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31 December 2025.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financialposition at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and ofconsolidated cash flows for 2025.In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.We recommend that the Annual Report be adopted at the Annual General Meeting. Hillerød Thomas Holst Olsen Peter Ronnie Hulstrøm Mikkel Schmidt INDEPENDENT AUDITOR’SREPORT To the shareholders of Baltic Holding Hundested ApS OpinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair viewof the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group’s and theParent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 inaccordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Baltic HoldingHundested 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, for both the Group and theParent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirementsapplicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’sresponsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordancewith the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBACode) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assuranceconclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so,consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtainedduring the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the DanishFinancial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated FinancialStatements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of theDanish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial statements and parent company financial statementsthat give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control asManagement determines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s abilityto continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the ParentCompany or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from materialmisstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance isa high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additionalrequirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence theeconomic 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 exerciseprofessional 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 andperform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol.•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate inthe circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the ParentCompany’s internal control.•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relateddisclosures made by Management.•Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the FinancialStatements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the relateddisclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions arebased on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may causethe Group and the Parent Company to cease to continue as a going concern.•Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, andwhether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fairview.•Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of theentities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. Weare responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. Weremain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of theaudit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Søren Alexander Jeff Boye Ibsen State Authorised Public Accountant State Authorised Public Accountant mne42824 mne49859 Baltic Holding Hundested ApS Frederiksbro Torv 4, 1. th 3400 Hillerød 36085851 Hillerød PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup MANAGEMENT’S REVIEWMarket overview and expected development2025 marked a volatile and challenging year for the shipping industry in general, and our segment of the Shipping market hasbeen worse and more volatile than we expected at the beginning of the year, with much lower freight rates caused by lowercargo volume.Despite the challenging year, we have again this year been able to optimize and expand our fleet and expand our geographicalscope and hence provide the best possible results for both vessel and freight owners.In February 2026 the market improved significantly, while facing big challenges and delays due to thick ice in most of Europe.We are expecting the market to develop positively and stabilize at a more normalized and higher level than 2025, still somewhataffected by the Geopolitical situation. We do expect a better result in 2026, and we will continue the positive development ofBaltic Shipping Company.The war in Ukraine, The Middle East, which have a huge impact on the bunker prices, and the Geopolitical situation overall hasthe outmost attention from the management. Every angle from sanctions to consequential market development is constantlyvetted, and we are in very close dialogue with all our business partners and advisors.Development in activities and financial mattersIn 2025 the group had a gross revenue of DKK 1,833 million compared to DKK 1,920 million in 2024, which is a decrease of4.5%. The gross revenue generated in the group, comprises the freight revenue generated by the vessels in commercialmanagement and on time charter. Only income from projects, stevedoring, agency and commission received for commercialmanagement is recognized as revenue, why the reported revenue in the financial statements amounts to DKK 922 million.The result before tax is DKK 36 million compared to DKK 63 million in 2024, which is a decrease of 42.7%.The average number of people employed by Baltic Shipping Company Group is 62 employees, which is the same number as in2024.Our fleet in Commercial Management has increased from an average of 45 vessels in 2024 to an average of 50 vessels during2025.Our fleet on time charter has fallen from an average of 42 vessels in 2024 to an average of 39 vessels in 2025.The market has throughout the year been poor and unstable both in terms of cargo volume and freight rates, but strong in termsof development opportunities. The activity for Baltic Shipping Company Group has despite the development in the market,grown in both number of vessels, turnover and geographical area and market share.Our Port Operation activities have again this year performed very well, and especially our Stevedoring activities have grown in2025.Our customer base has been additionally strengthened in 2025 and we continue having a strong relationship with our customersbased on a competitive service, which is built on long-lasting cooperation and partnerships.We are expecting the market to develop positively during 2026.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for thefinancial year for 2025 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Key activitiesThe primary activity of the Baltic Shipping Company Group is coaster transport of bulk and project cargo primarily in theEuropean trade.We are specialized in Commercial Ship Management, Chartering, Ships Agency, stevedoring and transporting of Bulk andProject Cargo.Baltic Shipping Company Group are managing a total fleet of 92 vessels in the range from 1,200-13,300 dwt at the end of 2025,of which 51 vessels are in commercial management and 41 are on time charter. Statement of corporate social responsibility, cf. section 99b of the Financial Statements ActThe Group has prepared an independent report on sustainability, which constitutes the statutory statement. In this, the Companyexplains its view on its social responsibility and data ethics, cf. § 99b of the Financial Statements Act. The reporting can be readon the Company's website.The statutory statement is available on the Company's website cf. https://balticshipping.dk/about/esg/ Statement on data ethics, cf. section 99d of the Financial Statements ActThe Group has evaluated if it is relevant to prepare a policy for data ethics. The Group only enters into business with B2Bcustomers and therefore, to a limited extent, collects and processes data. The Group has not prepared a data ethics policy, butall information we receive related to customers, vendors and employees are treated in a responsible manner that ensures thatthe data cannot be accessed by unauthorized persons. 922098000 1054411000 0 0 33501000 2096000 0 0 771820000 830909000 0 0 65354000 35695000 220000 150000 118425000 189903000 -220000 -150000 52819000 52420000 0 0 14428000 29779000 0 0 7977000 26019000 0 0 43201000 81685000 -220000 -150000 0 0 4130000 140105000 1049000 986000 1049000 987000 6611000 8144000 38000 1429000 15012000 28211000 2000 1416000 35849000 62604000 4995000 140955000 13166000 12064000 -42000 -15000 22683000 50540000 5037000 140970000 10510000 12025000 0 0 10510000 12025000 0 0 18166000 22619000 0 0 6589000 456624000 0 0 2961000 3100000 0 0 27716000 482343000 0 0 0 0 4767000 4767000 43436000 43436000 1074000 1074000 10226000 9750000 0 0 1292000 951000 0 0 51993000 42658000 0 0 106947000 96795000 5841000 5841000 145173000 591163000 5841000 5841000 21388000 19986000 0 0 89481000 89753000 0 0 0 0 130235000 138138000 12302000 6841000 0 2678000 461000 308000 0 0 0 0 40000 18000 25938000 31070000 0 0 128182000 127972000 130275000 140834000 42611000 56854000 12000 95000 192181000 204812000 130287000 140929000 337354000 795975000 136128000 146770000 100000 100000 100000 100000 52956000 41692000 957000 -4080000 0 89900000 0 89900000 53056000 131692000 1057000 85920000 7199000 4816000 0 0 60255000 136508000 1057000 85920000 651000 233000 0 0 1185000 0 0 0 1836000 233000 0 0 0 238757000 0 0 5862000 7890000 0 0 1623000 1566000 0 0 7485000 248213000 0 0 0 33277000 0 0 2028000 1959000 0 0 349000 1451000 0 0 85688000 90318000 25000 0 280000 0 0 1844000 5756000 988000 0 0 167446000 276303000 135046000 59006000 6231000 6725000 0 0 267778000 411021000 135071000 60850000 275263000 659234000 135071000 60850000 337354000 795975000 136128000 146770000 100000 41692000 89900000 131692000 4816000 136508000 0 0 89900000 89900000 1770000 91670000 0 0 0 0 537000 537000 0 -7008000 0 -7008000 279000 -6729000 0 18272000 0 18272000 4411000 22683000 100000 52956000 0 53056000 7199000 60255000 0 -49884000 -4129000 0 -54013000 100000 0 -4080000 89900000 85920000 0 0 0 89900000 89900000 0 0 5037000 0 5037000 100000 0 957000 0 1057000 22683000 50540000 5587000 62603000 -23620000 2710000 4650000 115853000 6611000 8144000 15063000 28211000 -3802000 95786000 8445000 13567000 -12247000 82219000 1356000 3138000 9772000 79091000 475419000 0 1049000 1974000 Change in deposits Change in deposits -341000 0 464999000 -80255000 271754000 0 1959000 1791000 0 2572000 0 42872000 Other equity entries Other equity entries 0 -12025000 2307000 17349000 Repayment of other debt Repayment of other debt -207430000 0 Raising of other debt Raising of other debt 16455000 0 -466995000 9135000 -14243000 11099000 56854000 45755000 42611000 56854000 1. RevenueGroup Parent company(TDKK) 2025 2024 2025 2024Business segmentsCommercial ship management and coastertransport of bulk and project cargo 774,511 916,999 0 0Agency 74,521 66,364 0 0Stevedoring activities 73,066 71,048 0 0922,098 1,054,411 0 0 2. Staff expensesGroup Parent company(TDKK) 2025 2024 2025 2024Wages and salaries 48,573 43,914 0 0Pensions 4,095 3,882 0 0Other social security expenses 151 1,310 0 0Other staff expenses 0 3,314 0 052,819 52,420 0 0 Including remuneration to the Executive Board:Executive board 7,367 6,523 0 07,367 6,523 0 0 62 62 3 3 3. Amortisation, depreciation and impairment losses of intangible assets andproperty, plant and equipmentGroup Parent company(TDKK) 2025 2024 2025 2024Amortisation of intangible assets 1,515 1,520 0 0Depreciation of property, plant and equipment 12,913 28,259 0 014,428 29,779 0 0 4. Income from investments in subsidiariesParent company(TDKK) 2025 2024Income on sale of shares in subsidiaries 0 2,439Dividend 4,130 137,6664,130 140,105 5. Financial incomeGroup Parent company(TDKK) 2025 2024 2025 2024Interest from group enterprises 0 0 0 1,191Other financial income 5,474 6,974 38 162Exchange adjustments 0 0 0 76Exchange gains 1,137 1,170 0 06,611 8,144 38 1,429 6. Financial expensesGroup Parent company(TDKK) 2025 2024 2025 2024Other financial expenses 12,764 26,999 2 1,416Exchange loss 2,248 1,212 0 015,012 28,211 2 1,416 7. Income tax expenseGroup Parent company(TDKK) 2025 2024 2025 2024Current tax for the year 13,139 12,658 - 42 - 15Deferred tax for the year 265 - 594 0 0Adjustment of tax concerning previous years - 238 0 0 013,166 12,064 - 42 - 15 0 89900000 0 89900000 4411000 -1317000 0 0 18272000 -38043000 5037000 51070000 22683000 50540000 5037000 140970000 9. Intangible fixed assetsGroup(TDKK) GoodwillCost at 1 January 15,195Cost at 31 December 15,195Impairment losses and amortisation at 1 January 3,170Amortisation for the year1,515Impairment losses and amortisation at 31 December4,685Carrying amount at 31 December10,510 10. Property, plant and equipmentGroupOther fixturesand fittings,tools andLeasehold(TDKK)equipment Vesselsimprove mentsCost at 1 January 40,385 482,635 3,653Additions for the year 933 0 423Disposals for the year- 891 - 472,490 0Cost at 31 December 40,427 10,145 4,076Impairment losses and depreciation at 1 January 17,766 26,011 553Exchange adjustment 5 - 54 0Depreciation for the year 5,305 7,047 562Impairment and depreciation of sold assets for the year - 815 - 29,448 0Impairment losses and depreciation at 31 December22,261 3,556 1,115Carrying amount at 31 December18,166 6,589 2,961Amortised over3-10 years 10-20 years 3-10 years 11. Investments in subsidiariesParent company(TDKK) 2025 2024Cost at 1 January 4,767 5,163Disposals for the year 0 - 396Cost at 31 December 4,767 4,767Carrying amount at 31 December4,767 4,767Investments in subsidiaries are specified as follows:Place ofNameregistered office Share capital Owner shipBaltic Holding Jylland ApS Hillerød DKK 50,000 70 %Carl Elgaard Shipping ApS Aarhus DKK 80,000 70 %Baltic Shipping Company A/S Hillerød DKK 700,000 90 %Baltic Coaster Chartering ApS Hillerød DKK 125,000 90 %Baltic Coaster Transport ApS Hillerød DKK 40,000 90 %Bay Shipping A/S Aarhus DKK 500,000 90 %BSC Invest 1 ApS Hillerød DKK 40,000 90 %MS BERING FIN GmbH & Co. KG Germany EUR 2,010,000 89.6 %MS BELLSUND FIN GmbH & Co. KG Germany EUR 2,550,000 89.6 %MS BAIKAL FIN GmbH & Co. KG Germany EUR 2,550,000 89.6 %MS BARENTS FIN GmbH & Co. KG Germany EUR 2,550,000 89.6 %MV "Simon B" GmbH & Co. KG Germany EUR 185,000 81 %Alstersee 459. V V GmbH Germany EUR 25,000 90 %BSC Verwaltungs GmbH Germany EUR 25,000 90 %BSC Invest 2 ApS Hillerød DKK 40,000 90 %MS BOTHNIA FIN GmbH & Co. KG Germany EUR 2,875,000 89.7 %BSC Invest 3 ApS Hillerød DKK 40,000 90 %MS BALTIC FIN GmbH & Co. KG Germany EUR 2,875,000 89.7 %MS BISCAY FIN GmbH & Co. KG Germany EUR 2,010,000 89.6 %12. Investments in associatesGroup Parent company(TDKK) 2025 2024 2025 2024Cost at 1 January 43,436 36,474 1,074 1,074Additions for the year 0 6,962 0 0Cost at 31 December 43,436 43,436 1,074 1,074Carrying amount at 31 December 43,436 43,436 1,074 1,074Investments in associates are specified as follows:Place ofNameregistered office Share capital Owner shipHvide Sande Supply ApS Hvide Sande DKK 150,000 49.0 %Rix Spirit Shipping Ltd. Cyprus EUR 3,560,000 50.0 %Rix Voyager Shipping Ltd. Cyprus EUR 3,710,000 50.0 %Rix Baltic Shipping Ltd. Cyprus EUR 2,250,000 50.0 %Baltic Bulk Holding ApS Hillerød DKK 150,000 33.33 %13. Other fixed asset investmentsGroupOtherOther(TDKK)investments DepositsreceivablesCost at 1 January 9,750 951 42,658Additions for the year 476 341 21,014Disposals for the year 0 0 - 5,237Transfers for the year0 0 - 6,442Cost at 31 December 10,226 1,292 51,993Carrying amount at 31 December 10,226 1,292 51,993 14. InventoriesGroup Parent company(TDKK) 2025 2024 2025 2024Raw materials and consumables 21,388 19,986 0 021,388 19,986 0 0 15. PrepaymentsPrepayments consist of prepaid time charter hire, prepaid expenses concerning rent, insurance premiums and subscriptions aswell. 16. Provision for deferred taxGroup Parent company(TDKK) 2025 2024 2025 2024Deferred tax liabilities at 1 January -75 519 0 0Amounts recognised in the income statement forthe year 265 -594 0 0Deferred tax liabilities at 31 December 190 -75 0 0Recognised in the balance sheet as follows:Assets 461 308 0 0Provisions -651 -233 0 0190 -75 0 0 17. Other provisionsGroup Parent company(TDKK) 2025 2024 2025 2024Other provisions 1,185 0 0 01,185 0 0 0The provisions are expected to mature as follows:Within 1 year 1,185 0 0 0After 5 years 0 0 0 01,185 0 0 0 18. Long-term debtPayments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Group Parent company(TDKK) 2025 2024 2025 2024Credit institutionsAfter 5 years 0 0 0 0Between 1 and 5 years 0 238,757 0 0Long-term part 0 238,757 0 0Other short-term debt to credit institutions 0 33,277 0 00 272,034 0 0Lease obligationsAfter 5 years 0 0 0 0Between 1 and 5 years 5,862 7,890 0 0Long-term part 5,862 7,890 0 0Within 1 year 2,028 1,959 0 07,890 9,849 0 0Other payablesAfter 5 years 220 0 0 0Between 1 and 5 years 1,403 1,566 0 0Long-term part 1,623 1,566 0 0Other short-term payables 167,446 276,303 135,046 59,006169,069 277,869 135,046 59,006 19. Deferred incomeDeferred income consists of payments received in respect of income in subsequent years. 20. Cash flow statement - AdjustmentsGroup(TDKK) 2025 2024Financial income - 6,611 - 8,144Financial expenses 15,012 28,211Depreciation, amortisation and impairment losses, including losses and gains on sales - 14,931 29,534Income from investments in associates - 1,049 - 986Tax on profit/loss for the year 13,166 12,064Other adjustments 0 1,9245,587 62,60321. Cash flow statement - Change in working capitalGroup(TDKK) 2025 2024Change in inventories - 1,402 3,788Change in receivables - 9,392 20,818Change in other provisions 1,185 - 1,052Change in trade payables, etc - 14,011 - 20,844- 23,620 2,710 22. Contingent assets, liabilities and other financial obligationsGroup Parent company(TDKK) 2025 2024 2025 2024Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year 506,684 425,086 0 0Between 1 and 5 years 1,402,258 1,074,400 0 0After 5 years 383,421 490,322 0 02,292,363 1,989,808 0 0Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The totalamount of corporation tax payable by the Group amounts to DKK 12,877k. Moreover, the Danish group companies are jointlyand 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 and withholding taxes may increase the Group’s liability.Other financial obligationsThe Group has entered into agreements concerning IT operations and support, cleaning, canteen and phone subscriptionsbefore the balance sheet date. The agreements may be terminated with a notice period of up to 3 months. 23. Related partiesTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordancewith section 98(c)(6) of the Danish Financial Statements Act. 24. Fee to auditors appointed at the general meetingGroup(TDKK) 2025 2024PricewaterhouseCoopersAudit fee 683 500Other assurance engagements 0 205Tax advisory services 1,349 650Non-audit services 4,140 7036,172 2,058 25. Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 26. Accounting policiesThe Annual Report of Baltic Holding Hundested ApS for 2025 has been prepared in accordance with the provisions of theDanish Financial Statements Act applying to large enterprises of reporting class C.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TDKK.Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilitiesmeasured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the yearare recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well asreversals 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 tothe 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 itembelow.Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Baltic Holding Hundested ApS, and subsidiaries inwhich the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, throughshare ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes andexercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses,shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between theconsolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the netasset value of subsidiaries stated at the time of consolidation.Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the shareattributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests arerecognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition ofsubsidiaries.On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recogniseddirectly in equity.LeasesLeases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) arerecognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the leasepayments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate.Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined forthe other fixed assets of the Group.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on thelease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the incomestatement on a straight-line basis over the lease term.Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising dueto differences between the transaction date rates and the rates at the dates of payment are recognised in financial income andexpenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date aretranslated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheetdate and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in theincome statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates.Segment information on revenueInformation on business segments is based on the Group´s risks and returns and its internal financial reporting system.Business segments are regarded as the primary segments.Income statementRevenueRevenue recognised in the Group relates to coaster transport of bulk and project cargo, commercial ship management, agencyand stevedorring activities. Revenue is recognised when the risks and rewards relating to the service provided have beentransferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to thesale will flow to the Company.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the expenses for services related to chartering, agency andstevedorring necessary to achieve revenue for the year.Other external expensesOther external expenses comprise indirect costs and expenses for premises, sales and distribution as well as office expenses,etc.Staff expensesStaff expenses comprise wages and salaries as well as payroll expenses.Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets andproperty, plant and equipment.Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group,including gains and losses on the sale of intangible assets and property, plant and equipment.Income from investments in subsidiaries and associatesDividends from subsidiaries and associates are recognised as income in the income statement when adopted at the GeneralMeeting of the companies. However, dividends relating to earnings in the companies before they were acquired by the ParentCompany are set off against the cost of the companies.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit forthe year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly inequity.The Company is jointly taxed with the other Danish enterprises of the Group. The tax effect of the joint taxation is allocated toenterprises in proportion to their taxable incomes.Balance sheetIntangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 10 years, determined on the basis ofManagement’s experience with the individual business areas.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairmentlosses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is readyfor use. In the case of assets of own construction, cost comprises direct and indirect expenses for labour, materials,components and sub-suppliers.Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised incost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives ofthe assets, which are:Other fixtures and fittings, tools and equipment 3-10 yearsLeasehold improvements 3-10 yearsShips 10-20 yearsThe residual values are estimated at the following percentage of the cost:Ships 10%The residual value of other fixed assets is determined at nil.Depreciation period and residual value are reassessed annually.Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basisto determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount.Investments in subsidiaries and associatesInvestments in subsidiaries and associates are measured at cost. Where cost exceeds the recoverable amount, write-down ismade to this lower value.Fixed asset investmentsInvestments which are not traded in an active market are measured at the lower of cost and recoverable amount.Other fixed asset investmentsOther fixed asset investments consist of deposits.InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds tonominal value less provisions for bad debts.PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.DividendDividend distribution proposed by Management for the year is disclosed as a separate equity item.ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has alegal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions aremeasured and recognised based on experience with guarantee work.Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising betweenthe tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intendeduse of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expectedto be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal taxentity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to taxrates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjustedfor tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-accounttaxation scheme are recognised in the income statement in financial income and expenses.Financial liabilitiesLoans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expensesincurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal valueis recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value.Other payables include working accounts with ship owners.Deferred incomeDeferred income comprises payments received in respect of income in subsequent years.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities,changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and endof the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital andnon-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprisescurrent assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant andequipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as paymentsto and from shareholders.Cash and cash equivalentsCash and cash equivalents comprise ”Cash at bank and in hand”.The cash flow statement cannot be immediately derived from the published financial records. false Cash Flow StatementWith reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flowstatement for the Company itself but has only prepared a cash flow statement for the Group. Financial HighlightsExplanation of financial ratiosGross margin Gross profit x 100 / RevenueProfit margin Profit/loss of primary operations x 100 / RevenueReturn on assets Profit/loss of primary operations x 100 / Total assets at year endSolvency ratio Equity at year end x 100 / Total assets at year endReturn on equity Net profit for the year x 100 / Average equity Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-05-05 Morten Skjønnemand Reporting class C, large enterprise 2026-05-05 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-05-05 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup