43266012 2024-01-01 2024-12-31 43266012 2024-01-01 2024-12-31 1 43266012 2024-01-01 2024-12-31 2 43266012 2024-01-01 2024-12-31 1 43266012 2024-01-01 2024-12-31 2 43266012 2024-01-01 2024-12-31 3 43266012 2024-01-01 2024-12-31 4 43266012 2024-12-31 43266012 2024-01-01 2024-12-31 5 43266012 2024-01-01 2024-12-31 101 43266012 2023-01-01 2023-12-31 43266012 2023-01-01 2023-12-31 1 43266012 2023-01-01 2023-12-31 2 43266012 2023-01-01 2023-12-31 3 43266012 2023-01-01 2023-12-31 4 43266012 2023-12-31 43266012 2023-01-01 2023-12-31 5 43266012 2023-01-01 2023-12-31 101 43266012 2022-01-01 2022-12-31 43266012 2022-01-01 2022-12-31 1 43266012 2022-01-01 2022-12-31 2 43266012 2022-01-01 2022-12-31 3 43266012 2022-01-01 2022-12-31 4 43266012 2022-12-31 43266012 2022-01-01 2022-12-31 5 43266012 2022-01-01 2022-12-31 101 43266012 2021-01-01 2021-12-31 43266012 2021-01-01 2021-12-31 1 43266012 2021-01-01 2021-12-31 2 43266012 2021-01-01 2021-12-31 3 43266012 2021-01-01 2021-12-31 4 43266012 2021-12-31 43266012 2021-01-01 2021-12-31 5 43266012 2021-01-01 2021-12-31 101 43266012 2020-01-01 2020-12-31 43266012 2020-01-01 2020-12-31 1 43266012 2020-01-01 2020-12-31 2 43266012 2020-01-01 2020-12-31 3 43266012 2020-01-01 2020-12-31 4 43266012 2020-12-31 43266012 2020-01-01 2020-12-31 5 43266012 2020-01-01 2020-12-31 101 43266012 2023-12-31 fsa:ContributedCapitalMember 43266012 2024-12-31 fsa:ContributedCapitalMember 43266012 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 43266012 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 43266012 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 43266012 2023-12-31 fsa:RetainedEarningsMember 43266012 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 43266012 2024-12-31 fsa:RetainedEarningsMember 43266012 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 43266012 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 43266012 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 43266012 2022-12-31 fsa:ContributedCapitalMember 43266012 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 43266012 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 43266012 2022-12-31 fsa:RetainedEarningsMember 43266012 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 43266012 2024-01-01 2024-12-31 1 43266012 2024-01-01 2024-12-31 1 43266012 2024-01-01 2024-12-31 2 43266012 2024-01-01 2024-12-31 3 iso4217:DKK xbrli:pure Camilla Richmann EXPECTATIONS FOR 2025The financial outlook assumes no significant changes to the business conditions for Svitzer. This includes changes in the competitive landscape that could impact industry profitability. The geopolitical situation is assumed relatively stable without events leading to significant changes in trade patterns or inflation.Management expects the full-year 2025 result before financial items to be at level with 2024.Generally, Svitzer A/S being an administrative head office will mainly be affected by fluctuations in foreign exchange rates and changes in group companies’ environments. RisksUnder normal conditions, the main risks for Svitzer A/S are fluctuations in foreign exchange rates, interest rates and the operational performance of investments in subsidiaries and affiliates. Svitzer A/S has investments in subsidiaries and is therefore indirectly subject to the risks related to the overall development in the world economy, number of ship calls, number of tug operators in particular ports, development in fuel prices and fluctuations in foreign exchange rates which will have an impact on subsidiaries’ activities and results.MANAGEMENT REVIEWSvitzer Group is a leading towage operator with activities within both Harbour and Terminal towage and with a fleet of 446 vessels (2023: 456) in more than 140 ports across 37 countries. Additional 15 vessels (2023: 10) are on order with delivery in 2025. Svitzer’s customers are ship owners and operators within all shipping segments as well as national and international Oil & Gas companies.The activities of Svitzer A/S mainly relate to Svitzer’s global head office which supports Svitzer’s regions and subsidiaries, including providing global treasury facilities and support.2024 IN REVIEWThe profit in 2024 was due to dividends received from subsidiaries, plus net income of financial items, reflecting the capital structure of the entity and the holding company and head office nature of its activities.The result before financial items was better than expected for 2024.Sustainability, environment and gender composition of managementStatement of corporate social responsibility in accordance with section 99(a) of the Danish Financial Statement ActPlease refer to the separate and independently assured Sustainability Report for 2024 of the parent company which provides detailed information of the Svitzer Group's sustainability performance and sustainablity strategy. The report is available on: https://investor.svitzer.com/ Statement regarding data ethics in accordance with section 99(d) of the Danish Financial Statement Act To comply with the Danish Financial Statements, Act section 99d, Svitzer Group A/S (CVR-no 44791447) has, among other initiatives,established a set of principles that are incorporated into workflows and processes throughout the Svitzer Group. Properness, dedication, and innovation are examples of values that contributes towards compliance, with the data ethics principles, both internally and externally. 410731000 257146000 234198000 176838000 142708000 -63849000 -64806000 -16767000 -42537000 -14864000 -243864000 23352000 51580000 35429000 -73036000 Dividends received form subsidiaries Dividends received form subsidiaries Dividends received form subsidiaries Dividends received form subsidiaries Dividends received form subsidiaries 2123550000 517310000 102752000 419506000 1461808000 Profit before tax Profit before tax Profit before tax Profit before tax Profit before tax 1815837000 475856000 137565000 412398000 1373908000 Tax Tax Tax Tax Tax 88791000 16092000 -5305000 2923000 2446000 1904628000 491948000 132260000 415321000 1376354000 12441374000 11348494000 9571079000 9657359000 9879032000 Total equity Total equity Total equity Total equity Total equity 7750859000 5679504000 9525536000 9393275000 8977955000 -0.155 -0.252 -0.072 -0.241 -0.104 Return on equity after tax Return on equity after tax Return on equity after tax Return on equity after tax Return on equity after tax 0.284 0.065 0.014 0.045 0.272 0.623 0.5000 0.995 0.973 0.909 Financial income and financial expenses (excluding dividendsreceived from subsidiaries) Financial income and financial expenses (excluding dividendsreceived from subsidiaries) Financial income and financial expenses (excluding dividendsreceived from subsidiaries) Financial income and financial expenses (excluding dividendsreceived from subsidiaries) Financial income and financial expenses (excluding dividends received from subsidiaries) STATEMENT OF THE BOARD OF DIRECTORS AND MANAGEMENTThe Board of Directors and the Management have today considered and adopted the Annual Report of Svitzer A/S for the financial year 1 January – 31 December 2024.The Annual Report is prepared in accordance with the recognition and measurement provisions of the Danish Financial Statements Act, as described in the summary of significant accounting policies. The company has evaluated subsequent events after the balance sheet date of the Annual Report, and determined that there have been no events that have occurred that would require adjustments.In our opinion, the Annual Report gives a true and fair view of the Company’s assets and liabilities, financial position at 31 December 2024 and of the results of the Company’s operations for 2024.In our opinion, the Management Review includes a fair review of the Company’s operations and financial conditions, the results for the year and financial position as well as a description of the most significant risks and uncertainty factors that the Company faces.We recommend that the Annual Report be approved at the Annual General Meeting. Copenhagen Kasper Friis Nilaus Chief Executive Officer Kasper Friis Nilaus Knud Lind Winkler Jacob Sune Ulrik INDEPENDENT AUDITOR’S REPORT OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of Svitzer A/S at 31 December 2024, and of the results of Svitzer A/S’ operations and cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Svitzer A/S for the financial year 1 January - 31 December 2024, 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 OpinionWe 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 ReviewManagement 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. To the Shareholders of Svitzer A/S Management’s Responsibilities for the Financial StatementsManagement 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 StatementsOur 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.· 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.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.· 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.· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Thomas Wraae Holm mne30141 Søren Ørjan Jensen State Authorised Public Accountant State Authorised Public Accountant mne33226 4585000 810000 162043000 123793000 303658000 177732000 13464000 21237000 2123550000 517310000 -2513000 0 92025000 24907000 338402000 1555000 1815837000 475856000 -88791000 -16092000 22139000 31259000 22139000 31259000 16295000 16295000 0 10813465000 10810952000 10813465000 10810952000 704000 113000 84134000 0 7000 309674000 1303635000 188882000 1202000 246000 2587000 0 7578000 7369000 1399847000 506284000 189628000 1589475000 506284000 420953000 420953000 17269000 24383000 7312637000 5234168000 7750859000 5679504000 2365712000 0 10126000 0 2375838000 0 1679327000 4900000 0 5609364000 544470000 0 6400000 36841000 9050000 0 0 47639000 45676000 2314677000 5668990000 4690515000 5668990000 12441374000 11348494000 420953000 24383000 5234168000 0 166728000 0 166728000 -7114000 -1688258000 3600000000 420953000 17269000 3712638000 3600000000 420953000 40947000 10925656000 11387556000 6200000000 6200000000 -16564000 508512000 Share capitalThe Company’s share capital amounts to DKK 420,953 thousand with shares of DKK 250 or multiples hereof.Shareholders who own more than 5% pursuant to section 104 in the Danish Financial Statements Act. - Svitzer Group A/S (100%)Svitzer A/S is included in the 2024 consolidated financial statements of Svitzer Group. Recognition and measurementRevenue is recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. All expenses incurred to achieve the earnings for the year are recognised in the income statement.Assets are recognised 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 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.Recognition and measurement take into account any predictable losses and risks occurring before the presentation of the annual report which confirm or invalidate affairs and conditions existing at the balance sheet date.Translation policiesDanish Kroner is used as the measurement currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses 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. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date 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. Fixed assets acquired in foreign currencies are measured at the transaction date rates.The financial statements for 2024 are presented in Danish Kroner.With reference to section 96(3) of the Danish Financial Statements Act and to note for fees to the statutory auditors included in theconsolidated financial statements of Svitzer Group, the Company has decided not to disclose the fees to statutory auditors.Basis of preparationThe financial statements for Svitzer A/S (‘the Company’) for 2024 have been prepared in accordance with the Danish Financial Statements Act for enterprises of reporting class C (medium).Incentive schemesThe value of restricted share plans offered to the Executive Board and a number of senior employees is recognised as an expense in the income statement based on the intercompany charge invoiced from the Parent Company. The most significant conditions of the plans are disclosed in the notes.RevenueRevenue from the sale of services is recognised in the income statement when transfer of risk to the buyer has been made before year end. Revenue comprise of management fee and is recognised if delivery and transfer of risk took place before end of year.Revenue is recognised exclusive of VAT and net of discounts relating to sales.Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.Staff expensesStaff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax on profit/loss for the yearTax for the year consists of current tax and deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with the Danish entities within A. P. Møller Holding A/S. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). The jointly taxed enterprises have adopted the on-account taxation scheme.Intangible fixed assets and property, plant and equipmentIntangible fixed assets, and property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Development projects 5 yearsOther fixtures and fittings, tools and equipment 3-7 yearsImpairment of intangible fixed assets and property, plant and equipmentThe carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount.Investments in subsidiaries Investments in subsidiaries are measured at cost or a lower value in use. In the event the cost exceeds the recoverable amount, a write-down is made to this lower value. Indications of impairment exists for example when the cost exceeds the accumulated earnings since the acquisition or when the cost exceeds the net asset value of the investment. Recoverable amount used is the highest value of the expected new sales price and capital value. Capital value is determined as the present value of the net cash flow from the possession of the individual subsidiary. Impairment and any subsequent reversal of previous years impairment is recognised in the income statement as reversal/impairment of financial assets.Dividends from subsidiaries are recognised as income at the time of declaration. On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included in profit or loss. ReceivablesReceivables 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.PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. 