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1
Annual
Report
2025
As approved at the
Annual general meeting
on 25 June 2026
Chairman of the meeting
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2
Corporate
Executive summary 3
Wrist at a glance 5
Financial highlights 6
Definitions of financial highlights and key ratios 7
Business units
Wrist Ship Supply 9
Garrets 10
Wrist Offshore 11
Wrist Marine Logistics 12
Source2Sea 13
ESG
Environmental, Social and Governance 14
Sustainability strategy 15
Our approach and ESG structure 16
Environmental 17
Social 19
Governance 22
Management report
Risk management 27
Financial review
30
Consolidated financial statements
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated equity statement
Notes to the consolidated financial statement
Parent company financial statement
Income statement and statement of comprehensive income
Balance sheet
Cash flow statement
Equity statement
Notes to the parent company financial statement
Statements
Statement by management
Independent auditor’s report
Table of contents
Health & Safety
20
Consolidated
financial statements
32
32
33
34
35
36
37
59
60
61
62
63
64
77
77
78
Business units
9
ESG
14
Executive summary
3
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Executive summary
Transition in action: Navigating a challenging year
In 2025, Wrist operated in a continued environment of geopolitical and macroeconomic un-
certainty, which influenced global trade patterns. Despite these dynamics, the Group main-
tained broadly stable revenue levels following several years of growth, while continuing to
execute on key strategic priorities.
Against this backdrop, we recalibrated our strategic
priorities, sharpening our focus on customer excellence,
operational efficiency, and scalability. These actions are
intended to enhance customer service, support sustain-
able long-term growth, and drive meaningful improvement.
Change in ownership
On March 11, 2025, majority ownership of Wrist Ship
Supply Group was acquired by J.F. Lehman & Company
(JFL) from our previous owner, Altor Fund II. This transac-
tion marked the beginning of a new chapter for Wrist. JFL’s
deep experience in the defense and maritime industries
has already contributed to the identification of new com-
mercial opportunities.
Revenue stabilization and EBITDA decline driven by
shifting trade patterns and strategic investments
Consolidated revenue for 2025 amounted to DKK 5.7bn,
representing a decrease of 0.7% compared to 2024. This
development primarily reflects shifting trade patterns,
including a reallocation of business away from the U.S.
market, a slowdown in the UK offshore market, and curren-
cy movements.
Gross profit decreased slightly to DKK 1,623m, compared
to DKK 1,633m in the previous year.
Operating profit (EBITDA) amounted to DKK 223.7m,
compared to DKK 356.6m in 2024, corresponding to a year-
on-year decline of 37% (DKK 132.9m). The decrease was
primarily driven by transaction-related costs (change in
ownership), lower revenue, continued investments in M&A
activities, and increased spending on strategic initiatives.
Transformation and organizational change
In 2025, we initiated a significant transformation of our
Ship Supply operating model. The objective is to simplify
the organization, strengthen accountability, and estab-
lish more standardized ways of working across our global
network.
The new structure, launched in early 2026, enhances clar-
ity in roles and responsibilities between global functions
and local branches, while maintaining strong local own-
ership and customer proximity. This enables faster deci-
sion-making, improved operational efficiency, and a more
consistent customer experience.
The transformation supports our ambition to drive prof-
itable growth by improving pricing discipline, reducing
complexity, and strengthening execution across the busi-
ness. At the same time, we continue to prioritize customer
service and financial performance during the transition.
Complementing this, Shared Way Forward – our digital
transformation initiative and new ERP platform – will
digitalize and modernize processes across the Group. This
initiative will simplify and standardize how we serve our
customers globally, while enabling enhanced customer
service, greater scalability, and improved operational
efficiency.
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Executive sumamry
Expanding our footprint to better serve global customers
Recognizing the increasing demand from international customers for
consistent product availability across major global ports, our Ship
Supply business continued to expand its footprint to better support
customers with worldwide operations. In line with our M&A strategy, we
acquired Delaware Ship Supply (now Wrist Delaware), establishing the
12th branch in the United States and further strengthening our presence
on the American East Coast.
Outlook
Geopolitical and macroeconomic uncertainty will likely persist into
2026, continuing to impact our operations and growth prospects. The
conflict in the Middle East is expected to directly impact our operations
and margins in the UAE, while also indirectly affecting cost levels and
supply chains in other parts of the world.
For 2026, we expect total revenue to exceed DKK 5.7-5.9 billion and
operating profit (EBITDA) to be in the range of DKK 190-220 million. These
expectations are subject to prevailing market conditions and our ability
to execute on planned operational initiatives.
Against this backdrop, we remain confident that our strategy and op-
erating model provide a solid foundation to advance selected growth
initiatives while executing our digital and organizational transformation.
This will enable us to strengthen our competitive position and deliver
enhanced value to our customers, supporting the resilience and growth
of their businesses.
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Wrist at a glance
wrist.com
Great Yarmouth
Peterhead
London
Manila
Hamburg
New Orleans
Shanghai
Guangzhou
Aalborg
Den Helder
Algeciras
Dubai
New York/New Jersey
Houston
Corpus Christi
San Francisco/Oakland
Malé
Montreal
Vancouver
Singapore
Jacksonville
Seattle
Portland
Las Palmas
Valencia
Copenhagen
Zeebrugge
Antwerp
Panama
Esbjerg
Vitória
Macaé
Rio de Janeiro
Recife
Rotterdam
Delaware/Maryland
Los Angeles/Long Beach
Qingdao
Piraeus
Marseille
Busan
Founded
1953
Employees
1,793
Locations
40
Revenue (DKK)
5.7bn
OUR MISSION
Expert care
– making our customers’ life at sea better
OUR VALUES
Winning attitude
Customer oriented
Getting it done
ABOUT US
Wrist is the world’s leading ship and offshore
supplier within provisions, stores, spare parts
logistics, and catering services, operating across
40 locations worldwide, covering 750+ ports.
The company is a pioneer in the digital
transformation of the maritime supply industry,
streamlining the marine supply chain and
procurement for customers. Committed to
responsible business principles, Wrist continuously
strives to meet the market’s growing demand for
compliant, efficient, and responsible solutions and
services that meet evolving market expectations.
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Financial highlights
DKK’000 and ratios 2025 2024 2023 2022 2021
Net sales 5,658,211 5,696,114 5,547,837 5,389,028 4,457,695
Gross profit 1,623,145 1,633,179 1,577,564 1,510,046 1,198,661
Operating profit (EBITDA) 223,666 356,636 354,333 355,626 264,002
Earnings before interest and tax (EBIT) 33,636 166,939 179,222 196,457 122,813
Profit from financial items -206,175 -99,542 -87,371 -59,301 -48,785
Net profit -181,606 19,121 81,270 112,854 57,918
Inventories 370,313 424,532 365,660 370,335 304,053
Trade receivables 932,673 970,671 930,121 937,114 812,568
Total assets 3,299,960 3,727,385 3,357,453 3,131,997 2,776,182
Equity 634,005 1,180,674 1,128,408 1,066,436 931,790
Invested capital including goodwill 2,108,538 2,315,192 2,079,909 1,877,147 1,581,828
Net interest-bearing debt (NIBD) 1,497,248 1,148,141 997,699 830,374 698,068
Cash flow from operating activities (CFFO) 62,777 200,757 230,793 193,493 79,467
Cash flow from investing activities (CFFI) -95,822 -149,067 -115,605 -118,186 -74,035
Investments excl business acquisition (CAPEX) -28,251 -72,675 -118,135 -93,902 -75,996
Acquisition of property, plant and equipment -20,516 -53,244 -89,539 -36,667 -9,413
Number of employees, average 1,793 1,645 1,592 1,517 1,397
Performance ratios
Gross margin 28.7 28.7 28.4 28.0 26.9
Operating margin (EBITDA) 4.0 6.3 6.4 6.6 5.9
Return on invested capital 10.1 16.2 17.9 20.6 17.4
Return on equity -20.0 1.7 7.4 11.3 6.6
Financial highlights
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Definitions
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 × 100
Net sales
The enterprise’s operating gearing
=
Operating margin (EBITDA) (%)
EBITDA × 100
Net sales
The enterprise’s operating profitability
=
Return on invested capital (%)
EBITDA × 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 × 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 included.
Net interest-bearing debt is defined as interest-bearing liabilities, net of interest-bearing assets and cash.
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Wrist Ship Supply
Stagnating revenue initiates transformation
In 2025, the Ship Supply business operated in a difficult
market landscape shaped by changing purchasing patterns
and geopolitical uncertainty. Despite dedicated efforts, our
overall profitability fell short of the prior year. With high price
levels, business shifted away from the U.S. – causing reduced
vessel activity and lower spending in U.S. ports, which further
influenced our performance negatively.
Strategic priorities and customer focus
While we saw good growth across a number of customers,
we also experienced regression in certain markets, result-
ing in stagnating revenue growth.
Against this backdrop, we embarked on two major trans-
formation journeys: The Ship Supply Operating Model
complemented by Shared Way Forward, our digital trans-
formation initiative and new ERP platform.
The transformation of our Ship Supply Operating Mod-
el simplifies the organization, standardizes our ways of
operating, and strengthens accountability to enable faster
decision-making and improve operational efficiency.
Complementing this, Shared Way Forward digitalizes and
modernizes how we serve our customers globally, improv-
ing service quality, while enabling scalability and further
operational efficiencies.
This complementary transformation supports our ambition
to enhance the customer experience, while driving profit-
able growth.
Rising commodity prices and product inflation continued
in 2025, and we strengthened our purchasing and supply
chain resilience through spend consolidation and en-
hanced supplier relationships. These initiatives, among
others, helped mitigate some of the cost pressures in the
market.
Regional market dynamics
Market developments varied significantly across regions.
While North America saw continued reduction in demand,
our Asian operations benefited from increasing demand,
both from vessels in operation and from newbuilding
vessels. This development reflects a broader shift in global
trade flows and confirms the importance of maintaining a
strong, adaptable presence in Asia. The Chinese market
continued to grow, reinforcing its position as an absolutely
critical market for the future, while both the Singapore and
Scandinavian markets delivered strong revenue growth.
New acquisition on the U.S. East Coast
In December 2025, we acquired Delaware Ship Supply –
now Wrist Delaware – further strengthening our commer-
cial and operational presence along the U.S. East Coast
corridor. The addition of a new branch, our 12th location in
North America, provides customers with improved access
to marine supplies in key Northeastern ports and gives us
a substantial, competitive advantage on the U.S. Eastern
seaboard.
Even in a difficult year, the continued
engagement from customers shows that our
strategic direction is right – customers with
global operations choose Wrist because
they trust our reach, reliability, and ability
to support them across markets,” says Silke
Sehgal CCO, Wrist Ship Supply.
“
Read more about Wrist Ship Supply here
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Garrets
Expanding culinary expertise and nutritional insights
Despite a challenging market environment, the Garrets
business made measured progress during 2025. Closer
customer partnerships and enhanced operational capa-
bilities supported growth within the existing customer
base and led to improved financial performance. Demand
increased for the flexibility offered through our global port
network and for a supply chain that prioritizes reliability
and operational safety.
The direct ordering business, Garrets Marine Procure-
ment (GMP), delivered strong growth as customers sought
greater access to our global procurement infrastructure.
Combined with ongoing organizational development and
leadership alignment, this has created a solid foundation
for the next phase of development.
Elevating customer support and industry insight
We strengthened customer relationships through deeper
operational support and active contribution to industry
knowledge. Advisory work in menu planning, recipe devel-
opment, and onboard food operations enabled customers
to make informed decisions that balance crew well-being
with operational efficiency onboard.
Industry leadership was further reinforced through the
publication of research-based white papers and customer
initiatives, providing insights into safe and sustainable food
operations at sea.
Progress in training and culinary development
Training remained a key customer service in 2025. We
expanded our global culinary and galley training programs,
helping customers strengthen cooking skills, improve gal-
ley efficiency, and support onboard well-being and reten-
tion across their fleets. To further support this, we appoint-
ed a Culinary Development Manager in Manila.
Advancing digital solutions for vessels
Investments in digital solutions continued. A new stock-
taking module made inventory management more efficient
for vessels, while multi-device functionality within the
Gateway platform now supports simultaneous use across
mobile, desktop, laptop, and tablet.
We also introduced an AI-supported report that transforms
consumption patterns into detailed nutritional data. Initial
customer feedback indicates clear value in applying data-
driven insight into crew health and well-being.
Supporting sustainability and net zero ambitions
Mid-year, we hosted a maritime sustainability workshop
in Copenhagen in partnership with Danish NGO MAD,
addressing practical methods to reduce the environmental
impact of onboard provisions.
Customers benefited from enhanced CO2 and greenhouse
gas reporting at vessel level, enabling more informed deci-
sion-making and support for their net zero objectives.
Our progress in 2025 reflects the strong
partnerships we have with our customers and
our commitment to supporting crews with
reliable, high-quality services. We are steadily
developing our capabilities to meet the
evolving needs of the industry,” says Hamish
Cook, Managing Director, Garrets.
“
Read more about Garrets here
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Wrist Offshore
Building resilience across a shifting market landscape
Our Offshore business navigated a mixed market envi-
ronment, with reduced market activity in the UK offset by
strong growth in the Netherlands and Brazil.
Market conditions in the UK remained difficult in 2025,
driven by the Energy Profits Levy, political uncertainty, and
reduced confidence in future field developments. As a
result, drilling activity slowed, production declined, and
repair and maintenance activities on offshore installations
largely stalled.
While UK revenue was below prior year due to macroeco-
nomic changes, our broader offshore portfolio remained
solid. By expanding our presence into more resilient and
growing markets, we are reducing dependency on the
UK and building a more balanced offshore business with
stronger long-term prospects.
The Netherlands delivered another strong year, support-
ed by high drilling activity in the North Sea. This level of
activity is expected to continue through 2035, supporting a
stable long-term outlook for the Dutch offshore sector.
Expanding our footprint in Brazil
The integration of Wrist Boa Praça in Brazil progressed well,
reinforcing Brazil’s potential as a major growth lever for the
Offshore business. As one of the world’s most significant
offshore oil and gas markets, Brazil presents a substantial
opportunity to replicate and scale our proven offshore
operating model.
A major step was the move to a new depot in Rio de Janeiro
in April 2026. At seven times the size of our former facility,
the new depot increases capacity, supports the roll-out of
our offshore containerized fulfilment model, and enables
the introduction of Ice Box technology, creating a unique
value proposition in the Brazilian market.
Standardizing operations and enhancing quality
Customer service and operational excellence remained a
priority in 2025. The roll-out of our Integrated Offshore ISO
Management System is now well embedded in the UK and
the Netherlands, with Brazil next in line. This framework
supports quality assurance, improves customer expe-
rience, and provides a consistent operational structure
across all locations.
Preparations are also underway for the implementation of
a new ERP system, designed to improve process efficiency
and data transparency across the offshore supply chain.
Navigating challenging UK market conditions
positioned for long-term growth
Looking ahead, we continue to explore M&A opportunities
that support our long-term strategy and are preparing for
a rebrand of the Offshore business in 2026. With strong
momentum in the Netherlands, expanding capability in
Brazil, and a more standardized operating model, we are
well positioned to manage volatility and build a diversified
and growth-oriented business across offshore markets.
Brazil represents one of the most significant
offshore opportunities globally, and our
investments there will allow us to scale our
operating model and strengthen resilience
across our global offshore operations,” says
Iain Troup, Managing Director, Strachans.
“
Read more about Wrist Offshore here
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Wrist Marine Logistics
Maintaining growth in challenging market conditions
Wrist Marine Logistics (WML) delivered revenue growth in
a market environment that proved more challenging than
anticipated. Overall, global freight rates declined, while
operating costs increased. As a result, financial perfor-
mance fell short of expectations, with EBITDA margins
under pressure compared to the previous year.
As approximately 60% of our activities relate to air freight,
revenues declined despite increasing volumes, directly
impacting profitability.
Strengthening customer relationships through service
quality
Growth in 2025 was fueled by increased business volumes
from existing customers. Operational service quality and
reliability remain critical to retaining customers and ex-
panding our market position, leveraging the Group’s poten-
tial. During the year, we invested in people and technology
enhancements to maintain high service levels and drive
efficiency gains.
These investments are essential to support
long-term, profitable growth. In a challenging
market, investing in people and technology is
not optional – it’s a prerequisite for building
a scalable and resilient marine logistics
business,” says Mario Cavallucci, Global
Managing Director, WML.
“
Read more about Wrist Marine Logistics here
We are planning a targeted expansion of locations in 2026
to strengthen our operational footprint, where market
demand and conditions support these investments and
generate value for the Wrist Group.
Leadership and organizational development
In 2025, leadership and organizational development were
key focus areas. A dedicated WML leadership team was
established, alongside changes to structure and reporting
lines to strengthen governance and decision-making. In
December, the leadership team was expanded with the
appointment of two directors in Rotterdam and Singapore,
strengthening regional competencies and execution capa-
bilities.
Strategic direction and consolidated deliveries
In the second half of 2025, WML launched its new strategy,
outlining a clear commercially scalable direction centered
around two core offerings:
• WML Control Tower – Global marine logistics with
door-to-deck visibility
• WML Branch Network – Local marine logistics provid-
ing fast-track services at port
Going forward, the business will be branded and oper-
ated as a stand-alone offering, while still consolidating
deliveries through Wrist Ship Supply’s Modular Solutions
concept.
Consolidated deliveries continue to support customer effi-
ciency and ESG requirements. By integrating logistics and
supply solutions across the Group, customers benefit from
more efficient transportation flows and improved emis-
sions performance through optimized logistics planning.
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Source2Sea
Progress after a modest start across Source2Sea
In 2025, following an initial build-up phase, Source2Sea
saw an increase in buyers and suppliers joining the digital
platform, leveraging our share of wallet across trading
vessels.
We reached a significant milestone by establishing true
global coverage on the supplier side, with suppliers now
represented across all major maritime regions. This foot-
print enhances the value of the platform for both buyers
and suppliers, enabling global catalog ordering based on
strong data quality and transparency across the procure-
ment process.
Leading the industry in provisions data and category
efficiency
A key driver of growth in 2025 was the provisions category.
The global market is characterized by a lack of transparen-
cy and related inefficiencies, with high volumes of inqui-
ries and quotes that often do not convert into orders. With
the Source2Sea vessel application, buyers and suppliers
move from Excel-based ordering to a real-time catalog.
This shift streamlines workflows across the entire pro-
curement chain – from onboard crews and fleet offices to
suppliers – replacing manual, Excel-based processes with
a shared digital platform.
The catalog application significantly reduces Requests for
Quotations (RFQs), delivers flat orders, and lowers opera-
tional costs for buyers and suppliers.
We have a strong provisions dataset built on net content
rather than gross product weight, and this data advantage
allows buyers to make precise comparisons, improves
catalog accuracy, and forms the foundation for AI-driven
automation.
Advancing AI-driven automation with high-quality data
AI remained an enabler and contributed to catalog enrich-
ment, data validation, and automated workflows. Strength-
ening our Quality Assurance (QA) capabilities, including
the expansion of our QA team, has been a strategic in-
vestment to support this progress and enable faster, more
robust feature development.
Supporting ESG compliance through data
Source2Sea is now positioned to support the increasing
need for emissions reporting across provisions, consum-
ables, and marine spare parts. By requiring structured
product data, including net content and applying indus-
try-leading data models, the platform enables reliable CO2
and scope 3 reporting. This level of visibility strengthens
buyers’ regulatory reporting. Through the IMPA Maritime
Environmental Footprint (IMEF) initiative, we continue to
work with suppliers and shipowners to enhance data qual-
ity and advance industry-wide standards for emissions
reporting.
The momentum we are seeing reflects a
fundamental shift in how the industry wants
to work: with transparency, automation,
and high-quality data at the center – and
Source2Sea enables that shift,” says Mikael
Weis, CEO, Source2Sea.
“
Read more about Source2Sea here
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Environmental, Social and Governance
WE STRIVE TO MAKE
MEANINGFUL IMPACTS
TOWARDS SUSTAINABILITY
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Environmental, Social and Governance
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Environmental, Social and Governance
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As a global leader in the maritime supply
industry, Wrist recognizes the importance
of biodiversity in maintaining a healthy
environment.
Read our Group Biodiversity Policy here
Environmental, Social and Governance
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Environmental, Social and Governance
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The Group Health and Safety Policy establishes
a unified approach across all Wrist business
units, reflecting our commitment to creating a
safe and healthy workplace.
Read our Group Occupational
Health and Safety Policy here
Environmental, Social and Governance
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Culture and Belonging is foundational to
our organizational identity and embedded
in the way we do business.
Read our Group Culture and Belonging Policy here
Environmental, Social and Governance
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Environmental, Social and Governance
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Read our Business Principles here
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.
Environmental, Social and Governance
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Environmental, Social and Governance
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Environmental, Social and Governance
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Environmental, Social and Governance
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Risk management
Risk management
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 stra-
tegic 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 Management and make the necessary decisions to
manage risks.
The Group has instructions in place on the division of 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 maneuver before
approval by the Board of Directors is required.
Based on the internal competencies and close monitoring
of risks by Management, the Group has established an
audit committee in the parent company Magellan BidCo 2
S.à r.l..
Market risk
Market risk refers primarily to risk factors upon which
Management can exert only limited influence in the short
term, but which are addressed in its long-term strategic
planning.
Industry prospects
The Group 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. The Group continuously monitors the development of
the industries served to enable timely adjustments to its
strategic planning. The relevant world fleet is growing, but
spend patterns can fluctuate in the short term.
Structural changes
Structural changes among onshore and offshore distribu-
tors and potential consolidation of providers of services to
the shipping industry create opportunities as well as risks.
We monitor developments and adjust our strategic and
tactical planning accordingly.
Business risk
Business risk refers to overall risks relating to the current
operations of the Group.
Price fluctuations
To mitigate risks associated with fluctuations in costs, the
Group 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
We serve a large and diverse customer base, which is
broadly distributed geographically and in terms of supply
solutions and products. This mitigates risk, as does the
Group’s focus on customer service. With our global key
account management organization, we have a thorough
understanding of the needs of our customers and can
develop initiatives to improve our 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
statutory audits. We adhere to firm budgeting and report-
ing schedules and monitor the performance of our busi-
ness units monthly. Structured business review meetings
are also held monthly.
Our Group is exposed to various risks that may impact
the Group’s results, cash flow, financial position, and
prospects.
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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. We are continuous-
ly testing and developing the capacity, accessibility, reliability,
and security of our 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 envi-
ronmental 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, through political decisions or
administrative practices, 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
We are committed to complying with all applicable laws
and other regulations and to adhering to principles of
good corporate citizenship in all countries in which we are
active. The manager of each business unit, supported by
Group functions, is responsible for monitoring and enforc-
ing the Group’s policies, and for ensuring compliance with
national legislation and local requirements. The Group’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
the Group’s financial exposure. The overall objective of risk
monitoring and control is to ensure cost-effective financ-
ing and to minimize potential adverse impacts from market
fluctuations.
Currency risk
Due to the international nature of the Group’s operations,
the Group is exposed to currency risks. The Group’s busi-
ness activities are predominantly denominated in USD,
EUR, and GBP, while most credit facilities are denominated
in DKK, USD, and GBP.
Currency risk arises from transaction exposure, which
relates to exchange rate fluctuations that affect currency
flows related to the business activities, and from transla-
tion exposure related to the translation of the subsidiaries’
financial statements from their local currencies into DKK.
The Group usually benefits from natural risk coverage,
where sales and costs are both denominated in local cur-
rencies. Thus, overall, the transaction exposure is deemed
to be limited.
Translation exposure, however, arises when the subsidiar-
ies’ 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 using
the average rates of the year, whereas the balance sheet is
translated using the closing rates. Translation differences
are reported against other comprehensive income. The risk
is greatest for the currencies where the Group has the larg-
est net assets and where the exchange rate movements
against DKK are largest.
Interest rate risk
Changes in interest rates may affect the financial results.
The Group is currently not using any derivative financial
instruments to mitigate changes in interest risk, but this is
continuously being monitored and assessed.
Liquidity risk and refinancing risk
Liquidity risk is defined as the risk of the Group incurring
increased costs due to a lack of liquid funds, while re-
financing risk is defined as the risk of the refinancing of
maturing loans becoming difficult or costly. The Group’s
loans are mainly long-term.
Risk management
EASY TO DO BUSINESS WITH
29
The Group maintains a healthy financial position, cash
flow, and liquidity reserve. Treasury management is cen-
tralized and ensures that sufficient financial resources are
available to meet planned requirements. We have entered
into a long-term committed financing agreement by issuing
Corporate Bonds combined with a Super Senior Revolv-
ing Credit Facility enabling both current operations and
planned expansion.
Credit risk
Credit risk consists of the commercial risk of bad debt,
i.e. the risk that a customer is unable to pay for delivered
supplies due to financial difficulties and financial counter-
party risk.
We have 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 we operate. However, no cus-
tomer represents more than a minimal share of net sales,
thereby representing 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.
To address increased credit risk in the shipping industry,
the Group’s global credit function monitors the creditwor-
thiness of existing and new customers and assists in debt
collection. We continuously conduct individual assess-
ments of our customers’ creditworthiness via the central-
ized function.
Risk management
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30
Financial review
Net sales
The decrease in sales is seen throughout most business
activities and particularly in Wrist Ship Supply and Wrist
Marine Logistics. Despite the decrease in net sales,
acquisitions have positively impacted sales by DKK 184m
in 2025. Further, net sales was negatively impacted by
currency impact of DKK 116m.
In total, and in the reporting currency, net sales decreased
by 0.7%, amounting to DKK 5,658m compared to DKK
5,696m in 2024.
Our sales outlook in the annual report 2024 was DKK 6.0bn
while our sales reached DKK 5.7bn in 2025. The main
explanation for sales being below our guidance from last
year is growth below expectations in Wrist Ship Supply and
Garrets.
Gross profit
In 2025, gross profit decreased to DKK 1,623m from DKK
1,633m in 2024. The gross profit ratio remained at 28.7%.
The continued focus on procurement strategy, price man-
agement, and change in business mix maintained gross
profit.
Other operating income
Other operating income amounted to DKK 12.1m in 2025
compared to DKK 13.5m in 2024.
Other operating expenses
Other operating expenses amounted to DKK 0.1m com-
pared to DKK 13.7m in 2024.
Operating profit (EBITDA)
The reported EBITDA decreased by DKK 133m from DKK
357m in 2024 to DKK 224m in 2025, which is a decrease
of 37.3%. The operating margin (EBITDA) was 4.0% in 2025
compared to 6.3% in 2024.
Operating profit is below the expectations set out in the
2024 annual report. This is mainly due to lower net sales
growth and increased other external expenses. In addition,
significant non-recurring costs related to the change in
ownership have negatively impacted EBITDA.
Net profit or loss
The net loss for the year was DKK 182m compared to a
net profit of DKK 19m in 2024. Management considers the
profit level to be below their expectations.
The change in net profit compared to last year was driven
by lower net sales, increased costs, higher depreciation
and amortization, increased net interest expenses, and
negative currency translation effects.
In addition, significant non-recurring costs related to the
change in ownership have also had a negative impact.
Cash flows
The cash flow from operating (CFFO) activities decreased
to DKK 63m in 2025 compared to DKK 201m in 2024. The
decline in CFFO was driven by the lower operating perfor-
mance.
The net working capital at 31 December 2025 was 470m,
a decrease of DKK 27m compared to 2024 working capital
of DKK 497m. The working capital, as a ratio of sales, was
8.3% in 2025 compared to 8.7% in 2024.
Investments
Net investments amounted to DKK 96m including a DKK
68m acquisition of enterprises, compared to DKK 149m in
2024. In 2025, right-of-use assets increased by DKK 60m
compared to DKK 152m in 2024.
Sale of property, plant and equipment amounted to DKK
0m compared to DKK 1m in 2024.
Consolidated financial statements
Invested capital totaled DKK 2,109m at 31 December 2025
compared to DKK 2,315m last year.
Financial position
At 31 December 2025, cash and cash equivalents were
DKK 91m and total available cash resources amounted
to DKK 114m on SSRCF facility. The Group has long-term
committed credit facilities, enabling both current opera-
tions and planned expansion.
The net interest-bearing debt (NIBD) amounted to DKK
1,497m at 31 December 2025 compared to DKK 1,148m at
the end of 2024. The increase is related to the new financ-
ing structure, funding of the negative result and to finance
the investments made in FY2025. On 11 March 2025 and
as part of the new ownership of the Group, the former
financing structure was repaid, and a new financing struc-
ture was launched.
The net interest-bearing debt as a ratio of EBITDA stood at
6.7 by the end of 2025, compared to 3.2 the year before.
Subsequent events
Subsequent to year-end, the Group entered into an
agreement to acquire Military Services Australia Pty Ltd
and Downie Jones Ship Stores Limited (together, “MSA”),
a provider of maritime logistics and husbanding services.
The transaction remains subject to customary closing
conditions and regulatory approvals. The financial impact
of the transaction has not been reflected in these financial
statements.
The conflict in the Middle East is expected to directly
impact our operations and margins in the UAE, while also
indirectly affecting cost levels and supply chains in other
parts of the world.
There are no further significant post-balance sheet events
to report.
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31
»
32
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Income Statement and Statement of Comprehensive Income .......................................... 33
Consolidated Balance Sheet ................................................................................................................ 34
Consolidated Cash Flow Statement ...................................................................................................... 35
Consolidated Statement of Equity ......................................................................................................... 36
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Section 1: Basis for Preparation
1.1 – Basis for Preparation of the Consolidated Financial Statements ..................................................... 37
Section 2: Results for the Year
2.1 – Net Sales ..................................................................................................................................... 39
2.2 – Employee Costs ........................................................................................................................... 39
2.3 – Other Operating Income and Expenses ......................................................................................... 40
2.4 – Income Tax and Deferred Tax ........................................................................................................ 40
Section 3: Operating Assets and Liabilities
3.1 – Intangible Assets .......................................................................................................................... 43
3.2 – Property, Plant and Equipment ..................................................................................................... 45
3.3 – Right-of-Use Assets ...................................................................................................................... 46
3.4 – Trade Receivables ........................................................................................................................ 47
3.5 – Provisions .................................................................................................................................... 48
3.6 – Other Payables ............................................................................................................................ 48
Section 4: Capital Structure and Financial Items
4.1 – Financial Income and Expenses .................................................................................................... 49
4.2 – Cash and Cash Equivalents .......................................................................................................... 49
4.3 – Current and Non-Current Liabilities .............................................................................................. 50
4.4 – Reconciliation of Liabilities Arising from Financing Activities .......................................................... 51
4.5 – Financial Risks and Financial Instruments ..................................................................................... 51
Section 5: Other Disclosures
5.1 – Fees to Statutory Auditor .............................................................................................................. 53
5.2 – Acquisition of Companies ............................................................................................................. 53
5.3 – Change in Working Capital ........................................................................................................... 56
5.4 – Adjustments for Non-Cash Items .................................................................................................. 56
5.5 – Mortgages and Collateral ............................................................................................................. 56
5.6 – Contingent Liabilities .................................................................................................................... 57
5.7 – Related Parties and Group Relations ............................................................................................. 57
5.8 – Events after the Reporting Period .................................................................................................. 57
5.9 – Subsidiaries ................................................................................................................................. 58
»
33
CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK'000 Note
2025 2024
Net Sales 2.1 5,658,211 5,696,114
Raw Materials and Consumables Used -4,035,066 -4,062,935
Gross Profit 1,623,145 1,633,179
Other External Expenses -509,788 -475,027
Employee Costs 2.2 -901,674 -801,275
Other Operating Income 2.3 12,123 13,450
Other Operating Expenses 2.3 -140 -13,691
Depreciation and Amortization 3.1, 3.2, 3.3 -190,030 -189,697
Operating Profit before Interest and Tax (EBIT) 33,636 166,939
Profit from Investments in Associates 172 546
Financial Income 4.1 9,593 28,556
Financial Expenses 4.1 -215,768 -128,098
Profit or Loss before Tax (EBT) -172,367 67,943
Income Tax 2.4 -9,239 -48,822
Net Profit or Loss for the Year -181,606 19,121
Attributable to:
Shareholders of Wrist Ship Supply A/S -181,606 19,121
-181,606 19,121
DKK'000
Note
2025
2024
Net Profit or Loss for the Year
-181,606 19,121
Items that may be reclassified subsequently to profit or loss:
Exchange Differences, Foreign Entities -85,063 44,297
Total Comprehensive Income -266,669 63,418
Attributable to:
Shareholders of Wrist Ship Supply A/S -266,669 63,418
-266,669 63,418
»
34
CONSOLIDATED BALANCE SHEET
DKK'000 Note
2025 2024
Goodwill
3.1 836,505
Software 3.1
Other Intangible Assets 3.1 50,636 45,714
Intangible Assets in Development
3.1 5,410 239
Intangible Assets
Land and Buildings 3.2 5,793 5,657
Fixtures and Equipment 3.2
Leasehold Improvements 3.2 60,798 71,168
Ships 3.2 42,050 45,717
Right-of-Use Assets 3.3 555,119 652,175
Property, Plant and Equipment in Development
3.2 5,962 133
Property, Plant and Equipment 723,685 836,766
Investment in Associates 241 633
Deferred Tax Assets 2.4 27,760 30,580
Other Non-Current Assets 28,001 31,213
Non-Current Assets 1,684,204 1,869,363
Inventories 370,313 424,532
Trade Receivables 3.4 932,673 970,671
Receivables from Related Parties 61,598 119,977
Income Tax Receivable 17,328 14,234
Other Receivables 112,842 132,077
Prepayments 30,363 25,109
Receivables 1,154,804 1,262,068
Cash and Cash Equivalents 90,639 171,422
Total Current Assets 1,615,756 1,858,022
Total Assets 3,299,960 3,727,385
DKK'000
Note
2025 2024
Share Capital 17,000 17,000
Foreign Currency Translation Reserve -61,300 23,763
Retained Earnings 678,305 1,139,911
Equity 634,005 1,180,674
Deferred Tax Liabilities 2.4 13,194 14,280
Provisions 3.5 17,267 17,405
Debt to Mortgage Credit Institutions 4.3 561 663
Debt to Credit Institutions 4.3 0 726,164
Lease Debt 4.3 475,638 554,559
Other Debt 4.3 0 6,364
Debt to Related Parties 4.3 889,186 0
Non-Current Liabilities 1,395,846 1,319,435
Provisions 3.5 265 2,754
Debt to Mortgage Credit Institutions 4.3 99 92
Debt to Credit Institutions 4.3 147,993 11,948
Lease Debt 4.3 129,130 140,735
Other Debt 4.3 20,532 38,583
Trade Creditors 4.3 690,590 751,427
Debt to Related Parties 4.3 19,877 0
Income Tax Payable 9,423 17,610
Other Payables 3.6, 4.3 249,574 257,730
Deferred Income 2,626 6,397
Current Liabilities 1,270,109 1,227,276
Total Liabilities 2,665,955 2,546,711
Total Equity and Liabilities 3,299,960 3,727,385
»
35
CONSOLIDATED 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. The cash flow statement cannot be derived directly from the income statement and the
balance sheet.
Cash funds consist of cash in hand and bank deposits.
Loans represent total interest-bearing debt items less interest-bearing receivables. Formation of leases is
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 sale of
enterprises and activities, the acquisition and sale of non-current assets and dividend received from associates.
Cash flows from financing activities comprise payments to and contributions from owners as well as the raising
and repayment of loans. Payments of lease liabilities are included under financing activities and the related
interest is included as a financial item under operating activities. Lease payments, not included in lease
liabilities, are included in operating activities under profit before tax (EBT), disclosed in note 3.3. Cash flow from
related parties mainly comprise proceeds and payments in cash pool accounts owned by Wrist Ship Supply A/S
and bridge financing with parent companies.
DKK'000 Note
2025 2024
Profit or Loss before Tax (EBT) -172,367 67,943
Profit from Investments in Associates -172 -546
Depreciation and Amortization 3.1, 3.2, 3.3 190,030 189,697
Adjustments for Other Non-Cash Items 5.4 193,614 94,598
Changes in Working Capital 5.3 -8,399 -34,559
Cash Flow from Ordinary Operating Activities 202,706 317,133
Financial Income 9,593 15,420
Financial Expenses -124,479 -107,123
Income Taxes Refunded/Paid -25,043 -24,673
Cash Flow from Operating Activities (CFFO) 62,777 200,757
Acquisition of Intangible Assets 3.1 -7,735 -19,431
Acquisition of Property, Plant and Equipment 3.2 -20,516 -53,244
Sale of Property, Plant and Equipment 329 1,152
Acquisition of Group Enterprises/Associates -68,464 -78,279
Dividend Received 564 735
Cash Flow from Investing Activities (CFFI) -95,822 -149,067
New Senior Facility Agreement 4.4 0 231,640
Installments on Loans etc. 4.4 -702,846 -191,021
Cash Flow from Related Parties 941,705 -26,074
Dividend Paid -280,000 0
Cash Flow from Financing Activities -41,141 14,545
Cash Flow for the Year -74,186 66,235
Cash and Cash Equivalents at 1 January 171,422 92,125
Foreign Currency Translation Adjustments of Cash and Cash Equivalents -6,597 13,062
Cash and Cash Equivalents at 31 December 90,639 171,422
Accounting Policies
»
36
CONSOLIDATED STATEMENT OF EQUITY
The number of shares is 17,000 with a nominal value of DKK 1,000.
All shares are fully issued and paid up.
In 2025 DKK 280,000k was paid out from Wrist Ship Supply A/S. No dividend was declared in 2024.
DKK'000
Share
Capital
Foreign
Currency
Translation
Adjustment
Retained
Earnings
Total
Shareholders' Equity at 1 January 2025 17,000 23,763 1,139,911 1,180,674
Net Profit or Loss for the Year 0 0 -181,606 -181,606
Exchange Differences, Foreign Entities 0 -85,063 0 -85,063
Total Comprehensive Income 0 -85,063 -181,606 -266,669
Dividend Paid 0 0 -280,000 -280,000
Shareholders' Equity at 31 December 2025 17,000 -61,300 678,305 634,005
Shareholders' Equity at 1 January 2024 17,000 -20,534 1,131,942 1,128,408
Net Profit or Loss for the Year 0 0 19,121 19,121
Exchange Differences, Foreign Entities 0 44,297 0 44,297
Total Comprehensive Income 0 44,297 19,121 63,418
Other Changes 0 0 -11,152 -11,152
Shareholders' Equity at 31 December 2024 17,000 23,763 1,139,911 1,180,674
»
37
SECTION 1: BASIS FOR PREPARATION
1.1 – Basis for Preparation of the Consolidated Financial
Statements
This section introduces Wrist Ship Supply Group’s accounting policies
and significant estimates and judgments. A more detailed description of
accounting policies and significant estimates and judgments related to
specific reported amounts is disclosed in the respective notes.
General Accounting Policies
The consolidated financial statements are presented in accordance with
IFRS Account Standards as adopted by the EU and additional
requirements of the Danish Financial Statements Act applying to
enterprises of reporting class C (large). The accounting policies set out
below have been applied consistently in respect of the financial year. For
standards implemented prospectively, comparative information is not
restated.
The consolidated financial statements have been prepared according to
the same accounting policies as last year, but includes some
reclassifications in the comparative financial figures.
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:
• controls the investee
• is exposed, or has rights, to variable returns from its involvement with
the investee
• has the ability to use its control 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.
In the 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 financial decision-making of
the readers of these financial statements.
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 measured in terms of historical cost in a foreign currency are not
retranslated.
For the purpose 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.
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 sale of foreign operations (i.e. the sale of the Group’s entire
interest in foreign operations or sale 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
or 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.
Profit and Loss
Raw Materials and Consumables Used
Raw Materials and Consumables Used comprises the cost of purchased
goods for resale, adjusted for changes in inventories of purchased goods,
as well as costs directly attributable to service revenue, including freight
and similar expenses.
The Raw Materials and Consumables Used is recognized in profit or loss
when the related goods are sold or the services are rendered.
Balance Sheet
Inventory
Inventories are stated at the lower of cost in accordance with FIFO
method and net realizable value.
Purchased goods for resale are measured at cost, including import duties
and non-refundable taxes, as well as in-bound freight, handling and other
costs directly attributable to the acquisition of goods.
Net realizable value represents the estimated selling price of inventories
less all estimated costs of completion and costs necessary to make the
sale.
Receivables (Other than Trade Receivables)
Receivables are initially recognized at fair value less transaction costs
and subsequently measured at amortized cost, which usually
corresponds to the nominal value less write-downs for bad debts.
Impact from New IFRS
Management has assessed the impact of new or amended accounting
standards and interpretations (IFRS) issued by the IASB and IFRS
endorsed by the European Union effective on or after 1 January 2025.
Management assessed that the application of these has not had a
material impact on the consolidated financial statements for 2025.
Furthermore, Management has assessed the impact of new or amended
accounting standards and interpretations (IFRS) issued by the IASB that
have not yet become effective. No new or amended accounting
standards or interpretations (IFRS) have been early adopted.
»
38
Management does not anticipate any significant impact on the
consolidated financial statements in the period of initial application after
the adoption of these amendments, except for IFRS 18. The Group is
currently assessing the potential impacts of IFRS 18 on the presentation
of the income statement and accompanying notes. As this assessment is
ongoing at the reporting date, the impact on the disclosures in the
consolidated financial statements is yet to be fully determined.
Critical Accounting Estimates and Key Sources of Estimation Uncertainty
In applying the group’s accounting policies, the managers are required to
make judgements (other than those involving estimations) that have a
significant impact on the amounts recognized and to make 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 that
are considered to be 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 that have impacted on our key accounting estimates and
judgements can be obtained in the respective notes.
Notes
2.1 – Net Sales
3.1 – Intangible Assets
5.2 – Acquisition of Companies
»
39
SECTION 2: RESULTS FOR THE YEAR
2.1 – Net Sales
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 and business areas. This information does
not amount to segment information according to IFRS.
The Group’s external revenue is recognized at a point in time, as control
of both goods and services is transferred at a specific point.
No other single customers contributed 10 per cent or more to the group’s
revenue in either 2025 or 2024.
Net sales from the sale of goods is recognized in accordance with IFRS
15, when the 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 (included in business area Maritime
Services), where the global supply costs are settled through a fixed
monthly invoice based on a victualing rate per man per day. However,
Wrist transfers 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
victualing 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 is included as a contract asset as part of the
trade receivables.
Sale 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 an amount that equals cost. When the goods are
consumed by the customers, any additional considerations are
recognized as revenue. The corresponding amount in the balance sheet
is presented as a contract asset as part of the trade receivables.
Net sales from the sale of goods is recognized when control of the goods
has been transferred to the customer, being when the goods are
delivered to the customer. Delivery typically occurs when goods are
placed alongside the customer’s ship.
Revenue is measured at the fair value of the consideration received or
receivable. Revenue is reduced by 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. There are no special
obligations in relation to warranties or return obligations compared to the
industry.
2.2 – Employee Costs
Geography
Business Area
DKK'000
2025 2024
The Netherlands 741,405 655,810
United Kingdom 521,078 610,630
Other Europe 1,520,446 1,547,124
United States 1,115,532 1,270,889
Other North America 115,812 133,040
Asia 863,216 787,097
Middle East and Africa 332,739 381,324
Other Regions 447,983 310,200
5,658,211 5,696,114
DKK'000
2025 2024
Ship Supply 3,410,129 3,446,042
Maritime Services 791,098 870,374
Offshore Supply 800,441 734,044
Marine Logistics 242,976 234,772
Digital Marketplace 2,083 0
Other 411,484 410,882
5,658,211 5,696,114
DKK'000
2025 2024
Wages and Salaries and Related Expenses
810,436 716,369
Pension Costs 38,524 37,073
Other Social Security Costs 52,714 47,833
901,674 801,275
Global:
Average Number of Full-Time
Employees at 31 December
1,793 1,645
Number of Full-Time
Employees at 31 December
1,804 1,820
Denmark:
Average Number of Full-Time
Employees at 31 December
383 395
Number of Full-Time
Employees at 31 December
373 397
Critical Accounting Estimates and Key Sources of
Estimation uncertainty
Accounting Policies
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40
The Executive Board and a number of members of other top management
in both the parent company and in the Group are covered 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. Bonus expenses in
2025 were impacted by one-off bonuses related to the change-of-
ownership transaction.
Certain employees and members of Management acquired warrants and
shares in the parent company, Wrist Ship Supply Holding A/S, during the
period 2012 to 2025 at the fair value of the warrants and shares at the
date of acquisition. The warrants and shares were fully vested.
All warrants outstanding during 2025 were cancelled in connection with
the sale of the Group in 2025, and consequently no warrants were
outstanding at 31 December 2025.
As the warrants and shares were 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.
Wages and salaries, pension costs, social security costs, leave and sick
leave, and bonuses are recognized in the year in which the services are
rendered.
2.3 – Other Operating Income and Expenses
In 2024 the Group has been part of a tax case in recent years, where a
settlement has been reached of DKK 9.7m, which is included in other
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 intangible and tangible non-
current assets.
2.4 – Income Tax and Deferred Tax
Income Tax
The income tax expense for the period comprises current and deferred
tax. It also includes adjustments to previous years and the impact from a
change in tax rates.
The income taxes are recognized in profit or loss, except when they relate
to items recognized in other comprehensive income or directly in equity,
in which case the current and deferred taxes are also recognized in other
comprehensive income or directly in equity, respectively. Where current
DKK'000
Board of
Directors
Executive
Board
Other top
manage-
ment
Total
Remuneration 231 0 0 231
Salary 0 13,550 16,859 30,409
Bonus 6,174 44,407 8,304 58,885
Pension, Company
Contributions
0 0 1,026 1,026
Benefits (Car, Housing,
Phone etc.)
0 771 1,477 2,248
Cost at 31 December
2025
6,405 58,728 27,666 92,799
Remuneration 1,117 0 0 1,117
Salary 0 13,550 18,133 31,683
Bonus 0 7,526 3,463 10,989
Pension, Company
Contributions
0 0 1,063 1,063
Benefits (Car, Housing,
Phone etc.)
0 845 2,239 3,084
Cost at 31 December
2024
1,117 21,921 24,898 47,936
DKK
Warrants Exercise Prices
1 January 2024 1,381 64,808 - 123,963
Issue of New Warrants 0
Exercised by Share Subscription 0
31 December 2024 1,381 64,808 - 123,963
Issue of New Warrants 0
Cancellation of Warrants -1,381
31 December 2025 0
DKK'000
2025 2024
Rent Income
6,278 6,067
Gains from the Sale of Non-Current Assets 169 668
Salary Reimbursements 4,616 3,967
Other Income 1,060 2,748
12,123 13,450
DKK'000
2025 2024
Other Expenses 140 13,691
140 13,691
DKK'000
2025
2024
Current Tax on Profit for the Year
18,463 28,272
Deferred Tax on Profit for the Year -8,507 18,811
Tax on Profit for the Year 9,956 47,083
Current Tax Adjustments Recognized for
Prior Years
-1,995
-2,230
Deferred Tax Adjustments Recognized for
Prior Years
1,279
4,012
Deferred Tax Adjustments due to Change in
Tax Rates
-1 -43
Income Taxes in the Income Statement 9,239 48,822
DKK'000
2025 2024
Earnings before Tax -172,367 67,943
Calculated Tax at Danish Statutory Rate of
22% (of EBT)
-37,921 14,947
Effect from Difference in Tax Rate in Foreign
Subsidiaries
136
47
Adjustment in Respect of Prior Years -716 1,782
Effect from Change in Local Tax Rate -1 -43
Income/Loss from Associates -38 -120
Change in Recoverability of Prior Years’
Deferred Tax Assets
0 28,053
Tax Losses current year not recognized as
deferred tax
17,336
0
Income/Expenses not Subject to Tax 30,443 4,156
Tax Charge
9,239 48,822
Effective Tax Rate (%) -5.4% 71.9%
Accounting Policies
Accounting Policies
Accounting Policies
»
41
tax or deferred taxes arise from the initial accounting for a business
combination, the tax effect is included in the accounting for the business
combination.
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 recognized for all
deductible temporary differences, provided that it is probable that
sufficient taxable profits will be available to utilize these differences.
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
realized, 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.
Deferred tax assets and liabilities are offset if, and only if, the Group has a
legally enforceable right to set off current tax assets against current tax
liabilities, and the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority on either the same taxable
entity, or different taxable entities which intend to settle current tax
balances on a net basis or to realize the assets and settle the liabilities
simultaneously in future periods in which significant amounts of deferred
tax are expected to be settled or recovered.
»
42
Development in Deferred Tax Assets and Liabilities
The Group
expects to utilize the deferred tax assets as the Group entities in general have a positive taxable income.
Unutilized tax losses in The Netherlands (DKK 33.8m), Luxembourg (DKK 20.7m), USA (DKK 8.5m) and other countries (DKK 4.1m) h
ave not been recognized, as it is not considered probable that they will be utilized within the
foreseeable future. The recognized
and unrecognized taxable losses don’t have any expiration date.
DKK'000
Intangible
Assets
Property,
Plant and
Equipment
Financial
Non-
Current
Assets
Current
Assets
Provisions
Taxable
Losses
Long-Term
Liabilities
Short-Term
Liabilities
Total
Deferred
Tax
Net Deferred Tax Asset/(Liability) at 1 January 2025 -42,037 1,971 223 872 2,360 11,855 35,530 5,526 16,300
Reclassifications 0 -1,235 0 990 -4 249 0 0 0
Exchange Rate Adjustments 2,459 907 1 -425 -56 -471 -4,042 -612 -2,239
Change from Acquisitions -5,408 0 0 0 0 0 0 0 -5,408
Charge to the Income Statement 7,428 -21 57 -204 80 140 6,862 -5,835 8,507
Adjustments to Prior Years (Through the Income Statement) 0 -1,230 0 0 -207 0 158 0 -1,279
Change in Tax Rate (Through the Income Statement) 0 0 0 0 1 0 0 0 1
Other Adjustments 0 -3 0 0 0 -1,313 0 0 -1,316
Net Deferred Tax Asset/(Liability) at 31 December 2025 -37,558 389 281 1,233 2,174 10,460 38,508 -921 14,566
Classified as Follows
Deferred Tax Asset at 31 December 2025 27,760
Deferred Tax Liability at 31 December 2025 -13,194
14,566
Net Deferred Tax Asset/(Liability) at 1 January 2024 -31,512 8,557 145 324 2,742 23,473 32,850 10,641 47,220
Reclassifications 0 215 0 0 -893 678 0 0 0
Exchange Rate Adjustments -943 -286 0 175 20 174 1,644 633 1,417
Change from Acquisitions -8,503 0 0 0 0 0 0 0 -8,503
Charge to the Income Statement 2,602 -178 78 -247 448 -14,455 962 -8,021 -18,811
Adjustments to Prior Years (Through the Income Statement) -3,681 -6,337 0 620 0 3,039 74 2,273 -4,012
Change in Tax Rate (Through the Income Statement) 0 0 0 0 43 0 0 0 43
Other Adjustments 0 0 0 0 0 -1,054 0 0 -1,054
Net Deferred Tax Asset/(Liability) at 31 December 2024 -42,037 1,971 223 872 2,360 11,855 35,530 5,526 16,300
Classified as Follows
Deferred Tax Asset at 31 December 2024 30,580
Deferred Tax Liability at 31 December 2024 -14,280
16,300
»
43
SECTION 3: OPERATING ASSETS AND LIABILITIES
3.1 – Intangible Assets
• Software is purchased externally
• Other intangible assets are mainly customer relations acquired
separately in business combinations
Impairment Test
Besides goodwill there are no intangible assets with indefinite useful
lives. At 31 December 2025, the CGUs Ship Supply Europe of DKK 132m
(2024: DKK 132m), Ship Supply North America of DKK 210m (2024: DKK
217m), Ship Supply Asia of DKK 10m (2024: DKK 11m), Ship Supply
Panama of DKK 27m (2024: DKK 30m), Offshore of DKK 181m (2024: DKK
193m), Garrets of DKK 237m (2024: DKK 268m), Van Hulle of DKK 34m
(2024: DKK 34m) and Shipping of DKK 5m (2024: DKK 5m) specifies the
consolidated goodwill. Wrist performed an impairment test of the
carrying amount of goodwill at 31 December 2025 based on value in use.
Impairment testing is performed in the fourth quarter each year, based on
the budgets and business plans approved by the Board of Directors.
Changes to goodwill is related to the acquisition of New Delaware Ship
LLC (name changed to Wrist Delaware and included in CGU Offshore)
and impact from changes to the preliminary PPA related to the Boa Praça
General Ship Supplier acquisition (included in CGU Offshore), which was
completed in 2024.
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, future capital expenditure and general growth
expectations for the years after 2029.
Budgets and projections for the 2026-2029 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 2029 takes into 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 fleet, so
a growth rate interval of 1.0-4.2% is used in the terminal period.
DKK'000
Goodwill
Software
Other
Intangible
Assets
Intangible
Assets in
Development
Total
Cost at 1 January 2025 890,771 255,359 185,958 239 1,332,327
Exchange Rate Adjustments -64,480 -886 -7,283 0 -72,649
Additions from Acquisitions 10,672 0 19,577 0 30,249
Additions 0 2,564 0 5,171 7,735
Disposals 0 0 -108,589 0 -108,589
Cost at 31 December 2025 836,963 257,037 89,663 5,410 1,189,073
Amortizations at 1 January 2025 458 190,241 140,244 0 330,943
Exchange Rate Adjustments 0 -896 -6,626 0 -7,522
Amortization for the Year 0 27,725 13,998 0 41,723
Reversal Regarding Disposals 0 0 -108,589 0 -108,589
Amortizations at 31 December 2025 458 217,070 39,027 0 256,555
Carrying Amount at 31 December 2025 836,505 39,967 50,636 5,410 932,518
Cost at 1 January 2024 809,011 270,159 154,426 5,151 1,238,747
Exchange Rate Adjustments 35,793 469 3,497 0 39,759
Additions from Acquisitions 60,250 0 28,035 0 88,285
Additions 0 12,022 0 7,409 19,431
Disposals -3,131 -39,612 0 0 -42,743
Other Changes -11,152 0 0 0 -11,152
Transfer 0 12,321 0 -12,321 0
Cost at 31 December 2024 890,771 255,359 185,958 239 1,332,327
Amortizations at 1 January 2024 458 191,999 124,884 0 317,341
Exchange Rate Adjustments 0 447 3,622 0 4,069
Amortization for the Year 0 36,858 11,738 0 48,596
Reversal Regarding Disposals 0 -39,063 0 0 -39,063
Amortizations at 31 December 2024 458 190,241 140,244 0 330,943
Carrying Amount at 31 December 2024 890,313 65,118 45,714 239 1,001,384
»
44
The impairment tests performed at 31 December 2025 for Ship Supply
Europe, Ship Supply North America, Ship Supply Asia, Ship Supply
Panama, Offshore, Garrets, Van Hulle and Shipping 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.
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.
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 are 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 or 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 or loss on
disposal.
Software
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
• the ability to measure reliably the expenditure attributable to the
intangible asset during its development
The cost of internally generated assets is the sum of expenditures
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
Other intangible assets mainly comprise customer relations acquired
separately in a business combination. Customer relations are recognized
at fair value at the acquisition date, have a finite useful life and are
subsequently carried at cost less accumulated amortization and
impairment losses. Other intangible assets are amortized on a straight-
line basis over the estimated useful life (5-6 years).
2025
Discount Rates
before Tax
Discount Rates
After Tax
Terminal Growth
Rates
Increase in EBIT
2026 to terminal
period
Increase of Net
Working Capital
2026 until
terminal period
Ship Supply Europe 9.0% 7.3% 2.7% 9.3% 9.3%
Ship Supply North America 9.6% 7.7% 4.2% 9.3% 9.3%
Ship Supply Asia 9.1% 7.2% 2.1% 9.3% 9.3%
Ship Supply Panama 8.9% 8.7% 4.2% 15.8% -15.0%
Offshore 10.8% 7.9% 1.0% 9.3% 9.3%
Garrets 9.7% 7.3% 1.8% 9.3% 9.3%
Van Hulle 9.3% 7.4% 3.3% 9.3% 9.3%
Shipping 9.1% 7.3% 2.7% 9.3% 9.3%
2024
Discount Rates
before Tax
Discount Rates
After Tax
Terminal Growth
Rates
Increase in EBIT
2025 to terminal
period
Increase of Net
Working Capital
2025 until
terminal period
Ship Supply Europe 6.8% 6.2% 1.8% 9.3% 9.3%
Ship Supply North America 9.2% 8.4% 4.2% 9.3% 9.3%
Ship Supply Asia 7.6% 7.2% 2.7% 9.3% 9.3%
Ship Supply Panama 9.2% 9.2% 4.2% 15.8% -28.7%
Offshore 9.3% 8.4% 1.0% 9.3% 9.3%
Garrets 6.8% 6.2% 1.8% 9.3% 9.3%
Van Hulle 7.7% 7.0% 2.8% 9.3% 9.3%
Shipping 6.8% 6.2% 1.8% 9.3% 9.3%
Critical Accounting Estimates and Key Sources of
Estimation uncertainty
Accounting Policies
»
45
3.2 – Property, Plant and Equipment
Property, plant and equipment 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 (land is not depreciated) 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: 2-30 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 or 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 or loss.
DKK'000
Land and
Buildings
Fixtures and
Equipment
Leasehold
Improvements
Ships
Property,
Plant and
Equipment in
Development
Total
Cost at 1 January 2025
69,766 251,973 116,199 68,156 133 506,227
Exchange Rate Adjustments -1,650 -14,209 -6,710 0 -4 -22,573
Additions from Acquisitions 0 402 0 0 0 402
Additions 0 9,905 2,792 895 6,924 20,516
Disposals -56,011 -13,181 0 0 0 -69,192
Transfer 0 443 648 0 -1,091 0
Cost at 31 December 2025 12,105 235,333 112,929 69,051 5,962 435,380
Depreciations at 1 January 2025 64,109 190,057 45,031 22,439 0 321,636
Exchange Rate Adjustments -1,651 -9,957 -1,923 0 0 -13,531
Depreciation for the Year 479 14,342 9,023 3,948 0 27,792
Reversal Regarding Disposals -56,011 -13,072 0 0 0 -69,083
Transfer -614 0 0 614 0 0
Depreciations at 31 December 2025 6,312 181,370 52,131 27,001 0 266,814
Carrying Amount at 31 December 2025 5,793 53,963 60,798 42,050 5,962 168,566
Cost at 1 January 2024 67,811 240,757 67,028 68,049 1,517 445,162
Exchange Rate Adjustments 1,733 8,304 2,099 0 480 12,616
Additions from Acquisitions 0 3,479 9 0 0 3,488
Additions 222 12,156 15,816 107 24,943 53,244
Disposals 0 -9,556 0 0 -186 -9,742
Transfer 0 -3,167 31,247 0 -26,621 1,459
Cost at 31 December 2024 69,766 251,973 116,199 68,156 133 506,227
Depreciations at 1 January 2024 61,651 177,229 38,385 18,990 0 296,255
Exchange Rate Adjustments 1,731 5,718 849 0 0 8,298
Depreciation for the Year 727 14,616 5,779 3,449 0 24,571
Reversal Regarding Disposals 0 -9,136 18 0 0 -9,118
Transfer 0 1,630 0 0 0 1,630
Depreciations at 31 December 2024 64,109 190,057 45,031 22,439 0 321,636
Carrying Amount at 31 December 2024 5,657 61,916 71,168 45,717 133 184,591
Accounting Policies
»
46
3.3 – Right-of-Use Assets
No significant increase in right-of-use assets has occurred in 2025. The
most significant increase in right-of-use assets in 2024 was from the
leasing of new warehouse facilities in Singapore (DKK 90.7m).
Lease liabilities are disclosed in note 4.4.
The Group as a Lessee
Leases are recognized as right-of-use assets with the corresponding
liability at the time when the asset is available for use by the Group.
Assets and liabilities arising from a lease are measured on a present
value basis. Right-of-use assets are recognized at the commencement
date of the lease when the asset is available for use. Right-of-use assets
are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease
liabilities recognized, initial direct costs incurred, lease payments made
at or before the commencement date, less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the
shorter period of the lease term and the asset’s useful life. An
assessment is made at each reporting date of whether there is any
indication that a right-of-use asset may be impaired. If any such
indication exists, an impairment test for the relevant CGU is carried out.
DKK'000
Leased
Buildings
Leased
Equipment
Total
Cost at 1 January 2025
910,988 165,603 1,076,591
Exchange Rate Adjustments -44,708 -9,522 -54,230
Additions 20,430 40,001 60,431
Disposals -6,446 -27,885 -34,331
Transfer 2,315 -2,316 -1
Cost at 31 December 2025 882,579 165,881 1,048,460
Depreciations at 1 January 2025 348,609 75,807 424,416
Exchange Rate Adjustments -15,020 -4,219 -19,239
Depreciation for the Year 88,282 32,233 120,515
Reversal Regarding Disposals -6,446 -25,905 -32,351
Transfer 346 -346 0
Depreciations at 31 December 2025 415,771 77,570 493,341
Carrying Amount at 31 December 2025 466,808 88,311 555,119
Cost at 1 January 2024 777,351 135,430 912,781
Exchange Rate Adjustments 23,433 4,880 28,313
Additions from Acquisitions 4,782 0 4,782
Additions 110,800 40,834 151,634
Disposals -5,682 -13,778 -19,460
Transfer 304 -1,763 -1,459
Cost at 31 December 2024 910,988 165,603 1,076,591
Depreciations at 1 January 2024 261,566 57,351 318,917
Exchange Rate Adjustments 6,666 1,825 8,491
Depreciation for the Year 86,070 30,460 116,530
Reversal Regarding Disposals -5,693 -12,199 -17,892
Transfer 0 -1,630 -1,630
Depreciations at 31 December 2024 348,609 75,807 424,416
Carrying Amount at 31 December 2024 562,379 89,796 652,175
DKK'000
2025 2024
Within 1 Year 133,308 145,768
Between 1-3 Years 215,796 233,115
Between 3-5 Years 153,071 178,618
More than 5 Years 293,437 399,870
Total Undiscounted Lease Payments 795,612 957,371
Carrying Amount at 31 December 604,768 695,294
DKK'000
2025 2024
Amounts Recognized in Profit and Loss
Income from Subleases 6,278 6,067
Depreciation on Right-of-Use Assets 120,515 116,530
Interest Expenses Included in Financial
Expenses
35,458 37,479
Expenses Relating to Short-Term Leases and
Low-Value Leases
7,010 7,557
Expenses Relating to Variable Lease
Payments
4,277 10,076
11,287 17,633
Accounting Policies
»
47
Lease liabilities comprise expected fixed payments throughout the
expected lease term (including options to extend the lease when exercise
is reasonably certain), less any lease incentives. Payments relating to
services are not included in lease liabilities.
