255981052017-01-012017-12-31255981052017-01-012017-12-31Direktionsmedlem 01255981052017-01-012017-12-31Bestyrelsesmedlem 1255981052017-01-012017-12-31Bestyrelsesmedlem 2255981052017-01-012017-12-31Bestyrelsesmedlem 3255981052017-12-31255981052016-12-31255981052016-01-012016-12-31255981052017-01-012017-12-31fsa:RetainedEarningsMember255981052016-01-012016-12-31fsa:RetainedEarningsMember255981052017-01-012017-12-31fsa:RetainedEarningsMember255981052017-12-31fsa:ContributedCapitalMember255981052016-12-31fsa:ContributedCapitalMember255981052017-12-31fsa:RetainedEarningsMember255981052016-12-31fsa:RetainedEarningsMember255981052017-01-012017-12-31Revisionsvirksomhed 01255981052017-01-012017-12-31Revisionsvirksomhed 01 - Revisor 01255981052017-01-012017-12-31Revisionsvirksomhed 02 - Revisor 01255981052017-01-012017-12-31Revisionsvirksomhed 02 - Revisor 02iso4217:USDpureMaersk Fluid Technology A/S is responsible for continued development of the SEA-Mate Blending on Board system and SEA-Mate Analyzer, as well as the ongoing operational and commercial activities related to the products. Blending on Board is considered the future lubrication management system to be used for container vessels.The result of the year was impacted by challenging financial conditions in the marine industry, resulting in general reduced retro-fit investment activities. Many shipowners are prioritizing their investment capital to equipment required due to regulatory changes. During the year, we have increased the number local sales agents, increase our geographical scope, with focus on 3rd party sale.   Our products are also a priority for Maersk Line and expect new activities in 2018 with Maersk Line.No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.Jens Nimgaard ByrgesenThe Board of Directors and the Executive Board have today considered and approved the annual report of Maersk Fluid Technology A/S for the financial year 01.01.2017 - 31.12.2017.The annual report is presented in accordance with the Danish Financial Statements Act. We recommend the annual report for adoption at the Annual General Meeting.We believe that the management review contains a fair review of the affairs and conditions referred to therein. Niels Henrik Ramshart LindegaardHenrik LarsenJens Nimgaard ByrgesenManaging DirectorChairman34000045100035490004386000388900048370003889000483700034000045100027400013700030230004087000780001740001090005300056000087300030000336000139000224000684000200002100017000020001000-80000-51000-811000-690000-792000-52100065900061800070000620002000-41000This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C. The entity’s functional currency is USD. All amounts in this report are in thousand USD. The exchange rate of USD to DKK was 6.602 at 31 December 2017 (2016: 6.725).Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Change of presentation currency In 2017, the Entity has opted to change its presentation currency from DKK to USD. The management has decided to change the presentation of currency from DKK to USD as most of the Entity’s business is performed in USD and has limited activity in DKK. Consequently, comparative figures have been restated by translating: Income statements items at transaction date rates Inventories at historical exchange rates Monetary items at the rates at the balance sheet date, including Trade receivables Receivables from group enterprises Other receivables Income tax receivables Trade payables Payables to group enterprises Other payables The change of presentation currency has not materially affected the equity. Except for the change of presentation currency, accounting policies remain unchanged from last year. Inventories are carried at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basis. Net realisable value if the estimated selling price in the ordinary course of business, less applicable variable selling expenses.Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.Revenue is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is measured at fair value of the agreed price net of VAT, duties and sales discounts. Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc.Cost of sales comprises costs of marine lubrication oil sold to external companies.Other financial income comprises interest income and transactions in foreign currencies. Other financial expenses comprise interest expenses and transactions in foreign currencies.The Company is part of A.P. Møller Holding A/S joint taxation. The actual Danish company tax is allocated at settlement between the companies being part of the joint taxation in accordance with their taxable income. Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.-174000-115000170002000557800025598105Maersk Fluid Technology A/S2000-09-01Copenhagen2018-05-28Henrik KoldIn our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2017 and of the results of its operations for the financial year 01.01.2017 - 31.12.2017.2018-05-28CopenhagenWith reference to section 32 of the Danish Financial Statement Act, revenue has not been disclosed in the Annual Report. The Entity participates in a Danish joint taxation arrangement in which A.P. Møller Holding A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for the jointly taxed entities. The total known net liability of the jointly taxed entities under the joint taxation arrangement is evident from the administration company’s financial statements.33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 2900 Hellerup3889000483700033290003964000770007700032520003887000560000873000-635000-408000731000639000-157000-113000-635000-408000-635000-408000-635000770007700032520003887000Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2017, and of the results of the Company’s operations and cash flows for the financial year 1 January - 31 December 2017 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Maersk Fluid Technology A/S for the financial year 1 January - 31 December 2017, which comprise income statement, balance sheet and notes, including a summary of significant accounting policies (“financial statements”).Change of presentation currency In 2017, the Entity has opted to change its presentation currency from DKK to USD. The management has decided to change the presentation of currency from DKK to USD as most of the Entity’s business is performed in USD and has limited activity in DKK. Consequently, comparative figures have been restated by translating: Income statements items at transaction date rates Inventories at historical exchange rates Monetary items at the rates at the balance sheet date, including Trade receivables Receivables from group enterprises Other receivables Income tax receivables Trade payables Payables to group enterprises Other payables The change of presentation currency has not materially affected the equity. Except for the change of presentation currency, accounting policies remain unchanged from last year. Related parties with controlling interest: Majority shareholder: Maersk A/S, Esplanaden 50, 1263 Copenhagen K, Denmark. Other related parties: Companies affiliated with A.P. Møller – Mærsk A/S and A.P. Møller Holding A/S. The Company’s related parties include members of the Board of Directors, Management and the key executives, as well as the related family members of these persons. Related parties also include companies in which the above-mentioned persons have significant interest. Consolidated annual accounts: The Company is included in the consolidated financial statements for A.P. Møller – Mærsk A/S, Esplanaden 50, 1263 Copenhagen K, Denmark and A.P. Møller Holding A/S, Esplanaden 50, 1263 Copenhagen K, Denmark.ÅrsrapportRegnskabsklasse BTo the shareholders of Maersk Fluid Technology A/SHellerup2018-05-28Esplanaden501263Copenhagen KStrandvejen442900HellerupOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Revisionspåtegning-635000-408000State Authorised Public AccountantState Authorised Public AccountantState Authorised Public AccountantUnderskrivende revisor 1Martin LundenHenrik Y. Jensen2017-01-012017-12-312016-12-312016-01-01mne32209mne35442