36458615 2025-01-01 2025-12-31 36458615 2025-01-01 2025-12-31 0 36458615 2024-01-01 2024-12-31 36458615 2025-12-31 36458615 2024-12-31 36458615 2024-01-01 fsa:ContributedCapitalMember 36458615 2024-01-01 fsa:RetainedEarningsMember 36458615 2024-01-01 fsa:ProposedDividendRecognisedInEquityMember 36458615 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 36458615 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 36458615 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 36458615 2025-12-31 fsa:ContributedCapitalMember 36458615 2025-12-31 fsa:RetainedEarningsMember 36458615 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember xbrli:pure iso4217:USD 35486178 RevisionsFirmaet Edelbo,, Statsautoriseret Revisionspartnerselskab Kogtvedparken 17 5700 Svendborg Revisionspåtegning Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2025-01-01 2025-12-31 2024-01-01 2024-12-31 true 0 Ocean7 Projects ApS Vendersgade 50 7000 Fredericia 36458615 2026-04-30 Martin Erik Spanggaard Today, Management has considered and adopted the Annual Report of Ocean7 Projects ApS for the financial year 1 January 2025 - 31 December 2025. The Annual Report is presented in accordance with the Danish Financial Statements Act. In my opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January 2025 - 31 December 2025. In my opinion, the Management's Review includes a true and fair account of the matters addressed in the review. I recommend that the Annual Report be adopted at the Annual General Meeting. To the shareholders of Ocean7 Projects ApS OpinionWe have audited the financial statements of Ocean7 Projects ApS for the financial year 1 January 2025 - 31 December 2025, which comprise an income statement, balance sheet, statement of changes in equity and notes. 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 Company's financial position at 31 December 2025 and of the results of its operations for the financial year 1 January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility 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 (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement 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 responsibility for the financial statementsManagement 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 considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so. The auditor's responsibility for the audit of the financial statementsOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: *Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. *Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. *Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. Statement on Management's ReviewManagement 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 opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the financial statements 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 with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. Svendborg 2026-04-30 RevisionsFirmaet Edelbo,Statsautoriseret Revisionspartnerselskab 35486178 Morten Troels Pedersen State Authorised Public Accountant mne31470 The Company's principal activitiesThe main activity of the company is to operate international brokerage business as agents with regard to freight transport by ships. Development in activities and financial mattersThe Company's Income Statement of the financial year 1 January 2025 - 31 December 2025 shows a result of USD 1.427.801. The Balance Sheet at 31 December 2025 shows a balance sheet total of USD 7.421.553 and an equity of USD 270.129. Post financial year eventsAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The Annual Report of Ocean7 Projects ApS for 1 January - 31 December 2025 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, with the adoption of individual rules from class C. Translation policiesTransactions in foreign currencies are translated into USD at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into USD based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the Income Statement under Financial Income and Expenses. Basis of recognition and measurementIncome is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date.Leases are considered operating leases. Payments made under operating leases are recognised in the Income Statement on a straight-line basis over the term of the lease. Income Statement Gross profit/lossThe Company has decided to aggregate certain items of the Income Statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. RevenueIncome from the sale of goods is recognised in the Income Statement from the date of delivery and when the risk has passed to the buyer if it is possible to calculate the income reliably. The revenue is calculated less VAT and net of discounts relating to sales. Other external expensesOther external expenses comprise expenses regarding sale and administration. Financial income and expensesFinancial income and expenses are recognised in the Income Statement with the amounts that concern the financial year. Financial income and expenses include interest income and expenses, realised and unrealised capital gains and losses regarding securities, debt and foreign currency transactions, dividends received from other equity investments, amortisation of financial assets and liabilities as well as surcharges and allowances under the tax repayment scheme. Tax on net profit/loss for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance Sheet ReceivablesReceivables are measured at amortised cost which usually corresponds to the nominal value. The value is reduced by devaluation for expected bad debts. Accrued income, assetsAccrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash Cash comprise cash at bank. EquityEquity comprises the company’s capital and a number of other equity items, which may be statutory or stipulated in the articles of association Financial liabilitiesOther liabilities are measured at amortised cost which usually corresponds to the nominal value. Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Accruals and deferred incomeAccruals and deferred income entered as liabilities consist of payments received regarding income in the subsequent financial years. 1443757 3128890 1443757 3128890 0 63597 200458 183422 60088 54815 -246387 85261 1830514 3235833 402713 711883 1427801 2523950 72199 -23950 865032 530438 128314 104372 43785 65279 0 3857 1037131 703946 6384422 10375707 7421553 11079653 7421553 11079653 7697 7697 262432 334631 0 2500000 270129 2842328 216899 209501 1025638 454156 402713 711883 4646649 6861785 859525 0 7151424 8237325 7151424 8237325 7421553 11079653 7697 334631 2500000 0 0 -2500000 0 1427801 0 0 -1500000 0 7697 262432 0 1. Finance expensesFinance expenses arising from group enterprises60.08854.815Other finance expenses-246.38785.261-186.299140.076 2. Contingent liabilitiesThe group companies are jointly an severally liable for tax on 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 and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company´s liability. The group companies consolidated tax liability is recognised in the annual report for S.N.P. Holding ApS, cvr-no. 34 88 19 60. 3. Collaterals and securitiesNone as at 31 December 2025.4. Employee relationsThe Company does not have its own employees but purchases employee services from the sister company, Ocean7 Management ApS. During the financial year, remuneration has been settled to Ocean7 Management ApS for employees who have performed work in the company.The Executive Board has not received seperate remuneration for this function.