As approved at the
Annual General Meeting on 8 May 2023
Chairman of the meeting
REPORT
2022
ANNUAL
WRIST SHIP SUPPLY A/S
Annual Report 2022
Wrist Ship Supply A/S
2
CONTENTS
MANAGEMENT COMMENTARY.............................................................................................................................. 3
A
STRONG FINANCIAL RESULT IN AN EXCEPTIONAL YEAR
......................................................................................................... 3
W
RIST AT A GLANCE
....................................................................................................................................................... 5
F
INANCIAL HIGHLIGHTS AND KEY RATIOS
............................................................................................................................. 6
T
HE NEXT LEVEL OF
S
HIP
S
UPPLY
....................................................................................................................................... 8
T
HE YEAR OF TRANSFORMATION
..................................................................................................................................... 10
R
ENEWABLES TAKING OFF
............................................................................................................................................. 12
D
RIVING GROWTH IN LOGISTICS
...................................................................................................................................... 13
B
UILDING A DIGITAL VENTURE
........................................................................................................................................ 15
E
NVIRONMENTAL
,
SOCIAL AND GOVERNANCE
.................................................................................................................... 17
R
ISK MANAGEMENT
..................................................................................................................................................... 27
F
INANCIAL REVIEW
....................................................................................................................................................... 30
FINANCIAL STATEMENTS...................................................................................................................................... 32
C
ONSOLIDATED INCOME STATEMENTS
............................................................................................................................. 32
C
ONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
.................................................................................................. 33
C
ONSOLIDATED BALANCE SHEETS
,
ASSETS
......................................................................................................................... 34
C
ONSOLIDATED BALANCE SHEETS
,
EQUITY AND LIABILITIES
................................................................................................... 35
C
ONSOLIDATED STATEMENTS OF SHAREHOLDERS
’
EQUITY
.................................................................................................... 36
C
ONSOLIDATED CASH FLOW STATEMENTS
......................................................................................................................... 37
N
OTES TO THE CONSOLIDATED STATEMENTS
..................................................................................................................... 38
I
NCOME STATEMENTS
................................................................................................................................................... 74
S
TATEMENTS OF COMPREHENSIVE INCOME
....................................................................................................................... 75
B
ALANCE SHEETS
,
ASSETS
.............................................................................................................................................. 76
B
ALANCE SHEET
,
EQUITY AND LIABILITIES
.......................................................................................................................... 77
S
TATEMENTS OF SHAREHOLDERS
’
EQUITY
......................................................................................................................... 78
C
ASH
F
LOW
S
TATEMENT
............................................................................................................................................... 79
N
OTES TO THE STATEMENTS
.......................................................................................................................................... 80
ORGANIZATION ................................................................................................................................................. 101
L
EGAL STRUCTURE
..................................................................................................................................................... 101
M
ANAGEMENT
......................................................................................................................................................... 102
STATEMENTS ..................................................................................................................................................... 105
S
TATEMENT BY MANAGEMENT
..................................................................................................................................... 105
I
NDEPENDENT AUDITOR
’
S REPORT
................................................................................................................................. 106
Annual Report 2022
Wrist Ship Supply A/S
3
MANAGEMENT COMMENTARY
A STRONG FINANCIAL RESULT IN AN
EXCEPTIONAL YEAR
2022 was an exceptional year from a global perspective – and in Wrist. We posted a strong financial
result while supporting our customers in a highly volatile and inflationary market. We expanded our Ship
Supply business to Panama, securing a foothold at one of the world’s most important maritime
crossroads, and developed new digital solutions that are imperative to our customers in the streamlining
of their supply chains and their digital transformation.
The war in Ukraine, energy crisis, and financial instability highly impacted our operations and business
with our customers in 2022. The shipping and ship supply industries were impacted by port congestion,
freight rate volatility, and extremely high crude oil prices, impacting commodity prices. Despite these
challenges, we managed to significantly increase business volume in Wrist, raising revenue and the
underlying operating profit to record levels.
During 2022, we pursued the innovation of digital and integrated solutions to resonate with our
customers’ need for efficient and resilient supply chains. In acquiring Centralam Pánama, we continued
our ambitious M&A strategy in order to serve our customers in new strategic hubs, thereby fueling both
organic growth and acquisitions, while reinforcing our global promise.
Increased revenue and operating profit at record high levels
Our consolidated revenue for 2022 totalled DKK 5.4bn, up 21% from 2021. Gross profit increased to DKK
1,510m from DKK 1,199m in 2021, resulting in a rise in the gross profit ratio to 28% compared to 26.9%
in 2021. The 26% increase in gross profit was mainly driven by improved sales volume, some inflationary
impact on commodity prices, M&A, and exchange rate fluctuations.
Operating profit (EBITA) arrived at DKK 240.9m, compared to DKK 155.5m in the previous year. A like-
for-like comparison of EBITA for 2021 and 2022 revealed an increase of 54.9% or DKK 85.4m, as the
result of strategic adjustments, operational optimization, optimized sourcing, and sales strategies, as
well as some level of exchange rate fluctuations.
The Group’s equity stood at DKK 1,066m at the end of 2022, up DKK 135m compared to 2021.
Taking our partnerships to a new level
We took our global partnerships to a new level, reinforcing customer dialogs and negotiations with our
global supplier network, to limit the inflationary impact on our customers’ supply chains. We reinforced
our executive management, appointing Peder Winther, CEO Ship Supply, reporting to Group CEO, Jens
Holger Nielsen, with the intent to strategically leverage all parts of the organization and businesses to
ensure customer-centricity. We continued our momentum in the strategic development of
Procurement, Sales, Master Data, IT, and Operations to resonate with our customers’ demand for cost-
efficient, compelling solutions and streamlined purchasing processes. We want to make sure we have
the ability to help our customers navigate new potential disruptions and complex conditions in the years
to come.
Annual Report 2022
Wrist Ship Supply A/S
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Digital transformation
The ship supply industry has not been at the forefront of the digital transformation, however, in 2021
and 2022, we launched substantial new digital solutions, with the aim of providing our customers with
end-to-end transparency and strong data insights into their supply chains and ordering and maintenance
processes.
In our Ship Supply business, the first catalog was designed for the digital marketplace, Source2Sea,
launched in 2021. Within Maritime Services (Garrets), we launched Gateway, a digital end-to-end
ordering and inventory management platform, to provide our customers with a fast, easy, and
transparent ordering process. In Marine Logistics, we continued the development of our new market
leading digital platform, introducing a new CO2 emission calculator. We started an Artificial Intelligence
(AI) project to reduce our tender turnaround time. Furthermore, eSourcing was introduced to create
market transparency and optimize the way we work with our suppliers.
Outlook for 2023
In Q2 2023, we will launch our new Group strategy, Connect 2026. The strategy centers around
accelerating our leadership position even further through M&A roll-up, offering integrated and
synergetic solutions, and leading the digital evolution of the wider marine supply industry.
In 2022, we set our first ESG targets for sustainable business and partnerships to meet the expectations
of our customers, employees, and society. Our main objective is decarbonizing our business, and to
address this, we have onboarded a Head of Environment, Social & Governance with the intent to
accelerate the transition.
As we are moving into macroeconomically uncertain waters and thereby new, uncertain business
conditions for our customers, we are committed to accelerating our digital and sustainable
transformation to resonate with our customers’ need for resilient supply chains.
Anders Skipper, Group CFO: “We are moving into macroeconomically uncertain waters, but we have a
strong market position and therefore anticipate both organic growth and new acquisitions. For 2023, we
expect total sales to grow organically to around DKK 5.7bn and an increase in operating profit (EBITA) to
DKK 300m-320m. We are, in the first quarter of 2023, on track to deliver this ambition”.
Annual Report 2022
Wrist Ship Supply A/S
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WRIST AT A GLANCE
About us
Wrist is the world’s leading ship and offshore supplier of marine provisions and stores with a market
share of approximately 12%. We are the only stores and provisions marine supplier with a global
network of supply operations. We also offer services within owners’ goods and spare parts logistics and
distribution combining with provision and stores deliveries to vessels.
Wrist is leading the digital transformation of the marine supply industry, and with our Source2Sea digital
marketplace, we are far ahead of the industry. All year round, we offer 24/7 global online sourcing and
logistics providing data transparency, automation, and convenience to customers.
We continuously work on reducing our own climate impact while at the same time proactively
addressing our customers’ growing demand and need for responsible solutions and services.
From more than 30 locations worldwide in all major shipping locations, 1,800 Wrist employees take
pride in making it easy for our customers to order and receive marine supplies and services.
wrist.com
Annual Report 2022
Wrist Ship Supply A/S
6
FINANCIAL HIGHLIGHTS AND KEY RATIOS
In 2019, IFRS 16 leases were implemented from 1 January 2019 without restating comparative figures for 2018.
2022 2021 2020 2019 2018
DKK'000 and ratios
Net sales 5,389,028 4,457,695 4,369,787 4,657,974 4,276,499
Gross Profit 1,510,046 1,198,661 1,191,355 1,232,330 1,114,987
Operating profit (EBITA) 240,934 155,512 142,190 162,401 179,482
Earnings before interest and tax (EBIT) 196,457 122,813 98,893 122,493 149,957
Profit from financial items -59,301 -48,785 -78,046 -76,112 -52,887
Net profit 112,854 57,918 16,913 38,787 68,868
Inventories 370,335 304,053 237,721 254,471 241,400
Trade receivables 933,786 812,568 659,736 799,041 787,370
Total assets 3,131,997 2,776,182 2,583,048 2,768,880 2,356,589
Equity 1,066,436 931,790 827,322 863,048 812,809
Invested capital including goodwill 1,866,005 1,581,828 1,451,286 1,627,946 1,278,558
Net interest-bearing debt (NIBD) 830,374 698,068 666,276 814,112 409,273
Cash flow from operating activities (CFFO) 193,493 79,467 248,158 148,144 229,972
Cash flow from investing activities (CFFI) -118,186 -74,035 -36,868 -59,137 -225,276
Investments excl. business acquisition (CAPEX) -93,902 -75,996 -37,690 -28,791 -33,186
Acquisition of property, plant and equipment -36,667 -9,413 -10,304 -19,674 -12,500
Number of employees, average 1,517 1,397 1,467 1,472 1,361
Performance ratios (%)
Gross margin 28.0 26.9 27.3 26.5 26.1
Operating margin (EBITA) 4.5 3.5 3.3 3.5 4.2
Return on invested capital 14.0 10.3 9.2 11.2 14.6
Return on equity 11.3 6.6 2.0 4.6 10.2
Annual Report 2022
Wrist Ship Supply A/S
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Definitions of financial highlights and key ratios
Financial highlights are defined and calculated in accordance with the latest version of the
recommendations and ratios issued by the Danish Finance Society.
Ratios
Calculation formula
Ratios reflect
Gross margin (%) =
Gross profit x 100
Net sales
The enterprise’s operating
gearing
Operating margin
(EBITA) (%)
=
EBITA x 100
Net sales
The enterprise’s operating
profitability
Return on invested
capital (%)
=
EBIT
A
x 100
Average invested capital incl
goodwill
The return generated by the
enterprise on investors’ funds
Return on equity (%) =
Profit/(loss) for the year
Excl minority interests x 100
Average equity excluding non-
controlling interests
The enterprise’s return on capital
invested in the enterprise by the
owners
Invested capital including goodwill is defined as net working capital plus the carrying amount of
property, plant and equipment and intangible assets as well as accumulated amortization of intangible
assets including goodwill and less other provisions. Accumulated impairment losses on goodwill are not
added.
Net interest-bearing debt is defined as interest-bearing liabilities, net of interest-bearing assets and
cash.
Annual Report 2022
Wrist Ship Supply A/S
8
WRIST SHIP SUPPLY (SHIP SUPPLY)
THE NEXT LEVEL OF SHIP SUPPLY
In 2022, we saw significant growth in the Ship Supply business, which was the result of a well-
implemented and carefully executed operational improvement program enhancing our performance and
digital transformation across the business – all led by our dedicated people.
Inflation remained an economic market condition throughout 2022. Where cost increases could not be
avoided, these unfortunately had to be passed on to customers. However, several initiatives were taken
to limit and mitigate the inflationary impact on our customers and to create transparency:
• Strong negotiations with suppliers to maintain the best possible price and cost levels whilst also
trying to create win-win for our competent suppliers
• Close customer dialog and planning of supplies
• Market and business updates based on substantial own research were distributed to our customers
every second month we have received significant recognition for this from our customers
• Launch of the ‘Think differently’ campaign, encouraging customers to opt for alternative provisions
• Monthly procurement summits to keep our commercial organization well informed about the
inflationary impact and market trends
Significant growth reinforced by extended sales force
In 2022, we saw a significant revenue growth of 32% among our key account customers, and 37%
growth within contracted business. This clearly demonstrates the mutual benefit of fixed agreements
and long-term partnerships. The significant growth combined with a new strategic 5-year road map
called for a reinforcement of our executive and senior commercial management team, aiming to lead
the Ship Supply business to the next level. Peder Winther, CEO Ship Supply, was onboarded in October.
Core business up for a digital transformation
Our Ship Supply business delivered the first catalog of 11,500 items to the Source2Sea digital
marketplace. “This is a great achievement performed by an agile and collaborating Ship Supply business
supported by a strong Operational Excellence program,” says Peder Winther, CEO Ship Supply.
Jens Panum Have, Vice President, Process Excellence, explains: “Ship Supply is on a transformational
journey towards a digitalized way of doing business. This requires globally aligned processes and
adjustments, and we are thrilled to see how different change management initiatives have already been
well received in the business.”
Artificial Intelligence and eSourcing
Items that are ordered by our customers outside our global assortment range have so far been handled
semi-automatically by our specialized code cracking team. To streamline this process, we have initiated
a new pilot project, fueled by Artificial Intelligence (AI) with the aim to more quickly select products for
our customers and thus reduce our tender turnaround time.
The launch of eSourcing reaffirms our digital approach within Procurement. An eRFQ system and an
eAuction system were introduced, aiming to boost financial results and create market transparency and
efficiency in the way we work with our global suppliers.
Annual Report 2022
Wrist Ship Supply A/S
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Newbuilding deliveries boosted by strong entrepreneurship
With more than 200 newbuilding deliveries in China alone during 2022, we are proud to say that
newbuilding service is one of our core competencies, and our branches in Guangzhou and Shanghai
continue to excel in newbuilding service in 2023.
Strengthened market position in North America
Wrist North America created new growth opportunities in 2022, especially within cruise vessels – a
customer segment that historically has not accounted for a large part of our business.
In August 2022, Wrist began the construction of a combined Distribution and Fulfillment Center in
Houston, which we expect to be up and running in April 2023. The new facility will expand our existing
68,000 sq. ft. operation to 165,900 sq. ft. Sustainable solutions are incorporated into the framework of
the new facility, also improving the local work environment.
Mike Liantonio, CEO of Wrist Ship Supply North America, explains: “Our new Houston facility will
function as a National Distribution Center and the primary supplier of critical goods for all of Wrist North
America.”
Acquisition in Panama reinforces global promise
The integration of Centralam Pánama in Wrist, was completed very successfully. With this acquisition
we expanded our global operational, commercial, and procurement network and secured a foothold at a
strategically important maritime hub, to the benefit of our global customers.
2022 highlights
• Contracted business up 37%
• Artificial Intelligence and eSourcing
• Development of our position in North America
Annual Report 2022
Wrist Ship Supply A/S
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GARRETS (MARITIME SERVICES)
THE YEAR OF TRANSFORMATION
2022 was focused on turning a downtrend in revenue into an uptrend with increasing revenue. New
digital solutions and Go-To-Market strategies were launched, and a new senior management team was
brought on board with the aim of boosting customer services and organic growth. During the year, we
succeeded in stabilizing revenue and we now again see growth.
During 2022, we welcomed many new customers, and extensive initiatives were launched to strengthen
our Maritime Services business and to advance the digital transformation.
In response to high food inflation, we undertook a systematic review of customer budget rates, analyzed
alternative supplies, and agreed changes to budget rates across all customers. The process of regularly
reviewing rates with customers will continue throughout 2023 due to the volatile environment. We also
worked with key suppliers to limit price increases to protect the food on the plate for crews as much as
possible.
Launch of Gateway
In order to assist the rejuvenation of our revenue growth, we launched a cutting-edge digital platform,
Gateway, to support the digitalization of our customers’ business. Gateway is a digital end-to-end
ordering and inventory management platform. It represents an entirely new way of interacting with our
customers and vessels. Gateway adds a fast, easy, and transparent ordering process to our customers’
budget management, coverage, and stock. It provides vessels with access to valuable data including
prices, basket value, and nutritional information empowering masters and cooks to make informed
decisions about what to order and where. During 2023, we will through Gateway introduce a new
inventory management system, CO2 calculator, and other features as an integrated part of the platform.
Our aim is to make Gateway the leading app of its kind and a source of sustained competitive
advantage. We are very well on our way to achieve this.
300 vessels are already on the platform, and their feedback is highly positive. We anticipate the
onboarding of further 600-700 vessels during the first half of 2023.
We invested heavily in analytics and customer self-service in the form of Garrets Insights providing our
customers with access to reports on budget management, victualling performance, coverage,
consumption, and stock in real time.
New visual identity
The launch of Gateway accelerated the need for a new straightforward design and expression – a new
visual identity that resonates with the digitalized business. Our digital progress and the rebranding were
received positively by customers. In addition, this development is also an important asset for us as an
employer – to retain and attract talent.
Boosting the business for growth
To grow our business and keep our close relationships with customers, we established a new training
and support service team. This team is responsible for conducting customer training activities as well as
Annual Report 2022
Wrist Ship Supply A/S
11
ensuring we visit most of our vessels frequently. The increase in activity and offering within this area has
been well received by our customers in a service area seen as increasingly important to many of them.
The organization was strengthened even further with the recruitment of a Human Resources Business
Partner. Increased focus on change management and staff development had a positive influence on
culture and employee satisfaction. We also strengthened our organization with a new Asia Pacific
Commercial team based out of Singapore. This has led to better customer satisfaction and additional
business from the Asia Pacific region.
Improving social welfare on board
Ship owners and ship managers are increasingly demanding solutions that improve the social welfare of
seafarers. As a Maritime Services provider, we provide nutritious food, galley crew training, and social
activities on board. We see a great potential for additional services to improve health and crew welfare
and we have therefore started exploring new, personalized services to support this.
2022 highlights
• Successful launch of Gateway – new digital ordering and stock
management platform
• Stabilizing and growing revenue
• Galley training and crew welfare
Annual Report 2022
Wrist Ship Supply A/S
12
STRACHANS (OFFSHORE SUPPLY)
RENEWABLES TAKING OFF
2022 was a very positive year for our Offshore Supply business, supported by a significant increase in
offshore wind and renewables activity in the North Sea.
The market development around wind and renewables grew far quicker than expected with the sector
accounting for 3.5% of our Offshore related turnover. The segment is expected to contribute up to 10%
of turnover by 2025 as activity levels in the sector continuously increase. Many customers have started
to reduce their dependency on traditional oil and gas business and are migrating towards renewables
where we are also, as for oil and gas, well placed to support them.
Significant increase in sales volume
In total, sales performance was up in excess of 30% year-over-year. This stellar performance was driven
by the uplift in the offshore wind and renewables market, increased drilling activity, and a buoyant
marine sector.
Inflation was a major challenge for the business both from a product sourcing and operating cost
perspective. Though there was an inflation contribution to sales, this was largely offset to support rising
transport, utility, and wage escalations.
The UK oil and gas sector benefited from a rising oil price during 2022, but the newly introduced windfall
tax combined with the falling price of oil is leading to some operators considering their UK expenditure
strategies. However, at present, we are seeing a positive upturn in drilling activity for oil and gas as a
result of the war in Ukraine. We also see an increase in some repair and maintenance work following a
reduction in activity during the COVID-19 pandemic leading to a generally positive short-term outlook
for the sector.
To reduce our dependency on oil and gas, we will in 2023 continue to develop our renewables offer, but
also look to attract new sales by developing the traditional marine business and extending our service to
a wider range of ports across the UK.
Responsible approach towards net-zero
We are committed to minimizing the environmental impact of our operations and this has become a
focus area for the business. During 2022, our facilities in Den Helder, the Netherlands, were installed
with solar panels which combined with the heat source pumps generates enough energy to meet the
depot’s power requirements.
2022 highlights
• Sales up 30% year-on-year
• Renewables account for 3.5%
• Moving towards carbon neutrality
Annual Report 2022
Wrist Ship Supply A/S
13
WRIST MARINE LOGISTICS (MARINE LOGISTICS)
DRIVING GROWTH IN LOGISTICS
In 2022, the online logistics portal was expanded with in-depth transport reports and CO2 emissions
calculation. The online portal, combined with the effective door-to-deck solutions for complex logistics
operations, enhanced logistics efficiency, providing our customers with data transparency, CO2 footprint
information, and cost-efficient logistics solutions. Despite a highly competitive and inflationary market,
we gained market share.
Freight rates remained elevated during 2022 due to rising fuel prices and congestion in supply chains.
However, we started seeing a decrease in Q3 and Q4, although freight rates remained significantly
higher than the 5-year average. One would therefore expect a reduced number of shipments, but
despite the inflationary impact and a competitive market, we experienced that customers were
confident working with us, and that we understand and know their business and always find the most
cost-efficient logistics solutions.
Reliable door-to-deck solutions created growth
2022 saw a growing intake of new customers, as well as an increase in business with existing customers
due to our ability to solve highly complex logistics challenges.
We have a significant network of contracted agents and external warehouse facilities to secure global
coverage – complementary to the Wrist branches. This enables us to provide door-to-deck solutions
even in complex ports, from orders being placed with third party suppliers to delivery on board the
vessel – including global track & trace and last mile delivery.
Extension of last mile setup
Last autumn, we established a new last mile setup with an external warehouse facility in Rio De Janeiro,
Brazil, to meet customer demand. Brazil is strategically important to our customers in the offshore
segment, and we are confident that this new warehouse facility and extended global coverage will be
attractive to more offshore customers going forward.
Online logistics portal with CO2 emissions calculation and customer integrations
In 2022, we launched a new module for our online logistics portal, enabling the calculation of CO2
emissions for our customers’ entire freight, per order and per vessel. We also refined the quote module
to provide in-depth analyses of our customers’ third-party supplies.
“We receive positive customer feedback to the online portal, supporting the demand for a higher level
of digitalization, efficiency, and transparency within marine logistics”, says Frank Hjorth, General
Manager, Wrist Marine Logistics.
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Wrist Ship Supply A/S
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Customers are keen to integrate our online portal into their own Fleet Management System (FMS), thus
achieving data sharing and insights. The first integrations have already been made and more are
planned. We also expect that this will pave the way for new partnerships with customers that are reliant
on integrations.
2022 highlights
• Best-in-industry digital capabilities providing transparency and information
• Effective door-to-deck solutions and last mile setup extended to Brazil
• Online portal with CO2 emissions calculator and customer integrations
Annual Report 2022
Wrist Ship Supply A/S
15
SOURCE2SEA (DIGITAL MARKETPLACE)
BUILDING A DIGITAL VENTURE
The Source2Sea digital marketplace reinforced its position as the driver of digital transformation in the
marine supply industry. The digital marketplace accelerated greatly in 2022 with substantial investments
and a strong organization in place. A significant number of pilot customers confirmed the great potential
of the digital venture, and we are currently scaling up the platform with a significant Wrist customer –
one of the largest shipping companies in the world.
The ship supply industry has only recently started adopting solutions driven by data and digitalization,
and manual, analog, inefficient, and resource draining ship procurement is still predominant. So far, the
industry has seen different traditional transaction platforms simplifying the RFQ process, however,
these only serve to support the RFQ process, not to remove it.
Wrist has founded and funded Source2Sea, and we are developing a revolutionary digital marketplace
for the marine industry. We are removing the RFQ process and facilitate a data-driven global
marketplace that connects buyers and suppliers, empowering trade through reduced costs and
increased convenience.
The basic idea is to help customer focus on their core business of running vessels and transporting
cargo.
User involvement is crucial
Our strong Source2Sea organization is made up of experienced people from the marine and digital
industry, providing us with a solid foundation for product development and market approach. As each
customer operates differently, we spend time understanding their processes and pain points – all the
way from the vessel and its crew to the shipping company ashore and its suppliers.
Throughout the building and development of the digital platform, we are involving our users, asking
questions, iterating, and testing our ideas against real users from different shipping segments and
functions within our customers, with various needs in real time, to ensure we build the solution in the
right direction.
Building on relationships and taking the lead
The digitalization of marine supply and procurement will remove inefficient processes, not relationships.
Since the launch of Source2Sea, we have received very positive and constructive feedback, allowing us
to make the right adjustments. Strong relationships are essential to ensure we continuously develop
what is already today the leading-edge digital marketplace in the marine industry.
Taking cost out
Our close dialog with purchasers confirms that due to inefficient manual processes, a disproportionate
part of their time is spent on sourcing. The categories of provisions and stores represent 8% of the
spend but consume, inefficiently, 50% of the time of the purchasing organization. In addition, products
received onboard vessels are, in the analog process, often not what is expected leading to further cost,
frustration, and inefficiency. This is all solved through Source2Sea.
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Wrist Ship Supply A/S
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For crews and buyers, we are building an unprecedented catalog based on their precise needs and
requirements. What they click is what they get at the right time and right cost. This also provides an
opportunity for the supplier to anticipate the needs of the vessels, making it easier to plan with sub-
suppliers – and potentially achieve more attractive prices, to the benefit of both buyers and suppliers.
When we empower crews and buyers and incentivize suppliers, we reduce costs and increase
convenience, transparency, and automation throughout the ecosystem – we take out cost, inefficiency,
and frustration.
2022 highlights
• Leading-edge digital marketplace solution
• Taking out cost, inefficiency, and frustration
• Strong cooperation with buyer and supplier customers
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ESG
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Statutory statement on Corporate Social Responsibility in compliance with §99a of the Danish Financial
Statement Act (Årsregnskabsloven).
During 2022, we continued the development of a new Environmental, Social, and Governance (ESG)
strategy and associated 5-year road map to proactively drive and meet our customers’ current and
future needs for a sustainable supply of goods and services. We engaged with an external advisory firm
to help us in this process focusing on measurable and actionable solutions. As from March 2023, we
recruited a Head of Environment, Social & Governance into a new position with the aim of launching the
new global ESG strategy and the newly developed 5-year road map in Q2 2023.
Company structure, including legal structure and list of subsidiaries, are available on page 100 and 101,
respectively. From page 8-16, we account for the Group’s business areas, including products and
services.
To be able to start measuring the initial ESG objectives, we defined a range of ESG objectives in 2022 in
alignment with four prioritized UN Sustainable Development Goals:
• Goal 5 – Gender equality:
To actively work towards gender equality on managerial levels
• Goal 8 – Decent work and economic growth:
To create growth and apply high standards of health and safety
• Goal 13 – Climate action:
To minimize the ocean impact we leave behind
• Goal 16 – Peace, justice, and strong institutions:
To maintain high standards of business ethics
ESG objectives
1. We acknowledge our role as part of the marine supply industry, driving world trade at sea, and as a
key enabler for the sustainable growth and development of our customers, suppliers, employees,
and communities.
2. We have a strong focus on the impact we leave behind in terms of the environment, social
responsibility, and governance.
3. Ensuring that our own business operations, buildings, and vehicles gradually reduce climate impact
by 70% towards 2030, culminating in all greenhouse gas emissions being net zero by 2045.
ESG ambition
As a global company and market leader, we have the obligation – and the ambition - to act and
contribute to the sustainability transition.
We are dedicated to being a socially responsible employer and global citizen. Through our solutions and
products, we want to contribute to a responsible marine supply industry.
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Environmental
At Wrist, we continuously work on reducing our own climate impact, while looking to meet our
customers’ demand for responsible solutions and services.
We are aware that our operations constitute a risk to the environment and climate. Environmental goals
have been defined, and we have committed ourselves to reducing energy and waste in our own
operations and expect our suppliers and business partners to also take this approach. With our global
footprint, we endeavor to:
• Reduce GHG emissions of company cars (scope 1)
• Reduce GHG emissions of electricity for offices and warehouse facilities (scope 2)
• Prioritize circularity of resources within packaging, wrapping, and waste separation and minimize
food waste (scope 3 emissions will be included in the new global ESG strategy)
Time to be aware
Aware is our co-brand aimed at offering our customers high quality eco-friendly products. With the
aware product range, we provide responsible alternatives to the conventional products used in the
maritime industry.
Aware is our customer’s choice for:
• Eco-friendly solutions and services
• Quality products in cooperation with recognized trademarks
Our Aware products will not save the seas overnight but are a responsible choice to conserve and use
the oceans while caring for seafarers.
Environmental goals Status: 2022
GHG emissions reduction
(scope 1): Company cars
• In 2027, 50% of all new, European company
cars must be hybrid and/or electric powered
• In Europe, 22% of all company cars are hybrid or
electrically powered cars
GHG emissions reduction
(scope 2): Electricity
• Denmark: increase the share of electricity
from renewable sources to 90% in 2025
• At Group level: increase the share of
electricity from renewable sources to 50% in
2025
• In May 2022, solar panels were installed and put into
operation at our facility at the Skaw (SAGA Shipping),
Denmark, increasing the renewable share to 30% on
a full year basis
• All electricity in Aalborg, Denmark is certified green
electricity from wind turbines
• In Denmark, the renewable share is 81% in 2022
compared to our target of 90% in 2025
• In Wrist, the renewable share is 27% in 2022
compared to our target of 50% in 2025
Circularity of resources: Stretch film
• Biodegradable and nano stretch film has been tested
in 2022 in Aalborg, Singapore, and Rotterdam, but it
breaks – no suitable alternative has been identified
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• Stretch film used for inbound deliveries must
be handled more sustainably
• Implementation in full by December 2025
so far
• In most warehouses, stretch film is sold, remelted,
and recycled
Circularity of resources: Cardboard boxes
• Cardboard boxes for packing and shipping for
inbound deliveries must be handled
sustainably
• Implementation in full by December 2025
• This year, we have started implementing RFIs
(Requests for Information) from our suppliers, to be
able to select vendors who give priority to
sustainable cardboard and packaging alternatives
• In most branches, cardboard boxes are reused if their
condition is suitable – if not, they are sent for
recycling
Circularity of resources: Food waste
• Implementation in full by December 2025
• China and Singapore: foods close to expiry date are
donated or given to staff
• Europe: foods close to expiry date are distributed to
employees and/or charity. Aalborg donated 11
tonnes of foods to charity in 2021
• Dubai: foods are given to staff to minimize waste
• Maldives: foods close to expiry date are handled
through an agreement with government waste
management
Sustainable products and solutions:
Outbound plastics
• Outbound product packaging, plastics, and
wrapping must be replaced by alternative
material or there must be a plan for
replacement/reduction by all suppliers that are
global assortment vendors
• Must be available by December 2025
• This year, we have started implementing RFIs
(Requests for Information) from our suppliers, to be
able to select vendors that give priority to alternative
outbound product packaging, plastics, and wrapping
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Sponsorships for seafarers’ welfare
At Wrist, we support maritime organizations and seafarers’ welfare projects. We strive for diversity in
our sponsorships, supporting primarily international organizations, such as Danish Seamen Churches,
Day of the Seafarer, International Seafarers’ Welfare and Assistance Network (ISWAN), Massachusetts
Maritime Academy, and Mercy Ships. We also support local maritime organizations, such as Seaman-
Aalborg, Aalborg Maritime Network, and Springeren (a local maritime museum in Aalborg). Finally, we
support selected humanitarian aid programs, extending our maritime Expert Care to temporarily
embrace people in need onshore.
Employees and social initiatives
Throughout Wrist, we feel positively obligated to contribute to growth, create new jobs in our locations
– and give something back to the communities in which we operate.
As an attractive place to work, we want to be able to retain and develop our existing employees.
Moreover, we help meet the demand for apprenticeships, traineeships, and internships and offer work
experience arrangements for citizens who are unemployed.
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Health and Safety
We endeavor to ensure hazard-free workplaces for our colleagues, contractors, and others working in
various locations by applying high standards of occupational health and safety. We strive to ensure the
safety of products and services through efficient control systems in accordance with requirements from
local safety organizations.
Our Health and Safety policy is implemented by creating awareness around our safety instructions and
providing training for our colleagues in safety. Protecting the health and safety of our colleagues is of
highest priority.
Safety training
We prioritize the safety education and training of our colleagues. The type of training is dependent on
the job content. The focus and priority are adapted across all our branches, so that we ensure that all
colleagues get safely through the working day. All colleagues in our warehouses are required to
complete training before operating machinery or being involved in the handling of hazardous materials.
Any accidents are reported, and an evaluation is done to identify key training areas to improve the
health and safety across the organization.
Anti-harassment
We have implemented an anti-harassment policy covering the entire Group to ensure a safe and
welcoming work environment. The policy includes tools to report a breach and how such reports are
handled. We have a zero-tolerance policy towards discrimination, the use of offensive language,
bullying, excluding, or isolating, sexual harassment, and the like.
In 2022, no incidents of discrimination were reported.
Please refer to note 3 regarding employee numbers in Denmark and globally.
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Social goals Status: 2022
Gender diversity
• Manager level:
- 2022: Minimum 28% female
- 2023: Minimum 32% female
- 2024: Minimum 36% female
• 2022: 30% of managers are female
Health and safety
• 100% registration of accidents and near
misses
• No update until end 2023 – other than the US has
introduced online Health and Safety training sessions
for all employees working in the warehouse
Continuous learning
• Mapping skills gap
• At least one digital training event for each
major location in 2023
• No update available until end 2023
Employee development, and job satisfaction
•
% of employees with at least two annual talks
with their manager regarding performance
and career development
(warehouse employees
and drivers exempted):
- 2022: 75%
- 2023: 85%
- 2024: 95%
• 2023: Conduct e
mployee engagement and job
satisfaction
survey and create baseline for
employee engagement
• 2024: Minimum 10% employee engagement
and job satisfaction improvement (baseline
2023)
• 2022: 75% of employees have had at least two annual talks
with their manager regarding performance and career
development
(warehouse employees and drivers exempted)
Governance
As our owner is a private equity fund (Altor Fund II GP Limited) and a member of the Danish Venture
and Private Equity Association (DVCA), we are committed to following the recommendations from DVCA
or explaining why we do not follow these recommendations. Please note that the Annual Report is
available on our website, wrist.com.
To promote the long-term interests of Wrist and our stakeholders, we maintain the highest legal and
ethical standards in all business practices.
Wrist’s ethical standards are rooted in the Group’s culture, and every day we strive to fulfil the
objectives to:
• Prioritize supply chain cooperation to ensure our suppliers adhere to our Supplier Code of Conduct
• Continuously run our business according to the Wrist Business Principles, ensuring our ethical
standards
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• Provide easy access to Wrist policies to ensure employees adhere to our global policies
Business Principles
At Wrist, we have a set of Business Principles providing guidelines to increase transparency and describe
the way we act while pursuing our business objectives. Our Business Principles are available here:
https://www.wrist.com/download/sustainability/business_principles2022.pdf.
The Business Principles are incorporated in Wrist’s general business practices when living out our
mission of ‘Expert care – making our customers’ life at sea better and Wrist a great place to work’, and
they reflect the UN Global Compact as well as relevant regulations on anti-corruption, competition law,
and international trade sanction regulations.
The Business Principles guide and direct team members and managers in essential matters such as:
• Relationships with authorities
• Transparency
• Anti-trust
• Anti-corruption
• Trade sanctions
• Anti-fraud and accuracy of accounting records
• Respect for generally recognized (internationally and locally) human and labor rights
• Employment practices
The Business Principles represent the codification of the ethical standards we live by and promote in
Wrist, and they are important cornerstones for the formulation and communication of Wrist’s ethical
position and policies.
Compliance Program
The overall Business Principles are further detailed in Wrist’s Compliance Program, which covers the
topics of:
• International trade sanctions
• Anti-bribery rules and principles
• Anti-trust rules/competition law
• General Data Protection (EU)
• Whistleblowing
During 2022, no incidents have been reported in any of the above areas.
The program complies with applicable rules and regulations and is tailored to Wrist and our industry,
based on identified risk factors. Within each of these areas, the program comprises detailed written
policies and procedures, as well as a training program and internal controls.
The implementation of the Business Principles and the Compliance Program has generated an increased
awareness among team members and managers of the importance of avoiding violations.
International trade sanctions
It is the policy of Wrist that all employees, managers, and companies must comply with applicable
Export and Import Controls and Economic Sanctions of the US, the EU, and the UN, as well as with the
regulations of respective countries in which Wrist operates. Colleagues are receiving training in
international trade sanctions.
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Anti-bribery rules and principles
Wrist operates worldwide, and from time to time in areas identified as high risk regarding corrupt
practices. Furthermore, cash is still a means of payment used by vessels travelling at sea. Such risk
factors, among others, have led us to pay special attention to the anti-bribery program. Colleagues
receive training in anti-bribery rules and principles and are evaluated on a yearly basis.
Anti-trust rules/competition law
Wrist believes in vigorous, yet fair competition. Colleagues must never engage in any anti-competition
actions, and each employee must comply with this principle. Colleagues are receiving anti-
trust/competition law training.
General Data Protection (EU)
Directions on the EU General Data Protection Regulation in relation to business activities in Wrist are
included in our online compliance training. Colleagues are receiving training in data protection rules.
Whistleblowing
A Group whistleblowing system specifically tailored to the requirements of Wrist enables colleagues,
management, and the Board of Directors to report suspected breaches of the Business Principles, fraud,
bribery, or other breaches of law anonymously with no risk of retaliation. The Whistleblowing Policy
ensures that colleagues know how to react and how to report in the case of suspicion of a breach.
In 2022, one incident was reported to our whistleblowing system. Investigations showed no indications
of fraud, nor infringement of company policies.
Data Ethics
Statutory statement on Policy for Data Ethics in compliance with section 99d of the Danish Financial
Statements Act (Årsregnskabsloven).
A Group policy for Data Ethics is aimed at colleagues as well as current and potential business partners.
The policy for Data Ethics covers use of all data types and is thus not limited to the use and protection of
personal data. The policy complements the principles of transparency and data minimization of the Data
Protection Regulation, as well as rules on integrity and confidentiality. The policy also supplements
policies on the handling of personal data, use of cookies, etc.
Human rights, labour rights, suppliers, and supply chain
All Wrist’s business activities are performed with respect for human and labor rights – for instance fair
employment, dissociation from forced or compulsory labor and the use of child labor, freedom of
association, the right to collective bargaining and freedom from discrimination.
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Colleagues must act accordingly, and Wrist’s Business Principles constitute an essential reference in
dealings with external stakeholders.
At Wrist, we strive to ensure that our suppliers comply with our ethics and standards as expressed in our
Business Principles. We operate in many regulatory environments and expect our suppliers to act
ethically and comply with applicable rules in all countries where business is conducted.
With a significant number of global suppliers from many different countries, there is a risk that Wrist
cannot ensure completeness regarding the awareness and understanding of our Business Principles, but
the efforts and initiatives will continue to be a natural part of the development of our supply chain.
Governance goals Status: 2022
Supply chain cooperation
• 25 largest suppliers to adhere to Supplier Code
of Conduct by the end of 2022
• Remaining suppliers to adhere to Supplier
Code of Conduct by the end of 2023
• Target achieved:
128 of 141 global suppliers have signed the Code of
Conduct (COC), including the 25 largest suppliers
• Whenever we are running tenders, we attach the
COC and demand every supplier (new and current) to
comply with our COC
Wrist Business Principles and ESG policies
• 0 incidents of breach of social, economic, or
environmental laws/regulations, every year
• 0 legal, yearly actions regarding anti-
competitive behaviour
• 0 incidents of corruption, yearly
• In 2022, we reported no incidents of breach of social,
economic, or environmental laws/regulations
• Target achieved
ESG initiatives (highlights)
Several climate improvements actions have been launched and/or completed to improve digital
decarbonization, reduce food waste, achieve deforestation-free supply chains, and support seafarers’
welfare as well as other activities.
The online customer portal made available to our Marine Logistics customers in 2021 was highly
successful in 2022, providing our customers with CO2 emissions calculation for the entire freight per
vessel and per order.
The digital marketplace for marine supply and procurement started adding transparency to maritime
procurement for efficient and easier work processes on board – reducing food waste on board the
vessels.
Gateway – the digital universe for an easy ordering process and stock and budget management, was
launched in 2022 with smart recommendations for what, when, and where to order next – to streamline
sourcing and avoid waste.
Reduction of food waste
With best-before tracking systems, 90% of all foods in Denmark close to expiry date were collected,
providing food for people in need. In Vancouver, Long Beach, Las Palmas, and New Orleans we have
similar food waste programs, donating food to people in need.
