises, tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>avelling, communications as well as o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther selling costs and administr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative expenses, les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s costs transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs.Accounting policiesStaff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts include wages and salaries, pension c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, social security co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sts and other st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or salaried employees, but ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>clude staff <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r hourly workers, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs. Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the financial year in which the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e renders the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed service. Costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o long-term employee benefits, e.g. share-based payments, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>perio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ds in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> they<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arned.Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence is made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.7<span class="fc1"> f<span class="_ _0"/>or detailed inf<span class="_ _0"/>ormation on pension plans, </span></span>not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e 6.3<span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> for inf<span class="_ _0"/>ormation on r<span class="_ _0"/>emuner<span class="_ _0"/>ation of the Executive Boar<span class="_ _0"/>d and the </span>Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors and <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">no<span class="_ _0"/>te 6.2<span class="fc1"> f<span class="_ _0"/>or det<span class="_ _0"/>ailed information on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s </span></span>share option schemes.Accounting policiesAmortisation and depreciation f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised based on the amor <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>tisation and depreciation pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofiles of the underlying assets (r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es 3.2, 3.3<span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> and </span>3.6<span xmlns="http://www.w3.org/1999/xhtml" class="fc1">).</span>Accounting policiesSpecial items ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e used in connection with the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentation of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ss for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar to distinguish c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eptional items, which by their natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s ordinary opera-tions or investment in futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e activities.Special items c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprise: • <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Restructuring costs, impairment c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, etc., relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o fundamental structural, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al and managerial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganisations as well as any relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed gains or losses on disposals; • <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransaction and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estructuring costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>qui <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>sition and divestment of enterprises. Accounting policiesFinancial income and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses include inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est, share of associat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>’ pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit/loss, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oreign cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency gains and losses, bank charges as well as amortisation of financial assets and liabilities, including finance le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase obligations. Further<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>more, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised and unr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised gains and losses on deriv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative financial instru<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ments that cannot be classified as hedging c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontracts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e included.Accounting policiesGoodwillThe carrying amount of goodwill is test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impairment at least annually together with o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup.Impairment testing is perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the lowest cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating unit t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed goodwill is allocated, as defined by our divisional management and operational structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating units there-by follow our divisional s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.Goodwill is written down t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o its rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the income stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement if lower than the car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.The rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount is determined as the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of the disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted future ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cash flow fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating unit to which the goodwill relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es. In calculating the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value, disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflecting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> the risk-free int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate with the addition of risks r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to the individual cash-generating units, such as geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical and financial e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.GoodwillOnly goodwill arising from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>cial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements. Goodwill is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed as the differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e between the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al of the fair value of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, the value of non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olling inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests and any equity investments pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously held in the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>pared t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of identifiable net assets on the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition. Goodwill is not amortised, but is test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impairment at least annually<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>elationshipsSoftwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and software in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ogressOn initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer relationships identified fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om business c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>Software bought or dev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eloped for int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal use is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the lower of binations are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the balance shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t at fair value. Subsequently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, cost less ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cumulated amortisation and impairment losses and the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t less accumulat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed amortisation able amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Cost c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises payments f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and other dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly and impairment losses. attributable expenses of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparing the softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or its intended use. Customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortised over a period of eight years using the After commissioning, softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is amortised on a straight-line basis over its diminishing balance method.expected useful lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The amortisation period is 1-8 years.Accounting policiesIf the individual components of an asset hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent useful lives, each Subsequent costs, such as partial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eplacement of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equip<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>Land and buildings and other plant and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating equipment ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measured<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t component will be depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciated separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely.ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e included in the carrying amount of the asset in question when it is cost less ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cumulated depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation and impairment losses.probable that such c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts will r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult in futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e economic benefits. The cost of self<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructed assets comprises dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect and indirect costs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or The cost c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises the acquisition pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and other e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses directly attributa<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>materials, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omponents, subcontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actors, wages and salaries. Costs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or The carrying amount of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eplaced parts is disposed fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the balance ble to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparing the asset f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or its int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ended use. The pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>stima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ted self-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstructed assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment in sheet and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.expenses f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or dismantling and disposing of the asset as w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess on an ongoing basis until the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ady for use.expenses ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e added to the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost if such expenses ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>n. Material bor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rowing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>costs dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly attributable to the construc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tion of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> indi<span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0">-</span>vidual asset ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also added to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Accounting policiesContract assets and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>crued costs of services include accrued r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue and accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om freight f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed services in progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022. Contract assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when a sales tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction fulfils the criteria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, but the final invoice has ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t to be issued t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the customer f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">note 4.4</span> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of credit risk as tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables carry substantially the same char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acteristics as contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets.Accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of services are estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when supplier in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>voices r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting period have yet to be rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived.Accounting policiesInventories ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the low<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of cost and net r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealisable value. The cost of invent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ories comprises all c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chase, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocessing and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther costs incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in bringing the invent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ories to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>heir pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ndition. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Wr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ite-downs of inventories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>to net r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealisable value ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> as dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t costs in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement.Accounting policiesWhether a contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act contains a lease is assessed at c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act inception. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> identified leases, a right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t (ROU) and cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>responding lease <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>liability are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised on the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommencement dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. Upon initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, the right-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-use asset is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sponding to the lease liability r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised, adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any lease pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epayments or directly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, including dismantling and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts. The lease liability is measured at the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of lease payments of the leasing period discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed using the inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate implicit in the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract. In cas<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>es where the implicit int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate canno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t be determined, an appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>crement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al DSV borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate is used. In det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermining the lease period ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sion, options are only included if it is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonably c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain they will be utilised.At subsequent measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement, the right-of-use asset is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed less ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cu<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mulated depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation and impairment losses and adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any reme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>urements of the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase liability. Depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation is carried out f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the straight-line me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>thod over the lease term or the useful lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of the right-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-use asset, whichever is shor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The lease liability is measured at amortised cost using the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ective inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est method and adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements or modifications made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and lease liabilities ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or low value lease assets or leases with a lease t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of 12 months or less. These ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an expense on a s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>traight-line basis over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of the lease. Any ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e elements separable fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted for f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the same principle. Extension options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e only included in the lease term if e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xtension of the lease is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asonably certain. The majority of extension and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermination options held are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cisable only by the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and not by the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>espective lessor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Accounting policiesPension obligations r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined contribution plans, under which the Group pays r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egular pension c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontributions to independent pension funds, are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the period in which they ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e earned. Contributions payable ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet under other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities.In regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined benefit plans, an actuarial valuation of the present valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>f future benefits pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able under the plan is made once a year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>esen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue is calculated based on various as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sumptions, including the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ure deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>lopm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> in wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary levels, inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, inflation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is only calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or benefits t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>mpl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>oye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ecom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>d during their employment with the Group. The actuarial calculation of the prese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nt v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>alue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>s th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>r value of assets under the plan is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pensions and other post-employment benefit plans. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the year ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement based on actuarial estimates and the financial outlook at the beginning of the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es between the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculated development in pension plan assets and liabilities and the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income as actuarial gains or losses.Changes in benefits payable f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or employees’ past ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the company result in an adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tment of the actuarial calculation of the present value, which is classified as past service costs. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ast service costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement immediat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely if the employees have alr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eady earned the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits. Otherwise, they will be recognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement over the period in which the employees earn the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits.Accounting policiesPr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when, due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o an event occurring on or bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the reporting dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, the Group has a legal or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstructive obligation and it is probable that the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup will have t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o give up futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e economic benefits to meet the obligation.Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the basis of Management’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s best estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of the anticipated e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenditure f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or settle <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"/>ment of the relevant obligation and are disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted if deemed mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial.Accounting policiesShares c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsist of only one shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e class and include no special rights, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-Shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capitalerenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estrictions. All shares ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e fully paid up.At year end, the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al of DSV A/S amounted to 219 million shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es with a nominal value of DKK 1 each. Accounting policiesThe financial liabilities of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup are divided int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>our financing cate-gories: overdraft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities, issued bonds, lease liabilities and other financial liabilities.Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tained thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the issuance of bonds ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e initially rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value net of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction expenses. Subsequently, the financial liability is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost, correspond<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ing to the capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised value using the effective inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>thod, s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e between the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eeds and the nominal value is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of the loan. Lease liabilities ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e described in further detail in <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.6<span class="fc1">.</span></span>Other liabilities are me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asured at amortised c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, which, in all essentials, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the net r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealisable value.Accounting policiesDerivative financial instruments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised on the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade date and ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ositive and negative f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e included in oth<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>er curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ceivables or other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent payables in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet. Posi<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tive and negative fair v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alues are only offse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t if the Group has a right and an intention t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o settle sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al financial instruments net (by means of settle<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ment of differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es). Fair value is det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermined based on generally ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cept<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed valuation methods using available observable market data.When entering int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts for financial instruments, an assessment is made of whether the instrument qualifies f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or hedge acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting, including whether the instrument hedges r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and liabilities or net in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>vestments in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign entities. The effectiveness of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised financial in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>struments is assessed on a monthly basis, and any in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>effectiveness is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>nised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement.Fair value changes which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e classified as and fulfil the crit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogni<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion as a fair value hedge ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogether with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition as a futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cash flow hedge and which eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectively<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> hedges against changes in the value of the hedged item ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome as a separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate hedging r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eserve.When the underlying hedged item is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised, any gain or loss on the hedg<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ing transaction is transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om equity and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised toge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther with the hedged item. Fair value changes that do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t meet the criteria f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eatment as hedging instruments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised on an ongoing basis in the income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement under financial items.Accounting policiesCurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent tax payables and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the balance shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t as tax calculat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the taxable inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or tax on taxable inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or previous ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars and for pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epaid t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax for the year comprises cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent and def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or loss f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t expenses r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o pending tax disput<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and adjust-ments to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious years, including adjustments due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o tax rulings. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax for the year is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, unless the tax e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly to items included in o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome or equity.Accounting policiesDefer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised based on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emporary diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>een the carrying amount and the tax value of assets and liabilities. No r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition is made of defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax on tempor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ary differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o amortisation or depreciation of goodwill, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operties and other it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems if disallowed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax purposes, exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ept at the acquisition of ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erprises, if such tempor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ary differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ences ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ose on the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition without aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecting the results or the taxable inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome. In cases wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e it is possible to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculate the tax v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue ac<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding to diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation rules, defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>is o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the planned use of the asset or the settlement of the liability.Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets, including the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax base of tax loss carryforwards, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as other non-cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets at the expected value of their utili<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sation, either by elimination in tax on futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e earnings or by offsetting de<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax liabilities within the same legal tax entity and jurisdiction. Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax liabilities are offse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t if the enterprise has a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>leg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ally enfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eable right to se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t off current t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax liabilities and tax assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>r i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> either to settle cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax liabilities and tax assets on a ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t basis or to re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alise the assets and liabilities simultaneously<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for elimination of unr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised intr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a-gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup gains and losses. Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on the basis of the tax rules and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es of the relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant countries that will be eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ective under current legislation at the reporting dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on which the defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is expected t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o materialise as curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent tax. Accounting policiesWhen acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting for busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations, the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition method is applied in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with IFRS 3.Acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition. The date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition is the date on which DSV obtains c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Entities disposed of ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements until the date of disposal. The dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of disposal is the date on which DSV surr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enders c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.The consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed as payment f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee consists of the fair value of asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, liabilities incur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormer owners of the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee and equity instruments issued. Contingent consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations de-pendent on future ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ents or the performance of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual obligations are also r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm part of the total c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value changes in contingent c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsiderations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og-nised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement until final settlement.Identifiable assets, liabilities and contingent liabilities of the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition by applying r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant val-uation methods. Identifiable intangible asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised if they are separable or arise fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontractual right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised for identifiable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax benefits existing at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition and fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the perspective of the new combined Group in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with loc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al tax legislation.The exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess of the to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, value of non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrolling inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests and the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of any equity investments pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously held in the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal identifiable ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t assets measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as goodwill.If measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of the identifiable net assets is unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain at the date of acquisition, initial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition is done based on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisional amounts. Measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments to the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisional amounts may be done for up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 12 months f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition. The effects of cros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s-period measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og-nised in equity at the beginning of the financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omparative figures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated.After the end of the measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period, goodwill is no longer adjusted. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransaction cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts inherent fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the in-come st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.Goodwill and fair value adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments arising from the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition of an ac-quiree whose functional curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency differs fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentation curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency of the Group ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the functional currency of the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign entity using the exchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate ruling at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition.Other than cros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s-period measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments, compar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative figures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t adjusted when ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quiring or disposing of entities.Accounting policiesDSV's share option schemes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e equity-settled, measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant date and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement as s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>taff costs over the v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting period. The offsetting item is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.The value of employee services rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived during the vesting period in ex<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>change for shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the fair value of the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options at the date of gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anting. The fair value of the options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is determined based on the Black &amp; Scholes valuation model. The assumptions used in the valuation tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es into acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount the terms and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions applicable to the options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted and Management’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s expectations of the various par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>amet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers on which the valua<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion model is based.Upon initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, an estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is made of the number of share options that the employees are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected to earn. The es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timated number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options is adjusted subsequently t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflect the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tual number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tions earned. The estimated volatility is based on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orical data over the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> three years adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any unusual cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cumst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ances during the period. The valu-ation of the share options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in 2022 and 2021 is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> based <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol-lowing assumptions:Assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Share pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span>1,485.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>1,325.0V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olatility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span>18.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>18.0%Risk-free int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>1.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(0.1%)Expected dividends<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>0.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.8%Expected remaining lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span>3.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>3.5Accounting policiesContingent liabilities comprise possible obligations which hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not yet been confirmed, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e uncertain or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>annot be measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eliably, b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ut <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>whic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h, if re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised, may result in a dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ain on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s resour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ces. Oblig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> are rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements only t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the extent that the crit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognising a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e met<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.Key figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atios ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e disclosed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with ‘Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommendations Definition of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>&amp; Ratios’ published by the Danish Finance Society, exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ept f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or financial ratios mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed with (*), as these ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e either derived or not included in the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ey figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommendations. Earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and diluted earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e disclosed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with IAS 33. Envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onmental, social and govern-and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>atiosmental key figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atios ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e defined in the <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">DSV Sustainability Report </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> to which r<span class="_ _0"/>ef<span class="_ _0"/>er<span class="_ _0"/>ence is made.