DSV Annual Report 2022
66
DSV Annual Report 2022 Consolidated financial statements 2022
= III
Chapter 4
Capital structure
and finances
4.1 Equity
Accounting policies
Share capital
At year end, the share capital of DSV A/S amounted to 219 million shares
with a nominal value of DKK 1 each.
Shares consist of only one share class and include no special rights, pref-
erences or restrictions. All shares are fully paid up.
Treasury share reserve
Hedging reserve
Translation reserve
Total reserves
(6)
(9)
14
(341)
1,257
(356)
1,271
This chapter includes disclosures on the
financial basis and exposures of the Group's
activities derived by our capital structure and
net working capital.
The capital structure is linked to our long-term
financial target of a gearing ratio below 2.0 x
EBITDA before special items and the principles
for capital allocation.
In order of priority, the free cash flow is used to
reduce the Group's net interest-bearing debt in
periods when the gearing ratio exceeds the
target, for investments and business combina-
tions, and for share buybacks or distribution to
the Company's shareholders.
Reserves specification - 2022 (DKKm)
Reserves at 1 January
Other comprehensive income, net of tax
Transactions with shareholders:
Purchase of treasury shares
Sale of treasury shares
Capital reduction
Reserves at 31 December
Reserves specification - 2021 (DKKm)
Reserves at 1 January
Other comprehensive income, net of tax
Transactions with shareholders:
Purchase of treasury shares
Sale of treasury shares
Capital reduction
Transfer of treasury shares as business combination consideration
Reserves at 31 December
(19)
2
(19)
2
21
21
(2)
5
916
919
Treasury share reserve
(4)
Hedging reserve
(11)
2
Translation reserve
(2,821)
2,480
Total reserves
(2,836)
2,482
(13)
(13)
2
2
6
6
3
3
(6)
(9)
(341)
(356)View entire presentation