42671223 2024-01-01 2024-12-31 42671223 2024-01-01 2024-12-31 1 42671223 2024-01-01 2024-12-31 1 42671223 2024-01-01 2024-12-31 1 42671223 2024-01-01 2024-12-31 2 42671223 2024-01-01 2024-12-31 3 42671223 2023-01-01 2023-12-31 42671223 2024-12-31 42671223 2023-12-31 42671223 2023-12-31 fsa:ContributedCapitalMember 42671223 2023-12-31 fsa:RetainedEarningsMember 42671223 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 42671223 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 42671223 2024-12-31 fsa:ContributedCapitalMember 42671223 2024-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Anders Skipper Source2Sea A/S Amagerfaelledvej 106 2300 Copenhagen S 42671223 Copenhagen Østre Havnepromenade 26, 4 9000 Aalborg The Board of Directors and the Executive Board have today considered and approved the annual report of Source2Sea A/S for the financial year 1 January 2024 – 31 December 2024. The annual report is 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 31 December 2024 and of the results of the company’s operations for the financial year 1 January 2024 – 31 December 2024. Furthermore, in our opinion, the Management’s review gives a fair review of the matters discussed in the Management’s review. We recommend the annual report for adoption at the Annual Meeting. Copenhagen Ernst Mikael Weis CEO Jens Holger Nielsen Anders Skipper Michael Mørk Hansen Chairman To the shareholders of Source2Sea A/S We have audited the financial statements of Source2Sea A/S for the financial year 1 January 2024 – 31 December 2024, which comprise the 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 Entity’s financial position at 31 December 2024 and of the results of its operations for the financial year 1 January 2024 – 31 December 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 financial statements" section of this auditor’s report. We are independent of the Entity 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 for our opinion. Management 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity 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 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 areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theEntity’s internal control.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by Management.  Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparingthe 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 Entity’s ability to continue as a goingconcern. 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 modifyour 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 Entity to cease to continue as a going concern.  Evaluate the overall presentation, structure and content of the financial statements, including the disclosuresin the notes, and whether the financial statements represent the underlying transactions and events in amanner 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 commentary. Our opinion on the financial statements does not cover the management 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aalborg Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Jakob Olesen State-Authorised Public Accountant mne34492 The company’s primary activities The company’s purpose is to facilitate online trade with a focus on maritime suppliers, as well as any business which at management discretion, is related to this. Development in activities and financial conditions During the financial period, Source2Sea A/S has further developed the company’s digital platform, which purpose is to act as a marketplace for maritime supplies. The company’s development of solutions for the digitalization of traditional trading processes in the maritime industry requires significant investments. These investments continues to be financed by the company’s parent company. The company’s net loss for the year amounted to DKK -35,515k, compared to a loss of DKK -41,955k in 2023, which is in accordance with management’s expectations for the period, as the company, despite increasing activity, still finds itself in a development phase. The company’s parent company has made a capital increase of total DKK 35,000k, during the financial period, tosupport the company’s activities. The management of the parent company, Wrist Ship Supply A/S, has issued a statement of support, confirming that the parent company will financially support Source2Sea A/S for a period of at least 12 months from the presentation of the annual accounts for 2024. Based on this, the annual accounts have been prepared on the assumption of a going concern. Events after the balance sheet date No events materially affecting the company’s financial position have occurred subsequent to the financial year-end. -13950000 -20595000 21724000 23217000 8270000 8274000 -43944000 -52086000 1385000 1696000 -45329000 -53782000 -9814000 -11827000 -35515000 -41955000 -35515000 -41955000 16349000 24319000 16349000 24319000 184000 485000 184000 485000 1384000 896000 1384000 896000 17917000 25700000 921000 367000 9371000 11790000 553000 687000 169000 111000 11014000 12955000 11014000 12955000 28931000 38655000 506000 504000 10526000 11043000 11032000 11547000 27000 191000 27000 191000 165000 304000 3602000 4394000 10694000 16976000 3411000 5243000 17872000 26917000 17899000 27108000 28931000 38655000 504000 11043000 11547000 0 -35515000 -35515000 2000 34998000 35000000 506000 10526000 11032000 1 – Going concern The management of the parent company, Wrist Ship Supply A/S, has issued a letter of support confirming that the parent company will provide financial support to Source2Sea A/S for a period of at least 12 months from the presentation of the financial statements for 2024. Based on this, the financial statements have been prepared on the assumption of continued operations. 2 – Employee costs DKK'000 2024 2023Wages and salaries and related expenses 20,262 21,816Pension costs 1,313 1,222Other social security costs 149 17921,724 23,217 3 – Financial expenses DKK'000 2024 2023Interest expense arising from Group enterprises 1,342 1,606Interest from leases 14 20Exchange rate adjustments 5 54Other financial expenses 24 161,385 1,696 4 – Income tax DKK'000 2024 2023Current tax on profit for the year -9,371 -11,790Deferred tax on profit for the year -488 -44Tax on profit for the year -9,859 -11,834Current tax adjustments recognised for prior years 45 7Income taxes in the income statement -9,814 -11,827 22 24 5 – Intangible assets DKK'000 Software TotalCost at 1 January 2024 39,846 39,846Cost at 31 December 2024 39,846 39,846Amortizations at 1 January 2024 15,527 15,527Exchange rate adjustments 1 1Amortizations for the year 7,969 7,969Amortizations at 31 December 2024 23,497 23,497Carrying amount at 31 December 2024 16,349 16,349 6 – Property, Plant and Equipment Fixtures and DKK'000Equipment TotalCost at 1 January 2024 903 903Disposals -338 -338Cost at 31 December 2024 565 565Depreciations at 1 January 2024 418 418Depreciations for the year 301 301Reversal regarding disposals -338 -338Depreciations at 31 December 2024 381 381Carrying amount at 31 December 2024 184 184Right-of-use assets at 31 December 2024 184 184 7 – Contingent liabilities Joint taxation arrangement The company is party to a mandatory Danish joint taxation arrangement with Wrist ADM ApS serving as the administration company. The joint taxation arrangement complies with general Danish tax legislation and has included Wrist Adm Aps as well as W.S.S. Holding A/S and all Danish subsidiaries of W.S.S. Holding A/S. As a result of the joint taxation, the company is, in accordance with Danish tax law, jointly and severally liable and secondarily liable for income taxes, etc., of the jointly taxed companies from the financial year 2021/22 and, from 8 September 2021, also jointly and severally liable for any obligations to withhold withholding tax on interest, royalties, and dividends for these companies. However, the secondary liability in both cases is limited to an amount corresponding to the share of the capital in the company that is directly or indirectly owned by the ultimate parent company. Tax liabilities concerning sister companies that were previously included in the joint taxation group and, thus, also subject to the above-mentioned liability are covered by an indemnity agreement entered into with W.S.S. Holding A/S. 8 – Related parties The company’s related parties consist of the parent company Wrist Ship Supply A/S and the parent companies of this company and subsidiaries. Altor Fund II, Jersey is the ultimate controlling party and controls W.S.S. Holding A/S, which is the upper Danish holding company of the Group. The company has not had transactions with related parties during the financial year that were not conducted on market terms. 9 – Group relations Name and domicile of the parent company preparing consolidated financial statements for the smallest group: Wrist Ship Supply A/S, Aalborg, CVR No. 19 27 27 96 Name and domicile of the parent company preparing consolidated financial statements for the largest group: W.S.S. Holding A/S, Aalborg, CVR No. 34 90 01 75 true true Basis of recognition and measurement Assets are recognized in the balance sheet when, as a result of a past event, it is probable that future economic benefits will flow to the company, and the value of the asset can be reliably measured. Liabilities are recognized in the balance sheet when the company, as a result of a past event, has a legal or constructive obligation, and it is probable that future economic benefits will be forfeited from the company, and the value of the liability can be reliably measured. Upon initial recognition, assets and liabilities are measured at cost. Subsequent measurement is carried out as described for each accounting item below. Recognition and measurement take into account foreseeable risks and losses that arise before the financial statements are prepared, and which confirm or contradict conditions existing at the balance sheet date. In the income statement, net sales are recognized when earned, while expenses are recognized based on amounts related to the financial year. Foreign currencies On initial recognition, transactions 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 the date of payment are recognized in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivables or payable arose or was recognized in the latest financial statements is recognized in the income statement as financial income or financial expenses. Income Statement Gross profit or loss Gross profit or loss includes net sales, other operating income and external expenses, cf. section 32 of the Danish Financial Statement Act. Net Sales The company has chosen IFRS 15 as interpretation for sale recognition. Income from the provision of services is recognized as sales as the services are delivered, whereby the net sales corresponds to the sales value of the services performed during the year (production method) Net sales is measured at the fair value of the agreed consideration excluding VAT and taxes collected on behalf of third parties. All forms of discounts granted are included in the net sales. Net sales is allocated among the individual performance obligations, which consist of facilitating the purchase and sale of goods/services between third-party traders on the digital platform, as well as other related services provided through the digital platform. Other operating income Other operating income comprise income of a secondary nature viewed in relation to the company's primary activities, including gains from the sale of intangible and tangible non-current assets. Other external expenses Other external expenses include expenses related to the company’s core activities, including expenses relating to sale, administration, premises etc. This item also includes write-downs of receivables recognized under current assets. Employee costs Employee costs include wages and salaries, as well as cost for pensions, social security etc. Depreciation Depreciation of intangible and tangible fixed assets consist of depreciation calculated based on the determined residual values and useful lives of the individual assets. Financial Expenses Financial expenses include interest, including interest on debt to Group Enterprises, as well as foreign losses of liabilities and transactions in foreign currency. Tax Tax for the year includes current tax on the year’s expected taxable income and the year’s deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognized in the income statement, whereas the portion that relates to transactions taken to equity is recognized in equity. The company is jointly taxed with Wrist ADM ApS as well as all Danish subsidiaries of W.S.S. Holding A/S. The current Danish corporate tax is allocated among the joint tax entities in proportion to their taxable incomes (full allocation with refund regarding tax losses). Balance sheet Intangible Assets Software is measured at cost less accumulated depreciation. The cost price includes the purchase price, costs directly attributable to the acquisition and costs for preparing the asset until it is ready for use. Software is written down to recoverable value if it is lower than the carrying amount. The depreciation basis is the cost price less the expected residual value at the end of the useful life. Straight-line depreciation is performed based on the following assessment of the assets’ expected useful lives:  Software 5 Years Property, Plant and Equipment Fixtures and Equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the acquisition price, costs directly related to the acquisition and the costs of preparing the asset up until such time as the asset is ready for use. The depreciation basis is the cost price less the expected residual value at the end of the useful life. Straight-line depreciation is performed based on the following assessment of the assets’ expected useful lives:  Fixtures and Equipment 3 – 10 Years The expected useful lives and residual values are reassessed annually. Fixtures and Equipment are written down to recoverable value if it is lower than the carrying amount. Leases and lease liabilities The company has chosen IFRS 16 as interpretation for classification and recognition of leases. Leases are recognized as right-of-use assets with the corresponding liability at the time the asset is available for use. Assets and liabilities arising from a lease are measured on a present value basis. Right-of-use assets are recognized at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter period of lease term and the asset’s useful life on a straight-line basis. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test is carried out. Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives. Payments relating to services are not included in lease liabilities. In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, given that the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease terms or a change in lease payments. Lease costs for short-term leases and for low value assets are recognized as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Receivables The company has chosen IAS 39 as interpretation for impairment of financial receivables. Receivables are measured at amortized cost, which typically corresponds to nominal value, less any allowances for expected losses. Prepayments Prepayments recognized under assets include incurred costs that relate to subsequent financial years. Prepayments are measured at cost. Deferred tax Deferred tax is recognized for all temporary differences between the accounting and tax values of assets and liabilities, where the tax value of the assets is determined based on the planned use of each asset. However, deferred tax is not recognized for non-tax-deductible goodwill and temporary differences arising at acquisition date, which are not related to a business combination and do not affect the financial result or taxable income. Deferred tax assets, including the tax value of carryforward tax losses, are recognized in the balance sheet at the value expected to be realized, either by offsetting against deferred tax liabilities or as net deferred tax assets. Corporation tax receivables Current corporation tax receivables are recognized in the balance sheet calculated as the tax on the year’s taxable income, adjusted for paid advance tax. In the case of tax losses, deferred tax assets are recognized only if the loss is expected to be utilized in the joint tax arrangements. Other financial liabilities Other financial liabilities are measured at amortized cost. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-05-27 Reporting class B 2025-05-27 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Østre Havnepromenade 26, 4 9000 Aalborg Opinion Basis for Opinion 2025-05-27