</span>K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>esFinancial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>atios<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20a"> </span>Share r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>atiosGros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s profit * 100Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit attributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shareholders of DSV A/SNet inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est- <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>= Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing debt less int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing assets and Gros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s margin <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span>=Earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span>=RevenueA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of sharesbearing debt cash and cash equivalentsOperating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit (EBIT) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special items * 100Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit attributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shareholders of DSV A/SNet working <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>= Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables and other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating assets less Operating mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gin <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>=Diluted earnings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f4"> </span>= RevenueA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shares dilut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edcapital trade payables and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther payables and other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent per shareoperating liabilitiesOperating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit (EBIT) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special items * 100Adjusted earningsConversion r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atio <span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>=Diluted adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>= Gros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s profitA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shares dilut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edInvested c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>apital <span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>NWC + property, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, ROU assets, earnings per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e intangible assets including goodwill and cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ela-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year * 100tionships less long-term pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisionsEffective tax r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate* <span xmlns="http://www.w3.org/1999/xhtml" class="_"> </span>=Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axNumber of shares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22d"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es outstanding e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcluding Adjusted earnings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22d"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>The DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S shareholders’ shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of profit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury shares at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting dateOperating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit (EBIT) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special items * 100porting period adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or amortisation and impairment Return on inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"> </span>=A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age invested c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>apital of goodwill and customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to capital bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taxA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16b"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es outstanding during share-based payments and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>special items. The t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax effect of shares the reporting period Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit attributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shareholders of the adjustments has been tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en into ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>countof DSV A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S * 100Return on equity <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e8"> </span>=A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number <span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es outstanding during A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age equity excluding non-contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olling int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests Net financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>=Financial income less financial e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpensesof shares dilut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edthe reporting period including shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options, expenses but excluding out-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-the-money options Equity excluding non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrolling int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests * 100Solvency ratio <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>= <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>measured r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elative to the aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e price T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al assetsSpecial items <span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>=Exceptional it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems of income or e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense which by nature for the periodare no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Group's or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary operation or Net inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est-bearing deb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tinvestments in futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e activities. See <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">note 2.7</span> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or addi-Gearing ratio* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>=Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortisation, tional details on it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems includeddepreciation (EBITD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>A) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emsAdjusted fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _41"> </span>= Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash flow adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or net acquisition of subsidiar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-cash flowies and activities, lease liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epayments, special items and normalisation of working capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al in subsidiar-ies and activities acquired PresentationCash flow statementThe cash flow statement is prepared using the indirect method based on operating profit before amortisation, depreciation and special items. The cash flow statement cannot be derived directly from the balance sheet and income statement. Accounting policiesOperating segments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e defined by the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational and management structure of DSV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, which is derived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the types of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es we deliver and our geographical pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on the world mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. As such, our operat-ing segments reflect our divisional and Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting used for manage-ment decision-making.Accounting policiesRevenue c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logistics and other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the finan <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>cial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the over-time r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principle f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the satisfaction of various mile-stones as the perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligation is fulfilled t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Our main ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, sea, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad and solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es as de-scribed in the following.Air services Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilitating tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within the Air &amp; Sea re<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Air services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by short delivery times,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>as most air transports ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Sea servicesSea services comprise sea fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Sea services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Air &amp; Sea r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Sea services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods by road ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tworks mainly in Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East, the US and South<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Africa. Road services ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Road r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting segment. Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e characterised by short delivery times, as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>most road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>rts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omplet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Solutions servicesSolutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract logistics, incl. war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing and in-ventory management, across the globe. Solutions services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Solutions re <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"/>por<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ting segment. Solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acter-ised by very short deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y times, happening almost inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anta <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>neously as agreed actions under the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act are carried out.General r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principlesRevenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised based on the price speci<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>fied in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act with the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed excluding V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T and other tax c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollected on behalf of thir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d parties, and any discounts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e offset against the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue. Incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emental c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of obtaining a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with a customer ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an asset but as an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed due to the short delivery times. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services delivered ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e invoic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer and are no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for any financing c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omponents, as cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit terms ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e short – typically between 14 and 60 days – and the financing component theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e insignificant. Where services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed have yet t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be invoiced and invoices on services r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om hauliers have still t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets and accrued cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-porting date. Revenue allocat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emaining perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not disclosed following the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actical expedient of IFRS 15. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue also comprises income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om sale of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects in the form of sale of land and buildings acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructed and held for sale in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary course of business. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at a point in time in the reporting segment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which it relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es when contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of and legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the property have been transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. Revenue is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ised based on the price specified in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation is due upon transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of the legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle. De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>livery tim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>erty projects are typically 8-18 months.If the property is leased back after comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion, the right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t arising from the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseback is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oportion of the previous carrying amount of the asset that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the right of use r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>etained by DSV. As such, any gain or loss r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised only c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds to rights transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the buyer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and geographic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al segmentation specify as follows: 2.1 Segment inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ormationOper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating segmentsOur business operations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ried out by thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee divisions, forming the basis of our segment reporting.Air &amp; Sea The Air &amp; Sea division pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovides air and sea fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. This includes a projects department<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, handling out of gauge car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>go and special transportation pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects. Road The Road division pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovides r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight services across Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East, Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>th America and South Afric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a.Solutions The Solutions division offers c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract logistics ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, incl. war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing and inventory management, across the globe.Measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of earnings by segmentOur business segments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed down to oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems. Segment r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults are ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or in the same way as in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements. Segment income/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>expenses and as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>liabilities c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprise the items directly attributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the individual segment as well as the it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems that may be allocated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the individual segment on a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eliable basis.Income and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup functions, investing activities, etc., are managed at Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup level. These it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not included in the stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of segment information, but ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed under ‘non- allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems and eliminations’.Financial position of business segmentsAssets and liabilities are included in the segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al reporting t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the extent they are used f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Assets and liabilities that cannot be attributed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o any of the thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee seg-ments on a reliable basis ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed under ‘non-allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems and eliminations’.Geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation DSV operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in most parts of the world and has activities in more than 80 countries, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e divided into the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egions:• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>EMEA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>: Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East and Africa• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>Americas: Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>th and South America• <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span>AP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>AC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>: Asia, Australia and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acificRevenue and non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts are alloc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the geographic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ording t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the country in which the individual c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated entity is based. Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">no<span class="_ _0"/>te 2.2<span class="fc1"> f<span class="_ _0"/>or r<span class="_ _0"/>egional segmentation of r<span class="_ _0"/>evenue. The c<span class="_ _0"/>or<span class="_ _0"/>-</span></span>porat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e headquarter of DSV is locat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in Denmark, which is included in the EMEA segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Our business is based on transactions in our global net-work rather than in individual c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountries or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egions. Intersegment tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactions are made on an arm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s length basis.Major customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sDSV is not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eliant on any major cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omers. No single customer e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xceeds 5% of combined Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue.Accounting policiesOperating segments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e defined by the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational and management structure of DSV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, which is derived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the types of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es we deliver and our geographical pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on the world mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. As such, our operat-ing segments reflect our divisional and Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting used for manage-ment decision-making.2.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Segment inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ormation – continuedNon-allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems Air &amp; Sea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16e"> </span>Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16e"> </span>Solutionsand eliminations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"> </span>a<span class="_ _2"> </span>l</span>Segment inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation – divisions <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _25"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _70"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _25"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _70"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Condensed income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ementRevenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16f"> </span>172,868<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>130,899<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bb"> </span>38,746<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>33,077<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>23,826<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>17,989<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>225<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>341<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>235,665<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>182,306Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>company r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b2"> </span>1,563<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>1,002<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>2,761<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>2,339<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>583<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>(4,907)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>(4,086)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15c"> </span>-Divisional rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">174,431<span class="_ _b"> </span>131,901<span class="_ _2d"> </span>41,507<span class="_ _93"> </span>35,416<span class="_ _2d"> </span>24,409<span class="_ _93"> </span>18,734<span class="_ _10"> </span>(4,682)<span class="_ _79"> </span>(3,745)<span class="_ _134"> </span>235,665<span class="_ _b"> </span>182,306</span>Direct cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ac"> </span>139,807<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>108,132<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>33,596<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>28,321<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>15,091<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>12,081<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>(4,978)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"> </span>(3,843)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>183,516<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>144,691Gross pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _173"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">34,624<span class="_ _93"> </span>23,769<span class="_ _a6"> </span>7,911<span class="_ _2d"> </span>7,095<span class="_ _a6"> </span>9,318<span class="_ _57"> </span>6,653<span class="_ _e2"> </span>296<span class="_ _166"> </span>98<span class="_ _2d"> </span>52,149<span class="_ _45"> </span>37,615</span>Other external e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span>4,244<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>3,366<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>1,425<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,122<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>1,759<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,338<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>(1,869)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>(1,653)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>5,559<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>4,173Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _175"> </span>8,471<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>6,598<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>3,543<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>3,149<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>2,254<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,664<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>2,047<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,614<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>16,315<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>13,025Oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amortisation, depreciation and special items<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">21,909<span class="_ _93"> </span>13,805<span class="_ _a6"> </span>2,943<span class="_ _57"> </span>2,824<span class="_ _7e"> </span>5,305<span class="_ _57"> </span>3,651<span class="_ _e2"> </span>118<span class="_ _86"> </span>137<span class="_ _2d"> </span>30,275<span class="_ _93"> </span>20,417</span>Amortisation and depreciation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _176"> </span>1,251<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,037<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>903<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>967<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>2,604<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,876<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>313<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>314<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>5,071<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>4,194Oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit (EBIT) before special it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">20,658<span class="_ _93"> </span>12,768<span class="_ _a6"> </span>2,040<span class="_ _2d"> </span>1,857<span class="_ _a6"> </span>2,701<span class="_ _57"> </span>1,775<span class="_ _55"> </span>(195)<span class="_ _2d"> </span>(177)<span class="_ _36"> </span>25,204<span class="_ _45"> </span>16,223</span>Condensed balance shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss investments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11f"> </span>1,797<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>17,262<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>501<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>1,958<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>4,338<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>4,118<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>165<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>7,864<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>6,801<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>31,202T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _178"> </span>93,821<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>96,879<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>24,437<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>24,135<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>29,347<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>26,245<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>11,440<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>14,136<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>159,045<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>161,395T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _179"> </span>67,546<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>79,824<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>17,547<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>18,883<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>23,357<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>20,310<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>(21,146)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>(31,900)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span>87,304<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>87,117* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>Refer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence is made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>econciliation fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit (EBIT) befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e special items t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit for the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.Revenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span>Non-current assets**Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets**Geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation<span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>– major countries <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _25"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span> – regions <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>USA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b5"> </span>52,826<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>36,532<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>2,431<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,715EMEA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span>18,179<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>18,154Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>17,684<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>15,061<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>1,526<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1,523Americas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span>3,593<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>2,542Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>17,071<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>17,452<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>4,159<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>4,774A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>PA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0">2,455<span class="_ _37"> </span>2,422</span>United Kingdom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17a"> </span>9,761<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>7,807<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>813T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17f"> </span>24,227<span xmlns="http://www.w3.org/1999/xhtml" class="_ _93"> </span>23,118Sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _104"> </span>8,360<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>6,172<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>890<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>896** Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets less tax asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, customer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships and goodwill.Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11b"> </span>129,963<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>99,282<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>14,325<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>13,397T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>235,665<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"> </span>182,306<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span>24,227<span xmlns="http://www.w3.org/1999/xhtml" class="_ _93"> </span>23,1182.2 R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenueEMEA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span>Americas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>PA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"> </span>a<span class="_ _2"> </span>l</span>Ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices and geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>phical <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>segmentation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>30,258<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>24,867<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>28,083<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>19,624<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>32,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>26,355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>90,591<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>70,846Sea services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _29"> </span>41,386<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>32,053<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>28,494<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>18,317<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>13,960<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>10,685<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>83,840<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>61,055Road services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span>37,453<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>32,452<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>4,054<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>2,964<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>41,507<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>35,416Solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>16,537<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>12,914<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>4,382<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>3,639<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span>3,490<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,181<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>24,409<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>18,734T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11"> </span>125,634<span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>102,286<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>65,013<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>44,544<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>49,700<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>39,221<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span>240,347<span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>186,051Non-allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems and eliminations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _183"> </span>(4,682)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>(3,745)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _184"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">235,665<span class="_ _14a"> </span>182,306</span>2.2 R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenueRevenue is specified as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue<span xmlns="http://www.w3.org/1999/xhtml" class="fs5 ls3 ws0"> <span class="ff1 ls7 ws3">(DKKm)<span class="_ _27"> </span></span><span class="lse ws21">2022<span class="_ _57"> </span></span><span class="ff1">2021</span></span>Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>234,669<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>181,707Other operating inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span>996<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>599T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">235,665<span class="_ _14a"> </span>182,306</span>Management judgements and estimatesFor goodwill impairment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting, a number of estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e made on the development in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenues, gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss profits, oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gins, futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capita<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>l expenditur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and growth expectations in the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erminal peri<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>od. These are based on an as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sessment of curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent and fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s in the three c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash-generating units and on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>l data<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ssump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>of fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ture expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ted mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ket devel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>opments, including expected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>long-term average mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es.Material value drivers aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecting the future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flows of the thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash-generating units ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e:Air &amp; SeaThe Air &amp; Sea division operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es globally, so developments in the global economy and world tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material impact on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>divi-sion’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flow. Developments in gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit per shipmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t, cost management initiatives and development in int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y (number of shipments per employee) also affect the divisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.RoadThe Road division mainly oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates on the EMEA and US marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, which means that the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cash flow is affected by the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in these r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egions. Developments in gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit per shipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, including truck and terminal utilisation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost management initiatives and devel-opment in internal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivity (number of shipments per employee) also<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> affect the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash flow.SolutionsThe Solutions division operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es globally, so developments in the global economy and world tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material impact on the divi-sion’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flow. Developments in w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouse lease costs and costs of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, utilisation of war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouse f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities, cost manage-ment initiatives and development in internal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivity (number of order lines per employee) also aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash flows.The expected futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e net cash flow is based on budgets and busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s plans approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by Management f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year 2023 and projections f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or subsequent years up to and including 2026. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>6 on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> DSV expects the growth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emain in line with the expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>cted <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>long-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>term average gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the industry.3.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t assets and accrued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> cost of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span> 2.2 R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenueEMEA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span>Americas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>PA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"> </span>a<span class="_ _2"> </span>l</span>Ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices and geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>phical <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>segmentation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1">(DKKm)</span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _180"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _57"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>30,258<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>24,867<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>28,083<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>19,624<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>32,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>26,355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>90,591<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>70,846Sea services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _29"> </span>41,386<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>32,053<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>28,494<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>18,317<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>13,960<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>10,685<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>83,840<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>61,055Road services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span>37,453<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>32,452<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>4,054<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>2,964<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>41,507<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>35,416Solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>16,537<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>12,914<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>4,382<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>3,639<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span>3,490<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,181<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>24,409<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>18,734T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11"> </span>125,634<span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>102,286<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>65,013<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>44,544<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>49,700<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>39,221<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span>240,347<span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span>186,051Non-allocated it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems and eliminations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _183"> </span>(4,682)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>(3,745)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _184"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">235,665<span class="_ _14a"> </span>182,306</span>Accounting policiesRevenue c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logistics and other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the finan <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>cial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the over-time r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principle f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the satisfaction of various mile-stones as the perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligation is fulfilled t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Our main ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, sea, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad and solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es as de-scribed in the following.Air services Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilitating tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within the Air &amp; Sea re<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Air services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by short delivery times,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>as most air transports ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Sea servicesSea services comprise sea fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Sea services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Air &amp; Sea r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Sea services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods by road ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tworks mainly in Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East, the US and South<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Africa. Road services ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Road r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting segment. Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e characterised by short delivery times, as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>most road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>rts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omplet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Solutions servicesSolutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract logistics, incl. war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing and in-ventory management, across the globe. Solutions services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Solutions re <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"/>por<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ting segment. Solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acter-ised by very short deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y times, happening almost inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anta <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>neously as agreed actions under the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act are carried out.General r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principlesRevenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised based on the price speci<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>fied in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act with the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed excluding V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T and other tax c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollected on behalf of thir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d parties, and any discounts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e offset against the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue. Incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emental c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of obtaining a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with a customer ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an asset but as an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed due to the short delivery times. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services delivered ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e invoic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer and are no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for any financing c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omponents, as cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit terms ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e short – typically between 14 and 60 days – and the financing component theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e insignificant. Where services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed have yet t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be invoiced and invoices on services r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om hauliers have still t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets and accrued cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-porting date. Revenue allocat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emaining perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not disclosed following the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actical expedient of IFRS 15. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue also comprises income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om sale of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects in the form of sale of land and buildings acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructed and held for sale in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary course of business. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at a point in time in the reporting segment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which it relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es when contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of and legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the property have been transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. Revenue is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ised based on the price specified in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation is due upon transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of the legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle. De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>livery tim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>erty projects are typically 8-18 months.If the property is leased back after comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion, the right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t arising from the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseback is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oportion of the previous carrying amount of the asset that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the right of use r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>etained by DSV. As such, any gain or loss r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised only c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds to rights transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the buyer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and geographic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al segmentation specify as follows:2.2 R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenueRevenue is specified as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue<span xmlns="http://www.w3.org/1999/xhtml" class="fs5 ls3 ws0"> <span class="ff1 ls7 ws3">(DKKm)<span class="_ _27"> </span></span><span class="lse ws21">2022<span class="_ _57"> </span></span><span class="ff1">2021</span></span>Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>234,669<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>181,707Other operating inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span>996<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>599T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">235,665<span class="_ _14a"> </span>182,306</span>Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es includes r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om freight f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, con<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tract logistics, sale of property projects and other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed services. Sale of property pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects recognised at a point in time c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstitutes l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>% of to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue (2021: less than 2%). Other oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ncome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>clu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>des rent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erminal and building leases, gains fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om disposal of non- <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets and income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontracts.3.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t assets and accrued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> cost of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>Management judgements and estimatesIn the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements, significant estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied in assessing services in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess, including accrual of income and pertaining dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs. These estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e based on experi-ence and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinuous follow-up on services in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elative to sub-sequent invoicing. Accounting policiesRevenue c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprises fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logistics and other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the finan <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>cial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the over-time r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principle f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the satisfaction of various mile-stones as the perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligation is fulfilled t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Our main ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, sea, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad and solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es as de-scribed in the following.Air services Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise air fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilitating tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Air ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within the Air &amp; Sea re<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Air services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by short delivery times,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>as most air transports ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Sea servicesSea services comprise sea fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods acros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s the globe. Sea services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Air &amp; Sea r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>porting segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Sea services are char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acterised by longer delivery times, averaging one month depending on destination. Road servicesRoad services comprise r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oad fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight logistics facilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating transportation of goods by road ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tworks mainly in Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Middle East, the US and South<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Africa. Road services ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Road r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting segment. Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e characterised by short delivery times, as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>most road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>rts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omplet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed within a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ew days. Solutions servicesSolutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es comprise c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract logistics, incl. war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing and in-ventory management, across the globe. Solutions services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported within the Solutions re <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"/>por<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ting segment. Solutions ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acter-ised by very short deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y times, happening almost inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anta <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>neously as agreed actions under the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act are carried out.General r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition principlesRevenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised based on the price speci<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>fied in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act with the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed excluding V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T and other tax c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollected on behalf of thir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d parties, and any discounts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e offset against the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue. Incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emental c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of obtaining a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with a customer ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an asset but as an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpense when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed due to the short delivery times. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om services delivered ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e invoic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer and are no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for any financing c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omponents, as cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit terms ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e short – typically between 14 and 60 days – and the financing component theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e insignificant. Where services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed have yet t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be invoiced and invoices on services r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om hauliers have still t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets and accrued cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-porting date. Revenue allocat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emaining perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance obligations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not disclosed following the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actical expedient of IFRS 15. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue also comprises income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om sale of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects in the form of sale of land and buildings acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructed and held for sale in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary course of business. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty projects is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at a point in time in the reporting segment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which it relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es when contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of and legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the property have been transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. Revenue is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ised based on the price specified in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract with the cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation is due upon transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of the legal ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tle. De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>livery tim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>erty projects are typically 8-18 months.If the property is leased back after comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion, the right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t arising from the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseback is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oportion of the previous carrying amount of the asset that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the right of use r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>etained by DSV. As such, any gain or loss r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised only c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds to rights transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the buyer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Sale of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and geographic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al segmentation specify as follows:Accounting policiesContract assets and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>crued costs of services include accrued r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue and accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om freight f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding services, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed services in progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022. Contract assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when a sales tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction fulfils the criteria for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, but the final invoice has ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t to be issued t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the customer f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the services deliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">note 4.4</span> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of credit risk as tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables carry substantially the same char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acteristics as contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act assets.Accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts of services are estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when supplier in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>voices r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting period have yet to be rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived. 2.3 Direct costsAccounting policiesDirect costs comprise costs paid to generate the revenue for the year. Direct costs include settlement of accounts with haulage contractors, ship-ping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs of property projects.Direct costs (DKKm) 2022 2021Cost of carriers 169,068 133,631Staff costs, hourly workers 7,647 6,280Other costs of operation 6,801 4,780Direct costs 183,516 144,6912.4 Other external expensesAccounting policiesOther external expenses include expenses relating to marketing, IT, other rent, training and education, office premises, travelling, communications as well as other selling costs and administrative expenses, less costs transferred to direct costs.Other external expenses (DKKm) 2022 2021Other external expenses 12,360 8,953Transferred to direct costs (6,801) (4,780)Total other external expenses 5,559 4,1732.5 Staff costsAccounting policiesStaff costs include wages and salaries, pension costs, social security costs and other staff costs for salaried employees, but exclude staff costs for hourly workers, which are recognised as direct costs. Staff costs are recognised in the financial year in which the employee renders the related service. Costs related to long-term employee benefits, e.g. share-based payments, are recognised in the periods in which they are earned.Reference is made to note 3.7 for detailed information on pension plans, note 6.3 for information on remuneration of the Executive Board and the Board of Directors and note 6.2 for detailed information on the Group’s share option schemes.Staff costs (DKKm) 2022 2021Salaries and wages, etc. 20,111 16,250Defined contribution pension plans 745 567Defined benefit pension plans 84 74Other social security costs 2,820 2,254Share-based payments 202 160Total staff costs 23,962 19,305Recognised in the income statement items:Hourly workers – recognised as direct costs 7,647 6,280Salaried employees – recognised as staff costs 16,315 13,025Total 23,962 19,305Weighted average number of full-time employees 76,583 67,016Number of full-time employees at year-end 76,283 77,9582.6 Amortisation and depreciationAmortisation and depre ci ation (DKKm) 2022 2021Customer relationships 254 212Software 185 218Buildings 341 231Other plant and operating equipment 530 388ROU assets – Land and buildings 3,549 2,757ROU assets – Other plant and operating equipment212 388Total amortisation and depreciation 5,071 4,194Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6). 2.3 Direct costsDirect costs (DKKm) 2022 2021Cost of carriers 169,068 133,631Staff costs, hourly workers 7,647 6,280Other costs of operation 6,801 4,780Direct costs 183,516 144,691 2.3 Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ostsDirect costs <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _2f"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Cost of carriers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>169,068<span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span>133,631Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, hourly workers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span>7,647<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>6,280Other costs of oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>6,801<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>4,780Direct costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">183,516<span class="_ _14a"> </span>144,691</span>2.5 St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costsAccounting policiesStaff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts include wages and salaries, pension c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, social security co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sts and other st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or salaried employees, but ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>clude staff <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r hourly workers, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs. Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the financial year in which the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e renders the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed service. Costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o long-term employee benefits, e.g. share-based payments, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>perio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ds in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> they<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arned.Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence is made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.7<span class="fc1"> f<span class="_ _0"/>or detailed inf<span class="_ _0"/>ormation on pension plans, </span></span>not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e 6.3<span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> for inf<span class="_ _0"/>ormation on r<span class="_ _0"/>emuner<span class="_ _0"/>ation of the Executive Boar<span class="_ _0"/>d and the </span>Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors and <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">no<span class="_ _0"/>te 6.2<span class="fc1"> f<span class="_ _0"/>or det<span class="_ _0"/>ailed information on the Gr<span class="_ _0"/>oup<span class="_ _0"/>’<span class="_ _3"/>s </span></span>share option schemes.Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _34"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Salaries and wages, et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7d"> </span>20,111<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>16,250Defined contribution pension plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>567Defined benefit pension plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>84<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>74Other social security costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>2,820<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,254Share-based payments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18d"> </span>202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>160T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _92"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">23,962<span class="_ _7b"> </span>19,305</span>Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems:Hourly workers – r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as direct cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">7,647<span class="_ _3c"> </span>6,280</span>Salaried employees – rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aff costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>16,315<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>13,025T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _49"> </span>23,962<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>19,305W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age number of full-time employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"><span style="letter-spacing: 0px;">76,583</span><span class="_ _a"> </span><span style="letter-spacing: 0px;">67,016</span></span>Number of full-time employees at year-end<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>76,283<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>77,9583.7 P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ensions and other post-employment benefit plansDefined benefit pension obligationsDevelopment in the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of defined benefit pension obligations is specified as follows:Defined benefit pension <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1">(DKKm) </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Obligations at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>5,693<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>4,218Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent service cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>135<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>100Pas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cost fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om plan amendments, curtailments and gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses on settlements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(26)Calculated inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est on obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>56Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from changes in financial assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>(1,283)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(186)Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from changes in demographic assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span>(23)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>(63)Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xperience adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c9"> </span>39<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>(8)Payments fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span>(521)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>(1,211)Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,667Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>(12)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span>146Obligations at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">4,112<span class="_ _100"> </span>5,693</span>The expected aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age duration of the obligations is 14 years.Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed maturity of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>pension obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span>501<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2061-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span>933<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>747&gt; 5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span>2,678<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>4,740T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal obligations r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">4,112<span class="_ _6e"> </span>5,693</span>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligationsP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _18f"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs2e ls5d ws72">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of defined benefit plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span>4,112<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>5,693Fair value of pension plan assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>2,929<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>4,785P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligations, net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws72">1,183<span class="_ _28"> </span>908</span>Of these obligations, DKK 856 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o unfunded pension obliga-tions (2021: DKK 1,032 million) and DKK 327 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o partly funded obligations (2021: DKK 124 million). The latter is primarily due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Swiss plans being ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erfunded. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al pension cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the yearIn 2022, net costs of DKK 848 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s pension plans wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement (2021: DKK 658 million) and specif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Defined Defined contribution benefit P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension cost 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>plansplans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span>745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>84<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>829Financial expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>19T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">745<span class="_ _8a"> </span>103<span class="_ _28"> </span>848</span>Defined Defined contribution benefit P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension cost 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>plansplans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span>567<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>74<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>641Financial expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>17<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>17T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">567<span class="_ _55"> </span>91<span class="_ _28"> </span>658</span>Accounting policiesPension obligations r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined contribution plans, under which the Group pays r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egular pension c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontributions to independent pension funds, are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the period in which they ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e earned. Contributions payable ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet under other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities.In regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined benefit plans, an actuarial valuation of the present valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>f future benefits pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able under the plan is made once a year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>esen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue is calculated based on various as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sumptions, including the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ure deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>lopm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> in wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary levels, inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, inflation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is only calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or benefits t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>mpl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>oye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ecom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>d during their employment with the Group. The actuarial calculation of the prese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nt v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>alue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>s th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>r value of assets under the plan is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pensions and other post-employment benefit plans. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the year ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement based on actuarial estimates and the financial outlook at the beginning of the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es between the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculated development in pension plan assets and liabilities and the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income as actuarial gains or losses.Changes in benefits payable f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or employees’ past ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the company result in an adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tment of the actuarial calculation of the present value, which is classified as past service costs. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ast service costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement immediat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely if the employees have alr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eady earned the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits. Otherwise, they will be recognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement over the period in which the employees earn the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits.Management judgements and estimatesIn determining pension obligations, management mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es use of valuations fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d independent actuaries as basis for the es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timates ap-plied. The actuarial assumptions used in the valuations vary from country to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountry owing to national, economic and social c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions.3.7 P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ensions and other post-employment benefit plans — continuedP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assetsW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e continuously work t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o change our defined benefit plans in DSV into Development in the fair value of pension plan as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets is specified as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Sensitivity analysis <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _1d7"> </span><span class="fs5 ls3 ws0">2021<span class="_ _1c0"/><span class="ff2 lse ws21">2022</span></span></span>defined contribution plans f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the benefit of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and the employees. Defined benefit pension obligation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>4,112<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,693P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _1d2"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Applied key assumptions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the most significant pension plans ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atePension plan as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>4,785<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>2,999Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>3,888<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,293Calculated inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est on plan asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span>56<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>29Discount wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>4,346<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>6,126Return on plan asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts excluding K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey assumptions 2022rateincre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseof inflationcalculated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span>(1,288)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>298Future w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>3.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.1%Contributions to the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ec"> </span>163<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>121Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>4,148<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,744Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>4.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>3.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2.4%Payments fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span>(411)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>(1,168)Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>4,071<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,595Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>0.7-7.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>0-10.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>0-3.5%Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,312InflationW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>4.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>3.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.8%Asset ceiling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span>(374)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>-Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>4,223<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,900Mortality prognosis tableCurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d4"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>194Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>3,987<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,479P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assets at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">2,929<span class="_ _6e"> </span>4,785</span>Sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span>DUS21 (w-c)Lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e expectancyGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>RT Heubeck 2018 GActuarial loss included in statement of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e income amounts t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Life e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectancy increase of 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>4,218<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,810DKK 395 million. DSV expects to contribut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e DKK 61 million to defined Life e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectancy decrease of 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span>3,986<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,507Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e benefit plan assets in 2023 (2022: DKK 55 million). The pension plan Discount wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e composed as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey assumptions 2021rateincre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseof inflationSignificant pension plansSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>1.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.5%Composition of pension plan assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws73">(%)<span class="_ _18f"> </span><span class="fs5 ls3 ws0">2021<span class="_ _1c0"/><span class="ff2 lse ws21">2022</span></span></span>The most significant defined benefit plans of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>1.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1.5%with Germany, S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>weden and the UK being the lar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gest. No other countries Shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span>47%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>52%have individual defined benefit plans of significance. The plan in S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden is a Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>0.3-6.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>0-10.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>0-2.1%Bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d5"> </span>44%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>37%final pay scheme, which covers all salaried employees born in or bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>1.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.2%Insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>9% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span>11%1978 and is based on a collective labour agreement. Salaried employees born in or after 1979 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by a defined c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>tribution plan.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d6"> </span>100%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>100%Mortality prognosis tableSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span>DUS14 (w-c)The plan in Germany covers bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>th salaried and hourly workers. Under this Sensitivity analysisplan, employees earn a fixed amount f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or each year in service. The plan has Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>RT Heubeck 2018 GThe following t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able illustr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates the change in the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss obligation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to been closed for new employees sinc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e 1994. defined benefit plans from a change in the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey actuarial assumptions. The analysis is based on reasonably pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable changes, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided that the other paramet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emain unchanged. Sale of services includes revenue from freight forwarding services, con-tract logistics, sale of property projects and other related services. Sale of property projects recognised at a point in time constitutes less than 1% of total revenue (2021: less than 2%). Other operating income includes rental income from terminal and building leases, gains from disposal of non- current assets and income from insurance contracts. Accounting policiesDirect costs comprise costs paid to generate the revenue for the year. Direct costs include settlement of accounts with haulage contractors, ship-ping companies, airlines, etc. Direct costs also include staff costs relating to hourly workers used for fulfilling orders and other direct costs of operation, such as rental of logistics facilities and costs of property projects.Accounting policiesOther external expenses include expenses relating to marketing, IT, other rent, training and education, office premises, travelling, communications as well as other selling costs and administrative expenses, less costs transferred to direct costs.Accounting policiesStaff costs include wages and salaries, pension costs, social security costs and other staff costs for salaried employees, but exclude staff costs for hourly workers, which are recognised as direct costs. Staff costs are recognised in the financial year in which the employee renders the related service. Costs related to long-term employee benefits, e.g. share-based payments, are recognised in the periods in which they are earned.Reference is made to note 3.7 for detailed information on pension plans, note 6.3 for information on remuneration of the Executive Board and the Board of Directors and note 6.2 for detailed information on the Group’s share option schemes. 2.6 Amortisation and depreciationAmortisation and depre ci ation (DKKm) 2022 2021Customer relationships 254 212Software 185 218Buildings 341 231Other plant and operating equipment 530 388ROU assets – Land and buildings 3,549 2,757ROU assets – Other plant and operating equipment212 388Total amortisation and depreciation 5,071 4,194Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6). 2.6 Amortisation and depreciationAmortisation and depre ci ation (DKKm) 2022 2021Customer relationships 254 212Software 185 218Buildings 341 231Other plant and operating equipment 530 388ROU assets – Land and buildings 3,549 2,757ROU assets – Other plant and operating equipment212 388Total amortisation and depreciation 5,071 4,194Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6). Accounting policiesAmortisation and depreciation for the year are recognised based on the amor tisation and depreciation profiles of the underlying assets (refer to notes 3.2, 3.3 and 3.6). Accounting policiesSpecial items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which by their nature are not related to the Group’s ordinary opera-tions or investment in future activities.Special items comprise: • Restructuring costs, impairment costs, etc., relating to fundamental structural, procedural and managerial reorganisations as well as any related gains or losses on disposals; • Transaction and restructuring costs relating to the acqui sition and divestment of enterprises. Accounting policiesFinancial income and expenses include interest, share of associates’ profit/loss, foreign currency gains and losses, bank charges as well as amortisation of financial assets and liabilities, including finance lease obligations. Further-more, realised and unrealised gains and losses on derivative financial instru-ments that cannot be classified as hedging contracts are included. Financial income (DKKm) 2022 2021Interest income 323 202Share of associates’ profit, net of tax 7 4Currency translation recognised in the income statement 276 -Total financial income 606 206Interest income includes interest on financial assets of DKK 323 million (2021: DKK 202 million). Financial expenses (DKKm) 2022 2021Interest expenses on lease liabilities 727 495Interest expenses on borrowings 236 159Interest expenses, bank 397 249Financial expenses on pension obligations, refer to note 3.7 19 17Currency translation recognised in the income statement - 53Other financial expenses 93 74Total financial expenses 1,472 1,047Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,453 million (2021: DKK 977 million).2.8 Financial income and expensesAccounting policiesFinancial income and expenses include interest, share of associates’ profit/loss, foreign currency gains and losses, bank charges as well as amortisation of financial assets and liabilities, including finance lease obligations. Further-more, realised and unrealised gains and losses on derivative financial instru-ments that cannot be classified as hedging contracts are included.Financial income (DKKm) 2022 2021Interest income 323 202Share of associates’ profit, net of tax 7 4Currency translation recognised in the income statement 276 -Total financial income 606 206Interest income includes interest on financial assets of DKK 323 million (2021: DKK 202 million). Financial expenses (DKKm) 2022 2021Interest expenses on lease liabilities 727 495Interest expenses on borrowings 236 159Interest expenses, bank 397 249Financial expenses on pension obligations, refer to note 3.7 19 17Currency translation recognised in the income statement - 53Other financial expenses 93 74Total financial expenses 1,472 1,047Interest expenses include interest on financial liabilities measured at amortised cost of DKK 1,453 million (2021: DKK 977 million). 2.7 Special itemsSpecial items reconcile to the income statement items as specified in the table below:2022 2021Reported Adjusted Reported Adjusted income Special income income Specialincome Special items Bridge (DKKm) statementitemsstatementstatementitemsstatementRevenue 235,665 - 235,665 182,306 23 182,329Direct costs 183,516 19 183,535 144,691 12 144,703Gross profit 52,149 (19) 52,130 37,615 11 37,626Other external expenses 5,559 237 5,796 4,173 184 4,357Staff costs 16,315 653 16,968 13,025 277 13,302Operating profit before amortisation and depreciation 30,275 (909) 29,366 20,417 (450) 19,967Amortisation and depreciation 5,071 213 5,284 4,194 29 4,223Operating profit 25,204 (1,122) 24,082 16,223 (479) 15,744Special items, costs 1,117 (1,117) - 478 (478) -Financial income 606 - 606 206 - 206Financial expenses 1,472 (5) 1,467 1,047 (1) 1,046Profit before tax 23,221 - 23,221 14,904 - 14,904Accounting policiesSpecial items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which by their nature are not related to the Group’s ordinary opera-tions or investment in future activities.Special items comprise: • Restructuring costs, impairment costs, etc., relating to fundamental structural, procedural and managerial reorganisations as well as any related gains or losses on disposals; • Transaction and restructuring costs relating to the acqui sition and divestment of enterprises. Management judgements and estimatesIn the classification of special items, judgement is applied in ensuring that only exceptional items not associated with the ordinary operations of the Group are included.Special items (DKKm)2022 2021Restructuring and integration costs 1,117 392Transaction costs relating to acquisitions - 86Special items, costs 1,117 478 Accounting policiesGoodwillThe carrying amount of goodwill is test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impairment at least annually together with o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup.Impairment testing is perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the lowest cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating unit t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed goodwill is allocated, as defined by our divisional management and operational structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating units there-by follow our divisional s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.Goodwill is written down t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o its rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the income stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement if lower than the car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.The rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount is determined as the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of the disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted future ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cash flow fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating unit to which the goodwill relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es. In calculating the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value, disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflecting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> the risk-free int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate with the addition of risks r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to the individual cash-generating units, such as geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical and financial e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. 3.1 Impairment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estingAccounting policiesGoodwillThe carrying amount of goodwill is test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impairment at least annually together with o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup.Impairment testing is perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the lowest cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating unit t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed goodwill is allocated, as defined by our divisional management and operational structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating units there-by follow our divisional s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tructure: Air &amp; Sea, Road and Solutions.Goodwill is written down t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o its rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the income stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement if lower than the car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.The rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount is determined as the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of the disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted future ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cash flow fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating unit to which the goodwill relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es. In calculating the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value, disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflecting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> the risk-free int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate with the addition of risks r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to the individual cash-generating units, such as geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical and financial e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.Other non-current int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>angible assets, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>plant and equipmentThe carrying amount of other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts is test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t at least once a year in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onnection with the impairment test <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>of good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>will. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>If the tests show evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of impairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, the asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t is written down t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement. The recover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able amount is the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>higher of the fair valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s to sell and its value in use.The value in use is calculated as the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cash flows from the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>set or the division of which the asset f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orms part<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.Management judgements and estimatesFor goodwill impairment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting, a number of estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e made on the development in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenues, gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss profits, oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gins, futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capita<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>l expenditur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and growth expectations in the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erminal peri<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>od. These are based on an as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sessment of curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent and fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s in the three c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash-generating units and on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>l data<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ssump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>of fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ture expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ted mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ket devel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>opments, including expected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>long-term average mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es.Material value drivers aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecting the future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flows of the thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash-generating units ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e:Air &amp; SeaThe Air &amp; Sea division operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es globally, so developments in the global economy and world tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material impact on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>divi-sion’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flow. Developments in gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit per shipmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t, cost management initiatives and development in int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y (number of shipments per employee) also affect the divisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.RoadThe Road division mainly oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates on the EMEA and US marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, which means that the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cash flow is affected by the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in these r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egions. Developments in gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit per shipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, including truck and terminal utilisation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost management initiatives and devel-opment in internal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivity (number of shipments per employee) also<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> affect the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash flow.SolutionsThe Solutions division operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es globally, so developments in the global economy and world tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material impact on the divi-sion’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s future net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flow. Developments in w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouse lease costs and costs of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, utilisation of war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouse f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities, cost manage-ment initiatives and development in internal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oductivity (number of order lines per employee) also aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect the division’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash flows.The expected futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e net cash flow is based on budgets and busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s plans approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by Management f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year 2023 and projections f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or subsequent years up to and including 2026. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>6 on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> DSV expects the growth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emain in line with the expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>cted <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>long-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>term average gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the industry.Impairment test Sensitivity analysisGoodwill was t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ested f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impairment at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022. The tests did The sensitivity analysis shows the lowest possible growth r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate or highest not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult in any impairment of carrying amounts.possible discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate in per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage points by which the assumptions used can change bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e goodwill becomes impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.The assumptions used, including a sensitivity analysis, are stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the following par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aph. The pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-tax discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is calculated in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>danc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent intangible asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, plant and equipment with IAS 36.Other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent assets w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ere also t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed for impairment indic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations to<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>gether with goodwill at 31 December 2022. No indic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of impairment The sensitivity analysis assesses the impac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t of changes in cash flows and was identified in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onnection with these tests.discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates on the impairment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults. The an <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>alysis concluded that even negative changes, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e unlikely t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o occur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, will not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult in im-pairment of goodwill in any of the thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash-generating units.2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Goodwill impairment test at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>Air &amp; Sea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>Solutions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span>Air &amp; Sea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>SolutionsCarrying amount of goodwill<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span>58,877<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>7,964<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>9,452<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>57,893<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>7,901<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>9,269Budget periodAnnual rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue growth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a1"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>4.0%Operating mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a4"> </span>9.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>5.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>11.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>9.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>5.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>11.0%T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>erminal periodGrowth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a6"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>2.5%Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-tax disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span>11.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>9.7%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>11.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>7.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>6.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>7.3%Sensitivity analysisGrowth in budget period – allow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed decline (per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>centage points)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _de"> </span>23.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>28.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>9.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>28.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>40.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>18.4%Discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate – allow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ease (per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>centage points)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _130"> </span>9.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>11.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>8.7%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span>13.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.1% GoodwillOnly goodwill arising from business combinations is recognised in the finan-cial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling interests and any equity investments previously held in the acquiree, com-pared to the fair value of identifiable net assets on the date of acquisition. Goodwill is not amortised, but is tested for impairment at least annually. 3.2 Intangible assetsGoodwillOnly goodwill arising from business combinations is recognised in the finan-cial statements. Goodwill is measured as the difference between the total of the fair value of the consideration transferred, the value of non-controlling interests and any equity investments previously held in the acquiree, com-pared to the fair value of identifiable net assets on the date of acquisition. Goodwill is not amortised, but is tested for impairment at least annually. Customer relationshipsSoftware and software in progressOn initial recognition, customer relationships identified from business com-Software bought or developed for internal use is measured at the lower of binations are recognised in the balance sheet at fair value. Subsequently, cost less accumulated amortisation and impairment losses and the recover-customer relationships are measured at cost less accumulated amortisation able amount. Cost comprises payments for the software and other directly and impairment losses. attributable expenses of preparing the software for its intended use. Customer relationships are amortised over a period of eight years using the After commissioning, software is amortised on a straight-line basis over its diminishing balance method.expected useful life. The amortisation period is 1-8 years.2022 2021Customer Software in Customer Software in Intangible assets (DKKm) Goodwillrelationships Softwareprogress Tota l Goodwillrelationships Softwareprogress Tota lCost at 1 January 75,063 2,565 1,212 280 79,120 47,476 2,032 1,265 206 50,979Additions from business combinations/previous period adjustments 370 - - - 370 25,333 569 1 13 25,916Additions - - 42 238 280 - - 56 247 303Disposals - (27) (250) (2) (279) - (56) (246) (43) (345)Reclassifications - - 174 (174) - - - 143 (143) -Currency translation 860 36 2 - 898 2,254 20 (7) - 2,267Total cost at 31 December 76,293 2,574 1,180 342 80,389 75,063 2,565 1,212 280 79,120Total amortisation and impairment at 1 January - 1,719 740 - 2,459 - 1,551 763 - 2,314Amortisation and impairments for the year - 254 185 - 439 - 212 218 - 430Disposals - (27) (191) - (218) - (56) (241) - (297)Reclassification - - - - - - - 7 - 7Currency translation - 35 - - 35 - 12 (7) - 5Total amortisation and impairment at 31 December - 1,981 734 - 2,715 - 1,719 740 - 2,459Carrying amount at 31 December 76,293 593 446 342 77,674 75,063 846 472 280 76,661 3.2 Intangible assets2022 2021Customer Software in Customer Software in Intangible assets (DKKm) Goodwillrelationships Softwareprogress Tota l Goodwillrelationships Softwareprogress Tota lCost at 1 January 75,063 2,565 1,212 280 79,120 47,476 2,032 1,265 206 50,979Additions from business combinations/previous period adjustments 370 - - - 370 25,333 569 1 13 25,916Additions - - 42 238 280 - - 56 247 303Disposals - (27) (250) (2) (279) - (56) (246) (43) (345)Reclassifications - - 174 (174) - - - 143 (143) -Currency translation 860 36 2 - 898 2,254 20 (7) - 2,267Total cost at 31 December 76,293 2,574 1,180 342 80,389 75,063 2,565 1,212 280 79,120Total amortisation and impairment at 1 January - 1,719 740 - 2,459 - 1,551 763 - 2,314Amortisation and impairments for the year - 254 185 - 439 - 212 218 - 430Disposals - (27) (191) - (218) - (56) (241) - (297)Reclassification - - - - - - - 7 - 7Currency translation - 35 - - 35 - 12 (7) - 5Total amortisation and impairment at 31 December - 1,981 734 - 2,715 - 1,719 740 - 2,459Carrying amount at 31 December 76,293 593 446 342 77,674 75,063 846 472 280 76,661 3.2 Intangible assets2022 2021Customer Software in Customer Software in Intangible assets (DKKm) Goodwillrelationships Softwareprogress Tota l Goodwillrelationships Softwareprogress Tota lCost at 1 January 75,063 2,565 1,212 280 79,120 47,476 2,032 1,265 206 50,979Additions from business combinations/previous period adjustments 370 - - - 370 25,333 569 1 13 25,916Additions - - 42 238 280 - - 56 247 303Disposals - (27) (250) (2) (279) - (56) (246) (43) (345)Reclassifications - - 174 (174) - - - 143 (143) -Currency translation 860 36 2 - 898 2,254 20 (7) - 2,267Total cost at 31 December 76,293 2,574 1,180 342 80,389 75,063 2,565 1,212 280 79,120Total amortisation and impairment at 1 January - 1,719 740 - 2,459 - 1,551 763 - 2,314Amortisation and impairments for the year - 254 185 - 439 - 212 218 - 430Disposals - (27) (191) - (218) - (56) (241) - (297)Reclassification - - - - - - - 7 - 7Currency translation - 35 - - 35 - 12 (7) - 5Total amortisation and impairment at 31 December - 1,981 734 - 2,715 - 1,719 740 - 2,459Carrying amount at 31 December 76,293 593 446 342 77,674 75,063 846 472 280 76,661 Customer relationshipsSoftware and software in progressOn initial recognition, customer relationships identified from business com-Software bought or developed for internal use is measured at the lower of binations are recognised in the balance sheet at fair value. Subsequently, cost less accumulated amortisation and impairment losses and the recover-customer relationships are measured at cost less accumulated amortisation able amount. Cost comprises payments for the software and other directly and impairment losses. attributable expenses of preparing the software for its intended use. Customer relationships are amortised over a period of eight years using the After commissioning, software is amortised on a straight-line basis over its diminishing balance method.expected useful life. The amortisation period is 1-8 years. Accounting policiesIf the individual components of an asset have different useful lives, each Subsequent costs, such as partial replacement of property, plant and equip-Land and buildings and other plant and operating equipment are measured at component will be depreciated separately.ment, are included in the carrying amount of the asset in question when it is cost less accumulated depreciation and impairment losses.probable that such costs will result in future economic benefits. The cost of self-constructed assets comprises direct and indirect costs for The cost comprises the acquisition price and other expenses directly attributa-materials, components, subcontractors, wages and salaries. Costs for The carrying amount of the replaced parts is disposed from the balance ble to preparing the asset for its intended use. The present value of estimated self-constructed assets are recognised as property, plant and equipment in sheet and recognised in the income statement.expenses for dismantling and disposing of the asset as well as restoration progress on an ongoing basis until the assets are ready for use.expenses are added to the cost if such expenses are recognised as a provision. Material borrowing costs directly attributable to the construction of the indi-vidual asset are also added to cost. 3.3 Property, plant and equipment2022 2021Other plant Property, plant Other plant Property, plant Land and and operating and equipment Land and and operating and equipment Property, plant and equipment (DKKm)buildingsequipmentin progress Totalbuildingsequipmentin progress TotalCost at 1 January 4,907 3,838 282 9,027 2,355 2,649 473 5,477Additions from business combinations/previous period adjustments (408) - - (408) 2,229 295 30 2,554Additions 393 963 158 1,514 241 762 177 1,180Disposals (533) (402) - (935) (146) (348) (33) (527)Transferred to assets held for sale - - - - 2 - (2) -Reclassification 19 22 (26) 15 64 356 (375) 45Currency translation 83 4 - 87 162 124 12 298Total cost at 31 December 4,461 4,425 414 9,300 4,907 3,838 282 9,027Total depreciation and impairment at 1 January 1,111 1,654 - 2,765 967 1,496 - 2,463Depreciation for the year 341 530 - 871 231 388 - 619Disposals (226) (402) - (628) (87) (289) - (376)Reclassification (21) 21 - - 24 31 - 55Currency translation 7 1 - 8 (24) 28 - 4Total depreciation and impairment at 31 December 1,212 1,804 - 3,016 1,111 1,654 - 2,765Carrying amount at 31 December 3,249 2,621 414 6,284 3,796 2,184 282 6,262Accounting policiesIf the individual components of an asset have different useful lives, each Subsequent costs, such as partial replacement of property, plant and equip-Land and buildings and other plant and operating equipment are measured at component will be depreciated separately.ment, are included in the carrying amount of the asset in question when it is cost less accumulated depreciation and impairment losses.probable that such costs will result in future economic benefits. The cost of self-constructed assets comprises direct and indirect costs for The cost comprises the acquisition price and other expenses directly attributa-materials, components, subcontractors, wages and salaries. Costs for The carrying amount of the replaced parts is disposed from the balance ble to preparing the asset for its intended use. The present value of estimated self-constructed assets are recognised as property, plant and equipment in sheet and recognised in the income statement.expenses for dismantling and disposing of the asset as well as restoration progress on an ongoing basis until the assets are ready for use.expenses are added to the cost if such expenses are recognised as a provision. Material borrowing costs directly attributable to the construction of the indi-vidual asset are also added to cost. 3.3 Property, plant and equipment — continuedDepreciation is carried out on a straight-line basis over the expected useful lives of the assets. The expected useful lives of the overall asset categories are as follows: • Terminals and administration buildings: 50-60 years• Other buildings and building elements: 10-30 years• Technical plant and machinery: 6-10 years• Other plant and operating equipment: 3-8 years• Land is not depreciatedThe basis of depreciation takes into account the residual value of assets and is reduced by any impairment losses. The residual value is calculated on the date of acquisition and reassessed once a year. Depreciation will be halted if the residual value exceeds the carrying amount of the asset.Assets are transferred to assets held for sale if it is highly probable that their carrying amount will be recovered primarily through sale rather than through continuing use.Management judgements and estimatesJudgement is applied in determining the depreciation period and future residual value of the assets recognised and is generally based on historical experience. Reassessment is done annually to ascertain that the deprecia-tion basis applied is still representative and reflects the expected life and future residual value of the assets. Accounting policiesInventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs incurred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the income statement. Accounting policiesWhether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use asset (ROU) and corresponding lease liability are recognised on the lease commencement date. Upon initial recognition, the right-of-use asset is measured at cost corre-sponding to the lease liability recognised, adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs. The lease liability is measured at the present value of lease payments of the leasing period discounted using the interest rate implicit in the lease contract. In cas-es where the implicit interest rate cannot be determined, an appropriate in-cremental DSV borrowing rate is used. In determining the lease period exten-sion, options are only included if it is reasonably certain they will be utilised.At subsequent measurement, the right-of-use asset is measured less accu-mulated depreciation and impairment losses and adjusted for any remeas-urements of the lease liability. Depreciation is carried out following the straight-line method over the lease term or the useful life of the right-of-use asset, whichever is shortest. The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the contract. Right-of-use assets and lease liabilities are not recognised for low value lease assets or leases with a lease term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease. Any service elements separable from the lease contract are also accounted for following the same principle. Extension options are only included in the lease term if extension of the lease is reasonably certain. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. 3.4 Contract assets and accrued cost of services Accounting policiesContract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress at 31 December 2022. Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Refer to note 4.4 for disclosure of credit risk as trade receivables carry substantially the same characteristics as contract assets.Accrued costs of services are estimated and recognised when supplier in-voices relating to recognised revenue for the reporting period have yet to be received.Management judgements and estimatesIn the preparation of the consolidated financial statements, significant estimates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experi-ence and continuous follow-up on services in progress relative to sub-sequent invoicing. 3.4 Contract assets and accrued cost of services Accounting policiesContract assets and accrued costs of services include accrued revenue and accrued costs from freight forwarding services, contract logistics and other related services in progress at 31 December 2022. Contract assets are recognised when a sales transaction fulfils the criteria for revenue recognition, but the final invoice has yet to be issued to the customer for the services delivered. Refer to note 4.4 for disclosure of credit risk as trade receivables carry substantially the same characteristics as contract assets.Accrued costs of services are estimated and recognised when supplier in-voices relating to recognised revenue for the reporting period have yet to be received.Management judgements and estimatesIn the preparation of the consolidated financial statements, significant estimates are applied in assessing services in progress, including accrual of income and pertaining direct costs. These estimates are based on experi-ence and continuous follow-up on services in progress relative to sub-sequent invoicing. 3.5 InventoriesInventories (DKKm) 20212022Stocks 93 119Property projects under construction 1,796 165Total 1,889 284Inventories consists of land and buildings under construction held for the purpose of sale in the ordinary course of business (property projects) and stocks. In total, DKK 1,231 million relating to property projects was recog-nised as an expense in 2022 (2021: DKK 1,562 million).Accounting policiesInventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, processing and other costs incurred in bringing the inventories to their present condition. Write-downs of inventories to net realisable value are recognised as direct costs in the income statement. 3.6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d3"> </span> LeasesAccounting policiesWhether a contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act contains a lease is assessed at c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act inception. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> identified leases, a right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t (ROU) and cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>responding lease <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>liability are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised on the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommencement dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. Upon initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, the right-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-use asset is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sponding to the lease liability r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised, adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any lease pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epayments or directly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts, including dismantling and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts. The lease liability is measured at the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of lease payments of the leasing period discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed using the inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate implicit in the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract. In cas<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>es where the implicit int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate canno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t be determined, an appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>crement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al DSV borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate is used. In det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermining the lease period ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sion, options are only included if it is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonably c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain they will be utilised.At subsequent measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement, the right-of-use asset is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed less ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cu<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mulated depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation and impairment losses and adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any reme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>urements of the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase liability. Depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciation is carried out f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the straight-line me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>thod over the lease term or the useful lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of the right-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-use asset, whichever is shor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The lease liability is measured at amortised cost using the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ective inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est method and adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements or modifications made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and lease liabilities ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or low value lease assets or leases with a lease t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of 12 months or less. These ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an expense on a s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>traight-line basis over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of the lease. Any ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e elements separable fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the lease c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontract ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted for f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the same principle. Extension options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e only included in the lease term if e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xtension of the lease is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asonably certain. The majority of extension and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermination options held are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cisable only by the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and not by the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>espective lessor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Management judgements and estimatesIn acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting for le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, various judgements are applied in det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mining right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and lease liabilities. Judgements include assess<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ment of lease periods, utilisation of extension options and applic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able dis<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>count r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates. LeasesRight-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts classified as land and buildings mainly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o leases of war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehouses, terminals and offic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e buildings, where<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as assets r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as other plant and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating equipment mainly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o leases of trailers, trucks, company cars, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orklifts, IT hardw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and other office equipment. Land and building leases normally have a lease term of up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o ten years, where<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as leases of other plant and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating equipment normally have a lease term of up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o five years. Land and buildings may include extension options with the int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ention of se<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>curing flexibility in the lease – however<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, any leasing period beyond the nor<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>mal ten years e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected at the initiation of the lease will normally be reflect<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ed in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual lease term agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eed.Analysis of lease liabilities showing the remaining c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontractual maturities is provided in the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able:2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Other Other plant and plant and Land and operating Land and operating Right-of-use assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>buildingsequipment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"/>l</span>buildingsequipment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _7"/>l</span>Carrying amount at 1 Januar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c3"> </span>13,121<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>588<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>13,709<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>10,146<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>965<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>11,111Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c4"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>2,367<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _101"> </span>2,375Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _111"> </span>4,970<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _101"> </span>5,045<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>3,488<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>227<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>3,715Disposals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c5"> </span>(252)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(40)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(292)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>(336)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(224)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(560)Depreciation f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c6"> </span>(3,549)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(212)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>(3,761)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>(2,757)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(388)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span>(3,145)Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c7"> </span>(5)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>(7)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f5"> </span>213<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>213Carrying amount at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">14,285<span class="_ _12"> </span>409<span class="_ _a"> </span>14,694<span class="_ _3f"> </span>13,121<span class="_ _12"> </span>588<span class="_ _fa"> </span>13,709</span>Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual maturit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>of lease liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span>4,302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>3,6921-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>11,059<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>9,835&gt; 5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span>5,917<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>4,803T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal undisc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted lease <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>liabilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _87"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">21,278<span class="_ _81"> </span>18,330</span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent/non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent classific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation (discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed)Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _142"> </span>3,577<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>3,440Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>13,190<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span>11,848The profit or los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and cash flow impact of leases rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year are specified below:Lease eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ects rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in profit or loss and cash flow (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c8"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or lossInter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses on lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>727<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>495Expenses relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o short-term leases<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span>563<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>457Expenses relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o leases of low-value assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">635<span class="_ _64"> </span>308</span>Expenses relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o variable lease payments not included in the measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>97<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>103Gains from sale and le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseback transactions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">109<span class="_ _122"> </span>56</span>Income fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om subleasing of right-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-use assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">14<span class="_ _137"> </span>-</span>Cash flowT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash outflow for le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ases<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9d"> </span>4,461<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>3,655 Accounting policiesPension obligations r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined contribution plans, under which the Group pays r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egular pension c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontributions to independent pension funds, are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the period in which they ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e earned. Contributions payable ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet under other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities.In regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined benefit plans, an actuarial valuation of the present valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>f future benefits pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able under the plan is made once a year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>esen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue is calculated based on various as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sumptions, including the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ure deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>lopm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> in wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary levels, inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, inflation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is only calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or benefits t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>mpl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>oye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ecom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>d during their employment with the Group. The actuarial calculation of the prese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nt v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>alue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>s th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>r value of assets under the plan is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pensions and other post-employment benefit plans. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the year ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement based on actuarial estimates and the financial outlook at the beginning of the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es between the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculated development in pension plan assets and liabilities and the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income as actuarial gains or losses.Changes in benefits payable f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or employees’ past ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the company result in an adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tment of the actuarial calculation of the present value, which is classified as past service costs. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ast service costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement immediat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely if the employees have alr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eady earned the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits. Otherwise, they will be recognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement over the period in which the employees earn the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits.6.2 Shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e option schemesAccounting policiesDSV's share option schemes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e equity-settled, measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant date and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement as s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>taff costs over the v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting period. The offsetting item is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.The value of employee services rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived during the vesting period in ex<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>change for shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the fair value of the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options at the date of gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anting. The fair value of the options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is determined based on the Black &amp; Scholes valuation model. The assumptions used in the valuation tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es into acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount the terms and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions applicable to the options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted and Management’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s expectations of the various par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>amet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers on which the valua<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion model is based.Upon initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, an estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is made of the number of share options that the employees are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected to earn. The es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timated number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options is adjusted subsequently t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflect the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tual number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tions earned. The estimated volatility is based on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orical data over the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> three years adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any unusual cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cumst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ances during the period. The valu-ation of the share options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in 2022 and 2021 is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> based <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol-lowing assumptions:Assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Share pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span>1,485.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>1,325.0V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olatility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span>18.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>18.0%Risk-free int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>1.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(0.1%)Expected dividends<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>0.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.8%Expected remaining lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span>3.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>3.5Current shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e option schemesNumber of Market v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue at date Scheme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fc"> </span>Options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise period<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eemployeesof granting (DKKm)2018<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,733,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>28.03.2021 - 28.03.2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>477.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>1,600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>118.22019<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,735,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>29.03.2022 - 27.03.2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>545.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>1,624<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>141.72020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>3,080,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>31.03.2023 - 31.03.2025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>560.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>2,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>155.52021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,438,300<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>01.04.2024 - 31.03.2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>1,325.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>205.32022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,640,900<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>01.04.2025 - 31.03.2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>1,485.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,524<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>279.8Share option schemes at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0"> </span>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise Scheme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span>Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>demployees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"> </span>a<span class="_ _2"> </span>l</span>price per option2018*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ec"> </span>190,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>687,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>877,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>477.52019*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ec"> </span>190,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>1,836,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,026,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>545.02020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>202,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,708,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,910,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>560.02021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>168,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,193,800<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,362,550<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>1,325.02022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>198,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,387,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,585,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>1,485.0Outstanding at 31 December 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">949,000<span class="_ _93"> </span>9,812,800<span class="_ _b"> </span>10,761,800<span class="_ _84"> </span>940.6</span>Open for e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span>380,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>2,523,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,903,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _212"> </span>524.6Life (ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ef"> </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>2.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>2.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span>n.a.Market v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _138"> </span>350.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>3,134.4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>3,484.9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>n.a.* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span>Share options grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in 2018 and 2019 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ently exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cisable.Share option schemesDSV has launched incentive shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-based payment schemes with the purpose of motivating and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aining key employees acr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganisa-tion. Share options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e aw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ded at all levels in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganisation, e.g. from t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eam leads, specialists, br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anch managers, country managers, up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Executive Management.Ret<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ention is motivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equiring continued service f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or a period cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-ing the vesting period as a minimum. The schemes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also intended t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o align the inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests of employees and shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eholders. All active schemes entail a three-year v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting period and a two-year ex-ercise period. In c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of a change of contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol, all outst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anding share options will vest. E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e set based on the quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t prices lead-ing up to the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of granting. The shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options can be e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised by cash purchase of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es only<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The obligation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the schemes is partly cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es.Share options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted pursuant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es laid down in the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation Policy applicable in the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.A to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal of 2,988 employees held shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options at 31 December 2022 (2021: 2,625 employees). T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in 2022 f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or services rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived but not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an asset amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 202 million (2021: DKK 160 million). The average shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or options exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised in the financial year w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as DKK 1,093.4 per share at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise (2021: DKK 1,324.5 per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e).Outstanding shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options Boardemployees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>price per optionOutstanding at 1 January 2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>760,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>8,646,129<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>9,406,129<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>507.2Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12e"> </span>156,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2,281,550<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>2,438,300<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>1,325.0*T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red 36,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>(36,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>-Exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span>(190,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(1,953,556)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(2,143,556)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>427.9Options waived/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>expir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _226"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>(123,475)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>(123,475)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>684.7Outstanding at 31 December 2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">762,750<span class="_ _2d"> </span>8,814,648<span class="_ _2d"> </span>9,577,398<span class="_ _10a"> </span>730.9</span>Outstanding at 1 January 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>762,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>8,814,648<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>9,577,398<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>730.9Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12e"> </span>198,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2,442,650<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>2,640,900<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>1,485.0Exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _af"> </span>(12,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(1,279,573)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(1,291,573)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>479.1Options waived/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>expir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _226"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>(164,925)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>(164,925)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>1,091.6Outstanding at 31 December 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">949,000<span class="_ _2d"> </span>9,812,800<span class="_ _45"> </span>10,761,800<span class="_ _10a"> </span>940.6</span>* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span>A member of the Executive Board has pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options in the Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ector<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormer capacity as a key employee. 3.7 P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ensions and other post-employment benefit plansDefined benefit pension obligationsDevelopment in the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of defined benefit pension obligations is specified as follows:Defined benefit pension <span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1">(DKKm) </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Obligations at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>5,693<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>4,218Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent service cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>135<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>100Pas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cost fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om plan amendments, curtailments and gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses on settlements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span>9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(26)Calculated inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est on obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>56Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from changes in financial assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>(1,283)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(186)Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from changes in demographic assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span>(23)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>(63)Actuarial gains/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>losses arising from e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xperience adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c9"> </span>39<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>(8)Payments fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span>(521)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>(1,211)Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,667Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>(12)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span>146Obligations at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">4,112<span class="_ _100"> </span>5,693</span>The expected aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age duration of the obligations is 14 years.Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed maturity of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3"> </span>pension obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span>501<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2061-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span>933<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>747&gt; 5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span>2,678<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>4,740T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal obligations r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">4,112<span class="_ _6e"> </span>5,693</span>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligationsP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligations <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _18f"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs2e ls5d ws72">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of defined benefit plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span>4,112<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>5,693Fair value of pension plan assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>2,929<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>4,785P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension obligations, net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws72">1,183<span class="_ _28"> </span>908</span>Of these obligations, DKK 856 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o unfunded pension obliga-tions (2021: DKK 1,032 million) and DKK 327 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o partly funded obligations (2021: DKK 124 million). The latter is primarily due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Swiss plans being ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erfunded. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al pension cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the yearIn 2022, net costs of DKK 848 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s pension plans wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement (2021: DKK 658 million) and specif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Defined Defined contribution benefit P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension cost 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>plansplans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span>745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>84<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>829Financial expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>19T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">745<span class="_ _8a"> </span>103<span class="_ _28"> </span>848</span>Defined Defined contribution benefit P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension cost 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) </span>plansplans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>Staff c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span>567<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>74<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>641Financial expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>17<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>17T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osts rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">567<span class="_ _55"> </span>91<span class="_ _28"> </span>658</span>Accounting policiesPension obligations r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined contribution plans, under which the Group pays r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egular pension c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontributions to independent pension funds, are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the period in which they ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e earned. Contributions payable ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet under other curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities.In regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined benefit plans, an actuarial valuation of the present valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>f future benefits pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able under the plan is made once a year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>esen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue is calculated based on various as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sumptions, including the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ure deve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>lopm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> in wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary levels, inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, inflation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is only calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or benefits t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>mpl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>oye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ecom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>d during their employment with the Group. The actuarial calculation of the prese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nt v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>alue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>s th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>r value of assets under the plan is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pensions and other post-employment benefit plans. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the year ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement based on actuarial estimates and the financial outlook at the beginning of the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es between the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculated development in pension plan assets and liabilities and the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income as actuarial gains or losses.Changes in benefits payable f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or employees’ past ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the company result in an adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tment of the actuarial calculation of the present value, which is classified as past service costs. P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ast service costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement immediat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely if the employees have alr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eady earned the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits. Otherwise, they will be recognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement over the period in which the employees earn the right to the adjust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed benefits.Management judgements and estimatesIn determining pension obligations, management mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es use of valuations fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d independent actuaries as basis for the es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timates ap-plied. The actuarial assumptions used in the valuations vary from country to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountry owing to national, economic and social c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions.3.7 P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ensions and other post-employment benefit plans — continuedP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assetsW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e continuously work t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o change our defined benefit plans in DSV into Development in the fair value of pension plan as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets is specified as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Sensitivity analysis <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm)<span class="_ _1d7"> </span><span class="fs5 ls3 ws0">2021<span class="_ _1c0"/><span class="ff2 lse ws21">2022</span></span></span>defined contribution plans f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the benefit of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and the employees. Defined benefit pension obligation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>4,112<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,693P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws30">(DKKm) <span class="_ _1d2"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _57"> </span><span class="ff1 ls3 ws0">2021</span></span>Applied key assumptions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the most significant pension plans ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:Discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atePension plan as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>4,785<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>2,999Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>3,888<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,293Calculated inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est on plan asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span>56<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>29Discount wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>4,346<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>6,126Return on plan asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts excluding K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey assumptions 2022rateincre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseof inflationcalculated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span>(1,288)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>298Future w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>3.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.1%Contributions to the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ec"> </span>163<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>121Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>4,148<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,744Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>4.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>3.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2.4%Payments fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span>(411)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>(1,168)Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>4,071<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,595Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>0.7-7.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>0-10.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>0-3.5%Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2,312InflationW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>4.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>3.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.8%Asset ceiling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span>(374)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>-Incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>4,223<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,900Mortality prognosis tableCurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d4"> </span>(2)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>194Decre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of 0.5 perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entage point<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b6"> </span>3,987<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,479P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension plan assets at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">2,929<span class="_ _6e"> </span>4,785</span>Sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span>DUS21 (w-c)Lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e expectancyGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>RT Heubeck 2018 GActuarial loss included in statement of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e income amounts t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Life e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectancy increase of 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>4,218<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,810DKK 395 million. DSV expects to contribut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e DKK 61 million to defined Life e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectancy decrease of 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span>3,986<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>5,507Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e benefit plan assets in 2023 (2022: DKK 55 million). The pension plan Discount wage/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>salary Futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e composed as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey assumptions 2021rateincre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aseof inflationSignificant pension plansSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>1.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.5%Composition of pension plan assets <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws73">(%)<span class="_ _18f"> </span><span class="fs5 ls3 ws0">2021<span class="_ _1c0"/><span class="ff2 lse ws21">2022</span></span></span>The most significant defined benefit plans of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope, Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>1.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1.5%with Germany, S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>weden and the UK being the lar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gest. No other countries Shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span>47%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>52%have individual defined benefit plans of significance. The plan in S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden is a Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span>0.3-6.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>0-10.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>0-2.1%Bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d5"> </span>44%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>37%final pay scheme, which covers all salaried employees born in or bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>1.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>2.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>1.2%Insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>9% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span>11%1978 and is based on a collective labour agreement. Salaried employees born in or after 1979 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by a defined c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>tribution plan.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d6"> </span>100%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>100%Mortality prognosis tableSw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span>DUS14 (w-c)The plan in Germany covers bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>th salaried and hourly workers. Under this Sensitivity analysisplan, employees earn a fixed amount f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or each year in service. The plan has Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>RT Heubeck 2018 GThe following t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able illustr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates the change in the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss obligation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating to been closed for new employees sinc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e 1994. defined benefit plans from a change in the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey actuarial assumptions. The analysis is based on reasonably pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable changes, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided that the other paramet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emain unchanged. Accounting policiesProvisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is probable that the Group will have to give up future economic benefits to meet the obligation.Provisions are measured on the basis of Management’s best estimate of the anticipated expenditure for settle ment of the relevant obligation and are discounted if deemed material. 3.8 ProvisionsProvisionsProvisions have not been discounted, as the effect thereof is immaterial. Provisions are expected to be settled within two years in all material respects.Restructuring costsRestructuring costs relate mainly to the integration of acquirees and the restructuring plans previously announced, which consist mainly of termina-tion benefits and costs under terminated leases.Disputes and legal actionsOther provisionsProvisions for disputes and legal actions relate mainly to probable lia bilities Other provisions include indemnification liabilities totalling DKK taken over at the acquisition of enterprises.1,843 million relating to various company- and value added taxes (2021: DKK 1,818 million). Furthermore, other provisions mainly relates to restoration obligations in connection with property leases and onerous contracts.Restruc turing Disputes and Other Provisions — 2022 (DKKm)costslegal actionsprovisions Tota lProvisions at 1 January 673 940 3,736 5,349Additions for the year 978 301 2,202 3,481Additions from business combinations 4 4 69 77Used for the year (655) (227) (1,223) (2,105)Reversal of provisions made in previous years (36) (56) (53) (145)Currency translation 2 13 (5) 10Provisions at 31 December 966 975 4,726 6,667Current/non-current classification:Non-current liabilities 445 325 3,490 4,260Current liabilities 521 650 1,236 2,407Provisions at 31 December 966 975 4,726 6,667Accounting policiesProvisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation and it is probable that the Group will have to give up future economic benefits to meet the obligation.Provisions are measured on the basis of Management’s best estimate of the anticipated expenditure for settle ment of the relevant obligation and are discounted if deemed material.Management judgements and estimatesManagement continually assesses provisions, including contingencies and the likely outcome of pending and potential legal proceedings. The out-come of such proceedings depends on future events, which are, by na-ture, uncertain. When considering provisions involving significant estimates, opinions and estimates by external legal experts as well as existing case law are applied in assessing the probable outcome of material legal proceedings, etc. Accounting policiesShares consist of only one share class and include no special rights, pref-Share capitalerences or restrictions. All shares are fully paid up.At year end, the share capital of DSV A/S amounted to 219 million shares with a nominal value of DKK 1 each. 4.1 EquityReserves specification – 2022 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (6) (9) (341) (356)Other comprehensive income, net of tax - 14 1,257 1,271Transactions with shareholders:Purchase of treasury shares (19) - - (19)Sale of treasury shares 2 - - 2Capital reduction 21 - - 21Reserves at 31 December (2) 5 916 919Reserves specification – 2021 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (4) (11) (2,821) (2,836)Other comprehensive income, net of tax - 2 2,480 2,482Transactions with shareholders:Purchase of treasury shares (13) - - (13)Sale of treasury shares 2 - - 2Capital reduction 6 - - 6Transfer of treasury shares as business combination consideration 3 - - 3Reserves at 31 December (6) (9) (341) (356)Accounting policiesShares consist of only one share class and include no special rights, pref-Share capitalerences or restrictions. All shares are fully paid up.At year end, the share capital of DSV A/S amounted to 219 million shares with a nominal value of DKK 1 each. ReservesReserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as speci-fied on the previous page.Hedging reserveThe reserve comprises the fair value of hedging instruments qualifying for hedge accounting.Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.Translation reserveThe reserve comprises foreign currency translation arising on the transla-tion of net investments and related hedging in entities with a functional currency other than DKK.The reserve is dissolved upon disposal of entities.Treasury share reserveThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.Treasury shares are bought to meet obligations under the Company’s incen-tive schemes and to adapt the capital structure.The reserve is a distributable reserve.20222021Market value% of share capital Nominal valueMarket value% of share capital Nominal value Treasury shares(DKKm)at 31 December(DKKm)(DKKm)at 31 December(DKKm)Portfolio, beginning of year 8,921 2.4% 5.8 3,972 1.7% 3.9New shares issued - - - 24,495 6.7% 16.0Cancellation of treasury shares (24,474) (9.6%) (21.0) (5,863) (2.5%) (6.0)Portfolio, adjusted for amount of shares (15,553) (6.9%) (15.2) 22,604 5.8% 13.9Purchased during the year 20,313 8.5% 18.6 17,841 5.5% 13.3Consideration for acquisition - - - (29,571) (8.0%) (19.3)Sold during the year (1,601) (0.6%) (1.3) (784) (0.9%) (2.1)Value adjustment (820) - - (1,169) - -Portfolio, end of year 2,339 1.0% 2.1 8,921 2.4% 5.8 4.1 EquityReserves specification – 2022 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (6) (9) (341) (356)Other comprehensive income, net of tax - 14 1,257 1,271Transactions with shareholders:Purchase of treasury shares (19) - - (19)Sale of treasury shares 2 - - 2Capital reduction 21 - - 21Reserves at 31 December (2) 5 916 919Reserves specification – 2021 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (4) (11) (2,821) (2,836)Other comprehensive income, net of tax - 2 2,480 2,482Transactions with shareholders:Purchase of treasury shares (13) - - (13)Sale of treasury shares 2 - - 2Capital reduction 6 - - 6Transfer of treasury shares as business combination consideration 3 - - 3Reserves at 31 December (6) (9) (341) (356)Accounting policiesShares consist of only one share class and include no special rights, pref-Share capitalerences or restrictions. All shares are fully paid up.At year end, the share capital of DSV A/S amounted to 219 million shares with a nominal value of DKK 1 each. ReservesReserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as speci-fied on the previous page.Hedging reserveThe reserve comprises the fair value of hedging instruments qualifying for hedge accounting.Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.Translation reserveThe reserve comprises foreign currency translation arising on the transla-tion of net investments and related hedging in entities with a functional currency other than DKK.The reserve is dissolved upon disposal of entities.Treasury share reserveThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.Treasury shares are bought to meet obligations under the Company’s incen-tive schemes and to adapt the capital structure.The reserve is a distributable reserve.20222021Market value% of share capital Nominal valueMarket value% of share capital Nominal value Treasury shares(DKKm)at 31 December(DKKm)(DKKm)at 31 December(DKKm)Portfolio, beginning of year 8,921 2.4% 5.8 3,972 1.7% 3.9New shares issued - - - 24,495 6.7% 16.0Cancellation of treasury shares (24,474) (9.6%) (21.0) (5,863) (2.5%) (6.0)Portfolio, adjusted for amount of shares (15,553) (6.9%) (15.2) 22,604 5.8% 13.9Purchased during the year 20,313 8.5% 18.6 17,841 5.5% 13.3Consideration for acquisition - - - (29,571) (8.0%) (19.3)Sold during the year (1,601) (0.6%) (1.3) (784) (0.9%) (2.1)Value adjustment (820) - - (1,169) - -Portfolio, end of year 2,339 1.0% 2.1 8,921 2.4% 5.8 4.1 EquityReserves specification – 2022 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (6) (9) (341) (356)Other comprehensive income, net of tax - 14 1,257 1,271Transactions with shareholders:Purchase of treasury shares (19) - - (19)Sale of treasury shares 2 - - 2Capital reduction 21 - - 21Reserves at 31 December (2) 5 916 919Reserves specification – 2021 (DKKm) Treasury share reserve Hedging reserve Translation reserve Total reservesReserves at 1 January (4) (11) (2,821) (2,836)Other comprehensive income, net of tax - 2 2,480 2,482Transactions with shareholders:Purchase of treasury shares (13) - - (13)Sale of treasury shares 2 - - 2Capital reduction 6 - - 6Transfer of treasury shares as business combination consideration 3 - - 3Reserves at 31 December (6) (9) (341) (356)ReservesReserves as presented in the statement of changes in equity comprise treasury share reserve, hedging reserve and translation reserve, as speci-fied on the previous page.Hedging reserveThe reserve comprises the fair value of hedging instruments qualifying for hedge accounting.Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.Translation reserveThe reserve comprises foreign currency translation arising on the transla-tion of net investments and related hedging in entities with a functional currency other than DKK.The reserve is dissolved upon disposal of entities. Treasury share reserveThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value plus dividends on treasury shares is recognised directly as retained earnings in equity.Treasury shares are bought to meet obligations under the Company’s incen-tive schemes and to adapt the capital structure.The reserve is a distributable reserve.20222021Market value% of share capital Nominal valueMarket value% of share capital Nominal value Treasury shares(DKKm)at 31 December(DKKm)(DKKm)at 31 December(DKKm)Portfolio, beginning of year 8,921 2.4% 5.8 3,972 1.7% 3.9New shares issued - - - 24,495 6.7% 16.0Cancellation of treasury shares (24,474) (9.6%) (21.0) (5,863) (2.5%) (6.0)Portfolio, adjusted for amount of shares (15,553) (6.9%) (15.2) 22,604 5.8% 13.9Purchased during the year 20,313 8.5% 18.6 17,841 5.5% 13.3Consideration for acquisition - - - (29,571) (8.0%) (19.3)Sold during the year (1,601) (0.6%) (1.3) (784) (0.9%) (2.1)Value adjustment (820) - - (1,169) - -Portfolio, end of year 2,339 1.0% 2.1 8,921 2.4% 5.8 4.2 Capital structure and capital allocationCapital structureThe capital structure of DSV is intended to maintain financial stability, opti-mise cost of capital and to ensure financial readiness allowing to act on business opportunities as they present themselves. The gearing ratio was 1.0 at 31 December 2022 (2021: 1.4). The target gearing ratio is below 2.0 x EBITDA, but may exceed this level following significant acquisitions. Capital allocationThe Group aims to spend its free cash flow in the following order of priority:1. Repayment of net interest-bearing debt in periods when the financial gearing ratio is above target;2. Value-adding investments in the form of acquisitions or development of the existing business;3. Distribution to the Company’s shareholders by means of share buybacks and dividends.Net interest-bearing debt The Group increased its net interest-bearing debt in 2022 by DKK 625 million (2021: increased by DKK 11,056 million). Net interest-bearing debt can be specified as follows: Net interest-bearing debt (DKKm) 2022 2021Lease liabilities 16,767 15,288Interest-bearing borrowings 22,206 21,472Pensions and other post-employment benefit plans 1,183 908Other receivables (126) (124)Cash and cash equivalents (10,160) (8,299)Net interest-bearing debt 29,870 29,245Insurance collaterals Insurance collaterals constitute security for outstanding insurance con-tracts sold to customers by DSV Insurance. The amount is regulated and measured in accordance with laws and regulations issued by the Danish Financial Supervisory Authority. Distribution to the Company’s shareholdersIn 2022, the Group spent DKK 20,313 million on purchase of treasury shares and DKK 1,320 million on dividends distributed (2021: DKK 17,841 million and DKK 920 million, respectively). It is proposed to distribute a dividend of DKK 6.50 per share for 2022 (2021: DKK 5.50). 1320000000 920000000 6.5 5.5 Cash and capital restrictionsCash and cash equivalents comprise cash on hand and short-term liquid assets that are readily convertible to cash. Of total cash and cash equiva-lents, DKK 1,777 million (2021: DKK 839 million) are subject to restric-tions implying that the cash may not be readily available for general use or distribution by the Group. Major types of cash and capital restrictions: Cash and capital restrictions (DKKm)20212022Exchange control restrictions 1,498 654Insurance collaterals 273 178Other collaterals 6 7Total 1,777 839Exchange control restrictions Exchange control restrictions comprise cash balances in countries where various forms of foreign exchange controls or other legal restrictions apply. While the cash balances are available for the daily operations of the local entities, the balances cannot be immediately repatriated to the ultimate parent company. Accounting policiesThe financial liabilities of the Group are divided into four financing cate-gories: overdraft and credit facilities, issued bonds, lease liabilities and other financial liabilities.Overdraft and credit facilities obtained through the issuance of bonds are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, correspond-ing to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Lease liabilities are described in further detail in note 3.6.Other liabilities are measured at amortised cost, which, in all essentials, corresponds to the net realisable value. 4.3 Financial liabilitiesFinancial liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ec"> </span>34,588<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>28,841Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c3"> </span>4,391<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span>7,912T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _49"> </span>38,979<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>36,753Non-cash changeAdditions Beginning from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sCurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency Financing activities 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>of year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>Cash flowcombinations effects<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span>End of yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span>(1,159)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>92<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>829Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13e"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>1,833<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>53<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>(66)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>21,377Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ea"> </span>15,288<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span>(3,734)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>(33)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span>5,246<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>16,767T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal liabilities fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om financing activities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">36,741<span class="_ _180"> </span>(3,060)<span class="_ _1ae"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-<span class="_ _c4"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">112<span class="_ _10b"> </span>5,180<span class="_ _28"> </span>38,973</span>Other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">12<span class="_ _1ef"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">6</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal financial liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">36,753<span class="_ _173"> </span>38,979</span>Financing activities 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 lsc ws30">(DKKm)</span>Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>1,089<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>563<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>139<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>105<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>1,896Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _126"> </span>7,730<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>11,782<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>48<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>(3)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>19,557Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ea"> </span>12,278<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span>(3,160)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>2,539<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>246<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>3,385<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>15,288T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal liabilities fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om financing activities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">21,097<span class="_ _25"> </span>9,185<span class="_ _10b"> </span>2,678<span class="_ _170"> </span>399<span class="_ _101"> </span>3,382<span class="_ _28"> </span>36,741</span>Other non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _199"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lse ws21">62<span class="_ _1ec"> </span>12</span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal financial liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">21,159<span class="_ _173"> </span>36,753</span>Accounting policiesThe financial liabilities of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup are divided int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>our financing cate-gories: overdraft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities, issued bonds, lease liabilities and other financial liabilities.Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tained thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the issuance of bonds ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e initially rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value net of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction expenses. Subsequently, the financial liability is measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost, correspond<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>ing to the capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alised value using the effective inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>thod, s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>o <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e between the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eeds and the nominal value is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm of the loan. Lease liabilities ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e described in further detail in <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">not<span class="_ _0"/>e 3.6<span class="fc1">.</span></span>Other liabilities are me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asured at amortised c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, which, in all essentials, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the net r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealisable value.Commitments and amounts dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awn on long-term cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atecommitments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span>Duration (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>Undr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awnBond loan - ISIN XS2387735470<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>17-09-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>13.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2360881549<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>05-07-2033<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>10.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2308616841<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-03-2031<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>8.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN XS2458285355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>16-03-2030<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>7.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 212542679<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>26-02-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 0030403993<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>20-09-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-10-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>4.8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-12-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility III<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>125<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility IV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>150<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility VI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>15-01-2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>3.