330585782024-01-012024-12-31330585782024-01-012024-12-311330585782024-01-012024-12-312330585782024-01-012024-12-311330585782024-01-012024-12-312330585782024-12-31330585782023-12-31fsa:ContributedCapitalMember330585782023-12-31fsa:RetainedEarningsMember330585782023-12-31fsa:ProposedDividendRecognisedInEquityMember330585782023-12-31330585782024-01-012024-12-31fsa:RetainedEarningsMember330585782024-01-012024-12-31fsa:ProposedDividendRecognisedInEquityMember330585782024-12-31fsa:ContributedCapitalMember330585782024-12-31fsa:RetainedEarningsMember330585782024-12-31fsa:ProposedDividendRecognisedInEquityMember330585782023-01-012023-12-31iso4217:DKKxbrli:pureThe Executive Management has today considered and approved the annual report of C-bed I ApS for the financial year 01.01.2024 - 31.12.2024. 9783530553638804The annual report is presented in accordance with the Danish Financial Statements Act.1925174417718797In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024.91191138926286We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.6946444826993721We recommend the annual report for adoption at the Annual General Meeting.1351734700177Fredericia11815014118002025-04-307069803226282098Anders Østergaard54142795314344Rasmus Ravnholdt Knudsen6528375320967754To the shareholder of C-bed I ApS97548435106604999We have audited the financial statements of C-bed I ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant 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 Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act.3479997348We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity 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.97583234106702347Management 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.97583234106702347Our 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 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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.​​​​​​​​​​​​​​​​​12337120053171233712005317Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.2422427111079665227936645763326Copenhagen051651512025-04-309934270Muhammad Ismaeel Rasul760545946285mne466417825760952982728State Authorised Public Accountant9144259831Vincent Mendel Tran7847242255047876mne50739176055656161750223State Authorised Public Accountant8000080000Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss97,83553,63948,72034,29350,306Operating profit/loss69,46426,99423,29910,683(9,276)Net financials1,234(712)(5,558)(4,848)(7,700)Profit/loss for the year65,28420,96813,24712,691(13,248)Total assets176,056161,750140,308141,543157,133Equity170,806147,52265,55452,30739,616RatiosReturn on equity (%)41.0219.6822.4827.61(44.55)Equity ratio (%)97.0291.2046.7236.9525.21Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets99225749105441996Primary activitiesThe main activity of the Company is owning and chartering of the Service Operation Vessel 'Wind Innovation' to ​the offshore wind industry.7150000042000000Development in activities and financesThe result for the year shows a profit of DKK 65,283,753 against a profit of DKK 20,967,754 last year. The result for the year is considered satisfactory. The Company has entered the Danish tonnage tax regime for a binding 10-year period from the income year 2024.170805749147521996Profit/loss for the year in relation to expected developmentsThe result for the year has exceeded the original expectation of DKK 20-40m, primarily driven by higher rates and utilization of the vessel in 2024.495811310190861Uncertainty relating to recognition and measurementThe vessel has been assessed for impairment, which has not resulted in any impairment indicators. 2917943961203OutlookWe expect another strong year for C-Bed with a positive financial result in the range of DKK 30-50m.076163Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.524990714228227This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).524990714228227Recognition and measurementAssets 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 Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity 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 Entity, and the value of the liability can be measured reliably. 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. 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. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.176055656161750223Gross profit or lossGross profit or loss comprises revenue and external expenses.8000062RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.105441996Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory write-downs.42000000-21032246Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, management fees etc. This item also includes write-downs of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages for entity staff.0Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of property, plant and equipment.42000000Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital gains on payables and transactions in foreign currencies.42000000Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on payables and transactions in foreign currencies.-6216247Tax on profit/loss for the yearTax for the year, which consists of current tonnage tax for the year, is recognized in the income statement by the portion attributable to the profit for the year and recognized directly in equity by the portion attributable to entries directly in equity. The Company has entered the Danish tonnage tax regime for a binding 10-year period from the income year 2024. The Entity is jointly taxed with the ultimate Danish parent. 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).71500000Property, plant and equipmentVessels, including docking and overhaul, are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets. Depreciation of vessels is normally estimated to a maximum of 30 years from the year of construction. Subsequent to the re-build of the vessel in 2016, a lifetime of 20 years was estimated. Estimated useful lives and residual values are reassessed annually. Vessels, including docking and overhaul, are written down to the lower of recoverable amount and carrying amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale.80000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.99225749Deferred taxDeferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realizable value, either as a set-off against deferred tax liabilities or as net tax assets.71500000PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity.2 Staff costs2024 DKK2023 DKKWages and salaries19,241,89217,704,834Other social security costs9,85213,96319,251,74417,718,797Average number of full-time employees6462Remuneration of Executive Management is omitted here as the Executive Management are remunerated in Monjasa Holding ​A/S.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.64Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.3 Other financial income2024 DKK2023 DKKFinancial income from group enterprises1,351,7340Other interest income0223,185Exchange rate adjustments0476,9921,351,734700,177Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Monjasa Holding A/S, Business Reg. No. 33150709. 4 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises01,397,937Other interest expenses13,37613,863Exchange rate adjustments104,7740118,1501,411,800Grundlag for konklusion5 Tax on profit/loss for the year2024​DKK2023​DKKCurrent tax291,7943,961,203Change in deferred tax5,165,1511,426,497Adjustment concerning previous years(42,666)(73,356)5,414,2795,314,344The Company has entered the Danish tonnage tax regime for a binding 10-year period from the income year 2024. Konklusion6 Proposed distribution of profit and loss2024 DKK2023 DKKOrdinary dividend for the financial year71,500,00042,000,000Retained earnings(6,216,247)(21,032,246) 65,283,75320,967,754Regnskabsklasse C, mellemstor virksomhed2023-01-01-62162472023-12-31339635567 Property, plant and equipmentShips DKKCost beginning of year237,844,314Cost end of year237,844,314Depreciation and impairment losses beginning of year(131,239,315)Depreciation for the year(9,056,564)Depreciation and impairment losses end of year(140,295,879)Carrying amount end of year97,548,435The residual value of the vessel is estimated at DKK 6,800,000.København S8 Deferred tax​​Changes during the year2024​DKK2023​DKKBeginning of year5,165,1516,591,648Recognised in the income statement(5,165,151)(1,426,497)End of year05,165,151Deferred tax assets ​Deferred tax relates to tax losses carried forward23009 PrepaymentsPrepayments consist of prepaid expenses.610 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Endeavour Invest ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.Weidekampsgade11 Related parties with controlling interestControlling interest ​Endeavour Invest ApS, Fredericia, Denmark, controlling shareholder (ultimate) ​Monjasa Holding A/S, Fredericia, Denmark, controlling shareholder C-bed Holding A/S, Fredericia, Denmark, immediate controlling shareholder ​ Other related parties ​ Anders Østergaard, member of the Board of C-Bed Holding A/S and shareholder ​Rasmus Ravnholdt Knudsen, member of the Board of C-Bed Holding A/S Flemming Edvard Ipsen, member of the Board of C-Bed Holding A/S ​Endeavour Invest ApS and related companiesDeloitte Statsautoriseret Revisionspartnerselskab12 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Endeavour Invest ApS, Fredericia .Name and registered office of the Parent preparing consolidated financial statements for the smallest group: Monjasa Holding A/S, Fredericia.FredericiaFredericia7000Revisionspåtegning2024-12-312024-01-0134StrevelinsvejC-bed I ApS33058578339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-04-30Rasmus Ravnholdt Knudsen