xbrli:pureiso4217:USD377453242023-01-012023-12-31cmn:ConsolidatedMember377453242023-01-012023-12-311cmn:ConsolidatedMember377453242023-01-012023-12-31fsa:LiquidationAccountMembercmn:ConsolidatedMember377453242023-01-012023-12-311cmn:ConsolidatedMember377453242023-12-31377453242023-01-012023-12-31377453242022-01-012022-12-31cmn:ConsolidatedMember377453242023-01-012023-12-31377453242022-01-012022-12-31377453242023-01-012023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember377453242023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember377453242023-01-012023-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember377453242023-01-012023-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember377453242023-01-012023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember377453242023-01-012023-12-31fsa:RetainedEarningsMember377453242023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMember377453242023-12-31cmn:ConsolidatedMember377453242022-12-31cmn:ConsolidatedMember377453242022-12-31377453242023-01-01cmn:ConsolidatedMember377453242022-01-01cmn:ConsolidatedMember377453242023-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember377453242023-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember377453242023-01-01fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember377453242023-01-01fsa:EquityAttributableToParentMembercmn:ConsolidatedMember377453242023-01-01fsa:MinorityInterestsMembercmn:ConsolidatedMember377453242023-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember377453242023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember377453242023-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember377453242023-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember377453242023-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember377453242023-01-01fsa:ContributedCapitalMember377453242023-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember377453242023-01-01fsa:RetainedEarningsMember377453242023-01-01fsa:ProposedDividendRecognisedInEquityMember377453242023-01-01377453242023-12-31fsa:ContributedCapitalMember377453242023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember377453242023-12-31fsa:RetainedEarningsMember377453242023-12-31fsa:ProposedDividendRecognisedInEquityMember377453242023-01-012023-12-314cmn:ConsolidatedMember377453242022-01-012022-12-314cmn:ConsolidatedMember377453242023-01-012023-12-31fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMember377453242023-01-012023-12-31fsa:ShorttermDeferredIncomeMemberGrundlag for konklusionKonklusion2024-05-242024-05-2433963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed2022-12-312022-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2023-12-312023-01-01Thorco Projects ApS37745324ÅrsrapportOdense51005Tværkajen, Postboks 10KøbenhavnKøbenhavn Ø2100<br /><br />17Svanemøllevej0The Executive Board has today considered and approved the annual report of Thorco Projects ApS for the financial year 01.01.2023 - 31.12.2023. The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2023 - 31.12.2023.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.I recommend the annual report for adoption at the Annual General Meeting.CopenhagenThor StadilTo the shareholder of Thorco Projects ApSWe have audited the consolidated financial statements and the parent financial statements of Thorco Projects ApS for the financial year 01.01.2023 - 31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2023 - 31.12.2023 in accordance
with the Danish Financial Statements Act.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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group 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.Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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.
<br />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 Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />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 the management commentary.
Our opinion on the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent 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.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent 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.CopenhagenGert Rasmussenmne35430State Authorised Public AccountantFinancial highlights2023
USD'0002022
USD'0002021
USD'0002020
USD'0002019
USD'000Key figuresRevenue91,929439,654418,082150,152144,987Gross profit/loss79,86656,56268,47311,70913,703Operating profit/loss73,10244,98356,1241,1261,739Net financials346779(2,137)828544Profit/loss for the year55,15838,61540,8211,0892,203Balance sheet total33,54698,63490,75135,30527,963Equity6,20853,07243,37411,55310,344Equity excl. minority interests11,50110,298Cash flows from operating activities105,95627,57937,9626,205(3,309)Cash flows from financing activities(102,000)(30,000)(39,000)01,457RatiosGross margin (%)86.8812.8716.387.809.45Net margin (%)60.008.789.760.731.52Equity ratio (%)17.9352.5649.2732.7236.99Hoved- og nøgletal - Indsæt beskrivelse af evt. særlige forhold.Financial highlights are defined and calculated in accordance with recommendations from the CFA Society
Denmark.Gross margin (%)
:Gross profit/loss * 100
RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueEquity ratio (%):Equity excl. minority interests * 100
Balance sheet totalPrimary activitiesThe primary activities of the Group are to carry out shipping, chartering and other shipping related activities. The activity is sold in 2023 and prior years figures are therefore not comparative.
The primary activities of the Group 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 Group has not commenced any new activities.Development in activities and financesThe income statement for the Group for 2023 shows a profit of USD 55,157,769, total assets amounts to USD
34,615,789 and at 31 December 2023 equity belonging to parent amounts to USD 6,207,991.
Profit/loss for the year in relation to expected developmentsThe Group sold its activities within the shipping industry in June 2023. This led to significantly higher Other operating income than expected. Until the divestment of the activities the earnings were positive and exceeded expectations for the Group.
The result for 2023 is considered satisfactory
Uncertainty relating to recognition and measurementThe Group has no material uncertainty in relation to recognition and measurement. OutlookConsidering the recent seized activity within the shipping industry, various related trade balances remain to be settled along with some ongoing customary commercial disputes. As of this date the Group has not commenced any new activities. Consequently, the outlook for 2024 is expected to be neutral to slightly negative.Environmental performanceStatements on Environmental performance 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/company-karma/company-karma-report
Research and development activitiesAccording to the Groups primary activities, potential new investments are currently being researched.
Foreign branchesThe Group has no foreign branches.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/company-karma/company-karma-report
Statutory report on the underrepresented gender2023Supreme management bodyTotal number of members1Underrepresented gender (%)0.00The entity has only one person in management and thus not required to have a gender policy.2023Other management levelsTotal number of members1Underrepresented gender (%)0.00The entity has only one person in management and thus not required to have a gender policy.10The entity has only one person in management and thus not required to have a gender policy.10The entity has only one person in management and thus not required to have a gender policy.Statutory report on data ethics policyStatements on statutory report on data ethics policy 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/company-karma/company-karma-report Events after the balance sheet dateIn 2021 a legal case regarding reversal of payments was raised against the parent company. The case was planned to be conducted in March 2024, prior signing the annual report. However, the court decided to postpone the case until October 2024.
The Group expects to be acquitted
91929148439654173919291484387577486033957439738603395741329472402429383132008735732733851608647986629356561903786954495361017867641041157349751387858818009049507310218944983456735566644479216905203430520343233155614670842331556139513219850791208550198440794258773448666457623337344866645821991182908977147320182908977202655551577693861501331577695200000005515776905515776938619336-41923735770065200000000000000071500014732037150001473203715000147320371500220514377150001473203715002205143746532257055004653225705500465322570550046532257055001670488122257561670488122257562159900273667488218605097352793422905841244614223814412388823108614989533108623733542559116088636811258002278936592667746982818711281871152395376764480266100932831180971610223303002997732435335461809863422533745031997838721226092122609212260921226092498189918241304981899140489305000000005000000062079915305022202132462079915307154612260921824130050000000530502222132453071546122609249818990062079910620799153050222122609241923714048930500000005305022212260920498189900325000063648433250000669637932500006364843325000066963790315948031594803159480315948695122117489557694282917486215758202330943875820232436891637876610654318163787661066822502816805207243278190604611770055412882408818938881888242870403972132324088189391978362428704040037271335461809863422533745031997838720-50000000-500000000-500000000-50000000-500000000-52000000-520000000-520000000-52000000-520000000000-21324-213240495043571271-6878088Tax payments-11063950-113100211056095102680029723315561987427-1985079-12085501059559872757917410595598727579174-102000000-30000000-102000000-300000003955987-2420826677469828187111 Events after the balance sheet dateIn 2021 a legal case regarding reversal of payments was raised against the parent company. The case was planned to be conducted in March 2024, prior signing the annual report. However, the court decided to postpone the case until October 2024.
The Group expects to be acquitted.1 Events after the balance sheet date
In 2021 a legal case regarding reversal of payments was raised against the company. The case was planned to be conducted in March 2024, prior signing the annual report. However, the court decided to postpone
the case until October 2024.
The Group expects to be acquitted2 RevenueThe main activity of the Group is Shipping. The activities on each market including the
competitive situation and risk profile are regarded as very homogeneous except for the differences in language,
etc. In the light of this the Group is not seen as having different segment activities.2 RevenueThe main activity of the company is Shipping. The activities on each market including the
competitive situation and risk profile are regarded as very homogeneous except for the differences in language,
etc. In the light of this the Group is not seen as having different segment activities.
3 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.4 Fees to the auditor appointed by the Annual General Meeting2023
USD2022
USDStatutory audit services31,20327,357Tax services2,0567,673Other services20,92813,54654,18748,5765 Staff costs2023
USD2022
USDWages and salaries6,019,9538,932,269Pension costs81,052160,932Other staff costs663,0992,480,2966,764,10411,573,497Average number of full-time employees1432Remunerationof management
2023
USDRemunerationof management
2022
USDTotal amount for management categories5,145,3003,348,7735,145,3003,348,7733 Staff costs2023
USD2022
USDWages and salaries4,394,6346,176,781Pension costs81,052160,932Other staff costs663,0992,480,2965,138,7858,818,009Average number of full-time employees1018Remunerationof
Manage- ment
2023
USDRemunerationof Manage- ment
2022
USDTotal amount for management categories5,145,3003,348,7735,145,3003,348,77314321018Remunerationof management
2023
USDRemunerationof management
2022
USDTotal amount for management categories5,145,3003,348,7735,145,3003,348,773Remunerationof
Manage- ment
2023
USDRemunerationof Manage- ment
2022
USDTotal amount for management categories5,145,3003,348,7735,145,3003,348,77351453003348773514530033487736 Tax on profit/loss for the year2023
USD2022
USDCurrent tax16,378,76610,655,006Change in deferred tax758,203(2,050,689)Adjustment concerning previous years1,153,928(1,456,997)18,290,8977,147,3204 Tax on profit/loss for the year2023
USD2022
USDCurrent tax16,378,76610,668,225Change in deferred tax758,203(2,050,689)Adjustment concerning previous years1,153,928(1,414,881)18,290,8977,202,6557 Proposed distribution of profit/loss2023
USD2022
USDOrdinary dividend for the financial year050,000,000Extraordinary dividend distributed in the financial year52,000,0000Retained earnings3,157,769(11,380,667)Minority interests' share of profit/loss0(4,320)55,157,76938,615,0135 Proposed distribution of profit and loss2023
USD2022
USDOrdinary dividend for the financial year050,000,000Extraordinary dividend distributed in the financial year52,000,0000Retained earnings3,157,769(11,380,664)55,157,76938,619,3365200000005200000003157769-113806673157769-113806640-43208 Intangible assetsGoodwill
USDCost beginning of year2,000,000Disposals(2,000,000)Cost end of year0Amortisation and impairment losses beginning of year(2,000,000)Reversal regarding disposals2,000,000Amortisation and impairment losses end of year0Carrying amount end of year0Goodwill
USDCost beginning of year2,000,000Disposals(2,000,000)Cost end of year0Amortisation and impairment losses beginning of year(2,000,000)Reversal regarding disposals2,000,000Amortisation and impairment losses end of year0Carrying amount end of year0<br />6 Intangible assetsGoodwill
USDCost beginning of year2,000,000Disposals(2,000,000)Cost end of year0Amortisation and impairment losses beginning of year(2,000,000)Reversal regarding disposals2,000,000Amortisation and impairment losses end of year0Carrying amount end of year0<br />Goodwill
USDCost beginning of year2,000,000Disposals(2,000,000)Cost end of year0Amortisation and impairment losses beginning of year(2,000,000)Reversal regarding disposals2,000,000Amortisation and impairment losses end of year0Carrying amount end of year09 Financial assetsDeferred tax
USDCost beginning of year1,473,203Disposals(758,203)Cost end of year715,000Carrying amount end of year715,0007 Financial assetsInvestments in group enterprises
USDDeferred tax
USDCost beginning of year158,9971,473,203Additions20Disposals(7,521)(758,203)Cost end of year151,478715,000Revaluations beginning of year419,2370Share of profit/loss for the year(455,147)0Reversal of revaluations(347,422)0Investments with negative equity value transferred to provisions 231,8560Revaluations end of year(151,476)0Carrying amount end of year2715,00010 Deferred tax
Changes during the year2023
USD2022
USDBeginning of year1,473,203(663,000)Recognised in the income statement(758,203)2,136,203End of year715,0001,473,203Deferred tax assetsDeferred tax assets consist of temporary differences between the carrying amount and the tax-based value. 8 Deferred tax
Changes during the year2023
USD2022
USDBeginning of year1,473,203(577,486)Recognised in the income statement(758,203)2,050,689End of year715,0001,473,203Deferred tax assetsDeferred tax assets consist of temporary differences between the carrying amount and the tax-based value. 11 PrepaymentsPrepayments consist of prepaid T/C hire and insurance premiums.9 PrepaymentsPrepayments consist of prepaid T/C hire and insurance premiums.12 Other provisions Other provisions consists of pending legal claims etc. 10 Other provisionsOther provisions consists of pending legal claims etc.13 Deferred incomeDeferred income consists of payments received from ongoing voyages which will be recognized as income in subsequent year.12 Deferred incomeDeferred income consists of payments received from ongoing voyages which will be recognized as income in the
subsequent years.14 Changes in working capital2023
USD2022
USDIncrease/decrease in inventories5,240,1786,243,981Increase/decrease in receivables61,976,042(16,623,895)Increase/decrease in trade payables etc.(19,764,486)2,406,241Other changes(3,880,463)1,095,58543,571,271(6,878,088)15 Unrecognised rental and lease commitments2023
USD2022
USDTotal liabilities under rental or lease agreements until maturity 031,774,60813 Unrecognised rental and lease commitments2023
USD2022
USDTotal liabilities under rental or lease agreements until maturity 031,774,60816
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.17 SubsidiariesRegistered inOwnership
%Thorco Projects Singapore Pte. LTD.Singapore100.00Thorco Projects USA Inc.Delaware, USA100.00-455147569342578234041923711 Other payables2023
USD2022
USDHoliday pay obligation0315,9480315,94814 Assets charged and collateralOverdraft is secured by way of mortgage on sales of goods and services.
15 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
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 consolidated financial statements and parent financial statements are consistent with those applied last year.The Financial Statements are presented in USD with exchange rate USD 674.47 at 31 December 2023 (31
December 2022 - USD 697.22).
falseThe Financial Statements are presented in USD with exchange rate USD 674.47 at 31 December 2023 (31
December 2022 - USD 697.22).
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. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling influence, are regarded as associates.<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.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.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.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.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc. for company
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to intangible assets comprise depreciation,
amortisation and impairment losses for the financial year.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.Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc. on receivables from group
enterprises.<br />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.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.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 equityThe Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).GoodwillGoodwill acquired is measured at cost less accumulated amortisation and impairment losses. Goodwill is
amortised on a straight-line basis over its useful life, which is assessed at 5 years.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.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.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.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.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. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.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.LeasesAll leases including chartering of vessels, are accounted for as operating leases. Lease payments on operating
leases are recognised on a straight-line basis in the income statement over the term of the leases.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, improvement and sale, etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, improvement and sale, etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
2024-05-24Jesper Malik Møller Ringsholm