DSV

Earnings Release • Feb 6, 2015

Company Announcement No. 581

“2014 was a good year for DSV in many respects. We grew with our customers –
existing as well as new – and we gained market share in all business areas. Not
least, we delivered results in line with the expectations announced at the
beginning of the year. The Air & Sea Division was the main contributor to the
growth in earnings, whereas the Road Division was affected by the ever present
intense competition in our industry. We have a promising outlook for 2015; the
investments we have made over the past couple of years to increase our
productivity give us a solid basis for harvesting the best results from global
market growth,” says Jens Bjørn Andersen, CEO.

Selected financial highlights for the 2014 financial statements (1 January - 31
December 2014)

(DKKm) Q4 2014 Q4 2013 YTD 2014 YTD 2013

Net revenue 12,539 11,857 48,582 45,710
Gross profit 2,615 2,526 10,297 10,005
Operating profit before special items 649 672 2,624 2,552
Operating margin 5.2% 5.7% 5.4% 5.6%
Conversion ratio 24.8% 26.6% 25.5% 25.5%
Adjusted earnings 1,835 1,788
Adjusted free cash flow 1,472 1,754
Diluted adjusted earnings per share of DKK 10.53 10.05
1
Proposed dividend per share (DKK) 1.60 1.50

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Operating profit before special items

Air & Sea 399 382 1,542 1,392
Road 174 225 837 942
Solutions 90 64 274 256

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Q4 2014 results

For Q4 2014 net revenue amounted to DKK 12,539 million against DKK 11,857
million for Q4 2013, corresponding to revenue growth of 5.8%. The increase was
attributable to the Air & Sea Division in all essentials. All Divisions
reported freight volume growth above the market in Q4 and delivered 8% growth
in air freight, 7% in sea freight, 5% growth in Road consignments and 7% growth
in order lines.

Gross profit was up by 3.5% at DKK 2,615 million for Q4 2014 against DKK 2,526
million for the same period of 2013. Air & Sea landed organic growth of 3.5%
and was affected by declining gross profit per tonne air freight and other
factors. Road delivered organic gross profit growth of 0.8% and was still
affected by the overall price pressure in the market. Solutions recorded
organic gross profit growth of 7.9%, partly owing to increased activity levels.

Operating profit before special items was DKK 649 million for the period
against DKK 672 million for Q4 2013 and thus lower than the first three
quarters of the year. The decline was mainly attributable to the stagnating
gross profit of the Road Division. Air & Sea and Solutions both reported growth
in operating profit for Q4 2014 on the same period of 2013.

Share buyback

A separate company announcement about the launch of a share buyback programme
of DKK 200 million will be issued today.

Dividend

Based on the financial results for the year the Board of Directors proposes
ordinary dividends of DKK 1.60 per share for 2014 (2013: DKK 1.50 per share).

Outlook for 2015

-- Gross profit is expected to be in the range of DKK 10,500-10,900 million
-- Operating profit before special items is expected to be in the range of DKK
2,700-2,900 million
-- Net financial expenses are expected to approximate DKK 300 million
-- The effective tax rate of the Group is expected to be close to 25%
-- The free cash flow, before any acquisition or disposal of entities, is
expected to approximate DKK 2,000 million

Investor teleconference
DSV will host an investor teleconference on 6 February 2015 at 10.00 a.m. CET.
Reference is made to Company Announcement No. 579 for further details.

Inquiries relating to the Annual Report

Questions may be addressed to:

-- Jens Bjørn Andersen, CEO, tel.
+45 43 20 30 40
-- Jens H. Lund, CFO, tel. +45 43 20 30 40
-- Flemming Ole Nielsen, Director Investor Relations, tel. +45 43 20 33 92 or
by email to
investor@dsv.com

This announcement has been forwarded to Nasdaq Copenhagen and to the press. It
is also available 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