44452189 2025-01-01 2025-12-31 44452189 2025-01-01 2025-12-31 1 44452189 2025-01-01 2025-12-31 1 44452189 2025-01-01 2025-12-31 2 44452189 2023-11-14 2024-12-31 44452189 2025-12-31 44452189 2024-12-31 44452189 2024-12-31 fsa:ContributedCapitalMember 44452189 2024-12-31 fsa:RetainedEarningsMember 44452189 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 44452189 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 44452189 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 44452189 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 44452189 2025-12-31 fsa:ContributedCapitalMember 44452189 2025-12-31 fsa:RetainedEarningsMember 44452189 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:USD xbrli:pure Dorte Rolff Management’s statement The Executive Board has today considered and adopted the Annual Report of Dan Swift DK ApS for the financial year 1 January – 31 December 2025. The Annual Report has been prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company’s operations for the financial year 1 January – 31 December 2025. I recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Kristian Verner Mørch Independent auditor’s report To the Shareholders of Dan Swift DK ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Dan Swift DK ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the 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 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. Management’s Responsibilities for the Financial Statements 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. Auditor’s Responsibilities for the Audit of the Financial Statements 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. Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Bo Schou-Jacobsen State Authorised Public Accountant Alexander Oliver Duschek State Authorised Public Accountant Dan Swift DK ApS Store Kongensgade 132, 2. DK 1264 Copenhagen K 44452189 Copenhagen K PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK 2900 Hellerup -26000 8292000 156000 298000 2000 1000 128000 8589000 104000 1000 24000 8588000 0 8800000 24000 -212000 24000 8588000 6000 8000 6000 8000 657000 11496000 663000 11504000 663000 11504000 6000 6000 612000 2288000 0 8800000 618000 11094000 0 389000 33000 1000 12000 20000 45000 410000 45000 410000 663000 11504000 6000 2288000 8800000 11094000 0 0 8800000 8800000 0 1700000 0 1700000 0 24000 0 24000 6000 612000 0 618000 1 Key activities Dan Swift DK ApS’ primary activities are to perform shipping, chartering, trade and service, other transport business and industrial activites in Denmark and abroad. The Company has been without any activities in 2025. The Board of Directors and Executive Board have not received any remuneration from the Company and is remunerated by J. Lauritzen A/S. 3 Tax on profit/loss for the year Current tax for the year 34 1 Adjustment of tax concerning previous years 70 - Tax on profit/loss for the year 104 1 4 Contingent assets, liabilities and financial obligations Other contingent liabilities The Company is jointly taxed with the Danish subsidiaries of the Lauritzen Foundation with respect to Danish corporate taxation and global top-up taxation (“Pillar II”-taxation). The Group Companies are jointly and severally liable for tax on the jointly taxed incomes etc. of the Group. Moreover, the 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 taxes or “Pillar II”-taxes and withholding taxes may increase the Company’s liability. The Company has no other contingent assets or contingent liabilities. 0 0 5 Related parties Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Lauritzen Fonden Holding ApS Tranegårdsvej 20, DK-2900 Hellerup J. Lauritzen A/S Store Kongensgade 132, 2., DK-1264 København K The Group Annual Report of Lauritzen Fonden Holding ApS may be obtained at the following address: https://datacvr.virk.dk/ 6 Events after the balance sheet date No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. true Recognition and measurement Revenues are recognised in the income statement as earned. Furthermore, 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. 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. 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. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Foreign currency translation USD is used as the presentation currency. All other currencies are regarded as foreign currencies. Applied USD/DKK exchange rate on the 31 December 2025: 635.27 (2024: 714.29). Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the Income Statement. 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. Any differences between the exchange rates at the Balance Sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the Income Statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. INCOME STATEMENTRevenue Revenue comprises the present value of services rendered and net of discounts. Revenue is recognised in the income statement for the financial year as earned. Other external costs Other external costs include sales costs and administrative expenses include land-based activities, and maintenance of equipment. Furthermore, sales costs, marketing costs and administrative expenses are included. 7 Accounting policies The Annual Report of Dan Swift DK ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The Financial Statements are presented in thousand USD. Gross profit/loss With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. Financial income and expenses Financial income and expenses are recognized in the income statement at the amounts relating to the financial year. Tax on profit/loss Tax for the year comprises income tax, tonnage tax and changes in deferred tax for the year. The tax expense relating to the profit/loss for the year is recognized in the income statement, and the tax expense relating to income and expenses recognized in equity is recognized directly in equity. The Company is jointly taxed with the Danish subsidiaries of the Lauritzen Foundation with respect to Danish corporate taxation and global top-up taxation (“Pillar II”-taxation). Shipping activities in Denmark are taxed according to the Danish Tonnage Tax Scheme on the basis of the net tonnage (vessels), which the Danish group entities in question have at their disposal, and according to general tax regulations for net financial income and other activities. BALANCE SHEET Receivables 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. Equity Dividends Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Current tax receivables and liabilities 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 in the income statement in financial income and expenses. Financial liabilities Debts are measured at amortised cost, substantially corresponding to nominal value. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2023-11-14 2024-12-31 2026-02-24 Reporting class B true 2023-11-14 2026-02-24 529900VSWLQF0O3GA946 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-02-24 mne28703 33771231 mne47774 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup