Company Announcement No. 403

Selected financial and operating data for the period 1 January – 30 June 2011

- Revenue amounted to DKK 21,882 million (2010: DKK 20,406 million)
- Gross profit came to DKK 4,872 million (2010: DKK 4,585 million), corresponding to a gross margin of 22.3% (2010: 22.5%)
- Operating profit before special items (EBITA) came to DKK 1,183 million (2010: DKK 1,038 million), corresponding to an EBITA margin of 5.4% (2010: 5.1%)
- Profit before tax amounted to DKK 969 million (2010: DKK 769 million)
- Profit for the period amounted to DKK 703 million (2010: DKK 566 million)
- Diluted adjusted earnings per share were DKK 3.7 for the period (2010: DKK 2.9) and for the 12 months to 30 June 2011 DKK 7.0 (2009/2010: DKK 5.1)
- Free cash flow for the period amounted to DKK 1,079 million (2010: DKK 384 million)

The results for H1 2011 are deemed satisfactory.

Outlook for 2011

DSV increases free cash flow expectations from DKK 1,700 million to DKK 1,800 million and otherwise maintains the outlook for all of 2011 previously announced.

Expectations are as follows:

- Revenue is expected to be in the range of DKK 44,000-47,000 million
- Gross profit is expected to be in the range of DKK 9,800-10,200 million
- Operating profit before special items (EBITA) is expected to be in the range of DKK 2,400-2,550 million
- Net financials are expected to be DKK 400 million
- The effective tax rate of DSV is expected to amount to 27%
- Free cash flow adjusted for the acquisition of enterprises is expected to amount to approx. DKK 1,800 million

In 2011 DSV expects to spend the total share buy-back amount authorised of around DKK 2,000-2,500 million as previously disclosed. A separate company announcement about the launch of a new share buy-back programme of DKK 700 million will be issued today

Yours sincerely,

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