20219890 2025-01-01 2025-12-31 3 20219890 2000-01-01 2000-12-31 3 20219890 2001-01-01 2001-12-31 3 20219890 2024-01-01 2024-12-31 3 20219890 2025-01-01 2025-12-31 1 20219890 2002-01-01 2002-12-31 3 20219890 2024-01-01 2024-12-31 1 20219890 2002-01-01 2002-12-31 1 20219890 2001-01-01 2001-12-31 1 20219890 2000-01-01 2000-12-31 1 20219890 2025-01-01 2025-12-31 20219890 2025-01-01 2025-12-31 1 20219890 2025-01-01 2025-12-31 1 20219890 2025-01-01 2025-12-31 1 20219890 2025-01-01 2025-12-31 2 20219890 2025-01-01 2025-12-31 3 20219890 2002-01-01 2002-12-31 20219890 2001-01-01 2001-12-31 20219890 2000-01-01 2000-12-31 20219890 2024-01-01 2024-12-31 20219890 2002-12-31 20219890 2001-12-31 20219890 2000-12-31 20219890 2025-12-31 20219890 2024-12-31 20219890 2024-01-01 d:ContributedCapitalMember 20219890 2024-01-01 d:RetainedEarningsMember 20219890 2024-01-01 2024-12-31 d:RetainedEarningsMember 20219890 2025-01-01 d:ContributedCapitalMember 20219890 2025-01-01 d:RetainedEarningsMember 20219890 2025-01-01 2025-12-31 d:RetainedEarningsMember 20219890 2025-12-31 d:ContributedCapitalMember 20219890 2025-12-31 d:RetainedEarningsMember 20219890 2025-01-01 2025-12-31 d:ManagementMember 20219890 2025-01-01 2025-12-31 d:BoardOfDirectorsMember 20219890 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 20219890 2025-01-01 d:LeaseholdImprovementsMember 20219890 2025-01-01 d:RightofuseAssetsMember 20219890 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 20219890 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 20219890 2025-01-01 2025-12-31 d:RightofuseAssetsMember 20219890 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 20219890 2025-12-31 d:LeaseholdImprovementsMember 20219890 2025-12-31 d:RightofuseAssetsMember 20219890 2025-01-01 d:InvestmentsInGroupEnterprisesMember 20219890 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 20219890 2025-12-31 d:InvestmentsInGroupEnterprisesMember 20219890 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 20219890 2025-12-31 d:ReceivablesFromOwnersAndManagementMember 20219890 2025-01-01 2025-12-31 d:SubsidiaryMember 1 20219890 2025-12-31 d:SubsidiaryMember 1 20219890 2025-01-01 2025-12-31 d:SubsidiaryMember 3 20219890 2025-12-31 d:SubsidiaryMember 3 20219890 2025-01-01 2025-12-31 d:SubsidiaryMember 4 20219890 2025-12-31 d:SubsidiaryMember 4 20219890 2025-01-01 2025-12-31 d:SubsidiaryMember 6 20219890 2025-12-31 d:SubsidiaryMember 6 20219890 2025-12-31 1 20219890 2024-12-31 1 20219890 2025-01-01 20219890 2024-01-01 iso4217:DKK xbrli:pure xbrli:shares Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Current ratio Profit before interest and tax (EBIT) Current ratio Current ratio Current ratio Current ratio Årsrapport 30700228 EY Godkendt revisionspartnerselskab Dirch Passers Allé 36 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 20219890 DFDS Logistics Denmark A/S Dronningens Kvarter 11C 7000 Fredericia 1997-07-18 Fredericia 70266250 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Esbjerg Brygge 28 6700 Esbjerg Danmark 76124500 2026-07-01 Klaus Westh Jonassen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-07-01 2026-07-01 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of DFDS Logistics Denmark A/S for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Fredericia Klaus Westh Jonassen Niclas Göran Andersson Chairman Andreas Haldrup Björnsson Bernt-Olof Morgan Olausson To the shareholders of DFDS Logistics Denmark A/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of DFDS Logistics A/S 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 (“financial statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the 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.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 assurance conclusion 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 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 Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with 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. 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.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. Esbjerg John Lindvig Christiansen State Authorised Public Accountant mne26846 26304000 24353000 27394000 -13568000 -12422000 -8141000 825000 15107000 -1510000 -591000 -267000 1714000 332000 -6490000 2547000 12031000 95427000 124684000 82241000 0 22269000 19336000 1388000 35000 44132000 49953000 45707000 85.1 102.2 143.8 156.0 221.9 21.3 35.9 46.2 40.1 55.6 For terms and definitions, please see the accounting policies. The company's principal activities are focused on logistical solutions with a high level of quality in markets where precision and local knowledge of the market are based on a high level of knowledge around the markets served. Geographically trade domestically in Denmark and road transport between Denmark and the SNG countries, the Baltic countries, and the Balkans. During 2025 majority of the activities for the SNG countries was discontinued and the main markets remaining are Ukraine on the road transport and warehouse activity located in Taulov.Market overviewDFDS Logistics Denmark A/S provides a comprehensive one-stop-shop solution for their customers that is covering transportation, warehousing. The company’s strategy for 2026 aims to achieve growth through organic expansion with existing customers and within the markets they are already operating. Despite the market situation, the company expects to maintain their position. The income statement for 2025 shows a loss after tax of TDKK 11,363 against a loss of TDKK 12,795 last year. The company’s balance sheet as of December 31, 2025, reflects an equity of TDKK 20,222. The management considers this year’s result unsatisfactory.Profit/loss for the year compared to previously announced expectations The global transport market in 2025 experienced a dynamic year characterized by both significant challenges and notable achievements. The industry continued to adapt to evolving economic conditions, technological advancements and shifting customer demands. The transport market continued to face economic challenges, including fluctuating fuel prices and inflation, which increased operational costs and placed sustained pressure on the profit margin. Additionally, geopolitical tensions and trade uncertainties impacted the global supply chains. The market experienced a high transport capacity which led to increased competition and pressure on pricing. Over the past year we have seen an increase in the segment costs for drivers in the transport industry, as well as the rising cost of materials and assets related to transport. This includes higher wages, benefits and training expenses and as a result our overall operational expenses have escalated. In addition to the increased cost for drivers, we are also facing higher prices for fuel and vehicle maintenance. This has put additional financial strain on our operations. Despite these challenges, DFDS Logistics Denmark A/S worked diligently to meet our customers’ expectations and uphold the company’s goal of being a top player in a highly competitive market. The company has competent employees, all of whom understand the company’s vision and aim to deliver a product that our customers can always trust. This commitment allowed us to maintain strong financial results during a difficult period. With the core values held by DFDS Logistics Denmark A/S, the company and its employees enter 2026 with a focus on organic growth with existing customers and expansion into new markets. This approach aligns with our values, ensuring that even in a challenging market, we deliver products that meet our customers’ standards and maintain the trust they place in us. The result for 2025 is considered unsatisfactory by the management team. To address the financial challenges, we have seen in 2025 we will keep a focus on cost-saving measures, explore new revenue streams and enhance our operation efficiency.Non-financial matters Operational risksDFDS Logistics Denmark A/S operates within the dry transport/warehouse market which entails specific operational risks. These challenges can include operational challenges, including efficient cargo handling and route planning. We continuously monitor both the market and our own transportation/warehouse processes to optimize efficiency and minimize these risks.Market RisksDFDS Logistics Denmark A/S is influenced by market developments. Changes in demand, competition and price fluctuations can impact both volume and profitability. To minimize these risks, we closely monitor the market and adapt our strategy accordingly. Rising fuel prices, maintenance expenses and wages have negatively affected our results. We’ve focused on transferring this risk to our customers and successfully streamlined processes to minimize the additional costs. The transportation and warehouse industry faces overcapacity, leading to heightened competition and price pressure. Our differentiation strategy emphasizes quality service and specialized solutions for our customers.Financial RisksAs a result of our operations, investments and financing, the company is exposed to changes in exchange rates and interest levels, however this risk is considered minor. We do not use financial instruments for risk management, and active speculation in financial risks is not part of our policy. Due to the company’s primary currencies (DKK and EUR), risks related to recognized financial assets and liabilities are not hedged. Exchange rate risks associated with investments in subsidiaries and associated companies abroad are generally not hedged. The company believes that ongoing hedging of such long-term investments would not be optimal considering overall risk and cost considerations.Liquidity RisksThe company relies on maintaining long-term financing stability. Therefore, it is the company’s policy to secure non-cancelable credit facilities that are reasonable in relation to the group’s planned activities. The company is solely financed through intra-group loans and participation in the group cash pool.Strategy and Objectives StrategyDFDS Logistics Denmark A/S has developed their strategy based on DFDS Group’s strategy, “Moving together towards 2030” • Protect & Grow Profits • Simplification through standardization • Optimization and transformation through digitalization • Transition from black to green • Being a great place to work Building on these strategies, the company has assessed the market situation and established procedures to align with these strategic goals. DFDS Logistics Denmark A/S’ ambition to be a market leader and a frontrunner in dry transport places significant demands on the company when it comes to recruiting new employees with the right education and language skills. Additionally, the field is complex, where each employee’s personal knowledge plays a crucial role. To consistently deliver high-quality logistics solutions, it is essential for the company to recruit and retain employees with the specific competencies required by the industry. Throughout the year, competent and experienced employees have joined the company, strengthening its knowledge and competence base. DFDS Logistics Denmark A/S offers trainee programs with an extended academy, enhancing employees’ competencies and bringing fresh knowledge to the company, thereby empowering them in an ever-changing industry. DFDS Logistics Denmark A/S is conscious of their environmental footprint and continuously works to reduce the impact of their operations on the environment. We adhere to applicable environmental legislation and strive to reduce our CO2 emissions. Reducing the distance our trucks travel without cargo is one of the factors we aim to keep focusing on in 2026 to make our freight forwarding activities more environmentally friendly. By minimizing or completely avoiding empty runs, we can optimize our truck fleet, reducing fuel consumption and CO2 emissions. Tracking our trucks enhances transparency and facilitates monitoring of empty runs. DFDS’ goal is to increase the number of GPS-tracked orders. Our Cargo Balance Initiative (CBI) visualizes existing data and improves logistics planning. In accordance with Section 99b of the Danish Financial Statements Act, I refer to the CSR statement in the annual report for DFDS A/S https://datacvr.virk.dk/gateway/dokument/downloadDokumentForVirksomhed?dokumentId=amNsb3VkczovLzAzLzc1LzliLzQ2L2MyL2M5NzctNGU1MS04MjkwLWIwNTRkZjgzMDcxOQ&cvrNummer=14194711 In accordance with Section 99d, paragraph 3 of the Danish Financial Statements Act, I refer to the data ethics policy statement in the annual report for DFDS A/S. The expected result for 2026 is estimated to be a loss in the range of 1 to 2 million DKK before tax. We believe that our strategic initiatives will bring positive results in the coming year. We extend our gratitude to our skilled employees, loyal customers and shareholders for their support. We look forward to a challenging yet exciting year, continuing to deliver top-notch transportation solutions to our customers. 18743000 17777000 16563000 17028000 15748000 13171000 -13568000 -12422000 917000 1400000 2427000 1991000 -15078000 -13013000 -3714000 -218000 -11364000 -12795000 6993000 200000 367000 8887000 27769000 32196000 35129000 41283000 2453000 2453000 6694000 6694000 9147000 9147000 44276000 50430000 6923000 23013000 11536000 4582000 1823000 1632000 4033000 3571000 24315000 32798000 26445000 4843000 50760000 37641000 95036000 88071000 500000 500000 19721000 31085000 20221000 31585000 0 184000 0 184000 15153000 19478000 15153000 19478000 13396000 12021000 14057000 16815000 29163000 6688000 2951000 1205000 95000 95000 59662000 36824000 74815000 56302000 95036000 88071000 500000 43632000 248000 -12795000 500000 31085000 -11364000 500000 19721000 The annual report of DFDS Logistics Denmark A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. Pursuant to section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The financial statements of DFDS Logistics Denmark A/S are included in the consolidated financial statements for DFDS A/S. The accounting policies used in the preparation of the financial statements are consistent with those of last year. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The entity's cash flows are part of the consolidated cash flow statement for the parent company, DFDS A/S. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income is recognised in revenue when transfer of the most significant rewards and risks to the buyer has taken place and provided that the income can be reliably measured and paymentis expected to be received.Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method).Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items of a secondary nature to the main activities of the Company, including gains on the sale of property, plant and equipment. Income from investments in subsidiaries Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Consumption of goods includes direct transport costs which have been contributed to the net turnover for the year. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities The item comprises depreciation of property, plant and equipment.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Other fixtures and fittings, tools and equipment 3-5 yearsLeasehold improvements 5 yearsRight of use assets 3-6 years Other operating expenses comprise items of a secondary nature to the main activities of the Company, including losses on the sale of property, plant and equipment. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IFRS 16 as interpretation for classification and recognition of leases.On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of the future lease payments. In calculating the net present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for in the same way as the Company's other assets.The capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Deposits, investmentsDeposits is measured at cost. Deposits is measured at cost. Investments in group entities and associates are measured at cost. Dividends received that exceed the accumulated earnings in the group entity or the associate during the period of ownership are treated as a reduction in the cost of acquisition. Intangible assets, property, plant and equipment and investments in subsidiaries are subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted in respect of individual assets or groups of assets generating separate cash flows when there is indications of impairment. The assets are written down to the higher of the value in use and net realisable value (recoverable amount) of the asset or group of assets if this is lower than the carrying amount. As for group of assets, impairment losses are first recognised in respect of goodwill and thereafter proportionately in respect of the other assets.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost. The Company has chosen IAS 39 as interpretation for impairment of financial receivables.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nomial value is recognised in the income statement over the term of the loan. Financial liabilities also inclue the capitalised residual lease liability in respec of finance leases.Other liabilities are measured at net realisable value. Lease liabilitiesLease liabilities are measured at the net present value of the remaining lease payments including any guaranteed residual value based on the interest rate implicit in the lease. Deferred incomeDeferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The financial ratios stated under "Financial highlights" have been calculated as follows:Current ratio Current assets x 100Current liabilitiesEquity ratio Equity x 100Total Assets No events materially affecting the Company's financial position have accured subsequent to the financial year-end. 15317000 15487000 907000 1163000 253000 175000 86000 203000 16563000 17028000 21 24 648000 0 648000 29000 10000 888000 1390000 481000 0 1784000 1845000 162000 146000 -11364000 -12795000 667000 10807000 58057000 0 0 9592000 9293000 -9293000 0 9960000 1514000 67649000 467000 1920000 25861000 1230000 497000 14019000 -1270000 1270000 0 2967000 1147000 39880000 6993000 367000 27769000 Right to use assets consists of land and buildings with a carrying amount TDKK 27,590 and fixtures and fittings, other plant and equipment with a carrying amount of TDKK 179. Note15provides more details on security for loans, etc. as regards property, plant and equipment. 2453000 6694000 2453000 6694000 2453000 6694000 DFDS LLP Kazakhstan 100.00 -20 0 DFDS Logistics Solutions Romania S.R.L. Romania 100.00 0 -1394 LLC DFDS Ukraine 100.00 8789 1685 UAB DFDS Trucking Lithuania 100.00 256 -136 Prepayments include accrual of expenses relating to subsequent financial years, including insurance. 500 500000 500000 No shares carries special rights. 184000 99000 0 184000 Deferred income, DKK 95 thousand (2024: DKK 95 thousand), consists of payments received from customers that may not be recognised until the subsequent financial year. The Company is jointly taxed with ultimative parent company, Lauritzen Fonden Holding ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year 2025 onwards as well as withholding taxes on interest, royalties and dividends. The Company has not provided any security or other collateral in assets at 31 December 2025. Parties exercising control Related partyDomicileBasis for control DFDS A/SDenmarkParticipating interest Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements DFDS A/SDenmarkAt homepage Related party transactions The Company solely discloses related party transactions that have not been carried out on an arm's length basis, cf. section 98c(6) of the Danish Financial Statements Act. All transactions have been carried out on an arm's length basis.