35487131 2021-01-01 2021-12-31 35487131 2021-01-01 2021-12-31 0 35487131 2021-01-01 2021-12-31 1 35487131 2021-01-01 2021-12-31 2 35487131 2021-01-01 2021-12-31 0 35487131 2021-01-01 2021-12-31 cmn:PreviousYearMember 1 35487131 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 2 35487131 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 3 35487131 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 4 35487131 2021-01-01 2021-12-31 cmn:PreviousYearMember 35487131 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 35487131 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 35487131 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 35487131 2021-12-31 35487131 2021-12-31 cmn:PreviousYearMember 35487131 2021-12-31 cmn:TwoYearsAgoMember 35487131 2021-12-31 cmn:ThreeYearsAgoMember 35487131 2021-12-31 cmn:FourYearsAgoMember 35487131 2020-01-01 2020-12-31 35487131 2020-12-31 35487131 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 35487131 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 35487131 2021-01-01 2021-12-31 0 35487131 2021-01-01 2021-12-31 1 iso4217:EUR xbrli:pure Regnskabsklasse C, stor virksomhed Scandlines ApS 25, 8. Havneholmen DK-1561 Copenhagen 35487131 Copenhagen 2021-01-01 2021-12-31 +4535290201 +4533151515 www.scandlines.dk scandlines@scandlines.dk 2022-04-26 Carsten Nørland <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 approved the annual report of Scandlines ApS for the financial year 1 January 2021 - 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">The annual report is presented 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 Company's financial position at 31 December 2021 and of the results of its operations for the financial year l January 2021 - 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">We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.</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 the annual report for adoption at the Annual General Meeting.</td></tr></table> Copenhagen 2022-04-26 <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 Scandlines 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 as of 31 December 2021, and of the results ofthe Company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements ofScandlines ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a 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 additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent ofthe Company in accordance with the Inter-national 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.</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 Management's Commentary</td></tr><tr><td colspan="1">Management is responsible for Management's Commentary.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management's Commentary, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management's Commentary and, in doing so, consider whether Management's Commentary 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 Management's Commentary provides the in-formation required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management's Commentary 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 Commentary.</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 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 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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 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> Hellerup 2022-04-26 308000 308000 -19881000 -18515000 0 -0.079 0.179 <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">Financial highlights are defined and calculated in accordance with "Recommendations &amp; Ratios" issued by the Danish Society of Financial Analysts.</td></tr><tr><td>Ratios</td><td>Calculation formula</td></tr><tr><td>Return on equity (%)</td><td>Profit/loss for the year x 100 / Average equity</td></tr><tr><td>Equity ratio (%)</td><td>Equity x 100 / Total assets</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 Commentary</td></tr><tr><td colspan="1">Primary activities</td></tr><tr><td colspan="1">The Company's primary activity is to own affiliated companies and manage the Cash Pool for the whole Scandlines Group.</td></tr><tr><td colspan="1">Development in activities and finances</td></tr><tr><td colspan="1">The financial year 2021 shows a result for the year ofTEUR -18.515, which is TEUR 2.214 better than 2020.</td></tr><tr><td colspan="1">As of 31 December 2021, total assets were TEUR 1.131.858 (2020: TEUR 1.229.269) with a total equity ofTEUR 202.283 (2020: TEUR 265.483).</td></tr><tr><td colspan="1">The performance is not considered satisfactory.</td></tr><tr><td colspan="1">For a detailed description of finances and activities, we refer to the Group Financial Statements of Scandlines Infrastructure ApS.</td></tr><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">COVID-19 continued to impact our business in large parts of 2021 as car and passenger traffic was significantly affected by travel restrictions and quarantine measures imposed by political decision makers in Germany and Denmark to limit the spread ofCOVID-19.</td></tr><tr><td colspan="1">Traffic figures were most severely affected by the restrictions in the first half of 2021, and traffic rebounded swiftly during the summer on the back of the introduction of COVID-19 certificates until restrictions were reinstated in the autumn. Freight traffic grew despite the continued impact from COVID-19 and countermeasures.</td></tr><tr><td colspan="1">We continued to take precautionary measures to protect our employees, customers and partners during the outbreak of COVID-19. We maintained contingency planning and ensured compliance with recommendations and regulatory demands through training sessions and other proactive initiatives.</td></tr><tr><td colspan="1">In 2022, we expect car and passenger traffic as well as shopping and bus travel to be significantly impaired by the effects of COVID-19. Freight traffic is expected to remain at a relatively stable and high level throughout the year.</td></tr><tr><td colspan="1">Due to the high degree of uncertainty and very low visibility, management is currently not in a position to provide precise financial guidance for 2022.</td></tr><tr><td colspan="1">Particular risks</td></tr><tr><td colspan="1">The particular risks in the Company relates to the risks connected with the investments in affiliated companies. The most material financial risks are currency, oil, interests and credit risks, which only occur in relation to the operating activities. The interest risk factors are hedged and we refer to the "Management commentary" in the Group Financial Statements ofScandlines Infrastructure ApS for a detailed description.</td></tr><tr><td colspan="1">Intellectual capital resources</td></tr><tr><td colspan="1">The Company continuously improves operational efficiency to maintain a strong competitive position against established competitors. In addition, qualified employees and management is critical to our success in the long term.</td></tr><tr><td colspan="1">We refer to the "Risk management" in the Group financial statements of Scandlines Infrastructure ApS for a detailed description.</td></tr><tr><td colspan="1">Staff</td></tr><tr><td colspan="1">The Company has no employees.</td></tr><tr><td colspan="1">Environmental performance</td></tr><tr><td colspan="1">Safety for our passengers, crew and vessels is paramount to any other parameter in our business. Weekly and monthly exercises for our crewmembers and testing of our equipment follow mandatory education.</td></tr><tr><td colspan="1">All vessels are inspected several times during a year, and we are satisfied to hold a high quality in 2021. For a more detailed description please see "Management commentary" in the Group Financial Statements of Scandlines Infrastructure ApS.</td></tr><tr><td colspan="1">Uncertainty in relation to recognition and measurement</td></tr><tr><td colspan="1">The Company has no material uncertainty in relation to recognition and measurement.</td></tr><tr><td colspan="1">Unusual circumstances</td></tr><tr><td colspan="1">There are no unusual circumstances in 2021, except for what is described above.</td></tr><tr><td colspan="1">Research- and development activities</td></tr><tr><td colspan="1">The Company has no research- and development activities.</td></tr><tr><td colspan="1">Branches</td></tr><tr><td colspan="1">The Company has no branches.</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">Statutory report on corporate social responsibility and data ethics cf. 99a and 99d of the Danish Financial Statements Act</td></tr><tr><td colspan="1">For our statutory statement on social responsibility in accordance with sections 99a of the Danish Financial Statements Act, we refer to the Sustainability report from our parent company Scandlines Infrastructure Aps (CVR: 38 10 32 45). The report can be found here</td></tr><tr><td colspan="1">Annual report and Sustainability report I Scandlines where our account on Scandlines' data ethics policy is also available in accordance with section 99d 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">Statutory report on corporate social responsibility and data ethics cf. 99a and 99d of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">For our statutory statement on social responsibility in accordance with sections 99a of the Danish Financial Statements Act, we refer to the Sustainability report from our parent company Scandlines Infrastructure Aps (CVR: 38 10 32 45). The report can be found here</td></tr><tr><td colspan="1">Annual report and Sustainability report I Scandlines where our account on Scandlines' data ethics policy is also available in accordance with section 99d 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">Statutory report on the underrepresented gender cf. 99b of the Danish Financial Statements Act</td></tr><tr><td colspan="1">The Company has no employees as it is a simple holding company.</td></tr><tr><td colspan="1">The Executive Board ofScandlines ApS, currently do not have any female members elected by the general assembly which is due to the reason that the constituted Executive Board represents the Executive Board of the Parent Company.</td></tr><tr><td colspan="1">The objective of the Group is within a period of four years to have one female Board member, elected on a general assembly.</td></tr><tr><td colspan="1">Scandlines operates in the maritime industry where many of the jobs are very gender specific due to the special working environment. The intake on the educations needed for a job in Scandlines is also very gender specific which makes it challenging to find candidates of the underrepresented gender in many areas. Further is the unemployment rate in Denmark very low for the time being which also brings down the number of suitable candidates. Scandlines does not work with quota but always employs the best-suited candidate for the job and works to make our advertisements as gender neutral as possible to attract both gender to all our open positions.</td></tr><tr><td colspan="1">Scandlines has signed the Charter of Women in shipping and in 2021 participated in the UN Global Compact program "Target Gender Equality".</td></tr><tr><td colspan="1">Scandlines will continue to have focus on improving the balance of the underrepresented gender in the coming years.</td></tr></table> 597000 289000 10769000 30650000 -19573000 -1058000 <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="5" align="left" valign="middle" >Statement of changes in equity for 2021</td></tr><tr><td colspan="5"></td></tr><tr><td width="18%" ></td><td width="19%" colspan="1" align="right" valign="middle" >Share capital</td><td width="19%" colspan="1" align="right" valign="middle" >Other reserves</td><td width="21%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="23%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td colspan="5"></td></tr><tr><td width="18%" ></td><td width="19%" colspan="1" align="right" valign="middle" >EUR'000</td><td width="19%" colspan="1" align="right" valign="middle" >EUR'000</td><td width="21%" colspan="1" align="right" valign="middle" >EUR'000</td><td width="23%" colspan="1" align="right" valign="middle" >EUR'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="18%" colspan="1" align="left" valign="middle" >Equity at 1 January 2021</td><td width="19%" align="right" valign="middle" >11</td><td width="19%" align="right" valign="middle" >-514</td><td width="21%" align="right" valign="middle" >265.986</td><td width="23%" align="right" valign="middle" >265.483</td></tr><tr><td width="18%" colspan="1" align="left" valign="middle" >Profit / loss of the year</td><td width="19%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >-18.515</td><td width="23%" align="right" valign="middle" >-18.515</td></tr><tr><td width="18%" colspan="1" align="left" valign="middle" >Extraordinary dividend</td><td width="19%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >-45.000</td><td width="23%" align="right" valign="middle" >-45.000</td></tr><tr><td width="18%" colspan="1" align="left" valign="middle" >Value adjustment</td><td width="19%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >315</td><td width="21%" align="right" valign="middle" >0</td><td width="23%" align="right" valign="middle" >315</td></tr><tr><td width="18%" colspan="1" align="left" valign="middle" >Equity at 31 December 2021</td><td width="19%" align="right" valign="middle" >11</td><td width="19%" align="right" valign="middle" >-199</td><td width="21%" align="right" valign="middle" >202.471</td><td width="23%" align="right" valign="middle" >202.283</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital consists of 84.000 shares of DKK 1 nominal.</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="3" align="left" valign="middle" ></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income</td></tr><tr><td width="53%" ></td><td width="23%" colspan="1" align="right" valign="middle" >31-12-2021</td><td width="24%" colspan="1" align="right" valign="middle" >31-12-2020</td></tr><tr><td width="53%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR'000</td><td width="24%" colspan="1" align="right" valign="middle" >EUR'000</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Interest from affiliated companies</td><td width="23%" align="right" valign="middle" >10.387</td><td width="24%" align="right" valign="middle" >45.611</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="23%" align="right" valign="middle" >382</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Other interest income</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >2</td></tr><tr><td width="53%" ></td><td width="23%" align="right" valign="middle" >10.769</td><td width="24%" align="right" valign="middle" >45.613</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" >Financial expense</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Interest to affiliated companies</td><td width="23%" align="right" valign="middle" >-9.694</td><td width="24%" align="right" valign="middle" >-39.747</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >-4.147</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Other interest expenses</td><td width="23%" align="right" valign="middle" >-20.956</td><td width="24%" align="right" valign="middle" >-22.114</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Total financial expenses.</td><td width="23%" align="right" valign="middle" >-30.650</td><td width="24%" align="right" valign="middle" >-66.008</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" >Tax on profit for the year</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Current tax</td><td width="23%" align="right" valign="middle" >96</td><td width="24%" align="right" valign="middle" >112</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Current tax previous year</td><td width="23%" align="right" valign="middle" >962</td><td width="24%" align="right" valign="middle" >-229</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Total tax on profit for the year</td><td width="23%" align="right" valign="middle" >1.058</td><td width="24%" align="right" valign="middle" >-117</td></tr><tr><td colspan="3"></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="4" align="left" valign="middle" >Fixed assets investments</td></tr><tr><td width="42%" ></td><td width="18%" ></td><td width="18%" ></td><td width="22%" colspan="1" align="right" valign="middle" >Investments in subsidiaries</td></tr><tr><td width="78%" colspan="3" align="left" valign="middle" >Cost at 1 January</td><td width="22%" align="right" valign="middle" >1.026.945</td></tr><tr><td width="78%" colspan="3" align="left" valign="middle" >Cost at 31 December</td><td width="22%" align="right" valign="middle" >1.026.945</td></tr><tr><td colspan="4"></td></tr><tr><td width="42%" ></td><td width="18%" colspan="1" align="right" valign="middle" >Registered in</td><td width="18%" colspan="1" align="right" valign="middle" >Corporate form</td><td width="22%" colspan="1" align="right" valign="middle" >Equity interest</td></tr><tr><td width="78%" colspan="3" align="left" valign="middle" >Investments in subsidiaries</td><td width="22%" colspan="1" align="right" valign="middle" >%</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandferries Holding GmbH*</td><td width="18%" colspan="1" align="right" valign="middle" >Hamburg</td><td width="18%" colspan="1" align="right" valign="middle" >GmbH</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandlines Deutschland GmbH*</td><td width="18%" colspan="1" align="right" valign="middle" >Hamburg</td><td width="18%" colspan="1" align="right" valign="middle" >GmbH</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandlines Schiff GmbH & Co. KG*</td><td width="18%" colspan="1" align="right" valign="middle" >Hamburg</td><td width="18%" colspan="1" align="right" valign="middle" >KG</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandlines SchiffVerwaltungs GmbH*</td><td width="18%" colspan="1" align="right" valign="middle" >Hamburg</td><td width="18%" colspan="1" align="right" valign="middle" >GmbH</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandlines Bordershop Puttgarden GmbH*</td><td width="18%" colspan="1" align="right" valign="middle" >Hamburg</td><td width="18%" colspan="1" align="right" valign="middle" >GmbH</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandlines Bordershop Rostock GmbH*</td><td width="18%" colspan="1" align="right" valign="middle" >Hamburg</td><td width="18%" colspan="1" align="right" valign="middle" >GmbH</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandlines Danmark ApS</td><td width="18%" colspan="1" align="right" valign="middle" >Copenhagen</td><td width="18%" colspan="1" align="right" valign="middle" >ApS</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandlines Catering ApS</td><td width="18%" colspan="1" align="right" valign="middle" >Copenhagen</td><td width="18%" colspan="1" align="right" valign="middle" >ApS</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Scandlines Gedser-Rostock ApS</td><td width="18%" colspan="1" align="right" valign="middle" >Copenhagen</td><td width="18%" colspan="1" align="right" valign="middle" >ApS</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="42%" ></td><td width="18%" ></td><td width="18%" colspan="1" align="right" valign="middle" >Equity</td><td width="22%" colspan="1" align="right" valign="middle" >Profit/Loss</td></tr><tr><td width="60%" colspan="2" align="left" valign="middle" >Investments in subsidiaries - continued</td><td width="18%" colspan="1" align="right" valign="middle" >EUR'000</td><td width="22%" colspan="1" align="right" valign="middle" >EUR'000</td></tr><tr><td width="60%" colspan="2" align="left" valign="middle" >Scandlines Danmark ApS</td><td width="18%" align="right" valign="middle" >274.313</td><td width="22%" align="right" valign="middle" >43.335</td></tr><tr><td width="60%" colspan="2" align="left" valign="middle" >Scandlines Catering ApS</td><td width="18%" align="right" valign="middle" >3.311</td><td width="22%" align="right" valign="middle" >-857</td></tr><tr><td width="60%" colspan="2" align="left" valign="middle" >Scandlines Gedser Rostock ApS</td><td width="18%" align="right" valign="middle" >27.706</td><td width="22%" align="right" valign="middle" >9.598</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >All recognized amounts are based on latest approved financial statements.</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >* Equity and Profit/Loss has not been disclosed in accordance with ÅRL §97a (3)</td></tr><tr><td colspan="4"></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" >Cash</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Scandlines ApS has cash ofTEUR 103.355 (2020: TEUR 155.325) of which TEUR 12.588 (2020: TEUR 12.661) is restricted.</td></tr><tr><td colspan="1"></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="4" align="left" valign="middle" >Bank loans</td></tr><tr><td width="42%" ></td><td width="18%" colspan="1" align="right" valign="middle" >Within 1 year</td><td width="18%" colspan="1" align="right" valign="middle" >1-5 years</td><td width="22%" colspan="1" align="right" valign="middle" >After 5 years</td></tr><tr><td colspan="4"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >2021 Bank loans</td><td width="18%" align="right" valign="middle" >105.735</td><td width="18%" align="right" valign="middle" >356.854</td><td width="22%" align="right" valign="middle" >466.596</td></tr><tr><td colspan="4"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >2020 Bank loans</td><td width="18%" align="right" valign="middle" >66.500</td><td width="18%" align="right" valign="middle" >330.505</td><td width="22%" align="right" valign="middle" >565.674</td></tr><tr><td colspan="4"></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" >Contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group's Danish companies are jointly and severally liable for tax on the Group's jointly taxed income, etc. The total amount of corporation tax due is stated in the Financial Statements of Scandlines Infrastruture ApS, which is the management company in relation to joint taxation. The Group's Danish companies are also jointly and severally liable for Danish withholding taxes in the form of dividend tax, royalty tax and interest tax. Any subsequent corrections to corporation taxes and withholding taxes may result in the Company's liability constituting a larger amount.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is jointly and severally liable for the subsidiaries intra-group accounts in the Scandlines ApS Group's cash pool arrangement.</td></tr><tr><td colspan="1"></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" >Assets charged and collateral</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The bank debt of the Company is secured by collateral in the Company's shares in subsidiaries, receivables from subsidiaries and cash.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The debt is subject to covenants calculated based on the group Financial Statements of Scandlines Infrastructure ApS.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has joint and several liability with its subsidiaries for the Company' and subsidiaries financing arrangement.</td></tr><tr><td colspan="1"></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" >Transactions with related parties</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >There have not been transactions between the company and its related parties which are not carried out under normal market conditions.</td></tr><tr><td colspan="1"></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" >Group relations</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Name and registered office of the Parent preparing consolidated Financial Statements for the smallest and largest group</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Scandlines Infrastructure ApS, Copenhagen</td></tr><tr><td colspan="1"></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="3" align="left" valign="middle" >Employees</td></tr><tr><td width="53%" ></td><td width="23%" colspan="1" align="right" valign="middle" >31-12-2021</td><td width="24%" colspan="1" align="right" valign="middle" >31-12-2020</td></tr><tr><td width="53%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR'000</td><td width="24%" colspan="1" align="right" valign="middle" >EUR'000</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Salary</td><td width="23%" align="right" valign="middle" >16.970</td><td width="24%" align="right" valign="middle" >11.149</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Bonus</td><td width="23%" align="right" valign="middle" >29.858</td><td width="24%" align="right" valign="middle" >13.859</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Pension</td><td width="23%" align="right" valign="middle" >1.876</td><td width="24%" align="right" valign="middle" >1.614</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Total remuneration of management</td><td width="23%" align="right" valign="middle" >48.704</td><td width="24%" align="right" valign="middle" >26.622</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Company has no employees.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The figures stated relates to the Executive Board's remuneration for handling the whole Scandlines Infrastructure Group. Thus, the figures stated is not recognised in the income statement of the Company. Therefore, only a minor part of the total remuneration is directly related to the work performed in Scandlines ApS.</td></tr><tr><td colspan="3"></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" >Events after the balance sheet date</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In March 2022, the Company entered into a refinancing agreement for a partial amount of the Company's bank debt. The agreement prolonged the repayment period and ensured fixed interest rates. The event is a non-adjusting event.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No other significant events have occurred after 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">This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).</td></tr></table> true <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 Financial Statements has been presented in TEUR.</td></tr></table><br><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">Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits 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 the Company has a legal or constructive obligation as a result of a prior event, and 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">On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.</td></tr><tr><td colspan="1">Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.</td></tr><tr><td colspan="1">Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.</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">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Fixed assets that have been purchased in foreign currencies are translated using historical rates.</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">Fair value adjustment of hedging instruments</td></tr><tr><td colspan="1">The hedging reserve includes the accumulated net change in the fair value of hedging instruments which meet the criteria for hedging future cash flow where the hedged transaction has not yet materialized.</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 include expenses relating to the Company's ordinary activities, including corporate costs.</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 from investments in subsidiaries</td></tr><tr><td colspan="1">Income from investments in subsidiaries comprises dividend etc. received in the financial year.</td></tr><tr><td colspan="1">Distribution of dividends from subsidiaries is taken to income in the Company's income statement in the financial year in which the dividend is declared. If an amount is distributed exceeding the subsidiary's result for the period, then an impairment test is performed.</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</td></tr><tr><td colspan="1">Other financial income comprises interest income on receivables from group enterprises.</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 expenses</td></tr><tr><td colspan="1">Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, bank interests and amortisation of financial liabilities.</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, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.</td></tr><tr><td colspan="1">The Company is jointly taxed with all Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).</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">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are measured at cost and are written down to the lower ofrecoverable amount and carrying amount.</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 measured at amortised cost, usually equaling nominal value less write-downs for bad debts.</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 tax payable or receivable</td></tr><tr><td colspan="1">Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.</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 tax payable or receivable.</td></tr><tr><td colspan="1">Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.</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">Cash</td></tr><tr><td colspan="1">Cash comprises cash in hand and bank deposits.</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 liabilities</td></tr><tr><td colspan="1">Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.</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">Consolidated Financial Statement</td></tr><tr><td colspan="1">With reference to the Danish Financial Statements Act §112 (2), the Company has not prepared a Consolidated Financial Statements. The Company's Financial Statements are included in the Consolidated Financial Statements of Scandlines Infrastructure 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">Cash flow statement</td></tr><tr><td colspan="1">The Company has according to the Danish Financial Statements Act §86(4) omitted to produce a cash flow statement.</td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup xWizard version 1.1.1125.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Ledelsespåtegning Revisionspåtegning Grundlag for konklusion Konklusion 0 Carsten Nørland CEO Per Johannesen Madsen CFO Michael Guldmann Petersen COO Other operating income 597000 Other operating income 0 Other operating income 0 Other operating income 0 Other operating income 0 -217000 -217000 -20395000 -20729000 0 -0.079 0.215 -235000 -235000 337616000 337868000 0 1.296 0.208 -620000 -620000 42896000 42306000 0 0.154 0.252 -104000 -104000 -5995000 -6133000 0 -0.017 0.257 1131858000 202283000 1026945000 1026945000 1026945000 1305000 38000 0 215000 1558000 103355000 104913000 11000 -199000 202471000 823449000 823449000 105735000 5000 205000 181000 106126000 929575000 1131858000 1236351000 265483000 1242651000 258868000 1040812000 262390000 1119677000 287328000 0 217000 -217000 -217000 45613000 66008000 -20612000 117000 -20729000 1026945000 1026945000 1026945000 46868000 19000 112000 0 46999000 155325000 202324000 1229269000 11000 -514000 265986000 265483000 896179000 896179000 66500000 54000 557000 496000 67607000 963786000 1229269000 -18515000 -20729000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 33771231 Bo Schou-Jacobsen State Authorised Public Accountant mne28703 André Nielsen State Authorised Public Accountant mne46624 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab