Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2024-01-01 2024-12-31 2023-01-01 2023-12-31 12295332 DFDS Logistics A/S Malervej 12 6710 Esbjerg V 1988-07-01 Esbjerg PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Esbjerg Brygge 28 6700 Esbjerg 2025-06-30 Martin Daniels Dannells Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2025-06-30 2025-06-30 CaseWare Working Papers Esbjerg Martin Daniels Dannells Torben Carlsen Chairman Martin Gade Gregersen Niclas Göran Andersson Esbjerg Thomas Wraae Holm John Lindvig Christiansen State Authorised Public Accountant mne30141 State Authorised Public Accountant mne26846 1044249000 886504000 851266000 149004000 60404000 82331000 44093000 49769000 48035000 10637000 34320000 Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) -27642000 -6824000 -5679000 -5015000 -546000 32347000 4167000 33155000 453143000 341551000 323044000 5741000 5779000 2522000 1177000 2127000 132325000 100595000 96428000 4.4 5.1 4.6 1.2 4 190.1 127 113.7 112.1 130.9 Current ratio Current ratio Current ratio Current ratio Current ratio 45.1 33.5 29.2 29.5 29.8 1011817000 972593000 864160000 814230000 4712000 5465000 26170000 33681000 126199000 130147000 47438000 49443000 34360000 30935000 308000 0 44093000 49769000 -20982000 0 3963000 2584000 10623000 9408000 16451000 42945000 9168000 9485000 7283000 33460000 18038000 15566000 87227000 172512000 105265000 188078000 5098000 60959000 1384000 908000 6482000 61867000 111747000 249945000 219725000 229288000 53888000 13699000 149000 176000 1447000 1267000 275209000 244430000 0 2000 275209000 244432000 386956000 494377000 600000 600000 173863000 165185000 174463000 165785000 2777000 2758000 2777000 2758000 64962000 133296000 64962000 133296000 26665000 44042000 50318000 66982000 37364000 63092000 19414000 9899000 6014000 7067000 4979000 1456000 144754000 192538000 209716000 325834000 386956000 494377000 600000 131725000 33460000 600000 165185000 7283000 0 1395000 600000 173863000 40708000 41599000 4609000 4208000 960000 1239000 1161000 2397000 47438000 49443000 93 95 1026000 1371000 2814000 0 123000 1213000 680000 602000 5515000 7248000 1185000 0 3243000 1558000 7283000 33460000 25025000 242704000 238000 -77449000 0 4276000 5741000 2611000 1305000 14887000 29699000 157255000 9459000 70192000 632000 -22289000 3561000 30799000 1991000 8674000 11661000 70028000 18038000 87227000 60959000 908000 0 392000 12670000 115000 68531000 31000 5098000 1384000 5098000 1384000 N&K Spedition Spain S.L. Spain 100 469 -298 N&K Cold Charin Logistics (Shanghai) Co. Ltd. China 100 -2194 -485 600 A 600000 600000 2758000 2789000 2777000 2758000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of DFDS Logistics A/S for the financial year 1 January - 31 December 2024. 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 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. 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. To the shareholders of DFDS Logistics A/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company’s operations for the financial year 1 January - 31 December 2024 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 2024, 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 Review Management 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. For terms and definitions, please see the accounting policies. DFDS Logistics A/S is a freight forwarding company that primarily specializes in refrigerated transport. Additionally, the company provides rental services for reusable packaging, primarily to the food industry. In recent years, DFDS Logistics A/S has solidified its position as one of the country’s largest providers of refrigerated transport and packaging rental services for the food industry. Market overview The company is a leader in food transport and holds a market-leading position. DFDS Logistics A/S offers a one-stop-shop solution including transportation, logistics, cross-docking, storage, transport packaging and customs handling. The primary markets for DFDS Logistics A/S are Denmark, the UK, Sweden, Germany, Poland, Italy, Spain and Benelux, where we sell transport and logistics solutions to customers in all types of food-related businesses. DFDS Logistics A/S provides a comprehensive one-stop-shop solution for our customers that is covering transportation, warehousing and packaging options. The company also focuses on eco-friendly packaging by using reusable materials and thereby aligning with our goal of promoting greener practices. The company’s strategy for 2025 aims to achieve growth through organic expansion with existing customers and within the markets we are already operating. Additionally, DFDS Logistics A/S plans to expand our primary markets based on market analyses. Despite the market situation, the company expects to maintain their position. The company’s net revenue amounts to TDKK 1,011,817 compared to TDKK 972,593 last year. The income statement for 2024 shows a profit after tax of TDKK 7,283 and the company’s balance sheet as of December 31, 2024, reflects an equity of TDKK 174,463. The management considers this year’s result satisfactory. As part of a global strategy within DFDS A/S we made the decision to sell our shares in DFDS Spedition Norge A/S and DFDS Køletransport A/S. The sale of the shares of DFDS Spedition Norge A/S resulted in a financial gain for our organization of TDKK 18.278. The sale of the shares related to DFDS Køletransport has resulted in a financial loss for our organization of TDKK 42,075. This loss was primarily due to the decline in the market value of the shares since our initial investment. While this loss is regrettable, it’s important to note that it doesn’t significantly affect our overall financial stability. Profit/loss for the year compared to previously announced expectations The global transport market in 2024 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 faced economic challenges, including fluctuating fuel prices and inflation. These factors increased operational costs and put pressure on profit margins. 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 the 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. We observed a decline in transport volume, driven by economic stagnation and reduced consumer demand. Despite these challenges, DFDS Logistics 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. In the 2023 annual report, it was projected that the expected result for 2024 would fall within the range of TDKK 35,000 to 40,000, with an anticipated revenue of DKK 1 billion. Despite the market situation in 2024 the company managed to make income and expenses more transparent and streamlined, resulting in increased profitability from transportation services. Costs and revenues were balanced, leading to an improved year-end result despite both the revenue decline and volume reduction. With the core values held by DFDS Logistics A/S, the company and its employees enter 2025 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 transport industry faced significant inflationary challenges in 2024, driven by rising fuel prices, labor costs and supply chain issues. Despite this we were able to navigate the challenges and maintain operational efficiency by adopting strategic measures to manage costs. While the management views the achieved results as satisfactory, they remain acutely aware of the need for continued careful management. Non-financial matters Operational risks DFDS Logistics A/S operates within refrigerated transport, which entails specific operational risks. These challenges can include maintenance of cooling equipment, temperature control and timely pickup and delivery. We continuously monitor both the market and our own transportation processes to optimize efficiency and minimize these risks. Market risks DFDS Logistics 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. Due to increasing inflation, we’ve observed an impact on our operating costs. 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 that are caused by inflation. The transportation industry faces overcapacity, leading to heightened competition and price pressure. Our differentiation strategy emphasizes quality service and specialized solutions for our customers. Financial risks As a result of our operations, investments and financing, the company is exposed to changes in exchange rates and interest levels. Our goal and policy are to effectively manage significant fluctuations in exchange rates and interest rates. We do not use financial instruments for risk management, and active speculation in financial risks is not part of our policy. Our financial management focuses solely on managing existing financial risks. Currency Risks Activities conducted by Danish companies are affected by currency rate fluctuations. Revenue is generated in foreign currency, while costs (including salaries) are incurred in Danish kroner. The company primarily hedges currency risks by matching revenues and costs in the same local currency. 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 risks The 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 Strategy DFDS Logistics 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. We anticipate continued inflation in the coming year, but we are actively working to minimize its impact through cost management. The expected result for 2025 is estimated to be in the range of 40 to 45 million DKK. Revenue is expected to reach DKK 1 billion. 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. DFDS Logistics A/S’ ambition to be a market leader and a frontrunner in refrigerated 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. Areas such as finance, operations, and sales have seen improvements during the year. DFDS Logistics 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 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 2025 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. We see a strong push in the transport industry towards sustainability, and these efforts have the goal not only to reduce the carbon emissions but also to align with the global environmental goals. In accordance with Section 99a of the Danish Financial Statements Act, we refer to the CSR statement in the annual report for DFDS A/S. https://downloads.ctfassets.net/mivicpf5zews/7bSRWp5LwAcKV701igh7Da/7219e15a8807443823915c05b6691a24/DFDS_ANNUAL_REPORT_2024.pdf In accordance with Section 99d, paragraph 3 of the Danish Financial Statements Act, we refer to the data ethics policy statement in the annual report for DFDS A/S. https://downloads.ctfassets.net/mivicpf5zews/7bSRWp5LwAcKV701igh7Da/7219e15a8807443823915c05b6691a24/DFDS_ANNUAL_REPORT_2024.pdf The annual report of DFDS Logistics A/S for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large 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 A/S are included in the consolidated financial statements for DFDS A/S. Volentary change in accounting policy: DFDS Logistics A/S no longer applies the practical expedient not to account for each lease component within lease contracts separately. DFDS now separates the non-lease components from the lease components. The change is assessed to give more relevant information and is better aligned with market practice. The changes are considered change in accounting policy and comparative figures have been restated retrospectively. DFDS Logistics A/S’s accounting policy has historically been not to separate the non-lease components from the lease components, and instead to account for the contracts in their entirety (the practical expedient). Had the change not been implemented, the 31 December 2024 right-of-use assets would have been DKK39m higher and lease liabilities DKK42m higher. Operating cost in 2024 would have been lower by DKK16m. Depreciation would be DKK14m higher. Minor impact of the change affects profit after tax, interest cost, profit on disposal of non-current assets, exchange rate gain/loss, prepaid cost and other payables. Operating cost in 2023 would have been higher by DKK15m. Depreciation would be DKK14m lower. The comparison figures in the 2024 annual report has been restated in accordance with this. Minor impact of the change affects profit after tax, interest cost, profit on disposal of non-current assets, exchange rate gain/loss, prepaid cost and other payables has not been restated. The accounting policies used in preparing the financial statements are consistent with last years apart from the change in accounting policies for leases. 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 currency The 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. Net revenue comes from sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received. Net revenue is recognised exclusive of VAT, duties and less discounts related to the sale. Other operating income comprise items of a secondary nature relative to the Company's core activities, including gains on the sale of fixed assets. Cost of sales includes the cost of goods used in generating the year's revenue. 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: Fixtures and fittings, other plant and equipment 3-10 years Right of use assets 3-6 years Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. The item includes dividend received from group entities in so far as the dividend does not exceed the accumulated earnings in the group entity in the period of ownership. 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 equipment Items 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. Deposits, investments Deposits are measured at cost. Deposits are 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. The carrying amount of property, plant and equipment, investments in group entities and associates is assessed for impairment on an annual basis. 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. 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 payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base 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. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. 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 nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. Lease liabilities Lease 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 income Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The allocation of revenue to activities and geographical markets is disclosed where these activities and markets differ significantly in the organisation of sales of goods and services. The financial ratios stated under "Financial highlights" have been calculated as follows: Operating margin Operating profit/loss (EBIT) x 100 Revenue Current ratio Current assets x 100 Current liabilities Equity ratio Equity, year-end x 100 Total equity and liabilities, year-end No events materially affecting the Company's financial position have accured subsequent to the financial year-end. Breakdown of revenue by business segment: Transport 900,619 831,674 Other 111,198 140,919 1,011,817 972,593 Audit fees are not disclosed with reference to section 96(3) of the Danish Financial Statements Act. The fee is specified in the consolidated financial statements for DFDS A/S. Information on management remuneration for 2024 has been omitted in accordance with the exception provision in the Annual Accounts Act § 98 b, subsection 3 No 2. Right to use assets consists of land and buildings with a carrying amount TDKK 10,308 and fixtures and fittings, other plant and equiptment with a carrying amount of TDKK 76,919. Note 17 provides more details on security for loans, etc. as regards property, plant and equipment. No shares carries special rights. Deferred income 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 2024 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 2024. Parties exercising control Related party Domicile Basis for control Lauritzen Fonden Holding ApS Denmark Ultimate parent company DFDS Distri Holding B.V. Netherlands Parent company Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Lauritzen Fonden Holding ApS Denmark Homepage DFDS Distri Holding B.V. Netherlands 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. 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