30494350 2022-01-01 2022-12-31 30494350 2022-01-01 2022-12-31 1 30494350 2021-01-01 2021-12-31 30494350 2022-12-31 30494350 2021-12-31 30494350 2020-12-31 fsa:ContributedCapitalMember 30494350 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 30494350 2020-12-31 fsa:RetainedEarningsMember 30494350 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 30494350 2020-12-31 30494350 2021-12-31 fsa:ContributedCapitalMember 30494350 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 30494350 2022-12-31 fsa:ContributedCapitalMember 30494350 2021-12-31 fsa:RetainedEarningsMember 30494350 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 30494350 2022-12-31 fsa:RetainedEarningsMember 30494350 2022-01-01 2022-12-31 1 30494350 2022-01-01 2022-12-31 1 30494350 2022-01-01 2022-12-31 2 30494350 2022-01-01 2022-12-31 3 iso4217:DKK Jacob Ramsgaard Nielsen Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Damco A/S for the financial year 1 January - 31 December 2022. 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 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen, Rotem Hershko Director Vincent Clerc Chairman Anne Pindborg Henriette Hallberg Thygesen To the shareholder of Damco A/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022, and the results of the Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Damco A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). 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’ 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 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. 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 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 materiel 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 thatis sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraud may involvecollusion, 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 proceduresthat 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 accountingestimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the financial statements and, based on the audit evidence obtained, whether a materialuncertainty 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 requiredto draw attention in our auditor’s report to the related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However, future events or conditions may cause theCompany to cease to continue as a going concern.• Evaluate the overall presentation, structure and contents of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events in amanner that gives true and fair view.We communicate with those charged with governance regarding, among other matters, the planned stage and timing of the audit and significant audit findings, including any significant deficiencies in internal control we identify during our audit. Copenhagen, PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Henrik Trangeled Kristensen State Authorised Public Accountant Damco A/S Esplanaden 50 1263 København K. 30494350 København Strandvejen 44, 2900 Hellerup Business review The company has no activity besides acting as a holding company. The company owns Damco Logistics Kenya L td. which operates logistics business in Kenya. Financial review The income statement for 2022 shows a loss of DKK 11 thousand against a loss of DKK 11 thousand last year, and the balance sheet at 31 December 2022 shows equity of DKK 3,347 thousand. During the financial year 2022 there has been no operational activity in the company. The company has no employees. Management and Board have not received any remuneration. The result for 2023 is expected to be in line with 2022. -16000 -14000 -16000 -14000 -5000 -3000 -11000 -11000 -11000 -11000 2759000 2759000 0 0 2759000 2759000 2759000 2759000 600000 610000 4000 3000 604000 613000 604000 613000 3363000 3372000 500000 500000 2847000 2858000 3347000 3358000 16000 14000 16000 14000 16000 14000 3363000 3372000 500000 2869000 3369000 0 -11000 500000 2858000 0 -11000 500000 2847000 true In accordance with section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The consolidated financial statements are reflected for the higher-ranking parent company A.P. Møller - Mærsk A/S, CVR-no 22 75 62 14, Copenhagen. true Reporting currency The financial statements are presented in Danish kroner (DKK'000). Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Income statement Gross margin The items operating income and external expenses have been aggregated into one item in the income statement called gross margin in accordance with section 32 of the Danish Financial Statements Act. External expenses Other external expenses include expenses relating to administration. Financial income and expenses Financial incomes are recognised in the income statement at the amounts that concern the financial year. Net financials include interest expenses as well as exchange rate gains and losses. 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 recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Balance sheet Investments in subsidiaries Investments in subsidiaries and associates are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value. For subsidiaries and other equity investments acquired from other companies, where the ultimate parent company A.P. Møller - Mærsk A/S has a controlling influence, the difference between the consideration paid and the fair value is recognized directly in equity. Receivables Receivables are measured at amortised cost. The Company has chosen IAS 39 as interpretation for impairment of financial receivables. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Liabilities Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. 2 Tax for the year Estimated tax charge for the year -5-3-5-3 3 Investments Investments in Other securities DKK'000 subsidiaries and investments Total Cost at 1 January 2022 25,674 847 26,521 Cost at 31 December 2022 25,674 847 26,521 -22,915-847-23,762Value adjustments at 1 January 2022Impairment losses - - - Value adjustments at 31 December 2022 -22,915-847-23,762Carrying amount at 31 December 2022 2,759 -2,759 Equity Profit/Loss Name Domicile Interest USD '000 USD '000 Subsidiaries Damco Logistics Kenya Ltd. Kenya 99.90 % 1,418 82 4. Contractual obligations and contingencies, etc.Contingent liabilitiesThe Company is jointly taxed with all other Danish companies in the A.P. Møller - Mærsk Group. As a consolidated entity, the Company has unlimited and joint liability together with the other companies under joint taxation for Danish corporation tax and withholding tax on dividends, interest and royalties within the jointly taxed companies. The company has no further contractual obligations and contingencies etc. 5. Staff Cost The company has no employees. Management and Board have not received any remuneration. 6. Related partiesInformation about consolidated financial statementsRequisitioning of the parent company's consolidated Parent Domicile financial statements A.P. Møller - Mærsk A/S Esplanaden 50, 1263 www.maersk.com Copenhagen K Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-06-13 Reporting class B 2007-03-29 2023-06-13 33963556 DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB Weidekampsgade 6 2300 København S Opinion Basis for Opinion 2023-06-13 mne23333