40300937 2024-07-01 2025-06-30 40300937 2024-07-01 2025-06-30 2 40300937 2024-07-01 2025-06-30 memberOfBoardIdentifier_executive_board_1 40300937 2024-07-01 2025-06-30 memberOfBoardIdentifier_board_of_director_1 40300937 2024-07-01 2025-06-30 memberOfBoardIdentifier_board_of_director_2 40300937 2024-07-01 2025-06-30 memberOfBoardIdentifier_board_of_director_3 40300937 2024-07-01 2025-06-30 1 40300937 2022-07-01 2023-06-30 40300937 2021-07-01 2022-06-30 40300937 2020-07-01 2021-06-30 40300937 2023-06-30 40300937 2022-06-30 40300937 2021-06-30 40300937 2023-07-01 2024-06-30 40300937 2025-06-30 40300937 2024-06-30 40300937 2024-07-01 fsa:ContributedCapitalMember 40300937 2024-07-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 40300937 2024-07-01 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 40300937 2024-07-01 fsa:RetainedEarningsMember 40300937 2024-07-01 40300937 2024-07-01 2025-06-30 fsa:ContributedCapitalMember 40300937 2024-07-01 2025-06-30 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 40300937 2024-07-01 2025-06-30 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 40300937 2024-07-01 2025-06-30 fsa:RetainedEarningsMember 40300937 2025-06-30 fsa:ContributedCapitalMember 40300937 2025-06-30 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 40300937 2025-06-30 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 40300937 2025-06-30 fsa:RetainedEarningsMember 40300937 2023-07-01 40300937 2024-07-01 fsa:FixturesFittingsToolsAndEquipmentMember 40300937 2024-07-01 fsa:ShipsMember 40300937 2024-07-01 2025-06-30 fsa:FixturesFittingsToolsAndEquipmentMember 40300937 2024-07-01 2025-06-30 fsa:ShipsMember 40300937 2025-06-30 fsa:FixturesFittingsToolsAndEquipmentMember 40300937 2025-06-30 fsa:ShipsMember 40300937 2024-07-01 fsa:InvestmentsInGroupEnterprisesMember 40300937 2023-07-01 fsa:InvestmentsInGroupEnterprisesMember 40300937 2024-07-01 2025-06-30 fsa:InvestmentsInGroupEnterprisesMember 40300937 2023-07-01 2024-06-30 fsa:InvestmentsInGroupEnterprisesMember 40300937 2025-06-30 fsa:InvestmentsInGroupEnterprisesMember 40300937 2024-06-30 fsa:InvestmentsInGroupEnterprisesMember 40300937 2024-07-01 2025-06-30 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 40300937 2025-06-30 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 40300937 2024-07-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 40300937 2024-07-01 2025-06-30 fsa:DepositsLongtermInvestmentsAndReceivablesMember 40300937 2025-06-30 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:USD pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-07-01 2023-07-01 2025-06-30 2024-06-30 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning false 2025-12-22 Jens Riis Boesen The Executive Board and Board of Directors have today considered and adopted the Annual Report of Union Bulk A/S for the financial year 1 July 2024 - 30 June 2025. 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 30 June 2025 of the Company and of the results of the Company operations and cash flows for 2024/25. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Hellerup 2025-12-22 Michael Bonderup CEO Gert Fisker Tomczyk Jens Riis Boesen Michael Bonderup Chairman To the shareholders of Union Bulk A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 June 2025 and of the results of the Company’s operations and cash flows for the financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Union Bulk A/S for the financial year 1 July 2024 - 30 June 2025, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ 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 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 is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional 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 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.Plan and perform the audit 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. Hellerup 2025-12-22 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Flemming Eghoff Malene Hvidt Haslund State Authorised Public Accountant State Authorised Public Accountant mne30221 mne49078 Union Bulk A/S Strandvejen 171,1 2900 Hellerup 40300937 Gentofte Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights:Cash flows from:No Cash flow statement was prepared in the financial year 2020/21.For definitions, see under accounting policies. 4422000 31208000 14435000 2633000 28844000 13146000 772000 -605000 129000 3033000 26933000 12511000 20897000 23861000 23692000 6000 0 0 0 0 15811000 19778000 15345000 2235000 23272000 0 -21000 -2001000 0 -7000000 -22500000 0 -4786000 -1229000 0 8 9 9 8 6 0.218 0.028 0.126 1.209 0.555 0.352 0.766 0.757 0.829 0.648 0.259 0.065 0.170 1.534 1.328 Key activitiesThe principal activities are shipping activities.The past year and follow-up on development expectations from last yearThe income statement of the company for 2024/2025 shows a negative result of 2.725.424 and on 30th June 2025 the balance sheet of the company shows an equity of USD 4.211.155.The result does not meet the expectations set out in last years report, and the management is not satisfied with the result.This financial year has been a year of significant transformation for the Company, with substantial changes in strategy, operations and staffing. However our core identity, legacy and values remains unchanged.During the summer and autumn of 2024, the Owners and Management of Union Bulk A/S initiated work on establishing a new organisational setup and strategic direction. In the autumn and winter of 2024, a new management was appointed to lead the Company forward.Our initial focus has been on strenghtening the Company's presence in the Pacific region, where we now maintain an appropriate operational footprint. We have subsequently reinforced our Atlantic team, maintaining our established presence and strong client relationships.Implementation of the new plan has taken longer than expected and has not come without challenges. Market conditions have been difficult and have not provided support for the process.During the summer of 2024 the BHSI (Baltic Handysize index) averaged just below $14.000 pdy. In the autumn months the market began to decline and ultimately bottomed out in February 2025 on $6.767 or less than half the levels 6 months earlier. Under these circumstances achieving good economic performance, especially on period tonnage, is challenging.Baltic Handysize Index from 1 July 2024 till 30 June 2025The broader geo-political and macroeconomic environment has been volatile, leading to substantial market swings and heightened uncertainty. This has made decisionmaking increasingly challenging for market participants and has hindered long term planning.Most commodity customers has faced the same challenges hence concentrating primarily on short term commitments. This shift has further contributed to market volatility. Time charter period levels have during the period consistently traded 2-3.000 per day above spot rates, reflecting an underlying market optimism despite adverse conditions, creating a very demanding environment for our operating model. In conclusion the 2024/25 financial results did not meet the expectations set out in the annual report for 2023/24. This is mainly due to difficult market conditions, lower freight rates during the financial year and an eratic political landscape combined with the fact that our internal restructuring and strategic adjustment took more effort than anticipated.The office in Singapore is a branch to the danish entity.Use of financial instrumentsThe company uses derivative financial elements to hedge it´s freight price risks and bunker price risk.Forward Freight Agreement (FFA) is used to hedge cash flow risk from freight prices. Bunker hedge is used to hedge future bunker expenses and redelivery commitments related to timechartered vessels.Special risks - operating risks and financial risksMarket risksRevenues from the shipping operations are linked to global market trends, which through demand fluctuations affect freight rates as well as prices of e.g. tonnage and fuel. Management continuously assesses the extent to which it is relevant to take measures against these market fluctuations.Foreign exchange risksMost of the income from shipping activities is in USD, with a small amount of income in EUR. With most operational expenses being in USD and administrative expenses being in USD and DKK, the company have only limited foreign exchange risk.Targets and expectations for the year aheadWe see the next financial year as another transitional year, where we will rebuild the company’s activity and start the foundation for a coming surge in market, albeit no one knows when this will materialize. We expect a positive net operating income, that will bring the overall result back in black numbers. We believe that the next year is expected to show a small positive EBIT around USD 0 to 1 mio.Research and developmentThe Company is not involved in research and development activities.External environmentThe EEXI-regulations entered into force in January 2023, reducing the carbon footprint of all vessels in the world fleet. Union Bulk welcomes this development and supports the industry´s transition to more environmentally friendly maritime transportation.We are also fully accustomed to operating within the EU ETS (emission trading system) that entered into force in January 2024.As from 1st January 2025 the first stages of FuelEU are rolled out, and we have been ready to handle this as well.Union Bulk works with external advisors to reduce our marine fuel consumption and emissions.Uncertainty relating to recognition and measurementRecognition and measurement in the Annual Report have not been subject to noteworthy uncertainty.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. -359476 2526887 1920093 1911984 330881 48 -2610450 614855 0 511484 312731 366378 286671 231542 -2584390 1261175 141034 202569 -2725424 1058606 3856 297 0 0 3856 297 0 517227 0 8429017 54857 41928 54857 8988172 58713 8988469 3232857 2389507 3232857 2389507 3823196 644076 418286 0 2631987 2354843 158771 1611100 7032240 4610019 1629445 6044619 11894542 13044145 11953255 22032614 91803 91803 0 511484 -8988 -2337 4128340 16268165 4211155 16869115 2502132 831855 1001128 371504 2976 0 141034 202569 779479 973004 3315351 2784567 7742100 5163499 7742100 5163499 11953255 22032614 91803 511484 -2337 16268165 16869115 0 -511484 0 511484 0 91,8030-2,33716,779,64916,869,115 0 0 6651 0 6651 0 0 0 9925885 9925885 0 0 0 -2725424 -2725424 91803 0 -8988 4128340 4211155 -2725424 1058606 -2565212 -443725 -1264839 2744749 -6555475 3359630 319535 867764 286671 231542 -6522611 3995852 199593 371927 603291 0 -6118913 3623925 0 345 0 8435589 11000000 0 0 -2108923 11000000 -6327011 -629624 -371504 9925885 0 -9296261 371504 -4415174 -2331582 6044619 8376201 1629445 6044619 Cash and cash equivalents are specified as follows:Exchange adjustments-6,651-22 1629445 6044619 1629445 6044619 1885231 1854482 2801 3073 32061 54429 1920093 1911984 383564 242609 8 9 Share of profits0511,4840511,484 0 111691 251494 239270 61237 15417 312731 366378 141034 202569 141034 202569 9925885 0 0 511484 -12651309 547122 362 0 0 8324070 5954 0 0 8324070 6316 0 65 0 0 292945 2395 328506 0 621451 2460 0 3856 0 5 years25 years 5743 0 0 5743 5743 0 0 5743 511484 0 -511484 0 0 511484 0 511484 0 517227 Investments in subsidiaries are specified as follows:USD 5,743Hinase ApS has merged with Union Bulk during the fiscal year 2024-25. Hinase ApS Hellerup 1.00 41928 12929 54857 54857 Prepayments comprises prepaid expenses concerning charter, insurance premiums, etc Deferred income consists of payments received in respect of income in subsequent years and accruals regarding costs for open voyages. 312731 366378 286671 231542 -2673535 48 0 511484 141034 202569 -2565212 -443725 -843350 2275157 -2429025 594620 -2007536 125028 -1264839 2744749 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year19,321,39815,673,350Between 1 and 5 years10,0113,771,50019,331,40919,444,850Lease obligations under operating leases consists of contractual obligations relating to short-term chartering of vessels.The contractual obligations relating to rent and lease70,65272,780Other contingent liabilitiesAs part of the ordinary shipping operations, the Company occasionally receives claims from customers. The individual claims are provided for in the Financial Statements based on an individual assessment.The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Bradley Cairns ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsThe Company has other financial obligations amounting to tUSD 101, relating to other financial instruments. TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.In the financial year there has been no transactions, that was not made on arms lenght basis. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Bradley Cairns ApSHellerup, Denmark No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Union Bulk A/S for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The Financial Statements for 2024/25 are presented in USD with exchange rate as 30 June 2025 USD 636,60 (30 June 2024 - USD 696,64). Effective from the financial year 2024/25, the company has changed its accounting class from Class C-large to Class C-medium.The change is due to the increased size thresholds adopted through amendments to the Danish Financial Statements Act on 2 May 2024, which came into force on 1 June 2024.Based on the company’s financial figures for 2023/24 and 2024/25, the criteria for classification as a Class C-medium entity are met, and the annual report for 2024/25 has therefore been prepared in accordance with the requirements applicable to this class.The change results in less extensive disclosure requirements, including the removal of certain notes and reporting obligations, such as those related to social responsibility and data ethics.The change does not reflect a modification in the accounting treatment of assets and liabilities, but solely an adjustment in the level of reporting.Comparative figures have been adjusted where possible. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of 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 attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Business combinationsPooling of interestsIntragroup business combinations are accounted for under the pooling-of-interests method. Under this method, the two enterprises are combined at carrying amounts, and no differences are identified. Any consideration which exceeds the carrying amount of the acquired enterprise is recognised directly in equity. The pooling-of-interests method is applied at the date of acquisition, and comparative figures have not been restated. Translation policiesUsd is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. RevenueRevenue includes freight and charter income etc., are recognized in the Income Statement, when the voyage is completed. This is considered to be the case when the voyage is compleated before the end of the financial year. Ongoing voyage is recognised as the voyage are executed, then the revenue are equal to the activity in the financial year.Revenue is measured at the consideration received and is recognised exclusive of VAT. Direct expensesVessel operating costs comprise the consumables and other voyage cost consumed to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, office expenses, etc. Gross profit/lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, direct expenses and other external expenses. Staff expenses compromise wages and salaries as well as employee expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearThe Company is comprised by the tonnage tax regime. No provision is made for deferred tax since no deferred tax is expected to arise under the tonnage tax regime.The Company is jointly taxed with Bradley Cairns ApS, The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Vessels25 years Other fixtures and fittings, tools and equipment5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at USD 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investments consist of deposits (rents). InventoriesBunkers are measured at the lower of cost under the FIFO method and net realisable value. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning charter, insurance premiums, etc. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. The cash flow statement shows the Company’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Company’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity