44493721 2024-01-01 2024-12-31 44493721 2023-01-01 2023-12-31 44493721 2024-12-31 44493721 2023-12-31 44493721 2024-01-01 2024-12-31 0 44493721 2023-01-01 2023-12-31 1 44493721 2024-01-01 2024-12-31 2 44493721 2023-01-01 2023-12-31 3 44493721 2024-01-01 2024-12-31 4 44493721 2023-01-01 2023-12-31 5 44493721 2024-01-01 2024-12-31 6 44493721 2023-01-01 2023-12-31 7 44493721 2024-01-01 44493721 2023-01-01 44493721 2024-01-01 2024-12-31 0 44493721 2024-01-01 2024-12-31 1 44493721 2024-01-01 2024-12-31 0 44493721 2024-01-01 2024-12-31 1 44493721 2024-01-01 2024-12-31 2 44493721 2024-01-01 2024-12-31 0 44493721 2024-01-01 2024-12-31 1 iso4217:DKK xbrli:pure Regnskabsklasse D 2024-01-01 2024-12-31 175395000 193396000 186443000 68000 168374000 35630000 4879000 137623000 -1060000 138683000 -2549000 -2549000 136134000 -28512000 33169000 18675000 -205110000 -2437000 -387000 1593000 2437000 20313000 -14951000 205110000 0 1710000 203400000 0 0 0 275385000 5224000 -280609000 -92160000 <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 Management</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of MB Shipbrokers 24 A/S for the financial year 1 January – 31 December 2024.</td></tr><tr><td colspan="1">The annual report has been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Company’s financial statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of its operations and cash flows for the financial year 1 January – 31 December 2024.</td></tr><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters, the results for the year and the Company's financial position.</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 approved at the annual general meeting.</td></tr></table> Copenhagen 2025-04-03 <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 MB Shipbrokers 24 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 financial statements of MB Shipbrokers 24 A/S for the financial year 1 January – 31 December 2024, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information. The financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</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 2024 and of the results of the Company's operations and cash flows for the financial year 1 January – 31 December 2024 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of 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 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 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.</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 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 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 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 our procedures, we conclude that the 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 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 financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of 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.</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 Management either intends to liquidate the 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 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 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 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.</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 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 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.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note 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="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 2025-04-03 MB Shipbrokers 24 A/S 2100 Copenhagen Midtermolen 1 44493721 2023-12-13 Copenhagen, Denmark Jan Al-Erhayem 2025-04-03 <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 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">Corporate social responsibility</td></tr><tr><td colspan="1">Statement of social responsibility according to section 99a of the Danish Financial Statements Act and of data ethics cf. section 99d.</td></tr><tr><td colspan="1">Business model and risk analysis</td></tr><tr><td colspan="1">MB Shipbrokers 24 A/S (hereafter referred to as MB Shipbrokers) operates as an intermediary, facilitating connections between parties - typically those with maritime assets (e.g., tankers) available and those requiring access to such assets. These transactions may involve buyers and sellers, owners and charterers, or similar parties. For successfully facilitating such transactions, MB Shipbrokers earns a commission calculated as a percentage of the transaction value.</td></tr><tr><td colspan="1">With over a century of commercial operations, MB Shipbrokers remains committed to conducting business in a financially and socially responsible manner, in full compliance with applicable laws. These principles have long been the cornerstone of the company’s operations, and MB Shipbrokers seeks to extend these values to its relationships with clients, suppliers, and business partners.</td></tr><tr><td colspan="1">MB Shipbrokers upholds high standards in key areas, including employee and leadership practices, anti-corruption measures, and ethical conduct. These principles are integral to the company’s business model.</td></tr><tr><td colspan="1">The primary business risks identified include the potential loss of top-performing brokers/key employees and unethical business practices. Accordingly, the retention of key personnel and the maintenance of an ethically responsible business framework remain of utmost importance to MB Shipbrokers.</td></tr><tr><td colspan="1">The company’s impact on the environment, climate, and human rights is assessed to be minimal.</td></tr><tr><td colspan="1">Employees and management</td></tr><tr><td colspan="1">As a responsible employer, MB Shipbrokers is committed to ensuring that all employees are treated in accordance with applicable laws and labour agreements. The company strives to be an attractive workplace and regularly conducts employee surveys to identify how best to support and engage staff, ensuring they have the optimal conditions to thrive and perform at their best. Employee surveys are conducted approximately every 18 months.</td></tr><tr><td colspan="1">The most recent employee survey was carried out in May 2023, with 215 out of 241 employees responding to 29 questions. The company achieved an overall score of 83 out of 100, an improvement from 82 in the previous survey. Notably, 20 of the questions received scores of 80 or higher, a benchmark considered very high. On the question, “Overall, I am satisfied with MB Shipbrokers as a workplace,” the score was 84.</td></tr><tr><td colspan="1">Follow-up actions based on the survey results, tailored to each department, have been ongoing throughout 2024.</td></tr><tr><td colspan="1">MB Shipbrokers does not employ minors and requires the same compliance from its suppliers. Furthermore, the company does not tolerate the use of forced or involuntary labour under any circumstances.</td></tr><tr><td colspan="1">Anti-corruption and ethics</td></tr><tr><td colspan="1">The risk of MB Shipbrokers being involved in corruption will be detrimental to our name/brand and result in loss of customers. We will also risk incurring fines under both English and US anti-corruption laws.</td></tr><tr><td colspan="1">Our policy requires that no employee – directly or indirectly through 3rd party – becomes involved in corrupt practices, including bribery, extortion and fraud as defined in relevant anti-corruption legislation. No employee shall offer and/or give (or receive) anything of value, directly or indirectly, to (or from) any person, agent, or employee of a client for the undue benefit to themselves, family members, friends, business associates and/or MB Shipbrokers.</td></tr><tr><td colspan="1">Our anti-corruption rules are described in our internal business directives and the "Code of Conduct" and all employees must confirm once a year that they are familiar with the content of both directives and the "Code of Conduct".</td></tr><tr><td colspan="1">When entering transactions involving the payment of commissions to co-brokers, it is required that they complete and sign a "Pledge of Anti-corruption Compliance".</td></tr><tr><td colspan="1">In 2024, strict checks have been conducted on whether any bribes have been paid. It has also been checked that commissions have only been paid to co-brokers who have signed the Pledge of Anti-corruption Compliance.</td></tr><tr><td colspan="1">In 2024, there have been no cases of or suspected corruption.</td></tr><tr><td colspan="1">Going forward, there will continue to be a very strong focus on this area. Information and communication to our employees will be intensified and there will be unabated control of all payments to 3rd parties.</td></tr><tr><td colspan="1">Environment and climate</td></tr><tr><td colspan="1">MB Shipbrokers is considered to have minimal risks of affecting environmental and climatic conditions. Conversely, environmental and climatic conditions may affect MB Shipbrokers’ business. For example, the reduced volume of water in the Panama Canal is a potential business advantage for MB Shipbrokers, as the ships will have longer sailing routes.</td></tr><tr><td colspan="1">Although MB Shipbrokers’ own impact on environmental and climatic conditions is minimal, MB Shipbrokers assumes its share of responsibility by trying to influence and help our customers to reduce emissions from ships as much as possible.</td></tr><tr><td colspan="1">In Copenhagen, we have set up additional charging stations in our underground car park for use in plug-in hybrid cars and electric cars. In the canteen, the use of beef and lamb is greatly reduced. The use of paper has been further reduced.</td></tr><tr><td colspan="1">The effort will primarily be aimed at our customers, where we offer direct assistance in reducing emissions from their ships, but also through co-operation with the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping and other similar organisations.</td></tr><tr><td colspan="1">Human Rights</td></tr><tr><td colspan="1">MB Shipbrokers respects international human rights conventions and works to ensure that we are not complicit in their breaches in connection with our global business. However, MB Shipbrokers only uses external suppliers and partners to a limited extent. Thus, it is the company's assessment that there is no need for a human rights policy. The company will continuously assess whether a policy is necessary.</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">Data ethics</td></tr><tr><td colspan="1">Our business is about trust, also when it comes to the ethical aspects of using data. Combining data and technology creates opportunities to develop products and services that improve both our customers' and our own business. MB Shipbrokers' business is increasingly based on data and technology, and we recognise that the technological development, together with the risks and opportunities created by the use of large amounts of data, requires special care. To ensure the ethical aspect of our handling and processing of data, MB Shipbrokers has implemented the following principles based on the company's values of trust, attention and security.</td></tr><tr><td colspan="1">Our data ethics principles</td></tr><tr><td colspan="1">1. MB Shipbrokers’ top management invites open and honest communication throughout the organisation regarding error correction and evaluation of lessons learned.</td></tr><tr><td colspan="1">2. We strengthen the ethical decision-making by considering the different aspects of data use and data management in teams based on diversity and broad professionalism.</td></tr><tr><td colspan="1">3. We offer our employees IT tools and systems that support the secure and respectful handling, storage and processing of both internal and external data.</td></tr><tr><td colspan="1">4. MB Shipbrokers restricts employees' access to data based on a "need to know" principle. Responsible handling of personnel data, business-critical data, customer data, etc. is a requirement in employment contracts under the section on general confidentiality.</td></tr><tr><td colspan="1">Subsequent events</td></tr><tr><td colspan="1">No events of material importance to the financial position of the Company for 2024 have occurred.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1355.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 63 0 30000 0 0 -30000 358000 0 -388000 -40000 -348000 0 0 -348000 -358000 0 0 0 0 0 0 0 0 5855000 0 545854000 0 -545854000 -50000000 -50000000 -442950000 0 0 542592000 2593000 306302000 1262000 0 210672000 518236000 19201000 17688000 3875000 3883000 8071000 52718000 570954000 500000 230816000 -1983000 229333000 127037000 6011000 40220000 173268000 48511000 2651000 3300000 1287000 134000 112470000 168353000 341621000 570954000 97638000 0 0 40000 545854000 545894000 0 0 0 0 2593000 2593000 548487000 500000 99152000 0 99652000 313457000 0 0 313457000 129493000 0 0 0 0 5885000 135378000 448835000 548487000 0 Other provisions 6741000 Other provisions 0 Cash generated from operation before changes in working capital 18379000 Cash generated from operation before changes in working capital -30000 Changes in working capital -15454000 Changes in working capital 5885000 Cash generated from operation 2925000 Cash generated from operation 5855000 2593000 0 Anders Hald CEO Anne Brown Pade CFO Jan Al-Erhayem Chair Pernille Backhausen Deputy Chair Anders Hald EY Godkendt Revisionspartnerselskab 30700228 Mikkel Sthyr State Authorised Public Accountant mne26693 Ole Becker State Authorised Public Accountant mne33732 30700228 EY Godkendt Revisionspartnerselskab