DSV Annual Report 2022
106
DSV Annual Report 2022
Parent Company financial statements 2022
= III
22. Financial risks - continued
Financial instruments 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).
All financial instruments are measured based on level 2 input (input other
than quoted prices that are observable either directly or indirectly).
Derivative financial instruments
The fair value of currency 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
financial liabilities measured at amortised cost is no longer considered to
represent the fair value. The 2022 fair value of issued bonds measured
at amortised cost is within level 1 of the fair value hierarchy.
Receivables from Group entities and other receivables and payables to
Group entities and other payables.
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
Carrying amount
Fair value
Carrying amount
Fair value
97
13
18,463
13
18,463
Carrying amount (DKKm)
Financial assets:
Currency derivatives
97
Current receivables from Group entities and other receivables
18,998
18,998
Non-current receivables from Group entities and
other receivables
24,448
24,448
Cash and cash equivalents
6,673
6,673
24,062
7,696
24,062
7,696
50,119
50,119
50,221
50,221
Financial assets measured at amortised cost
Financial liabilities:
Interest rate derivatives
Currency derivatives
9
9
39
39
15
15
Issued bonds measured at amortised cost
5,186
4,649
6,681
6,681
Loans and credit facilities.
16,408
16,408
22,036
22,036
Payables to Group entities and other payables
35,865
35,865
19,095
19,095
Financial liabilities measured at amortised cost
57,459
56,922
47,812
47,812
23. Contingent liabilities and security for debt
Contingent liabilities
DSV A/S and the other Danish Group entities are registered jointly for
VAT purposes and are jointly and severally liable for the VAT liabilities.
DSV A/S is assessed jointly for Danish tax purposes with the other do-
mestic Group entities. DSV A/S is the administration company of the joint
taxation arrangement and is under an unlimited and joint liability regime
for all Danish tax payments and withholding taxes on dividends, interest
and royalties from the jointly taxed entities. Income tax and withholding
tax payables under the joint taxation arrangement amounted to DKK
168 million (2021: payable of DKK 506 million), which is included in
the financial statements of DSV A/S.
Parent Company guarantees
DSV A/S has provided guarantees for subsidiaries' outstanding balances
with banks and liabilities to leasing companies, suppliers and public
authorities, etc. in the amount of DKK 12,424 million (2021: DKK 11,005
million). Moreover, DSV A/S has issued several declarations of intent
relating to outstanding balances between subsidiaries and third parties.
24. Related-party transactions
DSV A/S has no related parties with control of the Group and no related
parties with significant influence other than key management personnel
mainly in the form of the Board of Directors and Executive Board.
-
Related-party transactions
Board of Directors and Executive Board
No transactions with the Board of Directors and Executive Board were
made in the 2022 financial year other than ordinary remuneration, as
described in notes 6.2 and 6.3 to the consolidated financial statements.
Intra-group transactions
No intra-group transactions were made in 2022 other than as stated in
the income statement and notes.View entire presentation