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PRESS RELEASE

October 29, 2014: For the first nine months of 2014, DSV recorded revenue of DKK 36,043 million against DKK 33,853 million for the corresponding period of 2013. The organic growth was 5.7%.

For Q3 2014, revenue amounted to DKK 12,279 million against DKK 11,466 million for the same period last year. The organic growth was 6.0%.Gross profit was up 2.7% and totalled DKK 7,682 million for the first nine months of 2014. The organic growth was 2.9%.

For Q3 2014, gross profit amounted to DKK 2,609 million against DKK 2,522 million for the same period last year. The organic growth was 2.9%. Both net revenue and gross profit were positively affected by increasing freight volumes and acquirees. However, price competition also had a negative impact.
Operating profit before special items increased by 5.1% and totalled DKK 1,975 million for the first nine months of 2014. The organic growth was 5.8%. Conversion ratio was 25.7% against 25.1% for the same period last year

Profit for the period was DKK 1,066 million for the nine months under review against DKK 1,166 million for the same period last year. The decline was mainly due to the expenses related to the Operational Excellence 2.0 programme.

Free cash flow for the period came to DKK 1,034 million against DKK 981 million for the same period last year. Cash flow from investing activities was lower for the first nine months of 2014 than for the same period last year, which can mainly be explained by the high level of investments in subsidiaries in 2013.

Jens Bjørn Andersen, CEO: "We maintained our momentum in the third quarter of the year. Delivering 5% growth in operating profit, the best interim results yet in the Company's history, we are very pleased with our performance. Although affected by the usual impact of seasonality, activity levels remained high throughout the quarter and DSV gained market share in all business areas. The Air & Sea Division continues to deliver the highest growth rates and best results, whereas the Road Division is affected by price competition. With one quarter left of 2014, we expect to realise a full-year operating profit in the top half of the range we announced at the beginning of the year."

DSV maintains its full-year outlook for 2014 previously announced. However, operating profit before special items is expected to be in the range of DKK 2,600-2,700 million against the previous outlook of DKK 2,550-2,700 million.

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