Molslinjen A/S
Færgevej 7A, 8000 Aarhus C
CVR-no. 17 88 12 48
Annual Report 2022
(Period Jan 1st 2022-Dec 31st 2022)
The Annual Report was
presented and adopted at
the Annual General meeting
of the Company on 22 / 6 2023
_______________________________
As chairman of the meeting
Torben Nørskov
Molslinjen A/S
Contents
Page
Corporative Information 1
Financial report 2
The management’s statement 17
The audit report from the Independent auditor 18
Income statement for 2022 21
Statement of comprehensive income for 2022 22
Balance per 31 December 2022 23
Statement of changes in Equity 2022 25
Cash flow statement for 2022 27
Notes 28
Molslinjen A/S 1
Management report
Corporative Information
Corporation
Molslinjen A/S
Færgevej 7A
8000 Aarhus C
CVR-no. 17 88 12 48
Municipality of reg. office: Aarhus
Phone 70 10 14 18
Internet www.MOLSLINJEN.dk
Email MOLSLINJEN@MOLSLINJEN.dk
Subsidiary
MOLSLINJEN Drift A/S , Aarhus C (100%)
Board of directors
Niels Smedegaard, Chairman
Carsten Jensen
Kristian Durhuus
Merete Eldrup
Anders Teglgaard Sørensen
Jacob Schødt Larsen
Marianne Væver
Executive Committee
Kristian Durhuus, CEO
Auditor
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
Molslinjen A/S 2
Management report
Molslinjen A/S 2022
Molslinjen A/S is part of Nordic Ferry Infrastructure Holding AS, which is the Norwegian parent company
for all activities. In addition to Molslinjen's activities, the activities in 2022 also include Torghatten AS
(Norwegian ferry company) - from 2023 the activities also include the activities of ForSea AB (Swedish
ferry company).
Since December 2022, Molslinjen's director Carsten Jensen has also been director of NFI TopCo AS part
of the Nordic Ferry Infrastructure (“NFI”) group of companies; and as such has stepped into the role of
Chief Executive Officer for Nordic Ferry Infrastructure. Per 15 March 2023, Kristian Durhuus has replaced
Carsten Jensen as director of Molslinjen.
Molslinjen delivered significant growth in volumes and revenues during 2022 compared to prior year
where all main categories of different customers on the ferries grew from 2021 to 2022.
Revenue in 2022 was a total of 2.047 million DKK, representing an increase of 239 million DKK compared
to 2021.
The income statement shows that earnings before interests and depreciation (EBITDA) was 600 million
DKK which is a decrease of 47 million DKK from 2021 to 2022.
The main challenges for Molslinjen in 2022 was the high oil prices that increased the costs of oil and
electricity to the ferries with 200 million DKK extra compared with last year.
Below are the main points for the company's development in 2022.
Ferry services in the Kattegat corridor in 2022
The operation of high-speed ferries on Kattegat saw a positive development in 2022.
The number of passenger cars transported during 2022 represents an increase of 7% compared to 2021.
Number in pcs.
2022
2021
Changes
Departures
8,688
7,884
+10.2%
Passenger Cars
1,316,556
1,227,583
+7.2%
Passengers
3,267,165
3,081,206
+6.0%
Trucks/Lorries
12,129
10,429
+16.3%
Molslinjen A/S 3
Ferry services in the Bornholm corridor in 2022
The ferry service on Bornholm, consisting of the routes Rønne-Ystad, Rønne – Køge and Rønne – Sassnitz,
saw positive development in the Bornholm corridor in 2022, with significant traffic during the summer
and autumn period. Overall, the number of passenger cars in 2022 was 7% higher relative to 2021.
Molslinjen also increased the total numbers of trucks and trailers with 2% in 2022, also 6% higher than
the record year of 2019.
Number in pcs.
2022
2021
Changes
Departures
4,945
4,776
+3.5%
Passenger Cars
573,126
533,618
+7.4%
Passengers
1,948,140
1,756,137
+10.9%
Trucks/Trailers
47,443
46,521
+2.0%
Ferry services in the West corridor in 2022
The four ferry routes of the West corridor Spodsbjerg-Taars, Kalundborg-Ballen, Bøjden-Fynshav and
Esbjerg-Fanø all delivered growth in total traffic during 2022. The Langelandlinjen and the Alslinjen
generated an increase of 5% and 10% of transported passenger cars compared to 2021, while Sam-
sølinjen decreased with approx. 4% and Fanølinjen experienced a decrease in the number of passenger
cars of approx. 6%.
Molslinjen continues to develop the routes through more departures, increased capacity and develop-
ment of the concepts aboard the ships with "Barista´s Coffee Shop" on the ferries and at the terminal
at Esbjerg harbor.
Number in pcs.
2022
2021
Changes
Departures
55,439
54,156
+2.4%
Passenger Cars
887,681
898,384
-1.2%
Passengers
3,070,154
3,041,582
+0.9%
Trucks/Lorries
47,407
46,644
+2.6%
Molslinjen’s Investments
Molslinjen is continuously assessing its need for additional capacity to serve transport demand across all
of its routes. In the Bornholm corridor, following sold-out departures during the high season of the Rønne
- Ystad route, Molslinjen management has been preparing for adding capacity. In October 2019,
Molslinjen entered into an agreement with the Ministry of Transport and Construction to facilitate the
Molslinjen A/S 4
deployment of the world's largest fast ferry on the Rønne - Ystad route. The construction of the new
high-speed ferry, "Express 5", is in progress, with expected delivery of the vessel in April 2023.
In the West corridor, Molslinjen won tenders for the ferry routes of Alslinjen and Samsølinjen for the
next 10-year periods. The tenders was organized by the Ministry of Transport and included demand for
zero or close to zero CO
2
emissions from the ferry operations. The tender for Alslinjen covers the period
September 2024 – Aaugust 2034 and the tender for Samsølinjen covers the period January 2025 – De-
cember 2034.
Molslinjen invests steadily maintaining and improving its asset base. On all the company's ferry routes,
there has been, and remains a strong focus on delivering the best possible product with high availability,
regularity and high satisfaction among customers. Investments ensure that the company continues to
operate with modern and energy efficient technology. Apart from direct investments into the ferry fleet
during 2022, Molslinjen has also invested futher in shored based electricity for the fast ferries in Aarhus
and Rønne during lay-up.
Expectations for 2023
The result for 2022 shows Molslinjen's robustness with record high oil prices, which together with the
liquidity preparedness per 31.12.2022 will ensure the company's future operations.
Molslinjen management has a positive outlook on trading for the coming year.
Improved mobility in Denmark and the surrounding region is expected to lead to increased traffic vol-
umes across the route network combined with the effects of bigger capacity on Bornholm and increased
frequency on Kattegat.
The company therefore expects an improved result for 2023 compared to 2022. Revenue is expected to
be 2,000 – 2,300 MDKK and EBITDA is expected to be 700 – 800 MDKK.
In General
Molslinjen’s management team wishes to thank their cooperators for a positive and engaged effort.
Molslinjen A/S 5
Special accounting conditions regarding the income statements for 2022 comparison
with 2021
With effect from 1 March 2021, Molslinjen A/S and the company's two Danish holding companies were
acquired by EQT Infrastructure V via the company Float Bidco DK ApS. Upon the acquisition of Molslinjen
A/S, an added value was paid in relation to Molslinjen A/S and the two Danish holding companies' book
equity per. March 1, 2021. The surplus value was distributed via a Purchase Price Allocation (PPA) to the
following three intangible fixed assets "Brand", "Know-how" and "Goodwill".
In continuation of the acquisition on 1 March 2021, the legal entity structure was restructured in two
steps to simplify and streamline the group of Molslinjen parent entities. The first step was a merger of
Molslinjen A/S and the original two parent holding companies, with Molslinjen A/S as the continuing
company. This merger took effect on 1 January 2021.
The next step in the legal entity restructuring was a merger between Molslinjen A/S and Float Bidco DK
ApS, with Molslinjen A/S as the continuing company. This merger took place with accounting effect on 1
March 2021, and in accordance with current rules, the surplus values mentioned above have been con-
tinued in the legal company Molslinjen A/S, which continues after the merger.
According to current IFRS rules, where the market values of the merged entity's assets are to be pre-
sented as at the time of acquisition, Float Bidco DK ApS is the accounting company continuing. This
means that Molslinjen A/S' income statement for 2021 consists of Molslinjen A/S's trading for the 10
months period 1 March - 31 December 2021 plus Float Bidco ApS's trading for the entire calendar year
2021. The comparative figures for 2020 consist only of Float BidCo ApS's trading for 2020. The same
principal consequences apply to the balance sheet and cash flow statement.
This special situation makes it difficult to comment on the development in the profit and loss from 2021
to 2022. The company has therefore chosen to prepare a pro forma income statement for 2021 as if the
restructurings mentioned above did not took place, including a merger between Molslinjen A/S and Float
BidCo DK ApS, and as if Molslinjen A/S had continued on unchanged terms. These pro forma figures for
2021 are reproduced below, and on this basis comments have been made on the development from
2021 to 2022. In connection with this, an overall reconciliation has been included between the pro forma
figures for 2021 and the figures officially incorporated in the accounts for 2021.
Molslinjen A/S 6
Income statement for 2022 (compared to 12 months proforma income state-
ment for Molslinjen A/S normal operations)
2022 2021
TDKK TDKK
_______ _______
Turnover 2,047,477 1,808,566
_______ _______
Further operating income 0 7,997
_______ _______
Costs:
The ships' external operating costs 656,917 440,794
Other external costs 329,594 302,877
Staff costs 460,632 425,249
_______ _______
Total costs 1,447,143 1,168,920
_______ _______
Earnings before interest and depreciation (EBITDA) 600,334 647,643
_______ _______
Depreciations 353,656 281,531
Loss/gain on sale of fixed assets (2,630) (60)
_______ _______
Operating profit (EBIT) 249,308 366,172
Fiscal income 0 779
Fiscal expenses (150,799) (157,248)
_______ _______
Result before taxes 98,509 209,703
Income tax expenses (211) (242)
_______ _______
This year’s result 98,298 209,461
_______ _______
_______ _______
Overall reconciliation:
Result 01.01.21 – 28.02.21 0 48,089
Result for merged companies 01.01.21 – 31.12.21 0 (78,883)
Depreciations Brand and Know-how 0 (47,065)
_______ _______
This year’s result – income statement 98,298 131,602
_______ _______
_______ _______
The company’s key figures and key ratios
As mentioned above, the special accounting rules for last year’s figures makes it immediately difficult to
comment on the profit, balance sheet and cash flow development in Molslinjen A/S’s activities in 2022,
including comparison with the last 5 years. The company has therefore chosen to omit the 5-year over-
view in the management’s review.
Molslinjen A/S 7
Financial report
The financial statements are presented in accordance with International Financial Reporting Standards
as approved by the EU.
The income statement - proforma
As mentioned above, the special accounting rules for last year's figures makes it immediately difficult to
comment on the profit, balance sheet and cash flow development in Molslinjen A/S's activities in 2022.
