37377139 2025-01-01 2025-12-31 cmn:ConsolidatedMember 37377139 2025-01-01 2025-12-31 37377139 2025-01-01 2025-12-31 1 cmn:ConsolidatedMember 37377139 2025-01-01 2025-12-31 1 cmn:ConsolidatedMember 37377139 2025-01-01 2025-12-31 2 cmn:ConsolidatedMember 37377139 2025-01-01 2025-12-31 3 cmn:ConsolidatedMember 37377139 2025-01-01 2025-12-31 1 cmn:ConsolidatedMember 37377139 2025-01-01 2025-12-31 2 cmn:ConsolidatedMember 37377139 2024-01-01 2024-12-31 cmn:ConsolidatedMember 37377139 2025-01-01 2025-12-31 37377139 2024-01-01 2024-12-31 37377139 2025-12-31 cmn:ConsolidatedMember 37377139 2024-12-31 cmn:ConsolidatedMember 37377139 2025-12-31 37377139 2024-12-31 37377139 2025-01-01 cmn:ConsolidatedMember 37377139 2024-01-01 cmn:ConsolidatedMember 37377139 2025-01-01 37377139 2024-01-01 iso4217:DKK xbrli:pure 2025-01-01 2025-12-31 2026-06-26 inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Buddingevej 312 2024-01-01 2024-12-31 Artha Cargo A/S 37377139 Annual report Klaus Thorsten Wollesen Lund Artha Cargo A/S 37377139 Kristoffer Emil Eriksen Klaus Thorsten Wollesen Lund Kristoffer Emil Eriksen Palle Bo Stærmose Kenny Madsen State Authorised Public Accountant Morten Ahrenst State Authorised Public Accountant The group's mail activ­ity is sales and ser­vice within the air cargo industry. The par­ent com­pany's pur­pose is to invest in com­pan­ies that offers air cargo ser­vices, includ­ing sales and con­sultancy ser­vices within the air cargo. The res­ults of the group's activ­it­ies in the fin­an­cial year amoun­ted to a profit/loss of DKK -1.564.096 against DKK -2.227.039 in last fin­an­cial year. The equity at the bal­ance sheet date amoun­ted to DKK 8.253.925.The res­ults of the par­ent com­pany's activ­it­ies in the fin­an­cial year amoun­ted to a profit/loss of DKK -1.209.117 against DKK -1.463.154 in last fin­an­cial year. The equity at the bal­ance sheet date amoun­ted to DKK 7.103.514. The Board of Dir­ect­ors and The Exec­ut­ive Board have today con­sidered and adop­ted the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments for 1 Janu­ary 2025 - 31 Decem­ber 2025 for Artha Cargo A/S. Artha Cargo A/S The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments is pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments give a true and fair view of group's and the the com­pany's fin­an­cial pos­i­tion at 31 Decem­ber 2025 and of the res­ults of its opera­tions and cash flows for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025. We believe that the Man­age­ment's review con­tains a fair review of the affairs and condi­tions referred to therein. We recom­mend that the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments be adop­ted at the Annual Gen­eral Meet­ing. Kristoffer Emil Eriksen CEO Klaus Thorsten Wollesen Lund Chairman Kristoffer Emil Eriksen Board member Palle Bo Stærmose Board member To the share­holder's in Artha Cargo A/S Artha Cargo A/S Opinion We have audited the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments of Artha Cargo A/S for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025, which com­prise a sum­mary of sig­ni­fic­ant account­ing policies, income state­ment, bal­ance sheet, state­ment of changes in equity, state­ment of cash flows and notes. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments are pre­pared under the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments give a true and fair view of the group's and the com­pany's fin­an­cial pos­i­tion as at 31 Decem­ber 2025 and of the res­ults of the group's and the com­pany's opera­tions and cash flows for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025 in accord­ance with the Dan­ish Fin­an­cial State­ments Act. Artha Cargo A/S Basis for Opinion We 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 con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments" sec­tion of this aud­itor’s report. We are inde­pend­ent of the group in accord­ance with the Inter­n­a­tional Eth­ics Stand­ards Board of Account­ants' Code of Eth­ics for Pro­fes­sional Account­ants (IESBA Code) and the addi­tional require­ments applic­able in Den­mark, and we have ful­filled our other eth­ical respons­ib­il­it­ies in accord­ance with these require­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and fin­an­cial state­ments