DSV Annual Report 2022
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DSV Annual Report 2022
Consolidated financial statements 2022
= III
Chapter 1
Basis of
preparation
The 2022 Annual Report of DSV A/S has
been prepared on a going concern basis in
accordance with the International Financial
Reporting Standards (IFRS) as issued by the
International Accounting Standards Board
(IASB) and additional disclosure requirements
for listed companies in the Danish Financial
Statements Act.
IFRS standards have been applied to the
extent these have been adopted by the
European Union.
The consolidated financial statements are
presented in Danish kroner (DKK) and
rounded to the nearest million.
Introduction
The Annual Report of DSV A/S comprises the consolidated financial state-
ments of DSV A/S and its subsidiaries.
The Board of Directors and Executive Board considered and approved the
2022 Annual Report of DSV A/S on 2 February 2023. The Annual Report
will be submitted to the shareholders of DSV A/S for approval at the
Annual General Meeting on 16 March 2023.
Basis of measurement
The Annual Report has been prepared under the historical cost convention
with the exception of derivative financial instruments and acquisition
opening balances, which are measured at fair value. Non-current assets
held for sale are measured at the lower of their carrying amount and fair
value less costs to sell. The accounting policies described in the notes
have been applied consistently for the financial year and for the com-
parative figures.
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 consolidated financial statements and notes to the
statements.
None of the implementations have had any material impact on the state-
ments or notes presented.
Management judgements and estimates
In preparing the consolidated financial statements, Management makes
various accounting judgements and estimates that affect the reported
amounts and disclosures in the financial statements and notes to the
statements.
These are based on professional experience, historical data and other
factors available to Management.
By nature, a degree of uncertainty is involved when carrying 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 effects of any changes are recognised in
the relevant period.
The primary financial statements items for which significant
accounting judgements and estimates are applied are listed below:
Contract assets and accrued cost of services (note 3.4)
Provisions (note 3.8)
Acquisition and disposal of entities (note 6.1)
Tax (note 5.1 and note 5.2)
Additional description of management judgements and estimates made
are provided in the relevant notes.
Basis of consolidation
The consolidated financial statements include the Parent Company (DSV
A/S) and all subsidiaries over which DSV A/S exercises control. Entities in
which the Group directly or indirectly controls at least 20%, but not more
than 50%, of the voting power are accounted for as associates and meas-
ured using the equity method. Investments with negative net asset values
are recognised at DKK O.
The consolidated financial statements are prepared based on uniform
accounting policies in all Group entities. Consolidation of Group entities is
performed after elimination of all intra-group transactions, balances, in-
come and expenses.View entire presentation