In calculating the present value of lease payments, the incremental
borrowing rate at the lease commencement date is used, given that the
interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to
reflect the accretion of interest and reduced by lease payments made. In
addition, the carrying amount of lease liabilities is remeasured if there is
a modification, a change in the lease term or a change in lease payments.
Lease costs for short-term leases and low-value assets are recognized 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 Group as a Lessor
The Group enters into sublease agreements as a lessor in relation to
leased buildings. The sublease agreements are classified as operating
leases.
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.
3.4 – Trade Receivables
The expected credit losses in the income statement amount to DKK
1,313k (2024: DKK 1,683k). Reference is made to note 4.5 where the
credit risk is described.
The carrying amounts of financial assets measured at amortized cost are
considered to approximate their fair value.
Trade receivables are initially recognized at their transaction price, being
the amount to which the Group is expected to be entitled.
For trade receivables and contract assets, expected credit losses are
measured as lifetime expected credit losses.
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 losses are 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 includes 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.
DKK'000
2025 2024
Trade Receivables 910,683 936,213
Contract Assets 40,361 54,693
Provisions for Impairment of Trade
Receivables
-18,371 -20,235
932,673 970,671
Impairment Losses at 1 January -20,235 -18,962
Addition of Acquisition -840 -632
Exchange Rate Adjustments 1,460 -794
Losses Realized for the Year -3,323 -1,486
Provisions for Bad Debt for the Year 1,876 1,595
Reversed, Unrealized Impairment of
Receivables
2,691 44
Impairment Losses at 31 December -18,371 -20,235
DKK'000
31 Decem-
ber 2025
31 Decem-
ber 2024
1 January
2024
Contract Assets
Provision and Stores
Management
40,361 54,693 59,683
Revenue Recognized in the
Period from Performance
Obligations Satisfied in
Previous Periods
54,693 59,683
Past due at 31 December 2025
DKK'000
Total
Not Past
Due
< 30 Days
30-60
Days
61-90
Days
> 91 Days
Trade Receivables 951,044 653,739 133,778 74,536 32,117 56,874
Expected Credit Loss Rate (%) 0.0% 0.1% 2.4% 5.1% 25.7%
Estimated Total Gross Carrying Amount at Default 18,371 121 191 1,794 1,629 14,636
Past due at 31 December 2024
DKK'000
Total
Not Past
Due
< 30 Days
30-60
Days
61-90
Days
> 91 Days
Trade Receivables 990,906 695,472 120,637 71,367 36,629 66,801
Expected Credit Loss Rate (%) 0.0% 2.5% 2.3% 1.2% 22.6%
Estimated Total Gross Carrying Amount at Default 20,235 55 3,035 1,620 447 15,078
Accounting Policies
»
48
3.5 – Provisions 3.6 – Other Payables
Provisions for pension and pension-like liabilities are where the Group is
obligated to pay anniversary bonuses etc.
Provisions for restoration liabilities are where the Group has an obligation
to restore rented facilities upon vacating such facilities.
Provisions for dismantling liabilities are where the Group is obligated to
dismantle assets placed in rented facilities.
Provisions for onerous contract liabilities are where the Group is obliged
to pay for unused leased premises.
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).
The carrying amounts of financial liabilities measured at amortized cost
are considered to approximate their fair value.
Other payables comprise employee-related debt, customer bonuses and
other debts to authorities. Other payables are measured at amortized
cost.
DKK'000
Provisions for
Pension and
Pension-Like
Liabilities
Provisions for
Restoration
Liabilities
Provisions for
Dismantling
Liabilities
Provisions for
Onerous
Contracts
Total
Provisions
Provisions at 1 January 2025 794 15,190 4,175 0 20,159
Exchange Rate Adjustments -3 -451 -314 0 -768
Increase 0 236 0 0 236
Discounting Interest 0 124 40 0 164
Decrease 0 -2,259 0 0 -2,259
Provisions at 31 December 2025 791 12,840 3,901 0 17,532
Non-Current Provisions 791 12,840 3,636 0 17,267
Current Provisions 0 0 265 0 265
Provisions at 1 January 2024 794 8,573 4,011 414 13,792
Exchange Rate Adjustments 0 93 122 6 221
Increase 0 7,291 0 0 7,291
Discounting Interest 0 124 42 0 166
Decrease 0 -798 0 -420 -1,218
Reversal 0 -93 0 0 -93
Provisions at 31 December 2024 794 15,190 4,175 0 20,159
Non-Current Provisions 794 12,852 3,759 0 17,405
Current Provisions 0 2,338 416 0 2,754
DKK'000
2025 2024
Social Security and Other Related Expenses 85,816 84,759
Customer Bonuses 117,170 116,999
Commissions 130 2,509
VAT 6,081 6,404
Other Accrued Expenses 40,377 47,059
249,574 257,730
Accounting Policies
Accounting Policies
»
49
SECTION 4: CAPITAL STRUCTURE AND FINANCIAL ITEMS
4.1 – Financial Income and Expenses
All financial assets are measured at amortized costs, and hence all
interest income from financial assets is measured at amortized cost.
All financial liabilities are measured at amortized cost, and hence all
interest expenses from financial liabilities are measured at amortized
cost.
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.
4.2 – Cash and Cash Equivalents
Included in Cash and Cash Equivalents is DKK 3.2m that has been
pledged as security in connection with issued credit cards. Accordingly,
this amount is subject to restrictions and is not available for general use.
DKK'000
2025
2024
Interest Income Arising from Group
Enterprises
5,773 6,024
Interest Income 3,704 9,150
Foreign Exchange Gains 0 13,102
Other Financial Income 116 280
9,593 28,556
DKK'000
2025 2024
Interest Expenses Arising from Group
Enterprises
64,474 0
Interest Expenses 24,511 69,691
Interest from Leases 35,458 37,479
Foreign Exchange Losses 61,624 0
Other Financial Expenses 29,701 20,928
215,768 128,098
Accounting Policies
»
50
4.3 – Current and Non-Current Liabilities
The Group is subject to certain financial and reporting covenants under
its Super Senior Revolving Credit Facility (SSRCF). On a monthly basis,
the Group is required to report to the lending banks and confirm
compliance with all terms of the SSRCF agreement. As part of this
reporting, management also confirms that the monthly financial
information fairly presents, in all material respects, the financial
condition of the Company and its subsidiaries. Interest rate is Cibor + 4%.
In addition, the Group is required to perform a quarterly covenant test
based on a leverage ratio, which must not exceed a specified threshold
as defined in the SSRCF agreement.
Throughout 2025, the Group remained in compliance with all financial
and reporting covenants and maintained its leverage ratio within the
agreed limits.
Financial liabilities in Wrist Ship Supply Group are all classified as other
financial liabilities measured at amortized cost except for liabilities
related to derivatives entered into to hedge future cash flows, which are
classified as liabilities at fair value through profit or loss.
Other financial liabilities (including borrowings, trade payables 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.
DKK'000
Payments
due 1 year
2025
Payments
due
between
1-5 years
2025
Outstan-
ding after
5 years
2025
Debt to Mortgage Credit
Institutions
99 420 141
Debt to Credit Institutions 147,993 0 0
Lease Debt 129,130 318,388 157,250
Other Debt 20,532 0 0
Trade Creditors 690,590 0 0
Debt to Related Parties 19,877 889,186 0
Other Payables 249,574 0 0
1,257,795 1,207,994 157,391
Specification of Contractual Cash Flows including Interest:
Debt to Mortgage Credit
Institutions
113 427 167
Debt to Credit Institutions 147,993 0 0
Lease Debt 133,308 368,867 293,437
Other Debt 20,532 0 0
Trade Creditors 690,590 0 0
Debt to Related Parties 90,451 1,104,286 0
Other Payables 249,574 0 0
1,332,561 1,473,580 293,604
DKK'000
Payments
due 1 year
2024
Payments
due
between
1-5 years
2024
Outstan-
ding after
5 years
2024
Debt to Mortgage Credit
Institutions
92 406 257
Debt to Credit Institutions 11,948 726,164 0
Lease Debt 140,735 348,862 205,697
Other Debt 38,583 6,364 0
Trade Creditors 751,427 0 0
Other Payables 257,730 0 0
1,200,515 1,081,796 205,954
Specification of Contractual Cash Flows including Interest:
Debt to Mortgage Credit
Institutions
117 432 307
Debt to Credit Institutions 78,463 775,530 0
Lease Debt 145,768 411,733 399,870
Other Debt 38,583 6,364 0
Trade Creditors 751,427 0 0
Other Payables 257,730 0 0
1,272,088 1,194,059 400,177
Accounting Policies
»
51
4.4 – Reconciliation of Liabilities Arising from Financing Activities
4.5 – Financial Risks and Financial Instruments
Categories of Financial Instruments
All financial assets and financial liabilities in the Group are measured at
amortized cost except derivatives used for hedging purposes, which are
measured at fair value through profit or loss. At 31 December 2025 and
31 December 2024, no derivatives were in place.
Financial Risk Management
The Group 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 of Directors on an annual basis and include:
• Exchange rate risk
• Interest rate risk
• Liquidity risk
• Credit risk
The Group has centralized its management and monitoring of risks and is
measuring exposures on a frequent basis. The Group does not enter into
speculation and the purpose of the risk management activities is to
monitor and reduce the Group’s exposures due to its operating, investing
and financing activities.
Each risk is described further below.
Exchange Rate Risk
The Group’s business activities are predominantly carried out in USD,
GBP, SGD and EUR, while credit facilities are denominated in EUR
(currencies listed according to the size of aggregated amounts). The
Group aims to match costs and revenues, as well as assets and
liabilities, through representation in the countries in which the Group
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 foreign currency translation risk mainly relates to USD and
GBP. At 31 December 2025 and 31 December 2024, no open cash flow
hedge contracts were in place.
DKK'000
Long-Term
Borrowings
Short-Term
Borrowings
Lease
Liabilities
Total Liabilities
from Financing
Activities
1 January 2025 733,191 50,623 695,294 1,479,108
Cash Flows -706,474 111,518 -107,890 -702,846
Non-Cash Change:
Additions from Lease Liabilities 0 0 60,431 60,431
Additions from Acquisitions 0 142 0 142
Exchange Rate Adjustments -12,863 6,341 -38,124 -44,646
Other -13,293 0 -4,943 -18,236
31 December 2025 561 168,624 604,768 773,953
1 January 2024 500,624 95,186 620,610 1,216,420
New Senior Facility Agreement 231,640 -231,640 0 0
Cash Flows -17,052 155,084 -97,413 40,619
Non-Cash Change:
Reclassifications -11,753 11,753 0 0
Additions from Lease Liabilities 0 0 151,634 151,634
Additions from Acquisitions 0 0 4,806 4,806
Exchange Rate Adjustments 15,263 2,701 21,211 39,175
Other 14,469 17,539 -5,554 26,454
31 December 2024 733,191 50,623 695,294 1,479,108
»
52
Sensitivity Analysis
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 or
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 or loss and equity.
Interest Rate Risk
The Group primarily obtains financing with floating rates and is exposed
to interest rate changes both in Denmark and abroad. The interest rate
exposure is primarily related to fluctuations to CIBOR, EURIBOR and
SONIA. The Group’s floating rate loans at 31 December 2025 came in at
DKK 1,088,879k (DKK 738,867k at 31 December 2024). 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 10,889k (2024: DKK 7,389k) and on equity of DKK
8,493k (2024: DKK 5,763k). A declining interest level would have had a
corresponding positive impact on results and equity.
At 31 December 2025 and 31 December 2024, no open interest hedge
contracts were 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 liabilities outstanding at the end of the reporting period was
outstanding for the whole year.
Liquidity Risk
The Group 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 monthly cash flow
matches the planned cash needs. The entities in the Group have a
positive monthly cash flow. Wrist is in a sound financial position with
significant positive cash flows from operating activities and adequate
cash reserves. Reference is made to note 4.3 where the maturity of
financial obligations is disclosed.
Credit Risk
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.
Capital Structure
The Group’s management assesses whether the capital structure is in
line with the interests of the Group and its shareholders. The overall
objective is to ensure a capital structure that supports long-term
profitable growth. At 31 December 2025, the Group's net interest-bearing
debt amounted to DKK 1,497m (2024: DKK 1,148m), 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 2025; however, the capital structure has
changed significantly following the new financing arrangements
implemented during the year.
DKK'000
2025
2024
Net Debt
Carrying amount in USD and GBP 353,811 -40,350
Impact on Profit/(Loss) from 10% change in
FX translation after tax
27,597 -3,147
Investments in Subsidiaries
Carrying amount in USD and GBP 603,018 658,828
Impact on Equity from 10% change in FX
translation
60,302 65,883
»
53
SECTION 5: OTHER DISCLOSURES
5.1 – Fees to Statutory Auditor 5.2 – Acquisition of Enterprises
On 18 December 2025, the Group finalized the acquisition of 100% of the
share capital of New Delaware Ship LLC (name changed to Wrist
Delaware). Wrist Delaware is a fourth generation (fifth generation
employed in the business) family-owned business founded in 1904 and
located in Camden, New Jersey. Since inception, Wrist Delaware has had
continuous operations supplying merchant vessels across the
Northeastern US. Wrist Delaware is a traditional Ship Supply business
focused on supplying the maritime market on the US East Coast. Wrist
Delaware is primarily supplying Provisions, with a 75/25 split between
Provisions and Technical Stores. The company services Tankers, Bulkers,
Roro and Container ships primarily in Philadelphia, New York, New
Jersey, Baltimore & Wilmington DE. Wrist Delaware currently employs 23
persons including the former owner and family members.
The above-mentioned acquisition on 18 December 2025 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 paid at closing date
for the acquisition of control of Wrist Delaware amounted to DKK 47.2m
(USD 7.4m), while the fair value of net assets at the date of acquisition of
control was DKK 30.1m (USD 4.7m). The purchase price allocation have
been prepared without use of external experts due to the rather simple
business setup. DKK 3.6m (USD 0.6m) is payable to certain members of
management after a 12-month period, conditional upon continued
employment. This arrangement is accounted for as a separate
transaction from the business combination, and the amount is
recognized as remuneration expense over the service period.
Wrist Delaware
DKK'000
2025 2024
Statutory Audit
5,013 3,852
Other Assurance Engagements 996 4
Tax and VAT Services 299 507
Non-Audit Services 284 3,250
Total Fees to Deloitte 6,592 7,613
Statutory Audit (Other Auditors) 1,786 1,575
Tax and VAT Services (Other Auditors) 225 1,698
Non-Audit Services (Other Auditors) 572 295
Total Fees to Other Auditors 2,583 3,568
Total Fees to Auditors 9,175 11,181
DKK'000
Provisional
Amounts at
18 December 2025
Adjustments
Fair Value at
17 December 2024
Non-Current Assets
Customer Relations 0 19,577 19,577
Fixtures and Equipment 402 0 402
Current Assets
Inventories 3,533 -177 3,356
Account Receivable 16,792 -840 15,952
Corporate Tax 1,168 0 1,168
Prepaid Expenses 164 0 164
Cash and Cash Equivalents 546 0 546
Non-Current and Current Liabilities
Deferred Tax 0 -5,408 -5,408
Accounts Payable -949 0 -949
Other Debt -4,757 0 -4,757
Net Identifiable Assets Acquired 16,899 13,152 30,051
Goodwill 0 17,124 17,124
Net Assets Acquired 16,899 30,276 47,175
Cash and Cash Equivalents Acquired -546 0 -546
Additional Consideration Paid, Not Yet Allocated 30,276 -30,276 0
Cash Flow from Acquisition of Enterprises 46,629 0 46,629
»
54
Acquisition-related costs amounted to DKK 3.0m and are 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 of
customer relations has been based on the excess earning method. The
fair value was determined at DKK 19.6m based on the customer turnover
rate and a remaining useful life has been considered at 6 years.
Inventory: allocation of the fair value of inventory was determined by
reviewing ageing reports and fair value was determined at DKK 3.4m
including provisions for impairment of DKK 0.2m.
Account receivables: allocation of the fair value of receivables was
determined by reviewing ageing reports and fair value was determined at
DKK 16.0m (USD 2.5m) including provision for bad debts of DKK 0.8m.
From the acquisition date 18 December 2025, Wrist Delaware
contributed DKK 3.1m to the Group’s net sales and with a profit of DKK
0.1m. If the acquisition had taken place on 1 January 2025, Wrist
Delaware would have contributed to the group’s net sales with DKK
89.3m and with a net profit of DKK 6.1m.
On 17 December 2024, the Group finalized the acquisition of 100% of the
share capital of Boa Praça General Ship Supplier Ltda (name changed to
Wrist Boa Praça). Wrist Boa Praça serves several of Brazil’s main ports
from four operational bases located in Rio de Janeiro, Macaé, Vitória and
Recife, providing customers with provisions, stores, technical products
and bonded items, as well as, of course, spare parts logistics and
storage. The company’s commercial activities are based at its
headquarters in Vitória, Espírito Santo. This acquisition forms parts of
Wrist’s strategy of expanding our geographical scope and services to the
shipping and offshore industries. Wrist Boa Praça have a storage capacity
of more than 11,500 m2, delivering around 3,000 supplies a year. Wrist
Boa Praça has established a systematic and certified approach to quality
management to ensure that the quality needs of the business are
understood, accepted and met.
The above-mentioned acquisition on 17 December 2024 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 paid at closing date
for the acquisition of control of Wrist Boa Praça amounted to DKK 45.6m
(BRL 38.1m), while the fair value of net assets at the date of acquisition of
control was DKK 14.8m (BRL 12.0m). Deferred consideration amounting
to DKK 36.0m (BRL 31.0m) has been included based on projected
Wrist Boa Praça
DKK'000
Provisional
Amounts at
17 December 2024
Adjustments
Fair Value at
17 December 2024
Non-Current Assets
Customer Relations 0 22,455 22,455
Fixtures and Equipment 3,167 0 3,167
Leased Assets 0 4,782 4,782
Current Assets
Inventories 8,087 -404 7,683
Account Receivable 17,443 0 17,443
Other Current Receivables 2,207 0 2,207
Prepaid Expenses 34 0 34
Cash and Cash Equivalents 227 0 227
Non-Current and Current Liabilities
Deferred Tax 0 -7,635 -7,635
Lease Liabilities 0 -4,806 -4,806
Accounts Payable -9,688 0 -9,688
Corporate Tax -894 0 -894
Other Debt -5,770 -404 -6,174
Prepaid Income -7 0 -7
Net Identifiable Assets Acquired 14,806 13,988 28,794
Goodwill 0 45,890 45,890
Net Assets Acquired 14,806 59,878 74,684
Cash and Cash Equivalents Acquired -227 0 -227
Additional Consideration Paid, Not Yet Allocated 30,774 -30,774 0
Adjustment to Consideration in 2025 0 6,856 6,856
Consideration Transferred During 2025 0 21,835 21,835
Deferred Consideration 0 -35,960 -35,960
Cash Flow from Acquisition of Enterprises 45,353 21,835 67,188
»
55
performance until 31 December 2024. Finally, DKK 2.6m (BRL 2.2m) have
been allocated to Management which have been accrued and expensed
since closing date as part of SG&A. Acquisition-related costs amounted
to DKK 4.1m and are included in other external expenses in the income
statement. The purchase price allocation have been prepared without
use of external experts due to the rather simple business setup.
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 of
customer relations has been based on the excess earning method. The
fair value was determined at DKK 22.5m (BRL 19.2m) based on the
customer turnover rate and a remaining useful life has been considered
at 6 years.
Inventory: allocation of the fair value of inventory was determined by
reviewing ageing reports and fair value was determined at DKK 7.7m (BRL
6.6m) including provisions for impairment of DKK 0.4m (BRL 0.3m).
Account receivables: allocation of the fair value of receivables was
determined by reviewing ageing reports and fair value was determined at
DKK 17.4m (BRL 14.9m). We have not identified any impairment related
to the accounts receivables.
From the acquisition date 17 December 2024, Wrist Boa Praça
contributed DKK 4.5m (BRL 3.8m) to the Group’s net sales, with a profit of
DKK 0.3m (BRL 0.2m). The acquired company is newly established, and
therefore, we don’t disclose the full-year effect on revenue and profit.
On 13 June 2024, the Group finalized the acquisition of 100% of the share
capital of Korea Marine Supply Company Limited (name changed to Wrist
Komasco). Wrist Komasco serves all major South Korean ports, providing
customers with maritime provisions, technical goods, bonded as well as
owners’ goods and spare parts handling. Komasco is a well-established
ship chandler within maritime provisions, technical goods, bonded and
marine spare parts and logistics. The company, founded in 1990, is
located in Busan, South Korea and is one of the largest and most well-
recognized stand-alone ship chandlers in South Korea. Wrist Komasco’s
operational activities are based around their 1,900 m2 warehouses,
providing operational excellence and a broad portfolio of customized
services at one of the most important maritime hubs in East Asia. With
this acquisition, Wrist is further expanding its global coverage in Asia,
gaining foothold at a strategically important maritime hub.
The above-mentioned acquisition on 13 June 2024 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 paid for the
acquisition of control of Wrist Komasco amounted to DKK 15.8m (KRW
3,180m), while the fair value of net assets at the date of acquisition of
control was DKK 7.0m (KRW 1,467m). Further, we have a deferred
consideration of DKK 3.1m (KRW 660m). Finally, DKK 11.4m (KRW
2,294m) have been allocated to Management which will be accrued and
expensed on a monthly basis as part of SG&A until maturity. Acquisition-
related costs amounted to DKK 2.5m and are included in other external
expenses in the income statement. The purchase price allocation have
been prepared without use of external experts due to the rather simple
business setup.
Wrist Komasco
DKK'000
Provisional
Amounts at
13 June 2024
Adjustments
Fair Value at
13 June 2024
Non-Current Assets
Customer Relations 0 5,580 5,580
Fixtures and Equipment 312 0 312
Leasehold Improvements 9 0 9
Current Assets
Inventories 6,591 -234 6,357
Account Receivable 9,664 -481 9,183
Other Current Receivables 1,903 0 1,903
Prepaid Expenses 182 0 182
Cash and Cash Equivalents 144 0 144
Non-Current and Current Liabilities
Deferred Tax 0 -882 -882
Accounts Payable -9,999 0 -9,999
Other Debt -1,690 0 -1,690
Prepaid Income -109 0 -109
Net Identifiable Assets Acquired 7,007 3,983 10,990
Goodwill 0 7,908 7,908
Net Assets Acquired 7,007 11,891 18,898
Cash and Cash Equivalents Acquired -144 0 -144
Additional Consideration Paid, Not Yet Allocated 8,784 -8,784 0
Deferred Consideration 0 -3,107 -3,107
Cash Flow from Acquisition of Enterprises 15,647 0 15,647
»
56
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 of
customer relations has been based on the excess earning method. The
fair value was determined at DKK 5.6m (KRW 1,110m) based on the
customer turnover rate and a remaining useful life has been considered
at 6 years.
Inventory: allocation of the fair value of inventory was determined by
reviewing ageing reports and fair value was determined at DKK 6.4m
(KRW 1,260m) including provisions for impairment of DKK 0.2m (KRW
47m).
Account receivables: allocation of the fair value of receivables was
determined by reviewing ageing reports and fair value was determined at
DKK 9.2m (KRW 1,820m) including provisions for bad debts of DKK 0.5m
(KRW 96m).
From the acquisition date 13 June 2024, Wrist Komasco contributed DKK
52.4m (KRW 10,442m) to the Group’s net sales, with a profit of DKK 0.9m
(KRW 183m). The acquired company is newly established, and therefore,
we don’t disclose the full-year effect on revenue and profit.
The key areas of estimation include:
• 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 the fair value of all assets and liabilities
has been used.
• The key assumptions within the fair value calculation of the intangible
assets through a purchase price allocation, specifically the discount
rates, revenue growth rates and future cash flow forecasts.
• Estimates in accounting for any unusual terms and conditions in the
respective share purchase agreement (“SPA”), including contingent
consideration. These amounts are contingent on the acquired
business meeting agreed performance targets. At the date of the
acquisition, the Group reviews the profit and cash forecasts for the
acquired business and estimates the amount of contingent
consideration that is likely to be due.
Acquisitions of enterprises 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 or loss as
incurred.
At the acquisition date, the identifiable assets acquired and the liabilities
assumed are recognized at their fair values, 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 or
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.
5.3 – Change in Working Capital
5.4 – Adjustments for Non-Cash Items
5.5 – Mortgages and Collateral
As security for the Group’s credit facilities, W.S.S. Holding A/S and Wrist
Ship Supply Holding A/S have issued floating-charge and share pledge
securities to lenders for all material companies in the Wrist Ship Supply
Group.
Land and buildings have been used to secure mortgage loans totaling
DKK 660k (2024: DKK 755k). The book value was DKK 4,692k at 31
December 2025 (2024: DKK 4,160k).
The Group has issued guarantees amounting to DKK 14m (2024: DKK
15m).
Joint Taxation Arrangement
The company is part of the mandatory Danish joint taxation arrangement
for corporate income tax purposes in accordance with the Danish
Corporate Tax Act. Until 11 March 2025, Wrist ADM ApS acted as the
administration company of the Danish joint taxation arrangement.
Effective from 11 March 2025, following a change in ownership, W.S.S.
Holding A/S became the administration company for the Danish joint
taxation arrangement. The joint taxation arrangement comprises the
Danish parent company and its Danish subsidiaries that are directly or
indirectly controlled by the ultimate parent company. Under the Danish
joint taxation regime, the jointly taxed entities are taxed on a
consolidated basis for Danish corporate income tax purposes. The total
current income tax payable is allocated between the jointly taxed entities
based on their respective taxable income (full allocation method).
Entities with tax losses are compensated by entities with taxable profits
for the tax value of such losses. From 1 July 2012, the company has
DKK'000
2025 2024
Increase/Decrease in Inventories 34,536 -32,357
Increase/Decrease in Receivables -12,978 14,997
Increase/Decrease in Payables etc. -29,957 -17,199
Change in Working Capital -8,399 -34,559
DKK'000
2025 2024
Financial Income and Expenses
196,049 90,143
Gains/Losses from the Sale of Non-Current
Assets
-221
2,444
Change in Provisions -2,214 2,011
Adjustments for Non-Cash Items 193,614 94,598
Key Sources of Estimation Uncertainty
Accounting Policies
»
57
assumed 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 in the company which is owned
directly or indirectly by the ultimate parent company.
5.6 – 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 a
significant impact on the Group’s financial position beyond what has
been recognized in the balance sheet.
5.7 – Related Parties and Group Relations
Related parties of the company are Wrist Ship Supply Holding A/S, W.S.S.
Holding A/S, Magellan Bidco 2 S.à r.l. , Magellan ParentCo S.à r.l. and
their subsidiaries.
JFL Equity Investors VI, L.P., Delaware, US, is the ultimate controlling
party and controls W.S.S. Holding A/S, which is the supreme Danish
holding company of the Group.
All transactions were made on terms equivalent to arm’s length
principles.
5.8 – Events after the Reporting Period
Subsequent to year-end, the Group entered into an agreement to acquire
Military Services Australia Pty Ltd and Downie Jones Ship Stores Limited
(together, “MSA”), a provider of maritime logistics and husbanding
services. The transaction remains subject to customary closing
conditions and regulatory approvals. The financial impact of the
transaction has not been reflected in these financial statements.
The conflict in the Middle East is expected to directly impact our
operations and margins in the UAE, while also indirectly affecting cost
levels and supply chains in other parts of the world.
There has been no post-balance sheet events material to this Annual
Report, which have not been recognized or mentioned.
Transactions with Parent Entities:
DKK'000
2025 2024
Financial Items, Net -58,701 6,024
Financial Receivables 61,598 119,977
Financial Payables 909,063 0
»
58
5.9 – Subsidiaries
Company Name
Registered
office in
City
Ownership
share %
2025
Ownership
share %
2024
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
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. The Netherlands Rotterdam 100 100
Den Helder Stores B.V. The Netherlands Den Helder 100 100
Wrist-Klevenberg Ship Supply NL B.V. The Netherlands Rotterdam 100 100
C. Maat Transport B.V. The Netherlands Rotterdam 100 100
Stevedoring & Trading Company Brabo NV Belgium Antwerp 100 100
Van Hulle Shipsuppliers Importers-Exporters
NV
Belgium Ant werp 100 100
Wrist Holding UK Lt d. United Kingdom Romford 100 100
Strachans Ltd. United Kingdom Peterhead 100 100
Garrets Holding Limited United Kingdom Romford 100 100
Garrets International Limited United Kingdom Romford 100 100
Company Name
Registered
office in
City
Ownership
share %
2025
Ownership
share %
2024
Wrist Far East (Singapore) Pte. Ltd. Singapore Singapore 100 100
Wrist Far East (Malaysia) SDN BHD Malaysia Johor 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. Sharjah 100 100
Wrist North America Inc. USA Pasadena 100 100
Marwest LLC USA Oakland 100 100
East Coast Ship Supply LLC USA New Providence 100 100
Wrist Delaware LLC USA Camden 100 100
Wrist USA (Houston) Inc USA Pasadena 100 100
Wrist Government Services Inc. USA Wilmington 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 100 100
Centralam International S.A. Panama Panama City 100 100
Wrist Panama S.A. Panama Panama City 100 100
Wrist Komasco Co. Ltd. South Korea Busan 100 100
Wrist Boa Praça Ltda Brazil Vitória-ES 100 100
Wrist Greece I.K.E. Greece Athens 100 100
»
59
PARENT COMPANY FINANCIAL STATEMENTS
Income Statement and Statement of Comprehensive Income ................................................................ 60
Balance Sheet ..................................................................................................................................... 61
Cash Flow Statement ........................................................................................................................... 62
Statement of Equity .............................................................................................................................. 63
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
Section 1: Basis for Preparation
1.1 – Basis for Preparation of the Parent Company Financial Statements ................................................ 64
Section 2: RESULTS FOR THE YEAR
2.1 – Net Sales ..................................................................................................................................... 65
2.2 – Employee Costs ........................................................................................................................... 65
2.3 – Other Operating Income and Expenses ......................................................................................... 66
2.4 – Income Tax and Deferred Tax ........................................................................................................ 67
Section 3: OPERATING ASSETS AND LIABILITIES
3.1 – Intangible Assets .......................................................................................................................... 68
3.2 – Property, Plant and Equipment ..................................................................................................... 69
3.3 – Right-of-Use Assets ...................................................................................................................... 70
3.4 – Investments in Subsidiaries .......................................................................................................... 71
3.5 – Trade Receivables ........................................................................................................................ 71
3.6 – Provisions .................................................................................................................................... 72
3.7 – Other Payables ............................................................................................................................ 72
SECTION 4: CAPITAL STRUCTURE AND FINANCIAL ITEMS
4.1 – Financial Income and Expenses .................................................................................................... 73
4.2 – Current and Non-Current Liabilities .............................................................................................. 73
4.3 – Reconciliation of Liabilities Arising from Financing Activities .......................................................... 74
4.4 – Financial Risks and Financial Instruments ..................................................................................... 74
SECTION 5: OTHER DISCLOSURES
5.1 – Fees to Statutory Auditor .............................................................................................................. 76
5.2 – Change in Working Capital ........................................................................................................... 76
5.3 – Adjustments for Non-Cash Items .................................................................................................. 76
5.4 – Mortgages and Collateral ............................................................................................................. 76
5.5 – Contingent Liabilities .................................................................................................................... 76
5.6 – Related Parties and Group Relations ............................................................................................. 76
5.7 – Events after the Reporting Period .................................................................................................. 76
»
60
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK'000 Note
2025 2024
Net Sales 2.1 541,324 505,728
Raw Materials and Consumables Used -373,289 -347,246
Gross Profit 168,035 158,482
Other External Expenses -133,451 -113,002
Employee Costs 2.2 -252,846 -192,118
Other Operating Income 2.3 190,554 200,320
Other Operating Expenses 2.3 -9 -27
Depreciation and Amortization 3.1, 3.2, 3.3 -42,236 -59,216
Operating Profit or Loss before Interest and Tax (EBIT) -69,953 -5,561
Profit from Investments in Subsidiaries 3.4 -17,543 52,578
Financial Income 4.1 76,181 86,779
Financial Expenses 4.1 -176,266 -108,056
Profit or Loss before Tax (EBT) -187,581 25,740
Income Tax 2.4 5,975 -6,619
Net Profit or Loss for the Year -181,606 19,121
Attributable to:
Shareholders of Wrist Ship Supply A/S -181,606 19,121
-181,606 19,121
DKK'000
Note
2025 2024
Net Profit or Loss for the Year
-181,606 19,121
Items that may be reclassified subsequently to profit or loss:
Exchange Differences, Foreign Entities -85,063 44,297
Total Comprehensive Income -266,669 63,418
Attributable to:
Shareholders of Wrist Ship Supply A/S -266,669 63,418
-266,669 63,418
»
61
BALANCE SHEET
DKK'000 Note
2025 2024
Software
3.1 20,962 64,619
Intangible Assets in Development 3.1 5,410 238
Intangible Assets 26,372 64,857
Fixtures and Equipment 3.2 4,994 5,097
Leasehold Improvements 3.2 3,060 2,833
Right-of-Use Assets 3.3 116,595 133,476
Property, Plant and Equipment 124,649 141,406
Investment in Subsidiaries 3.4 995,152 1,157,772
Other Non-Current Assets 995,152 1,157,772
Non-Current Assets 1,146,173 1,364,035
Inventories 43,092 46,267
Trade Receivables 3.5 70,654 58,584
Receivables from Related Parties 1,211,790 1,172,167
Income Tax Receivable 0 265
Other Receivables 8,608 12,939
Prepayments 15,499 12,785
Receivables 1,306,551 1,256,740
Cash and Cash Equivalents 466 47,689
Total Current Assets 1,350,109 1,350,696
Total Assets 2,496,282 2,714,731
DKK'000 Note
2025 2024
Share Capital 17,000 17,000
Reserve for Net Revaluation under the Equity Method 0 0
Reserve for Development Projects 3,347 8,619
Retained Earnings 613,658 1,155,055
Equity 634,005 1,180,674
Loss in subsidiaries 3.4 189,919 154,309
Deferred Tax Liabilities 2.4 2,456 6,005
Provisions 3.6 6,791 6,452
Debt to Credit Institutions 4.2 0 726,164
Lease Debt 4.2 104,477 119,360
Other Debt 4.2 0 6,364
Debt to Related Parties 4.2 889,186 0
Non-Current Liabilities 1,192,829 1,018,654
Debt to Credit Institutions 4.2 147,505 11,753
Lease Debt 4.2 20,621 21,017
Other Debt 18,368 38,570
Trade Creditors 4.2 93,590 80,468
Debt to Related Parties 4.2 341,813 315,691
Income Tax Payable 431 0
Other Payables 3.7, 4.2 47,120 47,904
Current Liabilities 669,448 515,403
Total Liabilities 1,862,277 1,534,057
Total Equity and Liabilities 2,496,282 2,714,731
»
62
CASH FLOW STATEMENT
DKK'000 Note
2025 2024
Profit or Loss before Tax (EBT) -187,581 25,740
Profit from Investments in Subsidiaries 17,543 -52,578
Depreciation and Amortization 3.1, 3.2, 3.3 42,236 59,216
Adjustments for Non-Cash Items 5.3 98,169 16,742
Changes in Working Capital 5.2 45,573 42,035
Cash Flow from Ordinary Operating Activities 15,940 91,155
Financial Income 76,182 75,299
Financial Expenses -110,027 -95,531
Income Taxes Refunded/Paid 3,123 -2,054
Cash Flow from Operating Activities (CFFO) -14,782 68,869
Acquisition of Intangible Assets 3.1 -7,406 -19,119
Acquisition of Property, Plant and Equipment 3.2 -3,226 -2,865
Sale of Intangible Assets 26,390 0
Sale of Property, Plant and Equipment 38 20
Acquisition of Group Enterprises/Associates -21,835 -78,650
Capital increase in subsidiaries -29,934 -48,156
Sale of Enterprises 29 0
Dividend Received 117,972 144,515
Cash Flow from Investing Activities (CFFI) 82,028 -4,255
New Senior Facility Agreement 4.3 0 231,640
Installments on Loans etc. 4.3 -610,111 -112,126
Cash Flow from Group Enterprises 775,642 -136,581
Dividend Paid -280,000 0
Cash Flow from Financing Activities -114,469 -17,067
Cash Flow for the Year -47,223 47,547
Cash and Cash Equivalents at 1 January 47,689 142
Cash and Cash Equivalents at 31 December 466 47,689
»
63
STATEMENT OF EQUITY
The number of shares is 17,000 with a nominal value of DKK 1,000.
All shares are fully issued and paid up.
In 2025 DKK 280,000k was paid out from Wrist Ship Supply A/S. No dividend was declared in 2024.
DKK'000
Share
Capital
Reserve for
Net
Revaluation
under the
Equity
Reserve for
Development
Projects
Retained
Earnings
Total
Shareholders' equity at 1 January 2025
17,000 0 8,619 1,155,055 1,180,674
Net Profit or Loss for the Year 0 -17,543 0 -164,063 -181,606
Dividend received from subsidiaries 0 -117,972 0 117,972 0
Exchange Differences, Foreign Entities 0 -85,063 0 0 -85,063
Transfer to reserves 0 220,578 -5,272 -215,306 0
Total Comprehensive Income 0 0 -5,272 -261,397 -266,669
Dividend Paid 0 0 0 -280,000 -280,000
Shareholders' equity at 31 December 2025 17,000 0 3,347 613,658 634,005
Shareholders' equity at 1 January 2024 17,000 0 16,291 1,095,117 1,128,408
Net Profit or Loss for the Year 0 52,578 0 -33,457 19,121
Dividend received from subsidiaries 0 -144,515 0 144,515 0
Exchange Differences, Foreign Entities 0 44,297 0 0 44,297
Transfer to reserves 0 47,640 -7,672 -39,968 0
Total Comprehensive Income 0 0 -7,672 71,090 63,418
Other Changes 0 0 0 -11,152 -11,152
Shareholders' equity at 31 December 2024 17,000 0 8,619 1,155,055 1,180,674
»
64
SECTION 1: BASIS FOR PREPARATION
1.1 – Basis for Preparation of the Parent Company Financial
Statements
General Accounting Policies
The annual report of the parent company (Wrist Ship Supply A/S) is
presented in accordance with IFRS Accounting Standards as adopted by
the EU and additional requirements of the Danish Financial Statements
Act applying to enterprises of reporting class C (large).
The accounting policies for the parent company and for the consolidated
financial statements are identical except for tax and investments in
subsidiaries, which are described in the respective notes.
The annual report has been prepared according to the same accounting
policies as last year, but includes some reclassifications in the
comparative financial figures.
»
65
SECTION 2: RESULTS FOR THE YEAR
2.1 – Net Sales
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 and business areas. This information does
not amount to segment information according to IFRS.
The Group’s external revenue is recognized at a point in time, as control
of both goods and services is transferred at a specific point.
No other single customers contributed 10 per cent or more to the group’s
revenue in either 2025 or 2024.
2.2 – Employee Costs
The Executive Board and a number of members of other top management
in both the parent company and in the Group are covered 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. Bonus expenses in
2025 were impacted by one-off bonuses related to the change-of-
ownership transaction.
Certain employees and members of Management acquired warrants and
shares in the parent company, Wrist Ship Supply Holding A/S, during the
period 2012 to 2025 at the fair value of the warrants and shares at the
date of acquisition. The warrants and shares were fully vested.
All warrants outstanding during 2025 were cancelled in connection with
the sale of the Group in 2025, and consequently no warrants were
outstanding at 31 December 2025.
As the warrants and shares were 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.
Geography
Business Area
DKK'000
2025
2024
Denmark 279,252 284,487
The Netherlands 87,296 88,048
Other Europe 138,959 124,418
Northern America 5,797 725
Asia 15,777 2,807
Middle East and Africa 6,018 781
Other Regions 8,225 4,462
541,324 505,728
DKK'000
2025 2024
Ship Supply 403,478 394,570
Marine Logistics 137,846 111,158
541,324 505,728
DKK'000
2025
2024
Wages and Salaries and Related Expenses
238,220 177,951
Pension Costs 12,671 12,403
Other Social Security Costs 1,955 1,764
252,846 192,118
Average Number of Full-Time
Employees at 31 December
241
256
Number of Full-Time
Employees at 31 December
229 252
DKK'000
Board of
Directors
Executive
Board
Other top
manage-
ment
Total
Remuneration 231 0 0 231
Salary 0 13,550 7,324 20,874
Bonus 6,174 38,480 3,632 48,286
Pension, Company
Contributions
0 0 605 605
Benefits (Car, Housing,
Phone etc.)
0 771 394 1,165
Cost at 31 December
2025
6,405 52,801 11,955 71,161
Remuneration 1,117 0 0 1,117
Salary 0 13,550 6,451 20,001
Bonus 0 7,526 1,204 8,730
Pension, Company
Contributions
0 0 617 617
Benefits (Car, Housing,
Phone etc.)
0 846 599 1,445
Cost at 31 December
2024
1,117 21,922 8,871 31,910
DKK
Warrants Exercise Prices
1 January 2024 712 64,808 - 123,963
Issue of New Warrants 0
Exercised by Share Subscription 0
31 December 2024 712 64,808 - 123,963
Issue of New Warrants 0
Cancellelation of Warrants -712
31 December 2025 0
»
66
2.3 – Other Operating Income and Expenses
DKK'000
2025 2024
Rent Income 4,992 4,804
Gains from the Sale of Non-Current Assets 38 0
Salary Reimbursements 1,926 1,574
Group fees 183,419 193,890
Other Income 179 52
190,554 200,320
DKK'000
2025 2024
Losses from the Sale of Non-Current Assets 0 27
Other Expenses 9 0
9 27
»
67
2.4 – Income Tax and Deferred Tax
The parent company is jointly taxed with all Danish Group Entities. 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).
Development in Deferred Tax Assets and Liabilities
The Group expects to utilize the deferred tax assets as the Group entities general
ly have a positive taxable income.
DKK'000
2025
2024
Current Tax on Profit for the Year
-2,426 -265
Deferred Tax on Profit for the Year -4,167 5,915
Tax on Profit for the Year -6,593 5,650
Current Tax Adjustments Recognized for
Prior Years
0 -1,179
Deferred Tax Adjustments Recognized for
Prior Years
618 2,148
Income Taxes in the Income Statement -5,975 6,619
DKK'000
2025 2024
Earnings before Tax
-187,581 25,740
Calculated Tax at Danish Statutory Rate of
22% (of EBT)
-41,268 5,663
Adjustment in Respect of Prior Years 618 969
Income/Loss from Associates
3,859 -11,567
Change in Recoverability of Prior Years’
Deferred Tax Assets
0 7,133
Income/Expenses not Subject to Tax 30,816 4,421
Tax Charge -5,975 6,619
Effective Tax Rate (%) 3.2% 25.7%
DKK'000
Intangible
Assets
Property,
Plant and
Equipment
Current
Assets
Provisions
Long-Term
Liabilities
Short-Term
Liabilities
Total
Deferred
Tax
Net deferred tax asset/(liability) at 1 January
2025
-14,216 8,914 -2,123 1,420 0 0 -6,005
Charge to the Income Statement 9,737 -4,899 -591 74 -154 0 4,167
Adjustments to Prior Years (Through the Income
Statement)
0 -618 0 0 0 0 -618
Net deferred tax asset/(liability) at 31
December 2025
-4,479 3,397 -2,714 1,494 -154 0 -2,456
Classified as Follows
Deferred tax asset at 31 December 2025 0
Deferred tax liability at 31 December 2025 -2,456
-2,456
Net deferred tax asset/(liability) at 1 January
2024
-17,031 12,944 -1,623 2,175 5,593 0 2,058
Charge to the Income Statement 2,815 -1,882 -500 -755 -5,593 0 -5,915
Adjustments to Prior Years (Through the Income
Statement)
0 -2,148 0 0 0 0 -2,148
Net deferred tax asset/(liability) at 31
December 2024
-14,216 8,914 -2,123 1,420 0 0 -6,005
Classified as Follows
Deferred tax asset at 31 December 2024 0
Deferred tax liability at 31 December 2024 -6,005
-6,005
Accounting Policies
»
68
SECTION 3: OPERATING ASSETS AND LIABILITIES
3.1 – Intangible Assets
DKK'000
Software
Intangible
Assets in
Development
Total
Cost at 1 January 2025 243,317 238 243,555
Additions 2,234 5,172 7,406
Disposals -35,602 0 -35,602
Cost at 31 December 2025 209,949 5,410 215,359
Amortizations at 1 January 2025 178,698 0 178,698
Amortization for the Year 19,501 0 19,501
Reversal Regarding Disposals -9,212 0 -9,212
Amortizations at 31 December 2025 188,987 0 188,987
Carrying amount at 31 December 2025 20,962 5,410 26,372
Cost at 1 January 2024 258,710 5,151 263,861
Additions 11,711 7,408 19,119
Disposals -39,425 0 -39,425
Transfer 12,321 -12,321 0
Cost at 31 December 2024 243,317 238 243,555
Amortizations at 1 January 2024 181,295 0 181,295
Amortization for the Year 36,280 0 36,280
Reversal Regarding Disposals -38,877 0 -38,877
Amortizations at 31 December 2024 178,698 0 178,698
Carrying amount at 31 December 2024 64,619 238 64,857
»
69
3.2 – Property, Plant and Equipment
DKK'000
Fixtures and
Equipment
Leasehold
Improvements
Total
Cost at 1 January 2025 32,683 10,990 43,673
Additions 1,962 1,264 3,226
Cost at 31 December 2025 34,645 12,254 46,899
Depreciations at 1 January 2025 27,586 8,157 35,743
Depreciation for the Year 2,065 1,037 3,102
Depreciations at 31 December 2025 29,651 9,194 38,845
Carrying amount at 31 December 2025 4,994 3,060 8,054
Cost at 1 January 2024 31,707 9,582 41,289
Additions 1,457 1,408 2,865
Disposals -481 0 -481
Cost at 31 December 2024 32,683 10,990 43,673
Depreciations at 1 January 2024 25,780 7,248 33,028
Depreciation for the Year 2,287 909 3,196
Reversal Regarding Disposals -481 0 -481
Depreciations at 31 December 2024 27,586 8,157 35,743
Carrying amount at 31 December 2024 5,097 2,833 7,930
»
70
3.3 – Right-of-Use Assets
Lease liabilities are disclosed in note 4.3.
DKK'000
Leased
Buildings
Leased
Equipment
Total
Cost at 1 January 2025 212,207 22,725 234,932
Additions -4 3,953 3,949
Disposals -152 -7,153 -7,305
Cost at 31 December 2025 212,051 19,525 231,576
Depreciations at 1 January 2025 89,849 11,607 101,456
Depreciation for the Year 14,548 5,084 19,632
Reversal Regarding Disposals -5 -6,102 -6,107
Depreciations at 31 December 2025 104,392 10,589 114,981
Carrying amount at 31 December 2025 107,659 8,936 116,595
Cost at 1 January 2024 206,552 19,513 226,065
Additions 6,119 5,775 11,894
Disposals -464 -2,563 -3,027
Cost at 31 December 2024 212,207 22,725 234,932
Depreciations at 1 January 2024 75,908 8,645 84,553
Depreciation for the Year 14,404 5,336 19,740
Reversal Regarding Disposals -463 -2,374 -2,837
Depreciations at 31 December 2024 89,849 11,607 101,456
Carrying amount at 31 December 2024 122,358 11,118 133,476
DKK'000
2025 2024
Within 1 Year 21,027 21,867
Between 1-3 Years 39,025 39,315
Between 3-5 Years 35,454 35,862
More than 5 Years 43,853 61,404
Total Undiscounted Lease Payments 139,359 158,448
Carrying Amount at 31 December 125,098 140,377
DKK'000
2025 2024
Amounts Recognized in Profit and Loss
Income from Subleases 4,992 4,804
Depreciation on Right-of-Use Assets 19,632 19,740
Interest Expenses Included in Financial
Expenses
4,053 4,423
Expenses Relating to Short-Term Leases and
Low-Value Leases
235 80
Expenses Relating to Variable Lease
Payments
94 62
329 142
»
71
3.4 – Investments in Subsidiaries 3.5 – Trade Receivables
Impairment testing has been performed in relation to goodwill, which
supports the carrying amounts on the investments. Reference is made to
note 3.1 in the consolidated financial statements, where key
assumptions and sensitivity in impairment testing are disclosed.
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 unrealized intercompany profits or
losses.
The parent company’s share of the enterprises' profits or losses after
elimination of unrealized intercompany 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
company’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 company 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.
The expected credit losses in the income statement amounted to DKK 0k
(2024: DKK 0k).
The carrying amounts of financial assets measured at amortized cost are
considered to approximate their fair value.
DKK'000
2025 2024
Cost at 1 January 2025 1,059,415 921,972
Additions 22,348 148,594
Other changes 0 -11,151
Cost at 31 December 2025 1,081,763 1,059,415
Value adjustments at 1 January 2025 -55,952 -8,312
Exchange Rate Adjustments -85,063 44,297
Dividend distribution -117,972 -144,515
Profit for the year -17,543 52,578
Value adjustments at 31 December 2025 -276,530 -55,952
Investments in subsidiaries with a negative
net asset:
Provisions for loss in subsidiaries 189,919 154,309
Carrying amount at 31 December 2025 995,152 1,157,772
DKK'000
2025
2024
Trade Receivables
72,370 60,300
Provisions for Impairment of Trade
Receivables
-1,716 -1,716
70,654 58,584
Impairment Losses at 1 January
-1,716 -1,753
Provisions for Bad Debt for the Year 0 37
Impairment Losses at 31 December
-1,716 -1,716
Past due at 31 December 2025
DKK'000
Total
Not Past
Due
< 30 Days
30-60
Days
61-90
Days
> 91 Days
Trade Receivables 72,370 52,932 9,227 4,338 2,357 3,516
Expected Credit Loss Rate (%) 0.0% 0.0% 0.0% 0.0% 48.8%
Estimated Total Gross Carrying Amount at Default 1,716 0 0 0 0 1,716
Past due at 31 December 2024
DKK'000
Total
Not Past
Due
< 30 Days
30-60
Days
61-90
Days
> 91 Days
Trade Receivables 60,300 42,387 9,372 3,234 988 4,319
Expected Credit Loss Rate (%) 0.0% 0.0% 0.0% 0.0% 39.7%
Estimated Total Gross Carrying Amount at Default 1,716 0 0 0 0 1,716
Accounting Policies
»
72
3.6 – Provisions
Provisions for pension and pension-like liabilities are where the company
is obligated to pay anniversary bonuses.
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.
3.7 – Other Payables
The carrying amounts of financial liabilities measured at amortized cost
are considered to approximate their fair value.
DKK'000
Provisions for
Pension and
Pension-Like
Liabilities
Provisions for
Restoration
Liabilities
Provisions for
Dismantling
Liabilities
Total
Provisions
Provisions at 1 January 2025 518 5,602 332 6,452
Increase 0 209 0 209
Discounting Interest 0 124 6 130
Provisions at 31 December 2025 518 5,935 338 6,791
Non-Current Provisions 518 5,935 338 6,791
Current Provisions 0 0 0 0
Provisions at 1 January 2024 518 5,271 326 6,115
Increase 0 207 0 207
Discounting Interest 0 124 6 130
Provisions at 31 December 2024 518 5,602 332 6,452
Non-Current Provisions 518 5,602 332 6,452
Current Provisions 0 0 0 0
DKK'000
2025 2024
Social Security and Other Related Expenses 25,240 26,785
Customer Bonuses 10,912 10,258
Commissions 0 643
Other Accrued Expenses 10,968 10,218
47,120 47,904
»
73
SECTION 4: CAPITAL STRUCTURE AND FINANCIAL ITEMS
4.1 – Financial Income and Expenses 4.2 – Current and Non-Current Liabilities
All financial assets are measured at amortized costs, and hence all
interest income from financial assets is measured at amortized cost.
All financial liabilities are measured at amortized cost, and hence all
interest expenses from financial liabilities are measured at amortized
cost.
DKK'000
2025 2024
Interest Income Arising from Group
Enterprises
75,626 70,837
Interest Income 555 4,611
Foreign Exchange Gains 0 11,331
76,181 86,779
DKK'000
2025 2024
Interest Expenses Arising from Group
Enterprises
26,126 23,367
Interest Expenses 79,950 67,890
Interest from Leases 4,053 4,423
Foreign Exchange Losses 44,552 -119
Other Financial Expenses 21,585 12,495
176,266 108,056
DKK'000
Payments
due 1 year
2025
Payments
due
between
1-5 years
2025
Outstan-
ding after
5 years
2025
Debt to Credit Institutions 147,505 0 0
Lease Debt 20,621 67,930 36,547
Other Debt 18,368 0 0
Trade Creditors 93,590 0 0
Debt to Related Parties 341,813 889,186 0
Other Payables 47,120 0 0
669,017 957,116 36,547
Specification of Contractual Cash Flows including Interest:
Debt to Credit Institutions 147,505 0 0
Lease Debt 21,027 74,479 43,853
Other Debt 18,368 0 0
Trade Creditors 93,590 0 0
Debt to Related Parties 412,387 1,104,286 0
Other Payables 47,120 0 0
739,997 1,178,765 43,853
DKK'000
Payments
due 1 year
2024
Payments
due
between
1-5 years
2024
Outstan-
ding after
5 years
2024
Debt to Credit Institutions 11,753 726,164 0
Lease Debt 21,017 68,942 50,418
Other Debt 38,570 6,364 0
Trade Creditors 80,468 0 0
Debt to Related Parties 315,691 0 0
Other Payables 47,904 0 0
515,403 801,470 50,418
Specification of Contractual Cash Flows including Interest:
Debt to Credit Institutions 78,463 775,530 0
Lease Debt 21,867 75,177 61,404
Other Debt 38,570 6,364 0
Trade Creditors 80,468 0 0
Debt to Related Parties 315,691 0 0
Other Payables 47,904 0 0
582,963 857,071 61,404
»
74
4.3 – Reconciliation of Liabilities Arising from Financing Activities
4.4 – Financial Risks and Financial Instruments
Categories of Financial Instruments
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 2025 and 31 December 2024, no derivatives were in place.
Financial Risk Management
The company 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 of Directors on an annual basis
and include:
• Exchange rate risk
• Interest rate risk
• Liquidity risk
• Credit risk
The company has centralized its management and monitoring of risks
and is measuring exposures on a frequent basis. The company does not
enter into speculation and the purpose of the risk management activities
is to monitor and reduce the company’s exposures due to its operating,
investing and financing activities.
Each risk is described further below.
Exchange Rate Risk
The company’s business activities are predominantly carried out 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, the company 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 2025 and 31 December 2024, no open cash flow hedge
contracts were in place.
Sensitivity Analysis
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 or
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 or loss and equity.
DKK'000
Long-Term
Borrowings
Short-Term
Borrowings
Lease
Liabilities
Total Liabilities
from Financing
Activities
1 January 2025 732,528 50,323 140,377 923,228
Cash Flows -704,018 111,785 -15,181 -607,414
Non-Cash Change:
Additions from Lease Liabilities 0 0 3,949 3,949
Exchange Rate Adjustments -12,520 3,765 0 -8,755
Other -15,990 0 -4,047 -20,037
31 December 2025 0 165,873 125,098 290,971
1 January 2024 499,881 94,534 150,155 744,570
New Senior Facility Agreement 231,640 -231,640 0 0
Cash Flows -17,073 154,301 -17,714 119,514
Non-Cash Change:
Reclassifications -11,754 11,754 0 0
Additions from Lease Liabilities 0 0 11,894 11,894
Exchange Rate Adjustments 15,365 2,692 0 18,057
Other 14,469 18,682 -3,958 29,193
31 December 2024 732,528 50,323 140,377 923,228
DKK'000
2025 2024
Net Debt
Carrying amount in USD and GBP
547,667 104,721
Impact on Profit/(Loss) from 10% change in
FX translation after tax
42,718 8,168
Investments in Subsidiaries
Carrying amount in USD and GBP 603,018 658,828
Impact on Equity from 10% change in FX
translation
60,302 65,883
»
75
Interest Rate Risk
The company primarily obtains financing with floating rates and are
exposed to interest rate changes both in Denmark and abroad. The
interest rate exposure is primarily related to fluctuations to CIBOR,
EURIBOR and SONIA. The company’s floating rate loans at 31 December
2025 came in at DKK 1,087,732k (DKK 737,917 at 31 December 2024).
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 10,877k (2024: DKK
7,379k) and on equity of DKK 8,484k (2024: DKK 5,756k). A declining
interest level would have had a corresponding positive impact on results
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 floating rate liabilities, the analysis is based on the assumption that
the amount of liabilities outstanding at the end of the reporting period
was outstanding for the whole year.
At 31 December 2025 and 31 December 2024, no open interest hedge
contracts were in place.
Liquidity Risk
The company 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 monthly cash flow
matches the planned cash needs. The entities in the Group have a
positive monthly cash flow. Wrist is in a sound financial position with
significant positive cash flows from operating activities and adequate
cash reserves. Reference is made to note 4.2 where the maturity of
financial obligations is disclosed.
Credit Risk
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.
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. At 31 December 2025, the company’s net
interest-bearing debt amounted to DKK 383m (2024: DKK 144m), 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 2025; however, the capital
structure has changed significantly following the new financing
arrangements implemented during the year.
»
76
SECTION 5: OTHER DISCLOSURES
5.1 – Fees to Statutory Auditor
5.2 – Change in Working Capital
5.3 – Adjustments for Non-Cash Items
5.4 – Mortgages and Collateral
As security for the Group’s credit facilities, W.S.S. Holding A/S and Wrist
Ship Supply Holding A/S have issued floating-charge and share pledge
securities to lenders for all material companies in the Wrist Ship Supply
Group.
Wrist Ship Supply A/S has issued guarantees amounting to DKK 13m
(2024: DKK 14m).
Wrist Ship Supply A/S has issued a letter of support to Wrist-Klevenberg
Ship Supply NL B.V, Wrist Holding UK Limited, Strachans Ltd., Garrets
International Ltd., Garrets Holding Limited and Source2Sea A/S where
the parent company will support the companies financially if needed.
Joint Taxation Arrangement
The company is part of the mandatory Danish joint taxation arrangement
for corporate income tax purposes in accordance with the Danish
Corporate Tax Act. Until 11 March 2025, Wrist ADM ApS acted as the
administration company of the Danish joint taxation arrangement.
Effective from 11 March 2025, following a change in ownership, W.S.S.
Holding A/S became the administration company for the Danish joint
taxation arrangement. The joint taxation arrangement comprises the
Danish parent company and its Danish subsidiaries that are directly or
indirectly controlled by the ultimate parent company. Under the Danish
joint taxation regime, the jointly taxed entities are taxed on a
consolidated basis for Danish corporate income tax purposes. The total
current income tax payable is allocated between the jointly taxed entities
based on their respective taxable income (full allocation method).
Entities with tax losses are compensated by entities with taxable profits
for the tax value of such losses. From 1 July 2012, the company has
assumed 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 in the company which is owned
directly or indirectly by the ultimate parent company.
5.5 – 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 a significant impact on the company's financial position
beyond what has been recognized in the balance sheet.
5.6 – Related Parties and Group Relations
Related parties of the company are Wrist Ship Supply Holding A/S, W.S.S.
Holding A/S, Magellan BidCo2 S.à r.l., Magellan ParentCo S.à r.l. and their
subsidiaries.
JFL Equity Investors VI, L.P., Delaware, US, is the ultimate controlling
party and controls W.S.S. Holding A/S, which is the supreme Danish
holding company of the Group.
All transactions were made on terms equivalent to arm’s length
principles.
5.7 – Events after the Reporting Period
Subsequent to year-end, the Group entered into an agreement to acquire
Military Services Australia Pty Ltd and Downie Jones Ship Stores Limited
(together, “MSA”), a provider of maritime logistics and husbanding
services. The transaction remains subject to customary closing
conditions and regulatory approvals. The financial impact of the
transaction has not been reflected in these financial statements.
There has been no post-balance sheet events material to this Annual
Report, which have not been recognized or mentioned.
Transactions with Parent Entities:
Transactions with Related Parties:
DKK'000
2025 2024
Statutory Audit 1,710 907
Tax and VAT Services 2 46
Non-Audit Services 204 3,188
Total Fees to Auditors 1,916 4,141
DKK'000
2025 2024
Increase/Decrease in Inventories 3,175 2,090
Increase/Decrease in Receivables 42,398 34,810
Increase/Decrease in Payables etc. 0 5,135
Change in Working Capital 45,573 42,035
DKK'000
2025 2024
Financial Income and Expenses 98,038 20,276
Gains/Losses from the Sale of Non-Current
Assets
-74
27
Change in Provisions 205 -3,561
Adjustments for Non-Cash Items 98,169 16,742
DKK'000
2025 2024
Financial Items, Net -63,445 6,024
Financial Receivables 61,598 119,975
Financial Payables -909,064 0
DKK'000
Subsi-
diaries
Manage-
ment
Total
2025
Intra-Group Management and
Administration Agreements
183,419 0 183,419
Financial Items, Net 112,945 0 112,945
Staff cost cf. Note 2.2 0 -71,161 -71,161
Financial Receivables
1,150,192 0 1,150,192
Financial Payables -321,935 0 -321,935
2024
Intra-Group Management and
Administration Agreements
193,890 0 193,890
Financial Items, Net 41,446 0 41,446
Staff cost cf. Note 2.2 -31,910 -31,910
Financial Receivables 1,052,192 0 1,052,192
Financial Payables
-315,691 0 -315,691
»
77
STATEMENT BY MANAGEMENT
Executive Board
Board of Directors
»
78
INDEPENDENT AUDITOR’S REPORT
»
79
Business Registration No. 33 96 35 56
Identification No. (MNE) mn e3 4492 Identification No. (MNE) mne 505 99