The company has therefore chosen to prepare a pro forma income statement for 2021 as if the restruc-
turings mentioned above in 2021 did not took place, including a merger between Molslinjen A/S and
Float BidCo DK ApS, and as if Molslinjen A/S had continued on unchanged terms. These pro forma figures
for 2021 are shown above, and on this basis comments have been made on the development from 2021
to 2022.
Turnover
The company turnover in 2022 is calculated at 2,047.5 MDKK compared to a turnover in 2021 of 1,808.6
MDKK, which is an increase of 238.9 MDKK compared to 2021.
The turnover of Molslinjen's catering department in 2022 was 241.1 MDKK compared to 203.6 MDKK in
2021. The catering concept is constantly undergoing changes with several new offers on food and bev-
erages.
Costs
The company’s total costs amounted to 1,798.2 MDKK in 2022, compared to 1,450.4 MDKK in 2021.
Costs for oil consumption increased from 301.6 MDKK in 2021 to 501.2 MDKK in 2022, primarily due to
higher oil prices. The company has also in 2022 implemented several technical changes, which have im-
proved the average oil consumption per departure.
Employees
Personnel costs in 2022 were 460.6 MDKK compared to 425.3 MDKK in 2021.
The average number of full-time employees in the Molslinjen was 835 employees in 2022 compared to
780 employees in 2021.
Through the year, the permanent staff of employees was supplemented with a number of replacements,
primarily in the catering department and in the operations center in connection with busy holiday peri-
ods, holidays and its like.
Molslinjen A/S 8
All employees undergo a regularly planned course to ensure that they always live up to Molslinjen's high
requirements for safety and service on board the our ferries.
Depreciations
Depreciations of fixed assets in 2022 was 297.2 MDKK compared to 281.5 MDKK in 2021, primarily due
to new tonnage and port facilities.
Financial items
Net financing expenses in 2022 were 150.8 MDKK compared to 156.5 MDKK in 2021.
Molslinjen A/S 9
Corporate governance and statement of corporate governance
Corporate social responsibility
Corporate social responsibility is an integral part of the business strategy in Molslinjen A/S. The company
has a desire to act responsibly in relation to customers, employees, business partners and the outside
world.
As a member of the UN's Global Compact, Molslinjen has chosen to compile the reporting on the work
with social responsibility, including the gender composition of the management, diversity policy and data
ethics, in our progress report, which can be found at:
https://admin.molslinjen.dk/media/1067317/2022_molslinjen-cop-report-final.pdf
Gender composition of management
Molslinjen A/S has also chosen to publish its statement on the gender composition of the management
on the company's website, cf. above.
Diversity
Molslinjen A/S has drawn up a diversity policy. The statement on diversity is also published on the com-
pany's website, cf. above.
Data ethics
Molslinjen A/S takes responsibility for storing information about customers and employees in a respon-
sible manner and has prepared a statement on data ethics. The statement on data ethics is also published
on the company's website, cf. above.
The main elements of the company's internal control regime and risk management in
connection with the financial reporting process
The purpose of the internal control and risk management systems is to ensure that Molslinjen's accounts
are presented in accordance with the applicable legislation as relates to accounting and to provide accu-
rate and informative reporting without significant errors and omissions.
The internal control and risk management systems are intended to ensure that significant errors and
irregularities in reporting are detected and corrected, but without providing absolute certainty that all
errors are detected and corrected.
The systems may be divided into the following areas:
• Controlling environment
• Risk assessment
• Controlling activities
Molslinjen A/S 10
• Information and communication
• Monitoring
Controlling environment
The Board of Directors monitors the presentation of the financial statements and the efficiency of the
internal control and risk management systems, and discusses significant estimates and uncertainties in
connection with the presentation of the fiscal statements. The Executive Board is responsible for ensur-
ing that risk management systems and controls are efficient, and that the Executive Board has imple-
mented controls to address risks relating to fiscal reporting.
The Board of Directors assesses the company's organisational structure and staffing in significant areas
at least once a year, including within areas in connection with the financial reporting process, including
IT and tax.
Risk assessment
The Board of Directors, the Audit Committee and the Executive Board continuolsy make ongoing assess-
ments of the risks that Molslinjen has, including risks in connection with the presentation of the ac-
counts. As part of this, the risk of fraud and irregularities is continuously assessed.
For all significant accounting areas, systems, procedures and control activities to minimize the risk of
significant errors and omissions in connection with financial reporting are described and documented.
As part of the risk assessment, the Board of Directors and the Executive Board takes an annual position
on the risk of fraud and on the measures to be taken with a view to reducing and/or eliminating such
risks. In doing so, the Board of Directors assesses the day-to-day management's ability to override con-
trols and to exercise inappropriate influence on the financial reporting.
Controlling activities
The controlling activities are based on the risk assessment. The goal of the company's control activities
is to ensure that the goals, policies, manuals, procedures, etc. set by the management. met in order to
prevent, detect and correct any errors, deviations or deficiencies in a timely manner. The control activi-
ties are integrated into accounting and reporting systems and include, among other things, procedures
for approval and certification, systemic controls, reconciliations and analytical controls.
The Executive Board monitors that any weaknesses in the internal controls are corrected and that any
errors and deficiencies are found and reported - and remedied.
Molslinjen A/S 11
Information and communication
The Board of Directors and the Executive Board have an information and communication procedure
which, among other things, determines the requirements for the presentation of the accounts and for
the external financial reporting in accordance with the legislation and regulations thereof.
The information systems are designed in such a way, to take into account the prescribed confidentiality,
continuously at the relevant level, relevant information, reports, etc. are identified, collected and com-
municated, which enables the individual to perform the tasks efficiently and reliably and to perform
checks. The information and transactions that form the base for accounting reports are as such collected
and recorded in an integrated accounting and information system according to uniform principles and
definitions.
Monitoring
This monitoring takes place through ongoing, periodic assessments and inspections at all levels in the
company, including the use of the company's financial and information system to monitor the accounting
information. The system makes it possible to identify significant errors and omissions in the fiscal report-
ing, including significant weaknesses in the internal controls and systems.
The Board of Directors, the Executive Board and the senior executives receive internal financial reporting
at regular intervals, which they, among other things, compare with their own knowledge and expecta-
tions. This reporting is constantly evolving.
Molslinjen A/S 12
BOARD OF DIRECTORS
Niels Smedegaard
Office: Chairman
Member since: 2021
Born: 1962
Board positions
Chairman in:
ISS A/S
Bikubenfonden
Abacus Medicine A/S
Falck A/S
Board member in:
DSV
UK P&I
TT Club
Frederiksberg Fonden
Independency
Considered as independent
Carsten Jensen
Member: Member
Member since: 2021
Born: 1964
Board positions
Chairman in:
The Danish Ferry Association
Board member in:
The Danish Maritime Fund
Independency
Not considered independent as due to being employed by Molslinjen A/S
Molslinjen A/S 13
Merete Eldrup
Office: Member
Member since: 2021
Born: 1963
Board positions
Chairman in:
Nykredit Holding A/S
Nykredit Realkredit A/S
Københavns Universitet
Rockwool Fonden
Vice chairman in:
Egmont International Holding A/S
Egmont Fonden
Board member in:
Kalaallit Airport International A/S
Ejendomsselskabet Gothersgade 55 ApS
Ejendomsselskabet Vognmagergade 11 ApS
Independency
Considered as independent
Independency
Not considered independent as due to being employed by Molslinjen A/S
Molslinjen A/S 14
Independency
Not considered independent as due to being employed by Molslinjen A/S
Independency
Not considered independent as due to being employed by Molslinjen A/S
EXECUTIVE COMMITTEE
Kristian Durhuus
Member: CEO
Member since: 2023
Born: 1968
Board positions
Chairman in:
ForSea Helsingborg AB
ForSea Helsingør ApS
ForSea I/S
Board member in:
The Danish Ferry Association
Independency
Not considered independent as due to being employed by Molslinjen A/S and ForSea AB.
Molslinjen A/S 15
The Sustainability Committee
Molslinjen A/S ’ sustainability committee aims to prepare decisions and recommendations for consider-
ation and approval by the entire Board of Directors. The Sustainability Committee does not have inde-
pendent decision-making authority, but reports and recommends to the entire Board of Directors.
• The committee consists of three members
• The members are elected by the board members, for one year at a time.
• The chairman of the committee is appointed by the board for one year at a time
• The committee holds a minimum of two meetings a year
• Other management members may attend the meetings at the request of the committee
The Audit Committee
Molslinjen A/S ’ audit committee aims to prepare decisions and recommendations for consideration and
approval by the entire Board of Directors. The Audit Committee does not have independent decision-
making authority, but reports and recommends to the entire Board of Directors.
• The committee consists of three members
• The members are elected by the board members, for one year at a time.
• The chairman of the committee is appointed by the board for one year at a time
• The committee holds a minimum of two meetings a year
• Other management members may attend the meetings at the request of the committee
Shareholder relations
Share capital
The Molslinjen share has a singular share class that is freely tradeable and which consists of 14,174,347
shares of DKK 20, corresponding to a share capital of DKK 283,486,940.
Major shareholders
The following shareholder owned more than 5% of the company's share capital or voting rights at the
time the financial statements were presented:
Molslinjen Group ApS (100%)
Molslinjen A/S 16
Molslinjen Group ApS is a private equity fund-owned company, which is covered by Aktive Ejere's guide-
lines for responsible ownership and good corporate governance for private equity funds and their con-
trolled companies. Molslinjen A/S must thus either follow Active Owners' recommendations or justify
why the recommendations, in whole or in part, are not followed.
It is Molslinjen A/S ’opinion that Active Owners’ recommendations are complied with. Please refer to
http://www.DVCA.dk, for further information about the guidelines.
Molslinjen A/S 17
The management’s statement
The Board of Directors and the Executive Board have today considered and approved the annual report
for the fiscal year 1 January - 31 December 2022 for Molslinjen A/S .
The annual report has been prepared in accordance with International Financial Reporting Standards as
approved by the EU and additional requirements in the Danish Financial Statements Act.
It is our opinion that the fiscal statements give a true and fair view of the company's assets, liabilities
and fiscal position as of 31 December 2022 and of the result of the company's activities and cash flows
for the fiscal year 1 January - 31 December 2022.
It is further our opinion that the management's review contains a true and fair view of the development
in the company's activities and financial conditions, the year's results, cash flows and financial position
as well as a description of the most significant risks and uncertainties that the company faces.
The annual report is submitted for approval by the general meeting.
Aarhus, April 11, 2023
Executive Committee
Kristian Durhuus
CEO
Board of directors
Niels Smedegaard Carsten Jensen Kristian Durhuus
Chairman
Merete Eldrup Anders Teglgaard Sørensen Jacob Schødt Larsen
Marianne Væver
Molslinjen A/S 18
Independent Auditor’s Report
To the Shareholders of Molslinjen A/S
Opinion
In our opinion, the Financial Statements give a true and fair view of the financial position of the Company
at 31 December 2022, and of the results of the Company’s operations and cash flows for the financial
year 1 January - 31 December 2022 in accordance with International Financial Reporting Standards as
adopted by the EU and further requirements in the Danish Financial Statements Act.
We have audited the Financial Statements of Molslinjen A/S for the financial year 1 January - 31 Decem-
ber 2022, which comprise income statement and statement of comprehensive income, balance sheet,
statement of cash flows, statement of changes in equity and notes, including a summary of significant
accounting policies (“financial statements”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional
requirements applicable in Denmark. Our responsibilities under those standards and requirements are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company in accordance with the International Ethics Standards Board
for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the addi-
tional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Management’s Review, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management’s Re-
view and, in doing so, consider whether Management’s Review is materially inconsistent with the finan-
cial statements or our knowledge obtained during the audit, or otherwise appears to be materially mis-
stated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information
required under the Danish Financial Statements Act.
Molslinjen A/S 19
Based on the work we have performed, in our view, Management’s Review is in accordance with the
Financial Statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement in Management’s Review.
Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of Financial Statements that give a true and fair view in
accordance with International Financial Reporting Standards as adopted by the EU and further require-
ments in the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting in preparing the financial statements unless Management either in-
tends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influ-
ence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in
Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffi-
cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, inten-
tional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
Molslinjen A/S 20
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in prepar-
ing the financial statements and, based on the audit evidence obtained, whether a material uncertainty ex-
ists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audi-
tor’s report. However, future events or conditions may cause the Company to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and contents of the financial statements, including the disclo-
sures, and whether the financial statements represent the underlying transactions and events in a manner
that gives a true and fair view.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-
nal control that we identify during our audit.
Aarhus, April 11, 2023
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Claus Lindholm Jacobsen
Michael Nielsson
State Authorised Public Accountant
State Authorised Public Accountant
Mne23328
Mne15151
Molslinjen A/S 21
Income statement for 2022
2022 2021
Note TDKK TDKK
____ _______ _______
Revenue 3 2,047,477 1,641,478
_______ _______
Other operating income 4 0 7,747
_______ _______
Costs:
The ships' external operating costs 5 656,917 380,696
Other external costs 6 329,594 352,018
Staff costs 7 460,632 364,385
_______ _______
Total costs 1,447,143 1,097,099
_______ _______
Earnings before interest and depreciation (EBITDA) 600,334 552,126
Depreciations 8 353,656 284,763
Loss/gain on sale of fixed assets 12 (2,630) (60)
_______ _______
Operating profit (EBIT) 249,308 267,423
Financial income 9 0 443
Financial expenses 9 (150,799) (136,022)
_______ _______
Result before taxes 98,509 131,844
Income tax expenses 10 (211) (242)
_______ _______
Profit for the year 98,298 131,602
_______ _______
_______ _______
Molslinjen A/S 22
Statement of comprehensive income for 2022
2022 2021
Note TDKK TDKK
____ _______ _______
This years result 98,298 131,602
_______ _______
Items that may be reclassified to the income statement:
Value adjustments of hedging instruments:
Fair value adjustment of the year 146,120 67,413
Value adjustments reclassified to the ships' external operating
costs (oil consumption) (184,754) (24,215)
Value adjustments reclassified to financial expenses
(Interests on bank debt) 4,470 2,705
Tax effect thereof 0 0
_______ _______
Other comprehensive income after tax (34,164) 45,903
_______ _______
Total comprehensive income 64,134 177,505
_______ _______
Molslinjen A/S 23
Statement of financial position per 31 December 2022
ASSETS
2022 2021
Note TDKK TDKK
____ _______ _______
Non-current assets
Goodwill 3,682,402 3,682,402
Brand 263,564 295,837
Know-how 197,672 221,877
________ ________
Intangible assets 11 4,143,638 4,200,116
________ ________
Ships 2,455,952 2,589,832
Terminals and port facilities 685,261 749,276
Other fixtures and equipment 56,540 49,356
Assets under construction 660,546 289,846
________ ________
Tangible assets 12 3,858,299 3,678,310
________ ________
Investments in subsidiaries and other investments 7,530 130
________ ________
Financial assets 13 7,530 130
________ ________
Total non-current assets 8,009,467 7,878,556
________ ________
Current assets
Inventories 14 109,648 92,931
Receivables from sales 15 15,735 17,243
Other receivables, etc, 16 51,793 78,427
Cash and cash equivalents 17 40,516 436,876
_______ _______
Total current assets 217,692 625,477
_______ _______
TOTAL ASSETS 8,227,159 8,504,033
________ ________
________ ________
Molslinjen A/S 24
Statement of financial position per 31 December 2022
LIABILITIES
2022 2021
Note TDKK TDKK
____ _______ _______
Equity
Share capital 18,19 283,487 284,100
Other reserves 20 14,842 49,006
Retained earnings 5,308,747 5,220,436
_______ _______
Total equity 5,607,076 5,553,542
_______ _______
Liabilities
Non-current liabilities
Lease liabilities 21 965,884 1,323,965
Credit institutions 22 157,654 942,908
Provision for retirement and anniversary gratuities 23 3,276 1,963
_______ _______
Total non-current liabilities 1,126,814 2,268,836
_______ _______
Current liabilities
Lease liabilities 21 368,600 284,892
Credit institutions 22 0 141,889
Provision for gratuities at retirement and anniversaries 23 107 676
Intercompany loan 895,591 0
Corporate taxes 892 735
Prepaid fares and multi-trip cards 24 42,831 42,811
Accounts payable 96,884 74,317
Other liabilities 88,364 136,335
_______ _______
Total current liabilities 1,493,269 681,655
_______ _______
Liabilities in total 2,620,083 2,950,491
_______ _______
TOTAL LIABILITIES 8,227,159 8,504,033
________ ________
________ ________
Pledges 25
Bail and contingent liabilities as well as contingent assets 26
Please also refer to the note overview page 28.
Molslinjen A/S 25
Statement of changes in Equity 2022
Other
Share- reserves Retained Total
Capital (note 20) earnings equity
TDKK TDKK TDKK TDKK
_______ _______ _______ _______
Equity per 01.01.21 40 0 (4) 36
_______ _______ _______ _______
Total comprehensive income 2021
This year’s result 0 0 131,602 131,602
_______ _______ _______ _______
Other comprehensive income:
Value adjustment of hedging instruments:
This year’s fair value adjustment 0 67,413 0 67,413
Value adjustments reclassified to the ships
external operating costs (oil consumption) 0 (24,215) 0 (24,215)
Value adjustments reclassified to financial
expenses (interests on bank debt) 0 2,705 0 2,705
_______ _______ _______ _______
Total other comprehensive income 0 45,903 0 45,903
_______ _______ _______ _______
Total comprehensive income for the fiscal year 2021 0 45,903 131,602 177,505
_______ _______ _______ _______
Transactions with owners
Capital increase 284,060 3,103 5,418,838 5,706,001
Distributed dividend 0 0 (330,000) (330,000)
_______ _______ _______ _______
Total transactions with owners 2021 284,060 3,103 5,088,838 5,376,001
_______ _______ _______ _______
Equity per 31.12.21 284,100 49,006 5,220,436 5,553,542
_______ _______ _______ _______
Dividend per share was in 2021 DKK 23.23 per share.
Molslinjen A/S 26
Statement of changes in Equity 2022
Other
Share- reserves Retained Total
Capital (note 20) earnings equity
TDKK TDKK TDKK TDKK
_______ _______ _______ _______
Equity per 01.01.22 284,100 49,006 5,220,436 5,553,542
_______ _______ _______ _______
Total comprehensive income 2022
This year’s result 0 0 98,298 98,298
_______ _______ _______ _______
Other comprehensive income:
Value adjustment of hedging instruments:
This year’s fair value adjustment 0 (223,388) 0 (223,388)
Value adjustments reclassified to the ships
external operating costs (oil consumption) 0 184,754 0 184,754
Value adjustments reclassified to financial
expenses (interests on bank debt) 0 4,470 0 4,470
_______ _______ _______ _______
Total other comprehensive income 0 (34,164) 0 (34,164)
_______ _______ _______ _______
Total comprehensive income for the fiscal year 2022 0 (34,164) 98,298 64,134
_______ _______ _______ _______
Transactions with owners
Capital reduction – own shares (613) 0 613 0
Distributed dividend 0 0 (10,600) (10,600)
_______ _______ _______ _______
Total transactions with owners 2022 (613) 0 (9,987) (10,600)
_______ _______ _______ _______
Equity per 31.12.22 283,487 14,842 5,308,747 5,607,076
_______ _______ _______ _______
Dividend per share was in 2022 DKK 0.75 per share.
Molslinjen A/S 27
Cash flow statement for 2022
2022 2021
Note TDKK TDKK
____ _______ _______
Operating profit (EBIT) 249,308 267,423
Depreciations 353,656 284,763
Loss/gain on sale of fixed assets (2,630) (60)
Changes in working capital 27 (47,379) (43,913)
_______ _______
Cash flow relating to primary operations 552,955 508,213
Financial income received 0 443
Fiscal expenses (150,799) (136,022)
Paid corporation tax (54) 493
_______ _______
Cash flow relating to operations 402,102 373,127
_______ _______
Addition from business combinations 28 0 (4,824,000)
Investment in ships, excl, financially leased vessels (433,407) (210,473)
Investment in terminals and port facilities (18,865) (12,928)
Investment in fixed assets and equipment (25,333) (16,526)
Sale of tangible assets 3,068 60
Other investment in financial assets (7,400) 0
Investment in other receivables 0 22,431
_______ _______
Cash flows relating to investments (481,937) (5,041,436)
_______ _______
Transactions with owners, capital increase 0 5,706,001
Transactions with owners, distributed dividen (10,600) (330,000)
Installments on debt to credit institutions (927,143) (425,771)
Intercompany loan 895,591 0
Installments on lease liabilities (274,373) (181,748)
_______ _______
Cash flow related to financing (316,525) 4,768,482
_______ _______
This year’s cash flow (396,360) 100,173
Cash per 01.01 436,876 336,703
This year’s change in cash (396,360) 100,173
_______ _______
Cash per 31.12 40,516 436,876
_______ _______
_______ _______
Cash per 31.12:
Cash and cash equivalents 17 40,516 436,876
_______ _______
Cash per 31.12 40,516 436,876
_______ _______
Molslinjen A/S 28
Notes
Overview on Notes
1. Accounting policies
2. Significant accounting estimates
3. Revenue
4. Other operating income
5. The ships’ external operating costs
6. Other external costs
7. Staff costs
8. Depreciation and write-downs
9. Financial items, net
10. Income tax expenses
11. Intangible assets
12. Tangible assets
13. Financial assets
14. Inventories
15. Receivables from sales
16. Other receivables, etc.
17. Cash and cash equivalents
18. Share capital
19. Own shares
20. Other reserves
21. Leasing liabilities
22. Credit institutions
23. Provisions for gratuities at resignations
and anniversaries
24. Prepaid fares and multi-trip cards
25. Pledges
26. Bail and contingency liabilities as well
as contingency assets
27. Changes in working capital
28. Additions from business combination
29. Oil, currency, interest rate and credit
risks as well as the use of derivative fi-
nancial instruments
30. Related parties
31. Remuneration of the auditor elected
by the general meeting
32. Events after the balance sheet date
Molslinjen A/S 29
1. Accounting policies
Molslinjen is a public limited company registered in Denmark
The financial statements for 2022 for Molslinjen A/S are presented in accordance with International
Financial Reporting Standards as approved by the EU. The annual report also complies with International
Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
Molslinjen does not present consolidated accounts, as the activities of the company's only subsidiary are
completely insignificant. The subsidiary merely leases port facilities on financial leasing terms to the par-
ent company and does not intend to engage in group external leasing or conduct other business activi-
ties. As a result of the accounting recognition as financial leasing in the parent company's annual ac-
counts, and as the subsidiary's result is completely insignificant, the parent company's result and balance
sheet alone differ quite insignificantly from the overall group's result and balance sheet.
The accounting figures have been prepared in accordance with the historical cost principle, except where
IFRS explicitly requires the use of fair value or other value.
The annual report is presented in Danish kroner (DKK) rounded to the nearest DKK 1,000. The functional
currency for the company is Danish Kroner (DKK).
Accounting policies are unchanged from last year.
New and changed accounting standards
Molslinjen has with effect from 1 January 2022, implemented the following new or changed standards
and interpretations
• Amendments to IAS 16, Proceeds before intended use.
• Amendments to IAS 37, Provisions, contingent liabilities and contingent assets: Onerous contracts, Cost
of fulfilling a contract.
• Annual improvements 2018-2020 comprising minor amendments to existing standards.
None of the changes has had an impact on the accounting policies applied.
Molslinjen A/S 30
1. Accounting policy (cont’)
New non-effective accounting standards (IAS / IFRS) and interpretations (IFRIC)
IASB has issued the following new or amended standards which are not yet effective, and which are
relevant for the Group:
• Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Defini-
tion of Accounting Estimates (1 January 2023)
• Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from
a Single Transaction (1 January 2023)
• Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Dis-
closure of Accounting policies (1 January 2023)
• Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Cur-
rent or Non-current and Classification of Liabilities as Current or Non-current (1 January 2024,
not yet EU Endorsed)
The amendments are not expected to have any significant impact on the Company's accounting poli-
cies.
Business combinations
Acquisitions are acconted for under the acquisition method. The acquired companies' identifiable assets,
liabilities and contingent liabilities other than deferred tax are measured at fair value at the time of ac-
quisition. Identifiable intangible assets are recognized if they can be separated or are contractually or
legally based. Deffered taxes are measured in accordance with the reqwuirements of IAS 12, Income
taxes.
The cost price of a company consists of the fair value of the consideration transferred. Costs attributable
to business combinations are recognized directly in the income statement when incurred. Positive dif-
ferences between cost and fair value (goodwill) when acquiring subsidiaries are recognized under intan-
gible assets and tested annually for impairment. Upon acquisition, goodwill is attributed to the cash-
generating units, which subsequently form the basis for impairment tests.
Acquired companies are recognized from the time of acquisition, while divested companies are recog-
nized up to the time of disposal. The acquisition date is the time when the parent company actually
acquires control of the business acquired. If the fair value of acquired assets and liabilities subsequently
turns out to deviate from the provisionally calculated values at the time of acquisition, goodwill is ad-
justed for this until twelve months after the acquisition.
Molslinjen A/S 31
1. Accounting policy (cont’)
Foreign currency translation
Transactions in a currency other than the company's functional currency are translated on initial recog-
nition at the exchange rate on the transaction date. Receivables, liabilities and other monetary items in
foreign currency that have not been settled on the balance sheet date are translated at the exchange
rate on the balance sheet date. Exchange rate differences that arise between the exchange rate on the
transaction date and the exchange rate on the payment date and the balance sheet date, respectively,
are recognized in the income statement as financial items. Tangible assets, inventories and other non-
monetary assets purchased in foreign currency are measured on the basis of historical cost prices, ie
converted at the exchange rate on the transaction date.
Derivative financial instruments
Derivative financial instruments are recognized from the trading day and measured in the balance sheet
at fair value. Positive and negative fair values of derivative financial instruments are included under other
receivables and other debt in the balance sheet, respectively, and set-off of positive and negative values
is only made when the company has the right and intention to settle several financial instruments net.
Fair value for derivative financial instruments are calculated on the basis of current market data and
recognized valuation methods.
Cash flow hedging
Changes in the portion of fair value of derivative financial instruments that are classified as and meet the
conditions for hedging future cash flows and that effectively hedge changes in future cash flows are
recognized in other comprehensive income in a separate reserve for hedging transactions under equity
until the hedged cash flows affects the income statement. At this time, gains or losses relating to such
hedging transactions are reclassified from other comprehensive income and recognized in the same ac-
counting item as the hedged item.
If the hedging instrument no longer meets the criteria for accounting hedging, the hedging relationship
will cease in the future. The accumulated change in value recognized in other comprehensive income is
reclassified to the income statement when the hedged cash flows affect the income statement.
If the hedged cash flows are no longer expected to be realized, the accumulated change in value is re-
classified to the income statement immediately. The part of the value adjustment of a derivative financial
instrument that is not included in a hedging relationship is presented under financial items.
Molslinjen A/S 32
1. Accounting policy (cont’)
Further derivative financial instruments
Derivative financial instruments that do not meet the conditions for treatment as hedging instruments
are considered trading stocks and are measured at fair value with recognition of fair value adjustments
on an ongoing basis in the income statement as financial items.
Leases
Molslinjen regularly enters into agreements for the lease of ships, terminals, port facilities, operating
assets and equipment. All agreements are reviewed in order to identify payments that relate to a leasing
component and that are fixed or variable, but which change in line with fluctuations in an index or an
interest rate. Molslinjen has chosen not to recognize payments related to service components as part of
the lease liability.
Lease liabilities are at the time of commencement of the leasing agreement measured at the present
value of leasing payments including:
• Fixed lease payments less incentives received;Fixed leasing services less incentives received;
• Variable lease payments that vary with an index or installment are recognized based on the
level of the index or installment at the time the lease is commenced;
• The purchase price under a call option, if it is deemed reasonably probable that it will be exer-
cised, and
• Compensation to the leaser in the event of an early termination of the leasing agreement, if
Molslinjen is expected to utilize such an option
Molslinjen identifies the expected lease period as being the non-cancellable lease period in the agree-
ment plus periods covered by an extension option that management with reasonable probability expects
to exercise, as well as allowances for periods covered by the termination option that management with
reasonable probability does not expect to exercise.
For leases of operating equipment and fixtures and fittings, the lease period is expected to be exclusively
the non-cancellable lease period in the agreements, as Molslinjen does not have a history of the exercise
of extension options in similar agreements. For lease agreements regarding properties (primarily lease
of ports), where Molslinjen has entered into a concession which obliges the company to a minimum
voyage in one, the lease periods are assessed to follow the sailing periods stipulated in the concessions
for the individual routes.
Molslinjen discounts the lease payments at present value via its alternative loan interest rate for loans
with a corresponding term, asset type and security
Molslinjen A/S 33
1. Accounting policy (cont’)
The right of use asset is initially measured at cost and consists of the following:
• The amount of the lease obligation at the time of recognition
• Lease payments paid before or on the day of entry into force of the lease
• Direct costs associated with the leasing agreement
• Estimated obligation to demolish or re-establish the asset after use.
Right of use assets are depreciated on a straight-line basis over the shortest period of either the asset's
useful life and the leasing agreement. Leasing payments relating to assets with a term of less than 12
months or with a low value are recognized in the income statement as the costs are incurred.
Taxes
Molslinjen A/S is registered with the Danish tonnage tax scheme with binding effect for a 10-year period,
the company is registered as of 2018. In the tonnage tax scheme, the calculation of the taxable income
is not based on income and expenses, as in normal corporate taxation. Instead, the taxable income is
calculated on the basis of the tonnage used in the period with additions/deductions of taxable prof-
its/losses on disposal of non-tonnage-taxed assets and liabilities calculated in accordance with the gen-
eral Danish tax rules.
Molslinjen A/S and its Danish subsidiaries are jointly taxed with Molslinjen Group ApS, which acts as a
management company in the joint taxation. The current corporation tax is distributed between the
jointly taxed Danish companies in proportion to their taxable income. The company is jointly and sever-
ally liable for tax on the group's jointly taxed income, etc.
The total amount of corporation tax due is stated in the annual report for Molslinjen Group ApS, which
is a management company in relation to joint taxation.
The Group's Danish companies are jointly and severally liable for Danish withholding taxes in the form
of dividend tax, royalty tax and interest tax. Any subsequent corrections to corporation taxes and with-
holding taxes may result in the company's liability constituting a larger amount.
The annual taxation is recognized in the income statement, which consists of the current tax that can be
attributed to the profit for the year as well as changes in deferred tax relating to non-tonnage taxed
assets and liabilities and adjustments relating to previous years. Current or deferred tax related to items
in total income/equity items are recognized directly in these statements.
Molslinjen A/S 34
1. Accounting policy (cont’)
For tonnage-taxed assets and liabilities, deferred tax is recognized to the extent that deferred tax is ex-
pected to arise. This based on:
• That Molslinjen A/S’ activities are only covered by the tonnage tax scheme
• That there are no plans to withdraw from the tonnage tax scheme
• That the level of activity and investment is expected to be maintained, which means that there
is no obligation to settle any deferred tax regarding tax transitional balances
The planned use of ships, etc., or settlement of the recovered depreciation, thus entails - by applying the
tonnage tax scheme - a deferred tax liability, which is recognized if there are changes in these assump-
tions.
On non-tonnage-taxed assets and liabilities, respectively, deferred tax is calculated and recognized ac-
cording to the balance sheet-based debt method of temporary differences between accounting and tax
values. However, deferred taxation is not recognized on temporary differences relating to non-taxable
goodwill that have arisen at the time of acquisition without having an effect on profit or loss or taxable
income. Deferred tax assets, including the value of any tax losses carried forward, are recognized only to
the extent that they can be offset against tax on future earnings.
When calculating current tax and deferred tax, the tax rates and tax rules applicable on the balance sheet
date are used.
The income statement
Net sales
Net revenue in the form of ferry transport of cars, trucks, buses and passengers as well as associated
sales of restaurant goods (catering) is recognized in the income statement when the ferry transport has
taken place and the restaurant goods have been delivered to the customer.
When selling multi-trip cards, sales are recognized in the income statement proportionately in line with
the completion of the crossings to which the multi-trip card entitles, including any bonus crossings that
are expected to be utilized.
Costs:
External operating costs of the ships
Includes oil consumption, repair and maintenance as well as other external costs.
Molslinjen A/S 35
1. Accounting policy (cont’)
Other external operating costs
Costs for terminals and port facilities, consumption of goods in the catering department, administration
costs.
Staff costs
Salaries, social security contributions, paid leave and sick leave, bonuses and other monetary and non-
monetary benefits, including share-based payment, are recognized in the financial year in which the em-
ployees performed the associated benefit. The company only has defined contribution pension plans.
Pension costs relating to defined contribution pension plans are recognized in the income statement in
the year to which they relate.
Other operating income and operating expenses
Other operating income and operating expenses include income and expenses of a secondary nature in
relation to the company's main activity, including gains on the sale of tangible non-current assets if the
sale price of the assets exceeds the original cost price.
