28100973 2019-01-01 2019-12-31 28100973 2019-01-01 2019-12-31 0 28100973 2019-01-01 2019-12-31 1 28100973 2018-01-01 2018-12-31 28100973 2019-01-01 2019-12-31 fsa:RetainedEarningsMember 28100973 2018-01-01 2018-12-31 fsa:RetainedEarningsMember 28100973 2019-12-31 28100973 2018-12-31 28100973 2019-01-01 2019-12-31 0 28100973 2019-01-01 2019-12-31 1 iso4217:DKK xbrli:pure 2019-01-01 2019-12-31 28100973 2020-07-02 Jan Rindbo <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board have today considered and adopted the Annual Report of Norient Product Pool ApS for the financial year 1 January – 31 December 2019.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position at 31 De- cember 2019 of the Company and of the results of the Company operations for 2019.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Hellerup 2020-07-02 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholder of Norient Product Pool ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2019, and of the results of the Company’s operations for the financial year 1 January - 31 December 2019 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of Norient Product Pool ApS for the financial year 1 Jan- uary - 31 December 2019, which comprise income statement, balance sheet, statement of changes in equity and notes and summary of significant accounting policies (“Financial Statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the ad- ditional requirements applicable in Denmark. Our responsibilities under those standards and re- quirements are further described in the Auditor’s Responsibilities for the Audit of the Financial</td></tr><tr><td colspan="1">Statements section of our report. We are independent of the Company in accordance with the Inter-</td></tr><tr><td colspan="1">national 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 evi- dence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">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 Man- agement determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">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 Man- agement either intends to liquidate the Company or to cease operations, or has no realistic alterna- tive but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="2">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 appli- cable 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 fi- nancial statements.</td></tr><tr><td colspan="2">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</td></tr><tr><td>•</td><td>Identify and assess the risks of material misstatement of the Financial Statements, whether due</td></tr><tr><td /><td>to fraud or error, design and perform audit procedures responsive to those risks, and obtain au- dit 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.</td></tr><tr><td>•</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit proce-</td></tr><tr><td /><td>dures that are appropriate in the circumstances, but not for the purpose of expressing an opin- ion on the effectiveness of the Company’s internal control.</td></tr><tr><td>•</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting</td></tr><tr><td /><td>estimates and related disclosures made by Management.</td></tr><tr><td>•</td><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting</td></tr><tr><td /><td>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 conclu- sions 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.</td></tr><tr><td>•</td><td>Evaluate the overall presentation, structure and contents of the Financial Statements, including</td></tr><tr><td /><td>the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="2">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.</td></tr></table> Hellerup 2020-07-02 Norient Product Pool ApS Strandvejen 52 DK-2900 Hellerup +45 3271 2300 +45 3271 2349 all@norientpool.com www.norientpool.com Gentofte Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting Policies</td></tr><tr><td colspan="1">Basis of Preparation</td></tr><tr><td colspan="1">The Annual Report of NPP ApS for 2019 has been prepared in accordance with the provisions of the Dan- ish Financial Statements Act applying to enterprises of reporting class B with add-ins from higher report- ing classes.</td></tr><tr><td colspan="1">The accounting policies applies remain unchanged from last year.</td></tr><tr><td colspan="1">The Annual Report for 2019 is presented in USD, which is the entity’s functional currency. Applied US Dollar exchange rate on the 31 December 2019: 667,20 (2018: 651,11)</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Revenues 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 in- curred to achieve the earnings for the year are recognised in the income statement, including deprecia- tion, amortisation, impairment losses and provisions as well as reversals due to changed accounting esti- mates of amounts that have previously been recognised in the income statement.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Translation policies</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of pay- ment are recognised in financial income and expenses in the income statement.</td></tr><tr><td colspan="1">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 in- come and expenses in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue comprises income from commercial management.</td></tr><tr><td colspan="1">Revenue comprises the fair value of the consideration received or receivable for the management service delivered. Revenue is shown net of value-added tax and rebates.</td></tr><tr><td colspan="1">Commercial management income is recognised upon delivery of the service in accordance with the man- agement agreement entered into.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise costs and expenses for premises as well as office expenses, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff expenses</td></tr><tr><td colspan="1">Staff expenses comprise wages and salaries as well as payroll expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Amortisation, depreciation and impairment losses</td></tr><tr><td colspan="1">Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of property, plant and equipment.</td></tr><tr><td colspan="1">On the sale of an item of property, plant and equipment the difference between the sales proceeds and the carrying amount of the asset is recognised in the profit or loss statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest, realised and unrealised exchange adjustments, fair value adjustments on securities as well as extra interests under the on-account taxation scheme.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement.</td></tr><tr><td colspan="1">Any changes in deferred tax due to changes to tax rates are recognised in the income statement.</td></tr><tr><td colspan="1">The company is jointly taxed with Dampskibsselskabet NORDEN A/S. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance Sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Property, plant and equipment are measured at cost less accumulated depreciation and less any accumu- lated impairment losses.</td></tr><tr><td colspan="2">Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</td></tr><tr><td colspan="2">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</td></tr><tr><td>Other fixtures and fittings, tools and equipment</td><td>3-7 years</td></tr><tr><td colspan="2">The assets’ residual values and useful lives are reviewed, and adjusted at each balance sheet date, if appro- priate.</td></tr><tr><td colspan="2">Impairment of property, plant and equipment</td></tr><tr><td colspan="2">The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and deprecia- tion. If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount, and the asset is written down to its lower recoverable amount.</td></tr><tr><td colspan="2">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 small- est group of assets for which a reliable recoverable amount can be determined based on a total assess- ment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Securities</td></tr><tr><td colspan="1">Securities consist of shares in a listed company that are measured at their fair value at the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value less provision for impairment.</td></tr><tr><td colspan="1">A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr><tr><td colspan="1">Share capital</td></tr><tr><td colspan="1">Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Dividend</td></tr><tr><td colspan="1">Dividend distribution is recognised as a deduction in equity in the period where the dividend is declared.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred tax assets and liabilities</td></tr><tr><td colspan="1">Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legisla- tion at the balance sheet date when the related deferred income tax asset is expected to be realised or the deferred income tax liability is expected to be settled.</td></tr><tr><td colspan="1">To the extent that the manner in which the entity recovers the carrying amount of an asset or a liability affects the tax implications, the measurement of the deferred tax liability or asset is based on how the en- tity expects to recover the asset or liability.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised to the extent that de- ferred tax liabilities are available or it is probable that future taxable profit will be available.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Current tax receivables and liabilities</td></tr><tr><td colspan="1">Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to set- tle on a net basis or simultaneously.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial debts</td></tr><tr><td colspan="1">Financial debts are recognised initially at fair value, net of transaction costs incurred. Subsequently they are measured at amortised cost, substantially corresponding to nominal value.</td></tr><tr><td colspan="1">Long term employee benefit obligations</td></tr><tr><td colspan="1">Long term employee benefits obligations consist of liabilities under incentive programmes whereby the Company has an obligation to deliver shares in Dampskibsselskabet NORDEN A/S to the key personnel of the company at a determinable price. Alternatively, to make a cash settlement of the difference between the pre-fixed price and the current market price.</td></tr><tr><td colspan="1">The liability is recognised in the profit or loss statement over the vesting period. The liability is measured at the present value of the expected difference between the market price and the exercise price of the shares at the expected exercise date. It is calculated on the basis of an option pricing model.</td></tr></table> 13490796 7922995 5567801 4572821 8697 986283 21575 105759 902099 170297 731802 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Statement of Changes in Equity</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="37%" ></td><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="23%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="37%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>earnings</b></td><td width="23%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="37%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>USD</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>USD</b></td><td width="23%" colspan="1" align="right" valign="middle" ><b>USD</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Equity at 1 January 2019</td><td width="20%" align="right" valign="middle" >91.190</td><td width="20%" align="right" valign="middle" >408.417</td><td width="23%" align="right" valign="middle" >499.607</td></tr><tr><td colspan="4"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >731.802</td><td width="23%" align="right" valign="middle" >731.802</td></tr><tr><td colspan="4"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Equity at 31 December 2019</td><td width="20%" align="right" valign="middle" >91.190</td><td width="20%" align="right" valign="middle" >1.140.219</td><td width="23%" align="right" valign="middle" >1.231.409</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" >Notes</td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" ><b>Staff expenses</b></td><td width="35%" align="right" valign="middle" ><b>2019</b></td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="right" valign="middle" ><b>USD</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Salaries</td><td width="35%" align="right" valign="middle" >4.261.148</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Pensions</td><td width="35%" align="right" valign="middle" >272.416</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Other social security expenses</td><td width="35%" align="right" valign="middle" >39.257</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >4.572.821</td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="35%" align="right" valign="middle" >29</td></tr><tr><td colspan="2"></td></tr></table> 29.000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="65%" colspan="1" align="left" valign="middle" ><b>Depreciation and impairment of other fixtures and fittings, tools and equipment</b></td><td width="35%" align="right" valign="middle" ><b>2019</b></td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="right" valign="middle" ><b>USD</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Other fixtures and fittings, tools and equipment</td><td width="35%" align="right" valign="middle" >8.697</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >8.697</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="65%" colspan="1" align="left" valign="middle" ><b>Financial income</b></td><td width="35%" align="right" valign="middle" ><b>2019</b></td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="right" valign="middle" ><b>USD</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Interest income</td><td width="35%" align="right" valign="middle" >21.575</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >21.575</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="65%" colspan="1" align="left" valign="middle" ><b>Financial expenses</b></td><td width="35%" align="right" valign="middle" ><b>2019</b></td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="right" valign="middle" ><b>USD</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Interest expenses</td><td width="35%" align="right" valign="middle" >2.424</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Fair value adjustment of securities</td><td width="35%" align="right" valign="middle" >31.085</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="35%" align="right" valign="middle" >72.250</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >105.759</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="65%" colspan="1" align="left" valign="middle" ><b>Tax on profit/loss for the year</b></td><td width="35%" align="right" valign="middle" ><b>2019</b></td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="right" valign="middle" ><b>USD</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Current tax for the year</td><td width="35%" align="right" valign="middle" >7.216</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustments in respect of previous years</td><td width="35%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Deferred tax for the year</td><td width="35%" align="right" valign="middle" >163.081</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Tax of profit/loss for the year</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >170.297</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" ><b>Other fixtures and fittings, tools and equipment</b></td><td width="35%" align="right" valign="middle" ><b>2019</b></td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="right" valign="middle" ><b>USD</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="35%" align="right" valign="middle" >408.970</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="35%" align="right" valign="middle" >1.210</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="35%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Cost at 31 December</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >410.180</td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Impairment losses and depreciation at 1 January</td><td width="35%" align="right" valign="middle" >-394.018</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="35%" align="right" valign="middle" >-8.697</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Reversal of impairment and depreciation of sold assets</td><td width="35%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Impairment losses and depreciation at 31 December</td><td width="35%" align="right" valign="middle" >-402.715</td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="35%" align="right" valign="middle" >7.465</td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Depreciated over</td><td width="35%" colspan="1" align="right" valign="middle" >3-7 years</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital amounts to DKK 506.000 and consists of 506 shares of a nominal value of DKK 1.000.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No shares carry any special rights.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Contingent assets, liabilities and other financial obligations</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" ><b>2019</b></td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="right" valign="middle" ><b>USD</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Lease obligations under operating leases. Total future lease</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >payments</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Within 1 year</td><td width="35%" align="right" valign="middle" >37.842</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="35%" align="right" valign="middle" >3.362</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >41.204</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Liabilities under service agreements within 1 year in the</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >event of termination is estimated not to exceed</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >7.194.723</td></tr><tr><td width="65%" ></td><td width="35%" align="right" valign="middle" >7.194.723</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Group's Danish companies are jointly and severally liable for the tax of the Group's jointly taxed</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >income etc. The total amount of corporation tax due is stated in the Annual Report of</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Dampiskibsselskabet NORDEN A/S, which is the administration</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >company for the joint taxation.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Related parties and group relation</b></td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="left" valign="middle" ><b>Basis</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Controlling interest</td></tr><tr><td colspan="2"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Dampskibsselskabet NORDEN A/S, Copenhagen, Denmark</td><td width="35%" colspan="1" align="left" valign="middle" >Immediate</td></tr><tr><td width="65%" ></td><td width="35%" colspan="1" align="left" valign="middle" >parent</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Transactions</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Transactions with related parties have been carried out on arm's length.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Consolidated financial statements</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company is included in the consolidated finanstatements of Dampskibsselskabet NORDEN A/S,</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Strandvejen 52, DK-2900 Hellerup, where these can be obtained.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Subsequent events</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Mangement assesses that COVID-19 will have no material impact on the financial position of the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Company.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No other material subsequent events have occured after the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Main activities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The object of the Norient Product Pool ApS (NPP ApS) is to perform commercial management in tanker business. This includes being commercial manager of Norient Product Pool (NPP).</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >NPP is a product tank pool for the participants’ tonnage in the handy- and MRsize segments defined as the range from 25.000 to 55.000 dwt tonnage. At the moment, Interorient Navigation Co. Ltd. (INC) Dampskibsselskabet NORDEN A/S (NORDEN ), Hartree Partners LP and Trafigura Maritime Logistics Pte Ldt are pool participants.</td></tr></table> Årsrapport 67758919 Dampskibsselskabet Norden A/S Strandvejen 52 2900 Hellerup 2018-01-01 2018-12-31 Revisionspåtegning Søren Huscher CEO Jan Rindbo 10164440 8318052 1846388 3932151 13720 -2099483 10083 520915 -2610315 -592292 -2018023 731802 -2018023 7465 7465 0 0 7465 493159 1671504 314474 2479137 19739667 22218804 22226269 91190 1140219 1231409 113797 113797 11517464 7232264 2644 2128691 20881063 22226269 14952 14952 1442208 1442208 1457160 656240 628462 385539 1670241 15433826 17104067 18561227 91190 408417 499607 0 0 16604906 157569 675 1298470 18061620 18561227 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Bo Schou-Jacobsen State Authorised Public Accountant mne28703 Strandvejen 44 DK-2900 Hellerup Søren Ørjan Jensen State Authorised Public Accountant mne33226 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab