37745324 2024-01-01 2024-12-31 37745324 2024-01-01 2024-12-31 1 37745324 2024-01-01 2024-12-31 1 37745324 2024-12-31 37745324 2023-12-31 fsa:ContributedCapitalMember 37745324 2023-12-31 fsa:RetainedEarningsMember 37745324 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 37745324 2023-12-31 37745324 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 37745324 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 37745324 2024-12-31 fsa:ContributedCapitalMember 37745324 2024-12-31 fsa:RetainedEarningsMember 37745324 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 37745324 2023-01-01 2023-12-31 iso4217:USD xbrli:pure The Executive Board has today considered and approved the annual report of Thorco Projects ApS for the financial year 01.01.2024 - 31.12.2024. 0 91929148 The annual report is presented in accordance with the Danish Financial Statements Act. 3732840 60339574 In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024. 1281102 74207752 I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 2451738 78060970 I recommend the annual report for adoption at the Annual General Meeting. 0 4504306 Copenhagen 2451738 73556664 Thor Stadil 0 -455147 To the shareholders of Thorco Projects ApS 414044 2331556 We have audited the financial statements of Thorco Projects ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. 184594 1984407 We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 2681188 73448666 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. -168304 18290897 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 judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.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. 2849492 55157769 0 2 Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, 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 the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. 125106 715000 125106 715002 Odense 125106 715002 Gert Rasmussen 0 465322 mne35430 0 465322 State Authorised Public Accountant 105582 1670488 Financial highlights2024 USD'0002023 USD'0002022 USD'0002021 USD'0002020 USD'000Key figuresRevenue091,929438,758418,082150,152Gross profit/loss2,45278,06151,18766,63811,843Operating profit/loss2,45273,55744,79256,5042,581Net financials229347973(274)329Profit/loss for the year2,84955,15838,61941,9301,082Total assets11,16133,74599,78489,01534,683Equity9,0576,20853,05044,43111,501RatiosReturn on equity (%)37.33186.1679.23149.9371.12Equity ratio (%)81.1518.4053.1649.9133.16Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets 7807075 21860509 Primary activitiesThe primary activities of the Company going forward are to invest in assets such as real estate and securities, besides partial or whole acquisition of operating companies outside the shipping industry. As of this date the Company has not commenced any new activities. ​ ​The previous primary activities of the Company were to carry out shipping, chartering and other shipping related activities. The activity was sold in 2023 and prior years figures are therefore not comparative. 25171 2238144 Development in activities and financesThe income statement for 2024 shows a profit of USD 2,849,494 total assets amounts to USD 11,160,713 and at 31 December 2024 equity amounts to USD 9,057,485. The shipping activity is sold and only remains final outcome of pending legal claims. In 2021 the trustee of Thor Shipping A/S raised a claim for app. 22.7M DKK against the company. In 2024 three judges from the Danish Maritime and Commercial High Court unanimously acquitted the Company in their ruling. The ruling was not appealed. 0 31086 Profit/loss for the year in relation to expected developmentsThe result for 2024 is in line with expected development, as the activity is seized. Provisions for claims have been reversed and a positive effect on profit. 7937828 25800227 Uncertainty relating to recognition and measurementThe Group has no material uncertainty in relation to recognition and measurement. 3097779 6764480 OutlookConsidering the recent seized activity within the shipping industry, various related ongoing customary commercial disputes remain. As of this date the Company has not commenced any new activities. Consequently, the outlook for 2025 is expected to be neutral to slightly negative. According to the Groups primary activities, potential new investments are currently being researched. 11035607 33030029 Statutory report on corporate social responsibilityStatutory statements on corporate social responsibility and the underrepresented gender, cf sections 99 a and 99 b of the Danish Financial Statements Act are included in the ultimate parent Company Thornico Holding A/S ' CSR report. The report can be found on the following website: https://www.thornico.com/home/company-karma/ 11160713 33745031 This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).The accounting policies applied to these financial statements are consistent with those applied last year.The Financial Statements are presented in USD with exchange rate USD 714.29 at 31 December 2024 (31 December 2023 - USD 674.47). 1226092 1226092 The Financial Statements are presented in USD with exchange rate USD 714.29 at 31 December 2024 (31 December 2023 - USD 674.47). 481391 4981899 Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 7350000 0 Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. 