that are free from mater­ial mis­state­ment, whether due to fraud or error. In pre­par­ing the con­sol­id­ated fin­an­cial state­ments and fin­an­cial state­ments, Man­age­ment is respons­ible for assess­ing the group's and the com­pany'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 con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments unless Man­age­ment either intends to liquid­ate the group or 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 group's and 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 con­sol­id­ated fin­an­cial state­ments and 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 group's and 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 con­sol­id­ated fin­an­cial state­ments and 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 group and the com­pany to cease to con­tinue as a going con­cern.Evalu­ate the overall present­a­tion, struc­ture and con­tent of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, includ­ing the dis­clos­ures in the notes, and whether the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments rep­res­ent the underly­ing trans­ac­tions and events in a man­ner that gives a true and fair view.Plan and per­form the group audit to obtain suf­fi­ci­ent appro­pri­ate audit evid­ence regard­ing the fin­an­cial inform­a­tion of the entit­ies or busi­ness units within the group as a basis for form­ing an opin­ion on the group Fin­an­cial State­ments and the Par­ent Com­pany Fin­an­cial State­ments. We are respons­ible for the dir­ec­tion, super­vi­sion and review of the audit work per­formed for pur­poses of the group audit. 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. Man­age­ment is respons­ible for Man­age­ment’s Review.Our opin­ion on the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments does not cover Man­age­ment’s Review, and we do not express any form of assur­ance con­clu­sion thereon.In con­nec­tion with our audit of the con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments or our know­ledge obtained dur­ing 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 Dan­ish Fin­an­ci­als State­ments Act.Based on the work we have per­formed, in our view, Man­age­ment’s Review is in accord­ance with the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments and has been pre­pared in accord­ance with the require­ments of the Dan­ish Fin­an­cial State­ments Act.We did not identify any mater­ial mis­state­ment in Man­age­ment’s Review. Søborg 2026-05-29 inforevision statsautoriseret revisionsaktieselskab inforevision statsautoriseret revisionsaktieselskab 19263096 19263096 Kenny Madsen State Authorised Public Accountant mne33718 Morten Ahrenst State Authorised Public Accountant mne47780 The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments has been pre­pared in accord­ance with Dan­ish fin­an­cial state­ment legis­la­tion as well as gen­erally accep­ted account­ing prin­ciples. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments has been pre­pared in accord­ance with the pro­vi­sions of the Dan­ish Fin­an­cial State­ments Act govern­ing Reporting class B.Some pro­vi­sions from report­ing class C has been adop­ted.Con­sol­id­ated fin­an­ci­als state­ments has been pre­pared on volountary basis. The account­ing policies have not been changed from last year. Reporting class B The con­sol­id­ated fin­an­cial state­ments com­prise the par­ent com­pany and the enter­prises (group enter­prises) con­trolled by the par­ent com­pany. The par­ent com­pany is deemed to be con­trolling an enter­prise when it dir­ectly or indir­ectly con­trols more than 50 % of the vot­ing rights or is other­wise able to exer­cise con­trol of more than 50 % of the vot­ing rights or is other­wise able to exer­cise con­trol or de facto con­trol with respect to the eco­nomic and opera­tional deci­sions in the enter­prise. The con­sol­id­ated fin­an­cial state­ments are pre­pared on the basis of the fin­an­cial state­ments of the par­ent com­pany and the Group enter­prises by the add­ing together items of a uni­form nature. In the pre­par­a­tion of the con­sol­id­ated fin­an­cial state­ments, all inter­com­pany bal­ances, income and expenses as well as gains and losses arising from trans­ac­tions between the group enter­prises have been elim­in­ated. Equity invest­ments in the group enter­prises have been elim­in­ated by the group enter­prises' pro­por­tion­ate shares of the equity value. The fin­an­cial state­ments used for the pur­pose of con­sol­id­a­tion have been pre­pared in accord­ance with the con­sol­id­ated account­ing policies. The net profit or loss for the year and the equity of for­eign enter­prises have been expressed in Dan­ish Kroner. For­eign cur­rency trans­la­tion adjust­ments arising as a res­ult of trans­la­tion of the equity of the for­eign enter­prises at the begin­n­ing of the fin­an­cial years and trans­la­tion of the net profit or loss for the fin­an­cial years from the average rate of exchange to the clos­ing rate are charged dir­ectly to equity. Where group enter­prises have been acquired, the bal­ance res­ult­ing from the elim­in­a­tion has to the extent pos­s­ible been dis­trib­uted on the assets and liab­il­it­ies of the group enter­prises whose value is above or below the amount at which they were booked when the group rela­tion was est­ab­l­ished. Any remain­ing pos­it­ive bal­ance is treated as good­will and stated under intan­gible assets. Any neg­at­ive bal­ance which is equal to an expec­ted cost or an adverse decel­op­ment in the group enter­prises is recog­n­ised in the income state­ment when acquired. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments have been pre­pared based on his­t­or­ical cost.The income is 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.Cer­tain fin­an­cial assets and liab­il­it­ies are meas­ured at amort­ised cost, which involves the recog­n­i­tion of a con­stant effect­ive interest rate over the matur­ity period. Amort­ised cost is cal­cu­lated as ori­ginal cost less any repay­ments and with addi­tion/deduc­tion of the cumu­lat­ive amort­isa­tion of any dif­fer­ence between cost and the nom­inal amount. In this way, cap­ital losses and gains are alloc­ated over the matur­ity period.Recog­n­i­tion and meas­ure­ment take into account pre­dict­able losses and risks occur­ring before the present­a­tion of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments which con­firm or inval­id­ate affairs and condi­tions exist­ing at the bal­ance sheet date.The func­tional cur­rency is Dan­ish Kroner. All other cur­ren­cies are con­sidered for­eign cur­ren­cies. Dur­ing the year, trans­ac­tions in for­eign cur­ren­cies have been trans­lated apply­ing the exchange rate at the trans­ac­tion date. If cur­rency pos­i­tions are con­sidered hedge of future cash flows, the value adjust­ments are recog­n­ised dir­ectly in equity.Receiv­ables and debt denom­in­ated in for­eign cur­ren­cies have been recog­n­ised at the exchange rate of the bal­ance sheet date.Real­ised and unreal­ised exchange gains and losses have been recog­n­ised in the income state­ment under other fin­an­cial income and expenses. Gross profit/loss includes "Rev­enue""Cost of sales""Other operat­ing income""External expenses". As income recog­n­i­tion cri­terion, the com­pleted con­tract method is applied so that rev­enue com­prises invoiced rev­enue for the year. Rev­enue from the sales to freight for­ward­ers and agency com­mis­sions from air­lines is recog­n­ised in the income state­ment when deliv­ery is made and risk has passed to the buyer before the end of the fin­an­cial year. Rev­enue is meas­ured at fair value excl. VAT and less gran­ted cus­tomer dis­counts. Cost of sales com­prise expenses incurred to earn rev­enue for the year. Other operat­ing income com­prises income of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing pay­ments received from public author­it­ies as well as profit on sale of fixed assets. External expenses com­prises Selling costsCost of premisesAdmin­is­trat­ive expenses. Staff costs include wages and salar­ies includ­ing hol­i­day pay and pen­sions and other social secur­ity costs etc. to the com­pany's employ­ees. Income from invest­ments in group enter­prises com­prises the pro rata share of the group enter­prises’ profit/loss adjus­ted for internal profits and losses less amort­isa­tion of good­will on con­sol­id­a­tion for the year. Fin­an­cial income is recog­n­ised with amounts con­cern­ing the fin­an­cial year. Fin­an­cial income com­prise interest, real­ised and unreal­ised exchange gains as well as