DSV, 416 - Interim Financial Report, Third quarter 2011

Selected financial and operating data for the period 1 January - 30 September 2011

Bremen, (PresseBox) - .
- Revenue amounted to DKK 32,787 million (2010: DKK 31,451 million)
- Gross profit came to DKK 7,322 million (2010: DKK 6,947 million), corresponding to a gross margin of 22.3% (2010: 22.1%)
- Operating profit before special items (EBITA) came to DKK 1,837 million (2010: DKK 1,638 million), corresponding to an EBITA margin of 5.6% (2010: 5.2%)
- Profit before tax amounted to DKK 1,530 million (2010: DKK 1,230 million)
- Profit for the period amounted to DKK 1,110 million (2010: DKK 887 million)
- Diluted adjusted earnings per share were DKK 5.9 for the period (2010: DKK 4.6) and for the 12 months to 30 September 2011 DKK 7.5 (2009/2010: DKK 5.7)
- Free cash flow for the period amounted to DKK 1,531 million (2010: DKK 646 million)

The results for the first nine months of 2011 are deemed satisfactory.

Outlook for 2011

DSV maintains the outlook for all of 2011 as 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 400 million will be issued today

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