10144922 2015-01-01 2015-12-31 10144922 2015-01-01 2015-12-31 cmn:PreviousYearMember 10144922 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 10144922 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 10144922 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 10144922 2015-01-01 2015-12-31 0 10144922 2015-01-01 2015-12-31 cmn:PreviousYearMember 1 10144922 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 2 10144922 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 3 10144922 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 4 10144922 2015-01-01 2015-12-31 5 10144922 2015-01-01 2015-12-31 cmn:PreviousYearMember 6 10144922 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 7 10144922 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 8 10144922 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 9 10144922 2015-01-01 2015-12-31 10 10144922 2015-01-01 2015-12-31 cmn:PreviousYearMember 11 10144922 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 12 10144922 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 13 10144922 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 14 10144922 2015-01-01 2015-12-31 15 10144922 2015-01-01 2015-12-31 cmn:PreviousYearMember 16 10144922 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 17 10144922 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 18 10144922 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 19 10144922 2015-12-31 10144922 2015-12-31 cmn:PreviousYearMember 10144922 2015-12-31 cmn:TwoYearsAgoMember 10144922 2015-12-31 cmn:ThreeYearsAgoMember 10144922 2015-12-31 cmn:FourYearsAgoMember 10144922 2014-01-01 2014-12-31 10144922 2015-01-01 2015-12-31 fsa:ProposedDividendRecognisedInEquityMember 10144922 2014-01-01 2014-12-31 fsa:ProposedDividendRecognisedInEquityMember 10144922 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 10144922 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 10144922 2014-12-31 10144922 2015-01-01 2015-12-31 0 10144922 2015-01-01 2015-12-31 0 10144922 2015-01-01 2015-12-31 1 10144922 2015-01-01 2015-12-31 2 10144922 2015-01-01 2015-12-31 0 10144922 2015-01-01 2015-12-31 1 iso4217:DKK xbrli:pure Regnskabsklasse C, mellemstor virksomhed 2015-01-01 2015-12-31 CT Offshore A/S Kongens Kvarter 51 DK-7000 Fredericia 10144922 +45 75 92 82 11 +45 75 92 63 75 mail@ctoffshore.com www.ctoffshore.com Fredericia Municipality 2016-05-18 Ulrik Jarlov 12 507588000 0.128 -113147000 -0.223 -8348000 -94592000 173.000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">For definition of the financial ratios, please refer to ’Accounting Policies’.</td></tr><tr><td colspan="1">1 Earnings Before Interest, Tax, Depreciation and Amortisation</td></tr><tr><td colspan="1">2 Earnings Before Interest and Tax</td></tr></table> 338647000 9100000 94806000 178182000 0 273000 8620000 -121494000 -26902000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Statement of changes in equity </td></tr><tr><td width="36%" ></td><td width="15%" colspan="1" align="right" valign="middle" >Share capital</td><td width="15%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="15%" colspan="1" align="right" valign="middle" >Proposed dividend for the year</td><td width="19%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="36%" ></td><td width="15%" colspan="1" align="right" valign="middle" >DKK'000</td><td width="15%" colspan="1" align="right" valign="middle" >DKK'000</td><td width="15%" colspan="1" align="right" valign="middle" >DKK'000</td><td width="19%" colspan="1" align="right" valign="middle" >DKK'000</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Equity at 1 January 2014</td><td width="15%" align="right" valign="middle" >517</td><td width="15%" align="right" valign="middle" >111.618</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >112.135</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >32.118</td><td width="15%" ></td><td width="19%" align="right" valign="middle" >32.118</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Proposed dividend for the year</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >0</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Equity at 31 December 2014</td><td width="15%" align="right" valign="middle" >517</td><td width="15%" align="right" valign="middle" >143.736</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >144.253</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Equity at 1 January 2015</td><td width="15%" align="right" valign="middle" >517</td><td width="15%" align="right" valign="middle" >143.736</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >144.253</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Loss for the year</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >-94.592</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >-94.592</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Proposed dividend for the year</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >0</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Equity at 31 December 2015</td><td width="15%" align="right" valign="middle" >517</td><td width="15%" align="right" valign="middle" >49.144</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >49.661</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" ></td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" >Net turnover</td></tr><tr><td width="10%" ></td><td width="90%" colspan="1" align="left" valign="middle" >CT Offshore is only working within one geographical and activity segment.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Staff expenses</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="23%" align="right" valign="middle" >2015</td><td width="24%" align="right" valign="middle" >2014</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="23%" align="right" valign="middle" >78.605</td><td width="24%" align="right" valign="middle" >80.912</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Pensions</td><td width="23%" align="right" valign="middle" >4.789</td><td width="24%" align="right" valign="middle" >4.675</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Other staff costs, incl. social security costs, etc.</td><td width="23%" align="right" valign="middle" >11.412</td><td width="24%" align="right" valign="middle" >12.146</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Staff expenses</td><td width="23%" align="right" valign="middle" >94.806</td><td width="24%" align="right" valign="middle" >97.733</td></tr><tr><td colspan="3"></td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Average number of full time employees</td><td width="23%" align="right" valign="middle" >173</td><td width="24%" align="right" valign="middle" >172</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >With reference to section 98 b (3) of the Danish Financial Statements Act, no information is given regarding remuneration for the Executive Board and the Supervisory Board for 2015.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Other operating expenses</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="23%" align="right" valign="middle" >2015</td><td width="24%" align="right" valign="middle" >2014</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Loss on sale of fixed assets</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >1.915</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Other operating expenses</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >1.915</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="23%" align="right" valign="middle" >2015</td><td width="24%" align="right" valign="middle" >2014</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >5</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="23%" align="right" valign="middle" >273</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Financial income</td><td width="23%" align="right" valign="middle" >273</td><td width="24%" align="right" valign="middle" >5</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial expenses</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="23%" align="right" valign="middle" >2015</td><td width="24%" align="right" valign="middle" >2014</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Interest expenses from group enterprises</td><td width="23%" align="right" valign="middle" >8.524</td><td width="24%" align="right" valign="middle" >6.006</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="23%" align="right" valign="middle" >96</td><td width="24%" align="right" valign="middle" >195</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Financial expenses</td><td width="23%" align="right" valign="middle" >8.620</td><td width="24%" align="right" valign="middle" >6.201</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Tax on the profit/loss for the year</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="23%" align="right" valign="middle" >2015</td><td width="24%" align="right" valign="middle" >2014</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Breakdown of the tax for the year:</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Tax on the profit/loss for the year</td><td width="23%" align="right" valign="middle" >-26.902</td><td width="24%" align="right" valign="middle" >9.551</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Tax relating to changes in equity</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Tax on the profit/loss for the year</td><td width="23%" align="right" valign="middle" >-26.902</td><td width="24%" align="right" valign="middle" >9.551</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Explanation of the tax on the profit/loss for the year:</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Current tax</td><td width="23%" align="right" valign="middle" >-2.127</td><td width="24%" align="right" valign="middle" >5.778</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Deferred tax</td><td width="23%" align="right" valign="middle" >-24.769</td><td width="24%" align="right" valign="middle" >3.942</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Adjustments for previous years (current tax)</td><td width="23%" align="right" valign="middle" >-6</td><td width="24%" align="right" valign="middle" >-1.406</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Adjustments for previous years (deferred tax)</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >1.237</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Tax on the profit/loss for the year</td><td width="23%" align="right" valign="middle" >-26.902</td><td width="24%" align="right" valign="middle" >9.551</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Intangible fixed assets</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="23%" colspan="1" align="right" valign="middle" >Software</td><td width="24%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Cost at 1 January 2015</td><td width="23%" align="right" valign="middle" >2.576</td><td width="24%" align="right" valign="middle" >2.576</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="23%" align="right" valign="middle" >934</td><td width="24%" align="right" valign="middle" >934</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Cost at 31 December 2015</td><td width="23%" align="right" valign="middle" >3.510</td><td width="24%" align="right" valign="middle" >3.510</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Amortisation, depreciation and write-downs at 1 January 2015</td><td width="23%" align="right" valign="middle" >1.364</td><td width="24%" align="right" valign="middle" >1.364</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Depreciation and amortisation for the year</td><td width="23%" align="right" valign="middle" >892</td><td width="24%" align="right" valign="middle" >892</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Amortisation, depreciation and write-downs at 31 December 2015</td><td width="23%" align="right" valign="middle" >2.256</td><td width="24%" align="right" valign="middle" >2.256</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Book value at 31 December 2015</td><td width="23%" align="right" valign="middle" >1.254</td><td width="24%" align="right" valign="middle" >1.254</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Amortised over a period of</td><td width="23%" colspan="1" align="right" valign="middle" >1-3 years</td><td width="24%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" >Tangible fixed assets</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="18%" colspan="1" align="right" valign="middle" >Vessels and related equipment</td><td width="18%" colspan="1" align="right" valign="middle" >Other plants and equipment</td><td width="21%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Cost at 1 January 2015</td><td width="18%" align="right" valign="middle" >329.348</td><td width="18%" align="right" valign="middle" >18.990</td><td width="21%" align="right" valign="middle" >348.338</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="18%" align="right" valign="middle" >27.447</td><td width="18%" align="right" valign="middle" >13.742</td><td width="21%" align="right" valign="middle" >41.189</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Cost at 31 December 2015</td><td width="18%" align="right" valign="middle" >356.795</td><td width="18%" align="right" valign="middle" >32.732</td><td width="21%" align="right" valign="middle" >389.527</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Depreciation and write-downs at 1 January 2015</td><td width="18%" align="right" valign="middle" >146.339</td><td width="18%" align="right" valign="middle" >8.181</td><td width="21%" align="right" valign="middle" >154.520</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="18%" align="right" valign="middle" >170.354</td><td width="18%" align="right" valign="middle" >6.936</td><td width="21%" align="right" valign="middle" >177.290</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Annual depreciation on assets disposed of</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Depreciation and write-downs at 31 December 2015</td><td width="18%" align="right" valign="middle" >316.693</td><td width="18%" align="right" valign="middle" >15.117</td><td width="21%" align="right" valign="middle" >331.810</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Book value at 31 December 2015</td><td width="18%" align="right" valign="middle" >40.102</td><td width="18%" align="right" valign="middle" >17.615</td><td width="21%" align="right" valign="middle" >57.717</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Depreciation period</td><td width="18%" colspan="1" align="right" valign="middle" > 5-20 years</td><td width="18%" colspan="1" align="right" valign="middle" >3-5 years</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial fixed assets</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="23%" colspan="1" align="right" valign="middle" >Deposit</td><td width="24%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Cost at 1 January 2015</td><td width="23%" align="right" valign="middle" >354</td><td width="24%" align="right" valign="middle" >354</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="23%" align="right" valign="middle" >-354</td><td width="24%" align="right" valign="middle" >-354</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Cost at 31 December 2015</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Depreciation and write-downs at 31 December 2015</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Book value at 31 December 2015</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="23%" align="right" valign="middle" >2015</td><td width="24%" align="right" valign="middle" >2014</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January</td><td width="23%" align="right" valign="middle" >20.961</td><td width="24%" align="right" valign="middle" >15.782</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Deferred tax for the year recognised in the profit/loss for the year</td><td width="23%" align="right" valign="middle" >-24.769</td><td width="24%" align="right" valign="middle" >3.942</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Adjustment for previous years (current tax)</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Adjustment for previous years (deferred tax)</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >1.237</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Deferred tax at 31 December</td><td width="23%" align="right" valign="middle" >-3.808</td><td width="24%" align="right" valign="middle" >20.961</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax relates to:</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="23%" align="right" valign="middle" >133</td><td width="24%" align="right" valign="middle" >77</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Tangible fixed assets</td><td width="23%" align="right" valign="middle" >-3.941</td><td width="24%" align="right" valign="middle" >20.884</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Provisions and losses</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Deferred tax at 31 December</td><td width="23%" align="right" valign="middle" >-3.808</td><td width="24%" align="right" valign="middle" >20.961</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Receivables</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >All receivables are due for payment within one year after the end of the financial year.