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Annual Report

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| Bound condition in analyzing the annual report – September 2013 | Edvinas Sakalauskas, Rokas Jagminas, Gintare Zaleckyte, Gediminas Rumbutis, Mateusz Bujnowski |
9/19/2013

Contents Introduction 2 A brief introduction to the company 3 Environment and climate 6 Business ethics and anti-corruption 6 Employees and working environment 6 EXPENDITURES 7 Amortization and Depreciation 7 Cash flow from operating activities 7 Cash flow from investing activities 8 Free cash flow 8 Profitability 9 Earning Capacity 11 Capital adaption 15 Liquidity and Solvency 15

Introduction

An importance of an annual report is to give information about a company. The company sends its annual report to a regular stockholder to know how well the company is doing. Are earnings higher, lower, or the same as the year before? How are sales doing? These numbers should be presented clearly in the financial section of the annual report. It shows how the balance sheet looks, whether assets higher or lower than the year before and whether the debt growing, shrinking, or about the same. It is easier to get an idea of management’s strategic plan for the coming year. How will management build on the company’s success? This plan is usually covered in the beginning of the annual report — frequently in the letter from the chairman of the board.

A brief introduction to the company
DSV is a global supplier of transport and logistics services. The Company has offices in more than 70 countries and has an international network of partners and agents. Since 2001, the Company's activities have been divided into three divisions:
The Road Division offers door-to-door transport of full loads, part loads and mixed cargo all over Europe. The Division has more than 17,000 trucks on the roads every day. In accordance with the business model of DSV, the Division mainly uses

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