DSV

Earnings Release • Aug 2, 2017

Company Announcement no. 648

                                                               2 August 2017

Selected financial and operating data for the period 1 January - 30 June 2017

(DKKm) Q2 Q2 YTD YTD
2017 2016 2017 2016

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Net revenue 18,924 17,606 37,147 32,925
Gross profit 4,217 4,214 8,437 7,821
Operating profit before special items 1,240 900 2,369 1,543
Operating margin 6.6% 5.1% 6.4% 4.7%
Conversion ratio 29.4% 21.4% 28.1% 19.7%
Special items, costs 88 341 248 711
Profit before tax 970 455 1,845 774
Adjusted earnings for the period 828 610 1,637 1,137
Adjusted free cash flow 2,038 756
Diluted adjusted earnings per share of DKK 1 4.37 3.27 8.69 6.11
for the period

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Jens Bjørn Andersen, CEO: ”With more than 50% growth in earnings and cash flow
we are very satisfied with the Group’s performance in the first half of 2017.
Only 18 months after the acquisition of UTi Worldwide, our productivity and
financial results are at an all-time high. On the back of a strong start to
2017, we upgrade our expectations for the year and start a new share buyback
programme of one billion DKK.”

The consolidated full-year outlook for 2017 previously announced is adjusted as
follows:

-- Operating profit before special items is expected to be in the range of DKK
4,500-4,700 million (previously DKK 4,300-4,600 million).
-- Net financial expenses, excluding foreign exchange adjustments, are
expected to approximate DKK 300 million (unchanged).
-- Free cash flow is expected to approximate DKK 3,750 million (previously DKK
3,500 million).
-- The effective tax rate is expected to be 23% (previously 25%).

A separate company announcement about the launch of a new share buyback
programme of DKK 1,000 million will be issued today.

Contacts

Investor Relations
Flemming Ole Nielsen, tel. +45 43 20 33 92, flemming.o.nielsen@dsv.com
Ronni Funch Olsen, tel. +45 43 20 31 93, ronni.f.olsen@dsv.com

Media
Helle K. Hansen, tel. +45 43 20 33 58, helle.k.hansen@dsv.com

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

Yours sincerely,

DSV A/S