43219626 2023-03-01 2024-02-29 43219626 2023-03-01 2024-02-29 1 43219626 2022-04-26 2023-02-28 43219626 2024-02-29 43219626 2023-02-28 43219626 2023-03-01 2024-02-29 1 43219626 2023-03-01 2024-02-29 1 43219626 2023-03-01 2024-02-29 2 43219626 2023-03-01 2024-02-29 3 43219626 2023-03-01 2024-02-29 4 43219626 2023-03-01 2024-02-29 5 43219626 2023-03-01 2024-02-29 6 43219626 2023-03-01 2024-02-29 2 iso4217:DKK xbrli:pure Allan Smed Danske Patruljeskibe K/S c/o Terma, Hovmarken 4 8520 Lystrup 43219626 City Tower, værkmestergade 2 8000 Aarhus C Primary activitiesDanske Patruljeskibe is a consortium established and owned by PensionDanmark, Terma and Odense Maritime Technology. The purpose of Danske Patruljeskibe is to perform the task of designing, building and maintaining the new, modern naval vessels of the Royal Danish Navy. In addition, pursuing the export perspectives of this new type of vessel. Activities during 2023/2024Danske Patruljeskibe signed an Umbrella Contract and a Design Contract with The Danish Ministry of Defence - Acquisition and Logistics Organisation (DALO) in June 2023.Large part of the company’s Technical and Procurement activities activities are executed through the programorganisations of the Consortium owners, while overall program management as well as Commercial-, Financial-, legal- and Communication activities are carried out by Danske Patruljeskibe.The income statement of the company for 2023/24 shows a loss of (4.245 TDK), and at 29 February 2024 the balance sheet of the Company shows equity of 17.100 TDK.Financial PerformanceThe execution of activities has been conducted according to the project plan and the recognised revenued and annual result are as expected. For the FEED phase profit will mainly be recognised, in the Consortium legal entities, where the main part of the project activities are executed.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. -4036000 -90000 694000 0 -4730000 -90000 485000 32000 0 1000 -4245000 -59000 0 0 -4245000 -59000 45000 42000 -4290000 -101000 -4245000 -59000 811000 1420000 811000 1420000 114000 200000 114000 200000 925000 1620000 19744000 0 180000 1932000 9465000 10809000 6809000 0 36198000 12741000 53603000 4562000 89801000 17303000 90726000 18923000 45000000 45000000 -24000000 -30000000 491000 462000 -4391000 -101000 17100000 15361000 36208000 1101000 31383000 0 6036000 2461000 73626000 3562000 73626000 3562000 90726000 18923000 Statement of Changes in Equity Limited Unpaid partner limited General Limited DKK 1,000sharessharespartnerPartnerTotalEquity at 1 march 2023 45.000 (30.000) 462 (101) 15.361 Paid partner shares 6.000 - - 6.000 Unpaid partner shares - - - Disbursements during the year- - (16) - (16) Transferred over the profit appropriation - - 45 (4.290) Equity at 29 February 2024 45.000 -24.000 491 -4.391 17.100 Recognition and measurementAssets 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.Foreign currency translationTransactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the Income Statement as financial income or financial costs.Receivables, payables, and other monetary items denominated in foreign currencies, which are not settled on the Balance Sheet date, are translated at the exchange rates at the Balance Sheet date. The difference between the exchange rates at the Balance Sheet date and at the date at which the receivable or payable arose or was recognized in the latest Financial Statements is recognized in the Income Statement as financial income or financial costs.Income StatementGross profit or lossGross 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.LeasesPayments relating to operating leases are recognized in the Income Statement over the term of the lease. The Company's total liabilities relating to operating leases are disclosed in the notes.Financial income and costsFinancial income and costs comprise interest income and costs, gains and losses on receivables, payables, and other transactions denominated in foreign currencies, amortization of financial assets and liabilities as well as surcharges and refunds etc.Balance SheetIntangiblesSoftware licenses are measured at cost less accumulated depreciation and impairment loss. Patents are depreciated on a straight-line basis over the remaining patent period, and software licenses are depreciated over the contract period, however, not longer than 10 years.Property, plant and equipmentPlant and machinery, and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, subcontractors, and wages and salaries. No interest is included.The cost of a total asset is divided into separate elements which are depreciated separately if the useful life of the individual elements varies. Depreciation is provided on a straight-line basis over the expected useful lives of the assets as follows:Leasehold improvements 8 yearsThe basis of depreciation is based on cost reduced by the residual value of the asset at the end of its useful life and impairment losses, if any. The depreciation period and the residual value are determined at the time of acquistion and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognized. In case of changes in the depreciation period or the residual value, the effect on the amortization charges is recognized prospectively as a change in accounting estimates. Depreciation is recognized in the Income Statement as production costs, distribution costs, and administrative costs, respectively.Gains and losses on the disposal of plant and equipment are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. The gains or losses are recognized in the Income Statement as other operating income or other operating costs, respectively.Impairment of non-current assetsThe carrying amount of intangibles, plant, and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortization.Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the expected net income from the use of the asset or the group of assets and expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognized impairment will only be reversed if the reason for impairment no longer exists. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.PrepaymentsPrepayments recognized under current assets comprise costs incurred concerning subsequent fiscal years.ProvisionsProvisions comprise anticipated costs related to losses related to construction contracts in process. Provisions are recognized when, as a result of past events, the Company has a legal or a constructive obligation, and it is probable that settlement of the obligation will result in an outflow of financial resources. If it is probable that the total costs related to a construction contract will exceed the total income, the expected total loss of the construction contract is recognized as a provision.Liabilities other than provisionsOther liabilities are measured at amortized cost, which in general match net realizable value. true 2.Staff costsSalaries 3.756 -Pensions (183) 0Other social costs (150) 03.4230The Board of Directors does not receive any remuneration. 2 2 3.Financial income and costsBank interests 485 32Financial income48532Bank charges 1 1Financial costs11Net financial income and costs 484 31 4.Intangibles2024DKK 1,000 SoftwareCost at 1 march 2023 1.420 Additions - Cost at 29 February 20241.420Amortizations and impairment at 1. march 2023 -Amortizations and impairments 609 Amortizations and impairments at 29 February 2024 609Carrying value at 29 February 2024811Amortized over 3-8 years20245.Leasehold improvements and equipmentLeasehold DKK 1,000improvementsCost at 1 march 2023 200 Additions - Cost at 29 February 2024 200 Depreciation and impairments at 1 March 2023- Depreciations 86 Depreciations and impairments at 29 February 2024 86 Carrying amount at 29 February 2024114Depreciated over 8 years 6. Construction contracts2024 2023Selling price of construction contracts 90.542 10.809Invoiced on account -112.460 0-21.918 10.809Recognized as follows:Constructions contracts (assets) 9.465 10.809Construction contracts (liabilities) -31.383 0-21.918 10.809 7.Lease commitments The Company has entered into a rent agreement with he limited partner Terma A/S. The annual rent amounts to 420 tDKK, and as of 29 February 2024, the total commitment amounts to 210 tDKK 8.Events after the balance sheet date Following the end of the fiscal year, no significant events have occured which affect the assessment of the Company’s financial position as reported on 29 February 2024, or the annual report 2022/23. 9.Charges and securityNo assets have been charged or otherwise provided as security for bankers or others. 10.Contingent liabilities None. 11.Related parties Related parties of Danske Patruljeskibe K/S consist of:Constituting control Terma A/S, 8520 Lystrup, 33,33% ownership.OMT Group A/S, 5000 Odense C, 33,33% ownership.PensionDanmark, 2100 København Ø, 33,33% ownership.Transactions with related parties The company has chosen to disclose only transactions that have not been made on normal market terms in accordance with section 98c(7) of the Danish Financial Statements Act All transactions have been conducted on normal market terms Lystrup Hans Schneider General Manager Per Thiesen Poul Præstegaard Skadhede Christian Nicolai Riise-Knudsen Chairman Steen Michael Lynenskjold Lars Christensen Peter Kåre Groes Christiansen The Board of Directors and Management have today discussed and approved the Annual Report of Danske Patruljeskibe K/S for the period 1 march 2023 to 29 February 2024.The Annual Report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the Company’s financial position at 29 February 2024 and of the results of the Company’s operations for the period 1 march 2023 to 29 February 2024Further, we consider the management’s commentary to present a fair disclosure of the development in the Company’s operations and financial conditions, the results for the year, and financial position as well as a description of the most significant risks and uncertainty factors that the Company face.We recommend that the Annual Report be approved at the annual general meeting. To the partners of Danske Patruljeskibe K/S We have audited the Financial Statements of Danske Patruljeskibe K/S for the financial year 1. march 2023– 29 February 2024, which comprise Income Statement, Balance Sheet, Statement of Changes in Equity and Notes, including a summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 29 February 2024 and of the results of the Company’s operations for the fiscal year 1. march 2023– 29 February 2024 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 Company Financial Statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion. Management is responsible for the preparation of the Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determins is necessary to enable the preparation of the 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 as to 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 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 the Financial Statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism 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 note 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. Management is responsible for the management's commentary. Our opinion on the Financial Statements does not cover the management's commentary, 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 the Management's commentary and, in doing so, consider whether the management's commentary 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 the management's commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management's commentary 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 of the management's commentary. Aarhus DeloitteStatsautoriseretRevisionspartnerselskab 33963556 Jacob Tækker Nørregaard Mikael Møller State-Authorized Public Accountant State-Authorized Public Accountant mne40049 mne47835 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-03-01 2024-02-29 2022-04-26 2023-02-28 2024-05-27 Reporting class B 2022-04-26 2024-05-27 33963556 DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB Weidekampsgade 6 2300 København S Opinion Basis for Opinion 2024-05-27 33963556 Deloitte Statsautoriseret Revisionspartnerselskab City Tower, værkmestergade 2 8000 Aarhus C