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 within the same legal tax entity. 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 become current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement.Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account.Financial liabilitiesFixed interest loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost and the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost substantially corresponding to nominal value.Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. true pursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared for Svitzer. The financial statements of Svitzer A/S and the group entities are included in the financial statements of Svitzer Group A/S, Sundkrogsgade 17, 2100 Copenhagen Ø, CVR no. 44791447. Svitzer A/S is part of Svitzer Group's consolidated Annual Report and In accordance with section 86, par. 4 of the Danish Financial Statements Act, Svitzer A/S does not prepare a cash flow statement, asthe Company and its subsidiaries are included in the consolidated cash flow statements of Svitzer Group A/S. Key figuresProfit before financial itemsProfit (EBIT) margin:RevenueProfit/loss for the yearReturn on equity after tax:Average equityEquity Equity ratio: Total assets Amounts in DKK thousand2024 2023Wages and salaries 159,916 115,973 Pension costs, defined contribution plans 1,507 7,294 Other social security costs 620 526 Total remuneration 162,043 123,793 123 106 16,211 24,907Financial income, intercompany75,814 0Financial income, externalTotal financial income 92,025 24,907 -181,947 -1,555Financial expenses, intercompany-156,455 0Financial expenses, externalTotal finacial expenses 338,402- 1,555- Amounts in DKK thousand2024 2023Tax recognised in the income statement88,791 16,090Total88,791 16,090Of which:Current tax84,134 2,604Withholding tax-331 -241Tax adjustment previous years4,988 13,727 3600000000 0 -7114000 -16564000 -1688258000 508512000 Amounts in DKK thousandCompleted development In progress development Machinary, plant and projectscostequipment etc.Cost1 January 202459,679 - 108 Addition- - - Transfer- - - Disposal- - - 31 December 202459,679 - 108 Depreciation and impairment losses1 January 202428,421 - 108 Transfer - - - Depreciation9,119 - - Disposal- - - Impairment- - - 31 December 202437,540 - 108 Carrying amount 31 December 202422,139 - - Cost1 January 202355,325 19,501 29,554 Addition- - - Transfer19,501 19,501- - Disposal15,146- - 29,446- Transfer- - - 31 December 202359,679 - 108 Depreciation and impairment losses1 January 202322,330 - 29,554 Transfer- - - Depreciation21,237 - - Disposal15,146- - 29,446- Impairment- - - 31 December 202328,421 - 108 Carrying amount 31 December 202331,259 - - Amounts in DKK thousandReal estateTotalCost1 January 20240- Addition 20,640 20,640 Disposal - - Depreciation- 4,345 4,345- 31 December 202416,29516,295 Amounts recognised in profit and loss2,024 Depreciation cost on right-of -use assets- 4,345 Interest expenses (included in finance costs)- 524 Expense relating to the service elements of leases- 1,766 Total recognised in other external expenses 1,766- Right-of-use assets consist of real estate property. Leases are recognised as a right-of-use asset with a corresponding lease liability at the date on which the leased asset is available for use. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight line basis. Lease liabilities are disclosed in note 10. Amounts in DKK thousandInvestment in subsidiariesTotalCost1 January 202410,833,86410,833,864 Addition - - Disposal - - 31 December 202410,833,86410,833,864 - Impairment1 January 202422,91222,912 Impairment- - Reversal of impairment losses- 2,513 2,513- 31 December 202420,39920,399Carrying amount 202410,813,46510,813,465Cost1 January 202310,837,32510,837,325 Addition- - Disposal3,461- 3,461- 31 December 202310,833,86410,833,864- Impairment1 January 202322,91222,912 Impairment0- 31 December 202322,91222,912Carrying amount 202310,810,95210,810,952Profit/lossEquity Country of incorporationOwnershipfor the period (2023) (2023)DKKmDKKmSVITZER Americas Company S.A. N/A N/APanama100%Svitzer Middle East Limited 9.2 687.5British Virgin Islands100%Svitzer Angola Lda. N/A N/AAngola60%*SVITZER Africa (Pty) Ltd. -0.3 1.1South Africa100%SVITZER Asia Pte. Ltd. 42.6 732.3Singapore100%SVITZER Australasia Holdings Pty. Ltd. 58.9 686.3Australia100%SVITZER Europe Holding BV 513.4 4,569.8The Netherlands100%SVITZER Towage A/S 117.9 1,901.2Denmark100%Svitzer Salvage Holding A/S 210.2 2,035.3Denmark100%* Including 50% ownership through Svitzer Africa Pty. Ltd.Only subsidiaries of direct ownership have been disclosed. All subsidiaries are consolidated in the Svitzer Group A/S 2024 Consolidated Financial Statements.Profit/loss for the period and equity are disclosed as per latest official financial statements in accordance with the requirements in the Danish Financial Statements Act. Not available ('N/A') indicates that no official financial statements are required to be prepared. Amounts in DKK thousand2024 2023Accrued staff cost123 19,323 Other payables, external47,516 26,352 Total47,639 45,676 Of which:Classified as non-current - - Classified as current 47,639 45,676 As preparation from the demerger from A.P. Møller - Mærsk A/S, in April 2024 Svitzer A/S entered into a five year bullet term loan of EUR 320m and a revolving credit facility of EUR 185m. The repayment of the entire term loan balance is in April 2029. The term loan has an interest rates of 1.5% above 3 month EURIBOR with the interest to be paid quarterly. The revolving credit facility has an interest rate of 1.2% above 1 or 3 month EURIBOR depending on the utilisation period facility amount is drawn down. The interest is payable at monthly or quarterly intervals respectively. Lease liabilities are measured at the presnt value of lease payments over the lease term, at the interest rate implicit in the lease. If that rate cannot be determined, the lease's incremental borrowing rate (IBR) is used being the rate that the lesee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Subsequently the lease liability is measured at amortised cost with each lease payment allocated between the repayment of the liability and financing cost. The finance cost is charged to the income statement over the lease period using the IBR that was used to discount the lease payments. The lease payments include fixed payments less any lease incentives receivables and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonable to be excercised, the lease payment will include those. Lease payments on short-term leases and leases of low value assets are recognised as an expense on a straight line basis over the lease term. Amounts in DKK thousandNon cash movementsAs at 31 Dec As at 31 Dec 2023Cashflows Additions Disposals Other2024Lease liabilities- 4,114- 20,640 - 016,526 Total- 4,114- 20,640 - 016,526 Of which:Classified as non-current - 10,126 Classified as current - 6,400 Cash flows including interestCarrying amount0-1 year 2-4 years 5+ years TotalLease liabilities16,526 6,956 10,434 - 17,390 -hereof interest556 309 - 865 Total- 6,956 10,434 - 17,390 CommitmentsThe company has no commitments as at 31 December 2024 (DKK 0 in 2023).Contingent liabilitiesSvitzer A/S is jointly taxed with the Danish companies in the A.P. Møller Holding A/S. The Danish group companies are jointly and severally liable for tax on the Group's jointly taxed income.Other financial obligationsGuarantees amount to DKK 5,700 thousand (DKK 5,600 thousand in 2023). Svitzer Group A/S has the controlling influence through 100 % ownership. All companies in the A.P. Møller Holding A/S, are consideredas related parties.Besides standard remuneration Svitzer A/S has no further transactions with key management of A.P. Møller Holding A/S, A.P Møller ogHustru Chastine Mc-Kinney Møllers Fond or companies under their significant influence. The company has evaluated subsequent events after the balance sheet date of the Annual Report, and determined that there havebeen no events that have occurred that would require adjustments. SVITZER A/S Sundkrogsgade 17 2100 Copenhagen Ø Denmark 43266012 Copenhagen +45 39 19 39 19 +45 39 19 39 09 www.svitzer.com info@svitzer.com PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Denmark Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-05-09 Reporting class C, medium-size enterprise https://investor.svitzer.com/ 2025-05-09 529900VSWLQF0O3GA946 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2025-05-09 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Denmark