Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2018-01-012017-01-012018-12-312017-12-3137803936NPC Projects A/STuborg Havnevej182900HellerupGentoftePricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Strandvejen442900HellerupDanmark2019-06-25Lars RasmussenRegnskabsklasse BRevisionspåtegningThe Executive Board and Board of Directors have today considered and adopted the Annual Report of NPC Projects A/S for the financial year 1 January - 31 December 2018.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 at 31 December 2018 of the Company and of the results of the Company operations for 2018.We recommend that the Annual Report be adopted at the Annual General Meeting.Hellerup2019-06-25Lars Steen RasmussenJan-Henrik Többe Ove Meyer Lars Steen Rasmussen The Annual General Meeting has decided that the Financial Statements for next year are not to be subject to any audit.To the Shareholder of NPC Projects A/SIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2018 and of the results of the Company’s operations for the financial year 1 January - 31 December 2018 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of NPC Projects A/S for the financial year 1 January - 31 December 2018, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the 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’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 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 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 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 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. Hellerup2019-06-25Hellerup2019-06-25PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabMark Philip Beerstatsautoriseret revisormne29472-130000120007600010690000106000-206000-11630000-8500017000380001200051000-201000-126100000-201000-1261000-201000-126100000000100020007600001900020009600023000321000250004170002500041700076000760007600076000-1519000-1318000-1443000-1242000100095000144500052400022000104000014680001659000146800016590002500041700076000-1318000-20100076000-1519000The Company has lost its nominal share capital at 31 December 2018. Company Executive Board has complied with the provisions of section 119 of the Danish Companies Act. For the purpose of strengthening its cash resources, the Company has received letter of support from its Parent Company. The letter remain effective until 30 June 2019. However, no agreement has been entered to restore the equity. Based on the above, Executive Board considers the Company's capital resources adequate and thus presents the Annual Report under the going concern assumption.The primary activity of the company were to do business related to shipping or other business efter the Executive Board's discretion associated therewith. The Company's activity has been closed down in 2017, and the Company is without activity.5000010670002600020007600010690000201800002200003000003600001060000850000850000-850000-85000NPC Projects Co. Ltd.Thailand49 Contingent liabilities The Company has no liabilities as pr. 31. december 2018.The Annual Report of NPC Projects A/S for 2018 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The accounting policies applied remain unchanged from last year. The Financial Statements for 2018 are presented in USD with exchange rate as at 31. december 2018 USD 651,94 (2017: USD 620,77).Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Vessel operating costs comprise the raw materials and consumables consumed to achieve revenue for the year.Other external expenses comprise office expenses, etc.With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, vessel operating costs and other external expenses.Staff expenses comprise wages and salaries.Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Investments in associates are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.Prepayments comprise prepaid expenses.Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Debts are measured at amortised cost, substantially corresponding to nominal value.Prepayments comprises payments received in respect of income in subsequent years.378039362018-01-01e:ContributedCapitalMember378039362018-12-31e:ContributedCapitalMember378039362018-01-01e:RetainedEarningsMember378039362018-01-012018-12-31e:RetainedEarningsMember378039362018-12-31e:RetainedEarningsMember378039362018-01-012018-12-31378039362018-01-012018-12-311378039362018-01-012018-12-311378039362018-01-012018-12-312378039362018-01-012018-12-313378039362018-01-012018-12-311378039362017-01-012017-12-31378039362018-01-012018-12-31e:RetainedEarningsMember378039362017-01-012017-12-31e:RetainedEarningsMember378039362017-12-31378039362018-12-31378039362018-01-01e:InvestmentsInAssociatesMember378039362018-01-012018-12-31e:InvestmentsInAssociatesMember378039362018-12-31e:InvestmentsInAssociatesMember378039362017-01-01e:InvestmentsInAssociatesMember378039362017-01-012017-12-31e:InvestmentsInAssociatesMember378039362017-12-31e:InvestmentsInAssociatesMember378039362018-01-012018-12-31e:AssociateMember1378039362018-12-31e:AssociateMember1xbrli:pureiso4217:USD