9057483 6207991 RevenueRevenue from sales (chartering income) is recognized in the income statement at the rate of completion of the charter (discharge to discharge principle). This method is applied when total revenues and expenses in respect of the charter at the balance sheet date can be measured reliabliy, and it is probable that the economic benefits, including payments, will flow to the Company. Revenue is measured at the consideration received and is recognized exclusive of VAT and net of discounts relating to sales. 500000 3250000 Other operating incomeOther operating income comprises income from management services and is of a secondary nature as viewed in relation to the Company’s primary activities. 500000 3250000 Other external expensesOther external expenses comprises vessel operating cost relating to the Company’s ordinary activities, including ​expenses to archieve the revenue for the year such as TC-hire, port and bunker cost. 0 6942829 Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc. for company staff. 0 758202 Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. 1600968 16378766 Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, currency gains, and tax relief under the Danish Tax Prepayment Scheme etc. 2262 207243 Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, currency losses, and tax surcharge under the Danish Tax Prepayment Scheme etc. 1603230 24287040 Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. 1603230 24287040 Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus or minus unrealised intragroup profits or losses. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to reserve for net revaluation according to the equity method in equity. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. 11160713 33745031 Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. 1226092 10 InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. 4981899 5145300 0 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 52000000 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. -4500508 3157769 CashCash comprises bank deposits. 7350000 DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Other provisionsOther provisions comprise anticipated costs of commitments. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value. Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract. 1226092 Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 481391 Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. 7350000 Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Thornico Holding A/S, Business Reg. No. 35258000. true 1 Events after the balance sheet dateNo events materially affecting the assessment of the annual report have occurred after the balance sheet date. Grundlag for konklusion 2 Other operating incomeThorco Projects ApS has sold its business in may 2023 to DS Norden. The agreement effected the income statement for 2023 with 60 mio.USD. Konklusion 3 Staff costs2024 USD2023 USDWages and salaries04,423,254Pension costs081,05204,504,306Average number of full-time employees010Remuneration of Management2024 USDRemuneration of Management 2023 USDTotal amount for management categories'05,145,30005,145,300 2025-06-16 0 2025-06-16 Remuneration of Management2024 USDRemuneration of Management 2023 USDTotal amount for management categories'05,145,30005,145,300 Regnskabsklasse C, stor virksomhed 0 33963556 4 Tax on profit/loss for the year2024 USD2023 USDCurrent tax016,378,766Change in deferred tax589,894758,203Adjustment concerning previous years(758,198)1,153,928(168,304)18,290,897 2023-01-01 5 Proposed distribution of profit and loss2024 USD2023 USDOrdinary dividend for the financial year7,350,0000Extraordinary dividend distributed in the financial year052,000,000Retained earnings(4,500,508)3,157,769 2,849,49255,157,769 2023-12-31 Odense 0 5100 -4500508 5 Tværkajen, Postboks 10 6 Financial assetsInvestments in group enterprises​USDDeferred tax​USDCost beginning of year151,478715,000Disposals(151,478)(589,894)Cost end of year0125,106Revaluations beginning of year(151,476)0Reversal of revaluations151,4760Revaluations end of year00Carrying amount end of year0125,106 Deloitte Statsautoriseret Revisionspartnerselskab 7 Deferred tax Changes during the year2024 USD2023 USDBeginning of year715,0001,473,203Recognised in the income statement(589,894)(758,203)End of year125,106715,000​Deferred tax assetsDeferred tax assets consist of temporary differences between the carrying amount and the tax-based value. København 8 PrepaymentsPrepayments consist of prepaid TC hire and insurance premiums in 2023. København Ø 9 Other provisionsOther provisions consists of pending legal claims etc. 2100 10 Related parties with controlling interestHavnegade Capital ApS, Odense, Denmark, direct ownership Thornico A/S, Odense, Denmark, indirect ownership Thornico Holding A/S, Odense, Denmark, indirect ownership Christian Rosenkrantz Stadil, non public adress, ulitmate owner Revisionspåtegning 11 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Thornico Holding A/S, Odense, DenmarkName and registered office of the Parent preparing consolidated financial statements for the smallest group: Thonico A/S, Odense, Denmark. 2024-12-31 2024-01-01 17 Svanemøllevej Thorco Projects ApS 37745324 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab Årsrapport 2025-06-16 Jesper Malik Møller Ringsholm