13982597 2025-01-01 2025-12-31 2 13982597 2025-01-01 2025-12-31 3 13982597 2025-01-01 2025-12-31 13982597 2025-01-01 2025-12-31 1 13982597 2024-01-01 2024-12-31 13982597 2025-12-31 13982597 2024-12-31 13982597 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 13982597 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 13982597 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 13982597 2025-01-01 d:ContributedCapitalMember 13982597 2024-01-01 d:ContributedCapitalMember 13982597 2025-12-31 d:ContributedCapitalMember 13982597 2024-12-31 d:ContributedCapitalMember 13982597 2025-01-01 d:RetainedEarningsMember 13982597 2024-01-01 d:RetainedEarningsMember 13982597 2025-01-01 2025-12-31 d:RetainedEarningsMember 13982597 2024-01-01 2024-12-31 d:RetainedEarningsMember 13982597 2025-01-01 2025-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 13982597 2024-01-01 2024-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 13982597 2025-12-31 d:RetainedEarningsMember 13982597 2024-12-31 d:RetainedEarningsMember 13982597 2025-01-01 2025-12-31 1 13982597 2025-01-01 2025-12-31 1 13982597 2025-01-01 2025-12-31 2 13982597 2025-01-01 2025-12-31 3 iso4217:DKK xbrli:pure Årsrapport 32285201 Martinsen, Statsautoriseret Revisionspartnerselskab Edison Park, 4 6715, Esbjerg N 2024-01-01 2024-12-31 2025-01-01 2025-12-31 13982597 FOGA ApS Trafikhavnskaj 19 6700 Esbjerg 1990-02-01 Esbjerg 75451144 75451176 Martinsen, Statsautoriseret Revisionspartnerselskab 32285201 Lars Æbelø-Nielsen statsautoriseret revisor mne33693 Edison Park 4 6715 Esbjerg N Danmark 76 11 44 00 2026-05-06 Alexander Karl Wilhelm Norbert Nürnberg Regnskabsklasse B Revisionspåtegning CaseWare fra Revisorgruppen Danmark kapitalejerne Esbjerg 2026-04-17 Esbjerg 2026-04-17 Grundlag for konklusion Konklusion 6440822 5986424 4545394 4509449 14033 34743 1881395 1442232 6817 6297 29043 49763 1859169 1398766 417666 321484 1441503 1077282 0 1490000 1441503 -412718 36951 8347 36951 8347 36951 8347 9602511 6110804 2574118 9338 12176629 6120142 326085 4289323 12502714 10409465 12539665 10417812 0 450000 450000 5400890 3959387 5850890 4409387 18452 29942 5919272 2460400 59707 100654 633011 3359096 58333 58333 6688775 6008425 6688775 6008425 12539665 10417812 4162841 4134985 332535 314793 18216 22473 31802 37198 4545394 4509449 5 6 29043 49763 29043 49763 885401 42636 928037 877054 14032 891086 36951 450000 450000 450000 450000 3959387 4372105 1441503 -412718 0 1490000 0 1490000 5400890 3959387 Today, the Board of Directors and the Managing Director have approved the annual report of FOGA ApS for the financial year 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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. We recommend that the annual report be approved at the Annual General Meeting. Bo Fyhring Sørensen Martin Klaus Rudolf Alexander Nürnberg Vincent Wilhelm Karl Justus Nürnberg Alexander Karl Wilhelm Nobert Nürnberg We have audited the financial statements of FOGA ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet and notes, for the Company. The financial statements are prepared under 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 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. Basis for OpinionWe 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 Company 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 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 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. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.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. The annual report for FOGA ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems 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 statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Gross profitGross profit comprises the revenue, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises and loss on receivables. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentEquipment are measured at cost plus revaluations and less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. Cash on hand and demand depositsCash on hand and demand deposits comprise cash at bank and on hand. Income tax and deferred taxAs administration company, FOGA ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Accruals and deferred incomePayments received concerning future income are recognised under accruals and deferred income. 1.The significant activities of the enterprise The company's activities are consulting and related companies within fishing and shipping. 9.Charges and securityFor bank loans, DKK 18.452 the company has provided security in company assets representing a nominal value of DKK 1.500. This security comprises the assets below, stating the carrying amounts: DKK in thousands Inventories9.603 Trade receivables37 10.Contractual obligations and contingencies, etc.Recourse guarantee commitments:The company has guaranteed the bank loans of Puffin offshore-Service ApS. On 31 December 2025, the total bank loans of Puffin Offshore-Service ApS totalled t.DKK 500. The company has guaranteed the bank loans of Robin offshore-Service ApS. On 31 December 2025, the total bank loans of Puffin Offshore-Service ApS totalled t.DKK 7.272 Contingent liabilities:The company has entered ingo a lease agreement for the lease at Trafikhavnskaj 19, 6700 Esbjerg, woth an annual, current rent including consumption of T.DKK 198. The lease can be terminated with 3 months notice from both tenant and the tenant. Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. TheThe company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities.