Company Announcement no. 648 2 August 2017 Selected financial and operating data for the period 1 January - 30 June 2017 (DKKm) Q2 Q2 YTD YTD 2017 2016 2017 2016 -------------------------------------------------------------------------------- Net revenue 18,924 17,606 37,147 32,925 Gross profit 4,217 4,214 8,437 7,821 Operating profit before special items 1,240 900 2,369 1,543 Operating margin 6.6% 5.1% 6.4% 4.7% Conversion ratio 29.4% 21.4% 28.1% 19.7% Special items, costs 88 341 248 711 Profit before tax 970 455 1,845 774 Adjusted earnings for the period 828 610 1,637 1,137 Adjusted free cash flow 2,038 756 Diluted adjusted earnings per share of DKK 1 4.37 3.27 8.69 6.11 for the period -------------------------------------------------------------------------------- Jens Bjørn Andersen, CEO: ”With more than 50% growth in earnings and cash flow we are very satisfied with the Group’s performance in the first half of 2017. Only 18 months after the acquisition of UTi Worldwide, our productivity and financial results are at an all-time high. On the back of a strong start to 2017, we upgrade our expectations for the year and start a new share buyback programme of one billion DKK.” The consolidated full-year outlook for 2017 previously announced is adjusted as follows: -- Operating profit before special items is expected to be in the range of DKK 4,500-4,700 million (previously DKK 4,300-4,600 million). -- Net financial expenses, excluding foreign exchange adjustments, are expected to approximate DKK 300 million (unchanged). -- Free cash flow is expected to approximate DKK 3,750 million (previously DKK 3,500 million). -- The effective tax rate is expected to be 23% (previously 25%). A separate company announcement about the launch of a new share buyback programme of DKK 1,000 million will be issued today. Contacts Investor Relations Flemming Ole Nielsen, tel. +45 43 20 33 92, flemming.o.nielsen@dsv.com Ronni Funch Olsen, tel. +45 43 20 31 93, ronni.f.olsen@dsv.com Media Helle K. Hansen, tel. +45 43 20 33 58, helle.k.hansen@dsv.com This announcement has been forwarded to Nasdaq Copenhagen and to the press. It is also available at www.dsv.com. Yours sincerely, DSV A/S