DSV Annual Report 2022
100
DSV Annual Report 2022
Parent Company financial statements 2022
= III
Basis of preparation
1. Accounting policies
As the Parent Company of the DSV Group, the financial statements of
DSV A/S are separate financial statements disclosed as required by the
Danish Financial Statements Act. The separate financial statements have
been prepared in accordance with International Financial Reporting Stand-
ards (IFRS) as issued by the International Accounting Standards Board
(IASB) and additional disclosure requirements in the Danish Financial
Statements Act for listed companies. IFRS standards have been applied to
the extent these have been adopted by the European Union. The account-
ing policies of the Parent Company are identical with the accounting poli-
cies for the consolidated financial statements, except for the following:
Dividends from investments in subsidiaries
Dividends from investments in subsidiaries are recognised as income
in the Parent Company's income statement under financial income in
the financial year in which the dividends are declared.
Investments in subsidiaries in the Parent Company's financial statements
Investments in subsidiaries are measured at cost. If there is any indica-
tion of impairment, investments are tested for impairment as described
in the accounting policies applied by the Group. If the cost exceeds the
recoverable amount, the investment is written down to this lower value.
Currency translation
Foreign currency adjustments of balances considered part of the to-
tal net investment in enterprises which have a functional currency
other than Danish kroner (DKK) are recognised in the income state-
ment of the Parent Company under financials.
Development cost reserve
In accordance with the Danish Financial Statements Act the reserve
for development costs comprises capitalized development costs ad-
justed for deferred tax.
2. Changes in accounting policies
All amendments to the International Financial Reporting Standards
(IFRS) effective for the financial year 2022 have been implemented
as basis for preparing the Parent Company financial statements and notes
to the statements. None of the implementations have had any material
impact on the statements or notes presented.
3. Management judgements and estimates
In preparing the Parent Company financial statements, Management makes
various accounting judgements that affect the reported amounts and disclo-
sures in the statements and in the notes to the financial statements. These
are based on professional judgement, historical data and other factors availa-
ble to Management. By nature, a degree of uncertainty is involved when car-
rying out these judgements and estimates, hence actual results may deviate
from the assessments made at the reporting date. Judgements and estimates
are continuously evaluated, and the effect of any changes is recognised in the
relevant period. The primary financial statements items for which significant
accounting judgements and estimates are applied are listed below:
Investments in subsidiaries
Management assesses annually whether there is an indication of impair-
ment of investments in subsidiaries. If so, the investments will be tested
for impairment in the same way as Group goodwill, involving various esti-
mates on future cash flows, growth, discount rates, etc. On 31 December
2022, no impairment indicators were identified.
4. New accounting regulations
The IASB has issued a number of new standards and amendments not yet in ef-
fect or adopted by the EU and therefore not relevant for the preparation of the
2022 Parent Company financial statements. These standards and amendments
are expected to be implemented when they take effect. None of the new
standards or amendments issued are currently expected to have any significant
impact on the Parent Company financial statements when implemented.
Income statement
6. Fees to auditors appointed at the Annual General Meeting
20
(DKKm)
2022
2021
Statutory audit
7
9
Other assurance services
Tax and VAT advisory services
Other services
1
1
1
1
4
Total fees
10
16
7. Staff costs
For information on remuneration of the Executive Board and the Board of
Directors, refer to notes 6.2 and 6.3 to the consolidated financial statements.
(DKKm)
2022
2021
Remuneration of the Board of Directors
Salaries etc.
7
7
390
332
Intra-group salary charges etc.*
Defined contribution pension plans
Total staff costs
971
721
43
35
1,411
1,095
Average number of full-time employees
607
507
The intra-group salary charges relate to an average of 1,803 FTEs in 2022
(2021: 1,364).
8. Special items
86
84
251
(DKKm)
2022
2021
Restructuring and integration costs
Transaction costs relating to acquisition
84
165
of GIL
5. Revenue
Total special items, costs
(DKKm)
2022
2021
Intra-group charges
3,077
2,417
Total revenue
3,077
2,417View entire presentation