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f5"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>50<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,800<span class="_ _122"> </span>28,259<span class="_ _65"> </span>8.3<span class="_ _170"> </span>6,694</span>The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial liabilities fall due as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>23,062<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>186<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,852<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>17,024Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>16,767<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>21,278<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>11,059<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,917T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>54,058<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>60,284<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>20,432<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>16,911<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>22,941T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>20,923<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>2,741<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,952<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>16,230Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>15,288<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>18,330<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>3,692<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>9,835<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,803T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _165"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>53,821<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>58,249<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>25,429<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>11,787<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>21,0332022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _65"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Loan and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="ff1 fs5"> </span>Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> (DKKm)Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Expiry <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>Expiry Bond loans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span>2024-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>Fixed/floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span>2022-2036Credit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>818<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2022Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>1,078<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2022Loans and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f9"> </span>22,206<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c1"> </span>21,453Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent/non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent classific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation:Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span>21,392<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>16,981Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>814<span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span>4,472 Liquidity risk The cash r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eadiness of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup is ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed through short and long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm credit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the main banks of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the issuance of bonds. The purpose of issuing bond loans is to diversify the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s long-term debt, making the Group less dependent on bank loans. The Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s bank and bond loans are subject to st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d clauses, acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ord-ing to which the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s debt must be repaid in case of a change of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on-trol. The long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities with banks are furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e subject to one c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovenant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovenant r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the gearing ratio of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and is report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on every quarter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The covenant has no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t been br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eached in 2022. The to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s long-term loan commitments and the amounts drawn on its cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit lines at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shown in the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanying table. Furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, a maturity analysis has been provided based on contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual cash flows, including estimated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t payments. The amounts have not been disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted and as such do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncile directly to the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet.Commitments and amounts dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awn on long-term cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atecommitments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span>Duration (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>Undr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awnBond loan - ISIN XS2387735470<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>17-09-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>13.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2360881549<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>05-07-2033<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>10.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2308616841<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-03-2031<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>8.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN XS2458285355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>16-03-2030<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>7.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 212542679<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>26-02-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 0030403993<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>20-09-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-10-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>4.8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-12-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility III<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>125<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility IV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>150<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility VI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>15-01-2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>3.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f5"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>50<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,800<span class="_ _122"> </span>28,259<span class="_ _65"> </span>8.3<span class="_ _170"> </span>6,694</span>The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial liabilities fall due as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>23,062<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>186<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,852<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>17,024Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>16,767<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>21,278<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>11,059<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,917T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>54,058<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>60,284<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>20,432<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>16,911<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>22,941T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>20,923<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>2,741<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,952<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>16,230Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>15,288<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>18,330<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>3,692<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>9,835<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,803T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _165"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>53,821<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>58,249<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>25,429<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>11,787<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>21,0332022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _65"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Loan and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="ff1 fs5"> </span>Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> (DKKm)Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Expiry <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>Expiry Bond loans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span>2024-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>Fixed/floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span>2022-2036Credit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>818<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2022Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>1,078<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2022Loans and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f9"> </span>22,206<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c1"> </span>21,453Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent/non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent classific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation:Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span>21,392<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>16,981Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>814<span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span>4,472 Liquidity risk The cash r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eadiness of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup is ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed through short and long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm credit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the main banks of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the issuance of bonds. The purpose of issuing bond loans is to diversify the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s long-term debt, making the Group less dependent on bank loans. The Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s bank and bond loans are subject to st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d clauses, acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ord-ing to which the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s debt must be repaid in case of a change of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on-trol. The long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities with banks are furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e subject to one c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovenant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovenant r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the gearing ratio of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and is report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed on every quarter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The covenant has no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t been br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eached in 2022. The to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s long-term loan commitments and the amounts drawn on its cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit lines at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shown in the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanying table. Furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, a maturity analysis has been provided based on contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual cash flows, including estimated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t payments. The amounts have not been disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounted and as such do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncile directly to the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e sheet.For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency riskDue to its global activities, the Group is e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposed to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate fluctu-ations to a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain extent. DSV seeks to eliminate f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency risks by hedging curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposures c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ally via the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asury depart-ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The risk exposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is managed on a ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t basis, primarily by using for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts. The Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign subsidiaries ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ected wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e trading inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome and costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e denominat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in the local functional currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. This applies to a large part of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s subsidiaries. Fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>thermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, a lar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ge pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oportion of the income and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses of the Group ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e denominat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in EUR<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, and the to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency risk is theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e limited.Commitments and amounts dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awn on long-term cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atecommitments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span>Duration (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>Undr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awnBond loan - ISIN XS2387735470<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>17-09-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>13.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2360881549<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>05-07-2033<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>10.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2308616841<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-03-2031<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>8.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN XS2458285355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>16-03-2030<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>7.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 212542679<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>26-02-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 0030403993<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>20-09-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-10-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>4.8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-12-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility III<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>125<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility IV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>150<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility VI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>15-01-2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>3.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f5"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>50<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,800<span class="_ _122"> </span>28,259<span class="_ _65"> </span>8.3<span class="_ _170"> </span>6,694</span>The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial liabilities fall due as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>23,062<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>186<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,852<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>17,024Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>16,767<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>21,278<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>11,059<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,917T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>54,058<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>60,284<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>20,432<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>16,911<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>22,941T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>20,923<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>2,741<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,952<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>16,230Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>15,288<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>18,330<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>3,692<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>9,835<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,803T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _165"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>53,821<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>58,249<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>25,429<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>11,787<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>21,0332022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _65"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Loan and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="ff1 fs5"> </span>Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> (DKKm)Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Expiry <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>Expiry Bond loans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span>2024-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>Fixed/floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span>2022-2036Credit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>818<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2022Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>1,078<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2022Loans and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f9"> </span>22,206<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c1"> </span>21,453Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent/non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent classific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation:Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span>21,392<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>16,981Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>814<span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span>4,472The Group is also e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposed to f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency risks, partly on the transla-tion of debt denominated in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency other than the functional curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency and par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tly on the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslation of net investments in ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erprises with a functional currency other than DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormer risk aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ects profit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax. On recognition of net inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oreign subsidiaries, the Group is e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposed to a tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslation risk when the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or loss and equity of for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign subsidiaries ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK at the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting date based on the average r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange and the closing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates. The need t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o hedge the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s net investments in subsidiaries is assessed on a regular basis. It is Group policy to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>educ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e net investments in Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup subsidiaries on an ongoing basis by distributing the subsidiaries’ profits as dividends. The Group hedges book<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal net curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency positions and currencies with large e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected short-term oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational cash flows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or up to six months. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/> year-end 2022, 71% of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected six-month cash flows in USD wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e hedged. As hedge accounting is only applied t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o a limited ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent and we do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t hedge curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposure r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to intr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a-gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup balances with no under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-lying cash flow impact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, significant changes in curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, especially EUR/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK, USD/DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, CNY<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>/DKK and CHF/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, will r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult in mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e fluctua-tions in report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial items. Unhedged intr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a- <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>group balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es at 31 December ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e outlined in the main curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es table t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. In general, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup does no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t hedge EUR positions, as it expects that the official Danish fixed ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>change-rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e policy against the EUR will continue. The sensitivity analysis of EUR/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK exposur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shows the effect of a 2% (2021: 5%) change in average e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>loss (EBIT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>) and the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect of a 2% (2021: 5%) change in year-end closing rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on other c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive income.The sensitivity analysis of other significant curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposures shows the effect of a 5% change in average e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>loss (EBIT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>) and the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect of a 5% change in year-end closing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates on o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome. The calculation method applied in the sensitivity analysis is unchanged compar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious years.Unhedged intra-gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposures – sensitivity analysis2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021<span class="_ _1fa"> </span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Main curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency exposures Impact on Impact on Impact on Impact Impact on Impact (DKKm)Net positionprofit/loss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span>Net positionprofit/lossprofit/losson OCIprofit/losson OCIEUR/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>(26,927)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(539)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>(12,154)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(608)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>103<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>130<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>191<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>238USD/DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _34"> </span>(7,076)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>(354)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>(188)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>275<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>552<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>145<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>293CNY<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6d"> </span>(2,558)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(128)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>(3,143)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>(157)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f5"> </span>134<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>74<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>84<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>54CHF/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6d"> </span>(1,798)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>(90)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>(1,771)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(89)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>18<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>24<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>14<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>38PLN/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fb"> </span>(873)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(44)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>(543)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(27)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>28<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>38<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>22<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>24SGD/DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>(845)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>(42)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>102<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>18<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>16<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b8"> </span>n.a.SEK/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fc"> </span>(551)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span>(28)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _103"> </span>(240)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>42<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span>n.a.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f9"> </span>(1,225)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span>n.a.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>(890)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>618<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>867<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>456<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span>647 Foreign currency riskDue to its global activities, the Group is exposed to exchange rate fluctu-ations to a certain extent. DSV seeks to eliminate foreign currency risks by hedging currency exposures centrally via the Group’s Treasury depart-ment. The risk exposure is managed on a net basis, primarily by using foreign exchange forward contracts. The Group’s foreign subsidiaries are not affected where trading income and costs are denominated in the local functional currency. This applies to a large part of the Group’s subsidiaries. Furthermore, a large proportion of the income and expenses of the Group are denominated in EUR, and the total foreign currency risk is therefore limited.The Group is also exposed to foreign currency risks, partly on the transla-tion of debt denominated in foreign currency other than the functional currency and partly on the translation of net investments in enterprises with a functional currency other than DKK. The former risk affects profit before tax. On recognition of net investments in foreign subsidiaries, the Group is exposed to a translation risk when the profit or loss and equity of foreign subsidiaries are translated into DKK at the reporting date based on the average rates of exchange and the closing rates. The need to hedge the Parent’s net investments in subsidiaries is assessed on a regular basis. It is Group policy to reduce net investments in Group subsidiaries on an ongoing basis by distributing the subsidiaries’ profits as dividends. The Group hedges booked external net currency positions and currencies with large expected short-term operational cash flows for up to six months. At year-end 2022, 71% of expected six-month cash flows in USD were hedged. As hedge accounting is only applied to a limited extent and we do not hedge currency exposure related to intra-group balances with no under-lying cash flow impact, significant changes in currency rates, especially EUR/DKK, USD/DKK, CNY/DKK and CHF/DKK, will result in more fluctua-tions in reported financial items. Unhedged intra- group balances at 31 December are outlined in the main currency exposures table to the right. In general, the Group does not hedge EUR positions, as it expects that the official Danish fixed exchange-rate policy against the EUR will continue. The sensitivity analysis of EUR/DKK exposure shows the effect of a 2% (2021: 5%) change in average exchange rates for the year on profit/loss (EBIT) and the effect of a 2% (2021: 5%) change in year-end closing rates on other comprehensive income.The sensitivity analysis of other significant currency exposures shows the effect of a 5% change in average exchange rates for the year on profit/loss (EBIT) and the effect of a 5% change in year-end closing rates on other comprehensive income. The calculation method applied in the sensitivity analysis is unchanged compared to previous years.Unhedged intra-group balances Currency exposures – sensitivity analysis2022 2021 2022 2021Main currency exposures Impact on Impact on Impact on Impact Impact on Impact (DKKm)Net positionprofit/loss Net positionprofit/lossprofit/losson OCIprofit/losson OCIEUR/DKK (26,927) (539) (12,154) (608) 103 130 191 238USD/DKK (7,076) (354) (188) (9) 275 552 145 293CNY/DKK (2,558) (128) (3,143) (157) 134 74 84 54CHF/DKK (1,798) (90) (1,771) (89) 18 24 14 38PLN/DKK (873) (44) (543) (27) 28 38 22 24SGD/DKK (845) (42) 102 n.a. 18 16 n.a. n.a.SEK/DKK (551) (28) (240) n.a. 42 33 n.a. n.a.Total n.a. (1,225) n.a. (890) 618 867 456 647 Commitments and amounts dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awn on long-term cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities at 31 December 2022:Principal amount Principal amount Fixed/floating Expiry of Loan facilities (EURm)(DKKm)inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atecommitments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span>Duration (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>Undr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>awnBond loan - ISIN XS2387735470<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>17-09-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>13.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2360881549<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>05-07-2033<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>10.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-Bond loan - ISIN XS2308616841<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-03-2031<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>8.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN XS2458285355<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>4,462<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>16-03-2030<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>7.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 212542679<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>3,718<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>26-02-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>4.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Bond loan - ISIN 0030403993<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>20-09-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span>200<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>03-10-2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>4.8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,487Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-12-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>2.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>558Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility III<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>125<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>930Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility IV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>150<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,115Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _107"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Revolving cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acility VI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>15-01-2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>3.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f5"> </span>100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>28-02-2025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>744Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility II<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span>50<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _79"> </span>31-01-2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>372T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eighted dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,800<span class="_ _122"> </span>28,259<span class="_ _65"> </span>8.3<span class="_ _170"> </span>6,694</span>The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial liabilities fall due as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollows:T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>859<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>23,062<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fe"> </span>186<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,852<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>17,024Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>16,767<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>21,278<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,302<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>11,059<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>5,917T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>54,058<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>60,284<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>20,432<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>16,911<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>22,941T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Financial liabilities – maturity 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws77">(DKKm)<span class="_ _77"> </span><span class="fs5 ls3 ws0">Carr<span class="_ _4"/>ying amount</span></span>inclu ding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>0-1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>1-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>&gt; 5 yearOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>1,932<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Issued bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>20,923<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>2,741<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>1,952<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>16,230Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>15,288<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span>18,330<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>3,692<span xmlns="http://www.w3.org/1999/xhtml" class="_ _109"> </span>9,835<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span>4,803T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _144"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f1"> </span>-Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _165"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>(9)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span>53,821<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>58,249<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>25,429<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>11,787<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>21,0332022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _65"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Loan and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="ff1 fs5"> </span>Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> Fixed/floating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> (DKKm)Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Expiry <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span>Carrying amountinter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>Expiry Bond loans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bb"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span>2024-2036<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span>Fixed/floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span>2022-2036Credit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>818<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>Fixed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2022Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft facility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span>1,078<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>Floating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2022Loans and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f9"> </span>22,206<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c1"> </span>21,453Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent/non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent classific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation:Non-curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span>21,392<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>16,981Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>814<span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span>4,472 Interest rate riskAt 31 December 2022, 96% (2021: 92%) of Group borrowings were secured either through fixed-rate loans or other hedge transactions. The duration of hedges relating to net borrowings of the Group was 182 months (2021: 151 months).The weighted average interest rate on the Group’s loans, credit facilities and interest rate hedging was 1.0% at the end of 2022 (2021: 1.2%).A 1 percentage point increase in interest rates would not have a signifi-cant impact on the income statement (2021: increase DKK 57 million) and other comprehensive income (2021: increase DKK 5 million), based on average net interest-bearing debt for 2022. The calculation method applied in the sensitivity analysis is unchanged compared to pre vious years. Credit riskThe Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s credit risk mainly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables.The Group is no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t dependent on particular customer segments or any spe-cific customers, and all cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omers ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e subjected to individual cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit as-sessments and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit limits in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s Credit P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olicy. As a result, the credit risk of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup is generally c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed insignificant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. The Group mainly hedges cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit risks thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the use of cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance.For a limit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed number of customers, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup uses non-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecourse f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ac-toring. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t 31 December 2022, non-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ourse factoring amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to DKK 2,288 million (2021: 1,696 million).DSV is exposed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erpart<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit risk when ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ering into derivative financial instruments. In or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>der to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>educ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e this risk, DSV only enters int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o derivative financial instruments with the exis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting banks of the Group whose credit r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atings fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d &amp; Poor’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s are long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm A or higher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. As a general rule, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup only makes short-term deposits with banks Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss 2021Carrying Expected Loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed short-term A-2 or higher by St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d &amp; Poor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s and/or P-2 or high-(DKKm)amount loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (%)allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e er by Moody’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s.Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _154"> </span>31,079<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.4%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>117Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 1-30 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>3,834<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>62Impairment of trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivablesOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 31-60 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span>970<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>5.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>56Impairment of trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables is assessed on an ongoing basis and in-suranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e policies ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taken out f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the majority of these. Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 61-90 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span>413<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>13.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>55Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 91-120 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span>167<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>24.4%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>41At 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022, cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 26,628 mil-Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due &gt;121 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span>663<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>64.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>426lion, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponding t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 82% of to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables (2021: DKK 25,295 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>37,126<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>757million or 70%). Loss allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided for f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsidered t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o have high cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>worthiness with a an expected cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss model. The model includes uninsur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eiv-low risk of loss. ables and also factors in any own risk on insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables. Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed credit los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s at 31 December 2022 is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esented in the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able:The loss allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e provision f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year is specified below:Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss 2022Carrying Expected Loss Loss allow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision (DKKm)amount loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (%)allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (DKKm) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _124"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19b"> </span>25,745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>0.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>76Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span>757<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>423Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 1-30 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>4,319<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>2.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>94Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>351Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 31-60 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>1,331<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>7.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>95Additions for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _31"> </span>713<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>337Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 61-90 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>615<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>15.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>92Losses r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fe"> </span>(155)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>(79)Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 91-120 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fd"> </span>368<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>26.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>99Reversal of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om previous ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span>(443)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(277)Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due &gt;121 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c8"> </span>882<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>47.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>417Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3a"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>33,260<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>873Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">873<span class="_ _28"> </span>757</span>Impairment losses on trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2022 amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 155 million, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponding t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 0.07% of consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue (2021: DKK 79 million, or 0.04%). As a general rule, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup only makes short-term deposits with banks Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss 2021Carrying Expected Loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed short-term A-2 or higher by St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d &amp; Poor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s and/or P-2 or high-(DKKm)amount loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (%)allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e er by Moody’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s.Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _154"> </span>31,079<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.4%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>117Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 1-30 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>3,834<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>1.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>62Impairment of trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivablesOver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 31-60 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span>970<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span>5.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>56Impairment of trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables is assessed on an ongoing basis and in-suranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e policies ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e taken out f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the majority of these. Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 61-90 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span>413<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>13.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>55Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 91-120 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span>167<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>24.4%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>41At 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022, cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit insuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 26,628 mil-Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due &gt;121 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span>663<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>64.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>426lion, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponding t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 82% of to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables (2021: DKK 25,295 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>37,126<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e1"> </span>757million or 70%). Loss allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided for f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsidered t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o have high cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>worthiness with a an expected cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss model. The model includes uninsur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eiv-low risk of loss. ables and also factors in any own risk on insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables. Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed credit los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s at 31 December 2022 is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esented in the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able:The loss allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e provision f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year is specified below:Expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit loss 2022Carrying Expected Loss Loss allow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision (DKKm)amount loss rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (%)allowanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (DKKm) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _124"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2 lse ws21">2022</span>Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19b"> </span>25,745<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>0.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span>76Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span>757<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>423Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 1-30 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>4,319<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>2.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>94Additions from busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>351Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 31-60 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>1,331<span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span>7.1%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>95Additions for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _31"> </span>713<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>337Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 61-90 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span>615<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>15.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>92Losses r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fe"> </span>(155)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>(79)Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due 91-120 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fd"> </span>368<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>26.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>99Reversal of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om previous ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span>(443)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(277)Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due &gt;121 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c8"> </span>882<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>47.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>417Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency translation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3a"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>2T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>33,260<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>873Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">873<span class="_ _28"> </span>757</span>Impairment losses on trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2022 amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 155 million, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponding t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 0.07% of consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue (2021: DKK 79 million, or 0.04%). Accounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items. Accounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items. Accounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items. 4.5 Derivative financial instrumentsAccounting policiesDerivative financial instruments are recognised on the trade date and are measured at fair value. Positive and negative fair values are included in oth-er current re ceivables or other current payables in the balance sheet. Posi-tive and negative fair values are only offset if the Group has a right and an intention to settle several financial instruments net (by means of settle-ment of differences). Fair value is determined based on generally accepted valuation methods using available observable market data.When entering into contracts for financial instruments, an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognised assets and liabilities or net in-vestments in foreign entities. The effectiveness of recognised financial in-struments is assessed on a monthly basis, and any in effectiveness is recog-nised in the income statement.Fair value changes which are classified as and fulfil the criteria for recogni-tion as a fair value hedge are recognised in the income statement together with changes in the value of the part of the asset or liability that has been hedged.Fair value changes in the part of the derivative which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognised in other comprehensive income as a separate hedging reserve.When the underlying hedged item is realised, any gain or loss on the hedg-ing transaction is transferred from equity and recognised together with the hedged item. Fair value changes that do not meet the criteria for treatment as hedging instruments are recognised on an ongoing basis in the income statement under financial items.Foreign currency risk hedgingInterest rate risk hedgingThe Group mainly uses foreign exchange forward contracts to hedge for-The Group has obtained long-term loans mainly on a fixed rate basis, eign currency risks. The main currency hedged is USD. The foreign ex-which means that the Group is less exposed to interest rate fluctuations.change forward contracts are used as fair value hedges of currency expo-sures relating to external balance sheet assets and liabilities as well as The Group mainly uses interest rate swaps to hedge future cash flows expected short-term operational cash flows. relating to interest rate risks. Thereby, floating-rate loans are converted to fixed-rate financing. A loss on hedging instruments of DKK 184 million was recognised in the income statement for 2022 (2021: a loss of DKK 84 million). In the same At the balance sheet date, the Group no longer had any interest rate period, a gain of DKK 460 million was recognised relating to assets and swaps. The weighted average effective interest rate of existing interest liabilities (2021: a loss of DKK 28 million). The net gain in 2022 primarily rate instruments used as hedges of long-term loans was therefore 0.0% relates to unhedged intercompany positions.at the reporting date (2021: 0.8%).2022 2021External hedging instruments Currency Interest rate Currency Interest rate (DKKm)instrumentsinstruments Tota linstrumentsinstruments Tota lContractual value 5,589 - 5,589 11,801 744 12,545Maturity (year) 2023 - 2022 2022Fair value 93 - 93 (33) (7) (40)Of which recognised in income statement 97 - 97 (34) - (34)Of which recognised in OCI (4) - (4) 1 (7) (6) 4.6 Earnings per share Earnings per share (DKKm) 2022 2021Profit for the year 17,671 11,254Non-controlling interests’ share of consolidated profit for the year 103 49DSV A/S shareholders’ share of profit for the year 17,568 11,205Amortisation of customer relationships 254 212Share-based payment 202 160Special items, costs 1,117 478Related tax effect (376) (208)Adjusted profit for the year 18,765 11,847(‘000 shares)Total average number of shares 235,438 231,732Average number of treasury shares (8,121) (4,231)Average number of shares in circulation 227,317 227,501Average dilutive effect of outstanding share options under incentive schemes 3,150 5,138Diluted average number of shares in circulation 230,467 232,639Earnings per share of DKK 1 77.3 49.3Diluted earnings per share of DKK 1 76.2 48.2Adjusted earnings per share of DKK 1 82.5 52.1Diluted adjusted earnings per share of DKK 1 81.4 50.9Diluted average number of shares Diluted earnings per share and diluted adjusted earnings per share have been calculated excluding out-of-the money share options. The number of out-of-the money share options was 0 in 2022 (2021: 0). 4.7 Financial instruments — fair value hierarchyFair value hierarchy by categoryFinancial liabilities measured at amortised costDSV has no financial instruments measured at fair value based on level 1 input In 2021, the carrying value of financial liabilities measured at amortised cost (quoted active market prices) or level 3 input (non-observable market data).was not considered to differ significantly from fair value. All financial instruments are measured based on level 2 input (input other Due to changes in the macroeconomic environment, the carrying value of fi-than quoted prices that are observable either directly or indirectly). nancial liabilities measured at amortised cost is no longer considered to rep-resent the fair value. The 2022 fair value of issued bonds measured at amor-Derivative financial instruments tised cost is within level 1 of the fair value hierarchy.The fair value of currency and interest rate derivatives is determined based on generally accepted valuation methods using available obser vable market Trade receivables, trade payables and other receivablesdata. Calculated fair values are verified against comparable external market Receivables and payables pertaining to operating activities and with short quotes on a monthly basis. churn ratios are considered to have a carrying value equal to fair value. 2022 2021Financial instruments by category (DKKm) Carrying amount Fair Value Carrying amount Fair valueFinancial assets:Currency derivatives 93 93 - -Trade receivables 32,387 32,387 36,369 36,369Other receivables 6,640 6,640 6,404 6,404Cash and cash equivalents 10,160 10,160 8,299 8,299Financial assets measured at amortised cost 49,187 49,187 51,072 51,072Financial liabilities:Interest rate derivatives - - 7 7Currency derivatives - - 33 33Issued bonds measured at amortised cost 21,377 16,615 19,557 19,557Overdraft and credit facilities 829 829 1,896 1,896Trade payables 14,992 14,992 17,040 17,040Financial liabilities measured at amortised cost 37,198 32,436 38,493 38,493 4.7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Financial instruments — f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value hier<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chyFair value hier<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>archy by categoryFinancial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised costDSV has no financial instruments measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value based on lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>el 1 input<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> In 2021, the carrying value of financial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ed cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> (quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed active market prices) or level 3 input (non-observable market dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a).was not c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er significantly fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value. All financial instruments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed based on level 2 input (inp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ut <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er Due to changes in the macr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oeconomic envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onment, the carrying value of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>fi<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>than quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed prices that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e observable either directly or indirectly).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> nancial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost is no longer consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ep<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>resent the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value. The 2022 f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of issued bonds me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>Derivative financial instruments tised cost is within level 1 of the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value hier<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chy.The fair value of cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rency and inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e derivatives is determined <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>based on generally ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cept<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed valuation methods using a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>il<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>et T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>eceivables, trade payables and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivablesdata. Calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e verified again<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>st comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>arable ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ternal <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>market Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables and payables pertaining to oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating activities and with short<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es on a monthly basis. churn ratios ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsidered t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o have a car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying value equal to fair value. 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ls3 ws0">2021</span>Financial instruments by category <span xmlns="http://www.w3.org/1999/xhtml" class="ff1 fs5 ls3">(DKKm)<span class="_ _172"> </span>C<span class="_ _4"/>arrying amount<span class="_ _1a5"> </span>F<span class="_ _0"/>air V<span class="_ _3"/>alue<span class="_ _64"> </span>Carr<span class="_ _4"/>ying amount<span class="_ _1a5"> </span>Fair value</span>Financial assets:Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13b"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>93<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>-T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _63"> </span>32,387<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>32,387<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>36,369<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>36,369Other rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _202"> </span>6,640<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>6,640<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>6,404<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>6,404Cash and cash equivalents<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c9"> </span>10,160<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>10,160<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>8,299<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>8,299Financial assets measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _203"> </span>49,187<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>49,187<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>51,072<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>51,072Financial liabilities:Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _104"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _87"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _204"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span>7Curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b4"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _205"> </span>33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span>33Issued bonds measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10e"> </span>21,377<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>16,615<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>19,557<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>19,557Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>draft and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit facilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _206"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b6"> </span>829<span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span>1,896<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>1,896T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>14,992<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>17,040<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>17,040Financial liabilities measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at amortised cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span>37,198<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f6"> </span>32,436<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>38,493<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span>38,4936.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Acquisition and disposal of entitiesManagement judgements and estimatesIn applying the acquisition method of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting, estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e an int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-gral part of assessing f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air values of sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al identifiable assets acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and liabilities assumed, as observable market prices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e typically not available.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aluation t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>echniques wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied typically r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o de-termining the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e uncertain c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flows or assessing other events in which the out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>come is unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain at the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition.Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e significant estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e typically applied in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships, trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables, def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax, debt and contingent liabilities. As a result of the unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainties inher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent in fair value es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timation, measurement period adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments may be applied.Acquisitions and disposalsOn 16 August 2021, DSV acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed the Global Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egrat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Logistics divi-sion (GIL) of Agility Public W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing Company K.S.C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. No material enterprises, non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrolling int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests or activities wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed or di-vested in 2022.About Agility's Global Integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogistics businessThe GIL business was a leading global tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansport and logistics provider with a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong foo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tprint in emer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ging markets. The busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s offer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed a mix of integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated logistics services, including air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, ocean and road fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d-ing ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logistics and specialised logistics capabilities. GIL operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed a flexible, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-centric and sust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ainability-driven business with a global workf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oximat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely 17,000 employees and service provision acr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss 100+ c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountries ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ound the world (incl. agents). GIL em-powered<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> businesses of all siz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om small businesses to lar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ge multination<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>als<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough sector-specific e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpertise and digital tools and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>echnology to enhance supply chain efficiency.Consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edThe consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or GIL w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as made in DSV equity instru-ments by offering 19,304,348 DSV shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal at a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of DKK 29,493 million based on the acquisition dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e closing price of DKK 1,531 on Nasdaq Copenhagen, offset by a cash c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed from Agility t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DSV of appro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ximately DKK 61 million. Adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of cash and cash equivalents ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed of DKK 1,759 million, the to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to DKK 27,734 million. Fair value of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quired net as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised goodwillIn 2022, DKK 370 million was r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asurement period adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t-ments to the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisitional opening balance. The measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments primarily r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the valuation of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operties. For further details, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>te 6.1 in the <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">DSV Annual R<span class="_ _0"/>eport 2021.</span>The fair value of o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised includes indemnification assets to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>talling DKK 1,818 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o various corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax and value added taxes. Indemnific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation assets have no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t been excluded fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed or opening balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition.Had the indemnification assets been e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcluded, the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ans-fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and net assets r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ould have amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 27,675 million and DKK 2,105 million respectively, wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eas ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisitional goodwill would have r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emained unchanged.The fair value of identified ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t assets and goodwill r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the acquisition is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprised of the following it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems: Net assets and goodwill rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised Fair value at dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (DKKm)of acquisitionCustomer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span>569Other intangible assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21c"> </span>13Right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span>2,375Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span>2,146T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21d"> </span>5,438Contract assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>1,448Inventories<span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span>34Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span>720Other rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span>2,365Cash and cash equivalents<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span>1,759T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _da"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">16,867</span>Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>2,331Borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bd"> </span>138Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13f"> </span>2,800Pensions and similar obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>349T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>2,499Accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost of services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>1,864Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _220"> </span>159T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span>605Other payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>1,935T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d6"> </span>12,680NCI share of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed net assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d7"> </span>264Acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed net assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,923</span>Fair value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>29,493Goodwill arising from the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _222"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">25,570</span> 4.7 Financial instruments — fair value hierarchyFair value hierarchy by categoryFinancial liabilities measured at amortised costDSV has no financial instruments measured at fair value based on level 1 input In 2021, the carrying value of financial liabilities measured at amortised cost (quoted active market prices) or level 3 input (non-observable market data).was not considered to differ significantly from fair value. All financial instruments are measured based on level 2 input (input other Due to changes in the macroeconomic environment, the carrying value of fi-than quoted prices that are observable either directly or indirectly). nancial liabilities measured at amortised cost is no longer considered to rep-resent the fair value. The 2022 fair value of issued bonds measured at amor-Derivative financial instruments tised cost is within level 1 of the fair value hierarchy.The fair value of currency and interest rate derivatives is determined based on generally accepted valuation methods using available obser vable market Trade receivables, trade payables and other receivablesdata. Calculated fair values are verified against comparable external market Receivables and payables pertaining to operating activities and with short quotes on a monthly basis. churn ratios are considered to have a carrying value equal to fair value. 2022 2021Financial instruments by category (DKKm) Carrying amount Fair Value Carrying amount Fair valueFinancial assets:Currency derivatives 93 93 - -Trade receivables 32,387 32,387 36,369 36,369Other receivables 6,640 6,640 6,404 6,404Cash and cash equivalents 10,160 10,160 8,299 8,299Financial assets measured at amortised cost 49,187 49,187 51,072 51,072Financial liabilities:Interest rate derivatives - - 7 7Currency derivatives - - 33 33Issued bonds measured at amortised cost 21,377 16,615 19,557 19,557Overdraft and credit facilities 829 829 1,896 1,896Trade payables 14,992 14,992 17,040 17,040Financial liabilities measured at amortised cost 37,198 32,436 38,493 38,493 Accounting policiesCurrent tax payables and receivables are recognised in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on taxable income for previous years and for prepaid tax. Tax for the year comprises current and deferred tax on profit or loss for the year, interest expenses related to pending tax disputes and adjust-ments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the income statement, unless the tax expense relates directly to items included in other comprehensive income or equity. 5.1 Income taxAccounting policiesCurrent tax payables and receivables are recognised in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on taxable income for previous years and for prepaid tax. Tax for the year comprises current and deferred tax on profit or loss for the year, interest expenses related to pending tax disputes and adjust-ments to previous years, including adjustments due to tax rulings. Tax for the year is recognised in the income statement, unless the tax expense relates directly to items included in other comprehensive income or equity.Tax for the year (DKKm) 20212022Tax for the year is disaggregated as follows:Tax on profit for the year 5,550 3,650Tax on other changes in equity 322 (791)Tax on other comprehensive income (52) 116Total tax for the year 5,820 2,975Tax on profit for the year is calculated as follows:Current tax 5,704 3,830Deferred tax (302) (220)Tax adjustment relating to previous years 148 40Total tax on profit for the year 5,550 3,650Tax on other comprehensive income specifies as follows:Fair value adjustment of hedging instruments (2) 3Actuarial gains/(losses) 54 (119)Total tax on other comprehensive income 52 (116)Tax rate (%) 20212022Tax rate specifies as follows:Calculated tax on profit for the year before tax 22.0% 22.0%Adjustment of calculated tax in foreign group enterprises relative to 22.0% 2.5% 2.4%Change in deferred tax based on change in income tax rate 0.0% (0.1%)Tax effect of:Non-deductible expenses/non-taxable income 0.5% 0.7%Non-deductible losses/non-taxable gains on shares (0.1%) 0.0%Tax adjustment relating to previous years 0.6% 0.3%Tax asset valuation adjustments, net (2.3%) (1.2%)Other taxes and adjustments 0.7% 0.4%Effective tax rate 23.9% 24.5% Accounting policiesDeferred tax is recognised based on temporary differences between the carrying amount and the tax value of assets and liabilities. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes, except at the acquisition of enterprises, if such temporary differ-ences 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 ac-cording to different taxation 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 as other non-current assets at the expected value of their utili-sation, either by elimination in tax on future earnings or by offsetting de-ferred tax liabilities within the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset 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 is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the relevant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax. 5.2 Deferred taxDeferred tax recognised in the balance sheet (DKKm)20212022Deferred tax at 1 January 3,097 2,293Deferred tax for the year 302 220Tax adjustment relating to previous years (74) (337)Tax on changes in equity (430) 675Additions from business combinations 79 456Currency translation 36 (47)Other adjustments (20) (163)Deferred tax at 31 December 2,990 3,097Deferred tax not recog nised in the balance sheet (DKKm)20212022Temporary differences 29 (58)Tax loss carryforwards 853 1,220Total tax assets not recognised 882 1,162Of not recognised tax loss carryforwards, DKK 574 million (2021: DKK 795 million) may be carried forward indefinitely.Accounting policiesDeferred tax is recognised based on temporary differences between the carrying amount and the tax value of assets and liabilities. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes, except at the acquisition of enterprises, if such temporary differ-ences 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 ac-cording to different taxation 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 as other non-current assets at the expected value of their utili-sation, either by elimination in tax on future earnings or by offsetting de-ferred tax liabilities within the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset 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 is adjusted for elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates of the relevant countries that will be effective under current legislation at the reporting date on which the deferred tax is expected to materialise as current tax. Management judgements and estimatesManagement applies significant estimates when recognising and measuring deferred tax assets and uncertain tax positions. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable in-come against which the temporary differences and unutilised tax losses can be utilised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxa-ble profit will allow the deferred tax asset to be recovered.Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Man-agement believes that the provisions made are adequate. The actual obliga-tions may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.5.2 Deferred tax — continuedThe deferred tax assets and liabilities recognised are allocated to the following items: PPE, ROU Tax base ofDeferred tax allocation 2022 assets, lease tax loss carry-(DKKm)Intangible assetsliabilities Provisions Other liabilitiesforwards Tota lDeferred tax at 1 January (290) (166) 889 1,758 906 3,097Recognised in profit/loss 277 170 111 (298) (32) 228Recognised in equity - - 52 (482) - (430)Additions from business combinations - 90 (95) - 84 79Other adjustments - - (2) 13 (31) (20)Currency translation 2 18 (2) 3 15 36Deferred tax at 31 December (11) 112 953 994 942 2,990Balance sheet classification:Deferred tax assets 162 273 1,034 1,074 951 3,494Deferred tax liabilities (173) (161) (81) (80) (9) (504)Tax base of Deferred tax allocation 2021 PPE and tax loss carry-(DKKm)Intangible assets ROU assets Provisions Other liabilitiesforwards Tota lDeferred tax at 1 January (253) (252) 1,225 702 871 2,293Recognised in profit/loss (42) 204 (418) 311 (172) (117)Recognised in equity - - (116) 791 - 675Additions from business combinations 6 (135) 210 (21) 396 456Other adjustments - - 1 (2) (162) (163)Currency translation (1) 17 (13) (23) (27) (47)Deferred tax at 31 December (290) (166) 889 1,758 906 3,097Balance sheet classification:Deferred tax assets (275) 590 701 1,620 908 3,544Deferred tax liabilities (15) (756) 188 138 (2) (447) Accounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities. Accounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities. Accounting policiesWhen accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.Acquirees are recognised in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which DSV obtains control of the company. Entities disposed of are recognised in the consolidated financial statements until the date of disposal. The date of disposal is the date on which DSV surrenders control of the company.The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and equity instruments issued. Contingent considerations de-pendent on future events or the performance of contractual obligations are also recognised at fair value and form part of the total consideration transferred. Fair value changes in contingent considerations are recog-nised in the income statement until final settlement.Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant val-uation methods. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date of acquisition and from the perspective of the new combined Group in compliance with local tax legislation.The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over the total identifiable net assets measured at fair value are recognised as goodwill.If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross-period measurement period adjustments are recog-nised in equity at the beginning of the financial year, and comparative figures are restated.After the end of the measurement period, goodwill is no longer adjusted. Transaction costs inherent from the acquisition are recognised in the in-come statement when incurred.Goodwill and fair value adjustments arising from the acquisition of an ac-quiree whose functional currency differs from the presentation currency of the Group are translated into the functional currency of the foreign entity using the exchange rate ruling at the date of acquisition.Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing of entities. 6.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"/>Acquisition and disposal of entitiesAccounting policiesWhen acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting for busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s combinations, the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition method is applied in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with IFRS 3.Acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition. The date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition is the date on which DSV obtains c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Entities disposed of ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements until the date of disposal. The dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of disposal is the date on which DSV surr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enders c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol of the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.The consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed as payment f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee consists of the fair value of asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, liabilities incur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormer owners of the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee and equity instruments issued. Contingent consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations de-pendent on future ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ents or the performance of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual obligations are also r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm part of the total c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value changes in contingent c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsiderations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og-nised in the income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement until final settlement.Identifiable assets, liabilities and contingent liabilities of the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition by applying r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant val-uation methods. Identifiable intangible asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised if they are separable or arise fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontractual right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised for identifiable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax benefits existing at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition and fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the perspective of the new combined Group in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with loc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al tax legislation.The exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess of the to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, value of non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrolling inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests and the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of any equity investments pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously held in the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee over the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal identifiable ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t assets measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as goodwill.If measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of the identifiable net assets is unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain at the date of acquisition, initial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition is done based on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisional amounts. Measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments to the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisional amounts may be done for up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 12 months f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition. The effects of cros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s-period measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>og-nised in equity at the beginning of the financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omparative figures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated.After the end of the measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period, goodwill is no longer adjusted. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransaction cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts inherent fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the in-come st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.Goodwill and fair value adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments arising from the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition of an ac-quiree whose functional curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency differs fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentation curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency of the Group ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the functional currency of the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign entity using the exchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate ruling at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of acquisition.Other than cros<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s-period measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments, compar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative figures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t adjusted when ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quiring or disposing of entities.Management judgements and estimatesIn applying the acquisition method of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting, estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e an int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-gral part of assessing f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air values of sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al identifiable assets acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and liabilities assumed, as observable market prices ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e typically not available.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aluation t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>echniques wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied typically r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o de-termining the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e uncertain c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ash flows or assessing other events in which the out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>come is unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertain at the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition.Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e significant estimates ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e typically applied in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships, trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables, def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax, debt and contingent liabilities. As a result of the unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainties inher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent in fair value es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timation, measurement period adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tments may be applied.Acquisitions and disposalsOn 16 August 2021, DSV acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed the Global Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egrat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Logistics divi-sion (GIL) of Agility Public W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehousing Company K.S.C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. No material enterprises, non-c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrolling int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests or activities wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed or di-vested in 2022.About Agility's Global Integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogistics businessThe GIL business was a leading global tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansport and logistics provider with a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong foo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tprint in emer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ging markets. The busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s offer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed a mix of integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated logistics services, including air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, ocean and road fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d-ing ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act logistics and specialised logistics capabilities. GIL operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed a flexible, cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-centric and sust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ainability-driven business with a global workf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oximat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely 17,000 employees and service provision acr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss 100+ c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountries ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ound the world (incl. agents). GIL em-powered<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> businesses of all siz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om small businesses to lar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ge multination<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>als<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough sector-specific e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpertise and digital tools and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>echnology to enhance supply chain efficiency.Consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edThe consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or GIL w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as made in DSV equity instru-ments by offering 19,304,348 DSV shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal at a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of DKK 29,493 million based on the acquisition dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e closing price of DKK 1,531 on Nasdaq Copenhagen, offset by a cash c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed from Agility t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DSV of appro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ximately DKK 61 million. Adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value of cash and cash equivalents ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed of DKK 1,759 million, the to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal net c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsideration amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to DKK 27,734 million. Fair value of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quired net as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sets and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised goodwillIn 2022, DKK 370 million was r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asurement period adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t-ments to the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisitional opening balance. The measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement period adjustments primarily r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the valuation of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operties. For further details, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>te 6.1 in the <span xmlns="http://www.w3.org/1999/xhtml" class="fc2">DSV Annual R<span class="_ _0"/>eport 2021.</span>The fair value of o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised includes indemnification assets to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>talling DKK 1,818 million r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o various corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax and value added taxes. Indemnific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation assets have no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t been excluded fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed or opening balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition.Had the indemnification assets been e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcluded, the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ans-fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and net assets r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ould have amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 27,675 million and DKK 2,105 million respectively, wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eas ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisitional goodwill would have r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emained unchanged.The fair value of identified ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t assets and goodwill r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the acquisition is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprised of the following it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ems: Net assets and goodwill rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised Fair value at dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (DKKm)of acquisitionCustomer r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span>569Other intangible assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21c"> </span>13Right-of-use asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span>2,375Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span>2,146T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21d"> </span>5,438Contract assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>1,448Inventories<span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span>34Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span>720Other rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span>2,365Cash and cash equivalents<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span>1,759T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _da"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">16,867</span>Lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>2,331Borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _bd"> </span>138Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13f"> </span>2,800Pensions and similar obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>349T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>rade pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>2,499Accrued c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ost of services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>1,864Defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed tax liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _220"> </span>159T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span>605Other payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>1,935T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>otal liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d6"> </span>12,680NCI share of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed net assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d7"> </span>264Acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed net assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">3,923</span>Fair value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span>29,493Goodwill arising from the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _222"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">25,570</span> 6.2 Shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e option schemesAccounting policiesDSV's share option schemes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e equity-settled, measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant date and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in the income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement as s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>taff costs over the v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting period. The offsetting item is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.The value of employee services rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived during the vesting period in ex<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>change for shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponds t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the fair value of the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options at the date of gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anting. The fair value of the options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is determined based on the Black &amp; Scholes valuation model. The assumptions used in the valuation tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es into acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount the terms and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions applicable to the options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted and Management’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s expectations of the various par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>amet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers on which the valua<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tion model is based.Upon initial rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition, an estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is made of the number of share options that the employees are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected to earn. The es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>timated number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options is adjusted subsequently t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflect the ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tual number of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e op<span xmlns="http://www.w3.org/1999/xhtml" class="ls3">-</span>tions earned. The estimated volatility is based on hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orical data over the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> three years adjusted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or any unusual cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cumst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ances during the period. The valu-ation of the share options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in 2022 and 2021 is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> based <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol-lowing assumptions:Assumptions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fs5 lse ws21">2022<span class="_ _2d"> </span><span class="ff1 ls3 ws0">2021</span></span>Share pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span>1,485.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span>1,325.0V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olatility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span>18.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>18.0%Risk-free int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span>1.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(0.1%)Expected dividends<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>0.8%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>0.8%Expected remaining lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (years)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span>3.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>3.5Current shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e option schemesNumber of Market v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue at date Scheme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fc"> </span>Options gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span>E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise period<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eemployeesof granting (DKKm)2018<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,733,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>28.03.2021 - 28.03.2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>477.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>1,600<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>118.22019<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,735,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>29.03.2022 - 27.03.2024<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>545.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>1,624<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>141.72020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>3,080,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>31.03.2023 - 31.03.2025<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>560.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>2,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>155.52021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,438,300<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>01.04.2024 - 31.03.2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>1,325.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>205.32022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>2,640,900<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>01.04.2025 - 31.03.2027<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>1,485.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span>2,524<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>279.8Share option schemes at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="ls3 ws0"> </span>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>age ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise Scheme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span>Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>demployees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"> </span>a<span class="_ _2"> </span>l</span>price per option2018*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ec"> </span>190,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>687,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>877,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>477.52019*<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ec"> </span>190,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>1,836,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,026,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>545.02020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>202,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,708,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,910,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>560.02021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>168,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,193,800<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,362,550<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>1,325.02022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>198,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,387,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,585,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span>1,485.0Outstanding at 31 December 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">949,000<span class="_ _93"> </span>9,812,800<span class="_ _b"> </span>10,761,800<span class="_ _84"> </span>940.6</span>Open for e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span>380,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>2,523,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>2,903,500<span xmlns="http://www.w3.org/1999/xhtml" class="_ _212"> </span>524.6Life (ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ef"> </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>2.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>2.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span>n.a.Market v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alue (DKKm)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _138"> </span>350.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>3,134.4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>3,484.9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>n.a.* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span>Share options grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in 2018 and 2019 ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ently exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cisable.Share option schemesDSV has launched incentive shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-based payment schemes with the purpose of motivating and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aining key employees acr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganisa-tion. Share options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e aw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ded at all levels in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganisation, e.g. from t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eam leads, specialists, br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anch managers, country managers, up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o Executive Management.Ret<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ention is motivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equiring continued service f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or a period cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-ing the vesting period as a minimum. The schemes ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also intended t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o align the inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests of employees and shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eholders. All active schemes entail a three-year v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting period and a two-year ex-ercise period. In c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase of a change of contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol, all outst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anding share options will vest. E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>x<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e set based on the quot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t prices lead-ing up to the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of granting. The shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options can be e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised by cash purchase of shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es only<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The obligation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the schemes is partly cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easury shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es.Share options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anted pursuant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es laid down in the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation Policy applicable in the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.A to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal of 2,988 employees held shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options at 31 December 2022 (2021: 2,625 employees). T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised in 2022 f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or services rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eived but not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised as an asset amounted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 202 million (2021: DKK 160 million). The average shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or options exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised in the financial year w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as DKK 1,093.4 per share at the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise (2021: DKK 1,324.5 per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e).Outstanding shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options Boardemployees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws63">To<span class="_ _7"/>t<span class="_ _7"/>a<span class="_ _2"> </span>l</span>price per optionOutstanding at 1 January 2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>760,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>8,646,129<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>9,406,129<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>507.2Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12e"> </span>156,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2,281,550<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>2,438,300<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>1,325.0*T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red 36,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span>(36,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>-Exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span>(190,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(1,953,556)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(2,143,556)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>427.9Options waived/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>expir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _226"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>(123,475)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>(123,475)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>684.7Outstanding at 31 December 2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">762,750<span class="_ _2d"> </span>8,814,648<span class="_ _2d"> </span>9,577,398<span class="_ _10a"> </span>730.9</span>Outstanding at 1 January 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span>762,750<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>8,814,648<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>9,577,398<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span>730.9Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12e"> </span>198,250<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>2,442,650<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10b"> </span>2,640,900<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span>1,485.0Exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _af"> </span>(12,000)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>(1,279,573)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>(1,291,573)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span>479.1Options waived/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>expir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _226"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>(164,925)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>(164,925)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>1,091.6Outstanding at 31 December 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws21">949,000<span class="_ _2d"> </span>9,812,800<span class="_ _45"> </span>10,761,800<span class="_ _10a"> </span>940.6</span>* <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span>A member of the Executive Board has pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e options in the Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ector<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormer capacity as a key employee. 6.3 Remuneration of the Executive Board and the Board of DirectorsExecutive BoardThe members of the Executive Board are subject to a notice period of up to 24 months. Remuneration of the members of the Executive Board and the Board of Directors complies with the principles of the Company’s Re-muneration Policy and is described in detail in the Remuneration Report.The aggregate remuneration to the members of the Executive Board for 2022 was DKK 54.8 million (2021: DKK 41.5 million). The remuneration to the Executive Board is specified:Executive Board remuneration (DKKm) 2021*2022Fixed salary 36.1 27.6Pension 2.9 2.2Share-based payment 15.8 11.7Total 54.8 41.5* Michael Ebbe became a member of the Executive Board on 26 October 2021.Board of DirectorsThe aggregate remuneration to the Board of Directors of DSV A/S for 2022 was DKK 6.9 million (2021: DKK 7.0 million). 6.3 Remuneration of the Executive Board and the Board of DirectorsExecutive BoardThe members of the Executive Board are subject to a notice period of up to 24 months. Remuneration of the members of the Executive Board and the Board of Directors complies with the principles of the Company’s Re-muneration Policy and is described in detail in the Remuneration Report.The aggregate remuneration to the members of the Executive Board for 2022 was DKK 54.8 million (2021: DKK 41.5 million). The remuneration to the Executive Board is specified:Executive Board remuneration (DKKm) 2021*2022Fixed salary 36.1 27.6Pension 2.9 2.2Share-based payment 15.8 11.7Total 54.8 41.5* Michael Ebbe became a member of the Executive Board on 26 October 2021.Board of DirectorsThe aggregate remuneration to the Board of Directors of DSV A/S for 2022 was DKK 6.9 million (2021: DKK 7.0 million).6.5 Related-party transactionsDSV has no related parties with control of the Group and no related par-ties with significant influence other than key management personnel – mainly in the form of the Board of Directors and the Executive Board. Related-party transactionsBoard of Directors and Executive BoardNo transactions with the Board of Directors and Executive Board were made in 2022 other than ordinary remuneration, as described in notes 6.2 and 6.3.Associated companiesDSV holds ownership interests in 8 associates (2021: 12 associates). The Group’s share of associates’ profit for the year amounted to DKK 7 million (2021: DKK 4 million). The carrying amount of the investment was DKK 50 million at 31 Decem-ber 2022 (2021: DKK 63 million). The Group had the following transac-tions with associates:Associated companies transactions (DKKm) 20212022Sale of services 128 163Purchase of services 14 18The Group had the following balances with associates at 31 December:Associated companies balances (DKKm) 20212022Receivables 19 26Payables - 1 6.4 Fees to auditors appointed at the Annual General MeetingAudit fees and services (DKKm) 20212022Statutory audit fees 45 42Other assurance services 3 4Tax and VAT advisory services 1 2Other services 5 4Total fees to auditors appointed at the Annual General Meeting 54 52Statutory audit fees 6 13Tax and VAT advisory services 2 21Other services - 12Total fees, other 8 46Total fees 62 98Non-audit services provided by PwC Denmark amounted to DKK 5 million in 2022 relating to advisory services in relation to legal disputes, assur-ance and advisory in relation to ESG, various tax advisory services and other advisory services. Non-audit services provided by PwC Denmark did not exceed 70% of the audit fees in accordance with EU audit legislation. Accounting policiesContingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group’s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met. 6.6 Contingent liabilities and securAccounting policiesContingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group’s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.ty for debtContingent liabilitiesSecurity for debtBank guaranteesAs part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc. The counterparties may claim appropriation of collateral if DSV fails to pay any amount due. PledgesAt 31 December 2022, property, plant and equipment and other financial assets with a carrying value of DKK 30.9 million were pledged as security (2021: DKK 140.9 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2021: DKK 64 million).ContractsDSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.Management judgements and estimatesManagement applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met. These judgements may involve advice from external experts, legal advisors, etc.Contingent liabilitiesAs an international transport service provider, the Group is regularly in-volved in tax and VAT disputes, legal proceedings or inquiries from compe-tition authorities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.A detailed disclosure of individual contingent liabilities is considered im-practicable and is therefore not included in the notes to the financial statements. 6.6 Contingent liabilities and securAccounting policiesContingent liabilities comprise possible obligations which have not yet been confirmed, are uncertain or cannot be measured reliably, but which, if realised, may result in a drain on the Group’s resources. Obligations are recognised in the financial statements only to the extent that the criteria for recognising a provision are met.ty for debtContingent liabilitiesSecurity for debtBank guaranteesAs part of its ordinary operations, DSV has provided bank guarantees to authorities, suppliers, etc. The counterparties may claim appropriation of collateral if DSV fails to pay any amount due. PledgesAt 31 December 2022, property, plant and equipment and other financial assets with a carrying value of DKK 30.9 million were pledged as security (2021: DKK 140.9 million). The carrying amount of debt secured by pledges amounted to DKK 0 million (2021: DKK 64 million).ContractsDSV has concluded IT service contracts. Costs related to these contracts are recognised as the services are provided.Management judgements and estimatesManagement applies judgements in assessing the existence of contingent liabilities on an ongoing basis and in this regard considers if the criteria for recognising a provision are met. These judgements may involve advice from external experts, legal advisors, etc.Contingent liabilitiesAs an international transport service provider, the Group is regularly in-volved in tax and VAT disputes, legal proceedings or inquiries from compe-tition authorities. Management believes that the cases currently identified will have no material impact on the financial position of the Group.A detailed disclosure of individual contingent liabilities is considered im-practicable and is therefore not included in the notes to the financial statements. Ownership Ownership Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityCompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityGr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>oup company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Europe (c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinued)Europe (c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinued)over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>viewDSV Solutions N.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Duisbur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>g A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Logistics N.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Road Holding A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _233"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Road N.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19b"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Road A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%The overview below is a list of companies in the DSV Group at 31 December 2022 showing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanies by segment and not by MCI Br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>okers N.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>99.90%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Horsens A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _236"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%legal structure.DSV Air &amp; Sea EOOD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f0"> </span>Bulgaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Hedeland 5 A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Road EOOD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>Bulgaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Road Services A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Hrvatska d.o.o.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span>Croatia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Estonia AS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span>Es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tonia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina Business Services DSV Air &amp; Sea Oy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _237"> </span>Finland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%(Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ague), s.r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.o.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _234"> </span>Czech R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epublic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Solutions Oy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _237"> </span>Finland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Air &amp; Sea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span>Road<span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span>Solutions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span>Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _230"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff2">Activit<span class="_ _4"/>y:</span>DSV Air &amp; 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Sea Germany GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Germany<span class="_ _8b"> </span>100.00%</span>DSV FS A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19d"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Deutschland GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%EuropeAnpartselskabet af 25. januar 2017<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Duisbur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>g A/S - DSV Air &amp; Sea GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _231"> </span>Austria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>100.00%DSV Real Est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Ringst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%German Branch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _208"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%GIL Austria GmbH in Liquidation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15c"> </span>Austria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>100.00%DSV Air &amp; 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K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _212"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Panalpina W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orld T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport N.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15c"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _232"> </span>100.00%PC KH ApS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _38"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Stuttgart V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>waltung GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%AD Handling NV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _102"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _232"> </span>100.00%DSV Air &amp; Sea Denmark ApS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c2"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Administration &amp; Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting Service ABX W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orldwide Holdings NV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>/SA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>100.00%GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c2"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Agility A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _90"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Road Holding NV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _233"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>100.00%DSV Road GmbH<span xmlns="http://www.w3.org/1999/xhtml" class="_ _188"> </span>Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Solutions Holding A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Belgium NV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span>100.00%DSV HELL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>AS S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>Greece<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Solutions A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _235"> </span>Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Ownership Ownership Ownership Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityCompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityCompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityEurope (c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinued)Europe (c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinued)Europe (c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinued)UTi Networks Limit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span>Guernsey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air Services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span>Luxembour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV International Shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Services Sp. z o.o.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d4"> </span>Poland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; 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NIVEL 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2a"> </span>Colombia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%GIL Integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation 1 (Cambodia) Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Cambodia<span class="_ _8b"> </span>100.00%</span>DSV Solutions Privat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20d"> </span>India<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Solutions S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.S.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _204"> </span>Colombia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>Cambodia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%PT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. DSV T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansport Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c9"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f0"> </span>Costa Ric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%UTi W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orldwide Co. Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d. PT GIL Solusi Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _241"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%- Cambodia Branch (USD)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _209"> </span>Cambodia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%GIL 1 (Curaç<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ao) N.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span>Cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acao<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%PT DSV Solutions Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">China<span class="_ _8b"> </span>100.00%</span>Dominican PT Syner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gy Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f1"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV AIR &amp; SEA DOMINIC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ANA, S.R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.Republic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea Co., Ltd. PT Sarana P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rima Optima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>Indonesia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%(South East China)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV-AIR&amp;SEA S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span>Ecuador<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea Japan GK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>Japan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Co., Ltd. (China)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea, S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. de C.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span>El Salvador<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span>Japan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Baisui United Logis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tics DSV Air &amp; Sea P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>A Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anama<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%(Shanghai) Co. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _237"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Solutions Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span>Japan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina SEM, S.A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anama<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility Logistics (Shanghai) Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b9"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls69 ws7c">Ko<span class="_ _4"/>rea<span class="_ _8f"> </span></span>100.00%Panalpina S.A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span>Panama<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Logistics Co., Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Solutions Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls69 ws7c">Ko<span class="_ _4"/>rea<span class="_ _242"> </span></span>100.00%Almacenador<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a Mer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cantil S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ba"> </span>Panama<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orld T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport (PRC) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">China<span class="_ _8b"> </span>100.00%</span>DSV Air &amp; Sea International Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls69 ws7c">Ko<span class="_ _4"/>rea<span class="_ _242"> </span></span>100.00%Ownership Ownership Ownership Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityCompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityCompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span>Countryshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _81"> </span>Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>tivityAsia (continued)Asia (continued)Asia (continued)DSV Air and Sea Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span>Macao<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Panalpina W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orld T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport DSV Air &amp; Sea Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _203"> </span>Thailand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%(Philippines) Inc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _203"> </span>Philippines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Sdn. Bhd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _241"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3e ws3b">Malaysia<span class="_ _8b"> </span></span>100.00%Panalpina W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orld T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ransport DSV Global Solutions Inc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>Philippines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%(Vietnam) Co. Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4e"> </span>Vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>99.00%Panalpina Cus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>toms Services (M) SDN BHD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%GIL Logistics Distribution Inc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>Philippines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Solutions Co., Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _222"> </span>Vietnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Litvest Corporation Sdn Bhd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _238"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Agility Logistics Holdings P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b2"> </span>Singapor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Agility Logistics Vietnam Company Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Vietnam<span class="_ _ee"> </span>100.00%</span>DSV Solutions (DC) Sdn. Bhd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Malaysia<span class="_ _8b"> </span>100.00%</span>Agility Logistics Holdings (S) P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Singapore<span class="_ _ee"> </span>100.00%</span>Agility Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _245"> </span>Vietnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>71.00%GOCT Logistics Sdn Bhd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>Malay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>sia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Singapore R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eal Estat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Holding DSV Air &amp; Sea Vietnam Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _20c"> </span>Vietnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span>Singapore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Shared Services Asia Sdn Bhd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"> </span>Malay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>sia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Inventory Management Solutions DSV Air &amp; Sea Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span>Singapore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Vietnam Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _208"> </span>Vietnam<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Logik P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>engurusan Sdn Bhd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility International Logistics Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Singapore<span class="_ _ee"> </span>100.00%</span>DSV Logistics Sdn. Bhd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _241"> </span>Malay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>sia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility Fairs &amp; Events Logistics Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Singapore<span class="_ _ee"> </span>100.00%</span>Middle EastDSV SOLUTIONS SDN. BHD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%China Baisui Logistics Pte Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>Singapore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Agility Logistics Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>Afghanistan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ransport (Malaysia) Sdn. Bhd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _243"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%ABX L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>OGISTICS Singapor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e PTE L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>TD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f6"> </span>Singapore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entral Asia EC - Azerbaijan Branch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _82"> </span>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>z<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erbaijan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Inventory Management DSV Solutions Pte Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"> </span>Singapor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Solutions Sdn. Bhd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _235"> </span>Malaysia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV W.L.L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _245"> </span>Bahr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Air &amp; Sea Singapor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Pte. Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Singapore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; Sea (Myanmar) Limit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"> </span>Myanmar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Panalpina C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>entral Asia EC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _205"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls3">Bahrain<span class="_ _8b"> </span>100.00%</span>DSV Inventory Management DSV Air and Sea Pakis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tan (SMC- Solutions Pte. Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span>Singapore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Solutions B.S.C Closed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b6"> </span>Bahrain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%Privat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e) Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span>Pakistan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%UTi P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ership (Pvt) Limited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>Sri Lanka<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>51.00%Panalpina Geor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gia LL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _204"> </span>Georgia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV SOLUTIONS (PRIV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>TE) LIMITED<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span>Pakist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Pership (P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rivate) Limit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>Sri Lanka<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>40.00%Al-Alb Co. f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or General T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansportation Papua New (PLL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>C)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15a"> </span>Iraq<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Air &amp; 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(Pty) Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Healthcar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (Pt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y) Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _247"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%DSV Solutions (Pt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y) Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>100.00%DSV Assembly Ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>vices (Pty) Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span>65.30%DSV Mounties (Pt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>y) Lt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _238"> </span>South Africa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ee"> </span>100.00%