Årsrapport 30700228 Ernst & Young Godkendt Revisionspartnerselskab Osvald Helmuths Vej 4 Postboks 250, 2000 Frederiksberg 2018-01-01 2018-12-31 2017-01-01 2017-12-31 2019-04-30 28118600 Lauritzen Reefers A/S Tuborg Havnevej 15 2900 Hellerup 2004-10-01 Copenhagen 33968000 33968001 Ernst & Young Godkendt Revisionspartnerselskab 30700228 Osvald Helmuths Vej 4 2000 Frederiksberg 2019-04-30 Mads Peter Zacho Regnskabsklasse B Revisionspåtegning true true 2019-04-30 2019-04-30 Copenhagen Mads Peter Zacho Erik Bierre Chairman Dorte Rolff Vice chairman Mads Peter Zacho Copenhagen Torben Bender State Authorised Public Accountant mne21332 1000 2000 -1000 -2000 0 5000 -1000 3000 -1000 -3000 0 6000 0 6000 17904000 17905000 17904000 17905000 17904000 17905000 17904000 17905000 12964000 12964000 4914000 4914000 17878000 17878000 26000 27000 26000 27000 26000 27000 17904000 17905000 -1000 -3000 -1000 -3000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Lauritzen Reefers A/S for the financial year 1 January - 31 December 2018. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2018 and of the results of the Company's operations for the financial year 1 January - 31 December 2018. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholder of Lauritzen Reefers A/S We have audited the financial statements of Lauritzen Reefers A/S for the financial year 1 January - 31 December 2018, which comprise income statement, balance sheet and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2018 and of the results of the Company's operations for the financial year 1 January - 31 December 2018 in accordance with the Danish Financial Statements Act. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. 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 as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism 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 note 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 the Management's review. Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. The Company has no activities. The income statement for 2018 shows a profit of USD 0 against a profit of USD 6 thousand last year, and the balance sheet at 31 December 2018 shows equity of USD 17,878 thousand. No events have occurred after the balance sheet date that materially affect the Company's future financial position. The annual report of Lauritzen Reefers A/S for 2018 has been presented in accordance with the provisions applying to reporting class B enterprises under the Danish Financial Statements Act. The accounting policies applied by the Company are consistent with those of last year. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All costs, including depreciation, amortisation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be reliably measured. Liabilities are recognised in the balance sheet when an outflow of economic benefits is probable and when the liability can be reliably measured. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each individual item. Reporting currency The financial statements are presented in USD as the Company's most significant transactions are settled in USD. At the balance sheet date, the DKK/USD exhange rate was 651,94. Other external costs comprise administration etc. Financial income and expenses comprise interest income and expense, charges in respect of finance leases, realised and unrealised gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax for the year comprises income tax on shipping activities calculated in accordance with the provisions of the Danish Tonnage Tax Act, income tax on other activities calculated in accordance with ordinary tax rules and adjustments of deferred tax. Income tax is recognised in the income statement except for the tax expense relating to amounts directly recognised in equity, which, accordingly, are recognised in equity. Lauritzen Reefers A/S is jointly taxed with the other Danish subsidiaries of the Lauritzen Foundation. Receivables are measured at amortised cost, which is in general equal to the nominal value. Write-down is made of the value for anticipated bad debt losses. The Company has chosen IAS 39 as interpretation for impairment of financial receivables. Liabilities are measured at amortised cost, corresponding to the nominal value. The authorized and issued share capital consist of shares of DKK 1,000 or multiples of this. The share capital has not been changed within the last five years. Other contingent liabilities The Company is jointly taxed with the Danish subsidiaries of the Lauritzen Foundation. Together with the other companies included in the joint taxation, the Company has joint and several unlimited liability for Danish withholding taxes on dividends, interest and royalties. The Company has no other contingent assets or contingent liabilities. The Company has not placed any assets or other as security for loans at 31 December 2018. Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Lauritzen Fonden Tranegårdsvej 20, 2900 Hellerup http://datacvr.virk.dk/data J. Lauritzen A/S Tuborg Havnevej 15, 2900 Hellerup http://datacvr.virk.dk/data 28118600 2018-01-01 2018-12-31 28118600 2017-01-01 2017-12-31 28118600 2017-12-31 28118600 2018-12-31 28118600 2018-01-01 2018-12-31 1 28118600 2018-01-01 2018-12-31 2 28118600 2018-01-01 2018-12-31 3 28118600 2018-01-01 2018-12-31 1 28118600 2018-01-01 2018-12-31 1 28118600 2018-01-01 2018-12-31 e:RetainedEarningsMember 28118600 2017-01-01 2017-12-31 e:RetainedEarningsMember iso4217:USD