38283715 2021-01-01 2021-12-31 38283715 2021-01-01 2021-12-31 0 38283715 2021-01-01 2021-12-31 1 38283715 2021-01-01 2021-12-31 2 38283715 2021-01-01 2021-12-31 3 38283715 2021-01-01 2021-12-31 0 38283715 2021-01-01 2021-12-31 1 38283715 2021-01-01 2021-12-31 2 38283715 2021-01-01 2021-12-31 3 38283715 2020-01-01 2020-12-31 38283715 2021-12-31 38283715 2020-12-31 38283715 2021-01-01 38283715 2020-01-01 38283715 2021-01-01 2021-12-31 0 38283715 2021-01-01 2021-12-31 1 iso4217:USD xbrli:pure 2021-01-01 2021-12-31 <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">Corporate governance</td></tr><tr><td colspan="1">The Board of Directors and Executive Management of Ultrabulk are convinced that efficient and clear division of responsibilities as well as transparent decision-making processes are prerequisites of a Company’s long-term value creation. Ultrabulk therefore reviews at least annually the Company’s corporate governance practices and principles in accordance with legislation, customs and recommendations. As part of this process, the Board and Executive Management review the Company’s strategy, organisation, business processes, risks, control mechanisms and relations with its shareholders, customers, employees and other stakeholders.</td></tr><tr><td colspan="1">Remuneration of Board of Directors</td></tr><tr><td colspan="1">The Board of Directors has refrained from receiving any compensation for their work in 2021, unchanged from 2020. In 2022, the members of the Board of Directors will also refrain from receiving any compensation for their work. If Ultrabulk’s activities require a temporary, but extraordinary workload by the Board, a fee may be authorised. The members of the Board receive no incentive pay for their work on the Board.</td></tr><tr><td colspan="1">Remuneration of Executive Management</td></tr><tr><td colspan="1">The Member of the Executive Management is employed under an executive service contract, and all terms are fixed by the Board of Directors based on the guidelines approved by the general meeting.</td></tr><tr><td colspan="1">Members of Executive Management receive a competitive remuneration package consisting of: A fixed salary, benefits such as company car and phone, and an incentive payment in terms of cash bonus. Performance criteria for the cash bonus is tied to earnings and business targets.</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">Gender composition</td></tr><tr><td colspan="1">Statement on gender composition in management, cf Danish Financial statements Act 99 b</td></tr><tr><td colspan="1">According to the requirements in Danish Financial Statement Act § 99b, Ultranav must report on gender composition in the management. Ultranav applies a policy stating that gender composition of management shall reflect the gender balance of society as a whole – with due regard to the specific conditions in the shipping business.</td></tr><tr><td colspan="1">Both genders are represented in management (Head of area and higher) since early 2015, however not with equal representation. The representation of women in the management team has not increased in 2021 and the aim is to increase the female representation in the coming years.</td></tr><tr><td colspan="1">Ultranav Denmark policy states and ensures equal career opportunities for men and women and is actively used as a tool for recruiting and working with both genders, and equality in general. In the recruiting processes, it is the target to have both genders presented in the final stage of selection.</td></tr><tr><td colspan="1">With regards to the composition of Board of Directors, a target was set in 2020 to appoint at least one female member within four years from setting this ambition, which is by the end of 2024. No female member was appointed to the Board of Directors in 2021, primarily caused by the female representation in the shipping industry in general, but we will continue to work towards reaching this ambition before the end of 2024.</td></tr><tr><td colspan="1">The Board of Directors comprises of four male members at the end of 2021.</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">Statement by the Board of Directors and Executive Management</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 Board of Directors and the Executive Management have today considered and approved the Annual Report 2021 of Ultrabulk A/S.</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 Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further disclosure requirements according to the Danish Financial Statements Act. The Financial Statements of the Parent Company have been 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">We consider the accounting policies appropriate and the accounting estimates made reasonable, and in our opinion the Consolidated Financial Statements and the Financial Statements of the Parent Company provide the relevant information for assessing the financial position of the Group and the Parent Company. In our opinion the Consolidated Financial Statements and the Financial Statements of the Parent Company give a true and fair view of the assets, liabilities and financial position of the Group and the Parent Company, the results of the Group’s and the Parent Company’s operations and the Group’s cash flows for the period 1 January - 31 December 2021.</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 Management’s review in the preceding pages gives a true and fair presentation of the development in the activities and the financial position of the Group and the Parent Company, the results for the year and of the Group’s and the Parent Company’s financial position in general. Further, in our opinion the Management’s review describes the most significant risks and uncertainties that may affect the Group and the Parent Company.</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> Copenhagen 2022-03-01 <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 shareholders of Ultrabulk A/S</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">We have audited The Consolidated Financial Statements and The Parent Company Financial Statements of Ultrabulk A/S for the financial year 1 January – 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies for the Group and the Parent Company, and a consolidated statement of comprehensive income and a consolidated cash flow statement. The Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and The Parent Company Financial Statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, The Consolidated Financial Statements give a true and fair view of the financial position of the Group at 31 December 2021 and of the results of the Group's operations and cash flows for the financial year 1 January – 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Further, in our opinion, The Parent Company Financial Statements give a true and fair view of the financial position of the Parent Company at 31 December 2021 and of the results of the Parent Company's operations for the financial year 1 January – 31 December 2021 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">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of The Consolidated Financial Statements and The Parent Company Financial Statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence 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">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' 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.</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">Statement on the Management’s review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on The Consolidated Financial Statements and The Parent Company Financial Statements does not cover the Management’s review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of The Consolidated Financial Statements and The Parent Company Financial Statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with The Consolidated Financial Statements and The Parent Company Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we concluded that the Management's review is in accordance with The Consolidated Financial Statements and The Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</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 Consolidated Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of Parent Company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, Management is responsible for such internal control as Management determines is necessary to enable the preparation of Consolidated Financial Statements and The Parent Company Financial Statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing The Consolidated Financial Statements and The Parent Company Financial Statements, Management is responsible for assessing the Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative 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="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether The Consolidated Financial Statements and The Parent Company Financial Statements 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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risk of material misstatement of The Consolidated Financial Statements and The Parent Company 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.</td></tr><tr><td colspan="1">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing The Consolidated Financial Statements and The Parent Company Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent 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 Consolidated Financial Statements and The Parent Company Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of The Consolidated Financial Statements and The Parent Company Financial Statements, including the note disclosures, and whether The Consolidated Financial Statements and The Parent Company Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on The Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">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> Copenhagen 2022-03-01 1762814000 1504624000 7547000 25158000 139912000 0 3000000 48000 -375000 495000 12081000 76660000 1663000 74997000 -9868000 0 0 -9868000 65129000 12308000 1626000 -147614000 -28822000 206134000 1008000 39007000 45954000 25992000 -33947000 172187000 0 19979000 1057000 150218000 11210000 -182464000 -10277000 31120000 Ultrabulk A/S Smakkedalen 6 2820 Gentofte (+45) 39 97 04 00 www.ultrabulk.com 38283715 1981-03-03 Gentofte Bent Jensen 2022-03-08 Årsrapport 30700228 EY Englandsgade 25 5100 Odense C 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 52 Per von Appen Chief Executive Officer Hans-Christian Olesen Chief Operating Officer Oskar Fabricius Chief Financial Officer Francisco Larrain Executive Member Dag von Appen Chairman Per von Appen Board Member Peter Stokes Board Member Jan Vermeij Board Member 900043000 758873000 7188000 13438000 117065000 2910000 4252000 -7088000 -645000 4379000 15838000 -14371000 1886000 -16257000 2865000 645000 96000 3414000 -12843000 11070000 2768000 -136294000 1572000 131797000 19481000 28120000 2147000 4048000 2444000 134241000 10000000 3699000 1047000 124193000 14536000 -153475000 -19234000 5128000 0 228682000 959000 229641000 375000 18238000 5396000 1341000 1242000 250000 256483000 35133000 114697000 46143000 12297000 48770000 4798000 92461000 20092000 374391000 630874000 5134000 161915000 -11598000 45000000 200451000 0 125667000 948000 126615000 146626000 2021000 9644000 128216000 15569000 1732000 303808000 430423000 630874000 41545000 299239000 731000 341515000 750000 18190000 4837000 188000 13550000 250000 379280000 17860000 60455000 1805000 12297000 20979000 3341000 76746000 15900000 209383000 588663000 5134000 131918000 -1730000 135322000 18175000 212588000 3063000 233826000 77072000 2227000 11245000 125003000 2273000 1695000 219515000 453341000 588663000 71618000 90852000 EY Godkendt Revisionspartnerskab 30700228 Thomas Bruun Kofoed State Authorised Public Accountant mne28677 Tommy Borggaard Nielsen State Authorised Public Accountant mne34340 30700228 EY Godkendt Revisionspartnerskab