10144922 2016-01-01 2016-12-31 10144922 2016-01-01 2016-12-31 0 10144922 2016-01-01 2016-12-31 0 10144922 2016-01-01 2016-12-31 1 10144922 2016-01-01 2016-12-31 2 10144922 2016-01-01 2016-12-31 0 10144922 2016-01-01 2016-12-31 1 10144922 2016-01-01 2016-12-31 cmn:PreviousYearMember 10144922 2016-01-01 2016-12-31 cmn:TwoYearsAgoMember 10144922 2016-01-01 2016-12-31 cmn:ThreeYearsAgoMember 10144922 2016-01-01 2016-12-31 cmn:FourYearsAgoMember 10144922 2016-01-01 2016-12-31 0 10144922 2016-01-01 2016-12-31 cmn:PreviousYearMember 1 10144922 2016-01-01 2016-12-31 cmn:TwoYearsAgoMember 2 10144922 2016-01-01 2016-12-31 cmn:ThreeYearsAgoMember 3 10144922 2016-01-01 2016-12-31 cmn:FourYearsAgoMember 4 10144922 2016-01-01 2016-12-31 5 10144922 2016-01-01 2016-12-31 cmn:PreviousYearMember 6 10144922 2016-01-01 2016-12-31 cmn:TwoYearsAgoMember 7 10144922 2016-01-01 2016-12-31 cmn:ThreeYearsAgoMember 8 10144922 2016-01-01 2016-12-31 cmn:FourYearsAgoMember 9 10144922 2016-01-01 2016-12-31 10 10144922 2016-01-01 2016-12-31 cmn:PreviousYearMember 11 10144922 2016-01-01 2016-12-31 cmn:TwoYearsAgoMember 12 10144922 2016-01-01 2016-12-31 cmn:ThreeYearsAgoMember 13 10144922 2016-01-01 2016-12-31 cmn:FourYearsAgoMember 14 10144922 2016-12-31 10144922 2016-12-31 cmn:PreviousYearMember 10144922 2016-12-31 cmn:TwoYearsAgoMember 10144922 2016-12-31 cmn:ThreeYearsAgoMember 10144922 2016-12-31 cmn:FourYearsAgoMember 10144922 2015-01-01 2015-12-31 10144922 2016-01-01 2016-12-31 fsa:ProposedDividendRecognisedInEquityMember 10144922 2015-01-01 2015-12-31 fsa:ProposedDividendRecognisedInEquityMember 10144922 2016-01-01 2016-12-31 fsa:RetainedEarningsMember 10144922 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 10144922 2015-12-31 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2016-01-01 2016-12-31 CT Offshore A/S Kongens Kvarter 51 DK-7000 Fredericia +45 75 92 82 11 +45 75 92 63 75 mail@ctoffshore.com www.ctoffshore.com 10144922 Fredericia Municipality 2017-05-29 Ulrik Jarlov 13 <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">After the completion of the Gode Wind project 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 have been sold.</td></tr><tr><td colspan="1">Results and financial development in 2016</td></tr><tr><td colspan="1">Profit for the year</td></tr><tr><td colspan="1">In the year 2016, CT Offshore realised a loss before tax of DKK 32.9m and a loss of DKK 25.6m after tax compared to a loss of DKK 121.5m and DKK 94.6m, respectively, the year before. This year is affected by the decision to close down the activities of CT Offshore in March 2016 as mentioned in main activities.</td></tr><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">In 2016, CT Offshore made small investments primarily related to the Company’s ROVs and fleet. The total investments in tangible fixed assets in 2016 amount to DKK 0.3m 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 76% (2015: 14.9%) equal to an equity of DKK 24.1m at 31 December 2016 (2015: DKK 49.7m).</td></tr><tr><td colspan="1">The Company’s financial resources amount to DKK 19.2m at the end of the financial year, which comprise cash at bank and in hand.</td></tr><tr><td colspan="1">Expectations for 2017</td></tr><tr><td colspan="1">A result reflecting no activities is expected for 2017.</td></tr><tr><td colspan="1">Special risks</td></tr><tr><td colspan="1">As mentioned under main activities, all activities are closed and the Company has no general, financial, foreign exchange or credit risks.</td></tr><tr><td colspan="1">Environmental issues, safety and quality management systems</td></tr><tr><td colspan="1">As mentioned under main activities, all activities were closed in March 2016.</td></tr></table><br><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">Research and development activities</td></tr><tr><td colspan="1">As mentioned under main activities, all activities were closed in March 2016.</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">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 2016 for DONG Energy 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">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 2016 for DONG Energy 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">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 2016.</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 2016 of the Company and of the results of the Company’s operations for 2016.</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 2017-04-21 <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">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 2016, and of the results of the Company’s operations for the financial year 1 January - 31 December 2016 in accordance with the Danish Financial Statements Act.</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 2016, which comprise income statement, balance sheet, statements of changes in equity and notes, including a summary of significant accounting policies (“financial statements”).</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">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</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">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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.</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 Responsibilities 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><tr><td colspan="1">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.</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 Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> Trekantområdet 2017-04-21 <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 (large enterprises).</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 accordance with Act 738 of 1 June 2015, the Company has implemented the amendments to the Danish Financial Statements Act effective from 1 January 2016.</td></tr><tr><td colspan="1">Amendments to the Danish Financial Statements Act effective from 1 January 2016 have not affected the Company’s assets, liabilities or financial position at 31 December 2016, but has alone resulted in additional information in the Annual 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">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></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">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 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.</td></tr><tr><td colspan="1">Vessel costs are recognised in the income statement when incurred.</td></tr><tr><td colspan="1">Costs related to offshore wind turbine projects are included in the project costs 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">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">Staff expenses</td></tr><tr><td colspan="1">Staff expenses comprise wages and salaries as well as payroll expenses other than project wages.</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><tr><td colspan="1">Residual value of intangible fixed assets is reassessed every year.</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 and indirect production cost.</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">Depreciation period and residual value of tangible fixed assets is reassessed every year.</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 other operating income/expense.</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> 14587000 -1.219 -24953000 -1.711 -7912000 -25584000 330000 94.000 <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> 5728000 36507000 5009000 40331000 7167000 17812000 0 7912000 -32865000 -7281000 <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" ><b>Statement of Changes in Equity 1 January-31 December</b></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>Proposed dividend for the year</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" ><b>Equity at 1 January 2015</b></td><td width="12%" align="right" valign="middle" ><b>517</b></td><td width="18%" align="right" valign="middle" ><b>143.736</b></td><td width="21%" align="right" valign="middle" ><b>0</b></td><td width="14%" align="right" valign="middle" ><b>144.253</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Loss for the year</td><td width="12%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-94.592</td><td width="21%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >-94.592</td></tr><tr><td colspan="5"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December 2015</b></td><td width="12%" align="right" valign="middle" ><b>517</b></td><td width="18%" align="right" valign="middle" ><b>49.144</b></td><td width="21%" align="right" valign="middle" ><b>0</b></td><td width="14%" align="right" valign="middle" ><b>49.661</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" ><b>Equity at 1 January 2016</b></td><td width="12%" align="right" valign="middle" ><b>517</b></td><td width="18%" align="right" valign="middle" ><b>49.144</b></td><td width="21%" align="right" valign="middle" ><b>0</b></td><td width="14%" align="right" valign="middle" ><b>49.661</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Loss for the year</td><td width="12%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-25.584</td><td width="21%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >-25.584</td></tr><tr><td colspan="5"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December 2016</b></td><td width="12%" align="right" valign="middle" ><b>517</b></td><td width="18%" align="right" valign="middle" ><b>23.560</b></td><td width="21%" align="right" valign="middle" ><b>0</b></td><td width="14%" align="right" valign="middle" ><b>24.077</b></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" ><b>Net turnover</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >CT Offshore is only working within one geographical and activity segment.</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" ><b>Other operating income</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" align="right" valign="middle" ><b>2016</b></td><td width="18%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Profit on sale of fixed assets</td><td width="41%" align="right" valign="middle" >36.507</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Other operating income</b></td><td width="41%" align="right" valign="middle" ><b>36.507</b></td><td width="18%" align="right" valign="middle" ><b>0</b></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" ><b>Staff expenses</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" align="right" valign="middle" ><b>2016</b></td><td width="18%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="41%" align="right" valign="middle" >35.041</td><td width="18%" align="right" valign="middle" >78.605</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Pensions</td><td width="41%" align="right" valign="middle" >2.222</td><td width="18%" align="right" valign="middle" >4.789</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Other staff costs, incl. social security costs, etc.</td><td width="41%" align="right" valign="middle" >3.069</td><td width="18%" align="right" valign="middle" >11.412</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Staff expenses</b></td><td width="41%" align="right" valign="middle" ><b>40.331</b></td><td width="18%" align="right" valign="middle" ><b>94.806</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Average number of full time employees</td><td width="41%" align="right" valign="middle" >70</td><td width="18%" align="right" valign="middle" >173</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 2016.</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" ><b>Other operating expenses</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" align="right" valign="middle" ><b>2016</b></td><td width="18%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Loss on sale of fixed assets</td><td width="41%" align="right" valign="middle" >17.812</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Other operating expenses</b></td><td width="41%" align="right" valign="middle" ><b>17.812</b></td><td width="18%" align="right" valign="middle" ><b>0</b></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" ><b>Financial income</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" align="right" valign="middle" ><b>2016</b></td><td width="18%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="41%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >273</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Financial income</b></td><td width="41%" align="right" valign="middle" ><b>0</b></td><td width="18%" align="right" valign="middle" ><b>273</b></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" ><b>Financial expenses</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" align="right" valign="middle" ><b>2016</b></td><td width="18%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Interest expenses from group enterprises</td><td width="41%" align="right" valign="middle" >7.232</td><td width="18%" align="right" valign="middle" >8.524</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="41%" align="right" valign="middle" >680</td><td width="18%" align="right" valign="middle" >96</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Financial expenses</b></td><td width="41%" align="right" valign="middle" ><b>7.912</b></td><td width="18%" align="right" valign="middle" ><b>8.620</b></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" ><b>Tax on the profit/loss for the year</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" align="right" valign="middle" ><b>2016</b></td><td width="18%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Breakdown of the tax for the year</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Tax on the profit/loss for the year</td><td width="41%" align="right" valign="middle" >-7.281</td><td width="18%" align="right" valign="middle" >-26.902</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Tax on the profit/loss for the year</b></td><td width="41%" align="right" valign="middle" ><b>-7.281</b></td><td width="18%" align="right" valign="middle" ><b>-26.902</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Explanation of the tax on the profit/loss for the year</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Current tax</td><td width="41%" align="right" valign="middle" >-11.089</td><td width="18%" align="right" valign="middle" >-2.127</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Deferred tax</td><td width="41%" align="right" valign="middle" >3.808</td><td width="18%" align="right" valign="middle" >-24.769</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Adjustments for previous years (current tax)</td><td width="41%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-6</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Tax on the profit/loss for the year</b></td><td width="41%" align="right" valign="middle" ><b>-7.281</b></td><td width="18%" align="right" valign="middle" ><b>-26.902</b></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" ><b>Intangible fixed assets</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" colspan="1" align="right" valign="middle" ><b>Software</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Cost at 1 January 2016</td><td width="41%" align="right" valign="middle" >3.510</td><td width="18%" align="right" valign="middle" >3.510</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="41%" align="right" valign="middle" >99</td><td width="18%" align="right" valign="middle" >99</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="41%" align="right" valign="middle" >-3.609</td><td width="18%" align="right" valign="middle" >-3.609</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Cost at 31 December 2016</b></td><td width="41%" align="right" valign="middle" ><b>0</b></td><td width="18%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Amortisation, depreciation and write-downs at 1 January 2016</td><td width="41%" align="right" valign="middle" >2.256</td><td width="18%" align="right" valign="middle" >2.256</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Depreciation and amortisation for the year</td><td width="41%" align="right" valign="middle" >189</td><td width="18%" align="right" valign="middle" >189</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Reversed depreciation on assets disposed of</td><td width="41%" align="right" valign="middle" >-2.445</td><td width="18%" align="right" valign="middle" >-2.445</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Amortisation, depreciation and write-downs at 31 December 2016</b></td><td width="41%" align="right" valign="middle" ><b>0</b></td><td width="18%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Book value at 31 December 2016</b></td><td width="41%" align="right" valign="middle" ><b>0</b></td><td width="18%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Amortised over a period of</td><td width="41%" colspan="1" align="right" valign="middle" >1-3 years</td><td width="18%" colspan="1" align="right" valign="middle" ></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" ><b>Tangible fixed assets</b></td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="30%" colspan="1" align="right" valign="middle" ><b>Vessels and related equipment</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Other plants and equipment</b></td><td width="27%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Cost at 1 January 2016</td><td width="30%" align="right" valign="middle" >356.795</td><td width="13%" align="right" valign="middle" >32.732</td><td width="27%" align="right" valign="middle" >389.527</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="30%" align="right" valign="middle" >5</td><td width="13%" align="right" valign="middle" >325</td><td width="27%" align="right" valign="middle" >330</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="30%" align="right" valign="middle" >-356.800</td><td width="13%" align="right" valign="middle" >-33.057</td><td width="27%" align="right" valign="middle" >-389.857</td></tr><tr><td colspan="4"></td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" ><b>Cost at 31 December 2016</b></td><td width="30%" align="right" valign="middle" ><b>0</b></td><td width="13%" align="right" valign="middle" ><b>0</b></td><td width="27%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Depreciation and write-downs at 1 January 2016</td><td width="30%" align="right" valign="middle" >-316.693</td><td width="13%" align="right" valign="middle" >15.117</td><td width="27%" align="right" valign="middle" >331.810</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="30%" align="right" valign="middle" >4.605</td><td width="13%" align="right" valign="middle" >2.373</td><td width="27%" align="right" valign="middle" >6.978</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Reversed depreciation on assets disposed of</td><td width="30%" align="right" valign="middle" >-321.298</td><td width="13%" align="right" valign="middle" >-17.490</td><td width="27%" align="right" valign="middle" >-338.788</td></tr><tr><td colspan="4"></td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" ><b>Depreciation and write-downs at 31 December 2016</b></td><td width="30%" align="right" valign="middle" ><b>0</b></td><td width="13%" align="right" valign="middle" ><b>0</b></td><td width="27%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" ><b>Book value at 31 December 2016</b></td><td width="30%" align="right" valign="middle" ><b>0</b></td><td width="13%" align="right" valign="middle" ><b>0</b></td><td width="27%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Depreciation period</td><td width="30%" colspan="1" align="right" valign="middle" >5-20 years</td><td width="13%" colspan="1" align="right" valign="middle" >3-5 years</td><td width="27%" colspan="1" align="right" valign="middle" ></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" ><b>Deferred tax</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" align="right" valign="middle" ><b>2016</b></td><td width="18%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January</td><td width="41%" align="right" valign="middle" >-3.808</td><td width="18%" align="right" valign="middle" >20.961</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Deferred tax for the year recognised in the profit/loss for the year</td><td width="41%" align="right" valign="middle" >3.808</td><td width="18%" align="right" valign="middle" >-24.769</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December</b></td><td width="41%" align="right" valign="middle" ><b>0</b></td><td width="18%" align="right" valign="middle" ><b>-3.808</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Deferred tax relates to</b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="41%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >133</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Tangible fixed assets</td><td width="41%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-3.941</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December</b></td><td width="41%" align="right" valign="middle" ><b>0</b></td><td width="18%" align="right" valign="middle" ><b>-3.808</b></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" ><b>Receivables</b></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" ><b>Share capital</b></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="20%" align="right" valign="middle" ><b>2016</b></td><td width="8%" align="right" valign="middle" ><b>2015</b></td><td width="16%" align="right" valign="middle" ><b>2014</b></td><td width="16%" align="right" valign="middle" ><b>2013</b></td><td width="20%" align="right" valign="middle" ><b>2012</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Share capital at 1 January</td><td width="20%" align="right" valign="middle" >517</td><td width="8%" align="right" valign="middle" >517</td><td width="16%" align="right" valign="middle" >517</td><td width="16%" align="right" valign="middle" >517</td><td width="20%" align="right" valign="middle" >517</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Capital increase</td><td width="20%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Share capital at 31 December</b></td><td width="20%" align="right" valign="middle" ><b>517</b></td><td width="8%" align="right" valign="middle" ><b>517</b></td><td width="16%" align="right" valign="middle" ><b>517</b></td><td width="16%" align="right" valign="middle" ><b>517</b></td><td width="20%" align="right" valign="middle" ><b>517</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Composition of the share capital</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Share capital</td><td width="20%" colspan="1" align="right" valign="middle" >Denomination</td><td width="8%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" >In total</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >A shares, 500 thousands</td><td width="20%" colspan="1" align="right" valign="middle" >1 DKK</td><td width="8%" colspan="1" align="right" valign="middle" >=</td><td width="16%" colspan="1" align="right" valign="middle" >500 thousands</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >B shares, 16.5 thousands</td><td width="20%" colspan="1" align="right" valign="middle" >1 DKK</td><td width="8%" colspan="1" align="right" valign="middle" >=</td><td width="16%" colspan="1" align="right" valign="middle" >17 thousands</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Ownership</b></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></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" ><b>Contractual obligations</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >CT Offshore A/S has assumed the following liabilities in the form of property leases and leased operating equipment</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="41%" align="right" valign="middle" ><b>2016</b></td><td width="18%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="41%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >8</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="41%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >11</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >> 5 years</td><td width="41%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="41%" ></td><td width="41%" align="right" valign="middle" ><b>0</b></td><td width="18%" align="right" valign="middle" ><b>19</b></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" ><b>Assets charged or otherwise provided as security</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >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). All assets are disposed at year end.</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" ><b>Contingent assets and contingent liabilities</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >According to the provisions of the Danish Corporation Tax Act, CT Offshore A/S are subsidiary liable for tax on the Group’s jointly taxed income, etc. The total amount of corporation tax payable is stated in the Annual Report of DONG Energy A/S, which is the management company of the joint taxation scheme. Moreover, the Danish group companies are subsidiary liable for Danish withholding taxes in the form of dividend tax, royalty tax and tax on interest. Any subsequent adjustments to corporation taxes and withholding taxes may increase the Company’s liability.</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" ><b>Unusual items</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In 2016, CT Offshore A/S decided to close down all activities and operations have only been ongoing in three months. All employees have been laid off in March. All fixed assets have been sold and remaining items are guaranties and short term receivables and payables.</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" ><b>Related party transactions</b></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 immediate Consolidated Financial Statements of DONG Energy Wind Power A/S, Kraftværksvej 53, 7000 Fredericia, Denmark and ultimate Consolidated Financial Statements of DONG Energy A/S, Kraftværksvej 53, 7000 Fredericia</td></tr><tr><td colspan="1"></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 50.1% ownership of the Parent.</td></tr><tr><td colspan="1"></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 colspan="1"></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></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" ><b>Events after 31 December 2016</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No events have occurred after the closing of this financial year that would influence the financial position of the Company.</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" ><b>Shareholders</b></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> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2015-01-01 2015-12-31 Revisionspåtegning 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 507588000 0.128 -113147000 -0.223 -8348000 -94592000 41189000 173.000 634727000 0.141 47865000 0.075 -6196000 32118000 33265000 172.000 257063000 0.200 10154000 0.040 -6569000 4901000 31006000 172.000 204723000 0.105 -19312000 -0.094 -4969000 -18217000 17707000 160.000 EBITDA1 -17787000 EBITDA1 65035000 EBITDA1 89241000 EBITDA1 51352000 EBITDA1 21484000 Profit/loss before tax -32865000 Profit/loss before tax -121494000 Profit/loss before tax 41669000 Profit/loss before tax 3585000 Profit/loss before tax -24281000 Tangible fixed assets 0 Tangible fixed assets 57717000 Tangible fixed assets 193818000 Tangible fixed assets 201611000 Tangible fixed assets 214579000 24077000 31684000 0 0 0 0 0 0 0 1000 11089000 1423000 0 12513000 19171000 31684000 517000 23560000 0 0 7607000 0 7607000 7607000 31684000 49661000 333177000 144253000 279973000 112135000 332228000 107234000 249322000 507588000 338647000 0 9100000 94806000 178182000 0 -113147000 273000 8620000 -121494000 -26902000 -94592000 0 0 -25584000 -94592000 1254000 1254000 40102000 17615000 57717000 58971000 3808000 667000 184901000 439000 84085000 273900000 306000 274206000 333177000 517000 49144000 49661000 2563000 257096000 11943000 11914000 283516000 283516000 333177000