75085818 2021-01-01 2021-12-31 75085818 2021-01-01 2021-12-31 0 75085818 2021-01-01 2021-12-31 0 75085818 2021-01-01 2021-12-31 1 75085818 2021-01-01 2021-12-31 2 75085818 2021-01-01 2021-12-31 cmn:PreviousYearMember 75085818 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 75085818 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 75085818 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 75085818 2021-01-01 2021-12-31 0 75085818 2021-01-01 2021-12-31 cmn:PreviousYearMember 1 75085818 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 2 75085818 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 3 75085818 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 4 75085818 2021-12-31 75085818 2021-12-31 cmn:PreviousYearMember 75085818 2021-12-31 cmn:TwoYearsAgoMember 75085818 2021-12-31 cmn:ThreeYearsAgoMember 75085818 2021-12-31 cmn:FourYearsAgoMember 75085818 2020-01-01 2020-12-31 75085818 2020-12-31 75085818 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 75085818 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 75085818 2021-01-01 2021-12-31 0 75085818 2021-01-01 2021-12-31 1 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2021-01-01 2021-12-31 Damco Denmark A/S Bredskifte Allé 13, 2 Hasle 8210 Aarhus V 75085818 +45 89 31 66 00 1984-06-18 Aarhus 2022-05-31 Casper Munch <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the Board of directors and the Executive board have discussed and approved the annual report of Damco Denmark A/S for the financial year 1 January - 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the company's operations for the financial year 1 January - 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters and the results of the Company's operations and financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Aarhus 2022-05-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Damco Denmark A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021, and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of Damco Denmark A/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">•       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.</td></tr><tr><td colspan="1">•       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.</td></tr><tr><td colspan="1">•       Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">•       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.</td></tr><tr><td colspan="1">•       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.</td></tr><tr><td colspan="1">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.</td></tr></table> Hellerup 2022-05-31 901686000 6307000 -4720000 77000 0.059 0.026 63 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial ratios are calculated in accordance with the Danish Finance Society's recommendations on the calculation of financial ratios Recommendations and Financial Ratios. For terms and definitions, please see the accounting policies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Review</td></tr><tr><td colspan="1">Business review</td></tr><tr><td colspan="1">The Company carries out international transportation, shipping, thirds-party logistics and air freight Furthermore, the Company undertakes packaging and packing of export goods.</td></tr><tr><td colspan="1">Financial review</td></tr><tr><td colspan="1">In 2021, the Company's revenue amounted to DKK 901,686 thousand against DKK 707,987 thousand last year. The income statement for 2021 shows a profit of DKK 77 thousand against a profit of DKK 1,078 thousand last year, and the balance sheet at 31 December 2021 shows equity of DKK 27,704 thousand. The result for 2021 is in line with expectations.</td></tr><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">The Company's revenue 2022 is expected to be on the same levels as in 2021 due to the continued growth in the Company's core markets offset by margin pressure related to current freight markets. On this basis, a profit in the range of 1-2 MDKK is expected for 2022. The expectations are based on the assumption that the exchange rates for the currencies to which the Company is exposed will remain unchanged.</td></tr><tr><td colspan="1">Risk</td></tr><tr><td colspan="1">Operational risks</td></tr><tr><td colspan="1">Damco is offering competitive freight forwarding solutions. There could always be a risk factor of delivering on time which might be influenced by external factors like inbound customs clearance etc. To mitigate this Damco now has a customs house brokerage visibility tool which allows to stay ahead in the supply chain solutions by providing end to end contact support from the initial feed, customs, tracking and monitoring until delivery.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">The contract currency for Ocean, Supply Chain Management and Air products is USD. To some extent, the Company is therefore exposed to fluctuations in the exchange rate between USD and DKK.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Expectations in 2022</td></tr><tr><td colspan="1">Geopolitical risks are not expected to have material impact on neither profit/loss before financial items nor on financial items.</td></tr><tr><td colspan="1">Overall, result before financial items and result before tax are thus expected to be at same level as this year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate social responsibility</td></tr><tr><td colspan="1">According to section 99a (7) of the Danish Financial Statements Act, the Company does not make any disclosures on corporate social responsibility. We refer to the parent company, A.P. Møller-Mærsk A/S separate report on sustainability at its webpage: https://www.maersk.com/about/sustainability.</td></tr></table> https://www.maersk.com/about/sustainability. https://www.maersk.com/careers/maersk-culture/diversity <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gender diversity in management</td></tr><tr><td colspan="1">As part of the Maersk Group, Damco Denmark A/S aspires to achieve equality throughout the whole organisation. The company adheres to the group policy which was adopted at the Board Meeting in A. P. Moller-Maersk A/S on 21. February 2013 with the aim to increase the share of underrepresented gender on the company's management levels.</td></tr><tr><td colspan="1">(link to policy: https://www.maersk.com/careers/maersk-culture/diversity).</td></tr><tr><td colspan="1">With the goal of having at least 30% of the underrepresented gender as appointed board members the company has achieved this goal and aims to maintain it moving forward.</td></tr><tr><td colspan="1">Target for gender diversity on the Board of Directors</td></tr><tr><td colspan="1">The Board believes that its members should be elected on the basis of their combined qualifications and at the same time recognizes the advantages of a board comprising a wide range of backgrounds such as global experience, style, culture and gender.</td></tr><tr><td colspan="1">On the basis of this ambition, the Board has defined a target to increase the share of the under-represented gender on the Board to account for at least 30% of the shareholder-appointed Board members.</td></tr><tr><td colspan="1">As of 31 December 2021, there are 2 woman on the Board, thus, the ambition to reach the target of 30% female representation on the Board by 31 December has been reached.</td></tr><tr><td colspan="1">To support our ambitions of increasing the number of women in management levels the following actions have been taken and continued also in 2021</td></tr><tr><td colspan="1">•  To increase the number of women being recruited into Damco Denmark A/S there is a target of no less than 40% of one gender to be hired for our job levels up to senior manager level (JL5). During talent reviews which take place for our senior job levels across the company, we measure all data by gender to allow us to assess the diversity of the talent pool.</td></tr><tr><td colspan="1">•  To support the retention of our employees and especially women we introduced a global maternity leave policy in 2016 which enables women to return to work on a flexible hours basis, subject to criteria. The purpose of the policy is to increase the retention of women post maternity leave.</td></tr><tr><td colspan="1">•  Across the company we have implemented training to help reduce the gender and other stereotype bias in decision making. The training is available to all employees across our company with the aim to reduce any potential gender stereotype bias in decision making. Our employees and leaders also take part in the annual diversity and inclusion week across Maersk where we highlight female role models, panel sessions and focus on gender stereotypes and the impact they can have on the future generation.</td></tr><tr><td colspan="1">•  Progress for the above actions is measured across APMM Denmark but in the future we plan to measure these by entity within Denmark to allow for more accurate assessment of progress.</td></tr><tr><td colspan="1">Equal gender distribution has been achieved.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Data Ethics</td></tr><tr><td colspan="1">The responsible use of data is a critical enabler for the group business model. In line with regulatory requirements of Section 99d of the Danish Financial Statements Act (Årsregnskabsloven), A.P. Moller – Maersk A/S established a data ethics policy in 2021, with accompanying governance measures. Please refer to Annual report of A.P. Møller - Mærsk A/S registered with CVR 22756214 for statement of data ethics : https://investor.maersk.com/static-files/b4df47ef-3977-412b-8e3c-bc2f02bb4a5f</td></tr></table> 848628000 53058000 46751000 13479000 18199000 1587000 1510000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Statement of changes in Equity</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="13%" colspan="1" align="right" valign="middle" >Note</td><td width="13%" colspan="1" align="right" valign="middle" >Share Capital</td><td width="13%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="15%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Equity at Equity at 1 January 2020</td><td width="13%" align="right" valign="middle" >5.000</td><td width="13%" align="right" valign="middle" >21.550</td><td width="15%" align="right" valign="middle" >26.550</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Transfer, see "Appropriation of profit"</td><td width="13%" align="right" valign="middle" >17</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="13%" align="right" valign="middle" >1.077</td><td width="15%" align="right" valign="middle" >1.077</td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Equity at 31 December 2020</td><td width="13%" align="right" valign="middle" >5.000</td><td width="13%" align="right" valign="middle" >22.627</td><td width="15%" align="right" valign="middle" >27.627</td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Transfer, see "Appropriation of profit"</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="13%" align="right" valign="middle" >77</td><td width="15%" align="right" valign="middle" >77</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Equity at 31 December 2021</td><td width="13%" align="right" valign="middle" >17</td><td width="13%" align="right" valign="middle" >5.000</td><td width="13%" align="right" valign="middle" >22.704</td><td width="15%" align="right" valign="middle" >27.704</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report of Damco Denmark A/S for 2021 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large-sized reporting class C entities.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Omission of a cash flow statement</td></tr><tr><td colspan="1">With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are reflected in the consolidated cash flow statement for the higher-ranking parent company A.P. Møller-Mærsk A/S.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Segment Information</td></tr><tr><td colspan="1">Segment information is provided on business segments. The segment information is in line with the Company's accounting policies, risks and internal financial management.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Reporting currency</td></tr><tr><td colspan="1">The financial statements are presented in Danish kroner (DKK'000).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue is recognised in the income statement provided that delivery and transfer of risk to the buyer have taken place before year end and that the income can be reliably measured and is expected to be received. Revenue is measured excluding VAT and taxes charged on behalf of third parties.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income and operating expenses</td></tr><tr><td colspan="1">Other operating income and operating expenses comprise items of a secondary nature relative to the Company's core activities, including gains or losses on the sale of fixed assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs include wages and salaries, including compensated absences and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Depreciation</td></tr><tr><td colspan="2">The item comprises depreciation of property, plant and equipment.</td></tr><tr><td colspan="2">The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives of the assets are as follows</td></tr><tr><td>Fixtures and fittings, other plant and equipment</td><td>3-5 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance- payment-of-tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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).</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">Deposits are recognised at amortised cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash</td></tr><tr><td colspan="1">Cash comprise cash and short-term securities, which are readily convertible into cash and subject only to minor risks of changes in value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Proposed dividends</td></tr><tr><td colspan="1">Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity".</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Provisions</td></tr><tr><td colspan="1">Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts, restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.</td></tr><tr><td colspan="1">Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">lncome taxes</td></tr><tr><td colspan="1">Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on management's intended use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial ratios</td></tr><tr><td colspan="1">The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td colspan="1">Gross margin ratio = Gross margin x 100 / Revenue</td></tr><tr><td colspan="1">Equity ratio = Equity, year-end x 100 / Total equity and liabilities, year-end</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Revenue</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="18%" align="right" valign="middle" >2021</td><td width="19%" align="right" valign="middle" >2020</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Services</td><td width="18%" align="right" valign="middle" >901.686</td><td width="19%" align="right" valign="middle" >707.987</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >901.686</td><td width="19%" align="right" valign="middle" >707.987</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Staff costs</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="18%" align="right" valign="middle" >44.216</td><td width="19%" align="right" valign="middle" >43.581</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Pension costs</td><td width="18%" align="right" valign="middle" >3.462</td><td width="19%" align="right" valign="middle" >3.474</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="18%" align="right" valign="middle" >-927</td><td width="19%" align="right" valign="middle" >-881</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >46.751</td><td width="19%" align="right" valign="middle" >46.174</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="18%" align="right" valign="middle" >63</td><td width="19%" align="right" valign="middle" >70</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to management is not disclosed.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Audit fees</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Fees to the auditors appointed by the Company in general meeting are not disclosed with reference to section 96(3) of the Danish Financial Statements Act. The fee is specified in the consolidated financial statements of A.P. Møller Holding A/S</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Group entities</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Interest income</td><td width="18%" align="right" valign="middle" >17</td><td width="19%" align="right" valign="middle" >624</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >17</td><td width="19%" align="right" valign="middle" >624</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Others</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Exchange gain</td><td width="18%" align="right" valign="middle" >13.462</td><td width="19%" align="right" valign="middle" >8.692</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >13.462</td><td width="19%" align="right" valign="middle" >8.692</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial expenses</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Group entities</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Interest expenses</td><td width="18%" align="right" valign="middle" >9.738</td><td width="19%" align="right" valign="middle" >5.245</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >9.738</td><td width="19%" align="right" valign="middle" >5.245</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Others</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Interest expenses and bank charges</td><td width="18%" align="right" valign="middle" >445</td><td width="19%" align="right" valign="middle" >303</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Exchange loss</td><td width="18%" align="right" valign="middle" >8.016</td><td width="19%" align="right" valign="middle" >22.789</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >8.461</td><td width="19%" align="right" valign="middle" >23.092</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Tax for the year</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Estimated tax charge for the year</td><td width="18%" align="right" valign="middle" >695</td><td width="19%" align="right" valign="middle" >1.100</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deferred tax adjustments in the year</td><td width="18%" align="right" valign="middle" >-294</td><td width="19%" align="right" valign="middle" >787</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Tax adjustments, prior years</td><td width="18%" align="right" valign="middle" >1.109</td><td width="19%" align="right" valign="middle" >-765</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >1.510</td><td width="19%" align="right" valign="middle" >1.122</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Investments</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="18%" align="right" valign="middle" >2021</td><td width="19%" align="right" valign="middle" >2020</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Long-term receivables from group companies</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >1.479</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Disposals during the year</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >-1.479</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Long-term receivables from group companies at 31 December</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other long-term receivables</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="18%" align="right" valign="middle" >185</td><td width="19%" align="right" valign="middle" >123</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Additions/(adjustments) for the year</td><td width="18%" align="right" valign="middle" >-185</td><td width="19%" align="right" valign="middle" >62</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other long-term receivables at 31 December</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >185</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deposits, investments</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="18%" align="right" valign="middle" >735</td><td width="19%" align="right" valign="middle" >707</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="18%" align="right" valign="middle" >19</td><td width="19%" align="right" valign="middle" >28</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deposits, investments at 31 December</td><td width="18%" align="right" valign="middle" >754</td><td width="19%" align="right" valign="middle" >735</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax liabilities/(assets)</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January</td><td width="18%" align="right" valign="middle" >298</td><td width="19%" align="right" valign="middle" >-489</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other deferred tax</td><td width="18%" align="right" valign="middle" >-294</td><td width="19%" align="right" valign="middle" >787</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deferred tax at 31 December</td><td width="18%" align="right" valign="middle" >4</td><td width="19%" align="right" valign="middle" >298</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Analysis of the deferred tax</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deferred tax liabilities</td><td width="18%" align="right" valign="middle" >298</td><td width="19%" align="right" valign="middle" >298</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deferred tax assets</td><td width="18%" align="right" valign="middle" >-294</td><td width="19%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >4</td><td width="19%" align="right" valign="middle" >298</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The deferred tax asset is recognised at the amount which the asset is expected to be realised, either by elimination in tax on future income or by set-off against deferred tax liabilities within a 5-years period. The deferred tax asset/liability is measured based on the tax rules and at tax rates applicable at the balance sheet date when the deferred tax asset/ liability is expected to be utilised.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and interest as well as fair value adjustments of derivative financial instruments with a positive fair value.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Financial statements 1 January - 31 December</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >Share capital</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="11%" align="right" valign="middle" >2021</td><td width="11%" align="right" valign="middle" >2020</td><td width="11%" ></td><td width="11%" ></td><td width="15%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Analysis of the share capital</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" ></td><td width="11%" ></td><td width="15%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >5,000 shares of DKK 1,000.00 nominal value each</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" ></td><td width="11%" ></td><td width="15%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Analysis of changes in the share capital over the past 5 years</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="11%" align="right" valign="middle" >2021</td><td width="11%" align="right" valign="middle" >2020</td><td width="11%" align="right" valign="middle" >2019</td><td width="11%" align="right" valign="middle" >2018</td><td width="15%" align="right" valign="middle" >2017</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" align="right" valign="middle" >5.000</td><td width="15%" align="right" valign="middle" >5.000</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Capital increase</td><td width="11%" colspan="1" align="right" valign="middle" >-</td><td width="11%" colspan="1" align="right" valign="middle" >-</td><td width="11%" colspan="1" align="right" valign="middle" >-</td><td width="11%" colspan="1" align="right" valign="middle" >-</td><td width="15%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" align="right" valign="middle" >5.000</td><td width="11%" align="right" valign="middle" >5.000</td><td width="15%" align="right" valign="middle" >5.000</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Provisions for pensions and other liabilities</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="18%" align="right" valign="middle" >2021</td><td width="19%" align="right" valign="middle" >2020</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Provision for pension</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Opening balance at 1 January</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >12</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Provisions in the year</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Provisions utilised in the year</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >-12</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Provision for pension at 31 December</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other provisions</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Opening balance at 1 January</td><td width="18%" align="right" valign="middle" >4.733</td><td width="19%" align="right" valign="middle" >1.595</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Provisions in the year</td><td width="18%" align="right" valign="middle" >2.039</td><td width="19%" align="right" valign="middle" >4.616</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Provisions utilised in the year</td><td width="18%" align="right" valign="middle" >-3.361</td><td width="19%" align="right" valign="middle" >-1.478</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Reversal of Provision in the year</td><td width="18%" align="right" valign="middle" >-51</td><td width="19%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other provisions at 31 December</td><td width="18%" align="right" valign="middle" >3.360</td><td width="19%" align="right" valign="middle" >4.733</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Total provisions at 31 December</td><td width="18%" align="right" valign="middle" >3.360</td><td width="19%" align="right" valign="middle" >4.733</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The provisions are expected to be payable in</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="18%" align="right" valign="middle" >3.360</td><td width="19%" align="right" valign="middle" >4.733</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >1-2 years</td><td width="18%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >3.360</td><td width="19%" align="right" valign="middle" >4.733</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Non-current liabilities</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >2021</td><td width="19%" align="right" valign="middle" >2020</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other employee liabilities</td><td width="18%" align="right" valign="middle" >7.377</td><td width="19%" align="right" valign="middle" >9.998</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >7.377</td><td width="19%" align="right" valign="middle" >9.998</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Contractual obligations and contingencies, etc.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Company is jointly taxed with other Danish Companies in the A.P. Møller-Mærsk A/S. As a wholly-owned subsidiary, the Company is unlimited jointly and severally liable together with the other companies in the jointly taxed group for Danish corporation taxes, etc.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Company has provided a bank guarantee towards the Danish tax authorities of DKK 3,000,000.</td></tr><tr><td colspan="3"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="18%" align="right" valign="middle" >2021</td><td width="19%" align="right" valign="middle" >2020</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other financial obligations</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other rent and lease liabilities</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Rent and lease liabilities</td><td width="18%" align="right" valign="middle" >4.304</td><td width="19%" align="right" valign="middle" >6.161</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Related parties</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Damco Denmark A/S related parties comprise the following</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Parties exercising control</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Related party</td><td width="18%" colspan="1" align="right" valign="middle" >Domicile</td><td width="19%" colspan="1" align="right" valign="middle" >Basis for control</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Maersk Logistics & Services International A/S</td><td width="18%" colspan="1" align="right" valign="middle" >Esplanaden 50, 1098 København K</td><td width="19%" colspan="1" align="right" valign="middle" >Parent company</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Information about consolidated financial statements</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Parent</td><td width="18%" colspan="1" align="right" valign="middle" >Domicile</td><td width="19%" colspan="1" align="right" valign="middle" >Requisitioning of the parent company's consolidated financial statements</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >A.P. Møller Holding A/S</td><td width="18%" colspan="1" align="right" valign="middle" >Esplanaden 50, 1098 København K</td><td width="19%" colspan="1" align="right" valign="middle" >www.maersk.com</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >A.P. Møller-Mærsk A/S</td><td width="18%" colspan="1" align="right" valign="middle" >Esplanaden 50, 1098 København K</td><td width="19%" colspan="1" align="right" valign="middle" >www.maersk.com</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Related party transactions</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >With reference to section 98 C(7) of the Danish Financial Statements Act, the Company has chosen only to disclose transactions with related parties not carried through on normal market terms.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >All transactions with related parties have been carried through on normal market terms.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The following shareholders are registered in the Company's register of shareholders as holding minimum 5% of the votes or minimum 5% of the share capital</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Name</td><td width="18%" colspan="1" align="right" valign="middle" >Domicile</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Maersk Logistics & Services International A/S</td><td width="18%" colspan="1" align="right" valign="middle" >Esplanaden 50, 1098 København K</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Disclosure of events after the balance sheet date</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No subsequent events have occurred after the balance sheet date that have a significant influence on the assessment of the annual report.</td></tr><tr><td colspan="1"></td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Christina Torp Jacobsen Director Mette Birna Odefors Martin Herrstedt Christina Torp Jacobsen 707987000 21221000 -19021000 1078000 0.095 0.098 70 548948000 251000 1659000 451000 0.095 0.237 80 604241000 -103000 1898000 2813000 0.083 0.251 94 547071000 3861000 -2058000 81000 0.095 0.198 79 Gross margin, 53058000 Gross margin, 67395000 Gross margin, 51891000 Gross margin, 50047000 Gross margin, 52161000 1065040000 27704000 https://investor.maersk.com/static-files/b4df47ef-3977-412b-8e3c-bc2f02bb4a5f 0 754000 754000 754000 165555000 895227000 294000 897000 592000 1721000 1064286000 1064286000 5000000 22704000 3361000 3361000 0 7377000 7377000 298000 57133000 964228000 812000 4127000 1026598000 1033975000 1065040000 282378000 27627000 112230000 26550000 103940000 26099000 117706000 23286000 707987000 640592000 67395000 46174000 21221000 9316000 28337000 2200000 1122000 1078000 185000 735000 920000 920000 51175000 226919000 0 2779000 585000 0 281458000 281458000 282378000 5000000 22627000 27627000 4733000 4733000 393000 9998000 10391000 298000 16791000 215884000 1100000 5554000 239627000 250018000 282378000 77000 1078000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 33771231 Søren Ørjan Jensen State Authorised Public Accountant mne33226 Henrik Trangeled Kristensen State Authorised Public Accountant mne23333 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab