DSV

Earnings Release • Feb 8, 2018

Company Announcement No. 679

"2017 was a record year for DSV with performance beyond expectation. After a
strong Q4 2017, we are able to report full-year earnings for 2017 at the high
end of our latest outlook and a very strong cash flow. With the UTi integration
well behind us, we will now focus on developing DSV, and for 2018 we expect up
to 11% growth in earnings. M&A remains on our agenda, and we will continue to
look for relevant opportunities,"says Jens Bjørn Andersen, CEO.

Selected financial highlights for 2017 (1 January - 31 December 2017)

DKK mio.) Q4 2017 Q4 2016 YTD 2017 YTD 2016

Net revenue 19,019 17,617 74,901 67,747
Gross profit 4,054 3,998 16,605 15,838
Operating profit before special items 1,196 929 4,878 3,475
Operating margin 6.3% 5.3% 6.5% 5.1%
Conversion ratio 29.5% 23.2% 29.4% 21.9%
Adjusted earnings 3,484 2,506
Adjusted free cash flow 4,835 1,838
Diluted adjusted earnings per share of DKK 18.40 13.40
1
Proposed dividend per share (DKK) 2.00 1.80

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Operating profit before special items
Air & Sea 789 569 3,225 2,143
Road 231 230 1,201 1,049
Solutions 185 142 494 384

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Q4 2017 results
For Q4 2017, net revenue increased by 8.0% and amounted to DKK 19,019 million
(Q4 2016: DKK 17,617 million). Adjusted for currency translation effects,
growth came to 11.6%, driven by increasing freight volumes in all DSV’s
business areas. In addition, average freight rates and fuel prices were higher
than in Q4 2016.

Freight volume growth for the quarter was 10% for air freight, 4% for sea
freight and 5% for road transport.

For Q4 2017, gross profit came to DKK 4,054 million (Q4 2016: DKK 3,998
million). Adjusted for currency translation effects, growth came to 4.8%.

Operating profit before special items was up by 28.7% to DKK 1,196 million for
Q4 2017 (Q4 2016: DKK 929 million). Adjusted for currency translation effects,
growth came to 33.6%, mainly driven by the Air & Sea and Solutions divisions.

Dividend
Based on the financial results for the year, the Board of Directors proposes
ordinary dividends of DKK 2.00 per share for 2017 (2016: DKK 1.80 per share).

Outlook for 2018

-- Operating profit before special items is expected to be in the range of DKK
5,000-5,400 million
-- The effective tax rate of the Group is expected to be approximately 23%
-- Adjusted free cash flow is expected to be approximately DKK 4,000 million.
The expected cash flow for 2018 is lower than in 2017 in spite of the
expected increase in operating profit. This is mainly due to the
improvement in net working capital which had a positive cash flow impact in
2017.

Investor teleconference
DSV will host an investor teleconference on 8 February 2018 at 11.00 a.m. CET.
Reference is made to Investor News, 2017 Annual Report analyst conference call,
at investor.dsv.com.

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

Press
Tina Hindsbo, tel. +45 43 20 36 63, tina.hindsbo@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 English. In the event of discrepancies, the English version prevails.

Yours sincerely,

DSV A/S