75085818 2022-01-01 2022-12-31 75085818 2022-12-31 75085818 2022-01-01 2022-12-31 1 75085818 2022-01-01 2022-12-31 2 75085818 2022-01-01 2022-12-31 1 75085818 2021-01-01 2021-12-31 75085818 2021-01-01 2021-12-31 1 75085818 2021-12-31 75085818 2020-01-01 2020-12-31 75085818 2020-01-01 2020-12-31 1 75085818 2020-12-31 75085818 2019-01-01 2019-12-31 75085818 2019-01-01 2019-12-31 1 75085818 2019-12-31 75085818 2018-01-01 2018-12-31 75085818 2018-01-01 2018-12-31 1 75085818 2018-12-31 75085818 2020-12-31 fsa:ContributedCapitalMember 75085818 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 75085818 2021-12-31 fsa:ContributedCapitalMember 75085818 2020-12-31 fsa:RetainedEarningsMember 75085818 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 75085818 2021-12-31 fsa:RetainedEarningsMember 75085818 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 75085818 2022-12-31 fsa:ContributedCapitalMember 75085818 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 75085818 2022-12-31 fsa:RetainedEarningsMember 75085818 2022-01-01 2022-12-31 1 75085818 2022-01-01 2022-12-31 1 75085818 2022-01-01 2022-12-31 2 75085818 2022-01-01 2022-12-31 3 iso4217:DKK xbrli:pure Casper Munch 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 Denmark A/S for the financial year 1 January - 31 December 2022. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the company's operations for the financial year 1 January - 31 December 2022. Further, in our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters and the results of the Company's operations and financial position. We recommend that the annual report be approved at the annual general meeting. Aarhus Christina Torp Jacobsen Director Mette Birna Odefors Martin Herrstedt Christina Torp Jacobsen Independent Auditor’s Report To the Shareholders of Damco Denmark 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 2022, and of the results of the Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Damco Denmark A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). 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 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 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 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 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. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Søren Ørjan Jensen Henrik Trangeled Kristensen State Authorised Public Accountant State Authorised Public Accountant Damco Denmark A/S Bredskifte Allé 13, 2, Hasle 8210 Aarhus V Aarhus PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44, 2900 Hellerup 2197241000 901686000 707987000 548948000 604241000 82383000 53058000 67395000 51891000 50047000 -16542000 6307000 21221000 251000 -103000 21038000 -4720000 -19021000 1659000 1898000 4023000 77000 1078000 451000 2813000 579821000 1065040000 282378000 112230000 103940000 32078000 27704000 27627000 26550000 26099000 0.04 0.06 0.10 0.10 0.08 0.06 0.03 0.10 0.24 0.25 156 63 70 80 94 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. Business review The Company carries out international transportation, shipping, thirds-party logistics and air freight. Furthermore, the Company undertakes packaging and packing of export goods. Financial review In 2022, the Company's revenue amounted to DKK 2,197,241 thousand against last year revenue DKK 901,686 thousand and expectation is DKK 1,755,792 thousand. The income statement for 2022 shows a profit of DKK 4,023 thousand against a last year profit of DKK 77 thousand and the expectation is 1 – 2MDKK, and the balance sheet at 31 December 2022 shows equity of DKK 32,078 thousand. The result for 2022 is above the expectations. Outlook The Company's revenue in 2023 is expected to be on the same levels as in 2022 due to the continued growth in the Company's core market. Expectations in 2023 Geopolitical risks are not expected to have material impact on neither profit/loss before financial items nor on financial items. Overall, result before financial items and result before tax are thus expected to be at same level as this year. Risk Operational risks 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. Financial risks 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. Corporate social responsibility 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: Gender diversity in management and Board of Directors The Board of Directors consists of two women and one man; thus, the gender split is considered to be balanced and is expected to be maintained in the future in accordance with Section 99b of the Danish Financial Statements Act. • 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. Equal gender distribution has been achieved in other management layers. Data Ethics 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 : 2114858000 848628000 82383000 53058000 98925000 46751000 110022000 13479000 88983000 18199000 4496000 1587000 473000 1510000 797000 754000 797000 754000 797000 754000 425527000 165555000 77908000 895227000 319000 294000 66745000 897000 601000 592000 7924000 1721000 579024000 1064286000 579024000 1064286000 5000000 5000000 27078000 22704000 871000 3361000 871000 3361000 17323000 7377000 17323000 7377000 144611000 57133000 383229000 964228000 129000 812000 1580000 4127000 529549000 1026598000 546872000 1033975000 579821000 1065040000 5000000 22627000 0 77000 5000000 22704000 0 4023000 0 351000 351000 5000000 27078000 Notes to the financial statements 1 Accounting policies The annual report of Damco Denmark A/S for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large-sized reporting class C entities. Segment Information Segment information is provided on business segments. The segment information is in line with the Company's accounting policies, risks and internal financial management. 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 Revenue 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. Other external expenses 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. Staff costs 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. Depreciation The item comprises depreciation of property, plant and equipment. 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: Fixtures and fittings, other plant and equipment3-5 yearsFinancial income and expenses 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. 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 Deposits are recognised at amortised cost. Receivables Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash Cash comprise cash and short-term securities, which are readily convertible into cash and subject only to minor risks of changes in value. Equity Proposed dividends 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". Provisions 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. Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the Future. lncome taxes 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. 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. 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. 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. Financial ratios The financial ratios stated under "Financial highlights" have been calculated as follows: Gross profit ratio Gross profit x 100 Revenue Equity ratio Equity, year-end x 100 Total equity and liabilities, year-end true Omission of a cash flow statement 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. DKK'000 202220212 Revenue 2,197,241 901,686 Services 2,197,241 901,686 3 Staff costsWages and salaries90,47244,216Pension costs6,8993,462Other Staff Costs589--Other social security costs965-927 98,925 46,751 By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to management is not disclosed. 4 Audit fees 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. 5 Financial incomeGroup entities:Interest income32617 326 17 Others:Exchange gain109,69613,462 109,696 13,462 110,022 13,479 6 Financial expensesGroup entities:Interest expenses2,9429,738 2,942 9,738 Others: Interest expenses and bank charges 1,386 445 Financial Expenses 84,655 - Exchange loss 8,016 - 86,041 8,461 88,983 18,199 DKK'000202220217 Tax for the yearEstimated tax charge for the year792695Deferred tax adjustments in the year-323-294Tax adjustments, prior years51,1094731,510 8 Non-current assetsDepositsCost at 1 January754735Additions for the year4319Deposits at 31 December 797 754 9 Deferred tax liabilities/(assets)Deferred tax at 1 January4298Other deferred tax-323-294Deferred tax at 31 December-3194Analysis of the deferred taxDeferred tax liabilities298-Deferred tax assets319-2943194The 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. 10 Prepayments 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. 11 Share capital DKK'000 20222021Analysis of the share capital: 5,000 shares of DKK 1,000.00 nominal value each 5,000 5,000 5,000 5,000 Analysis of changes in the share capital over the past 5 years: DKK'000 20222021202020192018Opening balance5,0005,0005,0005,0005,000Capital increase—————Closing balance5,0005,0005,0005,0005,000 12 Provisions DKK'00020222021ProvisionsOpening balance at 1 January3,3604,733Provisions in the year2,039Provisions utilised in the year-2,489-3,361Reversal of Provision in the year-51Provisions at 31 December8713,360Total provisions at 31 December8713,360The provisions are expected to be payable in:0-1 year8713,360 871 3,360 13 Contractual obligations and contingencies, etc. Other contingent liabilities 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. The Company has provided a bank guarantee towards the Danish tax authorities of DKK 3,000,000. 4DKK'00020222021Other ContingentobligationsOperating leases 2,251 4,304 14 Related parties Damco Denmark A/S related parties comprise the following: Parties exercising control Related party Domicile Basis for control Esplanaden 50, 1098 Parent company Maersk Logistics & Services International A/S København KInformation about consolidated financial statements Requisitioning of the parent company's consolidated Parent Domicile financial statementsEsplanaden 50, 1098A.P. Møller Holding A/S www.maersk.com København KEsplanaden 50, 1098 A.P. Møller-Mærsk A/S www.maersk.com København KRelated party transactions 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. All transactions with related parties have been carried through on normal market terms. Ownership 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: NameDomicileMaersk Logistics & Services International A/SEsplanaden 50, 1098 København K 15 Disclosure of events after the balance sheet date No subsequent events have occurred after the balance sheet date that have a significant influence on the assessment of the annual report. 4023000 77000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-06-26 Reporting class C, large enterprise 75085818 1984-06-18 https://www.maersk.com/about/sustainability. https://www.maersk.com/careers/maersk-culture/diversity). https://investor.maersk.com/static-files/8e9851f1-bcd2-425b-a588-7a39f0c6e302 2023-06-26 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2023-06-26 mne33226 33771231 mne23333 0 298000 Gross margin Gross margin Gross margin Gross margin Gross margin