Financial income and expenses
Financial income and expenses include interest income and expenses, the interest portion of financial
leasing services, realized and unrealized capital gains and losses relating to debt liabilities and transac-
tions in foreign currency, amortization surcharges / deductions relating to financial liabilities measured
at amortized cost and financial fees, etc.
Interest income and expenses are accrued on the basis of the principal and the effective interest rate.
The effective interest rate is the discount rate that must be used when discounting the expected future
payments associated with the financial asset or the financial liability, so that the present value of these
corresponds to the carrying amount of the asset or the liability at initial recognition.
Balance sheet
Intangible assets
Goodwill is initially recognized in the balance sheet at cost. As a result, goodwill is measured at a cost
less than accumulated impairment losses. The carrying amount of goodwill is allocated to the Group's
cash-generating units at the time of acquisition.
The determination of cash-generating units follow the managerial structure and internal financial man-
agement.
Molslinjen A/S 36
1. Accounting policy (cont’)
Goodwill will be assessed annually for impairment.
Other intangible assets comprising brand and know-how acquired as part of the business combination
are measured at cost less accumulated amortization. They are amortised on a straight line basis over the
expected useful life as follows:
Brand: 10 years
Know-how: 10 years
Tangible assets
Land is measured at cost. Land is not depreciated.
Buildings, terminals and port facilities, ships as well as operating equipment, fixtures and fittings are
measured at cost minus accumulated amortization and impairment loss.
Expenses incurred for periodic inspections of ships and ship engines are added to the particular ships’
cost price and depreciated on a straight-line basis until the next planned inspection, cf. the description
mentioned below. The cost price includes the price of acquisition, costs are directly associated with the
acquisition and costs for preparing the asset until the time when the asset is ready to be taken into use.
For financially leased assets, the cost price is the somewhat lower than the fair value of the asset and
the present value of future lease payments.
The depreciation basis is the cost price minus the residual value after the end of a useful life. The residual
value is calculated at the amount to which the asset is expected to be sold at balance sheet date, if the
asset had the age and condition that the asset is expected to have at the end of its useful life, minus
costs of disposal.
The cost of a total asset is divided into smaller components, which are depreciated separately should the
useful life be different. Linear depreciation is made based on the following assessment of the assets'
expected useful lives and residual values:
Ferries: approx. 20-25 years
Periodic inspections, ships 1-10 years
Buildings, terminals and port facilities 5-20 years
Operating equipment and fixtures 3-5 years
Depreciation methods, useful lives and residual values are reassessed annually.
Molslinjen A/S 37
1. Accounting policy (cont’)
Tangible assets are depreciated to the recoverable amount if this is lower than the carrying amount, cf.
The below mentioned.
Periodic inspections, ships
The company's ships undergo planned periodic dockings and inspections. Costs related to periodic dock-
ings and inspections are capitalized and depreciated on a straight-line basis over an expected period until
the next inspection. The residual value is then estimated at zero. The life of the assets are reassessed at
the end of each accounting period based on current market conditions, regulatory requirements and
Molslinjen's business plans.
The cost price of ships, including new constructions, is divided into a cost price for the ship and a cost
price of the asset relating to docking and inspection. The two elements are separately recognized and
depreciated. When purchasing ships, including new constructions, the cost price of the docking / inspec-
tion element is estimated based on the company's experience and history of similar ships and docking /
inspection intervals.
Costs for docking and inspection typically consist of external costs for shipyards and repair work, mate-
rials used, hiring in of crew and costs for own inspectors and staff during docking / inspection periods.
Investments in subsidiaries
Investments in subsidiaries are measured at cost. If the cost price exceeds the recoverable amount of
the investment, it will be depreciated to this lower value.
Impairment of intangible and tangible assets
The carrying amounts of intangible and tangible assets are reviewed above mentioned balance sheet
date in order to determine whether there are any indications of impairment. If this is true, the asset's
recoverable amount is calculated to determine the need for any impairment loss and its extent. Never-
theless, the recoverable amount of goodwill and intangible assets with an indefinite useful life is always
being assessed annually. If the asset does not generate cash flows independently of other assets, the
recoverable amount of the smallest cash-generating unit in which the asset is included will be calculated.
The recoverable amount is calculated as the highest value of the asset's cash-generating unit's fair value
minus costs to sell and its capital value. For ships, fair value minus selling costs is commonly determined
on the basis of estimated sales value on the basis of external broker assessments.
Molslinjen A/S 38
1. Accounting policy (cont’)
When calculating a ship’s capital value, estimated future cash flows are discounted back to present value
using a discount rate that reflects both the current market assessments of the time value of money and
the special risks associated with the assets or the cash-generating unit that are not adjusted for in they
estimated future cash flows.
If the recoverable amount of the asset or the cash-generating unit turns out to be lower than the carrying
amount, the carrying amount is written down to the recoverable amount. For cash-generating units, the
depreciation is distributed so that any goodwill amounts are written down first, and then any remaining
depreciation requirement is distributed proportionally to the other assets in the unit, as the individual
assets are not written down to a lower value than its fair value less expected selling costs.
Impairment loss are recognized in the income statement. In the event of any subsequent reversals of
depreciation as a result of changes in the assumptions for the calculated recoverable amount, the carry-
ing amount of the asset or the cash-generating unit is then increased to the adjusted recoverable
amount, but not to the carrying amount of the asset or the cash-generating unit made.
Inventories
Inventories consisting of oil bunkers, lubricants, ship spare parts and other consumables are measured
at cost or net realizable value, whichever is lower. The cost price is valued according to the FIFO method.
Receivables
Receivables are initially measured at fair value and subsequently as amortized cost, which usually corre-
sponds to nominal value less write-downs to meet expected losses.
The company use the simplified method for measuring expected loss on receivables, where the provision
is measured at the expected loss throughout the life of the receivable.
The expected loss percentages are based on the payment profiles on sales over a 36-month period and
the corresponding credit loss during this period. The loss percentages are adjusted with the expected
development in macroeconomic factors that may affect customers' ability to pay. The company assess
GDP and energy prices as the most relevant factors, and adjusts the historical loss rates with expectations
of developments in these factors.
The company has had a total loss of DKK 175 TDKK over the past 36 months, which gives a loss percentage
of less than 1.1%. This provision is considered to be insignificant, which is why supplementary infor-
mation is omitted in note 15 on Receivables from sales.
Impairment of receivables is recognized in the income statement under other external costs.
Molslinjen A/S 39
1. Accounting policy (cont’)
Prepayments and accrued income
Prepayments and accrued income recognized under assets comprise expenses incurred relating to sub-
sequent fiscal years. Prepayments and accrued income are measured based at cost.
Yield
Dividends are recognized as a liability at the time of adoption by the general meeting. Dividends, which
are expected to be paid annually, are disclosed under the proposed profit distribution in connection with
the income statement and as a separate element under equity.
Share-based payment
The company's share-based payment is treated in accordance with the rules on equity-based scheme,
where fair value is calculated at the time of allotment of the allotted programs on the basis of the Black-
Scholes model. This value is expensed over the vesting period for each of the respective programs and
offset against equity.
When recognizing, fair value, during the vesting period, the number of employees who are expected to
obtain the final right to the programs is taken into account, including the conditions attached to the
allocation. This estimate is reassessed at the end of the period so that only the number of rights that are
expected to be granted is being recognized.
Provisions for gratuities at resignations and anniversaries
Dismissal liabilities relate to liabilities for the payment of severance pay of 1-3 months' salary to certain
employee groups upon resignation after the employee's turned 60, which is recognized over said vesting
period. The final provision is calculated as present value of total liabilities, which is calculated on the
basis of the scope of employees covered and the empirical probability of times of resignation.
Anniversary gratuities is paid after an employee's 25th year and 40th year of employment in Molslinjen.
The final provision is calculated as the present value of total liability, which is calculated on the basis of
the employee seniority and the empirical probability that 25 years and 40 years of employment, respec-
tively, will be achieved.
Prepaid fares and multi-trip cards etc.
Revenue arising from the delivery of future crossings through the sale of multi-trip cards, etc. are recog-
nized proportionately, taking into account the empirical probability that these crossings will actually be
utilized. The accrued revenue is calculated on the basis of the price of the multi-trip card, etc. and ex-
presses paid but not yet spent crossings, etc. at the balance sheet date.
Molslinjen A/S 40
1. Accounting policy (cont’)
Further financial liabilities
Further financial liabilities, including bank debts and accounts payable, are measured on initial recogni-
tion at fair value on the settlement date less any transaction costs incurred. Subsequently, liabilities at
amortized costs are measured using the effective interest method, so that the difference between the
proceeds and the nominal value is recognized in the income statement as a financial expense over the
loan period.
The cash flow statement
The cash flow statement shows cash flows relating to operations, investments and financing as well as
the cash and cash equivalents at the beginning and end of the year.
Cash flows relating to operating activities are presented according to the indirect method and are calcu-
lated as operating profit, adjusted for non-cash operating items and changes in working capital, minus
the tonnage tax paid in the financial year attributable to the operating activities.
Cash flow relating to investment activities include payments in connection with purchases, improve-
ments and sales, etc. of tangible and financial assets as well as payments of transaction costs and related
taxes.
Cash flow relating to financing activities include changes in the company's share capital and related cost
as well as raising and repaying loans, repayments on interest-bearing debt, purchase of own shares and
payment of dividends.
Cash and cash equivalents comprise cash and cash equivalents, less any overdraft facilities that are an
integral part of liquidity management.
Molslinjen A/S 41
2. Significant accounting estimates
The calculation of the carrying amount of certain assets and liabilities requires assessments, estimates
and assumptions about future events.
The estimates and assumptions made are based, among other things, on historical experience and other
factors that management deems justifiable according to the circumstances, but which are inherently
uncertain - and unpredictable. The assumptions may be incomplete or inaccurate, and unexpected
events or circumstances may arise. Due to the risks and uncertainties which the company is subject to,
actual outcomes may deviate from the estimates done. Particular risks for Molslinjen are mentioned in
the management's review.
It may be necessary to change previous estimates as a result of changes in the circumstances on which
these estimates were based or due to new knowledge or subsequent events.
In preparing Molslinjen A/S’ annual report, management therefore makes a number of accounting
choices and accounting estimates that form the basis for recognition and measurement of the company’s
assets and liabilities as well as income and expenses. The most important accounting choices or esti-
mates are described below.
Significant accounting estimates
In connection with the practical application of the described accounting policies, the management has
made the following significant accounting assessments, which have had a significant impact upon the
annual report:
Impairment test of goodwill
On initial recognition, goodwill is recognized at cost in the balance sheet. Subsequently, goodwill I meas-
ured at cost less accumulatet impairment losses. Goodwill is not amortised.
Goodwill is tested for impairment at least once a year and in the event of any indication af impairment.
Impairment tests are based on the relevant cash-generating unit. For a more detailed description fo the
impairment testing af goodwill, please refer to note 11.
Accounting the value of ships
Ships are measured at cost minus accumulated amortization and impairment losses. Cost includes the
acquisition price plus costs directly associated with the acquisition until the time when the assets are
ready to be taken into use.
Molslinjen A/S 42
2. Significant accounting estimates (cont’)
All major components of the vessels, with the exception of periodic inspection costs, are depreciated on
a straight-line basis at the expected residual value over the expected useful life, which Molslinjen esti-
mates to be up to 25 years for the ferries.
The residual value is per the balance sheet date estimated as 10% of the cost price. Molslinjen estimates
at the end of 2022 that this residual value remain an expression of the vessels 'market value at the end
of the periods of use, based on current market conditions and the ships' expected condition. The life and
residual value of vessels are reassessed as a minimum at the end of each accounting period based on the
conditions mentioned.
The company reviews the ships' carrying amounts once a year with a view to assess whether events have
occurred that require a correction of the values because the carrying amount of the assets is not ex-
pected to be recoverable. In assessment of the recoverable amount, the company includes significant
indicators of a possible impairment, such as purchase and sales prices and general market conditions.
Leasing
The company's leasing contracts consist primarily of the leasing of ships, properties and port facilities.
Leases may be complex contracts consisting of both leases and services. In accordance with the account-
ing policies used, Molslinjen only recognizes the lease payments in the calculation of the lease obligation,
as services are recognized in line with their consumption. The assessment of whether something is leas-
ing or service may have an effect on the calculation of the total leasing obligation. Molslinjen therefore
conducts a careful examination of whether the contracts contain a service element, including what costs
may relate on a day-to-day operation.
Several of Molslinjen's leasing agreements run for periods of 15 years or more, primarily due to expected
and estimated useful lives on the company's ships, properties and port facilities as a result of agreements
entered into regarding navigation of the company's routes. As a result of the leasing services having to
be discounted back, the calculation of the discounting factor may have a significant influence on the size
of the leasing liabilities. As a consequence, Molslinjen carefully reviews maturities and alternative inter-
est rates in the calculation.
Molslinjen A/S 43
3. Revenue
Shipping Catering In total
TDKK TDKK TDKK
_______ _______ _______
2021
The Kattegat routes 595,128 93,305 688,433
The Bornholm routes 576,047 77,198 653,245
The Western routes 276,725 23,075 299,800
_______ _______ _______
In total 1,447,900 193,578 1,641,478
_______ _______ _______
2022
The Kattegat routes 802,638 117,915 920,553
The Bornholm routes 668,316 97,708 766,024
The Western routes 335,536 25,364 360,900
_______ _______ _______
In total 1,806,490 240,987 2,047,477
_______ _______ _______
The most significant part of the company's turnover is paid in advance at ordering. Payment terms for
other receivables are on average a fortnight. The Bornholm routes and the Western routes further re-
ceive public subsidies totaling DKK 406,878 thousand (2021: 406,878 TDKK), which is calculated into the
above mentioned turnover figures.
2022 2021
TDKK TDKK
_______ _______
4. Other operating income
Covid-19 compensation, salaries 0 1,430
Other 0 6,317
_______ _______
0 7,747
_______ _______
2022 2021
TDKK TDKK
_______ _______
5. The ships’ external operating costs
Maintenance and spare parts, etc. 120,346 77,214
Oil consumption 501,190 270,560
Insurances 26,169 25,106
Further operating expenses 9,212 7,816
_______ _______
656,917 380,696
_______ _______
The above amounts for oil consumption include accumulated fair value adjustments transferred from
equity relating to financial instruments entered into to hedge cash flows of TDKK 184,754 in 2022 and
TDKK 24,215 in 2021.
Molslinjen A/S 44
2022 2021
TDKK TDKK
_______ _______
6. Other external costs
Terminal and port costs 158,238 128,767
Catering department, consumption 83,659 65,293
Catering department, further 13,646 10,609
Sales and administrative expenses 74,051 147,349
_______ _______
329,594 352,018
_______ _______
2022 2021
TDKK TDKK
7. Staff costs
Salaries and Wages 416,003 329,646
Contributions for Pensions (defined contribution plans) 38,099 28,954
Expenses towards social security, etc, 6,530 5,785
_______ _______
In total 460,632 364,385
_______ _______
Average number of employees 835 780
_______ _______
Remuneration to the Board of Directors and the Executive Board for 2022 amounts to a total of TDKK
5,665 TDKK against a total of 3,411 TDKK in 2021. Of this, contributions towards pensions for 2022
amount to 341 TDKK against 255 TDKK in 2021. No share-based payment has been paid either in 2022
or 2021.
The company may terminate the director's contract with 12 months 'notice, while the director may ter-
minate the director's contract with 6 months' notice. No particular severance pay has been agreed.
Executive Management and certain key employees participate in an indirect share investment
programme in the parent company Molslinjen Group ApS. The share investment is subject to customary
leaver provisions. Management and key employees together hold an indirect interest of 1%. The
participants paid fair value for the shares and has an obligation to sell upon resignation.
Molslinjen A/S 45
2022 2021
TDKK TDKK
_______ _______
8. Depreciations
Brand 32,273 26,894
Know-how 24,205 20,171
Periodic inspections of ships 41,976 30,942
Ships 154,612 123,637
Terminals and port facilities 82,442 69,549
Fixed assets and inventory 18,149 13,570
_______ _______
353,656 284,763
_______ _______
9. Financial items, net
Interest on receivables, etc, 0 443
_______ _______
Total financial income 0 443
_______ _______
Interest on debt to affiliated companys (23,438) (22)
Interest on bank debt, etc, (52,861) (60,480)
Interest on leases, ships (49,668) (53,288)
Further interest on leases, (20,447) (17,849)
_______ _______
In total (146,414) (131,639)
Price adjustment of financial leasing contract, ships 2 1,410
_______ _______
Total expenses on interest (146,412) (130,229)
Financial fees, etc (4,387) (5,793)
_______ _______
Total financial expenses (150,799) (136,022)
_______ _______
Financial items, net (150,799) (135,579)
_______ _______
Molslinjen A/S 46
2022 2021
TDKK TDKK
_______ _______
10. Income tax expenses
Current tax (892) (734)
Regulation relating to previous years 681 492
_______ _______
(211) (242)
_______ _______
The company then signed up for a new 10-year period with effect from 2018. As a result of the applica-
tion of the tonnage tax scheme, it is not relevant to reconcile the effective tax rate. If the shipping com-
pany's net investments in ships should fall significantly, the company is liquidated or the company
withdraws from the tonnage tax scheme, a contingent tax on ships, etc. is triggered.
11. Intangible assets
Goodwill Brand Know-how Total
TDKK TDKK TDKK TDKK
_______ _______ _______ _______
Cost price 01.01.21 0 0 0 0
Additions from business combinations 3,682,402 322,731 242,048 4,247,181
Other additions 0 0 0 0
_______ _______ _______ _______
Cost price 31.12.21 3,682,402 322,731 242,048 4,247,181
_______ _______ _______ _______
Amortisation 01.01.21 0 0 0 0
Amortisation for the year 0 26,894 20,171 47,065
_______ _______ _______ _______
Amortisation 31.12.21 0 26,894 20,171 47,065
_______ _______ _______ _______
Carrying amount 31.12.21 3,682,402 295,837 221,877 4,200,116
_______ _______ _______ _______
Cost price 01.01.22 3,682,402 322,731 242,048 4,247,181
Other additions 0 0 0 0
_______ _______ _______ _______
Cost price 31.12.22 3,682,402 322,731 242,048 4,247,181
_______ _______ _______ _______
Amortisation 01.01.22 0 26,894 20,171 47,065
Amortisation for the year 0 32,273 24,205 56,478
_______ _______ _______ _______
Amortisation 31.12.22 0 59,167 44,376 103,543
_______ _______ _______ _______
Carrying amount 31.12.22 3,682,402 263,564 197,672 4,143,638
_______ _______ _______ _______
Goodwill arising from an acquisition is allocated at the time of acquisition to cash generating units ex-
pected to gain economic benefits from the business combination.
Molslinjen A/S 47
11. Intangible assets (cont’)
The carrying amount of goodwill can be specified as follows by cash generating unit:
2022 2021
Ferry-routes: TDKK TDKK
_______ _______
Kattegat routes 2,682,402 2,682,402
Bornholm routes 700,000 700,000
Fanø route 300,000 300,000
_______ _______
3,682,402 3,682,402
________ ________
Goodwill has been tested for impairment as of 31 December 2022. The impairment test has been per-
formed on the basis of the business unit or segment that represents the lowest level of cash-generating
units to which goodwill at the time of acquisition may be attributed with a reasonable accuracy.
The expected cash flows are based on budgets for the years 2023 - 2027. For fiscal years after the budget
periods (terminal period), cash flows for the most recent budget periods are adjusted for expected
growth rates have been used. The tests used an expected growth in cash flows in the terminal period of
1%. Estimated changes in selling prices, volume and costs for budget and terminal period are based on
historic experience and estimated future market developments an maintenance investments.
Cash flows used for calculating the value in use af the cash generating units stem from budgets and
forecasts, wich all have ben approved by Management. The WACC applied is 7.3 percent after tax vs. a
WACC af 7.6 percent last year. The calculated WACC reflects assessments of the time value of money,
expressed through a risk-free interest rate and specific risk involved in the individual cash generating
unit.
Sensitivity analyzes have been performed to identify the lowest growth or the largest increase in the
discount rate for each cash-generating unit without incurring an impairment loss.
No impairment of goodwill was recognized in 2022 and 2021.
Average Growth
revenue rate
growth terminal
2023-2027 WACC period
_______ _______ _______
2022
Kattegat routes 5.0% 7.3% 1.0%
Bornholm routes 5.0% 7.3% 1.0%
Fanø route 3.8% 7.3% 1.0%
_______ _______ _______
Molslinjen A/S 48
11. Intangible assets (cont’)
Average Growth
revenue rate
growth terminal
2022-2026 WACC period
_______ _______ _______
2021
Kattegat routes 4.3% 7.6% 1.0%
Bornholm routes 4.8% 7.6% 1.0%
Fanø route 3.8% 7.6% 1.0%
_______ _______ _______
Molslinjen A/S 49
12. Tangible assets
Terminals Other Assets
and fixtures and under
Ships ports equipment construct. Total
TDKK TDKK TDKK TDKK TDKK
________ _______ _______ _______ _______
Cost price 01.01.21 0 0 0 0 0
Additions from business combinations 2,637,600 805,897 46,401 186,184 3,676,082
Other additions 82,884 12,928 16,526 127,589 239,927
This year's transfer 23,927 0 0 (23,927) 0
Deviaton (2,489) 0 0 0 (2,489)
_______ _______ _______ _______ _______
Cost price 31.12.21 2,741,922 818,825 62,927 289,846 3,913,520
_______ _______ _______ _______ _______
Depreciations 01.01.21 0 0 0 0 0
This year's depreciations (154,579) (69,549) (13,571) 0 (237,699)
Writeback on termination 2,489 0 0 0 2,489
_______ _______ _______ _______ _______
Depreciations 31.12.21 (152,090) (69,549) (13,571) 0 (235,210)
_______ _______ _______ _______ _______
Carrying amount 31.12.21 2,589,832 749,276 49,356 289,846 3,678,310
_______ _______ _______ _______ _______
Terminals Other Assets
and fixtures and under
Ships ports equipment construct. Total
TDKK TDKK TDKK TDKK TDKK
________ _______ _______ _______ _______
Cost price 01.01.22 2,741,922 818,825 62,927 289,846 3,913,520
Other additions 62,707 18,865 25,333 370,700 477,605
Disposals 0 (15,659) (174) 0 (15,833)
_______ _______ _______ _______ _______
Cost price 31.12.22 2,804,629 822,031 88,086 660,546 4,375,292
_______ _______ _______ _______ _______
Depreciations 01.01.22 (152,090) (69,549) (13,571) 0 (235,210)
This year's depreciations (196,587) (82,442) (18,149) 0 (297,178)
Reversal of depreciation of disposals 0 15,221 174 0 15,395
_______ _______ _______ _______ _______
Depreciations 31.12.22 (348,677) (136,770) (31,546) 0 (516,993)
_______ _______ _______ _______ _______
Carrying amount 31.12.22 2,455,952 685,261 56,540 660,546 3,858,299
_______ _______ _______ _______ _______
Depreciated over 20-25 yrs 5-20 yrs 3-5 yrs
Molslinjen A/S 50
12. Tangible assets (cont’)
Of the above accounting values, the following are:
Terminals Other Assets
and fixtures and under
Ships ports equipment construct. Total
TDKK TDKK TDKK TDKK TDKK
________ _______ _______ _______ _______
Carrying amount of leased
assets 01.01.22 1,016,579 647,157 0 0 1,663,736
Additions 0 11,518 0 0 11,518
Disposals (365,040) (15,659) 0 0 (380,699)
This year’s depreciations on leased assets (40,485) (66,161) 0 0 (106,647)
Reversal of depreciation of disposals 131,703 15,222 0 0 146,925
_______ _______ _______ _______ _______
Carrying amount of leased
assets 31.12.22 742,757 592,076 0 0 1,334,833
_______ _______ _______ _______ _______
Information on associated lease liabilities may be found in note 21.
The carrying amount of ships includes right of use assets that relate to leasing of Express 1, Express 2
and Express 3. The carrying amount of terminals and port facilities includes leased assets that relate to
properties and port facilities for use by the company's ferry routes.
Further information concerning leasing (TDKK) 2022
_______
Short-term leases costs (Under 12 months) 276
Costs of low value leases 353
Total payments on leases 275,504
The company's management continuously assess any need for depreciations of the company's ferries
and port facilities. Any writedown must be made when the carrying amount is higher than the net sale
price or the value on continued operation (value in use). It should be written down to the higher of net
sale price and value for continued operations.
At the end of 2022 the company has assessed the need for writedowns and has, on the basis of its utility
value, assessed that there was no basis for a further depreciations of the company's ferries.
Profit from the sale of fixed assets in 2022 was 2.6 MDKK against 0.1 MDKK in 2021.
Molslinjen A/S 51
13. Financial assets
2022 2021
TDKK TDKK
_______ _______
Investments in subsidiaries and other investments
Cost price 01.01. 0 0
Additions from business combination 130 130
Other additions 7,400 0
_______ _______
Cost price 31.12. 7,530 130
_______ _______
Molslinjen A/S subsidiaries and other investments are contained by the following:
Parts of
Owner- vote-
shares rights
Domicile % % Activity
_______ _______ _______ _________________
MOLSLINJEN Drift A/S Aarhus C 100 100 Leasing: port facilities
WattsUp Power A/S Hvidovre 1.6 1.6 Develop and sel
electromechanical
solutions for energy
storage
Molslinjen Drift A/S Leasing operations is by itself a Group-internal activity, as it doesn’t lease exter-
nally or similar external activities.
The rental activity is dealt with in both the subsidiaries and the parent company's annual report as well
is the financial leasing. The subsidiary as such does not carry out independent activities that are not
reflected in the parent company's annual report.
2022 2021
TDKK TDKK
_______ _______
Molslinjen Drift A/S
Assets 1,457 1,466
Liabilities (9) (9)
_______ _______
Equity 1,448 1,457
_______ _______
Turnover 26 26
_______ _______
This year’s result (10) 5
_______ _______
Molslinjen A/S 52
14. Inventories
2022 2021
TDKK TDKK
_______ _______
Oil stocks 12,657 8,851
Uniform warehouse 260 107
Spare part (ships) 91,601 79,555
Inventory, catering 5,130 4,418
_______ _______
109,648 92,931
_______ _______
In the financial year, 591,952 TDKK from inventories is recognized as an expense (2021: 377,554 TDKK).
Out of the above mentioned inventories, 63,848 TDKK is expected to be spent within the next 12 months
(2021: 53,154 TDKK).
15. Receivables from sales
Receivables from sales 16,118 17,591
Writedowns (383) (348)
_______ _______
15,735 17,243
_______ _______
This year’s realized loss 130 1
This year’s downwritings to offset losses 35 0
_______ _______
This year’s downwriting losses and realized losses 165 1
_______ _______
A simplified method is used to measure expected loss on receivables, where the provision, based on
expected loss percentages, is measured at the expected loss throughout the lifetime of the receivable.
Of the above mentioned receivables, 216 TDKK are more than 1 month overdue (2021: 186 TDKK).
16. Other receivables, etc.
Oil-derivatives 22,307 56,958
Prepayments and accrued income 13,126 5,808
Other receivables 16,360 15,661
_______ _______
51,793 78,427
________ ________
Molslinjen A/S 53
17. Cash and cash equivalents
2022 2021
TDKK TDKK
_______ _______
Cash and bank deposits 40,516 436,876
_______ _______
The company's cash and cash equivalents consist primarily of deposits at the Jyske Bank. There is no
significant credit risk associated with cash and cash equivalents.
Bank deposits have variable interest rates. The company has unutilized drawing rights on overdrafts for
a total of 0 MDKK (31.12.21: 60.0 MDKK).
18. Share capital
Share capital 01.01 284,100 40
Addition from business combination 0 284,060
Cancellation of own shares (613) 0
_______ _______
Share capital 31.12 283,487 284,100
_______ _______
The Share capital consists of 14,174,347 share at 20 DKK The shares are fully paid. The shares are not
divided in various classes. There are no particular rights tied to the shares. The share capital has been
unchanged the last five years.
Pcs. Nom. value TDKK % of share capital
2022 2021 2022 2021 2022 2021
_______ _______ _______ _______ _______ _______
19. Own shares
Own shares 01.01 30,653 0 613 0 0.22 0
Addition from business combination 0 30,653 0 613 0 0.22
Purchases 0 0 0 0 0 0
Cancellation of own shares (30,653) 0 (613) 0 (0.22) 0
_______ _______ _______ _______ _______ _______
Own shares 31.12 0 30,653 0 613 0 0.22
-_______ _______ _______ _______ _______ _______
The company may, in accordance with the resolution of the general assembly, acquire a maximum nom.
28,349 TDKK own shares, corresponding to 10% of the share capital.
Molslinjen A/S 54
Cash flow
hedging
reserve
TDKK TDKK
_______ _______
20. Other reserves
Reserves 01.01.21 0 0
Influx by merger 3,103 3,103
Fair value adjustment of said financial instruments 45,903 45,903
_______ _______
Reserves 31.12.21 49,006 49,006
_______ _______
Reserves 01.01.22 49,006 49,006
Fair value adjustment of said financial instruments (34,164) (34,164)
_______ _______
Reserves 31.12.22 14,842 14,842
_______ _______
The reserves of value adjustment of hedging instruments (oil price contracts and interest rates/ hedging
contracts) contains an accumulated net change in fair value of hedging transactions that meet the criteria
for hedging future cash flows and where the hedged transaction has not yet been completed.
Minimum
Leasing services In terms of
(rated value) accounting
2022 2021 2022 2021
TDKK TDKK TDKK TDKK
_______ _______ _______ _______
21. Lease liabilities
Lease liabilities all fall due as such:
Within a year from balance sheet day 417,764 354,673 368,600 284,892
Between one and five years of balance sheet day 509,125 796,727 368,486 637,492
More than five years from balance sheet day 649,146 766,494 597,398 686,473
________ _______ ________ _______
1,576,035 1,917,894 1,334,484 1,608,857
________ _______ ________ _______
Amortization surcharges for future expense recognition (241,552) (309,037)
________ _______
1,334,484 1,608,857
________ _______
Molslinjen A/S 55
21. Lease liabilities (cont’)
2022 2021
TDKK TDKK
_______ _______
Lease liabilities, 01.01 1,608,857 0
Additions from business combinations 0 1,790,605
Installments per year (274,764) (181,396)
Price adjustment per year 391 (352)
________ ________
1,334,484 1,608,857
-________ ________
Lease liabilities are due as follows:
Non-current liabilities 965,884 1,323,965
Current liabilities 368,600 284,892
________ ________
1,334,484 1,608,857
________ ________
These leases follow a fixed repayment profile and the agreements do not contain any provisions on con-
tingent lease payments. The leasing agreements may not be cancelled during the agreed leasing period,
but may be extended or fulfilled on renewed terms. A leasing contract was established regarding char-
tering in 2012 of Express 2 for a 10-year period, to which is attached a call option, which is recognized
and may be exercised in 2023. A leasing contract was established regarding chartering in 2012 of Express
3 for a 12-year period, to which is attached a call option, which is recognized and may be exercised in
2029.
Accoun-
ting-
Interest related
fixed/ value
currency expiration Variable TDKK
_______ _______ _______ _______
31.12.21
Lease liabilities EUR 2022-29 Fxd. 935,150
Lease liabilities DKK 2021-35 Fxd. 673,707
_______
1,608,857
_______
31.12.22
Lease liabilities EUR 2023-29 Fxd. 709,705
Lease liabilities DKK 2022-35 Fxd. 624,779
_______
1,334,484
_______
Information on associated lease liabilities are found in note 12.
Molslinjen A/S 56
Accounting-
related values
2022 2021
TDKK TDKK
_______ _______
22. Credit institutions
Debt to credit institutions, 01.01 1,084,797 0
Additions from business combinations 0 1,510,568
Installments per year (927,143) (425,771)
________ ________
1,334,484 1,084,797
-________ ________
Debt to credit institutions are due as follows:
Within a year from the balance sheet date 0 141,889
Between one and five years from the balance sheet date 1,971 380,575
More than five years from balance sheet day 155,683 562,333
________ _______
157,654 1,084,797
________ _______
Molslinjen A/S 57
2022 2021
TDKK TDKK
_______ _______
23. Provisions for gratuities at retirement and anniversaries
Resignation liabilities 01.01. 2,377 0
Influx by merger 0 2,225
Spent this year (626) (146)
Reserved this year 1,394 298
_______ _______
Resignation liabilities 31.12. 3,145 2,377
_______ _______
Anniversary greetings 01.01. 262 0
Influx by merger 0 346
Spent this year (40) (96)
Reserved this year 16 12
_______ _______
Gratuities for anniversaries 31.12. 238 262
_______ _______
Reserved this year 31.12 3,383 2,639
_______ _______
Provisions are recognized as follows at the balance sheet:
Non-current liabilities 3,276 1,963
Current liabilities 107 676
_______ _______
Reserved this year 31.12 3,383 2,639
_______ _______
Dismissal liabilities relate to liabilities for the payment of severance pay of 1-3 months' salary to certain
employee groups upon resignation after the employee's turned 65. The final provision is calculated as
present value of total liabilities, which is calculated on the basis of the scope of employees covered and
the empirical probability of times of resignation.
Anniversary gratuities of 8 TDKK is paid after an employee's 25 years and 40 years of employment in
Molslinjen. The final provision is calculated as the present value of total liability, which is calculated on
the basis of the employee seniority and the empirical probability that 25 years and 40 years of employ-
ment, respectively, will be achieved.
24. Prepaid fares and multi-trip cards
Influx Use
31.12.21 i 2022 i 2022 31.12.22
TDKK TDKK TDKK TDKK
_______ _______ _______ _______
Prepaid fares 26,574 27,988 (26,574) 27,988
Multi-trip cards 16,237 14,843 (16,237) 14,843
_______ _______ _______ _______
In total 42,811 42,831 (42,811) 42,831
_______ _______ _______ _______
Molslinjen A/S 58
25. Pledges
As security for the commitment with NFI Group, indemnity letters totaling 207 MEUR.
26. Bail and contingency liabilities as well as contingency assets
Contingency liabilities
Molslinjen has entered into an agreement to purchase a new high speed-ferry, Express 5, for the Born-
holm line with expected delivery in April 2023. The acquisition price is expected to total approx. 640
MDKK of which 462 MDKK has already been paid and included under assets under construction.
Molslinjen won the tenders for Alslinjen and Samsølinjen during 2022. The campany has entered into
an agreement to purchase two new 100% electric ferries with expected delivery during 2024. The ac-
quisition price is expected to total approx. 600 MDKK of which 199 MDKK has already been paid and
included under assets under construction.
Molslinjen is jointly and severally liable for taxes on the group's jointly taxed income, etc. The total
amount of corporation tax due is stated in the annual report for Molslinjen Group ApS, which is a man-
agement company in relation to joint taxation. The Group's Danish companies are jointly and severally
liable for Danish withholding taxes in the form of dividend tax, royalty tax and interest tax. Any subse-
quent corrections to corporation taxes and withholding taxes may result in the company's liability con-
stituting a larger amount.
2022 2021
TDKK TDKK
_______ _______
27. Changes in working capital
Changes in inventories (16,717) (13,517)
Changes in receivables from sales 1,508 (7,635)
Changes in other receivables, etc (12,000) (780)
Changes in other debts and periodic delimitation reg, multi-trip cards etc, (42,737) (26,588)
Changes in accounts payable, etc, 22,567 4,607
_______ _______
(47,379) (43.913)
_______ _______
Molslinjen A/S 59
28. Additions from business combinations
No additions has been made in 2022 but on 1 March 2021, Float BidCo DK ApS acquired all the shares
in Molslinjen A/S. Detalils of the purchase consideration, the ned assets acquired and goodwill are
shown in the annual report for 2021.
29. Oil, currency, interest rate and credit risks as well as the use of derivative financial
instruments
Policies for managing financial risks etc.
The company is, as a result of its operations, exposed to changes in oil prices, exchange rates and interest
rates.
The company's board of directors and management continuously determine amount limits and periods
as well as which derivative financial instruments may be used.
Oil price risks
It is the company's policy to continuously secure a share of the next two years' oil consumption regarding
both oil price risk and currency risk. The company does not engage in active speculation within the fi-
nancial risk market. The hedging is considered to be effective as the hedging is the same as the oil the
company consumes.
Within the Kattegat and the western routes, the company's policy is to ensure 50-70% of oil consumption
for the next 12 months and to ensure 30-50% of oil consumption for the following 13-24 months. At
Bornholm, the company's policy is to ensure 30-50% of oil consumption for the next 12 months and
ensure 10-30% of oil consumption for the following 13-24 months. However, 100% may be guaranteed
if it may be done at prices below (budgeted prices).
The company basically purchases oil for ships on the spot market in force at any given time. The compa-
ny's management continuously assess on the basis of current oil prices, expected oil price developments
and current CAP and forward prices, whether and, if so, for what period the oil price is hedged. Hedging
is done in DKK.
Molslinjen has per 31.12.22 secured a fixed oil price in DKK of 71% of the expected oil consumption in
2023 and 26% of the expected oil consumption in 2024. Volume of oil purchases under forward contracts
per 31.12.22 amounts to 75,550 tonnes and expires as follows:
Molslinjen A/S 60
29. Oil, currency, interests and credit risks as well as the use of derivative financial in-
struments (Cont’)
Expire Expire
2023 2024
_______ _______
Hedged quantity, tonnes 55,450 20,100
Average guaranteed price in DKK per ton 5,149 5,621
The oil futures contracts entered into relate to bunker oil in DKK, whereby the price of the hedged item
and the hedging instrument are fully correlated.
The sensitivity of equity regarding oil price fluctuations per 31.12.22
Impact if the oil price was 10% higher than the actual price: +41,332 TDKK (2021: 28,956 TDKK)
The sensitivity of the result regarding oil price fluctuations per. 31.12.22
Impact if the oil price was 10% higher than the actual price: 0 TDKK (2021: 0 TDKK)
The above comprises the impact from unrealized oil hedging transactions per 31.12.22 would have had
on equity and the profit of the year, respectively, should the oil price be 10% higher than the actual oil
price per 31.12.22.
Currency risks
The company's currency risks consist solely of payment of charter services in EUR, which are not matched
against income in EUR. The following shows what effect it would have had on equity and profit for the
year, respectively, if the price had been 1% higher than the actual price per share 31.12.22. Regarding
leasing debt, see note 21.
The sensitivity of equity before tax to exchange rate fluctuations per. 31.12.22
Impact if the EUR exchange rate was 1% higher than the actual exchange rate -7,097 TDKK (2021: -
9,352 TDKK).
The sensitivity of the result before tax to exchange rate fluctuations per. 31.12.22
Impact if the EUR exchange rate was 1% higher than the actual exchange rate -7,097 TDKK (2021: -
9,352 TDKK)
Molslinjen A/S 61
29. Oil, currency, interests and credit risks as well as the use of derivative financial in-
struments (Cont’)
Primary financial instruments, liquidity risks and interest rate risks per 31.12.22
Category Revaluation / maturity date
Of which fixed
TDKK 0-1 yrs 1-5 yrs >5 yrs In total interest
Non-current liabilities 368,600 368,486 755,052 1,492,138 1,492,138
Accounts payable 96,884 0 0 96,884 0
Further debt 88,364 0 0 88,364 0
553,848 368,486 755,052 1,677,386 1,492,138
Primary financial instruments, liquidity risks and interest rate risks per 31.12.21
Category Revaluation / maturity date
Of which fixed
TDKK 0-1 yrs 1-5 yrs >5 yrs Total Interests
Non-current liabilities 426,781 1,013,961 1,252,912 2,693,654 2,693,654
Accounts payable 74,314 0 0 74,314 0
Further debt 136,335 0 0 136,335 0
637,430 1,013,961 1,252,912 2,904,303 2,693,654
All of the above primary financial instruments are stated in contractual (undiscounted) cash flows.
Liquidity risks
The company is exposed to liquidity risks, as the company is dependent on always being in possession of
the necessary liquidity. The company's liquidity reserves consist of cash and unutilized credit facilities.
Undiscounted payment liabilities appear from note 21 “Financial leasing liabilities” and the balance sheet
“Short-term debt liabilities”.
Credit risks
The company has not provided credit to foreign customers, and nor are domestic receivables hedged.
There is limited exposure per customer and usually cash prepayment, which minimizes credit risk.
Methods and assumptions for calculating fair values
Derived financial instruments
Oil price contracts and interest rate contracts are valued according to generally accepted valuation meth-
ods based on relevant observable market values for oil prices in DKK.
Molslinjen A/S 62
29. Oil, currency, interests and credit risks as well as the use of derivative financial in-
struments (Cont’)
Fair value hierarchy for financial instruments measured at fair value in the balance sheet
The following is the classification of financial instruments measured at fair value, broken down according
to the fair value hierarchy:
• Listed prices in an active market for the same type of instrument (level 1).
• Listed prices in an active market for similar assets or liabilities or other valuation methods, where all
significant inputs are based on observable market data (level 2).
• Valuation methods where any significant inputs are not based on observable market data (level 3).
2022 Level 1 Level 2 Level 3 In total
TDKK TDKK TDKK TDKK
_______ _______ _______ _______
Derivative financial instruments, liabilities - 0 - 0
_______ _______ _______ _______
Financial assets used as
hedging instruments - 14,842 - 14,842
_______ _______ _______ _______
2021 Level 1 Level 2 Level 3 In total
TDKK TDKK TDKK TDKK
_______ _______ _______ _______
Derivative financial instruments, liabilities - 0 - 0
_______ _______ _______ _______
Financial assets used as
hedging instruments - 53,476 - 53,476
_______ _______ _______ _______
Capital structure
The company is covered by the capital requirements according to the Danish Companies Act. The com-
pany continuously assesses the capital structure, including the need for capital.
Molslinjen A/S 63
29. Oil, currency, interests and credit risks as well as the use of derivative financial in-
struments (Cont’)
Reserves for value adjustment of hedging instruments
Oil price- Interest-
agreements SWAP In total
TDKK TDKK TDKK
_______ _______ _______
Reserves 01.01.2021 0 0 0
Influx by merger 10,671 (7,568) 3,103
Fair value adjustment of derivative fiscal instruments 67,020 393 67,413
Reclassified from the total income to the income statement
per year (24,215) 2,705 (21,510)
_______ _______ _______
Reserves 31.12.2021 (further receivables/debt) 53,476 (4,470) 49,006
_______ _______ _______
Reserves 01.01.2022 53,476 (4,470) 49,006
Fair value adjustment of derivative fiscal instruments (223,388) 0 (223,388)
Reclassified from the total income to the income statement
per year 184,754 4,470 189,224
_______ _______ _______
Reserves 31.12.2022 (further receivables) 14,842 0 14,842
_______ _______ _______
30. Related parties
Related parties with a controlling influence on Molslinjen A/S: Molslinjen Group ApS.
Ultimate paent entity and controlling party: Nordic Ferry Infrastructure Holding AS
Other related parties with whom MOLSLINJEN A/S has had transactions in 2022 (TDKK):
Molslinjen Drift A/S, Aarhus C – subsidiary
Molslinjen
Drift A/S
2021
Purchase of services 0
Interest expenditures (22)
Current interim account (1,466)
2022
Purchase of services 0
Interest expenditures (26)
Current interim account (1,457)
Molslinjen A/S 64
Board of Directors, Executive Board and senior executives
Apart from what follows from the employment relationship and any shareholdings, there have been no
transactions with the Board of Directors, the Executive Board or Senior Executives. Remuneration, etc.
appears in note 7.
2022 2021
TDKK TDKK
_______ _______
31. Remuneration of the auditor elected by the general meeting
Statutory audit 552 581
Other statements of assurances 128 79
Tax advice 271 118
Further services 455 1,665
_______ _______
1,406 2,443
_______ _______
32. Events after the balance sheet date
Apart from what is mentioned in the management's review, no significant events have occurred after
the balance sheet date, which have any significance for the annual report.
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