DSV Annual Report 2022
68
DSV Annual Report 2022 Consolidated financial statements 2022
= III
4.2 Capital structure and
capital allocation-continued
Distribution to the Company's shareholders
In 2022, the Group spent DKK 20,313 million on purchase of treasury
shares and DKK 1,320 million on dividends distributed (2021: DKK
17,841 million and DKK 920 million, respectively). It is proposed to
distribute a dividend of DKK 6.50 per share for 2022 (2021: DKK 5.50).
Cash and capital restrictions
Cash and cash equivalents comprise cash on hand and short-term liquid
assets that are readily convertible to cash. Of total cash and cash equiva-
lents, DKK 1,777 million (2021: DKK 839 million) are subject to restric-
tions implying that the cash may not be readily available for general use
or distribution by the Group.
Major types of cash and capital restrictions:
4.3 Financial liabilities
Accounting policies
The financial liabilities of the Group are divided into four financing cate-
gories: overdraft and credit facilities, issued bonds, lease liabilities and
other financial liabilities.
Overdraft and credit facilities obtained through the issuance of bonds are
initially recognised at fair value net of transaction expenses.
Subsequently, the financial liability is measured at amortised cost, correspond-
ing to the capitalised value using the effective interest method, so that the
difference between the proceeds and the nominal value is recognised in
the income statement over the term of the loan. Lease liabilities are
described in further detail in note 3.6.
Other liabilities are measured at amortised cost, which, in all essentials,
corresponds to the net realisable value.
Financial liabilities (DKKm)
Non-current liabilities
Current liabilities
Total
Non-cash change
Additions
from business
Cash flow combinations
(1,159)
Currency
effects
2022
2021
34,588
28,841
4,391
7,912
38,979 36,753
Financing activities 2022 (DKKm)
Beginning
of year
Other*
End of year
Cash and capital restrictions (DKKm)
Exchange control restrictions
2022
2021
Overdraft and credit facilities
1,896
92
829
1,498
654
Issued bonds
19,557
1,833
53
(66)
21,377
Insurance collaterals
273
178
Lease liabilities
15,288
(3,734)
(33)
5,246
16,767
Other collaterals
6
7
Total liabilities from financing activities
36,741
(3,060)
112
5,180
38,973
Total
Exchange control restrictions
1,777
839
Other non-current liabilities
12
6
Total financial liabilities
36,753
38,979
Exchange control restrictions comprise cash balances in countries where
various forms of foreign exchange controls or other legal restrictions apply.
While the cash balances are available for the daily operations of the local
entities, the balances cannot be immediately repatriated to the ultimate
parent company.
Insurance collaterals
Insurance collaterals constitute security for outstanding insurance con-
tracts sold to customers by DSV Insurance. The amount is regulated and
measured in accordance with laws and regulations issued by the Danish
Financial Supervisory Authority.
Financing activities 2021 (DKKm)
Overdraft and credit facilities
1,089
563
139
105
1,896
Issued bonds
Lease liabilities
7,730
12,278
11,782
48
(3)
19,557
(3,160)
2,539
246
3,385
15,288
Total liabilities from financing activities
Other non-current liabilities
21,097
9,185
2,678
399
3,382
36,741
62
12
Total financial liabilities
21,159
36,753
*
Other includes additions and remeasurement of financial liabilities.View entire presentation