38103245 2021-01-01 2021-12-31 38103245 2020-01-01 2020-12-31 38103245 2021-12-31 38103245 2020-12-31 38103245 2021-01-01 2021-12-31 0 38103245 2020-01-01 2020-12-31 1 38103245 2021-01-01 2021-12-31 2 38103245 2020-01-01 2020-12-31 3 38103245 2021-01-01 2021-12-31 4 38103245 2020-01-01 2020-12-31 5 38103245 2021-01-01 2021-12-31 0 38103245 2020-01-01 2020-12-31 1 38103245 2021-01-01 2021-12-31 2 38103245 2020-01-01 2020-12-31 3 38103245 2021-01-01 2021-12-31 4 38103245 2020-01-01 2020-12-31 5 38103245 2021-01-01 38103245 2020-01-01 38103245 2021-01-01 2021-12-31 cmn:PreviousYearMember 38103245 2021-01-01 2021-12-31 0 38103245 2021-01-01 2021-12-31 1 38103245 2021-01-01 2021-12-31 2 38103245 2021-01-01 2021-12-31 3 38103245 2021-01-01 2021-12-31 4 38103245 2021-01-01 2021-12-31 5 38103245 2021-01-01 2021-12-31 6 38103245 2021-01-01 2021-12-31 7 38103245 2021-01-01 2021-12-31 8 38103245 2021-01-01 2021-12-31 9 38103245 2021-01-01 2021-12-31 10 38103245 2021-01-01 2021-12-31 0 38103245 2021-01-01 2021-12-31 1 38103245 2021-01-01 2021-12-31 2 38103245 2021-01-01 2021-12-31 0 38103245 2021-01-01 2021-12-31 1 iso4217:EUR xbrli:pure Regnskabsklasse C, stor virksomhed Scandlines Infrastructure ApS Havneholmen 25, 8th floor 1561 Copenhagen V Denmark Copenhagen, Denmark 38103245 +45 3315 1515 www.scandlines.com scandlines@scandlines.com Vagn Ove Sørensen 2022-04-21 2021-01-01 2021-12-31 327600000 9000000 41500000 64800000 74000000 28600000 127700000 42200000 85500000 0 23100000 62400000 1100000 61300000 700000 2400000 3100000 64400000 300000 1500000 22200000 1000000 106600000 2200000 100000 -22000000 45000000 35000000 0 -80000000 4600000 500000 https://www.scandlines.com/about-us/management-and-investors/annual-report-and-sustainability-report/ https://www.scandlines.com/about-us/management-and-investors/annual-report-and-sustainability-report/ https://www.scandlines.com/about-us/management-and-investors/annual-report-and-sustainability-report/ 1237 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Management on the annual 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">The Supervisory Board and Executive Management have today considered and approved the annual report of Scandlines Infrastructure ApS for the financial year 1 January - 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with lnternational Financial Reporting Standards as adopted by the EU and Danish disclosure 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">In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the group's and the parent's financial position at 31 December 2021 and of the results of their operations and cash flows for the financial year 1 January - 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion the management commentary contains a fair review of the development of the group's business and financial matters, the results for the year and of the parent's financial position and the financial position as a whole of the entities included in the consolidated 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">We recommend the annual report for adoption at the Annual General Meeting.</td></tr></table> Copenhagen 2022-04-21 <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 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">Opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and fair view of the Group's financial position at 31 December 2021 and of the results of the Group's operations and cash flows for the financial year 1 January to 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company's financial position at 31 December 2021 and of the results of the Parent Company's operations for the financial year 1 January to 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Scandlines Infrastructure 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, for both the Group and the Parent Company, as well as statement of comprehensive income and cash flow statement for the Group ("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 of the Financial Statements section of our report. We are independent of the Group 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.</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 Review Management is responsible for Management's Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management's Review, 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 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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management's Review provides the information required under the Danish Financials Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management's Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management's Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance 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 Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">· Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">· Evaluate the overall presentation, structure and contents of the 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">· Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> Hellerup 2022-04-21 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 Revisionspåtegning Grundlag for konklusion Konklusion 272600000 7700000 37500000 55100000 73200000 40900000 73600000 40500000 33100000 100000 23800000 9400000 -8200000 17600000 400000 600000 1000000 18600000 1100000 2100000 23700000 -9500000 62700000 2200000 100000 -20700000 0 44100000 31500000 -12600000 29400000 1100000 1905000000 8000000 3400000 1916400000 165300000 303400000 1800000 4700000 28600000 503800000 19700000 23600000 17400000 1600000 66100000 128400000 2548600000 0 1500000 1537900000 1539400000 828300000 1900000 600000 2000000 832800000 105700000 700000 17500000 31100000 10100000 10500000 800000 176400000 1009200000 2548600000 1903600000 10400000 4200000 1918200000 131800000 318900000 42900000 5000000 19900000 518500000 17000000 20900000 0 900000 61000000 99800000 2536500000 0 -1600000 1521600000 1520000000 901300000 1900000 700000 2000000 905900000 66500000 700000 0 23400000 10000000 8500000 1500000 110600000 1016500000 2536500000 Result before amortisation and depreciation (EBITDA), continuing 127700000 Result before amortisation and depreciation (EBITDA), continuing 73600000 Income from sale of assets 300000 Income from sale of assets 0 Cash flows from operating activities, gross 129800000 Cash flows from operating activities, gross 76800000 Investments in vessels -6100000 Investments in vessels -9900000 Investments in other fixtures and fittings, tools and equipment, net 0 Investments in other fixtures and fittings, tools and equipment, net -200000 Investments in assets under construction, net -13500000 Investments in assets under construction, net -8300000 61000000 30500000 1357 Vagn Ove Sørensen Chairman William Charles Peskett Shuckburgh Ellen Marina Richardson Desmond Luis Wilkins James Graham Hatchley Timothy David Short Nicolas Grant Helle Skov Michael Skeller Andersen Gitte Pia Kamper Jan Raymond Saksaa Carsten Ramsø Nørland CEO Per Johannesen Madsen CFO Michael Guldmann Petersen COO PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Denmark 33771231 Bo Schou-Jacobsen State Authorised Public Accountant mne28703 Jacob Brinch State Authorised Public Accountant mne35447 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab