DSV – Interim Financial Report Third quarter 2012

Selected financial and operating data for Q3 2012 and for the period 1 January – 30 September 2012

(DKKm)	Q3 2011	Q3 2012	YTD 2011	YTD 2012
Revenue	10,905	11,313	32,787	33,504
Gross profit	2,450	2,529	7,322	7,542
Operating profit before special items (EBITA)	654	691	1,837	1,933
EBITA margin	6.0%	6.1%	5.6%	5.8%
EBITA as a percentage of gross profit (conversion ratio)	26.7%	27.3%	25.1%	25.6%
Profit before tax	561	608	1,530	1,443
Adjusted earnings for the period	432	466	1,182	1,300
Free cash flow			1,531	1,094
Diluted adjusted earnings per share of DKK 1 for the period	2.22	2.55	5.88	7.02

Jens Bjørn Andersen, CEO: “With declining freight volumes in the key markets of DSV, we are proud to present solid interim results. DSV has gained market shares in most markets and we have improved our internal productivity. In addition, we have made acquisitions that will provide further support for future volume and earnings growth.”

DSV maintains the outlook for all of 2012 previously announced.

A separate company announcement about the launch of a new share buy-back programme of DKK 300 million will be issued today.
Inquiries relating to the Interim Financial Report

Questions may be addressed to:
Jens Bjørn Andersen, CEO, tel. +45 43 20 30 40, or Jens H. Lund, CFO, tel. +45 43 20 30 40.

This announcement is available on the Internet at: www.dsv.com. The announcement has been prepared in Danish and in English. In the event of discrepancies, the Danish version shall apply.

Yours sincerely,
DSV A/S

Attachments:
475 – Announcement (25.10.2012) – Q3 2012.pdf