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In 2022, 205 cooks were trained in waste management, including learning how to use provisions
through guidance on food preparation, cooking techniques, portion size controls, and stock
management – to avoid food waste.
Deforestation-free supply chains
In Q4 2022, we initiated the process of achieving a deforestation-free supply chain, extending our supply
chain policy and Supplier Code of Conduct. Through our suppliers, we are collecting transparent tracking
reports and mitigation plans that include measurable actions to eliminate deforestation in our
assortment. We are taking this action to identify the deforestation policies of our suppliers as we want
to achieve a deforestation-free supply chain.
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RISK MANAGEMENT
Wrist is exposed to various risks that may impact the Group’s results, cash flow, financial position, and
prospects.
Significant potential risk factors related to markets, business operations and financial markets are
identified, monitored, evaluated, and reported on a continuous basis, and risk management is also
integrated in the Group’s strategic planning process. Management regularly monitors developments in
identified significant risks and reports these to the Board of Directors, for them to follow the work of the
management and make the necessary decisions to manage risks.
The company has instructions in place allocating work between the Board of Directors and the Executive
Board, covering the entire Group as well as subsidiaries, clarifying the duties and responsibilities as well
as the framework within which the Executive Board can manoeuvre before Board approval is required.
Market risk
Market risk refers primarily to risk factors upon which the management can exert only limited influence
in the short term, but which are addressed in its long-term strategic planning.
Industry prospects
Wrist offers its services to the shipping and offshore industry in numerous countries at the largest
shipping lanes and offshore hubs, and this diversification mitigates risk. Wrist continuously monitors the
development of the industries served to enable timely adjustments to its strategic planning. The
relevant world fleet is growing, but spend pattern can fluctuate short term.
Structural changes
Structural changes among onshore and offshore distributors and potential consolidation of providers of
services to the shipping industry create opportunities as well as risks. Wrist monitors developments and
adjusts its strategic and tactical planning accordingly.
Business risk
Business risk refers to overall risks relating to the current operations of the company.
Price fluctuations
To mitigate risks associated with fluctuations in costs, Wrist is continuously working to improve its
sourcing and sales pricing processes, to optimize its pricing of products and contractual agreements and
manage inventory levels.
Customer retention
Wrist serves a large and diverse customer base, which is broadly distributed both geographically and in
terms of supply solutions and products. This mitigates risk, as does the Group’s focus on customer
service. With its global key account management organization, Wrist has a thorough understanding of
the needs of its customers and can develop initiatives to improve its offerings.
Financial reporting
Mitigation of the key risks relating to the Group’s financial reporting is ensured through Group policies
on financial management, a financial manual, internal controls, and the statutory audit. Wrist adheres to
firm budgeting and reporting schedules and monitors the performance of its business units monthly.
Structured business review meetings are also held monthly.
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IT system availability
High-quality and reliable IT systems and data are important for the Group’s order processing,
warehousing, delivery of services, financial reporting, and accounting records. Wrist is continuously
testing and developing the capacity, accessibility, reliability, and security of its IT systems to secure high
performance.
Environmental risk
This category of risk relates to costs the Group may incur to reduce emissions according to new or
stricter environmental legislation, to arrange more effective waste disposal, etc. To reduce these risks,
the Group strives to stay within the boundaries set by local legislation, reduce emissions (and related
costs), and promote biodegradable products to customers. The operations of the Group are not
considered to have a significant environmental impact.
Political risk
Political risk is the risk that the authorities, in the countries where the Group operates, by political
decisions or administration make continuation of operations difficult, expensive, or impossible for the
Group. The Group mainly operates in countries where the political risk is considered negligible or minor.
Compliance with regulations
Wrist is committed to conducting business in compliance with all applicable laws and other regulation
and to adhering to principles of good corporate citizenship in all countries in which it is active. The
manager of each business unit, supported by Group functions, is responsible for monitoring and
enforcing the Group’s policies, as well as ensuring compliance with national legislation and local
requirements. Wrist’s Business Principles, related policies, and procedures are available to managers
and team members to assist and direct them in carrying out their duties.
Financial risk
Financial risk factors refer to fluctuations in the Group’s results, cash flows, or financial position due to
changes in Wrist’s financial exposure. The overall objective of risk monitoring and control is to ensure
cost-effective financing and to minimize potential adverse impacts from market fluctuations.
Currency risk
Due to the international nature of Wrist’s operations, the Group is exposed to currency risks. The
Group’s business activities are predominantly denominated in USD and GBP, while most credit facilities
are denominated in DKK, USD, and GBP (currencies listed according to aggregated amounts).
Currency risk arises from transaction exposure, which relates to exchange rate fluctuations that affect
currency flows related to the business activities, and from translation exposure related to the
translation of the subsidiaries’ financial statements from their local currencies to DKK.
The Group usually benefits from natural risk coverage, where sales and costs are both denominated in
local currencies. Thus, overall, the transaction exposure is deemed to be limited.
Translation exposure, however, arises when the subsidiaries’ financial statements in local currencies are
translated into DKK, partly due to differences in the closing rates of the current year and the previous
year, and partly because the comprehensive income statement is translated at the average rates of the
year, whereas the statement of financial position is translated at the closing rates. Translation
differences are reported against Other Comprehensive Income. The risk is largest for the currencies
where the Group has the largest net assets and where the exchange rate movements against DKK are
largest.
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Interest rate risk
Changes in the interest levels may affect the financial results. The Group manages this risk by derivative
financial instruments, e.g., interest rate swaps.
Liquidity risk and refinancing risk
Liquidity risk is defined as the risk of the Group incurring increased costs due to lack of liquid funds, while
refinancing risk is defined as the risk of the refinancing of maturing loans becoming difficult or costly. The
loans of the Group are mainly long term.
Wrist maintains a healthy financial position, cash flow, and liquidity reserve. Treasury management is
centralized and ensures that sufficient financial resources are available to meet planned requirements.
Wrist has entered into a long-term committed financing agreement with a banking syndicate, enabling
both current operations and planned expansion.
Credit risk
Credit risk consists of the commercial risk of bad debt, i.e., in case a customer is unable to pay for delivered
supplies due to financial difficulties, and financial counterparty risk.
Wrist has an extensive range of customers in countries all over the world. From time to time a customer
may face financial problems or go bankrupt as this is an inherent risk in the industries in which Wrist
operates. However, no customer represents more than a minimal share of net sales and thereby
represents a limited risk. The aggregate amount recognized under trade receivables in the balance sheet
constitutes the maximum credit risk. Receivables relate primarily to shipping, ship management and
catering companies.
Handling increased credit risk in the shipping industry, Wrist’s global credit function monitors the
creditworthiness of existing and new customers and assists in debt collection. Wrist conducts individual
assessments of its customers’ creditworthiness continuously via the centralized function.
Based on the internal competencies and close monitoring of risks by the management, the Group has
chosen not to have an audit committee.
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FINANCIAL REVIEW
Sales
The volume of supplies to ships and offshore continued to increase in 2022. The increase in sales is seen
throughout most business activities and most significant in Ship Supply. The sales increase is driven by
volume, inflation and currency fluctuations.
In total, and in the reporting currency, net sales increased 20.9%, amounting to DKK 5,389m compared
to DKK 4,458m in 2021. In 2022 positive impact from the acquisition of Centralam is impacting net sales
by DKK 70m.
Our sales outlook in the annual report 2021 was DKK 4,7bn – 4,9bn while our sales in 2022 reached DKK
5,4bn. The main explanation to the sales being above our guidance from last year is due to the higher
inflation in 2022 and positive impact from USD and GBP currency conversion.
Gross profit
Gross profit increased in 2022 to DKK 1,510m from DKK 1,199m in 2021. The gross profit ratio increased
to 28.0% compared to 26.9% in 2021. The primary drivers for the improved ratio is increased focus on
our procurement strategy, price management and change in business mix.
Other operating income
Other operating income amounts to DKK 20m in 2022 compared to DKK 10m in 2021. In 2022, we have
received insurance compensation related to the damages our facility in New Orleans suffered in 2021
due to Hurricane Ida.
Other operating expenses
Other operating expenses amount to DKK 0m compared to DKK 0m in 2021.
Operating profit (EBITA)
The reported EBITA increased by DKK 85m from DKK 156m in 2021 to DKK 241m in 2022, which is an
increase of 54.9%. The operating margin (EBITA) was 4.5% in 2022 compared to 3.5% in 2021.
When comparing the operating profit to the expectations from the annual report for 2021 (EBITA DKK
240-265m) we arrived within this range.
Net profit
The net profit for the year was DKK 113m compared to DKK 58m in 2021. Management considers the
profit level to be within their expectations, and evaluate the result as being at an acceptable level.
The change in net profit compared to last year is due to increased sales combined with improved gross
profit margin, but increased costs, depreciations, amortizations and net interest expenses are reducing
the positive impact.
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Cash flows
The cash flow from operating (CFFO) activities increased to DKK 194m in 2022 compared to DKK 79m in
2021. The improvement in CFFO is driven by the improved operating profit and a better development in
working capital compared to last year.
The net working capital as per 31 December 2022 was 450m, an increase of DKK 100m compared to
2021 working capital of DKK 350m. The working capital, as a ratio of sales, was 8.1% in 2022 compared
to 7.5% in 2021 partly driven by change in business mix.
Investments
Net investments amounted to DKK 118m, including DKK 26m acquisition of enterprises, compared to
DKK 74m in 2021. In 2022 right-of-use assets was increased by DKK 172m compared to DKK 18m in
2021. The significant increase in right-of-use assets is from extension of rental agreement on Aalborg
facility.
Sale of property, plant and equipment amounted to DKK 2m compared to DKK 2m in 2021.
Invested capital aggregates to DKK 1,866m as per 31 December 2022, compared to DKK 1,582m last
year.
Financial position
On 31 December 2022, cash and cash equivalents were DKK 108m and total available cash resources
amounted to DKK 191m, compared to DKK 255m at the same time the year before. Wrist has entered
into agreements on long-term committed credit facilities, enabling both current operations and planned
expansion.
The net interest-bearing debt (NIBD) amounted to DKK 830m on 31 December 2022 compared to DKK
698m at the end of 2021. The increase is mainly related to the increased working capital, FX impact and
to finance the investments.
The net interest-bearing debt as a ratio of EBITA stood at 3.4 by the end of 2022, compared to 4.5 the
year before.
Subsequent events
No significant post-balance sheet events to report.
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Wrist Ship Supply A/S
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FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENTS
2022 2021
Note DKK'000 DKK'000
Net sales 1 5,389,028 4,457,695
Cost of sales -3,878,982 -3,259,034
Gross profit 1,510,046 1,198,661
Other external expenses 2 -474,481 -368,890
Staff costs 3 -699,392 -576,127
Other operating income 4 19,666 10,362
Other operating expenses 5 -214 -4
Depreciation and amortization 6 -159,168 -141,189
Operating profit before interest and tax (EBIT) 196,457 122,813
Profit from investments in associates 760 358
Financial income 7 3,694 7,328
Financial expenses 8 -62,995 -56,113
Profit before tax (EBT) 137,916 74,386
Income tax 9 -25,062 -16,468
Net profit for the year 112,854 57,918
Attributable to:
Shareholders of Wrist Ship Supply A/S 112,854 57,918
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Wrist Ship Supply A/S
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CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
2022 2021
Note DKK'000 DKK'000
Net profit for the year 112,854 57,918
Other comprehensive income
Exchange differences, foreign entities 21,792 46,467
Total comprehensive income 134,646 104,385
Attributable to:
Shareholders of Wrist Ship Supply A/S 134,646 104,385
Annual Report 2022
Wrist Ship Supply A/S
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CONSOLIDATED BALANCE SHEETS, ASSETS
2022 2021
Note DKK'000 DKK'000
Goodwill 10 821,811 770,809
Software
Other intangible assets 46,757 20,573
Intangible assets in development 7,506 36,651
Intangible assets 11 957,961 888,015
Land and buildings 12 11,805 15,861
Fixtures and equipment 12 24,167 30,721
Leasehold improvements 12 17,304 17,419
Ships 12 19,355 13,612
Leased assets 13 397,433 303,713
Tangible assets in development 12 17,466 0
Property, plant and equipment 487,530 381,326
Investment associated companies 758 439
Deferred tax assets 15 44,029 53,730
Other non-current assets 44,787 54,169
Non-current assets 1,490,278 1,323,510
Inventories 370,335 304,053
Trade receivables 16 933,786 812,568
Receivables from group enterprises 110,929 57,521
Income tax receivable 6,193 11,509
Other receivables 82,799 85,046
Prepayments 29,256 11,570
Receivables 1,162,963 978,214
Cash and cash equivalents 108,421 170,405
Total current assets 1,641,719 1,452,672
Total assets 3,131,997 2,776,182
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CONSOLIDATED BALANCE SHEETS, EQUITY
AND LIABILITIES
2022 2021
Note DKK'000 DKK'000
Share capital 17,000 17,000
Foreign currency translation reserve
-1,236
-23,028
Retained earnings 1,050,672 937,818
Wrist Ship Supply´s share of equity 1,066,436 931,790
Liabilities
Deferred tax 15 11,142 24,730
Provisions 17 12,572 11,708
Debt to mortgage credit institutions 18 833 934
Debt to credit institutions 18 519,815 554,084
Lease debt 18 347,535 247,758
Other debt 18 20,076 0
Non-current liabilities 911,973 839,214
Installment of non-current debt next year 18 157,900 118,765
Provisions 17 5,660 539
Trade creditors 18 727,766 639,543
Corporate tax 20,180 23,170
Other payables 18, 19 234,338 222,617
Deferred income 7,744 544
Current liabilities 1,153,588 1,005,178
Total liabilities 2,065,561 1,844,392
Total equity and liabilities 3,131,997 2,776,182
Annual Report 2022
Wrist Ship Supply A/S
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CONSOLIDATED STATEMENTS OF
SHAREHOLDERS’ EQUITY
Foreign
currency
Share translation Retained
capital adjustment earnings Total
DKK'000 DKK'000 DKK'000 DKK'000
Shareholders' equity at 1 January 2022 17,000 -23,028 937,818 931,790
Net profit for the year 0 0 112,854 112,854
Exchange differences, foreign entities 0 21,792 0 21,792
Total comprehensive income 0 21,792 112,854 134,646
Shareholders' equity at 31 December 2022 17,000 -1,236 1,050,672 1,066,436
Shareholders' equity at 1 January 2021 17,000 -69,495 879,817 827,322
Net profit for the year 0 0 57,918 57,918
Exchange differences, foreign entities 0 46,467 0 46,467
Total comprehensive income 0 46,467 57,918 104,385
Other changes 0 0 83 83
Shareholders' equity at 31 December 2021 17,000 -23,028 937,818 931,790
Number of shares is 17,000 with the nominel value of DKK 1,000.
All shares are fully issued and paid up.
No dividend was declared in 2022 or 2021.
Annual Report 2022
Wrist Ship Supply A/S
37
CONSOLIDATED CASH FLOW STATEMENTS
2022 2021
Note DKK'000 DKK'000
Profit before tax (EBT) 137,916 74,386
Profit from investments in associates
-760
-358
Depreciation and amortization
Changes in working capital 20 -83,141 -116,077
Adjustments for non-cash items 21 48,817 39,040
Cash flow from ordinary operating activities 262,000 138,180
Financial income 3,616 6,966
Financial expenses -47,224 -47,499
Income taxes refunded/paid -24,899 -18,180
Cash flow from operating activities (CFFO) 193,493 79,467
Acquisition etc. of intangible assets -57,235 -66,583
Acquisition etc. of property, plant and equipment -36,667 -9,413
Sale of property, plant and equipment 1,506 1,746
Acquisition of enterprises 14 -26,231 0
Dividend received 441 215
Cash flow from investing activities (CFFI) -118,186 -74,035
Installments on loans etc. 22 -89,397 -85,891
Cash flow from group enterprises -53,029 -5,114
Other cash flows from financing activities 0 44
Cash flow from financing activities -142,426 -90,961
Cash flow for the year -67,119 -85,529
Cash and cash equivalents at 1 January
Currency translation adjustments of cash and cash equivalents 5,135 15,713
Cash and cash equivalents at 31 December 108,421 170,405
The cash flow statement cannot be derived from the published financial information only.
Mortgages and collateral
23
Contingent liabilities
24
Related parties and group relations
25
Financial risks and financial instruments
26
Events after the reporting period
27
Critical accounting judgements
28
Accounting policies
29
Annual Report 2022
Wrist Ship Supply A/S
38
NOTES TO THE CONSOLIDATED STATEMENTS
2022 2021
DKK'000 DKK'000
1 Net sales
Europe 2,690,357 2,221,072
Northern America 1,435,044 1,115,289
Asia 667,785 611,812
Middle East and Africa 354,961 349,283
Other regions 240,881 160,239
5,389,028 4,457,695
Hereof sales of services 119,871 103,884
The Group is not listed or in the process of becoming listed, and no segment information is disclosed according to
IFRS. Revenue is split between geographical regions. This information does not amount to segment information
according to IFRS.
2022 2021
DKK'000 DKK'000
2 Fees to auditors appointed at the annual general meeting
Fees to Deloitte
Statutory audit 3,761 3,404
Tax and VAT services 165 334
Non-audit services 261 618
Fees to Auditors 4,187 4,356
Statutory audit (other auditors) 1,482 1,368
Other assurance engagements (other auditors) 6 0
Tax and VAT services (other auditors)
1,330 1,370
Non-audit services (other auditors) 444 345
Fees to Other Auditors 3,262 3,083
7,449 7,439
Annual Report 2022
Wrist Ship Supply A/S
39
2022 2021
DKK'000 DKK'000
3 Staff costs
Wages and salaries and related expenses 629,632 514,249
Pension costs 28,401 24,995
Other social security costs 41,359 36,883
699,392 576,127
Global:
Average number of full-time employees at 31 December 1,517 1,397
Number of full-time employees at 31 December 1,563 1,404
Denmark:
Average number of full-time employees at 31 December 343 316
Number of full-time employees at 31 December 355 321
Other top
Board of Executive manage-
Directors Board ment Total
DKK'000 DKK'000 DKK'000 DKK'000
Remuneration 1,117 0 0 1,117
Salary 0 10,300 19,871 30,171
Bonus 0 10,244 4,727 14,971
Pension, company contributions 0 0 908 908
Benefits (car, housing, phone etc.) 0 492 1,495 1,987
Cost at 31 December 2022 1,117 21,036 27,001 49,154
Remuneration 1,117 0 0 1,117
Salary 0 7,000 13,868 20,868
Bonus 0 3,917 2,439 6,356
Pension, company contributions 0 0 889 889
Benefits (car, housing, phone etc.) 0 535 1,077 1,612
Cost at 31 December 2021 1,117 11,452 18,273 30,842
The Executive Board and a number of members of other top management in both the parent company and in the
Group are comprised by special bonus arrangements based on individual performance targets. For the Executive
Board the bonus payments are maximized at 70% of the individual basic salary, and for other top management
these vary between 10% to 60% of the individual basic salary. In 2022 the Executive Board have been extended
from 2 to 3 persons.
Certain employees and members of management have in the period 2012 to 2022 acquired warrants and shares in
the parent Wrist Ship Supply Holding A/S at the fair value of the warrants and shares at the date of acquisition. The
warrants and shares are fully vested. The warrants outstanding at 31 December 2022 are exercisable at the time
Wrist Ship Supply Holding A/S is sold or becomes listed. However, exercise also requires that certain thresholds for
increase in the fair value of the shares in Wrist Ship Supply Holding A/S are achieved.
Annual Report 2022
Wrist Ship Supply A/S
40
3 Staff costs continuing
As the warrants and shares are purchased by the employees at their fair value, no amounts related to the
warrants or shares are recognized in the Wrist Ship Supply A/S Group.
Excercise
prices
Warrants DKK
Number of outstanding warrants
1 January 2021 1,326 64,808 - 120,015
Issue of new warrants 55
Excercised by share subscription 0
31 December 2021 1,381 64,808 - 123,963
Issue of new warrants 0
Excercised by share subscription 0
31 December 2022 1,381 64,808 - 123,963
Share valuation at 31 December 2022:
Undiluted 167,465
Diluted 165,572
2022 2021
DKK'000 DKK'000
4 Other operating income
Rent income 3,823 4,141
Gain from sale of non-current assets 0 64
Salary Reimbursements 5,275 5,173
Other income 10,568 984
19,666 10,362
Other income is mainly related to insurrance compensation related to damages on facility from Hurricane Ida in
2021.
2022 2021
DKK'000 DKK'000
5 Other operating expenses
Losses from sale of non-current assets 214 0
Other expense 0 4
214 4
Annual Report 2022
Wrist Ship Supply A/S
41
2022 2021
DKK'000 DKK'000
6 Depreciation and amortization
Amortization of intangible assets 44,477 32,699
Depreciation of property, plant and equipment 20,040 20,136
Depreciation of leased property and equipment 90,574 85,184
Reversal impairment 0 -732
Leasehold improvements 4,077 3,902
159,168 141,189
2022 2021
DKK'000 DKK'000
7 Financial income
Interest income arising from Group enterprises 951 1,596
Interest income 2,346 5,101
Exchange rate adjustments 0 291
Other financial income 397 340
3,694 7,328
All financial assets are measured at amortized costs, and hence all interest income is from financial assets measured
at amortized cost.
2022 2021
DKK'000 DKK'000
8 Financial expenses
Interest expenses 30,883 29,462
Exchange rate adjustments 3,780 0
Interest from leases 15,702 16,082
Other financial expenses 12,630 10,569
62,995 56,113
All financial liabilities are measured at amortized cost, and hence all interest expenses are from financial liabilities
measured at amortized cost.
Annual Report 2022
Wrist Ship Supply A/S
42
2022 2021
DKK'000 DKK'000
9 Income tax
Current tax:
Current tax on profit for the year 32,841 21,593
Adjustment in respect of prior years -2,569 986
Total current tax 30,272 22,579
Adjustment of deferred tax asset/liability -3,475 -7,192
Adjustment of deferred tax due to change in tax rates -6 -155
Adjustment of deferred tax asset/liability in respect of prior years -1,729 1,236
-5,210 -6,111
Total income tax 25,062 16,468
Reconciliation of tax rate
Earnings before tax 137,916 74,386
Calculated tax at Danish statutory rate of 22% 30,342 16,365
Effect from difference in tax rate in foreign subsidiaries -1,801 670
Adjustment in respect of prior years -4,298 2,222
Effect from change in local tax rate -6 -155
Income/Loss from associates and expenses from subsidaries -167 -901
Change in tax legislation -1 -1
Income / expenses not subject to tax 993 -1,732
Tax charge 25,062 16,468
Effective tax rate (%) 18.2% 22.1%
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted
average tax rate applicable to the profit of the consolidated entities as follows:
Annual Report 2022
Wrist Ship Supply A/S
43
10 Impairment test
Goodwill
Besides goodwill there are no intangible assets with indefinite useful lives. At 31 December 2022, the CGUs Ship
Supply, North America, Van Hulle, Offshore and Panama accounted for DKK 387m, (2021: DKK 372m), 211m (2021:
DKK 199m), DKK 45m (2021: DKK 45m), 136m (2021: DKK 142m) and DKK 30m (2021: 0m) of the consolidated
goodwill. Goodwill allocated across multiple CGUs, for which the goodwill allocated to each unit is not significant,
amounts to DKK 13m (2021: DKK 13m). Wrist performed impairment test of the carrying amount of goodwill at 31
December 2022 based on value in use. Impairment testing is performed in fourth quarter of 2022, based on the
budgets and business plans approved by the Board of Directors.
The impairment test for cash-generating units compares the recoverable amount, equivalent to the present value of
the expected future free cash flow, with the carrying amount of the individual cash-generating units. The expected
future free cash flow is based on budgets, business plans and projections for subsequent years. Key parameters
include gross profit margin, EBIT margin and future capital expenditure, and general growth expectations for the
years after 2026.
Budgets and projections for the 2023-2026 period are based on business plans and external market surveys,
assessing risks associated with key parameters and incorporating these in expected future free cash flows. The value
for the period after 2026 takes in account the general growth expectations of the ship supply and offshore
industries.
Growth rates are not expected to exceed the average long-term growth rate in the Group’s market for supplying
provisions to the global ship fleet, so a growth rate interval of 1.0-3.6% is used in the terminal period.
Annual Report 2022
Wrist Ship Supply A/S
44
10 Impairment test continuing
The key assumptions from the impairment test of goodwill are as follows:
2022
Discount
rates
before tax
Discount
rates after
tax
Terminal
growth
rates
Increase
in EBIT
2023 to
terminal
period
Increase
of Net
Working
Capital
from 2023
until
terminal
period
Ship Supply 10.1% 9.5% 2.1% 10.7% 6.6%
North America 11.6% 10.9% 3.6% 9.3% 9.3%
Panama 11.6% 11.6% 3.6% 15.8% 15.8%
Offshore 11.1% 10.5% 1.0% 3.0% 3.0%
Van Hulle 10.4% 9.7% 2.4% 9.3% -5.9%
2021
Discount
rates
before tax
Discount
rates after
tax
Terminal
growth
rates
Increase
in EBIT
2022 to
terminal
period
Increase
of Net
Working
Capital
from 2022
until
terminal
period
Ship Supply 7.9% 7.6% 0.4% 10.5% 10.2%
North America 9.9% 9.4% 1.5% 9.3% 9.3%
Offshore 8.7% 8.3% 1.0% 3.0% 3.0%
Van Hulle 8.0% 7.6% 0.5% 4.6% -2.6%
The impairment tests performed at 31 December 2022 for Ship Supply, North America, Offshore, Van Hulle and
Panama indicate significantly higher capital values of the assets compared to the carrying amounts, and the
impairment tests are therefore not sensitive to changes in the significant conditions and factor.
Annual Report 2022
Wrist Ship Supply A/S
45
Intangible
assets in
Other develop-
Goodwill Software * intangible ** ment Total
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
11 Intangible assets
Cost at 1 January 2022 770,113 191,056 108,190 36,651 1,106,010
Exchange rate adjustments 24,628 435 3,169 0 28,232
Additions from acquisitions 29,817 197 5,844 0 35,858
Additions 0 46,757 5,986 4,492 57,235
Transfer 0 1,259 32,989 -33,637 611
Cost at 31 December 2022 824,558 239,704 156,178 7,506 1,227,946
Amortization at 1 January 2022 -696 131,074 87,617 0 217,995
Exchange rate adjustments 3,443 289 3,170 0 6,902
Amortization for the year 0 24,276 20,201 0 44,477
Transfer 0 2,178 -1,567 0 611
Amortization at 31 December 2022 2,747 157,816 109,422 0 269,985
Carrying amount at 31 December 2022 821,811 81,887 46,757 7,506 957,961
Cost at 1 January 2021 722,359 157,850 105,668 3,343 989,220
Exchange rate adjustments 47,754 0 4,491 0 52,245
Additions 0 33,206 69 33,308 66,583
Disposals 0 0 -2,038 0 -2,038
Cost at 31 December 2021 770,113 191,056 108,190 36,651 1,106,010
Amortization at 1 January 2021 -7,426 111,919 71,815 0 176,308
Exchange rate adjustments 6,730 0 4,296 0 11,026
Amortization for the year 0 19,155 13,544 0 32,699
Reversal regarding disposals 0 0 -2,038 0 -2,038
Amortization at 31 December 2021 -696 131,074 87,617 0 217,995
Carrying amount at 31 December 2021 770,809 59,982 20,573 36,651 888,015
* Software purchased external.
** Other intangible assets are mainly customer relations acquired separately in business combinations.
Annual Report 2022
Wrist Ship Supply A/S
46
Fixtures and Tangible
fittings, tools Leasehold assets in
Land and and improve- develop-
buildings equipment ments Ships ment Total
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
12 Property, plant and equipment
Cost at 1 January 2022 63,866 214,867 58,427 36,878 0 374,038
Exchange rate adjustments 3,638 1,132 1,154 0 -501 5,423
Additions from acquisitions 0 1,100 597 0 0 1,697
Additions 376 6,453 4,681 7,190 17,967 36,667
Disposals 0 -9,062 -6,253 -819 0 -16,134
Transfer 642 -1,524 -642 0 0 -1,524
Cost at 31 December 2022 68,522 212,966 57,964 43,249 17,466 400,167
Depreciation at 1 January 2022 48,005 184,146 41,008 23,266 0 296,425
Exchange rate adjustments 3,021 1,025 983 0 0 5,029
Depreciation for the year 5,691 12,902 4,077 1,447 0 24,117
Reversal regarding disposals 0 -8,189 -5,408 -819 0 -14,416
Transfer 0 -1,085 0 0 0 -1,085
Depreciation at 31 December 2022 56,717 188,799 40,660 23,894 0 310,070
Carrying amount at 31 December 2022 11,805 24,167 17,304 19,355 17,466 90,097
Cost at 1 January 2021 60,705 206,521 55,592 36,878 0 359,696
Exchange rate adjustments 2,022 8,932 1,354 0 0 12,308
Additions 1,139 6,793 1,481 0 0 9,413
Disposals 0 -7,379 0 0 0 -7,379
Cost at 31 December 2021 63,866 214,867 58,427 36,878 0 374,038
Depreciation at 1 January 2021 40,493 170,739 36,049 20,587 0 267,868
Exchange rate adjustments 2,371 7,434 1,057 0 0 10,862
Depreciation for the year 5,141 12,316 3,902 2,679 0 24,038
Reversal regarding disposals 0 -6,343 0 0 0 -6,343
Depreciation at 31 December 2021 48,005 184,146 41,008 23,266 0 296,425
Carrying amount at 31 December 2021 15,861 30,721 17,419 13,612 0 77,613
Annual Report 2022
Wrist Ship Supply A/S
47
Leased Leased
buildings equipment Total
DKK'000 DKK'000 DKK'000
13 Leases
Cost at 1 January 2022 436,125 106,775 542,900
Exchange rate adjustments 4,665 -325 4,340
Additions from acquisitions 11,217 0 11,217
Additions 149,428 22,261 171,689
Disposals -35,058 -36,217 -71,275
Transfer 0 913 913
Cost at 31 December 2022 566,377 93,407 659,784
Depreciation and impairment at 1 January 2022 180,672 58,515 239,187
Exchange rate adjustments 579 -915 -336
Depreciation for the year 65,742 24,827 90,569
Reversal regarding disposals -29,159 -38,384 -67,543
Transfer 0 474 474
Depreciation and impairment at 31 December 2022 217,834 44,517 262,351
Carring amount at 31 December 2022 348,543 48,890 397,433
Cost at 1 January 2021 419,930 97,519 517,449
Exchange rate adjustments 15,209 5,810 21,019
Additions 6,834 11,323 18,157
Disposals -5,848 -7,877 -13,725
Cost at 31 December 2021 436,125 106,775 542,900
Depreciation and impairment at 1 January 2021 117,841 38,955 156,796
Exchange rate adjustments 5,219 2,817 8,036
Depreciation for the year 61,816 23,368 85,184
Reversal regarding disposals -3,472 -6,625 -10,097
Impairment -732 0 -732
Depreciation and impairment at 31 December 2021 180,672 58,515 239,187
Carrying amount at 31 December 2021 255,453 48,260 303,713
Impairment is included in other operating costs.
Annual Report 2022
Wrist Ship Supply A/S
48
13 Leases continuing
2022 2021
DKK'000 DKK'000
Lease liabilities
Within 1 year 86,306 115,306
Between 1-3 years 113,884 171,359
Between 3-5 years 135,349 76,653
More than 5 years 150,970 81,793
Total undiscounted lease payments 486,509 445,111
Carrying amount at 31 December 425,222 332,022
2022 2021
DKK'000 DKK'000
Leases recognized in the Income Statement
Income from subleases 3,823 4,141
Short-term
*)
and low-value leases expenses 8,411 5,379
Variable lease payment expenses and additional costs 9,768 6,136
Interest from leases 15,702 16,082
*)
Short term lease expense is related to contract with a lease period of less than 12 months.
Annual Report 2022
Wrist Ship Supply A/S
49
14 Acquisition of companies
On 9th February 2022, the Group finalized the acquisition of 100% of the share capital of Centralam International
Holdings S.A and the operating entity Centralam. Centralam is a recognized ship chandler based at the Pacific side of
the Panama Canal. Centralam Panama annually serves more than 2,500 vessels passing through the Atlantic and
Pacific ports of Panama, providing customers with marine provisions, technical goods and stores, owners’ goods
and spare parts handling as well as storage, distribution and other services. In acquiring Centralam Panama, Wrist is
expanding its global operational, commercial and procurement network and thus its unique global offering.
The aforementioned acquisition, on 9th February 2022, was financed by existing credit lines. The transaction is
classified as a business combination and has been treated in accordance with IFRS 3. At the reporting date, the
calculation of the fair value of the assets acquired and the liabilities has been completed. The consideration for the
acquisition of control of Centralam amounted to DKK 49.5m (USD 7.2m), while the fair value of net assets at the
date of acquisition of control was DKK 19.7m (USD 3.0m). Deferred consideration amounting to DKK 20.1m has been
included based on projected performance until 31.12.23. Acquisition related costs amounts to DKK 1.8m and is
included in other external expenses in the income statement.
The fair value recognition of the assets acquired and liabilities assumed in the acquisition entailed the following:
Intangible assets with a finite useful life: allocation of the fair value to customer relationship has been based on the
excess earning method. The fair value was determined at DKK 5.8m (USD 0.8m) based on the customer turnover
rate and a remaining useful life has been considered at 5 years.
Inventory: allocation of the fair value on inventory was determined by reviewing ageing reports and fair value was
determined at DKK 3.0m (USD 0.5m) including provision for impairment of DKK 0.4m (USD 0.1m).
Account receivables: allocation of the fair value on receivables was determined by reviewing ageing reports and fair
value was determined at DKK 10.2m (USD 1.5m) including provision for bad debt of DKK 0.6m (USD 0.1m).
From the acquisition date 9th February 2022, Centralam contributed to the Group’s net sales by DKK 70.2m (USD
9.8m) and with a profit of DKK 6.1m (USD 0.9m). If the acquisition had taken place on 1 January 2022, Wrist Ship
Supply Group's consolidated net sales and profit would have been impacted by DKK 74.5m (USD 10.5m) and DKK
7.8m (USD 1.1m), respectively.
Annual Report 2022
Wrist Ship Supply A/S
50
14 Acquisition of companies continuing
The assets and liabilities recognised as a result of the acquisition are as follow:
Provisional
amounts at 9
February 2022 Adjustments
Fair value at 9
February 2022
Non-current assets
Customer relations 0 5,844 5,844
Software 197 0 197
Fixtures and equipment 1,697 0 1,697
Leased assets 0 11,217 11,217
Current assets
Inventories 3,608 -597 3,011
Account receivable 10,580 -372 10,208
Other current receivables 831 0 831
Cash and cash equivalents 3,162 0 3,162
Non-current and current liabilities
Lease liabilities 0 -11,323 -11,323
Accounts payable -5,549 0 -5,549
Corporate tax 505 0 505
Other debt -148 0 -148
Net identifiable assets acquired 14,883 4,769 19,652
Other adjustments 0 0 0
Goodwill 0 29,817 29,817
Net assets acquired 14,883 34,586 49,469
Cash and cash equivalents acquired -3,162 0 -3,162
Additional consideration paid, not yet allocated 5,055 -5,055 0
Deferred consideration 0 -20,076 -20,076
Cash flow from acquisition of enterprises 16,776 9,455 26,231
Annual Report 2022
Wrist Ship Supply A/S
51
Financial
Intangible Tangible non-current Current Taxable Long term Short term Total
assets assets assets assets Provisions losses liabilities liabilities deferred tax
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
15 Deferred tax asset and deferred
tax liabilities
Deferred tax at 1 January 2022 31,203 15,747 -4,256 -4,530 -3,577 -21,232 -40,178 -2,177 -29,000
Reclassifications -1,112 -11,482 4,132 2,152 151 -3,295 12,541 -3,087 0
Exchange rate adjustments 691 264 0 -393 -13 -495 -1,122 -44 -1,112
Charge to the income statement 2,224 -1,840 -4 -25 382 3,930 1,702 -9,844 -3,475
Adjustments to previous years
(through the income statement) 712 -1,022 0 0 -21 -1,625 163 64 -1,729
Change in tax rate (through the
income statement) 0 0 0 0 -6 0 0 0 -6
Other adjustments 0 0 0 0 0 2,435 0 0 2,435
Deferred tax at 31 December 2022 33,718 1,667 -128 -2,796 -3,084 -20,282 -26,894 -15,088 -32,887
Deferred tax is presented in the balance sheet as follows:
Deferred tax asset
44,029
Deferred tax liability
11,142
Deferred tax asset year end, net
32,887
The Group expects to utilize the deferred tax assets as the Group entities generel have a positive taxable income.
Deferred tax at 1 January 2021 29,789 24,337 0 -4,008 -3,796 -18,509 -42,972 -3,385 -18,544
Exchange rate adjustments 729 554 0 -406 -11 -670 -1,517 -305 -1,626
Charge to the income statement 945 -7,878 -1,637 -182 358 -4,004 4,397 1,697 -6,304
Adjustments to previous years
(through the income statement) -260 -1,266 0 66 27 2,805 -86 -184 1,102
Change in tax rate (through the
income statement) 0 0 0 0 0 0 0 0 0
Other adjustments 0 0 -2,619 0 -155 -854 0 0 -3,628
Deferred tax at 31 December 2021 31,203 15,747 -4,256 -4,530 -3,577 -21,232 -40,178 -2,177 -29,000
Deferred tax is presented in the balance sheet as follows:
Deferred tax asset
53,730
Deferred tax liability
24,730
Deferred tax asset year end, net
29,000
The Group expects to utilize the deferred tax assets as the Group entities generel have a positive taxable income.
Annual Report 2022
Wrist Ship Supply A/S
52
2022 2021
DKK'000 DKK'000
16 Trade receivables
Trade receivables 890,650 774,542
Contract assets 61,199 55,143
Provisions for impairment of trade receivables -18,063 -17,117
933,786 812,568
Impairment losses at 1 January -17,117 -18,122
Addition of acquisition -372 0
Exchange rate adjustments -478 -635
Losses realized for the year 918 3,757
Provisions for bad debt for the year -653 -2,020
Reversed, unrealized impairment of receivables -361 -97
Impairment losses at 31 December -18,063 -17,117
The expected credit losses in the income statement amount to DKK 1,056k (2021: DKK 1,742k).
Reference is made to note 26 where the credit risk is described.
31 Decem- 31 Decem- 1 January
ber 2022 ber 2021 2021
DKK'000 DKK'000 DKK'000
Contract assets
Provision and stores management 61,199 55,143 56,816
55,143 56,816
There is no impairment losses for the year regarding Contract assets.
The concentration of credit risk is limited due to the fact that the customer base is large and unrelated.
Revenue recognized in the period from performance obligations satisfied in
previous periods
Annual Report 2022
Wrist Ship Supply A/S
53
16 Trade receivables continuing
Not past
Total due < 30 days 30-60 days 61-90 days > 91 days
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
Trade receivables 951,849 606,868 133,986 83,845 39,154 87,996
Expected credit loss rate (%) 0.2% 0.0% 0.1% 5.6% 16.2%
Estimated total gross carrying
amount at default 18,063 1,485 58 55 2,175 14,290
Not past
Total due < 30 days 30-60 days 61-90 days > 91 days
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
Trade receivables 829,685 518,202 108,756 82,683 45,173 74,871
Expected credit loss rate (%) 0.4% 0.5% 1.1% 3.5% 16.3%
Estimated total gross carrying
amount at default 17,117 1,862 522 909 1,585 12,239
Past due at 31 December 2022
Past due at 31 December 2021
Annual Report 2022
Wrist Ship Supply A/S
54
Provisions
for pension
and Provisions Provisions Provisions
pension- for for for
like restoration dismantling onerous Total
liabilities liabilities liabilities contracts provisions
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
17 Provisions
Provisions at 1 January 2022 796 7,806 3,647 0 12,249
Exchange rate adjustments 1 156 27 -100 84
Increase 0 543 3,375 61 3,979
Discounting interests 0 136 54 0 190
Decrease -2 -349 0 -1,669 -2,020
Transfer 0 0 0 3,750 3,750
Provisions at 31 December 2022 795 8,292 7,103 2,042 18,232
Non-current provisions 795 8,292 3,080 405 12,572
Current provisions 0 0 4,023 1,637 5,660
Provisions at 1 January 2021 795 7,654 3,375 0 11,824
Exchange rate adjustments 1 129 221 0 351
Increase 0 235 0 0 235
Discounting interests 0 155 51 0 206
Reversal 0 -367 0 0 -367
Provisions at 31 December 2021 796 7,806 3,647 0 12,249
Non-current provisions 796 7,516 3,398 0 11,710
Current provisions 0 290 249 0 539
Provisions for restoration liabilities are where the Group has an obligation to restore rented facilities upon vacating
such facilities.
