iso4217:DKKxbrli:pure263258382021-01-012021-12-31263258382021-01-012021-12-311263258382021-01-012021-12-312263258382021-01-012021-12-313263258382021-01-012021-12-311263258382021-01-012021-12-311263258382021-01-012021-12-312263258382020-01-012020-12-31cmn:PreviousYearMember263258382019-01-012019-12-31cmn:TwoYearsAgoMember263258382018-01-012018-12-31cmn:ThreeYearsAgoMember263258382017-01-012017-12-31cmn:FourYearsAgoMember263258382020-01-012020-12-31263258382021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember263258382020-01-012020-12-31fsa:ProposedDividendRecognisedInEquityMember263258382021-01-012021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember263258382020-01-012020-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember263258382021-01-012021-12-31fsa:RetainedEarningsMember263258382020-01-012020-12-31fsa:RetainedEarningsMember263258382021-01-012021-12-31fsa:ContributedCapitalMember263258382021-01-012021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember263258382021-01-012021-12-31fsa:RetainedEarningsMember263258382021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember263258382021-12-31263258382020-12-31cmn:PreviousYearMember263258382019-12-31cmn:TwoYearsAgoMember263258382018-12-31cmn:ThreeYearsAgoMember263258382017-12-31cmn:FourYearsAgoMember263258382020-12-31263258382021-01-01fsa:ContributedCapitalMember263258382021-12-31fsa:ContributedCapitalMember263258382021-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember263258382021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember263258382021-01-01fsa:RetainedEarningsMember263258382021-12-31fsa:RetainedEarningsMember263258382021-01-01fsa:ProposedDividendRecognisedInEquityMember263258382021-12-31fsa:ProposedDividendRecognisedInEquityMember263258382021-01-01263258382021-01-012021-12-311263258382020-01-012020-12-311cmn:PreviousYearMember263258382019-01-012019-12-311cmn:TwoYearsAgoMember263258382018-01-012018-12-311cmn:ThreeYearsAgoMember263258382017-01-012017-12-311cmn:FourYearsAgoMember263258382021-01-012021-12-3121263258382020-01-012020-12-3121cmn:PreviousYearMember263258382019-01-012019-12-3121cmn:TwoYearsAgoMember263258382018-01-012018-12-3121cmn:ThreeYearsAgoMember263258382017-01-012017-12-3121cmn:FourYearsAgoMemberAnnual reportAuditor's report on audited financial statementsfalseReporting class C, medium-size enterprisefalsefalsefalsefalseCC (Indonesia) 2 ApSHolbergsgade14, 2. tv.1057København KDK263258382001-11-08202021-01-012021-12-312020-01-012020-12-312022-07-13Kenny Michael AndersenOle Meier SørensenFlemming HelgelandSimon John OwensOle Meier SørensenPricewaterhouseCoopers Statsautoriseret revisionspartnerselskabPricewaterhouseCoopers Statsautoriseret revisionspartnerselskabStrandvejenStrandvejen444429002900HellerupHellerupDKDK3377123133771231CITCO (DENMARK) ApSHolbergsgade 14, 2. tv1057 København K21243434CitibankVesterbrogade1 L1620KøbenhavnDKAccura AdvokatpartnerselskabTuborg Boulevard12900HellerupDKThe Executive Board and the Board of Directors have today considered and adopted the Annual Report of CC (Indonesia) 2 ApS for the period 1 January - 31 December 2021. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and of the results of the Company operations for 2021. In our opinion, Management’s Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting.Copenhagen2022-07-11To the Shareholder of CC (Indonesia) 2 ApSOpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021, and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of CC (Indonesia) 2 ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ 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.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.Copenhagen2022-07-11Kim DanstrupJosephine Kilsgaard HolmState Authorised Public AccountantState Authorised Public Accountantmne32201mne44114Main Activity The Company’s main activities are worldwide to grant and obtain loans within the group, to invest group funds, to act as holding company for investments in other group companies and to provide services to other group companies. Development in activities and financial circumstances The loss for 2021 amounted to DKK 193,455k after tax which is a decrease of DKK 264,611k compared to 2020. Loss before tax amounts to 85,688k and is not in line with expectations. Management consider this unsatisfactory. The investment in PT Chevron Pacific Indonesia amounts to DKK 1,312,735k per 31 December 2021. Special risks - operating risks and financial risks Financial risks The Company is exposed to exchange rate adjustments. No attemps are made to minimize this exposure in the Company. The ultimate Parent acts upon any financial risks. For further information we refer to our owner Chevron Corporation's consolidated Financial Statements, which is published on page 48 on: https://www.chevron.com/-/media/chevron/annual-report/2021/documents/2021-Annual-Report.pdf Intellectual capital resources The Company has no employees. Expected development The Rokan Production Sharing Contract expired in 2021 and there are no plans in place for future activity. The result for upcoming financial year is expected to be in line with the results of current financial year. Significant Events The Rokan Production Sharing Contract expired on 9 August 2021, and the operatorship was transferred from PT Chevron Pacific Indonesia. Currently there are no plans in place for future activities. The financial position at 31 December 2021 of the Company and the results of the activities of the Company for the financial year for 2021 have not been affected by any other significant events. Environmental matters We are committed to pursuing innovations that improve our environmental performance and reduce the potential environmental impacts of our operations. This commitment is built into the way we manage our operations. Our Operational Excellence Management System establishes standards and objectives that extend from the corporate level to local management, allowing our businesses to focus on the risks and potential environmental issues that affect specific operating locations.Basis of preparation The Annual Report of CC (Indonesia) 2 ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last years. The Annual Report for 2021 is presented in DKK 1,000. Recognition and measurement Revenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to achieve the earnings for the year are recognized in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts previously recognized in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm to invalidate affairs and conditions existing at the balance sheet date. Translation policies Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognized in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognized in financial income and expenses in the income statement. Income statements of foreign subsidiaries that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.In accordance with Danish Financial Statements Act section 112(2), a consolidated Financial Statements has not been prepared. The Annual Report CC (Indonesia) 2 ApS are included in the Consolidated Financial Statements of Chevron Corporation, USA. The Consolidated Financial Statements may be obtained at the following address: Chevron Corporation 6001 Bollinger Canyon Road San Ramon, CA 94583-2324, USA.Other external expenses Other external expenses comprise expenses for administration, Management, office premises as well as office expenses, etc. Income from investments in associates The item "Income from investments in associates " in the income statement includes the proportionate share of the profit before tax less goodwill amortization. Retained withholding tax on dividend from foreign associates is recognized under "Tax on profit/loss for the year". Financial income and expenses Financial income and expenses comprise interests and realized and unrealized exchange adjustments. Tax on profit/loss for the year Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Current tax is calculated on the basis of the tax rate in force for the year. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The tax effect of the joint taxation is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). The jointly taxed enterprises have adopted the on-account taxation scheme.Investment in equity interests Investments in equity interests are recognized and measured under the equity method. The item "Investments in equity interests" in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealized intercompany profits or losses and with addition of any remaining value of positive differences (goodwill) and deduction of any remaining value of negative differences (negative goodwill). Positive differences are amortized in proportion to the oil production for the year of the equity interests stated in proportion to the oil reserves stated at the time of acquisition of the equity interest. The total net revaluation of investments in equity interests is transferred upon distribution of profit to "Reserve for net revaluation under the equity method" under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in equity interests. Equity interests with a negative net asset value are recognized at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognized in provisions. Receivables Receivables are measured in the balance sheet at the lower of amortized cost and net realizable value, which corresponds to nominal value less provisions for bad debts. Prepayments Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Deferred tax assets and liabilities Deferred tax is recognized in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognized in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to be triggered as current tax. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities Current tax receivables and liabilities are recognized in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Equity Dividend equalisation fund Dividend equalisation fund is formed as per shareholder's discretion for potential dividend payments of the Company. Dividend Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Current liabilities Other debt is measured at amortized cost which substantially corresponds to nominal value.With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated Financial Statements of Chevron Corporation, USA, the Company has not prepared a cash flow statement.Explanation of financial ratios Return on assets Solvency ratio Return on equity Profit/Loss before financial income and expenses x 100 Total Assets Total Equity x 100 Total Assets Net profit for the year x 100 Average Shareholders' Equity-199740005237700066329000125370001161000-19345500071156000520299000596465000599009000711560001491500014915000106987000-139774000-3153570001960150000-106987000-86468000018485930001867459000400771700035559400002889562000186745900098484700010713150001130476000798241000839626000107131500023600023600000105616400096969600014915000149150001071315000Profit/loss before financial income and expensesProfit/loss before financial income and expensesProfit/loss before financial income and expensesProfit/loss before financial income and expensesProfit/loss before financial income and expensesReturn on assetsReturn on assetsReturn on assetsReturn on assetsReturn on assets-6571400092025000663734000826726000785369000000000.5300.5700.2800.2200.290-0.1900.0600.5400.7300.400-0.0400.0500.1700.2300.270The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Financial Society. For definitions, see under accounting policies.336900010554000-6571400092025000-623450001025790004606700052377000660410000-85688000144402000107767000732460001312735000137562700013127350001375627000131273500013756270005281810004876410004900048000528230000487689000762800041430005358580004918320002360002360009696960001056164000149150001491500054900016600086319700079597800086374600079614400086374600079614400018485930001867459000010698700000106987000Share in profit in associates -62,345 102,579 -62,345 102,579Exchange adjustments 40,981 31,240 Interest income, group enterprises 7 8,116 Interest on loans, group enterprises 5,079 13,021 46,067 52,377Exchange adjustments -66,041 0 -66,041 0Current tax for the year -233 0 Previous tax for the year 0 -26 Withholding tax -107,534 -73,220 -107,767 -73,246Cost at 1 January 8,057,355 8,057,355 Additions 0 0 Cost at 31 December 8,057,355 8,057,355 Value adjustments at 1 January -6,681,728 -6,571,313 Exchange adjustments at year-end exchange rate 106,987 -139,774 Shares of profit/loss of the year -62,345 102,579 Withholding tax -107,534 -73,220 Value adjustments 0 0 Value adjustments at 31 December -6,744,620 -6,681,728 Carrying amount 1,312,735 1,375,627 Share capital Voting and Name and Registered office ownership IDR 1,000 PT Chevron Pacific Indonesia, Jakarta, Indonesia 5,086,144,000 50% The investment in PT Chevron Pacific Indonesia amounts to DKK 1,312,735k per 31 December 2021.The share capital, DKK 236,200 consists of 1,130 shares of a nominal value of DKK 209.03 or multiples hereof. No shares carry any special rights. Changes in the share capital during the last 5 years: Share capital at 1 January 2016 236,700 Capital reduction 25 July 2016 -100 Capital reduction 6 March 2017 -100 Capital reduction 11 October 2017 -100 Capital reduction 27 February 2018 -100 Capital reduction 26 July 2018 -100 Share capital at 31 December 2021 236,200The Company has at 31 December 2021 an unrecognized tax assets of DKK 8,286k (2020: DKK 8,948k).Controlling interest Basis Chevron Singapore Overseas Holdings Pte. Ltd. 100% Controlling shareholder 3 Fraser Street DUO Tower, Singapore Chevron Corporation Ultimate controlling shareholder 6001 Bollinger Canyon Road San Ramon, CA 94583-2324 United StatesWe refer to note 6 in the Financial Statement for a description of the development regarding the investment in the equity interest PT Chevron Pacific Indonesia. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group and can be requested on below mentioned address: Name Place of registered office Chevron Corporation 6001 Bollinger Canyon Road San Ramon, CA 94583-2324, USAThe Rokan Production Sharing Contract of subsidiary PT Chevron Pacific Indonesia expired on 9 August 2021, and the operatorship was transferred from PT Chevron Pacific Indonesia. Currently there are no plans in place for future activities.The Group's Danish companies are jointly and severally liablefor tax on the Group's taxable income, etc. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable for income taxes etc. for the jointly taxed companies and also for obligations, if any, relating to the withholding of tax an interest, royalties and dividendsfor these companies.The following are recorded in the Company's register of holding 100 % of the capital: Chevron Singapore Overseas Holdings Pte. Ltd. 3 Fraser Street DUO Tower, Singapore