87192113 2024-05-01 2025-04-30 87192113 2024-05-01 2025-04-30 memberOfBoardIdentifier_executive_board_1 87192113 2024-05-01 2025-04-30 1 87192113 2023-05-01 2024-04-30 87192113 2025-04-30 87192113 2024-04-30 87192113 2024-05-01 fsa:ContributedCapitalMember 87192113 2024-05-01 fsa:RetainedEarningsMember 87192113 2024-05-01 87192113 2024-05-01 2025-04-30 fsa:ContributedCapitalMember 87192113 2024-05-01 2025-04-30 fsa:RetainedEarningsMember 87192113 2025-04-30 fsa:ContributedCapitalMember 87192113 2025-04-30 fsa:RetainedEarningsMember iso4217:USD Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-05-01 2023-05-01 2025-04-30 2024-04-30 Regnskabsklasse B Revisionspåtegning true 2025-06-27 Casper Dybdahl The Executive Board has today considered and adopted the Annual Report of Baseblue S.A. ApS for the financial year 1 May 2024 - 30 April 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 30 April 2025 of the Company and of the results of the Company operations for 2024/25. I recommend that the Annual Report be adopted at the Annual General Meeting. Middelfart 2025-06-24 Peter Kaae Damsgaard CEO To the shareholder of Baseblue S.A. ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 April 2025 and of the results of the Company´s operations for the financial year 1 May 2024 - 30 April 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Baseblue S.A. ApS for the financial year 1 May 2024 - 30 April 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the 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. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company´s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Trekantområdet 2025-06-24 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Lasse Berg State Authorised Public Accountant mne35811 Baseblue S.A. ApS Strandvejen 5 5500 Middelfart + 45 79 21 27 00 87192113 Middelfart Herredsvej 32 7100 Vejle 22000 101000 54000 18000 3000 42000 73000 77000 16000 17000 57000 60000 0 27000000 57000 -26940000 196000 1001000 1371000 1208000 1000 3000 1568000 2212000 1568000 2212000 1568000 2212000 236000 236000 856000 799000 1092000 1035000 460000 529000 0 631000 16000 17000 476000 1177000 476000 1177000 1568000 2212000 236000 799000 1035000 0 57000 57000 236000 856000 1092000 Subsequent to the balance sheet date, the company has decided to merge with A/S Dan-Bunkering Ltd and KPI OceanConnect A/S, with A/S Dan-Bunkering Ltd. as the continuing entity. The company's activities constitute the purchase, sale and mediation of, among other things, bunkers and lubricating oil for ships on a worldwide basis, as well as agency activities and various naturally related services. 54000 15000 0 3000 54000 18000 3000 40000 0 2000 3000 42000 16000 17000 16000 17000 Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of SelfGenerations T ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of 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.Baseblue S.A. ApS is an obligor in respect of the bank loans of the group companies. As at 30 April 2025, these obligations were limited to USD 1,091k, which is equal to Baseblue S.A. ApS' equity and Baseblue S.A. ApS’ intra-group liability to Bunker Holding A/S as at 30 April 2025.In the event that these obligations in respect of the bank loans of the group companies materialize, Bunker Holding A/S will cancel any claim it may have against Baseblue S.A. ApS in an amount equaling the parts of the obligations which relate to Baseblue S.A. ApS’ intra-group liability to Bunker Holding A/S.The Danish group companies are jointly and severally liable for tax on the consolidated jointly taxed income etc. The total corporation tax payable is shown in the Annual Report of SelfGenerations T ApS, which is the management company of the joint taxation. The Danish group enterprises are moreover jointly and severally liable for Danish withholding taxes. Any subsequent adjustments of corporation tax and withholding taxes may imply that the Company is liable for a higher amount. Related parties comprise the Supervisory Board, the Executive Board and the senior executives in the group enterprises as well as companies in which these persons have significant interests.The Company is included in the Consolidated Financial Statements of the immediate Parent Company, Bunker Holding A/S, Middelfart, Denmark.Controlling interest is exercised through the Company's immediate Parent Company, Bunker Holding A/S. The Company's ultimate Parent Company which prepares Consolidated Financial Statements is SelfGenerations T ApS, in which Torben Østergaard-Nielsen, CEO, exercises control. The Annual Report of Baseblue S.A. ApS for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2024/25 are presented in TUSD. Recognition and measurementThe Financial Statements have been prepared under the historical cost method.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Translation policiesUsd is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement.In accordance with the Danish Financial Statements Act the exchange rate, per the balance date, for the presentation currency in relation to Danish kroner is 656,26 against 695,87 last year. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expensesOther external expenses comprise expenses for sales, administration as well as the running of office facilities, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company. Financial income and expenses comprise interest, realised and unrealised exchange gains and losses and changes in the fair value of financial statements. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Th joint taxed enterprises have adopted the on-account taxation scheme. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable. Deferred tax assets and liabilitiesDeferred income tax is recognised in respect of temporary differences between the carrying amount and the tax base of assets and liabilities.However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of liability, respectively.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value.