iso4217:EUR 38175785 2017-01-01 2017-12-31 38175785 2017-01-01 2017-12-31 1 38175785 2017-01-01 2017-12-31 2 38175785 2017-01-01 2017-12-31 1 38175785 2017-01-01 2017-12-31 2 38175785 2016-01-01 2016-12-31 38175785 2017-01-01 2017-12-31 ifrs-full:SeparateMember 38175785 2016-01-01 2016-12-31 ifrs-full:SeparateMember 38175785 2017-12-31 38175785 2016-12-31 38175785 2017-12-31 ifrs-full:SeparateMember 38175785 2016-12-31 ifrs-full:SeparateMember 38175785 2017-01-01 38175785 2016-01-01 38175785 2017-01-01 ifrs-full:SeparateMember 38175785 2016-01-01 ifrs-full:SeparateMember 38175785 2017-01-01 2017-12-31 1 38175785 2016-01-01 2016-12-31 1 38175785 2017-01-01 2017-12-31 1 ifrs-full:SeparateMember 38175785 2016-01-01 2016-12-31 1 ifrs-full:SeparateMember 38175785 2017-01-01 2017-12-31 2 38175785 2016-01-01 2016-12-31 2 38175785 2017-01-01 2017-12-31 11 38175785 2016-01-01 2016-12-31 11 38175785 2017-01-01 2017-12-31 22 38175785 2016-01-01 2016-12-31 22 38175785 2017-01-01 2017-12-31 23 38175785 2016-01-01 2016-12-31 23 38175785 2017-01-01 2017-12-31 24 38175785 2016-01-01 2016-12-31 24 Revisionspåtegning Årsrapport 38175785 Scandlines Holding ApS Havneholmen 25, 8. 1561 Copenhagen Copenhagen +4533151515 +4535290201 www.scandlines.dk scandlines@scandlines.dk 2017-01-01 2017-12-31 2016-01-01 2016-12-31 2018-04-17 Søren Poulsgaard Jensen Søren Poulsgaard Jensen Per Johannesen Madsen CEO CFO 33963556 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 0900 Copenhagen C 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 0900 Copenhagen C To the shareholders of Scandlines Holding ApS We have audited the consolidated financial statements and the parent financial statements of Scandlines Holding ApS,<br/>for the financial year 1 January – 31 December 2017, which comprise the income statement, statement of<br/>comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including a<br/>summary of significant accounting policies, for the group as well as the parent. The consolidated financial statements<br/>and the parent financial statements are prepared in accordance with International Financial Reporting Standards as<br/>adopted by the EU and additional requirements of the Danish Financial Statements Act.<br/><br/>In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of<br/>the group’s and the Parent’s financial position at 31 December 2017, and of the results of their operations and cash<br/>flows for the financial year 1 January – 31 December 2017 in accordance with International Financial Reporting<br/>Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional<br/>requirements applicable in Denmark. Our responsibilities under those standards and requirements are further<br/>described in the Auditor’s responsibilities for the audit of the consolidated financial statements and the parent<br/>financial statements section of this auditor’s report. We are independent of the group in accordance with the<br/>International Ethics Standards Board of Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and<br/>the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in<br/>accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate<br/>to provide a basis for our opinion. Management is responsible for the management commentary.<br/><br/>Our opinion on the consolidated financial statements and the parent financial statements does not cover the<br/>management commentary, and we do not express any form of assurance conclusion thereon.<br/><br/>In connection with our audit of the consolidated financial statements and the parent financial statements, our<br/>responsibility is to read the management commentary and, in doing so, consider whether the management<br/>commentary is materially inconsistent with the consolidated financial statements and the parent financial statements<br/>or our knowledge obtained in the audit or otherwise appears to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether the management commentary provides the information required<br/>under the Danish Financial Statements Act.<br/><br/>Based on the work we have performed, we conclude that the management commentary is in accordance with the<br/>consolidated financial statements and the parent financial statements and has been prepared in accordance with the<br/>requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the<br/>management commentary. Management is responsible for the preparation of consolidated financial statements and parent financial statements<br/>that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU<br/>and additional requirements of the Danish Financial Statements Act, and for such internal control as Management<br/>determines is necessary to enable the preparation of consolidated financial statements and parent financial statements<br/>that are free from material misstatement, whether due to fraud or error.<br/><br/>In preparing the consolidated financial statements and the parent financial statements, Management is responsible for<br/>assessing the group’s and the parent’s ability to continue as a going concern, for disclosing, as applicable, matters<br/>related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial<br/>statements and the parent financial statements unless Management either intends to liquidate the group or the entity or<br/>to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent<br/>financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an<br/>auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee<br/>that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always<br/>detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material<br/>if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users<br/>taken on the basis of these consolidated financial statements and the parent financial statements.<br/><br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we<br/>exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br/><br/> Identify and assess the risks of material misstatement of the consolidated financial statements and the parent<br/>financial statements, whether due to fraud or error, design and perform audit procedures responsive to those<br/>risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk<br/>of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as<br/>fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal<br/>control.<br/> Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are<br/>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the<br/>group’s and the parent’s internal control.<br/> Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and<br/>related disclosures made by Management.<br/> Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing<br/>the consolidated financial statements and the parent financial statements, and, based on the audit evidence<br/>obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt<br/>on the group’s and the parent’s ability to continue as a going concern. If we conclude that a material<br/>uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the<br/>consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to<br/>modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s<br/>report. However, future events or conditions may cause the group and the entity to cease to continue as a<br/>going concern.<br/> Evaluate the overall presentation, structure and content of the consolidated financial statements and the<br/>parent financial statements, including the disclosures in the notes, and whether the consolidated financial<br/>statements and the parent financial statements represent the underlying transactions and events in a manner<br/>that gives a true and fair view.<br/> Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business<br/>activities within the group to express an opinion on the consolidated financial statements. We are responsible<br/>for the direction, supervision and performance of the group audit. We remain solely responsible for our audit<br/>opinion.<br/><br/>We communicate with those charged with governance regarding, among other matters, the planned scope and timing<br/>of the audit and significant audit findings, including any significant deficiencies in internal control that we identify<br/>during our audit. Copenhagen 2018-04-17 Kirsten Aaskov Mikkelsen Bjarne Iver Jørgensen State-Authorised Public Accountant State-Authorised Public Accountant mne21358 mne35659 Our Responsibility<br/>The Code of Conduct is provided to all employees, and an E-learning program has been implemented to convey in<br/>detail the principles of the Code. In addition, a Supplier Code of Conduct is in place to ensure that our values are<br/>extended throughout Scandlines’ sphere of influence. A whistleblower scheme has been implemented to allow for<br/>anonymous reporting of non-compliance with Scandlines’ Code of Conduct.<br/><br/>The group’s Code of Conduct is supplemented by relevant policies and procedures, guiding employees’ behavior in<br/>specific situations.<br/><br/>Safety<br/>The safety and well-being of our passengers and employees are of paramount importance to Scandlines’ business, and<br/>our Code of Conduct emphasizes our commitment to protecting the workplace health and safety of our employees and<br/>passengers. We comply with internationally recognized standards, record and analyze incidents as well as train our<br/>employees to maintain a high safety level.<br/><br/>Results and outlook Scandlines established a Corporate Security Committee in 2017 with a view to ensuring a streamlined approach to<br/>safety and security across the group - at sea and on shore.<br/><br/>In 2017, Scandlines was fully compliant with the demands of the International Safety Management Code (ISM), and<br/>we passed our annual company audits performed by the maritime authorities as expected. In addition to the maritime<br/>authorities, our classification society, Lloyd’s Register, maintains tight control with the ferries to ensure that all<br/>statutory rules and regulations are observed and that ferry maintenance procedures are performed and documented<br/>accurately.<br/><br/>During 2017, all vessels on the Puttgarden-Rødby route underwent 20-year reviews at separate yard stays, and M/V<br/>Kronprins Frederik was furter refurbished. In addition, new fast rescue boats were installed at M/V Prinsesse<br/>Benedikte and M/V Prins Richard.<br/><br/>The General Notice System (GNS) records any incidents, dangerous situations and deviations from the International<br/>Safety Management System and allows us to analyze the data as part of Scandlines’ annual management review to<br/>ensure that procedures are updated and improved whenever relevant.<br/><br/>We draw on external experts as well as analysis of incidents and nearmisses recorded by safety committees on board<br/>every ferry and in every terminal when we invest in the continued improvement of the working environment. We<br/>conduct weekly and monthly exercises for crew members as well as testing of equipment in accordance with<br/>mandatory demands, and our voluntary crew resource management training at CAE Flight Academy and the use of<br/>our own simulator in Puttgarden are valuable tools for improving the safety level. In late 2017, we entered into a<br/>three-year contract granting Mols-Linjen access to our simulator at a series of scheduled training sessions.<br/><br/>Human rights<br/>Our Code of Conduct highlights Scandlines’ commitment to ensuring ethical and honest behavior, show mutual<br/>respect and adhere to principles of diversity and anti-discrimination as well as properly managing potential conflicts<br/>of interest. Our commitment has been integrated in our Supplier Code of Conduct, which also includes the principles<br/>set out in the UN Global Compact; including for example our expectation that business partners refrain from using<br/>child or forced labour and respect national laws and regulations.<br/><br/>Results and outlook<br/>Scandlines achieved a 90 percent completion rate of dedicated E-learning about the group’s Code of Conduct for<br/>administrative employees and employees with management responsibility. In addition, 65 percent of all suppliers<br/>within retail and catering have signed the Supplier Code of Conduct. Suppliers based in higher risk countries have<br/>undergone particular review, including e.g. obtaining audit reports validating compliance with adequate working<br/>conditions (e.g. working hours, compensation, etc.).<br/><br/>These initiatives will be continued in 2018.<br/><br/>Social and employee matters<br/>Scandlines’ Code of Conduct includes social and employee matters and is part of the Scandlines onboarding program.<br/><br/>Results and outlook Scandlines places great emphasis on development and education of the group’s employees. In 2017, all full-time<br/>employees completed an annual appraisal discussion, Personal Performance Development (PPD), as a key step in our<br/>work to ensure high performance and employee satisfaction levels. During the year, seven trainees successfully<br/>completed Scandlines’ professional education in Germany, and six trainees are enrolled in the program.<br/><br/>Scandlines collaborates with local job centres on the Danish islands Lolland and Falster to find up to 130 holiday<br/>reliefs for the high season. In 2017, around 20 percent of these holiday reliefs were later employed on a permanent<br/>basis. In Germany, Scandlines predominantly collaborates with schools on and around Fehmarn in order to recruit<br/>holiday reliefs. Scandlines employed an average of 1,524 full-time employees (FTEs) in 2017 against 1,506 in 2016.<br/>The group employed 656 FTEs on shore and 868 FTEs at sea in 2017.<br/><br/>Scandlines furthermore supports the local area on Danish islands Lolland and Falster as well as the German island of<br/>Fehmarn by means of sponsorship agreements with local sports clubs, shows and school projects, among other things.<br/><br/>Scandlines maintained the recently introduced onboarding program for new employees in both Germany and<br/>Denmark with a view to provide all employees with a thorough introduction to Scandlines. We aim to maintain the<br/>program in 2018.<br/><br/>Environment and climate<br/>Our Code of Conduct states Scandlines’ commitment to protecting the environment under the highest applicable<br/>standards, particularly those that relate to preserving our marine environment. As a consequence, we have defined a<br/>vision of converting the group’s ferries to zero emission ferries, thus being perceived as an industry leader with a<br/>clear vision for the sector’s green future.<br/><br/>Results and outlook We continued to pursue the zero emission vision as described in the outlook section, and hybrid ferry M/V Berlin was<br/>recognized with a Shippax Award in 2017.<br/><br/>Scandlines maintained a number of partnerships in 2017, including:<br/><br/>• Membership of The Trident Alliance and continued commitment to support robust and transparent enforcement of<br/>Sulphur regulations as well as comply with said regulations<br/>• Membership of Green Ship of The Future, a Public Private Partnership for innovation and demonstration of<br/>technologies and methods that make shipping more environmentally friendly<br/>• Long-term cooperation with German environmental non-profit organization “NABU” (Naturschutzbund) with a<br/>view to further strengthen Scandlines’ green profile by developing more environmentally- friendly and sustainability<br/>initiatives<br/><br/>Scandlines continued to reduce power consumption on the ferries in 2017 with energy-saving initiatives including<br/>improved utilization of the new vessels on the Rostock-Gedser route and upgrading of automation and power<br/>management systems on ferries M/V Deutschland and M/V Schleswig-Holstein. Furthermore, clearing and repainting<br/>of underwater hulls contributed to the improved performance, which was also supported by improved usage of<br/>recently installed diesel generators on M/V Deutschland and M/V Prins Richard. The above-mentioned efforts<br/>furthermore contributed to reducing Scandlines’ fuel consumption further.<br/><br/>During the year, a new scrubber wastewater treatment plant was installed in Gedser, ensuring environmentally<br/>friendly treatment and handling of wastewater from the scrubbers on M/V Berlin and M/V Copenhagen.<br/>Scandlines will continue the efforts to reduce energy consumption in 2018.<br/><br/>Anti-corruption and business ethics<br/>Scandlines’ Code of Conduct specifies our commitment to honest and ethical behavior as well as compliance with all<br/>relevant anti-bribery laws in all jurisdictions in which we do business. All employees receive the Code of Conduct<br/>and are expected to make the same commitment.<br/><br/>Results and outlook Scandlines implemented a comprehensive compliance program in 2014, and we maintained the program in 2017 as<br/>potential non-compliance with relevant rules and regulations may have a significant detrimental impact on<br/>Scandlines’ business, financial statements and reputation. It is thus crucial that any violation is immediately reported<br/>and acted on.<br/><br/>Scandlines achieved a 90 percent completion rate of dedicated E-learning about the group’s Code of Conduct for<br/>administrative employees and employees with management responsibility. In addition, 65 percent of all suppliers<br/>within re-tail and catering have signed the Supplier Code of Conduct.<br/><br/>The anti-corruption and anti-bribery initiatives will be continued in 2018. 487000000 470000000 6700000 8500000 493700000 478500000 47300000 46700000 134500000 135800000 58700000 51700000 76100000 73200000 800000 0 316600000 307400000 177100000 171100000 -800000 0 41600000 32900000 135500000 138200000 0 300000 75700000 79200000 8000000 0 10500000 0 59800000 59300000 1700000 0 3200000 6800000 0 0 56600000 52500000 0 200000 56600000 52700000 1700000 0 8300000 -2700000 -5600000 8000000 2700000 5300000 0 0 59300000 58000000 1700000 0 59300000 58000000 6000000 6500000 1600000 1900000 631300000 631300000 638900000 639700000 127500000 96700000 371300000 380500000 52000000 81900000 17100000 20600000 567900000 579700000 336700000 0 1206800000 1219400000 336700000 0 19900000 20900000 1500000 3000000 400000 0 71200000 91900000 40300000 105100000 0 0 105100000 78700000 0 0 132900000 220900000 0 0 132900000 220900000 400000 0 1339700000 1440300000 337100000 0 35500000 35500000 35500000 0 59800000 63600000 -8700000 0 0 0 5500000 2800000 100800000 101900000 100800000 101900000 26800000 0 1066300000 1041400000 299200000 0 3600000 3700000 900000 500000 1070800000 1045600000 299200000 0 39600000 50400000 64000000 171100000 10000000 0 40500000 39600000 600000 0 1600000 2400000 21400000 26000000 500000 0 900000 3300000 168000000 292800000 11100000 0 1238800000 1338500000 1339700000 1440300000 337100000 0 -6300000 -20500000 0 0 -21500000 22700000 10800000 0 149300000 173500000 71800000 79200000 8000000 0 0 300000 6000000 10200000 Result before amortisation and depreciation (EBITDA), continuing Result before amortisation and depreciation (EBITDA), continuing Result before amortisation and depreciation (EBITDA), continuing Result before amortisation and depreciation (EBITDA), continuing Result before amortisation and depreciation (EBITDA), discont. 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