33580541 2023-12-31 33580541 2022-12-31 33580541 2023-01-01 fsa:ContributedCapitalMember 33580541 2023-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 33580541 2023-01-01 fsa:RetainedEarningsMember 33580541 2023-12-31 fsa:ContributedCapitalMember 33580541 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 33580541 2023-12-31 fsa:RetainedEarningsMember 33580541 2023-01-01 fsa:InvestmentsInGroupEnterprisesMember 33580541 2022-01-01 fsa:InvestmentsInGroupEnterprisesMember 33580541 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 33580541 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 33580541 2023-12-31 1 fsa:SubsidiaryMember 33580541 2023-01-01 fsa:InvestmentsInAssociatesMember 33580541 2022-01-01 fsa:InvestmentsInAssociatesMember 33580541 2023-12-31 fsa:InvestmentsInAssociatesMember 33580541 2022-12-31 fsa:InvestmentsInAssociatesMember 33580541 2023-12-31 1 fsa:AssociateMember 33580541 2023-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 33580541 2022-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 33580541 2023-01-01 2023-12-31 33580541 2023-01-01 2023-12-31 1 33580541 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 33580541 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_2 33580541 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_1 33580541 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_2 33580541 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_3 33580541 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_4 33580541 2022-01-01 2022-12-31 33580541 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 33580541 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 33580541 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 33580541 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 33580541 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 33580541 2023-01-01 2023-12-31 1 fsa:SubsidiaryMember 33580541 2023-01-01 2023-12-31 fsa:InvestmentsInAssociatesMember 33580541 2022-01-01 2022-12-31 fsa:InvestmentsInAssociatesMember 33580541 2023-01-01 2023-12-31 1 fsa:AssociateMember iso4217:USD pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 33580541 Stena Bulk Denmark ApS Tuborg Boulevard 12, 2. 2900 Hellerup 2011-03-22 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2024-06-21 Morten Rich Regnskabsklasse B Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Stena Bulk Denmark ApS for the financial year 1 January - 31 December 2023. 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 at 31 December 2023 of the Company and of the results of the Company operations for 2023. We recommend that the Annual Report be adopted at the Annual General Meeting. 2024-06-21 Hellerup Morten Rich Executive Officer Erik Hånell Executive Officer Morten Rich Erik Hånell Sofia Elisabet Ericsson Ulf Håkan Bäcklund Chairman To the shareholder of Stena Bulk Denmark ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company´s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Stena Bulk Denmark ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion 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. 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 judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design 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. Hellerup 2024-06-21 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab René Otto Poulsen State Authorised Public Accountant mne26718 -471000 -162000 70374000 89786000 3004000 -6287000 469000 598000 1927000 2698000 71449000 81237000 -4561000 -588000 76010000 81825000 51000000 0 -10787000 81508000 35797000 317000 129245000 150200000 209000 0 1122000 0 130576000 150200000 130576000 150200000 0 3758000 8000 2960000 3514000 0 3522000 6718000 2573000 869000 6095000 7587000 136671000 157787000 95000 95000 70369000 81156000 66196000 30728000 136660000 111979000 0 30000000 0 30000000 0 12000 11000 15796000 11000 15808000 11000 45808000 136671000 157787000 95000 81156000 30728000 0 0 -51000000 0 -10787000 86797000 0 0 -329000 95000 70369000 66196000 The primary activity of the company is to do business related to shipping and equity holding. Share of profits 71975000 91387000 Amortisation of goodwill -1601000 -1601000 Total 70374000 89786000 Share of profits of associates 3004000 0 Share of losses of associates 0 -6287000 Total 3004000 -6287000 429000 598000 40000 0 469000 598000 1927000 2598000 0 100000 OtherFinanceExpenses 1927000 2698000 -570000 -1208000 -3991000 620000 -4561000 -588000 59287000 59287000 59287000 59287000 90913000 1124000 71975000 91527000 91000000 0 -329000 -137000 1601000 1601000 69958000 90913000 129245000 150200000 Stena Bulk A/S Copenhagen 100 124441 71975 0 0 0 0 -9757000 -8164000 3004000 -1378000 0 215000 6962000 0 209000 -9757000 0 9757000 209000 0 Shining Sunrise 2013 Pte. Ltd Singapore 50 418 3004 Positive differences arising on initial measurement of subsidiaries at net asset value 4804000 6405000 Investments in subsidiaries are specified as follows: Investments in associates are specified as follows: Other adjustments include debt conversion 0 0 0 30000000 0 30000000 11000 15796000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Payables to group enterprises Other contingent liabilities The Company has no contingent assets, liabilities and other financial obligations The Group Annual Report of Stena AB may be obtained at the following address: Stena AB, Masthuggskajen, SE-405 19 Göteborg, Sverige Consolidated Financial Statements The Company is included in the Group Annual Report of the Ultimate Parent Company Name Place of registered office Stena AB Göteborg, Sverige The Annual Report of Stena Bulk Denmark ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 are presented in TUSD. true With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2023 of Stena AB, the Company has not prepared consolidated financial statements. 1 Revenues are 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. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. Other external expenses comprise the year's expenses relating to the entity's core activities, including expenses relating to administration etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. The items “Income from investments in subsidiaries” and “Income from investments in associates” in the income statement include the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Investments in subsidiaries and associates are recognised and measured under the equity method. The items “Investments in subsidiaries” and “Investments in associates” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries and the associates. Subsidiaries and associates with a negative net asset value are recognised at USD 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value.