interest reim­burse­ments under the Dan­ish Tax Pre­pay­ment Scheme. Fin­an­cial expenses is recog­n­ised with amounts con­cern­ing the the fin­an­cial year. Fin­an­cial expenses com­prise interest, real­ised and unreal­ised exchange losses as well as interest sur­charge under the Dan­ish Tax Pre­pay­ment Scheme. Tax on profit or loss for the year rep­res­ents 22% of the book profit or loss adjus­ted for non-tax­able and non-deduct­ible items. Tax on profit or loss for the year con­sists of the anti­cip­ated tax por­tion of the tax­able income for the year adjus­ted for the changes for the year in deferred tax. Changes in deferred taxes due to adjust­ments of tax rates is recog­n­ised in the income state­ment. Tax on profit or loss for the year is recog­n­ised in the income state­ment by the por­tion attrib­ut­able to the profit or loss for the year and recog­n­ised dir­ectly in equity by the por­tion attrib­ut­able to entries dir­ectly in equity. The com­pany is sub­ject to the Dan­ish Tax Pre­pay­ment Scheme. Interest reim­burse­ment and interest sur­charge have been recog­n­ised in fin­an­cial income and expenses. The bal­ance sheet has been presen­ted in account form. Intan­gible assets are meas­ured at cost less accu­mu­late amort­isa­tion. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. Assets are amort­ised on a straight-line basis over their estim­ated use­ful lives: Cat­egory Period Acquired other sim­ilar rights 3 years Good­will 3-10 years Determ­ine the amort­isa­tion period for good­will is based on an assess­ment of the acquired enter­prises' or busi­ness' mar­ket pos­i­tion, earn­ings as well as expec­ted cus­tomer loy­alty, which to the highest pos­s­ible extent is based on his­t­or­ical recor­ded data.As the intan­gible assets are not being traded in an act­ive and effect­ive mar­ket, no resid­ual val­ues after end of use are included when determ­in­ing the amort­isa­tion period.Profit/loss on sale has been included in the income state­ment under gross profit or loss/other operat­ing income and other operat­ing expenses.The car­ry­ing amounts of intan­gible assets are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual amort­isa­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Prop­erty, plant and equip­ment are meas­ured at cost less accu­mu­late depre­ci­a­tion. The basis of depre­ci­a­tion is cost less estim­ated resid­ual value after the end of use­ful life. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. The cost price for an asset is divided into sep­ar­ate com­pon­ents, that are depre­ci­ated sep­ar­ately, if the use­ful life of the indi­vidual com­pon­ents is sig­ni­fic­antly dif­fer­ent. Depre­ci­a­tion is ini­ti­ated when the assets are ready to be taken into opera­tion. Assets are depre­ci­ated on a straight-line basis over their estim­ated use­ful lives with fol­low­ing resid­ual val­ues: Cat­egory Period Resid­ual value Fix­tures, fit­t­ings, tools and equip­ment 3 - 5 years 0% Minor pur­chases with use­ful lives below one year have been recog­n­ised as an expense in the income state­ment in external expenses.Profit/loss on sale has been included in the income state­ment under gross profit or loss and other operat­ing expenses.The car­ry­ing amounts of prop­erty, plant and equip­ment are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual depre­ci­a­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Invest­ments in group enter­prises have been recog­n­ised accord­ing to the equity method. This means that invest­ments are meas­ured at the pro rata share of the group enter­prises' net asset value adjus­ted for internal dividends and profit or losses.Dis­trib­ut­able reserves in group enter­prises which are dis­trib­uted as dividends to the par­ent at the bal­ance sheet date are included in the value of invest­ments.Group enter­prises with neg­at­ive net asset val­ues are meas­ured at zero, and any receiv­able from such enter­prises is writ­ten down by the Par­ent's share of the neg­at­ive net asset value to the extend deemed irre­cover­able. If the neg­at­ive net asset value exceeds the amount receiv­able, the remain­ing amount is recog­n­ised in pro­vi­sions to the extent the Par­ent has a legal or con­struct­ive oblig­a­tion to cover the rel­ev­ant enter­prise's liab­il­it­ies.Acquis­i­tion of group enter­prises are recog­n­ised at cost. The dif­fer­ence between the cost price and the net asset value of the acquired com­pany, which appears at the time of est­ab­l­ish­ing the con­sol­id­a­tion, is as far as pos­s­ible alloc­ated to the assets and liab­il­it­ies whose value is higher or lower than the car­ry­ing amount. A remain­ing pos­it­ive dif­fer­ence is treated as good­will and included in the value of invest­ments.A neg­at­ive dif­fer­ence, reflect­ing an expec­ted cost or an unfa­vour­able devel­op­ment, are recog­n­ised as income in the income state­ment in the year of acquis­i­tion.Good­will is amort­ised in the income state­ment over 3 years. The amort­isa­tion period is based on an assess­ment of the mar­ket pos­i­tion, earn­ings pro­file, and expect­a­tions of cus­tomers loy­al­ity, which within reas­on­able lim­its is based on his­t­or­ical data/regis­tra­tions. Amort­isa­tions are recog­n­ised in the income state­ment with other value adjust­ments in the item income from invest­ments in group enter­prises. The total net revalu­a­tion of invest­ments in group enter­prises is alloc­ated through the profit or loss dis­tri­bu­tion to "Reserve for net revalu­a­tion accord­ing to the equity method" under equity. The reserve is reduced by dividend dis­tri­bu­tions to the Par­ent and is adjus­ted by changes in equity in the group enter­prises. Other secur­it­ies and invest­ments recog­n­ised under fixed assets com­prise lis­ted shares and bonds and mort­gage deed port­fo­lio.Lis­ted shares are in basis meas­ured at fair value cor­respond­ing to the mar­ket price at the bal­ance sheet date. Lis­ted bonds and mort­gage deed port­fo­lio, which Man­age­ment intends to hold to matur­ity, has been meas­ured at amort­ised cost. Amort­ised cost is the resid­ual receiv­able of the secur­it­ies recog­n­ised at a price cal­cu­lated as the mar­ket cap­it­al­isa­tion on acquis­i­tion with a cal­cu­lated tim­ing addi­tion or deduc­tion of the dif­fer­ence between such price and the redemp­tion price. In events when the car­ry­ing amount exceeds the recover­able amount, impair­ment for loss is made to such lower value. Impair­ment losses if any are recog­n­ised in the income state­ment under impair­ment of fin­an­cial assets. Depos­its recog­n­ised as fixed assets are meas­ured at amort­ised cost, which usu­ally cor­responds to nom­inal amount. 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. Pro­vi­sions for bad debts are determ­ined on the basis of an indi­vidual assess­ment of each receiv­able. Pre­pay­ments com­prise costs incurred relat­ing to sub­sequent fin­an­cial years. Reserve for net revalu­a­tion accord­ing to equity method com­prise net revalu­a­tion in group enter­prises. The reserve is reduced by dividend dis­trib­uted to the Par­ent and adjus­ted for other equity move­ments in the group enter­prises. The reverse may be elim­in­ated with neg­at­ive retained earn­ings. The reserve is reduced or dis­solved when divest­ing the group enter­prises.Dividend dis­tri­bu­tion pro­posed by Man­age­ment for the year is dis­closed as a sep­ar­ate equity item. Minor­ity interests' pro­por­tion­ate share of the group enter­prises' equity is dis­closed as a sep­ar­ate equity item.Minor­ity interests' pro­por­tion­ate share of the group enter­prises' profit or loss is dis­closed as a sep­ar­ate item in the pro­posed dis­tri­bu­tion of profit and loss, and is dis­closed in the con­sol­id­ated equity state­ment as well as together with other adjust­ments includ­ing profit or loss due to trans­fer­ring of shares dur­ing the fin­an­cial year. Deferred tax is meas­ured using the bal­ance sheet liab­il­ity method. Pro­vi­sion has been made for deferred tax by 22% on all tem­por­ary dif­fer­ences between car­ry­ing amount and tax-based value of assets and liab­il­it­ies. Deferred tax is also meas­ures with respect of the planned use of the asset and the set­tle­ment of the liab­il­ity. The tax value of the tax losses to be car­ried for­ward are included in the cal­cu­la­tion of deferred taxes if it is prob­able that the losses can be used. Deferred tax assets are meas­ured at net real­is­able value.The com­pany is Man­age­ment com­pany in a joint tax­a­tion with other Dan­ish group enter­prises. The tax effect of the joint tax­a­tion is alloc­ated among the group enter­prises in ratio to their tax­able income accord­ing to the rules on full alloc­a­tion with a refund for tax losses of the Dan­ish Cor­por­a­tion Tax Act. Cor­por­a­tion tax relat­ing to the fin­an­cial year which has not been settled at the bal­ance sheet date is to be clas­si­fied as cor­por­a­tion tax in receiv­ables or liab­il­it­ies other than pro­vi­sions. Joint tax con­tri­bu­tions between the jointly taxed com­pan­ies which have not been settled at the bal­ance sheet date are clas­si­fied as joint tax con­tri­bu­tions in receiv­ables or liab­il­it­ies other than pro­vi­sions. Short-term debts are meas­ured at amort­ised cost, sub­stan­tially cor­respond­ing to nom­inal value. The cash flow state­ment shows the com­pany's cash flows broken down by operat­ing, invest­ing and fin­an­cing activ­it­ies, changes for the year in cash and cash equi­valents as wells as cash and cash equi­valents at the begin­n­ing and end of the year. Cash flows from acquis­i­tions and divest­ments are shown sep­ar­ately under cash flows from invest­ing activ­it­ies. In the cash flow state­ment, cash flows regard­ing acquired com­pan­ies are recog­n­ised from the date of acquis­i­tion and cash flows from dives­ted com­pan­ies are recog­n­ised until the trans­fer date. Cash flows from operat­ing activ­it­ies are cal­cu­lated as the net profit/loss for the year adjus­ted for non-cash operat­ing items, fin­an­cial income and expenses paid, cor­por­a­tion taxes as well as increase and decrease in invent­or­ies, trade receiv­ables, trade pay­ables and other changes in assets and liab­il­it­ies other than pro­vi­sions deriv­ing from opera­tions. Cash flows from invest­ing activ­it­ies com­prise pay­ments in the year in con­nec­tion with acquis­i­tion and sale of fixed assets as well as pay­ments in con­nec­tion with acquis­i­tion and divest­ment of com­pan­ies. Cash flows from fin­an­cing activ­it­ies com­prise pay­ments in the year from incep­tion and repay­ment of long-term liab­il­it­ies other than pro­vi­sions as well as pay­ments made to and received from the share­holder's.Cash and cash equi­valents com­prise cash at bank and in hand as well as operat­ing cred­its at credit insti­tu­tions ("overdraft facil­it­ies") included in the cash man­age­ment and are thus exposed to sig­ni­fic­ant changes in both pos­it­ive and neg­at­ive dir­ec­tions dur­ing the year. 18932290 14505374 -109223 -94850 17644402 15654773 0 0 2984085 2984050 0 0 -1696197 -4133449 -109223 -94850 0 0 -1719911 -3355543 829923 2559523 706546 2570232 321645 125145 58531 45439 -1187919 -1699071 -1181119 -925600 376177 527968 27998 537554 -1564096 -2227039 -1209117 -1463154 -1209118 -43538153 -1209117 -40949232 16811 78836 0 0 0 2886122 0 0 16811 2964958 0 0 109384 59761 0 0 109384 59761 0 0 0 0 4601645 6233378 1675640 43531919 1675640 43531919 52982 52982 0 0 1728622 43584901 6277285 49765297 1854817 46609620 6277285 49765297 7388666 7354700 0 0 0 0 1285299 1054798 736961 204315 0 0 485000 0 485000 0 313412 0 0 0 181974 821950 0 0 9106013 8380965 1770299 1054798 4882200 4611601 77831 189880 13988213 12992566 1848130 1244678 15843030 59602186 8125415 51009975 3300000 3300000 3300000 3300000 0 0 0 0 3803512 4924452 3803514 4924453 0 42075000 0 42075000 1150413 1483346 0 0 8253925 51782798 7103514 50299453 0 13749 0 0 0 13749 0 0 1402806 969056 0 0 632994 508578 0 0 3044130 3872164 31250 31250 0 0 760221 403706 699932 222968 0 45281 0 0 27998 181273 1809243 2232873 202432 49012 7589105 7805639 1021901 710522 7589105 7805639 1021901 710522 15843030 59602186 8125415 51009975         Con­trib­uted cap­italShare premiumRetained earn­ingsPro­posed dividend recog­n­ised in equityMinor­ity interestsTotal DKKDKKDKKDKKDKKDKK       Equity at 1 Janu­ary 20243.300.00026.400.00022.369.72802.324.01254.393.740Adjust­ment mater­ial errors0-26.400.00026.400.0000 0The years valu­tak­urs­reg­uleringer  -307.123 -76.780-383.903Dis­trib­uted profit/loss for the year  -43.538.15342.075.000-763.886-2.227.039Equity at 1 Janu­ary 20253.300.00004.924.45242.075.0001.483.34651.782.798Trans­fer to/from other accounts0000 0Exchange rate adjust­ments for the year   88.178 22.045110.223Dividends paid  0-42.075.0000-42.075.000Dis­trib­uted profit/loss for the year  -1.209.1180-354.978-1.564.096Equity at 31 Decem­ber 20253.300.00003.803.51201.150.4138.253.925       Share premium includes trans­fer from share cap­ital in con­nec­tion with a cap­ital decrease. Accord­ing to the com­pany's art­icle of asso­ci­a­tion the reserve is dis­trib­ut­able to the share­holders.  Con­trib­uted cap­italShare premiumReserve for net revalu­a­tion accord­ing to equity methodRetained earn­ingsPro­posed dividend recog­n­ised in equityTotal DKKDKKDKKDKKDKKDKK       Equity at 1 Janu­ary 20243.300.00026.400.0002.896.04419.473.685052.069.729Adjust­ment mater­ial errors0-26.400.000026.400.00000Dis­trib­uted profit/loss for the year  -2.588.922-40.949.23242.075.000-1.463.154Equity trans­ac­tions in group enter­prises  -307.1220 -307.122Equity at 1 Janu­ary 20253.300.000004.924.45342.075.00050.299.453Dividends paid   0-42.075.000-42.075.000Dis­trib­uted profit/loss for the year  0-1.209.1170-1.209.117Trans­ferred from net revalu­a­tion accord­ing to equity method to retained earn­ings  -88.17888.178 0Equity trans­ac­tions in group enter­prises  88.1780 88.178Equity at 31 Decem­ber 20253.300.000003.803.51407.103.514       Share premium includes trans­fer from share cap­ital in con­nec­tion with a cap­ital decrease. Accord­ing to the com­pany's art­icle of asso­ci­a­tion the reserve is dis­trib­ut­able to the share­holders. -2588922 0 2984085 2984050 0 0 -132101 -1906410 1099894 1368304 -33966 -2351811 0 0 828034 -1877557 0 0 -191884 928635 153420 49014 203072 101676 118 910 321645 125145 34213 13483 711374 806173 711554 282477 -595943 -1524660 -701452 -340886 0 28019 0 0 81384 0 0 0 42483130 0 42483130 0 0 0 0 79519 42401746 -28019 42483130 79519 0 0 -181273 152074 42075000 0 42075000 0 -42075000 0 -41893727 -152074 -269197 -1552679 -112049 -413441 106046 -397874 0 0 3479394 3642545 77831 189880 1402806 969056 0 0 3479394 3642545 77831 189880       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKKDKKDKKDKK     Wages and salar­ies16.357.44414.784.96900Pen­sions 579.993620.34900Other social secur­ity costs377.833190.50200Other staff cost329.13258.95300Total17.644.40215.654.77300     Average num­ber of full-time employ­ees292600           16357444 14784969 0 0 579993 620349 0 0 377833 190502 0 0 329132 58953 0 0 29 26 0 0       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKKDKKDKKDKK     Amort­isa­tion of intan­gible assets2.948.147000Depre­ci­a­tion of prop­erty, plant and equip­ment35.93835.90200Total2.984.08535.90200       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKKDKKDKKDKK     Fin­an­cial income from group enter­prises0079.577111.475Other fin­an­cial income829.9232.559.523626.9692.458.757Total829.9232.559.523706.5462.570.232 0 0 79577 111475 829923 2559523 626969 2458757       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKKDKKDKKDKK     Fin­an­cial expenses to group enter­prises0024.31831.956Other fin­an­cial expenses321.645125.14534.21313.483Total321.645125.14558.53145.439 0 0 24318 31956 321645 125145 34213 13483  Acquired other sim­ilar rightsGood­willTotalGroup 2024 DKKDKKDKKDKK     Cost at 1 Janu­ary 2025310.12428.861.22929.171.35329.143.334Addi­tions for the year00028.019Cost at 31 Decem­ber 2025310.12428.861.22929.171.35329.171.353     Amort­isa­tion and impair­ment losses at  1 Janu­ary 2025-231.288-25.975.107-26.206.395-23.258.247Amort­isa­tion for the year-62.025-2.886.122-2.948.147-2.948.148Amort­isa­tion and impair­ment losses at 31 Decem­ber 2025-293.313-28.861.229-29.154.542-26.206.395     Car­ry­ing amount at 31 Decem­ber 202516.811016.8112.964.958  Fix­tures, fit­t­ings, tools and equip­mentTotalGroup 2024 DKKDKKDKK    Cost at 1 Janu­ary 2025771.100771.100781.208Exchange rate adjust­ments10.52510.525-10.108Addi­tions for the year81.38481.3840Dis­pos­als for the year-221.832-221.8320Cost at 31 Decem­ber 2025641.177641.177771.100    Amort­isa­tion and impair­ment losses at 1 Janu­ary 2025-711.339-711.339-683.677Exchange rate adjust­ments-6.348-6.3488.240Depre­ci­a­tion for the year-35.938-35.938-35.902Reversal regard­ing dis­pos­als for the year221.832221.8320Amort­isa­tion and impair­ment losses at 31 Decem­ber 2025-531.793-531.793-711.339    Car­ry­ing amount at 31 Decem­ber 2025109.384109.38459.761  Other invest­mentsDepos­itsTotalGroup 2024 DKKDKKDKKDKK     Cost at  1 Janu­ary 202539.503.66752.98239.556.64939.556.649Dis­pos­als for the year-38.106.4310-38.106.4310Cost at 31 Decem­ber 20251.397.23652.9821.450.21839.556.649     Depre­ci­a­tion and impair­ment losses at 1 Janu­ary 20254.028.25204.028.2521.570.405Adjust­ments begin­n­ing of the year0000Impair­ment losses for the year626.8510626.8512.457.847Reversal regard­ing dis­pos­als for the year-4.376.6990-4.376.6990Depre­ci­a­tion and impair­ment losses at 31 Decem­ber 2025278.4040278.4044.028.252     Car­ry­ing amount at 31 Decem­ber 20251.675.64052.9821.728.62243.584.901  Invest­ments in group enter­prisesOther invest­mentsTotalPar­ent 2024 DKKDKKDKKDKK     Cost at 1 Janu­ary 20257.000.00039.503.66746.503.66746.503.667Dis­pos­als for the year0-38.106.431-38.106.4310Cost at 31 Decem­ber 20257.000.0001.397.2368.397.23646.503.667     Revalu­a­tions at 1 Janu­ary 20251.933.37801.933.3785.296.044Revalu­a­tions for the year-1.419.9110-1.419.911-3.055.544Equity adjust­ments88.178 88.178-307.122Revalu­a­tions at 31 Decem­ber 2025601.6450601.6451.933.378     Amort­isa­tion and impair­ment losses at 1 Janu­ary 2025-2.700.0004.028.2521.328.252-829.595Amort­isa­tion for the year-300.000 -300.000-300.000Impair­ment losses for the year0626.851626.8512.457.847Reversal regard­ing dis­pos­als for the year0-4.376.699-4.376.6990Amort­isa­tion and impair­ment losses at 31 Decem­ber 2025-3.000.000278.404-2.721.5961.328.252     Car­ry­ing amount at 31 Decem­ber 20254.601.6451.675.6406.277.28549.765.297                               Accord­ing to annual reportArtha Cargo A/S' share Equity interestCon­trib­uted cap­italProfit/loss for the yearEquityShare of profit/loss for the yearShare of equity   DKKDKKDKKDKK       Cargo Air A/S, Hellerup80%5.000.000-1.774.8895.752.056-1.419.9114.601.645Total    -1.419.9114.601.645Good­will     3.000.000Amort­isa­tions    -300.000-3.000.000Total    -1.719.9114.601.645       Recog­n­i­tion in bal­ance sheet:      Invest­ments in group enter­prises     4.601.645Total     4.601.645       Indir­ect invest­ments in group enter­prises      Scan­part­n­ers Inter­n­a­tional A/S, Copen­ha­gen80%     Scan­part­n­ers Inter­n­a­tional AS, Nor­way80%     Scan­part­n­ers Inter­n­a­tional Sverige AB, Sweden80%     Oy Scan­part­n­ers Inter­n­a­tional Fin­land Ltd., Fin­land80%     Cargo Care Inter­n­a­tional ApS, Copen­ha­gen80%     Cargo Care Inter­n­a­tional AS, Nor­way80%     Cargo Care Inter­n­a­tional Sweden AB, Sweden80%     Oy CCI Fin­land Ltd., Fin­land80%      Artha Cargo A/S             Other invest­ments include invest­ment in a wealth man­age­ment com­pany, of which 85% of the underly­ing invest­ments are in publicly traded secur­it­ies, meas­ured at fair value based on offi­cial mar­ket prices (method 1 in the fair value hierarchy). The remain­ing 15% of the underly­ing invest­ments are meas­ured at fair value by the wealth man­age­ment com­pany's man­age­ment based on altern­at­ive accep­ted methods/models (method 3 in the fair value hierarchy).      Other invest­ments:   Group 2025Par­ent 2025Change in fair value for the year recog­n­ised in income state­ment  DKK118.991118.991Fair value 31-12-2025  DKK1.675.6401.675.640 Artha Cargo A/S are jointly taxed with other group com­pan­ies and are 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 tax on interest, dividend tax and tax on roy­alty pay­ments. Any sub­sequent adjust­ments of cor­por­a­tion taxes and with­hold­ing taxes may increase the the com­pany's liab­il­ity.    Guar­an­tees towards third party air­lines of 6.306.890 Artha Cargo A/S Artha Cargo A/S are jointly taxed with other group com­pan­ies and are 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 tax on interest, dividend tax and tax on roy­alty pay­ments. Any sub­sequent adjust­ments of cor­por­a­tion taxes and with­hold­ing taxes may increase the the com­pany's liab­il­ity.   Artha Cargo A/S     Group 2025Par­ent 2025 DKKDKK   The total com­mi­ment regard­ing lease of premises and other operat­ing leases rep­res­ents430.0000Total rental and lease oblig­a­tions430.0000 0 0 -1719911 -3355543 -829923 -2559523 -706546 -2570232 -321645 -125145 -58531 -45439 376177 527968 27998 537554 Revisionspåtegning 19263096 inforevision statsautoriseret revisionsaktieselskab Buddingevej 312 2860 Søborg 2026-06-26 2025-01-01 2025-12-31 2024-01-01 2024-12-31