40101772 2022-01-01 2022-12-31 40101772 2022-01-01 2022-12-31 1 40101772 2022-01-01 2022-12-31 2 40101772 2022-12-31 40101772 2021-01-01 2021-12-31 40101772 2021-12-31 40101772 2020-01-01 2020-12-31 40101772 2020-12-31 40101772 2019-01-01 2019-12-31 40101772 2019-12-31 40101772 2018-01-01 2018-12-31 40101772 2018-12-31 40101772 2021-12-31 fsa:ContributedCapitalMember 40101772 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 40101772 2022-12-31 fsa:ContributedCapitalMember 40101772 2021-12-31 fsa:RetainedEarningsMember 40101772 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 40101772 2022-12-31 fsa:RetainedEarningsMember 40101772 2022-01-01 2022-12-31 1 40101772 2022-01-01 2022-12-31 1 40101772 2022-01-01 2022-12-31 2 40101772 2022-01-01 2022-12-31 3 40101772 2022-01-01 2022-12-31 4 40101772 2022-01-01 2022-12-31 5 iso4217:USD xbrli:pure Jacob Ramsgaard Nielsen The Executive Board and Board of Directors have today considered and adopted the Annual Report of Frey P/S for the financial year 1 January - 31 December 2022.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 2022of the Company and of the results of the Companys operations for 2022.In our opinion, Management's Review includes a true and fair view of the matters addressed in the Review.We recommend that the Annual Report be adopted at the Annual General Meeting.Management's Statement Abyhoj Jeff Løcke Laursen Jørgen Balle Liezel du Toit Chairman Tommy Gade Jensen Jeff Løcke Laursen Jens-Jacob Aarup Independent Auditor's Report To the Shareholders of Frey P/S OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Frey P/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of accounting policies (“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 ourreport. 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. Statement on Management’s ReviewManagement 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. Management’s Responsibilities for the Financial StatementsManagement 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. Auditor’s Responsibilities for the Audit of the Financial StatementsOur 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 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. Copenhagen PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Jacob Brinch Christian Møller Gyrsting State Authorised Public Accountant State Authorised Public Accountant Frey P/S Soren Frichs Vej 38 L, St. Tv., DK-8230 Abyhoj PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 DK-2900 Hellerup Denmark 248063000 105231000 7284000 2270000 235000 -294000 -41000 3373000 142000 -1197000 -1060000 -41000 -227000 -523000 -99000 -8000 0 3146000 -380000 -1296000 -1068000 -41000 59408000 33387000 20030000 5539000 2996000 40829000 2809000 2930000 3888000 2956000 0.0 0 0 0 0 25 15 12 6 0 0.06 0.00 -0.06 -0.19 -0.01 0.69 0.08 0.15 0.70 0.99 0.14 -0.13 -0.38 -0.31 -0.01 * With reference to section 32 of the Danish Financial Statements Act revenue is not disclosed for 2018-2020Finacial HighlightsExplanation of financial ratiosReturn on assets Profit before financial items x 100Total assetsSolvency ratio Equity at year end x 100Total assets at year endReturn on equity Net profit for the year x 100Average equity Principal activities and financial mattersThe Company carry on business activities globally within containerized commodities trade in theagri commodity markets as well as any related business activities.Development in activities and financial positionThe financial year brought increased sales and despite a year with challenging market conditions the Company increased it's toplevel performance for the fourth consequtive year. The financial results of the year shows a gross profit of USD 7.284 thousand, and a profit for the year of of USD 3.146 thousand. The balance sheet statement shows an equity of USD 40.829 thousand. On that basis, and with the Company's accelarated growth strategy in mind, management considers the result acceptable. Uncertainty relating to recognition and measurementRecognition and measurement in the Annual Report have not been subject to any significant uncertainties.The past year and follow-up on development expectation for last yearEffective as of 31 March 2022, Maersk A/S granted the Company with an additional total of USD 35.000 thousand in capital contribution. The equity injection is considered a clear proof of concept and groupwide support, and with t the Company's liquidity need has been secured for at least the Financial year 2023. The expectations for the financial year of 2022 was continued growth in gross profit and net result. An increase of USD 5.014 thousand in gross profit and an improvement of the net result by USD 3.526 thousand is considered satisfactory. The Company's long term growth strategy also included opening at least one new origin sourcing country and adding a variety of products to the portfolio in 2022. The reached target enabled the Companyto gain an even stronger foothold and market pressence in 2022. Overall the 2022 performance and the investments made are considered as evidence that the Company's strategy to combine logistics and data initiatives are on the right track for continued growth.External environmentThe Company works continuously to minimize the environmental impact of the services and products. Optimizing the logistics by moving agricultural commodities between surplus and deficit container equipment areas,assisting in reducing trade imbalances and inefficiencies in the container trade supply chain is a fundamental part othe Company's business model.RisksThe Company operates under risk policies and mandates approved by the Board of Directors. The Company is not exposed to any risks other than the risks common to international trade and other counterparty risks originating from the trade with financial instruments.The Board of Directors has approved written principles for the overall risk management, as well as policies covering specific areas, such as foreign exchange risk, credit risk, long/short positions, hedging activities etc.As a general rule the Company does not enter into to contracts with a speculative element that might expose the Company to an unhedged risk. The Company mainly enters into contracts that are back-to-back on all significant elements. All risk exposures when not trading back-to-back are hedged to the best possible extent.For hedges of foreign currency purchases, the Company enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. Derivatives are only used for cash-flow hedging purposes and not as speculative investments.For the financial year 2022 the Company's has not been affected by any unusual events than usual in the industry. Management's ReviewExpectations for 2023The Company expects a continuous increase in revenue, gross profit and net result through growth in sales in new origin and destination countries combined with data- and analytical initiatives making the flow of agricultural commodities more efficient and profitable. In 2023 the Company expects to increase its sold volumes by 60%.Events after the balance sheet dateThere has been no significant events after the balance sheet date. Sustainability and gender composition of management An independently assured Sustainability Report for 2022 is published which provides detailed informationon the A.P. Moller – Maersk Group’s sustainability performance and sustainability strategy. The report serves as compliance with the requirements of Section 99a of the Danish Financial Statements Act(Årsregnskabsloven) on corporate social responsibility and reporting on the gender composition ofmanagement. The report is available on:https://www.maers k.com/sustainabili ty/reports- and-resourcesAccount and gender composition of Board of DirectorsBy the 31 December 2022 the Board of Directors had a composition of 3 men and two women and an equal composition had been achieved for 2022 in in accordance with the Danish business authorities guidance on the area. Under section 99b of the Danish Companies Act, the Board of Directors of the Company has laiddown the Company's policy to increase the share of the underrepresented gender in the Company's current Board ofDirectors. An equal composition of men and women are expected again after the general assembly in 2023.Account and gender composition of other managementThe Company fall below the threshold for the requirement to report on this policy. Data ethicsThe responsible use of data is a critical enabler for the group business model. In line with regulatoryrequirements of Section 99d of the Danish Financial Statements Act (Årsregnskabsloven), A.P. Moller –Maersk has established a data ethics policy, with accompanying governance measures. Please refer tohttps://www.maers k.com/sustainabili ty/our-es g - priorities/data-ethics The Annual Report of Frey P/S has been prepared in accordance with the provisions of the Danish FinancialStatements Act applying to reporting class C large enterprises.The functional currency of the Company is USD and the Financial Statements for 2022 are presented in USD.At 31 December 2022 the exchange rate USD/DKK is 6.97 (2021: USD/DKK 6.56).Recognition and measurement in generalRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financialassets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expensesincurred to achieve the earnings for the year are recognised in the income statement, including amortisation,impairment losses and provisions as well as reversals due to changed accounting estimatesof amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributableto 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 flowout 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 asdescribed for each item below.Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with the addition/deduction of the cumulative amortisation of any difference between costand the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before thepresentation of the Annual Report which confirm or invalidate affairs and conditions existing at thebalance sheet date.Foreign currency translationTransactions in other currency than the functional currency are translated at the exchange rate on the date of the transaction. Monetary items in foreign currency that are not settled on the balance sheet dateare translated at exchange rate on the balance sheet date. Foreign exchange rate gains and loss areincluded in the income statement as financial items. The functional and presentation currency is USD.Derivatives and hedging activitiesDerivatives are initially recognised at cost on the date a derivative contract is entered into, and they are subsequently remeasured at their fair value. Positive and negative fair values of derivatives are classified asother receivables or other payables as appropriate.Changes in the fair value of derivative financial instruments are recognized in the income statement, unless the derivatives meets the criteria for accounting hedging, cf. belowCash flow hedges that qualify for hedge accountingThe Company hedges the particular risk associated with the cash flow of highly probable forecast transactions.The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedgesis recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion isrecognised immediately in profit or loss. Amounts accumulated in equity are reclassified to profit or loss in the period when the hedged item expires. Income statement RevenueRevenues are recognised when the performance obligation has been satisfied, which happens upon the transfer of the control to the customer at an amount that reflects the consideration to which the Company expects to be exchanged for the goods and services. Revenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:• delivery has been made before year end• a binding sales agreement has been made• the sales price has been determined; and • payment has been received or may with reasonable certainty be expected to be receivedRevenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Cost of salesCost of sales includes the purchase of goods for resale and transportation thereof incurred to achieve revenue for the year. Cost includes the reclassification from equity of any gains or losses on qualifying cash flow hedges relating to purchases of goods.Other external costsOther external expenses comprise other operating expenses, including expenses for premises, marketing and office expenses, etc.Fees to statutory auditorIn accordance with the Danish Financial Statements Act section 96(3), fees to statutory auditors is not disclosedas the information is disclosed in the Annual Report for the APMM Group, in which the Company is fully consolidated.Staff expensesStaff expenses comprise wages and salaries as well as payroll expenses.Financial income and expensesFinancial income and expenses comprise interest, realised and unrealised exchange adjustments. TaxCompany is tax transparent entity under which the income or expense of the participants under the transparency principle. Income is taxed at the level of the owners rather than at the level of the entity.Balance Sheet Financial assets Financial assets comprise of rent- and other deposits.Investment in subsidiariesInvestments in subsidiaries are recognised at cost.The carrying amounts of investments in subsidiaries are reviewed on an annual basis to determine whether there is any indication of impairment. If so, an impairment test is carried out to determine whether the recoverable amountis lower than the carrying amount. If so, the asset is written down to its lower recoverable amount. InventoriesInventories are measured at the lower of cost according to the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale in the process of normal operations less selling expenses. The net realisable value is determined allowing for marketability and development in expected sales. Inventories mainly comprise grains, feed and oilseeds. ReceivablesReceivables are measured in the balance sheet at amortised cost less the expected credit losses.Provisions for bad debts are determined on the basis of an individual assessment of each receivable. PrepaymentsPrepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest.Cash and cash equivalentsCash comprise deposits on demand which are subject to an insignificant risk of change in value.EquityDividendDividend distribution proposed by Management for the year is disclosed as a separate equity itemLiabilitiesOther liabilities are measured at amortised cost, substantially corresponding to nominal value.Segment informationSegment information is provided on geographical markets. The segment information is in line with the Company'saccounting policies, risks and internal financial management. true Consolidated financial statementsWith reference to section 112(2) of the Danish Financial Statements Act and to the consolidated financial statements of A.P. Møller - Mærsk A/S (CVR No. 22756214), the Company has not prepared consolidated financial statements.The Annual Report of A.P. Møller - Mærsk A/S is available at: http://investor.maersk.com/financials.cfm Cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial stements of A.P. Møller - Mærsk A/S (CVR No. 22756214), the company has not prepared a cash flow statement. 239538000 102330000 1241000 631000 3911000 2128000 792000 13000 128000 447000 891000 88000 58000 133000 0 0 58000 133000 58000 133000 5132000 629000 27410000 20942000 2733000 0 1969000 7050000 11586000 1935000 10520000 2698000 59350000 33254000 762000 762000 40067000 2047000 492000 0 492000 0 14356000 8351000 2022000 21507000 1708000 719000 18087000 30578000 18579000 30578000 59408000 33387000 762000 2047000 0 472000 472000 0 35000000 35000000 0 3146000 762000 40067000 1 Segment informationThe Company's revenue segments operate in the following geographical areas:2022 2021Europe 0 0North America 0 0Asia 248.063 105.231Rest of world 0 0248.063 105.231 2 Staff expensesWages and salaries 3.830 2.034Pensions 61 41Other social security expenses 20 533.911 2.128Including remuneration to the Executive Board and Board of Directors846 464 3146000 -380000 4 Investments in subsidiariesInvestments in subsidiaries are measured at cost and can be specified as follows:Cost at 1 January 0 0Value adjustments 1 January 0 0Value adjustments 31 December 0 0Carrying amount at 31 December 0 0Name Share capitalPlace of registered officeVotes and ownershipFrey Australia Pty Ltd. Victoria, Australia 1 AUD100%6Derivative financial instrumentsAt 31 December 2022 the financial instruments consists of commodity futures and foreign exchange currency contracts that are part of the Company's ordinary business activity and hedging strategy. The fair value amount in "Other receivables" and "Other Payables" can be specified as follows:2022 2021Currency Forward Contracts - Cash flow hedges, assets 18 36Currency Forward Contracts - Cash flow hedges, liabilities-251 -9Commodities Futures - Cash flow hedges, assets 748 576Commodities Futures - Cash flow hedges, liabilities -43 -5Fair value of derivative financial instruments, net 472 598The financial instrument contracts have an expiry period of 1-5 months 5 Company capitalTotal company capital consist of 5.000.002 shares with total nominal value of DKK 5.000.002 equal to USD 761.610 applying the the exchange rate at incorporation, 13th December 2018, and the capital increases, 8th November 2019 and 31 March 2022 respectively. No Shares have special rights. 7 Contingent liabilityLease obligation, period of non-terminability, 18 months 96 91(2021: 24 months)As a wholly owned subsidiary the company shall be liable jointly with the othercompanies in the joint taxation of Danish withholding taxes on dividends, interest and royalties within joint taxation group of A.P. Møller - Mærsk A/S group and A.P. Møller - Holding A/S. 8 Related partiesMaersk A/S, Esplanaden 50, DK-1098 Copenhagen K., holds 100% of the company capital.The company is included in the consolidated financial statements of A.P. Møller - Mærsk A/S (CVR No. 22756214), Copenhagen.The company discloses all transactions with related parties during 2022. All transactions are on arms length.Purchase of freight and related services from Maersk Agency Denmark A/S of USD 16.710 Financial expenses to A.P. Moller - Maersk A/S of USD 123Financial expenses to Frey GP ApS of USD 1Salary and administrative services to affiliated companies of USD 1.181There have been no other transactions completed, apart from normal management remuneration, with the Board of Directors, senior executives, significant shareholders, affiliated companies or other related parties. 9 Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-05-04 Reporting class C, large enterprise 40101772 2018-12-13 2023-05-04 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2023-05-04 mne35447 33771231 mne44111