DSB - Side 3

Contents Financial highlights 4 6 9 Management statement & Auditors’ reports DSB´s organisation Corporate Governance Management’s preface Financial report 47 Accounting policies 53 Profit and loss account 54 Balance sheet 56 Equity statement 57 Cash flow statement 58 Notes 76 Financial highlights for the parent company 78 Other key figures 80 Annual accounts for business areas 82 Key employees 12 A well executed delivery Management’s report 14 Financial review 20 Risks 25 Customers 28 Market and passenger development 32 Production and quality 37 Values and strategies 39 Employees and skills 42 The environment 44 Important partners 45 Future expectations Note DSB Stykgods is included in the figures until 1/8 2000, when it was sold to DF Logistik A/S. DSB Vognladning is included in the figures until 1/1 2001, when it merged with the Railion Group Definitions of key figures Operating profit margin = profit before depreciation and write-downs x 100 / net turnover Profit ratio = operating profit x 100 / net turnover Return on equity = profit for the year x 100 / average equity ROCE = (operating profit + financial income) x 100/ (average equity + average interest bearing debt) Interest cover = operating profit /net financial items Solvency ratio = equity x 100 / balance sheet total This report is a translation of the Danish Annual Report for 2004. In the event of any discrepancy between the Danish and English language versions, the Danish language version shall prevail. 1

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