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >Share capital</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="13%" align="right" valign="middle" >2015</td><td width="13%" align="right" valign="middle" >2014</td><td width="13%" align="right" valign="middle" >2013</td><td width="13%" align="right" valign="middle" >2012</td><td width="17%" align="right" valign="middle" >2011</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Share capital at 1 January</td><td width="13%" align="right" valign="middle" >517</td><td width="13%" align="right" valign="middle" >517</td><td width="13%" align="right" valign="middle" >517</td><td width="13%" align="right" valign="middle" >517</td><td width="17%" align="right" valign="middle" >517</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Capital increase</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Share capital at 31 December</td><td width="13%" align="right" valign="middle" >517</td><td width="13%" align="right" valign="middle" >517</td><td width="13%" align="right" valign="middle" >517</td><td width="13%" align="right" valign="middle" >517</td><td width="17%" align="right" valign="middle" >517</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Composition of the share capital:</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Share capital</td><td width="13%" colspan="1" align="right" valign="middle" >Denomination</td><td width="13%" colspan="1" align="right" valign="middle" >In total</td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >A shares, 500 thousands</td><td width="13%" colspan="1" align="right" valign="middle" >1 DKK = </td><td width="13%" colspan="1" align="right" valign="middle" >500 thousands</td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >B shares, 16,5 thousands</td><td width="13%" colspan="1" align="right" valign="middle" >1 DKK = </td><td width="13%" colspan="1" align="right" valign="middle" >17 thousands</td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Ownership:</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >67% of the share capital is owned by A2SEA A/S</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >33% of the share capital is owned by PC Offshore ApS</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Contractual obligations</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >CT Offshore A/S has assumed liabilities for a total of DKK’000 19 in the form of property leases and leased operating equipment. Breakdown of the future lease obligations:</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="23%" align="right" valign="middle" >2015</td><td width="24%" align="right" valign="middle" >2014</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="23%" align="right" valign="middle" >8</td><td width="24%" align="right" valign="middle" >623</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="23%" align="right" valign="middle" >11</td><td width="24%" align="right" valign="middle" >19</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >> 5 years</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" ></td><td width="23%" align="right" valign="middle" >19</td><td width="24%" align="right" valign="middle" >642</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Assets charged or otherwise provided as security</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for amounts owed to credit institutions, mortgages of a nominal value of DKK’000 109,500 have been issued on vessels and related equipment with a book value of DKK’000 40,102.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Further, a floating charge has been issued of a value of DKK’000 20,000 on vessels and related equipment, other plants and equipment, acquired rights, trade receivables, and motor vehicles (not registered nor previously registered).</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent assets and contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >CT Offshore A/S does not have any material contingent assets or contingent liabilities.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parrty transactions</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is partly owned by A2SEA A/S, Kraftværksvej 53, 7000 Fredericia, Denmark and is thus included in the Consolidated Financial Statements of DONG Energy A/S, Fredericia.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Danish State represented by the Ministry of Finance is also a related party with control of the Company and the Ultimate Parent DONG Energy A/S through their 59% ownership of the Parent.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other related parties with a significant influence comprise, beyond PC Offshore ApS, the Company’s Board of Directors, the Executive Board and executives and the close family of these individuals. Related parties also include companies in which the before-mentioned individuals hold a considerable interest.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As part of the ordinary activities, CT Offshore A/S sells its products to related parties on an arm’s length basis.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Shareholders</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >67% of the shares are owned by A2SEA A/S and 33% by PC Offshore ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr><tr><td colspan="1">Main activities</td></tr><tr><td colspan="1">CT Offshore A/S is part of the DONG Energy Group as a direct subsidiary to A2SEA A/S, Fredericia, with DONG Energy A/S as the ultimate parent company. For further information, please see the Annual Report of DONG Energy A/S. In addition to A2SEA, the owners count PC Offshore ApS as minority shareholder.</td></tr><tr><td colspan="1">CT Offshore was founded in the year 2003 with the purpose of carrying shipping activities, cabling, monitoring, transport related hereto and support in connection with installation and operation of offshore wind parks and activities associated herewith.</td></tr><tr><td colspan="1">The main emphasis is laid on submarine cables.</td></tr><tr><td colspan="1">Results and financial development in 2015</td></tr><tr><td colspan="1">Profit for the year</td></tr><tr><td colspan="1">In the year 2015, CT Offshore realised a loss before tax of DKK 121.5m and a loss of DKK 94.6m after tax compared to a profit of DKK 41.7m and DKK 32.1m, respectively, the year before. This development should be compared with the fact that in the Annual Report for 2014, the Company expected a similar result in 2015 as in 2014.</td></tr><tr><td colspan="1">The decreased profit compared to 2014 is mainly ascribable to low utilisation of the Company’s vessels in the first half of 2015 as well as write-down of the Company’s vessels due to a negative development in the cable installation market.</td></tr><tr><td colspan="1">The management considers the loss for the year unsatisfactory.</td></tr><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">In 2015, CT Offshore made small investments primarily related to the ongoing improvement of the Company’s ROVs and fleet. The total investments in tangible fixed assets in 2015 amount to DKK 41.2m all relating to the Company’s vessels and equipment.</td></tr><tr><td colspan="1">Capital Resources</td></tr><tr><td colspan="1">At year-end, the solvency ratio was 14.9% (2014: 51.5%) equal to an equity of DKK 49.7m at 31 December 2015 (2014: DKK 144.3m).</td></tr><tr><td colspan="1">The Company’s financial resources amount to DKK 62.1m at the end of the financial year, which comprise cash at bank and in hand.</td></tr><tr><td colspan="1">Expectations for 2016</td></tr><tr><td colspan="1">CT Offshore enters 2016 with one order for execution in 2017. A negative result is expected for 2016.</td></tr><tr><td colspan="1">Special risks</td></tr><tr><td colspan="1">General risks</td></tr><tr><td colspan="1">The Company’s primary business risk is tied to the ability to remain strongly positioned in the most important markets, primarily in Northern Europe. Besides, it is important for the Company to remain constantly at edge with the technological development within new installation capacity.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">Due to the Company’s financial position and financial resources, the Company is only to a limited extent exposed to changes in the level of interest rates. However, in relation to the current operation, the Company is exposed to foreign exchange risks.</td></tr><tr><td colspan="1">Foreign exchange risks</td></tr><tr><td colspan="1">Activities abroad imply that results, cash flow and equity are affected by the exchange rate movements and the interest rate development of a number of currencies. It is the policy of the Company to cover commercial currency exposure. The major part of the Company’s turnover is paid in EUR, which is not hedged due to this currency’s close connection to the DKK.</td></tr><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">The Company’s credit risks are primarily tied to financial assets recognised in the balance sheet.</td></tr><tr><td colspan="1">The Company does not have any significant risk relating to a single customer or cooperative partner. The Company’s policy for undertaking credit risks includes current credit evaluation of all major customers and other cooperative partners.</td></tr><tr><td colspan="1">Know-how capacity</td></tr><tr><td colspan="1">CT Offshore’s business is based on delivery of specialist services to the wind industry in the form of installation, documentation and survey of cables in offshore wind farms. These services place heavy demands on employees with special knowledge and on business processes.</td></tr><tr><td colspan="1">In order to be capable of delivering competitive solutions it is crucial that the Company is able to recruit and retain employees with the right competences.</td></tr><tr><td colspan="1">It is our target that the Company should always retain employees with the right experience and knowledge in order to secure our leading position in the market.</td></tr><tr><td colspan="1">Employees are currently offered training as a fundamental element of their employment, to stay ahead with the latest knowledge and technology and to ensure that staff is continuously competent and qualified.</td></tr><tr><td colspan="1">Environmental issues, safety and quality management systems</td></tr><tr><td colspan="1">To control the environmental issues, CT Offshore has prepared an environmental policy. This policy is based on an environmentally compatible way of conducting business and performing projects and is a natural part of CT Offshore’s operation and product quality targets.</td></tr><tr><td colspan="1">To ensure that CT Offshore’s activities do not affect the environment, specific working instructions have been prepared in order to minimise the risk in connection with the execution of all considerable tasks, both in harbour as well as at sea.</td></tr><tr><td colspan="1">To ensure a continuous development of CT Offshore’s organisation, systems and competences regarding the ability to provide extraordinarily good safety and quality in all aspects of our business, the Company is continuously working with personnel training and improvement of documentation within safety and quality.</td></tr><tr><td colspan="1">Focus is continuously on safety. All incidents and near misses are reported, and preventive and corrective actions are taken.</td></tr><tr><td colspan="1">CT Offshore’s environmental, safety and quality management systems are certified by Det Norske Veritas (DNV) according to DS/EN ISO9001, MLC (Marine Labour convention), ISO14001, OHSAS18001 and the ISM Code. The ISO/MLC/ISM systems have latest been renewed by an external auditor in July 2015, and the certificates are valid until 2018.</td></tr><tr><td colspan="1">In addition, a biannual Achilles Verify Category B2 Assessment was successfully conducted in August 2015.</td></tr><tr><td colspan="1">Corporate social responsibility and underrepresented gender</td></tr><tr><td colspan="1">In compliance with section 99a and 99b of the Danish Financial Statement Act, no information is given regarding corporate social responsibility and politics in respect of the underrepresented gender. Please refer to the Group Statement 2015 for DONG Energy A/S.</td></tr><tr><td colspan="1">Research and development activities</td></tr><tr><td colspan="1">There has been continuous improvement of equipment, concept and competences. Development in 2015 has primarily been focused on design of new vessels and ROVs for handling the requirements of the future installation and service markets.</td></tr><tr><td colspan="1">Events after 31 December 2015</td></tr><tr><td colspan="1">In March 2016, it was decided to close down the activities of CT Offshore. All employees in the Company have therefore been laid off and all the Company's vessels and equipment is currently in the process of being sold. The above-mentioned has been assessed by Management not to have a significant, adverse effect on the financial position at 31 December 2015.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today considered and adopted the Annual Report of CT Offshore for the financial year 1 January-31 December 2015.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2015 of the Company and of the results of the Company’s operations for 2015.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, Management’s Review includes a true and fair account of the conditions dealt with.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Fredericia 2016-05-06 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of CT Offshore A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Report on the Financial Statements</td></tr><tr><td colspan="1">We have audited the Financial Statements of CT Offshore A/S for the financial year 1 January – 31 December 2015, which comprise income statement, balance sheet, statement of changes in equity, notes and summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibility for the Financial Statements</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibility</td></tr><tr><td colspan="1">Our responsibility is to express an opinion on the Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement.</td></tr><tr><td colspan="1">An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of Financial Statements that give a true and fair view 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Financial Statements.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</td></tr><tr><td colspan="1">The audit has not resulted in any qualification.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2015 and of the results of the Company operations for the financial year 1 January - 31 December 2015 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">We have read Management’s Review in accordance with the Danish Financial Statements Act. We have not performed any procedures additional to the audit of the Financial Statements. On this basis, in our opinion, the information provided in Management’s Review is consistent with the Financial Statements.</td></tr></table> Trekantområdet 2016-05-06 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report of CT Offshore A/S has been prepared in accordance with the provisions of the Danish Financial Statements Act for enterprises of accounting class C (medium enterprises).</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In accordance with the Danish Financial Statements Act section 86(4) the Company has omitted the cash flow statement from this Annual Report as CT Offshore A/S is included in the cash flow statement of the DONG Energy A/S Group.</td></tr><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be reliably measured.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when they are probable and can be reliably measured.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each individual item.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at amortised cost implying the recognition of a constant effective interest rate to maturity. Amortised cost is calculated as initial cost minus any principal repayments and plus or minus the cumulative amortisation of any difference between cost and nominal amount.</td></tr><tr><td colspan="1">On recognition or measurement predictable losses and risks appearing before the presentation of the Annual Report that are confirming or invalidating conditions already existing on the balance sheet date will be taken into account.</td></tr><tr><td colspan="1">Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities, measured at fair value or amortised cost. Equally, costs incurred to achieve the earnings for the year, including depreciation, amortisation and provisions made and reversals resulting from changes in accounting estimates of amounts previously included in the income statement are recognised in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">Transactions denominated in foreign currencies are translated at the exchange rate prevailing at the date of the transaction. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as an item under financial income and expenses.</td></tr><tr><td colspan="1">Fixed assets purchased in foreign currencies are measured at the exchange rate prevailing at the date of the transaction.</td></tr><tr><td colspan="1">Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement under financial income and expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Net turnover</td></tr><tr><td colspan="1">Net turnover is recognised in the income statement when delivery and passing of risk to buyer have taken place before the year end and if the income can be reliably measured and is expected received before year-end.</td></tr><tr><td colspan="1">Net turnover is measured at fair value of the agreed contract sum exclusive of VAT charged on behalf of a third party. All types of allowed discounts are recognised in the net turnover.</td></tr><tr><td colspan="1">Contracts relating to offshore wind turbine projects with a high degree of individual flexibility are included in the net turnover concurrently with the execution of the work, based on the degree of completion of the individual contracts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Project and vessel costs</td></tr><tr><td colspan="1">Project and vessel costs comprising expenses related to project execution and costs for the operation of the Company’s fleet are recognised in the income statement when incurred.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise indirect production costs and costs related to premises, sales and offices, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income and expenses</td></tr><tr><td colspan="1">Other operating income and expenses comprise items that are secondary compared to the Company’s principal activities, including profit and loss on current sale and renewal of intangible assets and tangible fixed assets. Profits and losses on sale of intangible assets and tangible fixed assets are calculated as the sales price with deduction of selling costs and the book value at the time of sale.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expenses, capital gains and losses and losses concerning debt and transactions in foreign currencies and amortisation of financial assets and liabilities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit for the year</td></tr><tr><td colspan="1">The Company is subject to the Danish rules of compulsory joint taxation of the DONG Energy Group’s Danish companies and in addition, the Parent Company DONG Energy A/S has chosen international joint taxation with the Group’s foreign subsidiaries. The subsidiaries are comprised by the joint taxation from the time when they are initially consolidated in the Consolidated Financial Statements until the time when they leave the consolidation.</td></tr><tr><td colspan="1">The Group Parent Company DONG Energy A/S acts as a management company for the joint taxation and is thus settling all payments of company tax to the tax authorities.</td></tr><tr><td colspan="1">The current Danish company tax is allocated by settlement of joint taxation contributions between the companies subject to the joint taxation proportionate to the taxable profit of these companies. In connection with this Danish subsidiaries with a tax loss receive a joint taxation contribution from the Parent Company equivalent to the tax base of the utilised tax loss (full allocation), while companies using the tax losses in other Danish companies pay a joint taxation contribution to the Parent Company equivalent to the tax base of the utilised tax losses.</td></tr><tr><td colspan="1">Tax for the year comprising the year’s joint taxation contribution and change in deferred tax is recognised in the income statement with the share that is attributable to the profit for the year and directly to equity with the share attributable to equity entries.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible fixed assets</td></tr><tr><td colspan="1">Software</td></tr><tr><td colspan="1">Software is measured at cost less accumulated amortisation. Amortisation is made on a straight-line basis, i.e. the cost related to software is divided over the expected useful life – normally 3-5 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Tangible fixed assets</td></tr><tr><td colspan="2">Tangible fixed assets are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="2">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises costs of materials, components, sub-suppliers and direct cost of labour.</td></tr><tr><td colspan="2">The cost of a combined asset is separated into individual items for which depreciation is made individually if the useful life of the individual items differs.</td></tr><tr><td colspan="2">Subsequent costs, e.g. related to replacement of parts of a tangible fixed asset, are recognised in the book value of the asset in question when it is likely that the incurrence will imply a future financial benefit to the Company. The replaced parts cease being recognised in the balance sheet when the book value of these is transferred to the income statement. All other costs related to ordinary repair and maintenance are recognised in the income statement when incurred.</td></tr><tr><td colspan="2">Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the estimated useful lives of the assets.</td></tr><tr><td>Vessels and related equipment</td><td>5-20 years</td></tr><tr><td>Other plant and equipment</td><td>3-5 years</td></tr><tr><td colspan="2">Gains and losses on the disposal of tangible fixed assets are determined as the difference between the selling price less disposal costs and the carrying amount at the date of disposal. The gains or losses are recognised in the income statement as depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of assets</td></tr><tr><td colspan="1">The book value of the Company’s fixed assets is estimated on a yearly basis to determine whether there might be indications of impairment beyond the planned depreciation.</td></tr><tr><td colspan="1">If there are any indications of impairment, an impairment test is carried out for each individual asset or group of assets, respectively. Write-down to recoverable amount is made if this turns out to be lower than the book value. The recoverable amount is determined as the higher of net selling price and value in use. The value in use is calculated as the present value of the expected net cash flow from the use of the asset or group of assets and expected net cash flow from sale of the asset or group of assets after expired useful life.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">Provisions for bad debts are made when it is estimated on the basis of an objective indication that the value of a receivable is impaired.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Current tax and deferred tax</td></tr><tr><td colspan="1">According to the joint taxation rules, the subsidiaries’ liabilities towards the tax authorities for own company tax is settled concurrently with payment of joint taxation contribution to the management company.</td></tr><tr><td colspan="1">Joint taxation contributions owed and receivable are recognised in the balance sheet under joint taxation contribution payable and receivable, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred tax is measured under the balance-sheet liability method on all temporary differences between book value and tax base of assets and liabilities. In the cases where statement of the tax base can be made on the basis of different taxation rules, the deferred tax is measured on the basis of the management’s planned use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including tax base of tax loss carry-forwards, are measured at the value at which the assets are expected realised either by elimination in tax on future earnings or by offsetting against deferred tax liabilities or within the same legal tax entity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Debt</td></tr><tr><td colspan="1">Financial debt comprises mortgage debt, credit institutions, trade payables and other liabilities to the public authorities, etc.</td></tr><tr><td colspan="1">Payables to credit institutions are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, the financial debt is measured at amortised cost according to ‘the effective interest method’, so that the difference between the proceeds and the nominal value is recognised in the income statement under financial expenses during the term of the loan.</td></tr><tr><td colspan="1">Other debt is measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred income</td></tr><tr><td colspan="1">Deferred income includes prepayments and accrual of contribution margin relating to time charter contracts. If the deferred income is an asset, it is recorded as work in progress, if a liability, it is recorded as deferred income.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial ratios</td></tr><tr><td colspan="1">The financial ratios mentioned in the Financial Highlights are calculated as follows</td></tr><tr><td colspan="1">EBITDA margin = Earnings before interest, Tax, Depreciation and Amortisation/Net turnover</td></tr><tr><td colspan="1">EBIT margin = Operating profit or loss (EBIT)/Net turnover</td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Revisionspåtegning 634727000 0.141 47865000 0.075 -6196000 32118000 172.000 257063000 0.200 10154000 0.040 -6569000 4901000 172.000 204723000 0.105 -19312000 -0.094 -4969000 -18217000 160.000 223782000 0.362 57518000 0.257 -5636000 38881000 127.000 EBITDA1 65035000 EBITDA1 89241000 EBITDA1 51352000 EBITDA1 21484000 EBITDA1 81076000 Profit/loss before tax -121494000 Profit/loss before tax 41669000 Profit/loss before tax 3585000 Profit/loss before tax -24281000 Profit/loss before tax 51882000 Investments in tangible fixed assets 41189000 Investments in tangible fixed assets 33265000 Investments in tangible fixed assets 31006000 Investments in tangible fixed assets 17707000 Investments in tangible fixed assets 81646000 Tangible fixed assets 57717000 Tangible fixed assets 193818000 Tangible fixed assets 201611000 Tangible fixed assets 214579000 Tangible fixed assets 237990000 49661000 333177000 1254000 1254000 40102000 17615000 57717000 0 0 58971000 3808000 667000 184901000 439000 84085000 273900000 306000 274206000 517000 49144000 0 0 0 2563000 257096000 0 11943000 11914000 283516000 283516000 333177000 144253000 279973000 112135000 332228000 107234000 249322000 125451000 277155000 634727000 439418000 8335000 97733000 39461000 1915000 47865000 5000 6201000 41669000 9551000 32118000 0 0 -94592000 32118000 1212000 1212000 183009000 10809000 193818000 354000 354000 195384000 0 0 68963000 683000 14738000 84385000 204000 84589000 279973000 517000 143736000 0 144253000 20961000 20961000 13018000 82052000 5778000 13911000 0 114759000 114759000 279973000 Michael Glavind CEO Jens Frederik Hansen Chairman Michael Glavind Niels Vangsø Andersen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Rasmus Friis Jørgensen State Authorised Public Accountant Lasse Berg State Authorised Public Accountant