330679412013-01-012013-12-31330679412013-01-012013-12-31Direktionsmedlem 1330679412013-01-012013-12-31Bestyrelsesmedlem 1330679412013-01-012013-12-31Bestyrelsesmedlem 2330679412013-01-012013-12-31Bestyrelsesmedlem 3330679412013-12-31330679412012-12-31330679412012-01-012012-12-31330679412013-01-012013-12-31fsa:RetainedEarningsMember330679412012-01-012012-12-31fsa:RetainedEarningsMember330679412013-01-012013-12-31fsa:RetainedEarningsMember330679412012-01-012012-12-31fsa:RetainedEarningsMember330679412013-12-31fsa:ContributedCapitalMember330679412012-12-31fsa:ContributedCapitalMember330679412013-12-31fsa:RetainedEarningsMember330679412012-12-31fsa:RetainedEarningsMember330679412013-01-012013-12-31fsa:ParentOfLargestGroupInWhichReportingEntityIsSubsidiaryMember330679412013-12-31fsa:ProvisionsMember330679412013-01-012013-12-31cmn:TwoYearsAgoMember330679412013-01-012013-12-31cmn:ThreeYearsAgoMember330679412013-01-012013-12-31cmn:FourYearsAgoMember330679412013-12-31cmn:FourYearsAgoMember330679412013-01-012013-12-31cmn:PreviousYearMember330679412013-12-31cmn:PreviousYearMember330679412013-12-31cmn:TwoYearsAgoMember330679412013-12-31cmn:ThreeYearsAgoMember330679412013-01-012013-12-31Revisionsvirksomhed 01330679412013-01-012013-12-31Revisor 01330679412013-01-012013-12-31Revisor 02330679412013-01-012013-12-31Intern Revisor 01330679412013-01-012013-12-31Intern Revision 01iso4217:USDpureThe Company’s primary activity is to carry on chartering and time chartering business. Copenship MPP A/S produced a profit of USD 2.6 million which is satisfactory and better than expected. Copenship MPP’s revenue and operating expenses are denominated in US dollars, for which reason the financial risk is associated with the administrative expenses not denominated in US dollars. These are primarily the administrative expenses incurred in Denmark, with Copenship regularly assessing whether or not to hedge the USD/DKK rate. Copenship MPP A/S also makes use of hedging instruments for bunker purchases either by physical forward purchases or paper hedges through bunker swaps. As bunker hedging always is covered against physical products, there is no financial risk tied to these instruments. They are pure hedging instruments.No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.Management expects 2014 to be a year where the shipping market improves compared to prior years because of a continuing increase in the demand for cargo whereas deliveries of new vessel will reduce. This supply-demand ratio is the main key to freight rates, and Management believes that the years from 2014 to 2017 will be profitable..Jørgen LarsenThe Board of Directors and the Executive Board have today considered and approved the annual report of Copenship MPP A/S for the financial year 01.01.2013 - 31.12.2013.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 commentary contains a fair review of the affairs and conditions referred to therein.Jørgen LarsenMichael Irvine FengerClaus Finderup GroveChief Exectutive Officer16661230606178400014467013667500030600116000157298858575000166615728219857500016661230606178400028385021894000104516714061000585768830005910726370001012619750230003572174511189264300040250399920008851155690009497172000252666747000856416000251680520004194023385300037715233463000352840734270002644958256900040211036900019522210008681000This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises.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.On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Derivative financial instruments are recognised under other receivables or trade payables. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging the fair value of a recognised asset or a recognised liability are recorded in the income statement as financial income or expenses.Inventories primarily consist of oil held on board the vessels. Inventories are measured at the lower of cost using the FIFO method and net realisable value. Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad and doubtful debts.Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Cash comprises cash in hand and bank deposits. Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred income comprises received income for recognition in subsequent financial years. Deferred income is measured at cost. Results of a voyage in cases of re-chartering or time chartering in progress at the balance sheet date are accrued relative to the duration of the voyage before and after the balance sheet date. Commission is taken to income in the financial year in which the chartered vessel takes in cargo. Commission calculated based on hire is accrued relative to the duration of the voyage before and after the balance sheet date. Commission is taken to income in the financial year in which the chartered vessel takes in cargo. Commission calculated based on hire is accrued relative to the duration of the voyage before and after the balance sheet date. Cost of sales comprises costs of sales for the financial year measured at cost, adjusted for ordinary inventory write-downs. These items comprise interest income, realised and unrealised capital gains and losses on payables and transactions in foreign currencies. These items comprise interest expenses, realised and unrealised capital gains and losses on payables and transactions in foreign currencies. 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. The portion of the tax taken to the income statement, which relates to extraordinary profit/loss for the year, is allocated to this entry whereas the remaining portion is taken to the year’s profit/loss from ordinary activities. Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carry forwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. The Entity is jointly taxed with all Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Staff costs comprise salaries and wages as well as social security costs, pension contributions, etc for the Company’s staff. Amortisation, depreciation and impairment losses relating to property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of property, plant and equipment. Financial highlights are defined and calculated in accordance with "Recommendations & Ratios 2010" issued by the Danish Society of Financial Analysts. Ratios Calculation formula Ratios reflect Return on equity (%) Profit/loss for the year x 100 Average equity The Entity's return on capital invested in the Entity by the owners. Soliditetsgrad (%) Equity x 100 Total assets The financial strength of the Entity. -110008564100015000572314500019026541847000-885115-5690001666-28900033585768830002013-12-312013-01-012014-05-0233067941Copenship MPP A/SKøbenhavn+4538262700+4538606403www.copenship.dkcopsh@copenship.dk2014-05-02Jørgen LarsenIn our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2013 and of the results of its operations for the financial year 01.01.2013 - 31.12.2013.2014-05-02BrønshøjGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own work capitalised, other operating income, cost of raw materials and consumables and external expenses. Accrualed results of voyages in progress. Accrualed results of voyages in progress.The company has provided a floating charge of DKK 10m nominal as security for bank debt, equal to USD 1.77m. The floating charge includes unsecured claims relating to sale of goods and services, goodwill, domain names and rights. The Company is included in a Danish joint taxation with Copenship A/S as the management company. Therefore and in accordance with the rules hereon in the Danish Corporation Tax Act, the Company is jointly and severally liable for income taxes as of the financial year 2013. The company is also severally liable with the jointly taxed companies as of 1 July 2012 for any liability to withhold tax at source including interest, royalties and dividends.The Company has provided a guarantee for the group enterprises' debt to Sydbank.The Company has registered the following shareholders to hold more than 5% of the voting share capital or of the nominal value of the share capital:Copenship A/S, Reg no 33 06 79 25, Håbets Allé 26B, 2700 Brønshøj, DenmarkThe share capital consists of 1.000 shares at DKK 500. The shares have not been divided into classes. The share capital has not been changed since the foundation.33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade Postboks 16000900 København CDenmark36 10 20 30157298858575000559702329520009633796000550068628560006665600000666560000010126197502300026449582569000422500391000-1000-883449-858000264495825690002644958256900026449632856000963379600055006862856000 The item consists of provisions for claims 2013: USD 0, 2012: USD 600.000 and Provisions for losses on voyages in progress 2013: USD 6.655 2012: USD 0..Copenship A/S, CVR-nr. 33 06 79 25, Håbets Allé 26B, 2700 BrønshøjManagement 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. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Entity's preparation of financial statements that give a true and fair view 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 Entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.Our audit has not resulted in any qualification. In our opinion, the financial statements give a true and fair view of the Company’s financial position at 31.12.2013 and of the results of its operations for the financial year 01.01.2013 - 31.12.2013 in accordance with the Danish Financial Statements Act. Pursuant to the Danish Financial Statements Act, we have read the management commentary. We have not performed any further procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the management commentary is consistent with the financial statements. Other provisions comprise anticipated losses on voyages in progress and claims etc. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value. Once it is probable that total costs will exceed total income from a voyage in progress, a provision is made for the total loss estimated to result from the relevant voyage. The Company has not prepared a cash flow statement as it forms part of the consolidated financial statements.. Copenship A/S, Central Business Reg No 33 06 79 25, Håbets Allé 26B, 2700 Brønhøj, Denmark wholly owns the shares of the Entity and thus has control over the Entity.16661666ÅrsrapportRegnskabsklasse C, mellemstor virksomhedTo the owners of Copenship MPP A/SWe have audited the financial statements of Copenship MPP A/S for the financial year 01.01.2013 - 31.12.2013, which comprise the accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. København2014-05-02-682000197400011118000-119100014480008180000-1620009000101000-101800010860006197000781900037720003463000-243000-36000264500025690001573000085750006439000150280008432400055970002952000419400038530000000035.634.45.99.39.361.9154.1-114.123.679.3000001401000383000Håbets Allé26B2700Brønshøj33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade60900København CChristian K. JørgensenChris Bjørholm Dyhrstatsautoriseret revisorstatsautoriseret revisorStedUnderskrivende revisor 1statsautoriseret revisorThe Company present its annual report in USD which is the Company’s functional currency. The functional currency is the currency used in the primary financial environment in which the Company operates. On initial recognition, other currency transactions than USD 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. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. 000000000Revisionspåtegning2516805200000000Lease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. The accounting policies applied for these financial statements are consistent with those applied last year.