DSV Annual Report 2022

73 DSV Annual Report 2022 Consolidated financial statements 2022 = III 4.6 Earnings per share Earnings per share (DKKm) 2022 Profit for the year 17,671 2021 11,254 Non-controlling interests' share of consolidated profit for the year 103 49 DSV A/S shareholders' All financial instruments are measured based on level 2 input (input other than quoted prices that are observable either directly or indirectly). share of profit for the year 17,568 11,205 Amortisation of customer relationships 254 212 Share-based payment 202 Special items, costs 1,117 160 478 Related tax effect (376) Adjusted profit for the year 18,765 (208) 11,847 4.7 Financial instruments fair value hierarchy Fair value hierarchy by category - DSV has no financial instruments measured at fair value based on level 1 input (quoted active market prices) or level 3 input (non-observable market data). Derivative financial instruments The fair value of currency and interest rate derivatives is determined based on generally accepted valuation methods using available observable market data. Calculated fair values are verified against comparable external market quotes on a monthly basis. Financial liabilities measured at amortised cost In 2021, the carrying value of financial liabilities measured at amortised cost was not considered to differ significantly from fair value. Due to changes in the macroeconomic environment, the carrying value of fi- nancial liabilities measured at amortised cost is no longer considered to rep- resent the fair value. The 2022 fair value of issued bonds measured at amor- tised cost is within level 1 of the fair value hierarchy. Trade receivables, trade payables and other receivables Receivables and payables pertaining to operating activities and with short churn ratios are considered to have a carrying value equal to fair value. 2022 2021 ('000 shares) Total average number of shares 235,438 231,732 Financial instruments by category (DKKm) Carrying amount Fair Value Carrying amount Fair value Average number of treasury shares (8,121) Average number of shares in circulation 227,317 (4,231) 227,501 Financial assets: Currency derivatives 93 93 Average dilutive effect of outstanding share options under incentive schemes Trade receivables 32,387 32,387 36,369 36,369 3,150 5,138 Other receivables 6,640 6,640 6,404 6,404 Diluted average number of shares in circulation 230,467 232,639 Cash and cash equivalents 10,160 10,160 8,299 8,299 Financial assets measured at amortised cost 49,187 49,187 51,072 51,072 Earnings per share of DKK 1 77.3 49.3 Diluted earnings per share of DKK 1 76.2 48.2 Financial liabilities: Adjusted earnings per share of DKK 1 82.5 52.1 Interest rate derivatives 7 7 Diluted adjusted earnings per share of DKK 1 81.4 50.9 Currency derivatives 33 33 Diluted average number of shares Issued bonds measured at amortised cost Overdraft and credit facilities 21,377 16,615 19,557 19,557 829 829 1,896 1,896 Diluted earnings per share and diluted adjusted earnings per share have been calculated excluding out-of-the money share options. The number of out-of- the money share options was O in 2022 (2021:0). Trade payables 14,992 14,992 17,040 17,040 Financial liabilities measured at amortised cost 37,198 32,436 38,493 38,493

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