DSV A/S : DSV, 525 - 2013 Annual Report

Company Announcement No. 525

"Closing the year with strong results, we are satisfied with our performance in 2013.Overall, we met the expectations announced in the beginning of the year despite low growth and fierce competition in the market.We are confident that 2014 will offer growth, however we are also prepared for difficult market conditions.The agenda for 2014 is clear:productivity and cost management, value-adding acquisitions and - most importantly - customer focus", says Jens Bjørn Andersen, CEO.

Selected financial data for the 2013 financial statements (1 January - 31 December 2013)

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

Outlook for 2014

• Gross profit is expected to be in the range of DKK 10,100 - 10,500 million
• Operating profit before special items is expected to be in the range of DKK 2,500 - 2,700 million
• Special items are expected to constitute an expense of DKK 200 - 300 million
• Net financial expenses are expected to approximate DKK 300 million
• The effective tax rate of the Group is expected to be close to 26%
• The free cash flow, before any acquisition or disposal of entities, is expected to be in the range of DKK 1,600 million

Investor teleconference
DSV will host an investor teleconference on 6 February 2014 at 2.00 p.m. CET.  Reference is made to Company Announcement No. 524 for further details.

Inquiries relating to the Annual Report
Questions made 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 has been forwarded to NASDAQ OMX 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

Jens Bjørn Andersen            Jens H. Lund                        
CEO                                      CFO