364587202021-01-012021-12-31364587202021-01-012021-12-311364587202021-01-012021-12-31RevPers2364587202021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember364587202021-01-012021-12-31fsa:RetainedEarningsMember364587202021-01-012021-12-31fsa:ContributedCapitalMember364587202021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember364587202021-01-012021-12-31fsa:RetainedEarningsMember364587202020-01-012020-12-31364587202020-01-012020-12-31fsa:ProposedDividendRecognisedInEquityMember364587202020-01-012020-12-31fsa:RetainedEarningsMember364587202021-12-31364587202021-01-01fsa:ContributedCapitalMember364587202021-01-01fsa:ProposedDividendRecognisedInEquityMember364587202021-01-01fsa:RetainedEarningsMember364587202020-12-31xbrli:purexbrli:pureiso4217:USDxbrli:sharesTo the shareholders of Ocean7 Chartering ApS Basis of opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in our auditors' report under “Auditors' responsibility for the audit of the financial statements”. As required by the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, we are independent of the Company, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion We have audited the financial statements of Ocean7 Chartering ApS for the financial year 1 January 2021 - 31 December 2021, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2021 and of the results of its operations for the financial year 1 January 2021 - 31 December 2021 in accordance with the Danish Financial Statements Act. 2022-04-04SvendborgOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: *Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. *Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. *Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. , The auditor's responsibility for the audit of the financial statements Our responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: *Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. *Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. *Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. Management's responsibility 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 considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so.35486178mne31470Morten Troels PedersenStefan Nordby PetersenRevisionsFirmaet Edelbo,ManagerRevisionspåtegningtrue348835766283106008643749171632Regnskabsklasse B7697769734883576628310604918986264752431760 Reporting Class The Annual Report of Ocean7 Chartering ApS for 1 January - 31 December 2021 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B In addition, the Company has decided to follow specefic rules applying to enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements are presented in USD. Translation policies Transactions in foreign currencies are translated into USD at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into USD based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the Income Statement under Financial Income and Expenses. General Information Basis of recognition and measurement Income is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income Statement Gross profit/loss The Company has decided to aggregate certain items of the Income Statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Revenue Revenue from sales (chartering income) is recognized in the income statement at the rate of completion of the charter (discharge to discharge principle). This method is applied when total revenues and expenses in respect of the charter at the balance sheet date can be measured reliably, and it is probable that the economic benefuts, including payements, will flow to the Company. Direct costs Direct costs comprises vessel operating cost relating to the Company's ordinary activities, including expenses to archieve the revenue for the year such as TC-hire, port and bunker cost. Other external expenses Other external expenses comprise expenses regarding sale, distribution and administration. Staff expenses Staff expenses comprise wages and salaries, pensions and social security costs as well as payroll expenses and other staff costs. Financial income and expenses Financial income and expenses are recognised in the Income Statement with the amounts that concern the financial year. Financial income and expenses include interest income and expenses, realised and unrealised capital gains and losses regarding securities, debt and foreign currency transactions, dividends received from other equity investments, amortisation of financial assets and liabilities as well as surcharges and allowances under the tax repayment scheme. Tax on net profit/loss for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance Sheet Inventories Inventories are measured at cost on the basis of the FIFO principle or at the net realisable value if the latter is lower. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and decelopment in expected selling price. The cost of goods for resale equals landed costs. Receivables Receivables are measured at amortised cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Accrued income Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Financial liabilities Other liabilities are measured at amortised cost which usually corresponds to the nominal value. Leases All leases including chartering of vessels is listed as operating leases. Lease payments on operating leases are recognised in the income statement on a straight line basis over the time of the lease. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Deferred income Deferred income entered as liabilities consist of payments received regarding income in the subsequent financial years. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 7. Contingent liabilities The company has entered into contracts regarding chartering of ships per 31th December with a remaining period up to 3 months. The total rent obligation is USD 13.725 thousand (2020: USD 3.717 thousand). The group companies are jointly and severally liable for tax on jointly taxed incomes etc of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way af dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. The group companies consolidated tax liability is recognised in the annual report for S.N.P Holding ApS, cvr-no. 34 88 19 60. 6. Deferred income Deffered income comprise payments received from ongoing voyages, which will be recognized as income in the subsequent financial year. 2021 2020 USD USD 1. Employee benefits expense Average number of employees 0 0 Proposed dividend Contributed Retained recognised capital earnings in equity Total Equity 1 January 2021 7.697 -1.390.759 0 -1.383.062 Profit (loss) 0 28.866.743 1.000.000 29.866.743 Extraordinary dividend paid 0 -15.700.000 0 -15.700.000 Equity 31 December 2021 7.697 11.775.984 1.000.000 12.783.681 The share capital has remained unchanged for the last 5 years. 4. Inventories Inventories are stated as follows: Bunkers 3.352.140 780.472 Inventories in total 3.352.140 780.472 8. Collaterals and securities As security for time charter contracts, bank deposits of USD 495 thousands are deposited in a locked account. 2. Financial expenses Finance expenses arising from group enterprises 145.810 12.030 Other finance expenses 105.477 20.994 251.287 33.024 9. Related parties Ocean7 Chartering ApS is consolidated with Ocean7 Holdings ApS, cvr-no.: 40 19 58 58, which is the smallest consilidation, and is consolidated with S.N.P. Holding ApS, cvr-no.: 34 88 19 60, which is the largest consilidation. The consolidated financial statements can be requested on www.virk.dk. 3. Tax expense Tax of the year 7.932.034 -159.069 Regulation of deffered tax 491.898 -344.117 8.423.932 -503.186 12783681-1383062-769713907590 5. Deferred income Deffered income recognized as assets comprise costs concerning the subsequent financial year. 117000000-157000000038530177-23388473352140780472348835766283106220998957666168251287330241178584660609643026876237924298667432886674310000001000000028866743-1784025-1784025038290675-228721138530177-233884710000000335214078047211775984-1390759false9468373393627522099895766616834575428717322887687533100287491333350079320340015906943476383438418780504041768518423932-5031865700, SvendborgKogtvedparken 172014-11-302022-04-063645872035486178ÅrsrapportMartin Erik SpanggaardOcean7 Chartering ApSRevisionsFirmaet Edelbo,, Statsautoriseret Revisionspartnerselskab2020-01-012020-12-31607, Fredericia2021-12-312021-01-01Development in activities and financial matters The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of USD 29.866.743 and the Balance Sheet at 31 December 2021 a balance sheet total of USD 34.883.576 and an equity of USD 12.783.681. The Company's principal activities The Company's principal activities consist in international brokerage services in respect of freight transport by ships and other related activities. The Company's principal activities The Company's principal activities consist in international brokerage services in respect of freight transport by ships and other related activities. Development in activities and financial matters The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of USD 29.866.743 and the Balance Sheet at 31 December 2021 a balance sheet total of USD 34.883.576 and an equity of USD 12.783.681. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021. 2022-04-04Today, Management has considered and adopted the Annual Report of Ocean7 Chartering ApS for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. FredericiaWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of Ocean7 Chartering ApS for the financial year 1 January 2021 - 31 December 2021. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Fredericia, 4 April 2022 Executive Board Stefan Nordby Petersen Direktør