DSV Annual Report 2022

22 DSV Annual Report 2022 Financial and non-financial performance = III Relative to full-year revenue, funds tied up in NWC at year- end decreased to 2.2%, from 3.5% in 2021. Cash flow from investing activities was an outflow of DKK 966 million in 2022, in line with our expectations. The cash inflow of DKK 420 million in 2021 was due to including the positive cash position of GIL. Adjusted free cash flow (adjusted for acquisitions, special items and IFRS 16) was DKK 22,810 million, compared to DKK 8,659 million last year. The adjusted free cash flow was mainly driven by the significant positive increase in cash flow from operating activities. Cash flow from financing activities was negative by DKK 24,245 million in 2022 (2021: negative DKK 8,680 million). This difference was mainly due to higher proceeds from bor- rowings last year. In 2021, we issued three new corporate bonds versus only one in 2022. In line with our capital allocation policy, we allocated DKK 21,633 million to shareholders via share buybacks and divi- dend in 2022. At year end, the financial gearing ratio was 1.0x EBITDA (2021: 1.4x). Capital structure On 31 December 2022, DSV shareholders' share of equity was DKK 71,519 million (2021: DKK 74,103 million). This decrease was mainly driven by allocations to shareholders, partly offset by profit for the period. The share capital was nominally DKK 219 million by the end of 2022 (2021: 240 million). The share capital is divided into 219 million shares of DKK 1 each. Each share has one vote. The share capital was reduced on 20 April 2022 through the cancellation of 6 million treasury shares and on 22 December 2022 through the cancellation of 15 million treasury shares. The solvency ratio excluding non-controlling interests was 45.0% on 31 December 2022, compared to 45.9% on 31 December 2021. Net interest-bearing debt (including IFRS 16 lease liabilities) was DKK 29,870 million by the end of 2022 - close to the level of last year (2021: DKK 29,245 million). In 2022, we issued one new corporate eight-year bond of EUR 600 million. The weighted average duration of corporate bonds, committed loans and credit facilities was 8.3 years on 31 December 2022, compared to 9.6 years on 31 December 2021. Invested capital and ROIC The invested capital including goodwill and customer relation- ships amounted to DKK 99,540 million on 31 December 2022 (2021: DKK 101,231 million). The decrease was mainly due to lower net working capital, partly offset by higher currency exchange rates. Driven by strong growth in earnings, return on invested capital (including goodwill and customer relationships) was 25.1% for 2022 (2021: 19.6%). Excluding goodwill and customer rela- tionships, return on invested capital was 105.1% for 2022 (2021: 77.9%). Reporting on corporate social responsibility Reporting on corporate social responsibility cf. section 99a of the Danish Financial Statements Act We have reported separately on corporate social responsibility in our Sustainability Report 2022, in accordance with section 99a of the Danish Financial Statements Act. Reporting on management gender composition cf. section 99b of the Danish Financial Statements Act We have reported separately on management gender composition in our Sustainability Report 2022, in accordance with section 99b of the Danish Financial Statements Act. Reporting on diversity cf. section 107d of the Danish Financial Statements Act We have reported separately on diversity in our Sustainability Report 2022, in accordance with section 107d of the Danish Financial Statements Act. For more information on developments within each ESG area, please refer to our Sustainability Report at: https://www.dsv.com/en/sustainability-reports tuyor 2022 Accelerating our ambitions towards a more sustainable future

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