Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2023-01-01 2023-12-31 2022-01-01 2022-12-31 35376461 BLUE CUBE DENMARK ApS H.C. Andersens Boulevard 38, 3. th 1553 København V 2013-06-13 København 2024-06-13 Ole Fynbo Hansen Regnskabsklasse B Ingen bistand true true 2024-06-13 CaseWare Working Papers Copenhagen Teresa Marie Vermillion Managing Director Ole Fynbo Hansen Director 7926957 10557158 1641827 1708077 6285130 8849081 61032 60134 198034 96163 6148128 8813052 1358126 1949838 4790002 6863214 3000000 9000000 1790002 -2136786 2171610 363145 2931 12847 2174541 375992 133341 360136 2307882 736128 2307882 736128 80000 80000 569519 -1220483 649519 -1140483 82680 116297 1046727 284254 344775 1152406 184181 323654 1658363 1876611 1658363 1876611 2307882 736128 80000 916303 -11136786 -9000000 80000 -1220483 4790002 3000000 80000 569519 1506500 1579349 135327 128728 1641827 1708077 1 1 46612 30649 7908 0 6512 29485 13677 0 155022 46399 29335 49764 1358126 1949838 Today, the Executive Board has discussed and approved the annual report of BLUE CUBE DENMARK ApS for the financial year 1 January - 31 December 2023. The annual report is prepared in accordance with the Danish Financial Statements Act. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Executive Board has considered the criteria for omission of audit to be met. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Blue Cube Denmark’s main activities is selling epoxies globally on behalf of Blue Cube Germany to multinational customers active in coatings, wind, civil engineering applications etc. with the strategy of building long term business relations with both existing and new customers. The strategy of the company is to grow the business. In 2023 the average number of staff (FTE) was 1, which is in line with the previous year. The employee has a shared responsibility for marketing and sales activites for the Blue Cube Group in Europe. In 2023, the company's gross profit amounted to DKK 7,926,957 against DKK 10,557,158 last year. The income statement for 2023 shows a profit of DKK 4,790,002 against a profit of DKK 6,863,214 last year. The balance sheet at 31 December 2023 shows a positive equity of DKK 649,519. Management considers the Company's financial performance in the year satisfactory. There are no specific business risks for Blue Cube Denmark. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. In 2024, the company´s revenue and profit will be comparable to 2023. The annual report of BLUE CUBE DENMARK ApS for 2023 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 18 as interpretation for revenue recognition. Income from the sale of goods for resale and finished goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2010. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Given the nature of the Group's cash pool arrangement, cash pool balances are not considered cash, but are recognised under "Payables to group enterprises". Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. The company has entered into a cash pool agreement with Nedastra Holding B.V., in which Nedastra Holding B.V., is the account holder and Blue Cube Denmark ApS is the sub-account holder together with the group's other affiliated companies. The terms of the cash pool scheme grant J.P Morgan SE the right to settle withdrawals and deposits with each other, whereby only the net balance of the total cash pool accounts constitutes Nedastra Holding B.V.’s balance with J.P Morgan SE. Blue Cube Denmark ApS' accounts in the cash pool scheme, which are recognised under payables to group enterprises, constitute a balance payable of DKK 961,039 as of 31 December 2023 (31 December 2022: a balance payable of DKK 284,254). Other contingent liabilities No contingent liabilities. The Company has not provided any security or other collateral in assets at 31 December 2023. Parties exercising control Related party Domicile Basis for control Olin Corporation Clayton, Missouri, USA Ultimate parent company Information about consolidated financial statements Parent Domicile Nedastra Holding B.V. 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