Provisions for pension and pension-like liabilities are where the Group is obligated to pay anniversary bonuses etc.
Provisions for dismantling liabilities are where the Group is obligated to dismantle assets placed in rented facilities.
Provisions for onerous contracts liabilities are where the Group is obliged to pay for unused leased premises.
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Payments
due Outstand-
Payments between ing after
due 1 year 1-5 years 5 years
2022 2022 2022
DKK'000 DKK'000 DKK'000
18 Current and non-current liabilities
Debt to mortgage credit institutions 101 404 429
Lease debt 77,687 208,012 139,523
Debt to credit institutions 80,112 519,815 0
Other debt 0 20,076 0
Trade creditors 727,766 0 0
Other payables 234,338 0 0
1,120,004 748,307 139,952
Other debt relates to deferred consideration regarding acquisition of enterprise.
Specification of contractual cash flows incl.
interest:
Debt to mortgage credit institutions 107 420 434
Lease debt 86,306 249,233 150,969
Debt to credit institutions 118,243 542,411 0
Other debt 0 20,076 0
Trade creditors 727,647 0 0
Other payables 234,338 0 0
1,166,641 812,140 151,403
Payments
due Outstand-
Payments between ing after
due 1 year 1-5 years 5 years
2021 2021 2021
DKK'000 DKK'000 DKK'000
Debt to mortgage credit institutions 101 405 529
Lease debt 84,264 193,542 54,216
Debt to credit institutions 34,400 554,084 0
Trade creditors 639,543 0 0
Other payables 222,617 0 0
980,925 748,031 54,745
Specification of contractual cash flows incl.
interest:
Debt to mortgage credit institutions 107 428 668
Lease debt 115,306 248,012 81,794
Debt to credit institutions 60,979 589,653 0
Trade creditors 639,543 0 0
Other payables 222,617 0 0
1,038,552 838,093 82,462
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2022 2021
DKK'000 DKK'000
19 Other payables
Social security and other related expenses 82,167 63,278
Customer bonuses 106,143 89,443
Commissions 1,950 3,523
VAT 4,830 14,372
Other accrued expenses 39,248 52,001
234,338 222,617
2022 2021
DKK'000 DKK'000
20 Change in working capital
Increase/decrease in inventories -57,837 -54,814
Increase/decrease in receivables -106,792 -141,186
Increase/decrease in trade payables etc. 81,488 79,923
-83,141 -116,077
2022 2021
DKK'000 DKK'000
21 Adjustments for non-cash items
Financial income and expenses 49,374 40,448
Gains/losses from sale of non-current assets 214 -64
Change in provisions -773 -1,557
Change in provisions from payments 2 213
48,817 39,040
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Total
liabilities
from
Long-term Short-term Lease financing
borrowings borrowings liabilities activities
DKK'000 DKK'000 DKK'000 DKK'000
22 Reconciliation of liabilities arising
from financing activities
1 January 2022 555,018 34,502 332,021 921,541
Cash flows -4,957 4,313 -88,753 -89,397
Non-cash change:
Reclassification -36,730 36,730 0 0
Additions lease liabilities 0 0 171,689 171,689
Additions from acquisitions 0 0 11,323 11,323
Foreign exchange movement 10,853 2,884 5,127 18,864
Other 16,540 1,784 -6,185 12,139
31 December 2022 540,724 80,213 425,222 1,046,159
1 January 2021 567,279 101 386,000 953,380
Cash flows 237 -5,090 -81,038 -85,891
Non-cash change:
Impact of IFRS 16 implementation -34,400 34,400 0 0
Additions lease liabilities 0 0 18,157 18,157
Foreign exchange movement 21,902 4,725 13,728 40,355
Other 0 366 -4,826 -4,460
31 December 2021 555,018 34,502 332,021 921,541
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23 Mortgages and collateral
Joint taxation arrangement
Land and buildings have been used to secure mortgage loans totalling DKK 934k (2021: DKK 1,036k). The book value
is DKK 4,352k as at 31 December 2022 (2021: DKK 3,859k).
The company is party to a mandatory Danish joint taxation arrangement with Wrist ADM ApS serving as the
administration company. The joint taxation arrangement complies with general Danish tax legislation and has
included other Danish sister companies due to common ultimate ownership. The company is from 1 July 2012
partial joint and secondary liability for obligations, if any, relating to withholding of tax on interest, royalties, and
dividend for the jointly taxed companies. However, secondary liability cannot exceed an amount equivalent to the
share of capital of the company which is owned directly or indirectly by the ultimate parent. Tax liabilities
concerning sister companies previously included in the joint tax arrangement and for which the company may be
jointly liable as described above are covered by an indemnification agreement with W.S.S. Holding A/S.
The Group has issued guaranties amounting to DKK 28m (2021: DKK 21m).
As security for the Group’s credit facilities, W.S.S. Holding A/S and Wrist Ship Supply Holding A/S has issued floating-
charge and share pledge securities to Nordea for all material companies in the Wrist Ship Supply Group.
24 Contingent liabilities
The Group is involved in a few disputes, lawsuits, etc of various scopes. No significant liabilities are considered to be
incumbent on the Group in that respect, and the outcome of the disputes is not expected to have significant impact
on the Group’s financial position beyond what has been recognized in the balance sheet.
25 Related parties and group relations
Transactions with parent entities.
2022 2021
DKK'000 DKK'000
Financial items, net 951 884
Financial receivables 73,722 26,398
All transactions were made on terms equivalent to arm’s length principles.
Altor Fund II GP Limited, Jersey is the ultimate controlling party and controls W.S.S. Holding A/S, which is the upper
Danish holding company of the Group.
Related parties of the company are Wrist Ship Supply Holding A/S, W.S.S. Holding A/S, O.W. Lux SARL and their
subsidiaries.
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26 Financial risks and financial instruments
Financial risk management
•
Exchange rate risk
•
Interest rate risk
• Liquidity risk
• Credit risk
Exchange rate risk
Fair value hedge accounting
All financial assets and financial liabilities in Wrist are measured at amortized cost except derivatives used for
hedging purposes, which are measured at fair value through profit or loss. At 31 December 2022 and 31 December
2021 no derivatives was in place.
Wrist manages its identified risks according to the risk management policies approved by the Board of Directors. The
policies are reviewed and approved by the Board on an annual basis and include:
The Group has centralized its management and monitoring of risks and measures exposures on a frequent basis. The
Group does not enter into speculation and the purpose of the risk management activities are to monitor and reduce
the Group’s exposures due to its operational, investment and financing activities.
In order to manage market risks (i.e., exchange rate and interest rate risks), the Group enters into plain vanilla
derivatives such as FX forwards and interest rate swaps.
Each risk is described further below.
The Group’s business activities are predominantly based in USD, GBP, SGD and EUR, and many credit facilities are
denominated in DKK, USD and GBP (currencies listed according to the size of aggregated amounts). Wrist aims to
match costs and revenues, as well as assets and liabilities, through representation in the countries in which Wrist
operates, and transacting in the functional currencies of the various business units. Therefore, most of the business
has no or very limited transaction-related exchange rate exposure. Significant investments in foreign entities are
financed in the same currency. Consequently, material currency exposure for the Group is limited to EUR and
translation risks related to foreign subsidiaries.
The Group’s FX translation risk mainly relates to USD and GBP. At 31 December 2022 and 31 December 2021 no
open cash flow hedge contracts was in place.
In order to reduce the exchange rate risk, Wrist enters into FX forward contracts (buy EUR / sell DKK) on a rolling
basis (i.e. new FX instruments are entered into every third month) and are designated as hedging instruments in fair
value hedges of recognized EUR liabilities. There is an economic relationship between the hedged item and hedging
instruments since terms of the FX forward match the terms of the EUR loan (i.e. notional amount, maturity,
payment dates, etc.). The Group designates the spot component only.
At 31 December 2022 and 31 December 2021 no hedging instrument or hedged item was in place.
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Sensitivity analysis
2022 2021
DKK'000 DKK'000
Impact on profit/(loss) from translation of net debt 8,319 2,410
59,474 54,645
Interest rate risk
Cash flow hedge accounting
Liquidity risk
Credit risk
Wrist primarily obtains financing with floating rates and are exposed to interest rate changes both in Denmark and
abroad. The interest rate exposure is primary related to fluctuations to CIBOR and LIBOR. The Group's floating rate
loans at 31 December 2022 came in at DKK 560,075k (31 December 2021 at DKK 512,137k). With regard to the
Group's floating rate loans and cash equivalents, an annual 1% increase in the interest level in proportion to the
actual interest rates would, other things being equal, have had an adverse hypothetical impact on the profit before
tax of DKK 5,601k (2021: DKK 5,121k) and on equity of DKK 4,369k (2021: DKK 3,995k). A declining interest level
would have had a corresponding positive impact on result and equity.
At 31 December 2022 and 31 December 2021 no open interest hedge contracts was in place.
The sensitivity analysis was based on the Group’s exposure to floating-rate liabilities and derivatives at the end of
the reporting period. For floating-rate liabilities, the analysis is based on the assumption that the amount of liability
outstanding at the end of the reporting period was outstanding for the whole year.
The Group enters into pay fixed/receive floating interest rate swaps in order to reduce the variability in future
interest payments. At 31 December 2022 and 31 December 2021 no open cash flow hedge contracts was in place.
Wrist has entered into a long-term committed financing agreement with credit facilities enabling both the current
operations and planned expansion. Treasury management is centralized and ensures that sufficient financial
resources are available to meet planned requirements. This is done by ensuring that the cash flow monthly matches
the planned cash needs. The entities in the Group have a positive cash flow monthly. Wrist is in a sound financial
position with significant positive cash flows from operating activities and adequate cash reserves. Reference is made
to note 18 where the maturity of financial obligations is disclosed.
The following table details the Group's sensitivity to a 10% increase in USD and GBP. The sensitivity analysis includes
investments in relevant subsidiaries and external debt, where the debt is denominated in the relevant currency. A
positive number indicates an increase in profit/(loss) or equity where the currency strengthens 10% against DKK at
the balance sheet date. A 10% weakening of the currency would have a comparable but opposite impact on
profit/(loss) and equity.
Credit risk mainly relates to trade debtors, other receivables, and cash at banks. The aggregate amounts recognized
under these items in the balance sheet constitute the maximum credit risk. Receivables relate to shipping, ship
management, and catering companies. Credit risk associated with the shipping industry is handled by the global
credit function, which monitors the creditworthiness of existing and new customers and assists in collection. Wrist
conducts individual assessments of customer creditworthiness, and credit lines are managed globally. Cash is held
with banks with high credit ratings.
Impact on equity from translation of investments in subsidiaries
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27 Events after the reporting period
There has been no post-balance sheet events material to this Annual Report which have not been recognized
or mentioned.
Fair values measurements
•
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
•
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices)
•
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Specification of financial assets and obligations
Carrying
value Fair value
Carrying
value Fair value
2022 2022 2021 2021
DKK'000 DKK'000 DKK'000 DKK'000
Loans and receivables 1,635,526 1,635,526 1,438,414 1,438,414
Derivatives used as hedging instruments, level 2 0 0 0 0
Financial obligations measured at amortized cost 2,016,007 2,016,007 1,804,559 1,804,559
Capital structure
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible.
Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows.
The management is of the opinion that the carrying amounts of all other financial assets and liabilities recognized in
the consolidated financial statements approximate their fair values.
The Company’s management assesses whether the Group's capital structure is in line with the interests of the
company and its shareholders. The overall objective is to ensure a capital structure that supports long-term
profitable growth. As of 31 December 2022, the Group's net interest-bearing debt comprise DKK 830m (2021: DKK
698m), which is considered a reasonable level compared to the current need for financial flexibility. There are no
changes in the Group’s guidelines and procedures for managing capital structure in 2022.
Group measures financial instruments fair value hedge at fair value level 2.
Wrist does not have any assets or liabilities measured at fair value other than interest rate derivative contracts
entered into to hedge future cash flows of floating rate financing. Interest rate derivative contracts are measured at
fair value based on discounted cash flows based on observable input (level 2). Future cash flows are estimated based
on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest
rates.
There has been no transfers between the levels in 2022 or 2021.
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28 Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in note 29, the directors of the
Company are required to make judgements, estimates and assumptions about the carrying amounts of assets
and liabilities that are not readily apparent from other sources. The estimates and associated assumptions
are based on historical experience and other factors considered relevant. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty
at the end of the reporting period that may have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year.
During the year we have monitored our activity closely and the uncertainties have impacted our key
accounting estimates and judgements as follows:
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating
units to which goodwill has been allocated. The value in use calculation requires the directors to estimate the
future cash flows expected to arise from the cash-generating unit and a suitable discount rate to calculate
present value. Where the actual future cash flows are less than expected, a material impairment loss may
arise. The key assumptions used in the impairments tests of goodwill are disclosed in note 10.
Business combinations
At the date of preparation of these consolidated financial statements the Purchase Price Allocation at the fair
value of acquired assets, liabilities and contingent liabilities has been completed. The best available input in
determining fair value of all assets and liabilities have been used. No expert have been involved in the
valuation process due to the rather simple business setup (reference is made to note 14).
Revenue recognition
Revenue for the sale of goods is recognized in accordance with IFRS 15, when Group has transferred control
of the goods sold to the customer and it is probable that the Group will collect the consideration to which it is
entitled for transferring the goods. Control of the products is transferred at a point in time, typically on
delivery, which is upon delivery alongside the ship. As part of the Group’s activities, Wrist offers a “Provision
Management Service”, where the global supply costs are settled through a fixed monthly invoice based on a
victualling rate per man per day. However, Wrist has transferred control of the goods to the customer upon
delivery alongside the ship. Thus, the customer has legal title to and physical possession of the goods, all
significant risks and rewards related to the goods have been transferred, including any risk of physical
damage to the goods, and the customer has accepted the goods. Because of the possible disconnection
between the timing of the delivery of the goods, the actual consumption of the goods by the ship and the
invoicing of the victualling rate, there are some uncertainties as to the actual amount of consideration to
which the Group will be entitled for the goods delivered. However, the uncertainty is not significant enough
to warrant postponement of the recognition of the revenue. Thus, management expects that the
consideration will in all cases cover Wrist’s costs related to the goods delivered as a minimum. Therefore,
revenue related to the unconsumed and not invoiced part of goods delivered is recognized at an amount that
equals cost and included as a contract asset as part of the trade receivables.
Sales of goods through Wrist’s “Provision Management Service” results in a situation, where part of the
goods delivered is not consumed by nor invoiced to the customer.
Due to certain uncertainties related to the actual amount of consideration to be received for such goods,
until the goods are consumed by the customer, revenues related to these goods are recognized at amount
that equals cost. When the goods are consumed by the customers, any additional considerations are
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63
recognized as revenue. The corresponding amount in the balance sheet is presented as a contract asset as
part of the trade receivables.
29 Accounting policies
The 2022 annual report is presented in accordance with International Financial Reporting Standards as
adopted by the EU and additional Danish disclosure. The accounting policies set out below have been used
consistently in respect of the financial year. For standards implemented prospectively, comparative
information is not restated.
The annual report have been prepared according to the same accounting policies as last year, but includes
some reclassifications in the presentation.
Consolidated financial statements
The consolidated financial statements incorporate the financial statements of Wrist Ship Supply A/S (the
parent company) and entities controlled by Wrist Ship Supply A/S and its subsidiaries. Control is achieved
when the parent company:
• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.
The parent company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
Basis of consolidation
The consolidated financial statements are prepared on the basis of the financial statements of Wrist Ship
Supply A/S and its subsidiaries. The consolidated financial statements are prepared by combining items of a
uniform nature. All financial statements used for consolidation are presented in accordance with the
accounting policies of the Group.
On consolidation, intercompany income and expenses, intercompany accounts and dividends as well as gains
and losses on transactions between the consolidated entities are eliminated.
The items in the financial statements of the subsidiaries are recognized in full in the consolidated financial
statements.
Defining materiality
Our annual report is based on the concept of materiality, to ensure that the content is material and relevant
to the readers. The consolidated financial statements consist of many transactions. These transactions are
aggregated into classes according to their nature or function, and presented in classes of similar items in the
financial statements and in the notes as required by IFRS. If items are individually immaterial, they are
aggregated with other items of a similar nature in the statements or in the notes. The disclosure
requirements throughout IFRS are substantial, and we provide the specific disclosures required by IFRS unless
the information is considered immaterial to the economic decision-making of the readers of these financial
statements.
Business combinations
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a
business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair
values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the
acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-
related costs are generally recognized in profit/(loss) as incurred.
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At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair
value, except that deferred tax assets or liabilities, and assets or liabilities related to employee benefit
arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee
Benefits, respectively.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the
acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the
liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets
acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-
controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the
acquiree (if any), the excess is recognized immediately in profit/(loss) as a bargain purchase gain.
Non-controlling interests that are present ownership interests and entitle their holders to a proportionate
share of the entity’s net assets in the event of liquidation may be initially measured either at fair value or at
the non-controlling interests’ proportionate share of the recognized amounts of the acquiree’s identifiable
net assets. The measurement basis is decided on a transaction-by-transaction basis. Other types of non-
controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which
the combination occurs, the Group reports provisional amounts for the items for which the accounting is
incomplete. Those provisional amounts are adjusted during the measurement period (see above), or
additional assets or liabilities are recognized, to reflect new information obtained about facts and
circumstances that existed at the acquisition date that, if known, would have affected the amounts
recognized at that date.
Goodwill
Goodwill arising on the acquisition of a business is carried at cost as established at the date of acquisition of
the business less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is allocated to each of the Group's cash-generating units (or
groups of cash-generating units) that is expected to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more
frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-
generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the
carrying amount of each asset in the unit. Any impairment of goodwill is recognized directly in profit/(loss).
An impairment loss recognized for goodwill is not reversed in subsequent periods.
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the
determination of the profit/(loss) on disposal.
Foreign currencies
In preparing the financial statements of each individual Group entity, transactions in currencies other than
the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the
dates of the transactions. At the end of each reporting period, monetary items denominated in foreign
currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that
are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are
not retranslated.
For the purposes of presenting these consolidated financial statements, the assets and liabilities of the
Group’s foreign operations are translated into DKK using exchange rates prevailing at the end of each
reporting period. Income and expense items are translated at the average exchange rates for the period.
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65
Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in
equity (and attributed to non-controlling interests as appropriate).
On the disposal of foreign operations (i.e. disposal of the Group’s entire interest in foreign operations or
disposal involving loss of control over a subsidiary that includes foreign operations, all of the exchange
differences accumulated in equity in respect of such operations attributable to the owners of the parent
company are reclassified to profit/(loss).
Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition
of foreign operations are treated as assets and liabilities of such foreign operations and translated at the rate
of exchange prevailing at the end of each reporting period. Exchange differences arising are recognized in
other comprehensive income.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on the taxable profit for the year. The Group’s current tax is calculated
using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Uncertain tax positions are measured at the amount estimated to be required to settle such potential future
obligations. We measure these uncertain tax positions on a yearly basis through interviews with key
stakeholders in the main Group entities.
The measurement addresses the accounting for income taxes when tax treatments involve uncertainty that
affects the application of IAS 12 and IFRIC 23.
Deferred tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in
the consolidated financial statements and the corresponding tax bases used in the computation of taxable
profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax
assets are generally recognized for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial
recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither
the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the
temporary difference arises from the initial recognition of goodwill.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to
the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of
the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from
the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.
Current and deferred tax for the year
Current and deferred tax are recognized in profit/(loss), except when they relate to items that are recognized
in other comprehensive income or directly in equity, in which case the current and deferred tax are also
recognized in other comprehensive income or directly in equity, respectively. Where current tax or deferred
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tax arises from the initial accounting for a business combination, the tax effect is included in the accounting
for the business combination.
Income statement and statement of comprehensive income
Revenue recognition
Revenue from sale of goods is recognized when control of the goods has transferred to the customer, being
when the goods are delivered to the customer. Delivery typically occurs when goods are placed along-side
the customer’s ship.
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for
estimated customer returns, rebates and other similar allowances. The payment terms are typically between
30 to 60 days and the transaction price is therefore not adjusted for the effects of a significant financing
component. No special obligations in relation to warranties or return obligations compared to the industry.
Cost of sales
Cost of sales includes expenses incurred to purchase goods, adjusted for changes in inventories of goods for
resale.
Leases
The Group as a lessee
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group
recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in
which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets (such as tablets and personal computers, small items of office furniture and
telephones). For these leases, the Group recognizes the lease payments as an operating expense on a
straight-line basis over the term of the lease unless another systematic basis is more representative of the
time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the lessee uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
• Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
• Variable lease payments that depend on an index or rate, initially measured using the index or rate
at the commencement date;
• The amount expected to be payable by the lessee under residual value guarantees;
• The exercise price of purchase options, if the lessee is reasonably certain to exercise the options;
and
• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option
to terminate the lease.
The lease liability is presented as a separate line in the consolidated statement of financial position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease
liability (using the effective interest method) and by reducing the carrying amount to reflect the lease
payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use
asset) whenever:
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• The lease term has changed or there is a significant event or change in circumstances resulting in a
change in the assessment of exercise of a purchase option, in which case the lease liability is
remeasured by discounting the revised lease payments using a revised discount rate.
• The lease payments change due to changes in an index or rate or a change in expected payment
under a guaranteed residual value, in which cases the lease liability is remeasured by discounting
the revised lease payments using an unchanged discount rate (unless the lease payments change is
due to a change in a floating interest rate, in which case a revised discount rate is used).
• A lease contract is modified and the lease modification is not accounted for as a separate lease, in
which case the lease liability is remeasured based on the lease term of the modified lease by
discounting the revised lease payments using a revised discount rate at the effective date of the
modification.
The Group did not make any such adjustments during the periods presented.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments
made at or before the commencement day, less any lease incentives received and any initial direct costs.
They are subsequently measured at cost less accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site
on which it is located or restore the underlying asset to the condition required by the terms and conditions of
the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-
of use asset, the costs are included in the related right-of-use asset.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying
asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that
the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful
life of the underlying asset. The depreciation starts at the commencement date of the lease.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any
identified impairment loss as described in the ‘Property, Plant and Equipment’ policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease
liability and the right-of-use asset. The related payments are recognized as an expense in the period in which
the event or condition that triggers those payments occurs and are included in ‘Other expenses’ in profit or
loss (see Note 13).
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account
for any lease and associated non-lease components as a single arrangement. The Group has not used this
practical expedient. For contracts that contain a lease component and one or more additional lease or non-
lease components, the Group allocates the consideration in the contract to each lease component on the
basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the
non-lease components.
The Group as lessor
The Group enters into lease agreements as a lessor with respect to some of its investment properties.
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the
lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a
finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate
contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset
arising from the head lease.
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Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount
of the leased asset and recognized on a straight-line basis over the lease term.
Amounts due from lessees under finance leases are recognized as receivables at the amount of the Group’s
net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a
constant periodic rate of return on the Group’s net investment outstanding in respect of the leases.
When a contract includes lease and non-lease components, the Group applies IFRS 15 to allocate the
consideration under the contract to each component.
Employee benefits
Retirement benefit costs and termination benefits
Payments to defined-contribution retirement benefit plans are recognized as an expense when employees
have rendered service entitling them to the contributions.
Wrist Ship Supply Group does not have any material defined-benefit plans.
Short-term and other long-term employee benefits
A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual leave and
sick leave in the period in which the related service is rendered at the undiscounted amount of the benefits
expected to be paid in exchange for that service.
Liabilities recognized in respect of other long-term employee benefits mainly consist of jubilee obligations,
and are measured at the present value of the estimated future cash outflows expected to be made by the
Group in respect of services provided by employees up to the reporting date.
Other operating income and expenses
Other operating income and expenses comprise income and expenses of a secondary nature viewed in
relation to the Group’s primary activities, including gains (losses) from the sale of tangible and intangible non-
current assets.
Financial income and expenses
Financial income and expenses include interest, foreign currency gains and losses of payables and foreign
currency transactions as well as amortization of financial assets and liabilities, including finance lease
obligations and surcharges and refunds under the on-account tax scheme, etc.
Balance sheet
Intangible assets
Software is recognized initially at cost including the directly attributable cost of preparing the software for its
intended use. Software is amortized on a straight-line basis over the estimated useful life (3-6 years).
Internally generated assets arising from development are recognized if, and only if, all of the following have
been demonstrated:
• the technical feasibility of completing the intangible asset so that it will be available for use or sale;
• the intention to complete the intangible asset and use or sell it;
• the ability to use or sell the intangible asset;
• how the intangible asset will generate probable future economic benefits;
• the availability of adequate technical, financial and other resources necessary to complete the
development and to use or sell the intangible asset; and
• the ability to measure reliably the expenditure attributable to the intangible asset during its
development
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The cost of internally generated assets is the sum of expenditure incurred from the date when the intangible
asset first meets the recognition criteria listed above, and comprises all directly attributable costs necessary
to create, produce, and prepare the asset to be capable of operating in the manner intended by
management.
Other intangible assets
Customer relations acquired separately in a business combination are recognized at fair value at the
acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated
amortization and impairment losses.
Property, plant and equipment
Sites and buildings, leasehold improvements as well as other facilities, equipment and fixtures are stated at
cost less accumulated depreciation and accumulated impairment losses. Cost comprises the acquisition price,
costs directly related to the acquisition and the costs of preparing the asset up until such time as the asset is
ready for use. Land is not depreciated.
If the acquisition or use of the asset requires the Group to incur costs for dismantling or restoration of the
asset, the estimated costs of such measures are recognized as a provision and a part of the cost of the asset
concerned, respectively.
The basis of depreciation is the cost of the asset less its residual value. The residual value is the expected
amount that could be obtained if the asset were sold today less selling costs if the asset already had the age
and was in the condition that the asset is expected to be in at the end of its useful life. The cost of a
combined asset is split into smaller parts which are depreciated separately if the useful lives differ.
Depreciation is recognized so as to write off the cost or valuation of assets (other than land) less their
residual values over their useful lives, using the straight-line method. The estimated useful lives, residual
values and depreciation method are reviewed at the end of each reporting period, with the effect of any
changes in estimates being accounted for on a prospective basis.
The depreciation periods are as follows:
• Buildings, 20-40 years
• Fixtures and fittings, tools and equipment, 3-6 years
• Leasehold improvements, 3-7 years or the lease term if shorter
• Ships, 15-20 years
An item of property, plant and equipment is derecognized upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain/(loss) arising on the disposal or
retirement of an item of property, plant and equipment is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognized in profit/(loss).
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a
first-in-first-out basis. Net realisable value represents the estimated selling price of inventories less all
estimated costs of completion and costs necessary to make the sale.
Receivables
Receivables comprise trade receivables, contract assets, receivables from Group enterprises and other
receivables.
On initial recognition, receivables other than trade receivables are measured at fair value less transaction
costs and subsequently at amortized cost, which usually corresponds to the nominal value less write-down
for bad debts.
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Trade receivables are initially recognized at their transaction price, being the amount to which the Group is
expected to be entitled.
Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past
event, when it is probable that the Group will be required to settle the obligation, and when a reliable
estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its
carrying amount is the present value of those cash flows (when the effect of the time value of money is
material).
Financial instruments
Financial assets and financial liabilities are recognized when a Group entity becomes a party to the
contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted
from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Financial assets
All financial assets, except derivatives that are assets, are classified at amortized cost, as they are held within
a business model whose objective is to hold financial assets in order to collect contractual cash flows, and the
contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Impairment of financial assets
Financial assets are assessed for indications of impairment at the end of each reporting period. Financial
assets are considered to be impaired when there is objective evidence that, as a result of one or more events
that occurred after the initial recognition of the financial asset, the estimated future cash flows of the
investment have been affected.
Wrist Ship Supply Group has historically not experienced material losses related to receivables.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets
with the exception of trade receivables, where the carrying amount is reduced through the use of an
allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance
account. Subsequent recoveries of amounts previously written off are credited against the allowance
account. Changes in the carrying amount of the allowance account are recognized in profit/(loss).
For financial assets measured at amortized cost, if, in a subsequent period, the amount of the impairment
loss decreases and the decrease can be attributed objectively to an event occurring after the impairment was
recognized, the previously recognized impairment loss is reversed through profit/(loss) to the extent that the
carrying amount of the investment.
An allowance for expected credit losses is recognized on initial recognition of all financial assets measured at
amortized costs, and remeasured at each reporting date.
For trade receivables and contract assets expected credit losses are measured as lifetime expected credit
losses.
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To measure the expected credit losses, trade receivables and contract assets have been grouped based on
shared credit risk characteristics and the days past due. For trade receivables and contract assets that are
considered credit impaired, the expected credit loss is determined individually.
Trade receivables and contract assets are written off when all possible options have been exhausted and
there is no reasonable expectation of recovery.
Loss allowance is calculated using a provision matrix that incorporates an ageing factor, geographical risk and
specific customer knowledge. The provision matrix is based on historical credit losses incurred within relevant
time-bands of days past due adjusted for a forward looking element. The forward looking element include
consideration of country credit ratings, based on information from external rating agencies, and
management’s expectations related to future development in the market in question and economics in
general if relevant.
Other financial assets relate to receivable from Group enterprises for which expected credit losses are
measured at 12 months expected credit losses unless there has been a significant increase in the credit risk
since initial recognition. No such increase in credit risk has been experienced, at expected credit losses
related to receivables from Group enterprises.
Other non-current assets
Other non-current assets mainly relate to deposits and loans which are measured at amortized cost.
Amortization for the year is stated in the income statement.
Financial liabilities and equity instruments
Classification as debt or equity
Debt and equity instruments issued by a Group entity are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangements and the definitions of a financial liability and
an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by a Group entity are recognized at the proceeds
received, net of direct issue costs.
Repurchase of the parent company’s own equity instruments is recognized and deducted directly in equity.
No gain/(loss) is recognized in profit/(loss) on the purchase, sale, issue or cancellation of the parent
company’s own equity instruments.
Financial liabilities
Financial liabilities in Wrist Supply Group are all classified as “other financial liabilities” measured at
amortized cost except for liabilities related to derivatives entered into hedge future cash flows, which are
classified as liabilities at fair value through profit/(loss).
Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at
amortized cost using the effective interest method.
The effective interest method is a method of calculating the amortized cost of a financial liability and of
allocating the interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments (including all fees and points paid or received that form an integral
part of the effective interest rate, transaction costs and other premiums or discounts) through the expected
life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial
recognition.
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Derivative financial instruments
The Group enters into derivative financial instruments to manage its exposure to interest rate and foreign
exchange rate risks, including foreign exchange forward contracts and interest rate swaps. Further details of
derivative financial instruments are disclosed in note 26.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are
subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognized in
profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which
event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative
fair value is recognized as a financial liability. Derivatives are not offset in the financial statements unless the
Group has both a legally enforceable right and intention to offset.
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk and
interest rate risk in fair value hedges and cash flow hedges, respectively.
Fair value hedges:
The fair value change on qualifying hedging instruments is recognized in profit or loss.
The carrying amount of a hedged item not already measured at fair value is adjusted for the fair value change
attributable to the hedged risk with a corresponding entry in profit or loss.
Where hedging gains or losses are recognized in profit or loss, they are recognized in the same line as the
hedged item.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to
meet the qualifying criteria. This includes instances when the hedging instrument expires or is sold,
terminated or exercised. The discontinuation is accounted for prospectively. The fair value adjustment to the
carrying amount of the hedged item arising from the hedged risk is amortized to profit or loss from that date.
Cash flow hedges:
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow
hedges is recognized in other comprehensive income and accumulated under the heading of cash flow
hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the
hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss and is
included in financial items.
Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to
profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized
hedged item.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to
meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging
instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively.
Any gain or loss recognized in other comprehensive income and accumulated in cash flow hedge reserve at
that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a
forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge
reserve is reclassified immediately to profit or loss.
Segment information
The Group is not listed or in the process of becoming listed, and no segment information is disclosed
according to IFRS.
Annual Report 2022
Wrist Ship Supply A/S
73
In note 1, revenue is split between Europe and the rest of the world as well as into the sale of goods and
services. This information is not segment information in accordance with IFRS.
Cash flow statement
The cash flow statement is presented according to the indirect method and shows the composition of the
cash flow divided into operating, investing and financing activities, respectively, and the cash funds at the
beginning and end of the year.
Cash funds consist of cash in hand and bank deposits.
Loans represent total interest-bearing debt items less interest-bearing receivables. Formation of leases are
considered as non-cash transactions
All other non-interest-bearing receivables and debt items are regarded as working capital.
Cash flows from operating activities are stated as Profit before tax (EBT) adjusted for non-cash operating
items, changes in working capital, financial items and paid tax.
Cash flows from investing activities comprise payments made in connection with the acquisition and disposal
of enterprises and activities and the acquisition and disposal of non-current assets.
Cash flows from financing activities comprise payments to and contributions from owners as well as the
raising and repayment of loans.
Impact from new IFRS
The implementation of new or amended standards and interpretations that have come into force for financial
statement preparers for 2022 has not resulted in any changes to recognition and measurement or to note
disclosures.
At the date of the presentation of this annual report, a number of new or amended standards and
interpretations exist that have not yet become effective and are therefore not included in the annual report.
The new standards and interpretations will be implemented as they become mandatory.
Annual Report 2022
Wrist Ship Supply A/S
74
PARENT
INCOME STATEMENTS
2022 2021
Note DKK'000 DKK'000
Net sales 1 474,926 407,909
Cost of sales -335,314 -293,140
Gross profit 139,612 114,769
Other external expenses 2 -124,263 -111,987
Staff costs 3 -140,140 -123,140
Other operating income 4 155,431 123,546
Depreciation and amortization 5 -43,502 -40,564
Operating profit before interest and tax (EBIT) -12,862 -37,376
Profit from investments in subsidaries 12 120,032 79,483
Financial income 6 53,859 44,020
Financial expenses 7 -49,449 -32,961
Profit before tax (EBT) 111,580 53,166
Income tax 8 1,274 4,752
Net profit for the year 112,854 57,918
Attributable to:
Shareholders of Wrist Ship Supply A/S 112,854 57,918
112,854 57,918
Annual Report 2022
Wrist Ship Supply A/S
75
PARENT
STATEMENTS OF COMPREHENSIVE INCOME
2022 2021
Note DKK'000 DKK'000
Net profit for the year 112,854 57,918
Other comprehensive income
Exchange differences, foreign entities 21,792 46,468
Total comprehensive income 134,646 104,386
Attributable to:
Shareholders of Wrist Ship Supply A/S 134,646 104,385
134,646 104,385
Annual Report 2022
Wrist Ship Supply A/S
76
PARENT
BALANCE SHEETS, ASSETS
2022 2,021
Note DKK'000 DKK'000
Software
80,636
56,985
Intangible assets in development 7,231 3,014
Intangible assets 9 87,867 59,999
Fixtures and equipment 10 4,275 2,965
Leasehold improvements 10 1,191 1,102
Leased assets 11 148,792 49,029
Property, plant and equipment 154,258 53,096
Investment in subsidiaries 12 1,009,205 931,517
Other non-current assets 1,009,205 931,517
Total non-current assets 1,251,330 1,044,612
Inventories 53,413 42,479
Trade receivables 14 64,687 46,117
Receivables from group enterprises 1,014,023 956,113
Joint taxation receivable 7,989 7,423
Other receivables 16,980 30,176
Prepayments 11,846 301
Receivables 1,115,525 1,040,130
Cash and cash equivalents 268 67,419
Total current assets 1,169,206 1,150,028
Total assets 2,420,536 2,194,640
Annual Report 2022
Wrist Ship Supply A/S
77
PARENT
BALANCE SHEET, EQUITY AND LIABILITIES
2022 2021
Note DKK'000 DKK'000
Share capital 17,000 17,000
Reserve for net revaluation under the equity method 28,871 37,607
Reserve for development projects 23,478 21,514
Retained earnings 997,087 855,669
Shareholders´ equity 1,066,436 931,790
Liabilities
Loss in subsidaries 12 98,362 81,407
Deferred tax 13 7,234 2,186
Provisions 15 5,772 5,421
Debt to credit institutions 16 519,808 552,101
Lease debt 16 140,213 39,461
Other debt 16 20,076 0
Total non-current liabilities 791,465 680,576
Installment of non-current debt next year 16 96,692 53,274
Trade creditors 94,841 82,119
Debt to group enterprises 329,991 393,517
Other payables 17 41,111 53,364
Total current liabilities 562,635 582,274
Total liabilities 1,354,100 1,262,850
Total equity and liabilities 2,420,536 2,194,640
Annual Report 2022
Wrist Ship Supply A/S
78
PARENT
STATEMENTS OF SHAREHOLDERS’ EQUITY
Reserve for
net
revaluation Reserve for
Share under development Retained
capital the equity projects earnings Total
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
Shareholders' equity at 1 January 2022 17,000 37,607 21,514 855,669 931,790
Net profit for the year 0 120,032 0 -7,178 112,854
Dividend 0 -150,420 0 150,420 0
Exchange differences, foreign entities 0 21,792 0 0 21,792
Transfer to reserves 0 -140 1,964 -1,824 0
Total comprehensive income 0 -8,736 1,964 141,418 134,646
Shareholders' equity at 31 December 2022 17,000 28,871 23,478 997,087 1,066,436
Shareholders' equity at 1 January 2021 17,000 0 22,623 787,699 827,322
Net profit for the year 0 79,483 0 -21,565 57,918
Dividend 0 -77,992 0 77,992 0
Exchange differences, foreign entities 0 46,468 0 0 46,468
Transfer to reserves 0 -10,352 -1,109 11,461 0
Total comprehensive income 0 37,607 -1,109 67,888 104,386
Other changes 0 0 0 82 82
Shareholders' equity at 31 December 2021 17,000 37,607 21,514 855,669 931,790
Number of shares is 17,000 with the nominel value of DKK 1,000.
All shares are fully issued and paid up.
No dividend was declared in 2022 or 2021.
Annual Report 2022
Wrist Ship Supply A/S
79
PARENT
CASH FLOW STATEMENT
2022 2021
Note DKK'000 DKK'000
Profit before tax (EBT) 111,580 53,166
Profit from investments in subsidiaries
-120,032
-79,483
Depreciation and amortization
43,502
40,564
Changes in working capital 18 6,655 -63,853
Adjustments for non-cash items 19 -9,855 -15,483
Cash flow from ordinary operating activities 31,850 -65,089
Financial income 53,825 43,129
Financial expenses -40,355 -29,908
Income taxes refunded/paid 5,756 4,648
Cash flow from operating activities (CFFO) 51,076 -47,220
Acquisition etc. of intangible assets -50,952 -32,877
Acquisition etc. of property, plant and equipment -3,245 -1,700
Sale of property, plant and equipment 132 0
Acquisition of enterprises -49,393 -32,000
Dividend received 150,420 77,992
Cash flow from investing activities (CFFI) 46,962 11,415
Installments on loans etc. 20 -20,510 -18,567
Cash flow from group enterprises -144,679 107,816
Other cash flows from financing activities 0 44
Cash flow from financing activities -165,189 89,293
Cash flow for the year -67,151 53,488
Cash and cash equivalents at 1 January 67,419 13,931
Cash and cash equivalents at 31 December 268 67,419
The cash flow statement cannot be derived from the published financial information only.
Mortgages and collateral 21
Contingent liabilities 22
Related parties and group relations 23
Financial risks and financial instruments 24
Events after the reporting period 25
Accounting policies 26
Annual Report 2022
Wrist Ship Supply A/S
80
PARENT
NOTES TO THE STATEMENTS
2022 2021
DKK'000 DKK'000
1 Net sales
Europe 443,908 368,947
Northern America 5,004 7,598
Asia 12,086 13,259
Middle East and Africa 1,936 6,836
Other regions 11,992 11,269
474,926 407,909
Hereof sales of services 44,610 49,938
The Group is not listed or in the process of becoming listed, and no segment information is disclosed according to
IFRS. Revenue is split between geographical regions. This information does not amount to segment information to
IFRS.
2022 2021
DKK'000 DKK'000
2 Fees to auditors appointed at the annual general meeting
Statutory audit 830 1,054
Tax and VAT services 0 114
Non-audit services 204 728
Fees to auditor 1,034 1,896
Annual Report 2022
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81
2022 2021
DKK'000 DKK'000
3 Staff costs
Wages and salaries and related expenses 131,088 114,709
Pension costs 7,534 6,987
Other social security costs 1,518 1,444
140,140 123,140
Average number of full-time employees at 31 December 213 205
Number of full-time employees at 31 December 219 209
Other top
Board of Executive manage-
Directors Board ment Total
DKK'000 DKK'000 DKK'000 DKK'000
Remuneration 1,117 0 0 1,117
Salary 0 10,300 7,391 17,691
Bonus 0 10,244 1,643 11,887
Pension, company contributions 0 0 407 407
Benefits (car, housing, phone etc.) 0 492 478 970
Cost at 31 December 2022 1,117 21,036 9,919 32,072
Remuneration 1,117 0 0 1,117
Salary 0 7,000 5,595 12,595
Bonus 0 3,917 718 4,635
Pension, company contributions 0 0 400 400
Benefits (car, housing, phone etc.) 0 535 433 968
Cost at 31 December 2021 1,117 11,452 7,146 19,715
The Executive Board and a number of members of other top management in both the parent company and in the
Group are comprised by special bonus arrangements based on individual performance targets. For the Executive
Board the bonus payments are maximized at 70% of the individual basic salary, and for other top management
these vary between 10% to 60% of the individual basic salary. In 2022 the Executive Board have been extended
from 2 to 3 persons.
Certain employees and members of management have in the period 2012 to 2022 acquired warrants and shares in
the parent Wrist Ship Supply Holding A/S at the fair value of the warrants and shares at the date of acquisition. The
warrants and shares are fully vested. The warrants outstanding at 31 December 2022 are exercisable at the time
Wrist Ship Supply Holding A/S is sold or becomes listed. However, exercise also requires that certain thresholds for
increase in the fair value of the shares in Wrist Ship Supply Holding A/S are achieved.
Annual Report 2022
Wrist Ship Supply A/S
82
3 Staff costs continuing
Excercise
prices
Warrants DKK
Number of outstanding warrants
1 January 2021 657 64,808 - 120,015
Transfer 0
Issue of new warrants 55
Excercised by share subscription 0
31 December 2021 712 64,808 - 123,963
Transfer 0
Issue of new warrants 0
Excercised by share subscription 0
31 December 2022 712 64,808 - 123,963
Share valuation at 31 December 2022:
Undiluted 167,465
Diluted 165,572
As the warrants and shares are purchased by the employees at their fair value, no amounts related to the warrants
or shares are recognized in the Wrist Ship Supply A/S Group.
2022 2021
DKK'000 DKK'000
4 Other operating income
Rent income 4,616 4,645
Gain from sale of non-current assets 132 0
Salary Reimbursements 1,942 2,035
Group fees 148,741 116,866
155,431 123,546
2022 2021
DKK'000 DKK'000
5 Depreciation and amortization
Amortization of intangible assets 23,084 19,155
Depreciation of property, plant and equipment 1,480 1,628
Depreciation of leased property and equipment 18,572 19,375
Leasehold improvements 366 406
43,502 40,564
Annual Report 2022
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83
2022 2021
DKK'000 DKK'000
6 Financial income
Interest income arising from Group enterprises 41,308 38,709
Interest income 12,551 4,419
Exchange rate adjustments 0 892
53,859 44,020
All financial assets are measured at amortized costs, and hence all interest income is from financial assets measured
at amortized cost.
2022 2021
DKK'000 DKK'000
7 Financial expenses
Interest expense arising from Group enterprises 0 469
Interest expenses 37,687 25,411
Exchange rate adjustments 3,101 0
Interest from leases 2,701 2,000
Other financial expenses 5,960 5,081
49,449 32,961
All financial liabilities are measured at amortized cost, and hence all interest expenses are from financial liabilities
measured at amortized cost.
Annual Report 2022
Wrist Ship Supply A/S
84
2022 2021
DKK'000 DKK'000
8 Income tax
Current tax:
Current tax on profit for the year -6,352 -7,423
Adjustment in respect of prior years 30 -218
Total current tax -6,322 -7,641
Adjustment of deferred tax asset/liability 4,766 2,889
Adjustment of deferred tax asset/liability in respect of prior years 282 0
5,048 2,889
Total income tax -1,274 -4,752
Reconciliation of tax rate
Earnings before tax 111,580 53,166
Calculated tax at Danish statutory rate of 22% (of EBT) 24,548 11,696
Adjustment in respect of prior years 312 -218
Income/Loss from subsidiaries or associates -26,407 -17,486
Income / expenses not subject to tax 273 1,256
Tax charge -1,274 -4,752
Effective tax rate (%) -1.1% -8.9%
Annual Report 2022
Wrist Ship Supply A/S
85
Intangible
assets in
develop-
Software ment Total
DKK'000 DKK'000 DKK'000
9 Intangible assets
Cost at 1 January 2022 181,390 3,014 184,404
Additions 46,735 4,217 50,952
Cost at 31 December 2022 228,125 7,231 235,356
Amortization at 1 January 2022 124,405 0 124,405
Amortization for the year 23,084 0 23,084
Amortization at 31 December 2022 147,489 0 147,489
Carrying amount at 31 December 2022 80,636 7,231 87,867
Cost at 1 January 2021 148,184 3,343 151,527
Additions 32,877 0 32,877
Transfer 329 -329 0
Cost at 31 December 2021 181,390 3,014 184,404
Amortization at 1 January 2021 105,250 0 105,250
Amortization for the year 19,155 0 19,155
Amortization at 31 December 2021 124,405 0 124,405
Carrying amount at 31 December 2021 56,985 3,014 59,999
Annual Report 2022
Wrist Ship Supply A/S
86
Leasehold
Fixtures and improve-
equipment ments Total
DKK'000 DKK'000 DKK'000
10 Property, plant and equipment
Cost at 1 January 2022 25,828 7,430 33,258
Additions 2,790 455 3,245
Disposals -531 0 -531
Cost at 31 December 2022 28,087 7,885 35,972
Depreciation at 1 January 2022 22,863 6,328 29,191
Depreciation for the year 1,480 366 1,846
Reversal regarding disposals -531 0 -531
Depreciation at 31 December 2022 23,812 6,694 30,506
Carrying amount at 31 December 2022 4,275 1,191 5,466
Cost at 1 January 2021 24,776 6,781 31,557
Additions 1,052 648 1,700
Cost at 31 December 2021 25,828 7,430 33,258
Depreciation at 1 January 2021 21,235 5,922 27,157
Depreciation for the year 1,628 406 2,034
Depreciation at 31 December 2021 22,863 6,328 29,191
Carrying amount at 31 December 2021 2,965 1,102 4,067
Annual Report 2022
Wrist Ship Supply A/S
87
Leased Leased
buildings equipment Total
DKK'000 DKK'000 DKK'000
11 Leases
Cost at 1 January 2022 90,332 13,863 104,195
Additions 112,425 5,910 118,335
Disposals -687 -5,745 -6,432
Cost at 31 December 2022 202,070 14,028 216,098
Depreciation at 1 January 2022 47,014 8,152 55,166
Depreciation for the year 15,335 3,237 18,572
Reversal regarding disposals -687 -5,745 -6,432
Depreciation at 31 December 2022 61,662 5,644 67,306
Carring amount at 31 December 2022 140,408 8,384 148,792
Cost at 1 January 2021 88,741 11,519 100,260
Additions 1,591 2,344 3,935
Cost at 31 December 2021 90,332 13,863 104,195
Depreciation at 1 January 2021 30,902 4,889 35,791
Depreciation for the year 16,112 3,263 19,375
Depreciation at 31 December 2021 47,014 8,152 55,166
Carrying amount at 31 December 2021 43,318 5,711 49,029
Annual Report 2022
Wrist Ship Supply A/S
88
11 Leases continuing
2022 2021
DKK'000 DKK'000
Lease liabilities
Within 1 year 19,334 32,804
Between 1-3 years 19,788 66,516
Between 3-5 years 49,585 926
More than 5 years 93,414 417
Total undiscounted lease payments 182,121 100,663
Carrying amount at 31 December 157,094 58,335
2022 2021
DKK'000 DKK'000
Leases recognized in the Profit Loss Statement
Income from subleases 4,616 4,645
Short-term
*)
and low-value leases expenses 76 0
Interest from leases 2,701 2,000
*)
Short term lease expense is related to contract with a lease period of less than 12 months.
2022 2021
DKK'000 DKK'000
12 Investments in subsidiaries
Cost at 1 January 812,503 780,503
Additions 69,469 32,000
Cost at 31 December 881,972 812,503
Value adjustments at 1 January 37,607 -10,216
Exchange rate adjustments 21,652 46,468
Dividend distribution -150,420 -77,992
Profit for the year after tax 120,032 79,483
Other adjustments 0 -136
Value adjustments at 31 December 28,871 37,607
Investments in subsidiaries with a negative net asset:
Provisions for loss in subsidiaries 98,362 81,407
Carrying amount at 31 December 1,009,205 931,517
Impairment test has been performed in relation to goodwill, which supports the carrying amounts on the
investments. Reference is made to note 10 in the consolidated financial statement, where key assumptions and
sensitivity in impairment test are disclosed.
Annual Report 2022
Wrist Ship Supply A/S
89
Intangible Tangible Current Long term Short term Total
assets assets assets Provisions liabilities liabilities deferred tax
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
13 Deferred tax asset and deferred tax
liabilities
Deferred tax at 1 January 2022 12,537 7,790 -802 -3,001 -14,331 -7 2,186
Transfer 0 -8,869 0 0 8,862 7 0
Charge to the income statement 5,203 -216 -5 413 -554 -75 4,766
Adjustments to previous years (through
the income statement)
0 282 0 0 0 0 282
Deferred tax at 31 December 2022 17,740 -1,013 -807 -2,588 -6,023 -75 7,234
Deferred tax is presented in the balance sheet as follows:
Deferred tax asset 0
Deferred tax liability 7,234
Deferred tax asset year end, net -7,234
The Group expects to utilize the deferred tax assets as the Group entities generel have a positive taxable income.
Deferred tax at 1 January 2021 9,446 14,395 -1,040 -3,302 -19,981 -7 -489
Charge to the income statement 3,091 -3,559 0 303 2,917 0 2,752
Adjustments to previous years (through
the income statement)
0 -3,046 238 -2 2,733 0 -77
Deferred tax at 31 December 2021 12,537 7,790 -802 -3,001 -14,331 -7 2,186
Deferred tax is presented in the balance sheet as follows:
Deferred tax asset 0
Deferred tax liability 2,186
Deferred tax asset year end, net -2,186
The Group expects to utilize the deferred tax assets as the Group entities generel have a positive taxable income.
Annual Report 2022
Wrist Ship Supply A/S
90
2022 2021
DKK'000 DKK'000
14 Trade receivables
Trade receivables 66,486 47,916
Provisions for impairment of trade receivables -1,799 -1,799
64,687 46,117
Impairment losses at 1 January -1,799 -1,815
Losses realized for the year 0 16
Impairment losses at 31 December -1,799 -1,799
The expected credit losses in income statement amount to DKK 0k (2021: DKK 0k).
Not past
Total due < 30 days 30-60 days 61-90 days > 91 days
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
Trade receivables 66,486 44,488 13,354 3,300 1,350 3,994
Expected credit loss rate (%) 0.0% 0.0% 0.0% 0.0% 45.0%
Estimated total gross carrying
amount at default 1,799 0 0 0 0 1,799
Not past
Total due < 30 days 30-60 days 61-90 days > 91 days
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
Trade receivables 47,916 35,099 7,356 2,679 839 1,942
Expected credit loss rate (%) 0.0% 0.0% 0.0% 0.0% 92.6%
Estimated total gross carrying
amount at default 1,799 0 0 0 0 1,799
Past due at 31 December 2022
Past due at 31 December 2021
Annual Report 2022
Wrist Ship Supply A/S
91
Provisions
for pension
and Provisions Provisions
pension- for for
like restoration dismantling Total
liabilities liabilities liabilities provisions
DKK'000 DKK'000 DKK'000 DKK'000
15 Provisions
Provisions at 1 January 2022 518 4,591 312 5,421
Increase 0 207 0 207
Discounting interests 0 137 7 144
Provisions at 31 December 2022 518 4,935 319 5,772
Non-current provisions 518 4,935 319 5,772
Current provisions 0 0 0 0
Provisions at 1 January 2021 518 4,244 305 5,067
Increase 0 207 0 207
Discounting interests 0 140 7 147
Provisions at 31 December 2021 518 4,591 312 5,421
Non-current provisions 518 4,591 312 5,421
Current provisions 0 0 0 0
Provisions for restoration liabilities are where the company has an obligation to restore rented facilities upon
vacating such facilities.
Provisions for dismantling liabilities are where the company is obligated to dismantle assets placed in rented
facilities.
Provisions for pension and pension-like liabilities are where the company is obligated to pay anniversary bonuses
Annual Report 2022
Wrist Ship Supply A/S
92
Payments
due Outstand-
Payments between ing after
due 1 year 1-5 years 5 years Total
2022 2022 2022 2022
DKK'000 DKK'000 DKK'000 DKK'000
16 Current and non-current liabilities
Lease debt 16,881 54,148 86,065 157,094
Debt to credit institutions 79,811 519,808 0 599,619
Debt to group enterprises 329,991 0 0 329,991
Other debt 0 20,076 0 20,076
426,683 594,032 86,065 1,106,780
Other debt relates to deferred consideration regarding acquisition of enterprise.
Specification of contractual cash flows incl.
interest:
Lease debt 19,334 69,373 93,414 182,121
Debt to credit institutions 118,243 542,411 0 660,654
Debt to group enterprises 329,991 0 0 329,991
Other debt 0 20,076 0 20,076
467,568 631,860 93,414 1,192,842
Payments
due Outstand-
Payments between ing after
due 1 year 1-5 years 5 years Total
2021 2021 2021 2021
DKK'000 DKK'000 DKK'000 DKK'000
Lease debt 18,874 39,461 0 58,335
Debt to credit institutions 34,400 552,101 0 586,501
Debt to group enterprises 393,517 0 0 393,517
446,791 591,562 0 1,038,353
Specification of contractual cash flows incl.
interest:
Lease debt 32,804 67,442 417 100,663
Debt to credit institutions 60,779 589,653 0 650,432
Debt to group enterprises 393,517 0 0 393,517
487,100 657,095 417 1,144,612
Annual Report 2022
Wrist Ship Supply A/S
93
2022 2021
DKK'000 DKK'000
17 Other payables
Social security and other related expenses 24,065 18,805
Customer bonuses
10,298
8,732
Commissions 521 443
VAT 0 2,315
Other accrued expenses 6,229 23,069
41,113 53,364
2022 2021
DKK'000 DKK'000
18 Change in working capital
Increase/decrease in inventories -10,934 -7,800
Increase/decrease in receivables 5,834 -81,684
Increase/decrease in trade payables etc. 11,755 25,631
6,655 -63,853
2022 2021
DKK'000 DKK'000
19 Adjustments for non-cash items
Financial income and expenses -7,709 -13,966
Gains/losses from sale of non-current assets -132 0
Change in provisions -2,014 -1,517
-9,855 -15,483
Annual Report 2022
Wrist Ship Supply A/S
94
Total
liabilities
from
Long-term Short-term Lease financing
borrowings borrowings liabilities activities
DKK'000 DKK'000 DKK'000 DKK'000
20 Reconciliation of liabilities arising
from financing activities
1 January 2022 552,101 34,400 58,335 644,836
Cash flows -2,880 -275 -17,355 -20,510
Non-cash change:
Reclassifications -36,729 36,729 0 0
Additions lease liabilities 0 0 118,335 118,335
Foreign exchange movement 10,854 8,939 0 19,793
Other 16,538 18 -2,221 14,335
31 December 2022 539,884 79,811 157,094 776,789
1 January 2021 564,597 88,439 74,693 727,729
Cash flows 0 0 -18,567 -18,567
Non-cash change:
Reclassifications -34,400 34,400 0 0
Additions from acquisitions 0 0 3,935 3,935
Foreign exchange movement 21,904 0 0 21,904
Other 0 -88,439 -1,726 -90,165
31 December 2021 552,101 34,400 58,335 644,836
21 Mortgages and collateral
Joint taxation arrangement
The Company is party to a mandatory Danish joint taxation arrangement with Wrist ADM ApS serving as the
administration company. The joint taxation arrangement complies with general Danish tax legislation and has
included other Danish sister companies due to common ultimate ownership. The company is from 1 July 2012
partial joint and secondary liability for obligations, if any, relating to withholding of tax on interest, royalties, and
dividend for the jointly taxed companies. However, secondary liability cannot exceed an amount equivalent to the
share of capital of the company which is owned directly or indirectly by the ultimate parent. Tax liabilities
concerning sister companies previously included in the joint tax arrangement and for which the company may be
jointly liable as described above are covered by an indemnification agreement with W.S.S. Holding A/S.
Wrist Ship Supply A/S has issued guaranties amounting to DKK 28m (2021: DKK 21m).
As security for the Group’s credit facilities, W.S.S. Holding A/S and Wrist Ship Supply Holding A/S has issued floating-
charge and share pledge securities to Nordea for all material companies in the Wrist Ship Supply Group.
Wrist Ship Supply A/S have issued a letter of support to Wrist-Klevenberg Ship Supply NL B.V where the parent
company will support the company financially in case of any needs.
Annual Report 2022
Wrist Ship Supply A/S
95
22 Contingent liabilities
The Company is involved in a few disputes, lawsuits, etc of various scopes. No significant liabilities are considered to
be incumbent on the Company in that respect, and the outcome of the disputes is not expected to have significant
impact on the Company's financial position beyond what has been recognized in the balance sheet.
23 Related parties and group relations
2022 2021
DKK'000 DKK'000
Financial items, net 951 884
Financial receivables 73,722 26,398
All transactions were made on terms equivalent to arm’s length principles.
Transactions with related parties:
Subsi- Manage-
diaries ment Total
DKK'000 DKK'000 DKK'000
2022
148,741 0 148,741
Financial items, net 40,357 0 40,357
Staff cost cf. note 3 0 -32,072 -32,072
Financial receivables 940,301 0 940,301
Financial payables -329,991 0 -329,991
Subsi- Manage-
diaries ment Total
DKK'000 DKK'000 DKK'000
2021
116,866 0 116,866
Financial items, net 37,356 0 37,356
Staff cost cf. note 3 0 -19,715 -19,715
Financial receivables 929,715 0 929,715
Financial payables -393,517 0 -393,517
Intra-group management and
administration agreements
Intra-group management and
administration agreements
Related parties of the company are Wrist Ship Supply Holding A/S, W.S.S. Holding A/S, O.W. Lux SARL and their
subsidiaries.
Altor Fund II GP Limited, Jersey is the ultimate controlling party and controls W.S.S. Holding A/S, which is the upper
Danish holding company of the Group.
Transactions with parent entities.
Annual Report 2022
Wrist Ship Supply A/S
96
24 Financial risks and financial instruments
Categories of financial instruments
Financial risk management
• Exchange rate risk
• Interest rate risk
• Liquidity risk
• Credit risk
Exchange rate risk
All financial assets and financial liabilities in Wrist Ship Supply A/S are measured at amortized cost except derivatives
used for hedging purposes, which are measured at fair value through profit or loss. At 31 December 2022 and 31
December 2021 no derivatives was in place.
Wrist manages its identified risks according to the risk management policies approved by the Board of Directors. The
policies are reviewed and approved by the Board on an annual basis and include:
The Company has centralized its management and monitoring of risks and measures exposures on a frequent basis.
The Group does not enter into speculation and the purpose of the risk management activities are to monitor and
reduce the Group’s exposures due to its operational, investment and financing activities.
In order to manage markets risks (i.e., exchange rate and interest rate risks), the Group enters into plain vanilla
derivatives such as FX forwards and interest rate swaps.
Each risk is described further below.
The Company’s business activities are predominantly based in USD, GBP and EUR, and many credit facilities are
denominated in DKK, USD and GBP (currencies listed according to the size of aggregated amounts). To reduce the
exchange rate risk, Wrist aims to match costs and revenues, as well as assets and liabilities, through representation
in the countries in which Wrist operates, and transacting in the functional currencies of the various business units.
Therefore, most of the business has no or very limited transaction-related exchange rate exposure. Significant
investments in foreign entities are financed in the investment currency. Consequently, material currency exposure
for the Company is limited to translation risks related to foreign subsidiaries, and the loans taken out to finance
these investments.
The Company is mainly exposed to the currencies USD and GBP. At 31 December 2022 and 31 December 2021 no
open cash flow hedge contracts was in place.
Annual Report 2022
Wrist Ship Supply A/S
97
Fair value hedge accounting
2022 2021
DKK'000 DKK'000
Impact on profit/(loss) from translation of debt -8,008 -7,163
59,474 54,645
Interest rate risk
Sensitivity analysis
Impact on equity from translation of investments in subsidiaries
Wrist primarily obtains financing with floating rates and are exposed to interest rate changes both in Denmark and
abroad. The interest rate exposure is primary related to fluctuations to CIBOR and LIBOR. The Company’s floating
rate loans at 31 December 2022 came in at DKK 560,075k (31 December 2021 at DKK 586,501k). With regard to the
Company’s floating rate loans and cash equivalents, an annual 1% increase in the interest level in proportion to the
actual interest rates would, other things being equal, have had an adverse hypothetical impact on the profit before
tax of DKK 5,601k (2021: DKK 5,121k) and on equity of DKK 4,369k (2021: DKK 3,995k). A declining interest level
would have had a corresponding positive impact on result and equity.
The sensitivity analysis was based on the Company’s exposure to floating-rate liabilities and derivatives at the end of
the reporting period. For floatingrate liabilities, the analysis is based on the assumption that the amount of liability
outstanding at the end of the reporting period was outstanding for the whole year.
The following table details the Company's sensitivity to a 10% increase in USD and GBP. The sensitivity analysis
includes investments in relevant subsidiaries and external debt, where the debt is denominated in the relevant
currency. A positive number indicates an increase in profit/(loss) or equity where the currency strengthens 10%
against DKK at the balance sheet date. A 10% weakening of the currency would have a comparable but opposite
impact on profit/(loss) and equity.
In order to reduce the exchange rate risk Wrist enters into FX forward contracts (buy EUR / sell DKK) on a rolling
basis (i.e. new FX instruments are entered into every third month) and are designated as hedging instruments in fair
value hedges of recognized EUR liabilities. There is an economic relationship between the hedged item and hedging
instruments since terms of the FX forward match the terms of the EUR loan (i.e. notional amount, maturity,
payment dates etc.). The Group designates the spot component only.
At 31 December 2022 and 31 December 2021 no hedging instrument or hedged item was in place.
At 31 December 2022 and 31 December 2021 no open interest hedge contracts was in place.
The Group enters into pay fixed/receive floating interest rate swaps in order to reduce the variability in future
interest payments. At 31 December 2022 and 31 December 2021 no open cash flow hedge contracts was in place.
Cash flow hedge accounting
Annual Report 2022
Wrist Ship Supply A/S
98
Liquidity risk
Credit risk
Fair values measurements
•
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices)
•
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Specification of financial assets and obligations
Carrying
value Fair value
Carrying
value Fair value
2022 2022 2021 2021
DKK'000 DKK'000 DKK'000 DKK'000
Loans and receivables 1,161,217 1,161,217 1,142,605 1,142,605
Derivatives used as hedging instruments, level 2 0 0 0 0
Financial obligations measured at amortized cost 1,110,934 1,110,934 1,072,843 1,072,843
Credit risk mainly relates to trade debtors, other receivables, and cash at banks. The aggregate amounts recognized
under these items in the balance sheet constitute the maximum credit risk. Receivables relate to shipping, ship
management, and catering companies. Credit risk associated with the shipping industry is handled by the global
credit function, which monitors the creditworthiness of existing and new customers and assists in collection. Wrist
conducts individual assessments of customer creditworthiness, and credit lines are managed globally. Cash is held
with banks with high credit ratings.
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible.
Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows.
Wrist has entered into a long-term committed financing agreement with credit facilities enabling both the current
operations and planned expansion. Treasury management is centralized and ensures that sufficient financial
resources are available to meet planned requirements. This is done by ensuring that the cash flow monthly matches
the planned cash needs. The entities in the Group have a positive cash flow monthly. Wrist is in a sound financial
position with significant positive cash flows from operating activities and adequate cash reserves. Reference is made
to note 16 where the maturity of financial obligations is disclosed.
The management is of the opinion that the carrying amounts of all other financial assets and liabilities recognized in
the consolidated financial statements approximate their fair values.
Wrist does not have any assets or liabilities measured at fair value other than interest rate derivative contracts
entered into to hedge future cash flows of floating rate financing. Interest rate derivative contracts are measured at
fair value based on discounted cash flows based on observable input (level 2). Future cash flows are estimated based
on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest
rates.
There has been no transfers between the levels in 2022 or 2021.
Group measures financial instruments fair value hedge at fair value level 2.
Annual Report 2022
Wrist Ship Supply A/S
99
25 Events after the reporting period
There has been no post-balance sheet events material to this Annual Report which have not been recognized
or mentioned.
26 Accounting policies
The financial statements of the parent company (Wrist Ship Supply A/S) are presented in conformity with the
provisions of the Danish Financial Statements Act for reporting class C enterprises.
The accounting policies for the Parent Company and for the Wrist Ship Supply Group are identical (see note
29 for the Wrist Ship Supply Group) except for the situations mentioned below.
The annual report have been prepared according to the same accounting policies as last year, but includes
some reclassifications in the presentation.
Situations, where the accounting policies of the Parent Company deviate from the Group’s
Investments in subsidiaries
Investments in subsidiaries are recognized and measured under the equity method. This means that
investments are measured at the pro rata share of the enterprises’ equity plus or less unamortized positive,
or negative, goodwill and plus or less unrealised intra-group profits or losses.
The Parent's share of the enterprises' profits or losses after elimination of unrealised intra-group profits and
losses and less amortization of goodwill is recognized in the income statement.
Subsidiaries with a negative equity value are measured at zero value, and any receivables from these
enterprises are written down by the Parent’s share of such negative equity if it is deemed irrecoverable. If the
negative equity exceeds the amount receivable, the remaining amount is recognized under provisions if the
Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise.
The purchase method is applied in the acquisition of investments in subsidiaries.
Corporation tax
The Parent Company is jointly taxed with all of its Danish subsidiaries with Wrist ADM ApS serving as the
administration company. The current Danish income tax is allocated among the jointly taxed companies
proportionally to their taxable income (full allocation with a refund concerning tax losses).
Capital structure
The Company’s management assesses whether the Company's capital structure is in line with the interests of the
company and its shareholders. The overall objective is to ensure a capital structure that supports long-term
profitable growth. As of 31 December 2022, the Company’s interest-bearing debt net comprise DKK 227m (2021:
DKK 181m), which is considered a reasonable level compared to the current need for financial flexibility. There are no
changes in the Company’s guidelines and procedures for managing capital structure in 2022.
Annual Report 2022
Wrist Ship Supply A/S
100
Subsidiaries
Company name Registered office in City
2022 2021
Danish Supply Corporation A/S Denmark Esbjerg 100 100
Garrets International A/S Denmark Noerresundby 100 100
Saga Shipping A/S Denmark Skagen 100 100
SkawPilot ApS Denmark Skagen 49 49
J.A. Arocha S.L. Spain Las Palmas 100 100
Wrist Ship Supply Spain S.L. Spain Algeciras 100 100
Wrist Europe (Norway) AS Norway Haugesund 100 100
Wrist Europe (Marseille) SAS France Marseille 100 100
Wrist Ship Supply Germany GmbH Germany Hamburg 100 100
Wrist Holding NL B.V. Netherlands Rotterdam 100 100
Den Helder Stores B.V. Netherlands Den Helder 100 100
Wrist-Klevenberg Ship Supply NL B.V. Netherlands Rotterdam 100 100
C. Maat Transport B.V. Netherlands Rotterdam 100 100
Wrist Souring Office Rotterdam B.V. Netherlands Rotterdam 100 100
Kubo Supply and Trading N.V. Belgium Antwerp 100 100
Stevedoring & Trading Company Brabo NV Belgium Antwerp 100 100
Van Hulle Shipsuppliers Importers-Exporters NV Belgium Antwerp 100 100
Wrist Holding UK Ltd. United Kingdom London 100 100
Strachans Ltd. United Kingdom Peterhead 100 100
North Sea Stores Ltd. United Kingdom Aberdeen 100 100
Garrets Holding Limited United Kingdom Romford 100 100
Garrets International Limited United Kingdom Romford 100 100
Garrets International Singapore Pte. Limited United Kingdom Romford 100 100
Wrist Far East (Singapore) Pte. Ltd. Singapore Singapore 100 100
Wrist Far East (Malaysia) SDN BHD Malaysia Jahor Bahru 100 100
Wrist Shenzhen Trading Company Ltd. China Shenzhen 100 100
Wrist Hong Kong Trading Company Ltd. Hong Kong Hong Kong 100 100
Wrist Middle East (U.A.E.) LLC Dubai, U.A.E. Dubai 49 49 *
Wrist North America Inc. USA Pasadena 100 100
Marwest LLC USA Oakland 100 100
East Coast Ship Supply LLC USA New Jersey 100 100
Wrist USA (Houston) Inc USA Pasadena 100 100
Karlo Corporation Supply & Services Canada Montreal 100 100
Source2sea A/S Denmark Copenhagen 100 100
CentralAm International Holding S.A. Panama Panama City 100 0
CentralAm International S.A. Panama Panama City 100 0
Wrist Panama S.A. Panama Panama City 100 0
* Wrist Middle East (UAE) LLC is controlled by Wrist Ship Supply A/S according to shareholders agreement.
Ownership share %
Annual Report 2022
Wrist Ship Supply A/S
101
ORGANIZATION
LEGAL STRUCTURE
100% 100%
1%
100%
100%
Source2sea A/S,
CVR: 42671223,
Copenhagen S,
Denm ark
Wrist Ship Supply
Germany GmbH,
Reg: HRB 14702,
Ham burg,
Germany
Wrist Far East
(Singapore) Pte.
Ltd.
Reg:
200001077Z,
Singapore
Wrist Europe
(Norway) AS
Reg: 916823673,
Haugesund,
Norway
Danish Supply
Corporation A/S
CVR: 20704470,
Esbjerg,
Denmark
C. Maat Transport
B.V.
Reg: 24156538,
Rotterdam , The
Netherlands
Wrist Hong Kong
Trading Com pany
Ltd.
Reg: 1839191,
Hong Kong
Wrist Europe
(Marseille) SAS
Reg: R.C.S Sete
326 993 367,
Marseille, France
100%
Wrist Middle East
(UAE) LLC *
Reg: 11021,
Sharjah, United
Arab Emirates
49%
100% 100%
Wrist North
America Inc.
Reg: FEIN 46-
0524360,
Pas adena, USA
CentralAm
International
Holding S.A., Reg:
155654269,
Panama City,
Panama
CentralAm
Panama S.A.,
Reg: 113454,
Panama City,
Panama
Wrist Panama,
S.A., Reg:
155723250,
Panama
100%
100%
100%
100%
Strachans Ltd.
Reg: SC062092,
Peterhead,
Scotland, UK
100%
Wrist Ship Supply
Spain S.L. Reg: B-
72001969,
Algeciras , Spain
100%
100%
100%
99%
100%
Garrets
International
Singapore Pte.
Lim ited
Reg:
201314502M,
Singapore
Den Helder
Stores B.V.
Reg: 37105223,
Den Helder, The
Netherlands
North Sea Stores
Ltd.
Reg: SC038795,
Peterhead,
Scotland, UK
Garrets
International
Lim ited
Reg: 02819450,
Romford, United
Kingdom
100%
Karlo Corporation
Supply & Services
Reg: 185769-0,
Montreal, Canada
100%
100%
100%
Wrist Shenzhen
Trading Com pany
Ltd. Reg: 4403
0150 345 7363,
Shenzhen,
China
Eas t Coast Ship
Supply LLC
Reg: FEIN 01-
0801705, New
Providence, USA
Wrist Far East
(Malaysia) SDN
BHD
Reg: 672111-H,
Johor Bahru,
Malaysia
Marwest LLC
Reg:
200015710011
(FEIN. 94-
3364456),
Oakland, USA
Wrist Holding NL
B.V.
Reg: 64643816,
Rotterdam , The
Netherlands
Garrets Holding
Lim ited
Reg: 11092376,
Romford, United
Kingdom, RM1
3NH
Wrist Holding UK
Lim ited.
Reg: 07604840,
Rom ford, United
Kingdom
100%
Kubo Supply &
Trading N.V.
Reg:
0863.132.625,
Antwerp, Belgium
Wrist Sourcing
Office Rotterdam
B.V.
Reg: 61677620,
Rotterdam , The
Netherlands
Wrist USA
(Houston) Inc.
Reg: FEIN 52-
2144364,
Pas adena, USA
100% 100%
Wrist-Klevenberg
Ship Supply NL
B.V. ****
Reg: 24109658,
Rotterdam , The
Netherlands
100% 100% 100%
SkawPilot ApS
Reg: 38765426,
Skagen, Denmark
Stevedoring &
Trading Company
Brabo NV Reg.:
0404.757.343,
Antwerpen,
Belgium
49%***
J.A. Arocha S.L.
Reg: 1 R
8285248,
Palmas de Gran
Canaria Islas
Canarias , Spain
100%
Saga Shipping
A/S
CVR: 43109715,
Skagen, Denmark
Wrist Ship Supply
A/S
CVR: 19272796,
Nørresundby,
Denm ark
99,5%
Van Hulle Ship-
suppliers Impor-
ters-Exporters NV
Reg.:
0404.859.390,
Antwerpen,
Belgium
0,3%
99,7%
0,5% 100%
Garrets
International A/S
CVR: 10134188,
Nørres undby,
Denmark
100%
100% 100%
100%
Notes :
* Wris t Middl e East (UAE) LLC is controll ed 100% by Wris t Ship Suppl y A/S according to sharehol ders agreement.
** Ska wPil ot ApS is owned 51% by DanPil ot - Lodseriet Danmark, reg. no. 30071735.
*** As of 21/08/2019 Wris t-Kooyman Ship Supply B.V. wa s merged into Wrist-Klevenberg Ship Suppl y NL B.V.
Annual Report 2022
Wrist Ship Supply A/S
102
MANAGEMENT
Board of Directors
Søren Dan Johansen, Chairman
Born 1965, Danish.
Member of the Board of Directors and Chairman since November 2014.
Mr Johansen is Chief Executive Officer of Altor Equity Partners A/S, Denmark. He holds a master’s degree in Law.
Other duties:
• Wrist Ship Supply Holding A/S, Denmark (C)
• W.S.S Holding A/S, Denmark (C)
• CAM Holding 1 DK ApS, Denmark (C)
• C WorldWide Asset Management Fondsmæglerselskab A/S (C)
• C Worldwide Group Holding A/S, Denmark (C)
• C Worldwide Holding A/S (C)
• Technoinvest A/S (C)
• Hamlet Protein A/S, Denmark (VC)
• New Nutrition ApS, Denmark (VC)
• New Nutrition Holding ApS, Denmark (VC)
• Dolphin AB (C)
• Norican Global A/S, Denmark (BM)
• Tresu A/S (BM)
• Tresu Group Holding A/S (BM)
• Tresu Investment Holding A/S (BM)
• Carneo AB (BM)
• Justitia (C)
• Multi-Wing Group A/S (BM)
• MWG Holdco ApS (BM)
• MWG Bidco ApS (BM)
• MWG Midco ApS (BM)
• MWG Manco ApS (BM)
• Altor Holding IV AB and subsidiaries (BM)
• Altor Holding V AB and subsidiaries (BM)
• Altor Equity Partners A/S (BM)
Tom Sten Behrens-Sørensen
Born 1958, Danish.
Member of the Board of Directors since 2013.
Mr Behrens-Sørensen is a graduate from the A.P. Moller Shipping Academy and has also attended management
courses at INSEAD and The Wharton School of the University of Pennsylvania.
Other duties:
• Wrist Ship Supply Holding A/S, Denmark (BM)
• ECCO Sko A/S, Denmark (BM)
• ECCO Shoe Production Pte Ltd, Singapore (C)
• RAK Ports, United Arab Emirates (BM)
• Danish Chinese Business Forum (C)
Annual Report 2022
Wrist Ship Supply A/S
103
Kurt Kokhauge Larsen
Born 1945, Danish.
Member of the Board of Directors since 2010.
Mr Larsen is trained in freight management.
Other duties:
• Wrist Ship Supply Holding A/S, Denmark (BM)
• Polaris III Invest Fonden, Denmark (C)
• Polaris IV Invest Fonden, Danmark (BM)
• Vikingbus Holding A/S (BM)
• Vikingbus Gruppen A/S (BM)
• Vikingbus Finans A/S (BM)
Kenneth Nielsen
Born 1968, Danish
Member of the Board of Directors since 2018.
Mr Nielsen holds a position as CEO in Contour Design. Prior to the current position, Kenneth spent two years as
Group Chief Digital Officer in Dr. Max, a regional Pharmacy Chain in Central, East, and Southern Europe and five
years as EVP digital & e-commerce in Salling Group. Before that, 18 years in various positions at Apple and Amazon
in Denmark and other European locations.
He holds a Graduate Diploma in Business Administration (HD, Management & Organization) from Copenhagen
Business School as well as a Graduate Diploma in Business Administration (HD, Marketing & Management) from
University of Southern Denmark.
Other duties:
• Wrist Ship Supply Holding A/S, Denmark (BM)
• Wired Relations Aps (BM)
Tore Myrholt
Born 1957, Norwegian.
Member of the Board of Directors since 2020.
Mr Myrholt has a bachelor’s degree from the Norwegian Business School, and an MBA from Harvard Business
School.
Other duties:
• Wrist Ship Supply Holding A/S, Denmark (BM)
• Trioworld Industrier AB (C)
• Antler Innovation Ltd (C)
• Viking Holdings Ltd (BM)
• OQ SAOC (BM)
• Arundo Analytics (BM)
• Seatankers Consultancy Services (UK) Ltd (Advisory Board)
• Svea Solar (BM)
Robert Steen Kledal
Born 1969, Danish
Member of the Board of Directors since 2020.
Mr Kledal is CEO and Director at Survitec Group Ltd. Before that, he was CEO at Hydro Hull Cleaning A/S, and from
2010 to 2019, he served as CEO for Wrist Ship Supply. Prior to his position at Wrist, Robert spent 21 years in
various leadership positions at A.P. Møller-Mærsk across Denmark, Hong Kong, China and USA.
Annual Report 2022
Wrist Ship Supply A/S
104
He holds an MBA from IMD in Lausanne, Switzerland.
Other duties:
• Wrist Ship Supply Holding A/S, Denmark (BM)
• W.S.S Holding A/S, Denmark (BM)
• Copenhagen Maritime Greentech A/S (C)
• Ark Acquireco Limited (BM)
• Submit Ark Topco Limited (BM)
• Submit Survitec Acquisition Company Limited (BM)
• Submit Survitec Group Holdco Limited (BM)
• Submit Survitec Group Limited (BM)
Thomas Palm Westermann
Born 1986, Danish.
Member of the Board of Directors since February 2022
Mr. Westermann is a Director with Altor Equity Partners A/S, Denmark. He holds an M.Sc. in Management Science
and Engineering from Stanford University as well as a B.Sc. in Engineering and Applied Mathematics from Technical
University of Denmark.
Other duties:
• Wrist Ship Supply Holding A/S, Denmark (BM)
• W.S.S. Holding A/S, Denmark (BM)
• Multi-Wing Group A/S (BM)
• MWG Midco ApS (BM)
• MWG Manco ApS (BM)
• MWG Bidco ApS (BM)
• MWG Holdco ApS (BM)
C: Chairman of the Board of Directors
VC: Vice Chairman of the Board of Directors
BM: Member of the Board of Directors
Ownership
Wrist Ship Supply A/S is fully owned by Wrist Ship Supply Holding A/S. Wrist Ship Supply Holding A/S is owned by
W.S.S. Holding A/S (90.12%), preferences shareholders (2.75%) and management investors (7.13%). W.S.S.
Holding A/S is owned by OW Lux S.Á.R.L. (98.34%) and external investors (1.66%). OW Lux S.Á.R.L. is fully owned
by Altor Fund II GP Limited, Jersey.
Annual general meeting
The annual general meeting will be held on 8 May 2023 in Noerresundby, Denmark.
Annual Report 2022
Wrist Ship Supply A/S
105
STATEMENTS
STATEMENT BY MANAGEMENT
Executive Board
Board of Directors
Annual Report 2022
Wrist Ship Supply A/S
106
INDEPENDENT AUDITOR’S REPORT
Annual Report 2022
Wrist Ship Supply A/S
107
Annual Report 2022
Wrist Ship Supply A/S
108
Business Registration No 33 96 35 56
MNE-no. m ne30176
MNE-no. m ne34492