34205248 2014-01-01 2014-12-31 fsa:ProposedDividendRecognisedInEquityMember 34205248 2014-01-01 2014-12-31 Revisor 1 34205248 2014-01-01 2014-12-31 34205248 2014-12-31 34205248 2014-12-31 fsa:RetainedEarningsMember 34205248 2013-12-31 34205248 2014-01-01 2014-12-31 Bestyrelsesmedlem 4 34205248 2013-01-01 2013-12-31 fsa:ProposedDividendRecognisedInEquityMember 34205248 2014-01-01 2014-12-31 Bestyrelsesmedlem 1 34205248 2013-01-01 2013-12-31 fsa:RetainedEarningsMember 34205248 2014-01-01 2014-12-31 Revisor 2 34205248 2013-01-01 2013-12-31 34205248 2013-01-01 2013-12-31 fsa:DistributionsMember 34205248 2014-01-01 2014-12-31 Bestyrelsesmedlem 3 34205248 2014-01-01 fsa:RetainedEarningsMember 34205248 2014-01-01 2014-12-31 Bestyrelsesmedlem 2 34205248 2014-01-01 fsa:ContributedCapitalMember 34205248 2014-01-01 2014-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 34205248 2013-01-01 2013-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 34205248 2014-12-31 fsa:ContributedCapitalMember 34205248 2014-01-01 34205248 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 34205248 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 34205248 2014-01-01 2014-12-31 fsa:DistributionsMember ISO4217:DKK ISO4217:USD XBRL:shares Mikkel Sthyr Today the Board of Directors and the Executive Board presented the Annual Report for the financial year January 1 – December 31 2014 for Nova Tankers A/S. Lasse Carøe Henningsen The Annual Report has been presented in accordance with the Danish Financial Statements Act. Nova Tankers A/S Statsautoriseret revisor 34205248 DK Nova Tankers A/S Hellerup 2014-12-31 Income is recognised in the income statement as earned. All expenses are recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and when the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that the future economic benefits will flow out of the Company and when the measurement of the value of the liability is reliable. On initial recognition, assets and liabilities are recognised at cost. Subsequently, assets and liabilities are measured as described below for each item. Chairman The Annual Report for Nova Tankers A/S for the financial year January 1 - December 31 2014 has been presented in accordance with the provisions of the Danish Financial Statements Act class B companies. 1098 København K Copenhagen true In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at December 31 2014 and of the results of the Company operations for the financial year January 1 - December 31 2014 in accordance with the Danish Financial Statements Act. 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. Eva Bøje Errebo Veronica Maria Nielsen Financial income and financial expenses are recognised in the income statement with the amounts related to the financial year. Financial income and financial expenses include interest receivable and payable and exchange gains and losses on transactions denominated in foreign currencies etc. PricewaterhouseCoopers Statsautoriseret revisor 2012-01-06 Our responsibility is to express an opinion on the Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement. An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of Financial Statements that give a true and fair view 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 2014-01-01 2015-05-25 The Company is part of national joint taxation in Denmark with A.P. Møller Holding A/S, and is jointly liable with other Danish companies within the Maersk Group for corporate- and withholding tax to Denmark. Anette Ryde The Annual Report for the financial year January 1 - December 31 2014 is presented in USD '000. The Company's objective is to operate as a commercial management company in the shipping industry. Henrik Kvist-Jacobsen Christian Michael Ingerslev Gross profit includes net revenue and other external costs. Revenue comprises income from commercial management. Revenue comprises the fair value of the consideration received or receivable for the management service delivered. Revenue is shown net of value added tax and rebates. Commercial management income is recognised upon delivery of the service in accordance with the management agreement entered into. Other external expenses comprise expenses for administration etc. Danmark The share capital of DKK 500,000 (tUSD 86) is divided into 500,000 shares with a nominal value of DKK 1. No shares has special privileges. Copenhagen Copenhagen The following shareholders are registered in the Company’s register of shareholders as being owners of minimum 5 % of the voting rights or minimum 5 % of the share capital: Maersk Tankers A/S, Copenhagen Tax on profit for the year includes the amount expected to be paid for the year plus adjustment concerning previous years and deferred tax. Strandvejen Financial liabilities include trade payables, payables to associated companies and other payables are recognized initially at cost equal to the proceeds received, net of transaction costs incurred. In subsequent periods, the financial liabilities at amortized cost. Other liabilities are measured at net realizable value. 34205248 44 The audit has not resulted in any qualification. Henrik Ødegaard 2015-05-25 Receivables are measured at amortized cost. Provision is made for bad debts. 2900 Esplanaden 50 We have audited the Financial Statements of Nova Tankers A/S for the financial year January 1 – December 31 2014, which comprise summary of significant accounting policies, income statement, statement of financial position and notes. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. The amount primarily consists of payables to pool partners USD is used as presentation currency and functional currency, as the majority of the Company's transactions are in USD. Transactions in currencies other than the functional currency are translated to the exchange rate on the date of transaction. Monetary items in foreign currency not settled by the balance sheet date are translated to the exchange rate on the balance sheet date. Foreign exchange gains and losses are included in the income statement as financial income and expenses. On December 31 2014, the exchange rate was DKK/USD 612.14 (December 31 2013: DKK/USD 541.27). In our opinion, the Financial Statements provide a true and fair view of the Company’s assets, liabilities and equity, financial position at December 31 2014 and results of the Company’s activities in the accounting period January 1 – December 31 2014. T.USD 564 of cash is resticted and related to payables to pool partners We recommend that the Annual Report be approved at the Annual General Meeting. Revisionspåtegning To the shareholders of Nova Tankers A/S Årsrapport Reporting class B 0 86000 74000 101000 654000 -459000 5000 86000 74000 650000 0 3000 380000 74000 564000 6000 0 536000 500 56174000 -2000 9000 56174000 466000 86000 86000 77000 55628000 26000 210000 210000 86000 380000 26000 71000 77000 1 459000 55708000 -2000 654000 56174000 500 284000 77000 3000 0 287000 77000 56174000 4000 26000 0 210000 84000 103000 0 570000 466000 654000