DSV Annual Report 2022

78 DSV Annual Report 2022 Consolidated financial statements 2022 = III 6.1 Acquisition and disposal of entities - continued Acquisitions and disposals On 16 August 2021, DSV acquired the Global Integrated Logistics divi- sion (GIL) of Agility Public Warehousing Company K.S.C.P. No material enterprises, non-controlling interests or activities were acquired or di- vested in 2022. About Agility's Global Integrated Logistics business The GIL business was a leading global transport and logistics provider with a strong footprint in emerging markets. The business offered a mix of integrated logistics services, including air, ocean and road freight forward- ing services, contract logistics and specialised logistics capabilities. GIL operated a flexible, customer-centric and sustainability-driven business with a global workforce of approximately 17,000 employees and service provision across 100+ countries around the world (incl. agents). GIL em- powered businesses of all sizes, from small businesses to large multination- als, through sector-specific expertise and digital tools and technology to enhance supply chain efficiency. Consideration transferred The consideration transferred for GIL was made in DSV equity instru- ments by offering 19,304,348 DSV shares in total at a fair value of DKK 29,493 million based on the acquisition date share closing price of DKK 1,531 on Nasdaq Copenhagen, offset by a cash consideration transferred from Agility to DSV of approximately DKK 61 million. Adjusted for the fair value of cash and cash equivalents acquired of DKK 1,759 million, the total net consideration amounted to DKK 27,734 million. Fair value of acquired net assets and recognised goodwill In 2022, DKK 370 million was recognised as measurement period adjust- ments to the acquisitional opening balance. The measurement period adjustments primarily relate to the valuation of properties. For further details, refer to note 6.1 in the DSV Annual Report 2021. The fair value of other receivables recognised includes indemnification assets totalling DKK 1,818 million relating to various corporate tax and value added taxes. Indemnification assets have not been excluded from the consideration transferred or opening balance recognition. Had the indemnification assets been excluded, the consideration trans- ferred and net assets recognised would have amounted to DKK 27,675 million and DKK 2,105 million respectively, whereas acquisitional goodwill would have remained unchanged. The fair value of identified net assets and goodwill recognised from the acquisition is comprised of the following items: Net assets and goodwill recognised (DKKm) Customer relationships Contract assets Inventories Fair value at date of acquisition 569 Other intangible assets 13 Right-of-use assets 2,375 Property, plant and equipment 2,146 Trade receivables 5,438 1,448 34 Deferred tax assets 720 Other receivables 2,365 Cash and cash equivalents 1,759 Total assets 16,867 Lease liabilities 2,331 Borrowings 138 Provisions 2,800 Pensions and similar obligations 349 Trade payables 2,499 Accrued cost of services 1,864 Deferred tax liabilities 159 Tax payables 605 1,935 12,680 264 Acquired net assets 3,923 Fair value of total consideration transferred 29,493 Goodwill arising from the acquisition 25,570 Other payables Total liabilities NCI share of acquired net assets

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