30494350 2023-01-01 2023-12-31 30494350 2023-01-01 2023-12-31 1 30494350 2023-01-01 2023-12-31 2 30494350 2022-01-01 2022-12-31 30494350 2023-12-31 30494350 2022-12-31 30494350 2021-12-31 fsa:ContributedCapitalMember 30494350 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 30494350 2021-12-31 fsa:RetainedEarningsMember 30494350 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 30494350 2021-12-31 30494350 2022-12-31 fsa:ContributedCapitalMember 30494350 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 30494350 2023-12-31 fsa:ContributedCapitalMember 30494350 2022-12-31 fsa:RetainedEarningsMember 30494350 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 30494350 2023-12-31 fsa:RetainedEarningsMember 30494350 2023-01-01 2023-12-31 1 30494350 2023-01-01 2023-12-31 1 30494350 2023-01-01 2023-12-31 2 30494350 2023-01-01 2023-12-31 3 xbrli:pure iso4217:DKK Jacob Ramsgaard Nielsen Statement by the Board of Directors and the Executive Board 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 2023. 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 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023. 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 Caroline Pontoppidan CEO Vincent Clerc Chairman Anne Pindborg Caroline Pontoppidan Independent auditor's report To the shareholder of Damco A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023, and the results of the Company’s operations for the financial year 1 January - 31 December 2023 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 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for opinion 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. Statement on the 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. Management's responsibilities for the financial statements 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. Auditor's responsibilities for the audit of the financial statements 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 that is sufficient andappropriate 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 theCompany'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 thefinancial statements and, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the relateddisclosures 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, andwhether the financial statements represent the underlying transactions and events in a manner that gives true andfair 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 duringour audit. Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Kristian Pedersen State Authorised Public Accountant mne35412 Jasmin Serrano State Authorised Public Accountant Damco A/S Esplanaden 50 1263 København K København PricewaterhouseCoopers StatsautoriseretRevisionspartnerselskab Strandvejen 44 2900 Hellerup Management's review Financial review The income statement for 2023 shows a profit of DKK 8,342 thousand against a loss of DKK 11 thousand last year, and the balance sheet at 31 December 2023 shows equity of DKK 11,689 thousand. During the financial year 2023 there has been no operational activity in the company. However, the prior year impairment was reversed in 2023 resulting in profit to the company. The company has no employees. Management and Board have not received any remuneration. The result for 2024 is expected to be in line with 2023 except for impairment. Business review The company has no activity besides acting as a holding company. The company owns Damco Logistics Kenya Ltd. which operates logistics business in Kenya. 8361000 -16000 8361000 -16000 19000 -5000 8342000 -11000 11047000 2759000 0 0 11047000 2759000 11047000 2759000 674000 600000 0 4000 674000 604000 674000 604000 11721000 3363000 500000 500000 11189000 2847000 11689000 3347000 16000 16000 16000 0 32000 16000 32000 16000 11721000 3363000 500000 2858000 3358000 0 -11000 500000 2847000 0 8342000 500000 11189000 1. Accounting policies The annual report of Damco A/S for 2023 has been prepared in accordance with the provisions in the Danish Financial 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 Result from investments in subsidiaries 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. Statements Act applying to reporting class B entities 1. Accounting policies (continued) 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. Write downs are made to any lower realisable value. 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. 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 2023 2022 DKK'000 2 Tax for the year 16 -5 Estimated tax charge for the year 16 -5 3 Investments Investments in Other securities DKK'000 subsidiaries and investments Total Cost at 1 January 2023 25,674 847 26,521 Cost at 31 December 2023 25,674 847 26,521 Value adjustments at 1 January 2023 -22,915 -847-23,762Impairment reversal 8,288 - 8,288 Value adjustments at 31 December 2023 -14,627 -847 -15,474 Carrying amount at 31 December 2023 11,047 - 11,047Equity Profit/Loss Name Domicile Interest USD '000 USD '000 Subsidiaries Damco Logistics Kenya Ltd. Kenya 99.90 % 1,639 579 4.Contractual obligations and contingencies, etc. Contingent liabilities The 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 CostThe company has no employees. Management and Board have not received any remuneration. 6. Related parties Information about consolidated financial statements. Parent Domicile Requisitioning of the parent company's consolidated financial statements Esplanaden 50, 1263 A.P. Møller - Mærsk A/S www.maersk.com Copenhagen K 8342000 -11000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-06-27 Reporting class B 30494350 2007-05-29 0 0 2024-06-27 529900VSWLQF0O3GA946 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2024-06-27 33771231 mne47222 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup