36401540 2022-01-01 2022-12-31 36401540 2022-01-01 2022-12-31 1 36401540 2022-01-01 2022-12-31 0 36401540 2022-01-01 2022-12-31 0 36401540 2022-01-01 2022-12-31 1 36401540 2022-01-01 2022-12-31 2 36401540 2022-01-01 2022-12-31 3 36401540 2022-01-01 2022-12-31 2 36401540 2022-01-01 2022-12-31 3 36401540 2021-01-01 2021-12-31 36401540 2022-12-31 36401540 2021-12-31 36401540 2022-01-01 fsa:ContributedCapitalMember 36401540 2022-01-01 fsa:RetainedEarningsMember 36401540 2022-01-01 fsa:ProposedDividendRecognisedInEquityMember 36401540 2022-01-01 36401540 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 36401540 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 36401540 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 36401540 2022-12-31 fsa:ContributedCapitalMember 36401540 2022-12-31 fsa:RetainedEarningsMember 36401540 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK Annual report 2023-03-31 Thomas Junker Jensen NTG TERMINALS II A/S Kokbjerg 15 6000 Kolding 36401540 2022-01-01 2022-12-31 PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB Strandvejen 44 2900 Hellerup <p xmlns="http://www.w3.org/1999/xhtml">The Management and Board of Directors have today considered and approved the Annual Report for the financial year 1. January 2022 - 31. December 2022 for NTG TERMINALS II A/S. <br/> <br/> The Annual Report is prepared in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022. <br/> <br/> In our opinion, Management's Review includes a true and fair account of the development in the operations and financial circumstances of the Company, of the results for the financial year 2022 and of the financial position of the Company at 31 December 2022. <br/> <br/> We recommend that the Annual Report be adopted at the Annual General Meeting.</p> Hvidovre 2023-03-31 Jesper Kongsted Jesper Ellegaard Petersen Chairman Christian Paul Dyander Jakobsen Jesper Kongsted Michael Larsen Independent auditor’s report To the shareholders of NTG TERMINALS II A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022, and of the results of the Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of NTG Terminals II A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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. Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2023-03-31 PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB 33771231 Jacob Brinch mne35447 State Authorised Public Accountant PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB 33771231 Frederik Geer Harvest mne45859 State Authorised Public Accountant <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Key activities</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">The company's purpose is to operate international freight forwarding and transportation.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Development in the year </strong></p> <p xmlns="http://www.w3.org/1999/xhtml">The income statement of the company for 2022 shows a profit of DKK 1,211,147 and at 31 December 2022 the balance sheet of the Company shows equity of DKK 1,711,919.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Subsequent events</strong> <br/> No events have occurred after the reporting period of importance to the financial statements.</p> The annual report has been prepared in accordance with the regulation applying to Reporting class B.<br xmlns="http://www.w3.org/1999/xhtml"/>There have been options of certain rules in reporting class C.<br xmlns="http://www.w3.org/1999/xhtml"/> Reporting class B <br xmlns="http://www.w3.org/1999/xhtml"/> Accounting policies are changed from previous period. <br xmlns="http://www.w3.org/1999/xhtml"/> <p xmlns="http://www.w3.org/1999/xhtml">Accounting policies are changed due to a presentational update to terminal-related costs. <br/> To increase transparency of the Company's financial reporting, the Company has chosen to amend accounting policies regarding costs associated with terminal activity effective 1 January 2022. Reclassified costs include facility, packaging, and personnel expenses directly attributable to the Company’s terminals. Figures for the comparison period, 2021, have been restated accordingly. Such costs are now presented as part of the financial statement item “gross profit” from previously employee expenses. The impact on the comparison figures are therefore a decrease in gross profit consisting of DKK 821,350, and a corresponding decrease of DKK 821,350 in employee expense.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company's Financial Statements for 2022 are presented in DKK.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Recognition and measurement</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Revenues are recognised in the income statement as earned. Value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Leases</strong> <br/> All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Translation policies</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">On Initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml">Receivables, payables, and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Income statement</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Revenue</strong> <br/>  </p> <p xmlns="http://www.w3.org/1999/xhtml">Revenue comprises sale of services and is recognised in the income statement if delivery and transfer of risk have been made to the purchaser by year end, and provided that the revenue can be measured reliably, and it is probable that the economic benefits relating to the sale will flow to the Company.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Accrued revenue and accrued costs of services in progress at 31 December 2022 are presented on the line items trade receivables and trade payables, respectively. Accrued revenue is estimated and recognised when a sales transaction fulfils the criteria for revenue recognition, but no final invoice has yet been issued to the customer at the end of the reporting period. Accrued costs are estimated and recognised when supplier invoices relating to recognised revenue for the reporting period have yet to be received.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Direct expenses</strong> <br/> Direct expenses comprise expenses incurred to achieve revenue for the year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Other external expenses</strong> <br/> Other external expenses comprise production costs and expenses for premises, sales and distribution as well as office expenses, etc.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Gross profit/loss</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, direct expenses, and other external expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Staff costs</strong> <br/> Staff expenses include wages and salaries, including compensated absence and pensions, as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Financial income and costs</strong> <br/> Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Tax on profit/loss for the year</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company is jointly taxed with NTG Nordic Transport Group A/S. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Balance sheet</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Inventories</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Inventories are measured at the lower of cost under the FIFO method and net realisable value.</p> <p xmlns="http://www.w3.org/1999/xhtml">The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence, and development in expected selling price. The cost of goods for resale equals landed cost.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Receivables</strong> <br/> Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Equity - dividend</strong> <br/> Dividend distribution proposed by Management for the year is disclosed as a separate equity item.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Deferred tax assets and liabilities</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.</p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax is measured based on the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Current tax receivables and liabilities</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Liabilities</strong> <br/> Debts are measured at amortised cost, substantially corresponding to nominal value.</p> 3403313 2438916 1867560 1677357 1535753 761559 20602 25093 3814 2289 1552541 784363 341394 153550 1211147 630813 1211919 631000 -772 -187 1211147 630813 55700 55700 55700 55700 1805082 1860507 2406145 1431053 0 71751 13928 14325 4225155 3377636 4280855 3433336 4280855 3433336 500000 500000 0 772 1211919 631000 1711919 1131772 1068681 616876 641854 441804 11559 0 846842 1242884 2568936 2301564 2568936 2301564 4280855 3433336 500000 772 631000 1131772 0 0 631000 631000 0 -772 1211919 1211147 500000 0 1211919 1711919 <table xmlns="http://www.w3.org/1999/xhtml" style="border-bottom: 0.0px;border-collapse: collapse;border-left: 0.0px;border-right: 0.0px;border-top: 0.0px;width: 650.0px;"> <tbody> <tr> <th style="text-align: left;"> <strong>(DKK)</strong> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">2022</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">2021</th> </tr> <tr> <td>Wages and salaries</td> <td style="text-align: right;">1,542,442</td> <td style="text-align: right;">1,560,316</td> </tr> <tr> <td>Pensions</td> <td style="text-align: right;">83,879</td> <td style="text-align: right;">46,792</td> </tr> <tr> <td>Other social security costs and other staff costs</td> <td style="text-align: right;">241,239</td> <td style="text-align: right;">70,249</td> </tr> <tr> <td> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;">1,867,560</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;">1,677,357</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0;width: 650.0px;"> <thead> <tr> <th style="text-align: left;"> <strong>(DKK)</strong> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">2022</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">2021</th> </tr> </thead> <tbody> <tr> <td>Interest received from Group companies</td> <td style="text-align: right;">19,147</td> <td style="text-align: right;">24,815</td> </tr> <tr> <td>Exchange adjustments</td> <td style="text-align: right;">1,455</td> <td style="text-align: right;">278</td> </tr> <tr> <td> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;">20,602</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;">25,093</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0;width: 650.0px;"> <thead> <tr> <th style="text-align: left;"> <strong>(DKK)</strong> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">2022</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">2021</th> </tr> </thead> <tbody> <tr> <td>Future lease payments on operating leases</td> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> </tr> <tr> <td>Within 1 year</td> <td style="text-align: right;">284,153</td> <td style="text-align: right;">659,558</td> </tr> <tr> <td>Between 1 and 5 years</td> <td style="text-align: right;">123,482</td> <td style="text-align: right;">407,636</td> </tr> <tr> <td> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;">407,635</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;"> <p>1,067,194</p> </td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Other contingent liabilities</strong> <br/> The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of NTG Nordic Transport Group A/S. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation <br/> taxes and withholding taxes may increase the Company’s liability.</p> <h3 xmlns="http://www.w3.org/1999/xhtml"> </h3> <p xmlns="http://www.w3.org/1999/xhtml">The Company is included in  the Group Annual report of the Ultimate Parent company:</p> <p xmlns="http://www.w3.org/1999/xhtml">Name: NTG Nordic Transport Group A/S</p> <p xmlns="http://www.w3.org/1999/xhtml">Place of registred office: Hvidovre, Denmark</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">All transactions with related parties during the period were carried out at market terms.</p> <table xmlns="http://www.w3.org/1999/xhtml" class="incomeStatement" style="border:0; margin-bottom: 20px;"> <thead> <tr class="header1"> <th class="col1"/> <th class="col2"/> <th class="col3">2022</th> </tr> </thead> <tbody> <tr> <td class="col1 dotted"> <span> Average number of employees </span> </td> <td class="col2"> </td> <td class="col3"> 6 </td> <td class="col4 lastyear"> </td> </tr> </tbody> </table> 6 false false true false Erhvervsstyrelsen Regnskab Basis 2021-12-31 2021-01-01 Auditor's report on audited financial statements false false false false Magnus Aagaard Tiedebøhl Liljehaven 23 2765 Smørum