43266012 2022-01-01 2022-12-31 43266012 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 1 43266012 2022-01-01 2022-12-31 2 43266012 2022-01-01 2022-12-31 3 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 2021-12-31 43266012 2021-01-01 2021-12-31 3 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 2020-12-31 43266012 2020-01-01 2020-12-31 3 43266012 2020-01-01 2020-12-31 101 43266012 2019-01-01 2019-12-31 43266012 2019-01-01 2019-12-31 1 43266012 2019-01-01 2019-12-31 2 43266012 2019-12-31 43266012 2019-01-01 2019-12-31 3 43266012 2019-01-01 2019-12-31 101 43266012 2018-01-01 2018-12-31 43266012 2018-01-01 2018-12-31 1 43266012 2018-01-01 2018-12-31 2 43266012 2018-12-31 43266012 2018-01-01 2018-12-31 3 43266012 2018-01-01 2018-12-31 101 43266012 2021-12-31 fsa:ContributedCapitalMember 43266012 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 43266012 2022-12-31 fsa:ContributedCapitalMember 43266012 2021-12-31 fsa:RetainedEarningsMember 43266012 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 43266012 2022-12-31 fsa:RetainedEarningsMember 43266012 2022-01-01 2022-12-31 1 43266012 2022-01-01 2022-12-31 2 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 2022-01-01 2022-12-31 5 iso4217:DKK xbrli:pure Jacob Ulrik MANAGEMENT REVIEWSvitzer Group is the leading towage operator with activities within both Harbour and Terminal towage and with a fleet of 359 vessels (2021: 364) in more than 100 ports across 32 countries. Additional 25 vessels (2021: 14) are on order with delivery in 2023. Svitzer’s customers are ship owners and operators within all shipping segments as well as national and international Oil & Gas companies.Svitzer A/S is the parent company in the Svitzer Group and its activities mainly relate to Svitzer’s global head office which supports Svitzer’s regions and subsidiaries.2022 IN REVIEWThe profit in 2022 was due to dividends received from subsidiaries, plus net income of financial items, reflecting the capitalstructure of the entity and the holding company and head office nature of its activities.The result before financial items wasbetter than expected for 2022.Sustainability and gender composition of managementThe lost time incidents frequency (’LTIF’) for 2022 for Svitzer Group was 1.7 per one million exposure hours which was an increase compared to 1.2 for 2021. Despite the recognition in Svitzer of the effect of the actions taken in prior years to improve safety, bringing significant benefits, the number of LTI cases have increased more than the exposure hours. Continued focus on the safety culture and monitoring results of initiatives via the launched initiative, Safety Differently, is expected to further realise benefits in 2023 onwards.EnvironmentIn 2022 the primary measure for CO2 emissions (fuel consumption) for Svitzer Group was down to index 87 (2021: 100) with a higher level of activity (Operational tug jobs, Index 2022:106 compared to 2021:100). Environmental efficiency is one of the core operational elements and is measured on an annual basis.EXPECTATIONS FOR 2023The outlook for 2023 is subject to the uncertainties related to the current situation in Europe, sanctions imposed and increasing fuel prices and crew costs. Management expects the full-year 2023 result before financial items to be at level with 2022.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. Statement 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 2022 of the parent company which provides detailed information of the A.P. Moller - Maersk Group's sustainability performance and sustainablity strategy. The report is available on: https://www.maersk.com/about/sustainability/reports Statement of under-represented gender in accordance with section 99(b) of the Danish Financial Statement Act The Board of Directors consists of 2 females and 3 male; Thus, the gender split is conderered to be balanced and is expected to be maintained in the future. 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, A.P. Møller - Mærsk A/S (CVR-no 22756214) has, among other initiatives, established a set of principles that are incorporated into workflows and processes throughout the A.P. Møller - Mærsk Group. Properness, dedication, and innovation are examples of values that contributes towards compliance, with the data ethics principles, both internally and externally. For our statement, of data ethics, we refer to A.P. Moller – Maersk Group (CVR-no 22756214): (https://www.maersk.com/sustainability/our-priorities/governance/data-ethics ). 234198000 176838000 142708000 150582000 138802000 -16767000 -42537000 -14865000 -17195000 -16277000 54093000 38201000 -70328000 -156511000 -151745000 Profit before tax Profit before tax Profit before tax Profit before tax Profit before tax 137565000 412398000 1373908000 -181736000 175854000 Tax Tax Tax Tax Tax -5305000 2923000 2446000 21446000 37592000 132260000 415321000 1376354000 -160290000 213446000 9571079000 9657359000 9879032000 8000196000 7922250000 Total equity Total equity Total equity Total equity Total equity 9525536000 9393275000 8977955000 1152745000 1313037000 -0.07 -0.24 -0.10 -0.11 -0.12 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 0.01 0.04 0.27 -0.13 0.19 0.99 0.97 0.91 0.14 0.17 Definitions of key figures are included under Accounting Policies. 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 2022.The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the Annual Report gives a true and fair view of the Company’s assets and liabilities, financial position at 31 December 2022 and of the results of the Company’s operations for 2022.In our opinion, the Director’s report 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 Knud Lind Winkler Chief Executive Officer Chief Financial Officer Patrick Christoph Georg Jany Peter Ingvar Anders Wikström Anne Pindborg Chairman Morten Bo Christiansen Holly Ranae Landry INDEPENDENT AUDITOR’S REPORT OpinionIn 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 Svitzer 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 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. 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.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. 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. To the Shareholders of Svitzer A/S Copenhagen PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Claus Carlsson State Authorised Public Accountant Kristian Pedersen State Authorised Public Accountant 4330000 1027000 103261000 75768000 143785000 130553000 8249000 14081000 102752000 419506000 2513000 2772000 55334000 41083000 1241000 2882000 137565000 412398000 5305000 -2923000 Profit is transferred to retained earnings under equity3 Financial income and expensesAmounts in DKK thousand2022 202155.334 41.083Intercompany part of financial income-1.241 -2.882Intercompany part of financial expenses 32995000 0 19501000 41243000 52496000 41243000 0 0 0 0 8952392000 8954905000 8952392000 8954905000 0 37000 391851000 124434000 161021000 512151000 267000 118000 193000 17341000 12859000 7130000 566191000 661211000 566191000 661211000 420953000 420953000 9104583000 8972323000 9525536000 9393276000 2538000 218760000 3912000 21746000 10676000 0 4915000 399000 23502000 23178000 45543000 264083000 45543000 264083000 9571079000 9657359000 420953000 8972323000 0 0 0 0 132260000 420953000 9104583000 Share capitalThe Company’s share capital amounts to DKK 420,953 thousand with shares of DKK 250 or multiples hereof. 1 Accounting policiesBasis of preparationThe financial statements for Svitzer A/S (‘the Company’) for 2022 have been prepared in accordance with the Danish Financial Statements Act for large sized enterprises of reporting class C. With reference to section 966(3) of the Danish Financial Statements Act and to note for fees to the statutory auditors included in the consolidated financial statements of A.P. Møller – Mærsk A/S, the Company has decided not to disclose the fees to statutory auditors.The financial statements for 2022 are presented in Danish Kroner.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.Incentive schemesThe value of share option plans offered to the Executive Board and a number of senior employees is not recognised in the income statement. The most significant conditions of the plans are disclosed in the notes.RevenueRevenue from the sale of goods 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 the A.P. Moller - Maersk Group as well as 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. 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.Key figuresProfit before financial itemsProfit (EBIT) margin:RevenueReturn on equity after tax:Profit/loss for the yearAverage equityEquity ratio: Equity Total assets true In accordance with the Danish Financial Statements Act section 112, the Company does not prepare consolidated financial statements as the Company and its subsidiaries are part of the consolidated financial statements prepared for A.P. Møller – Mærsk, incorporated in Denmark under registration no. 22756214, and available at the companies’ registered office address, Esplanaden 50, DK-1263 Copenhagen K. Further, the consolidated financial statements of A.P. Møller – Mærsk A/S can be downloaded from the website www.maersk.com. Also, in accordance with section 86, par. 4 of the Danish Financial Statements Act, the Company does not prepare a cash flow statement, as the Company and its subsidiaries are included in the consolidated cash flow statements of A.P. Møller - Mærsk Group. 2 Staff costsAmounts in DKK thousand2022 2021Wages and salaries 97.020 70.737 Pension costs, defined contribution plans 5.742 4.690 Other social security costs 499 341 Total remuneration 103.261 75.768 Share-based payment/Equity settled incentive plansRestricted shares planThe restricted shares plan was introduced in 2013 and grants have been awarded to employees on a yearly basis since 2013.The transfer of restricted shares is contingent upon the employee still being employed and not being under notice of termination and takes place when three years have passed from the time of granting.Employees are not entitled to any dividends during the vesting period. Special conditions apply regarding illness, death and resignation as well as changes in the company’s capital structure, etc. A part of A.P. Møller - Mærsk A/S’ holding of own B shares will be used to meet the company’s obligations in connection with the restricted shares plan.The fair value of restricted shares (A.P. Møller - Mærsk A/S B shares) granted to three (three) employees DKK 1,5m (DKK 1,7m) at the time of grant. The total value of granted restricted shares recognised in the income statement is DKK 1,4 (DKK 1,4m).The fair value per restricted share at the time of grant is DKK 17,466 (DKK 14,793), which is equal to the volume weighted average share price on the date of grant, i.e.1 April 2022.On 1 April 2022, the restricted shares originally granted in 2019 were settled with the employees. The weighted average share price at that date was DKK 20,372. The average remaining contractual life for the restricted shares as per 31 December 2022 is 1.6 years (1.8 years).Share option plansIn addition to the plan described above, there is a share option plan for employees. Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. Moller - Maersk A/S.The share options are granted at an exercise price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. Moller - Maersk A/S’ Annual Report. Exercise of the share options is contingent upon the option holder still being employed at the time of exercise. The share options can be exercised when at least three years and no more than seven years have passed from the time of grant. Special conditions apply regarding illness, death and resignation as well as changes in the company’s capital structure, etc.The share options can only be settled in shares. A part of A.P. Moller - Maersk A/S’ holding of own B shares will be used to meet the company’s obligations in respect of the share option plans.The fair value of awards granted to three (three) employees was DKK 2,8m (DKK 2,7m) at the time of grant. The total value of granted share options recognised in the income statement is DKK 1,4m (DKK 1,8m).No share options were exercised during 2019 and 2020. The average remaining contractual life as per 31 December 2022 is 4,6 years (4,8 years) and the exercise price for outstanding share options is DKK 25,096 (DKK 13,754).The fair value per option granted to members of the Executive Board is calculated at DKK 2.859 (DKK 3,670) at the time of grant, based on Black & Scholes’ option pricing model. The fair value per option granted to employees is calculated at DKK 3.082 (DKK 3,837) at the time of grant based on the same option pricing model.Management remuneration 2022The table below shows the 2022 financial impact of remuneration awarded to the members of Board of Directors and Executive Board in aggregate.Further information regarding the share-based payments is detailed in note 5.2 of the A.P. Møller - Mærsk A/S consolidated financial statements, and the detailed Remuneration Report of 2022 is available on the company’s website on: https://investor.maersk.com/remunerationRemuneration awardedAmounts in DKK thousandExecutive Board2022 2021Fixed base Salary 5.078 5.032 Short-term cash incentive 2.833 2.794 Long-term share-based incentives 1.384 2.276 Total 9.295 10.102 87 59 4 TaxAmounts in DKK thousand2022 2021Tax recognised in the income statement-5.305 2.923Total-5.305 2.923Of which:Current tax-10.676 -132Withholding tax-1.973 -6Tax adjustment previous years7.344 3.061 0 0 132260000 415321000 6 Intangible Fixed Assets and Property, plant and equipmentAmounts in DKK thousandCompleted development In progress Machinary, plant and projectsdevelopment costequipment etc.Cost1 January 2022- 55.325 29.554 Addition- 19.501 - Transfer 55.325- - 55.325 Disposal- - 31 December 202255.325 19.501 29.554 Depriciation and impairment losses1 January 2022- 14.081 29.554 Transfer 14.081- 14.081 - Depriciation8.249 - - Impairment- - - 31 December 202222.330 - 29.554 Carrying amount 31 December 202232.995 19.501 - Cost1 January 2021- 32.206 98.538 Addition- 23.119 - Disposal- - 68.984- 31 December 2021- 55.325 29.554 Depriciation and impairment losses1 January 2021- - 98.538 Impairment- 14.081 - Disposal- - 68.984- 31 December 2021- 14.081 29.554 Carrying amount 31 December 2021- 41.243 - 7 Investments in subsidiariesAmounts in DKK thousandInvestment in TotalsubsidiariesCost1 January 202210.705.01210.705.012 Addition- - Disposal- - 31 December 202210.705.01210.705.012 - Value adjustment1 January 2022- - Fair value adjustment- - 31 December 2022- - Impairment1 January 20221.750.1071.750.107 Impairment2.513 2.513 Reversal of impairment losses- - 31 December 20221.752.6201.752.620Carrying amount 20228.952.3928.952.392Cost1 January 202110.702.49910.702.499 Addition2.5132.513 Disposal- - Exchange rate adjustment- - 31 December 202110.705.01210.705.012Value adjustment1 January 2021- - Disposal- - Fair value adjustment- - 31 December 2021- - - Impairment1 January 20211.736.4571.736.457 Impairment13.65013.650 Reversal of impairment losses- - 31 December 20211.750.1071.750.107Carrying amount 20218.954.9058.954.905Impairment of DKK 2.513 thousand related to investment in Svitzer Angola Lda.7 Investments in subsidiaries and other equity investments (continued)Directly owned subsidiariesProfit/lossOwner- EquityCountry of incorporationfor the period (2021) shipDKK '000DKK '000SVITZER Americas Company S.A. 100% N/A N/APanamaSVITZER Caribbean Ltd. 100% N/A N/AUSASVITZER Asia Pte. Ltd. 100% 53.051 640.325SingaporeSVITZER Towage A/S 100% 116.372 2.246.340DenmarkSVITZER Australasia Holdings Pty. Ltd. 100% N/A N/AAustraliaSVITZER Europe Holding BV 100% N/A N/AThe NetherlandsSvitzer Middle East Limited 100% N/A N/ABritish Virgin IslandsSVITZER Africa (Pty) Ltd. 100% 507 1South AfricaSvitzer Angola Lda. 60%* N/A N/AAngolaSvitzer Salvage Holding A/S 100% 127.353 1.702.763Denmark* Including 50% ownership through Svitzer Africa Pty. Ltd.Only subsidiaries of direct ownership have been disclosed. All subsidiaries are consolidated in the A.P. Moller-Maersk Group's annual report for 2022.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. 8 Share capitalShareholders who own more than 5% pursuant to section 104 in the Danish Financial Statements Act. - A.P. Møller – Maersk A/S, Copenhagen (100%)Svitzer A/S is included in the 2022 consolidated financial statements of A.P. Møller – Maersk A/S and A-P- Møller Holding A/S who hold a controlling interest. 9 Other payablesAmounts in DKK thousand2022 2021Accrued staff cost22.007 22.970 Other payables, external1.495 208 Total23.502 23.178 Of which:Classified as non-current - - Classified as current 23.502 23.178 10 Commitments and contingent liabilities, etc.CommitmentsCommitmentsAmounts in DKK thousand2022 2021Within one year- - Between one and two years- - Between two and three years- - Between three and four years- - Between four and five years- - After five years- - Total- - Contingent liabilitiesSvitzer A/S is jointly taxed with the Danish companies in the A.P. Møller ‐ Mærsk Group and 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 5.600 thousand (DKK 5.600 thousand in 2021). 11 Related partiesA.P. Møller- Mærsk A/S, Copenhagen has the controlling influence through 100 % ownership. All companies in the A.P. Møller - Mærsk Group, Copenhagen as well as A.P. Møller Holding A/S, Copenhagen are considered as related parties.Besides standard remuneration, Svitzer A/S has no further transactions with key management of A.P. Møller - Mærsk A/S, Møller og Hustru Chastine Mc-Kinney Møllers Fond til Alemene formaal, Copenhagen or companies under their significant influence. SVITZER A/S Esplanaden 50 1263 Copenhagen K Denmark 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 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-04-24 Reporting class C, large enterprise 43266012 https://www.maersk.com/about/sustainability/reports https://www.maersk.com/sustainability/our-priorities/governance/data-ethics 2023-04-24 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2023-04-24 mne35412 33771231 mne29461