ANNUAL REPORT
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20242025
AS UNITED SHIPPING & TRADING COMPANY
P +45 88 13 88 13
Company reg. no. 76 95 00 16
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USTC
ANNUAL REPORT
2024/25
The Annual Report was presented and adopted
at the Annual General Meeting on 18 July 2025
Chairman of the meeting: Peter Appel
Financial year: 1 May 2024 – 30 April 2025
3 GENERAL INFORMATION
USTC around the world
Key figures and financial ratios
CEO letter
USTC history
10 MANAGEMENT’S REVIEW
16 CORPORATE SOCIAL RESPONSIBILITY
21 BOARDS
Board of directors
Executive board
25 CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
59 PARENT COMPANY FINANCIAL STATEMENTS
Notes to the Parent Company financial statements
70 STATEMENTS
Management’s Statement
Independent Auditor’s Statement
CONTENTS
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USTC
ANNUAL REPORT
2024/25
ROOTED IN HERITAGE,
DRIVEN BY PASSION
& ALWAYS MOVING
FORWARD
Mia Østergaard Rechnitzer, Nina Østergaard, and Torben Østergaard-Nielsen
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USTC
ANNUAL REPORT
2024/25
EUROPE
104 offices
AMERICAS
20 offices
OTHERS
2 offices
ASIA
27 offices
A staff of
4,332
representing more than
50 nationalities
Covering all
continents USTC is
represented in
38
countries
USTC AROUND
THE WORLD
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USTC
ANNUAL REPORT
2024/25
DKK mill 2024/25 2023/24 2022/23 2021/22 2020/21
Income Statement
Revenue 10 9,8 8 3 114,257 13 8,5 44 118,518 65,598
Profit before financial income and expenses 1,345 2,228 3,040 1,171 593
Net financials (536) (4 0 6) (160) (167) (119)
Profit before special items 842 1,843 2,929 1,029 488
Profit before tax 785 1,508 2,929 1,0 29 488
Profit before tax after discontinued operations and special items 405 254 2,85 4 1,029 488
Net profit for the year 277 (4 6) 2,321 797 386
Balance sheet
Total assets 19,1 14 21,9 60 22,6 6 4 24,139 14,5 40
Total equity 4,15 3 4,4 81 5,473 4,295 2,970
Cash flows
Cash flows from:
- operating activities 2,472 4,154 697 703 726
- investing activities (446) (893) (277) (801) (946)
hereof investment in property, plant and equipment (295) (672) (56 8) (316) (181)
- financing activities (2,4 08) (3,068) (1,111) 1,086 210
Change in cash and cash equivalents for the year (381) 192 (692) 988 (10)
Ratios (%)
Gross margin 5.6 % 5.9% 5.6% 4.0 % 4.5 %
Profit margin 1.2 % 2.0 % 2.2 % 1.0% 0.9%
Return on equity 6.4% (0.9 %) 4 7. 5 % 21.9 % 1 2.7 %
Liquidity ratio 1.03 1.23 1.38 1.24 1.23
Solvency ratio 2 1.7 % 20.4% 24.1 % 1 7.8 % 20.4%
Number of employees 4,3 32 4,3 24 4,3 31 3,920 3,5 8 2
The Group has implemented IFRS on 1 May 2021 with restatement of comparative figures for 2020/21.
KEY FIGURES AND FINANCIAL RATIOS
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USTC
ANNUAL REPORT
2024/25
CEO letter
CLARITY THROUGH
CHALLENGES
AND STRENGTH
IN COHESION
Looking back on the past year, it is clear that it has
been one of the more challenging years in recent
memory. Both for the world at large but also for
our businesses.
We have had to navigate a global landscape
marked by continued geopolitical unrest, volatile
economic conditions, persistent inflationary
pressure, and rising protectionism. The ripple
effects of the recent shifts in international alliances
have only added to the uncertainty and have
influenced everything from trade flows and
shipping routes to regulatory frameworks and risk
exposure.
In our own industries, the pace of change has
been unrelenting. Supply chains remain under
pressure, and new regulations continue to reshape
the playing field at both the national and global
level, particularly around compliance and cross-
border operations.
For some of our companies, the past year has been
marked by very challenging market conditions
and increased pressure to adapt. For all of us,
it has been a moment to rethink, refocus, and
recalibrate. Throughout the entire organisation, we
have had to make some tough decisions, and this
past year stands out as one that has called for not
only resilience and focusing on the essentials, but
also for a willingness to challenge ourselves
A SHIFT IN FOCUS:
BACK TO CORE BUSINESS
It has been a tough year. And the truth is that our
overall result is not where I want it to be.
Many of our companies that have historically
delivered the strongest results have been under
pressure. This has made one thing very clear: it is
time to shift gears, and it is time for consolidation
and renewed focus on our true strengths.
7
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2024/25
Our attention is therefore now on improving our
earnings, reducing complexity, and getting back
to the core business fundamentals. Together with
the leadership teams across our companies, we
have identified where things have become too
complex or too distanced from the entrepreneurial
mindset that defines our DNA. It is not easy to
make these adjustments, but they are necessary.
And they are the right ones to ensure we emerge
stronger.
STANDING TOGETHER IN A
COMPLEX YEAR
This past year has also shown us the strength of
our conglomerate setup. Some of our companies
have managed to navigate the past year’s
turbulence better than others, and I am proud of
what they have accomplished. At the same time,
a few of our historically strongest performers have
had a tough year. Just as these companies have
supported others in previous years through their
strong results, the support has now gone the other
way, which is a testament to our robust business
model, our strategy, and not least our cohesion.
All of which we have worked hard to build and
establish, and which are grounded in a strong
sense of business acumen, clear leadership,
and an ownership model that takes the long
view. As owner and CEO of USTC and our group
of companies, I am not only interested in the
short-term wins or isolated success stories at
the expense of long-term strength. Rather, I care
deeply about building companies that are resilient.
Over the past year, I have also been reminded of
just how much our Group relies on the dedication,
grit, and professionalism of our employees. Across
all corners of the organisation, I have seen teams
pull together and deliver under pressure. Their
commitment makes an immense difference to
the strength of USTC as a whole.
SOLID PERFORMANCE DESPITE
ISOLATED EVENTS
Last financial year 2023/24, our result was
dominated by two isolated events, including the
decision to close Bunker Holding’s cargo activities
in Africa. These were difficult decisions that
came with financial consequences, and we have
continued to work through them this financial
year.
Bunker Holding had to make a tough but
necessary decision last year to exit its cargo
activities in Africa and close select operations. At
the time, we believed the most significant effects
had already been accounted for. However, during
the 2024/25 financial year, it became clear that
expenses associated with post-closure tasks were
higher than expected, resulting in further write-
downs on legacy assets tied to that part of the
business.
In April 2025, we made good on our promise
to donate DKK 50 million to the people in Ølst
Bakker, and the support association of Ølst can
now begin its independent work on the continued
positive development of the town.
Over the past financial year, we were also pleased
to see the establishment of the Fjord Foundation,
with an initial funding of DKK 50 million by USTC in
2024. Earlier this year, the Foundation distributed
DKK 10 million in support of the first six projects
aimed at restoring the marine environment in five
Danish fjords. I am happy that the Foundation
will continue to distribute the rest of the funds to
select projects over the coming years.
A CAUTIOUS OPTIMISTIC
OUTLOOK
As I look to the new financial year, I do so with both
realism and cautious optimism. We are operating
in a new reality marked by unpredictability, and
businesses everywhere are working hard to
constantly adapt to an ever-changing landscape.
I have seen what our companies are capable of
when challenged. I have seen leadership teams
adapt and make bold calls when the situation
demands it, employees step up, and businesses
lean into change. And that gives me confidence.
So, we will remain steady, focused, and ready
to act. And we will continue to stand by our
companies and work closely with leadership
teams to ensure they are equipped for what is
ahead.
Sincerely,
Nina Østergaard
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2024/25
Shipping
and logistics
Since 1876
Sale and
mediation
of bunkers
Since 1981
IT services
Since 2003
Ship
owning
Since 1995
Risk
management
Since 2004
Energy
solutions
Since 2009
USTC can trace its history back to 1876, when a local shipbroking
company was founded in a town on the shores of the Danish strait
of Lillebælt. The ascent to a global leader in the shipping industry
began in earnest in the early 1980s, when Torben Østergaard-Nielsen
had been appointed Managing Director of the still-small shipbroker’s
office in Middelfart.
Recognising the potential in the market for an independent bunker
trading company, he started personally sourcing the fuels and talking
to the shipowners. In the process, he became one of the pioneers
who transformed the way the world’s shipping companies buy
bunkers.
Torben Østergaard-Nielsen soon expanded operations internationally,
and eventually took over full ownership, transforming the bunkering
activities into Bunker Holding. Today, Bunker Holding is the world’s
leading bunkering company.
Over the past 44 years, Torben Østergaard-Nielsen has also nurtured
shipping and logistics activities, the original lifeblood of the company.
USTC today includes the shipowning company Uni-Tankers (founded
in 1995), Unit IT (founded in 2003), SDK FREJA (so-named after
a rebranding and an acquisition of a large Danish transport and
logistics company in 2020, but with a direct line of ascendance from
the company founded in 1876), the sustainable energy company
CM Biomass (founded in 2009), where USTC acquired majority in
September 2021, and the energy hedging company Global Risk
Management (active since 2004), previously organised under Bunker
Holding.
In June 2020, Torben Østergaard-Nielsen’s two daughters became
co-owners of the USTC Group, and in May 2022 a change in leadership
was announced. Nina Østergaard took over as CEO after her
father, and Mia Østergaard Rechnitzer assumed the role as Chief
Governance Officer. Torben Østergaard-Nielsen remains actively
involved as working Chairman of the Board.
USTC HISTORY
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Activities
The Group has activities within six segments:
Bunkers
Shipowning
Shipping & Logistics
IT services
Sustainable energy
Risk Management
The main object of USTC as the Parent Company
is as a holding company to hold shares in the
subsidiaries and to contribute to the continued
development of these.
Bunkers
Bunker Holding Group is fuelling the shipping
industry as one of the world’s leading companies
in bunker trading. As a global organisation, the
company purchase, sell and supply marine fuel
and lube oil for ships, as well as providing risk
management and other related services for the
shipping industry. The three main business areas
are bunker trading, risk management, and physical
operations. Bunker Holding Group is present
worldwide with 62 offices in 32 countries.
Shipowning
The Group – Uni-Tankers – is a leading tanker
shipping company trading in the intermediate
and small tanker segment. The Company operates
47 owned and chartered vessels comprising of
modern and flexible product and chemical tankers
with focus on high security and quality in sizes up
to 20,000 DWT. At the end of the financial year, the
tonnage available under Uni-Tankers’ activities total
540,125 DWT with an average age of 11.54 years.
Shipping & Logistics
The Group – SDK FREJA – is a full-service shipping
and logistics company. The activities include
freight forwarding within road, air, sea and project
cargo, contract logistics as well as stevedoring,
port agency, customs clearing, chartering, liner,
and cruise services. The Group offers specialist
logistics solutions within healthcare, warehousing,
and refrigeration. The Group is present with
locally based offices in Northern Europe including
strategic positions in China and Spain.
IT services
The Group’s IT activities – Unit IT – comprise a wide
range of high-end services within infrastructure
and the operations and support of private and
public cloud solutions, including specialist units
within cyber security, business intelligence and
data platform for operation and optimisation
of database performance. The company is
headquartered in Denmark with six offices.
Early 2024, the company established its first
international office in Prague.
Sustainable energy
CM Biomass was founded in 2009 and is the
world’s leading independent supplier of solid
biomass fuels. The Company is an integral part
of the global renewables supply chain and
supplies utilities and distributors by acting as
the main aggregator between manufacturers
and customers. USTC Group acquired a majority
stake of 60% of the Company in March 2021, and
additional shares in May 2023 and November 2024
and now owns 89%, while the remaining 11% is
mainly held by the founding-family of CM Biomass.
The Company is present with own offices in 11
countries as well as 9 production plants in North
America.
Risk Management
The Company – Global Risk Management – an
energy hedging company previously organised
as part of Bunker Holding – was in August 2022
elevated and established on equal terms as Bunker
Holding and USTC Group’s other companies
directly under the USTC ownership. Global Risk
Management was established as a separate
legal entity (A/S Global Risk Management Ltd.
Fondsmæglerselskab) with an investment
firm license on 3 January 2018 following the
implementation of the MiFID II. The Company’s
commercial focus is to enable international and
domestic clients to manage their energy price
exposure and associated liquidity risk by giving
access to bilateral trading and margin funding in
relevant derivative instruments. The Company’s
commercial history, however, pre-dates the
establishment in 2018, as similar commercial
activities have been conducted in A/S Global Risk
Management Holding since 2004. The Company’s
commercial segments include aviation, industrial
and transportation, oil suppliers, shipping and
utilities.
Development in the year
The USTC Group achieved revenue from
continued activities of DKK 109.9 (114.3) billion
and a profit before tax from continued activities
of DKK 842 (1,843) million. A decline compared to
the previous year. The 2024/25 financial year was
a challenging period marked by changing market
economics, consequences of the geopolitical
unrest, evolving regulations, and the aftermath of
the discontinuation of a business segment in the
Group’s bunkers activities in 2023/24. An overall
discomforting situation for the Group where the
activities’ ability to adapt their businesses and
strategies and to respond quickly have been
important factors in order to navigate through a
difficult year. The USTC Group considers the result
unsatisfactory and below the expectations set
forth in the latest annual report.
At the end of the year, equity amounted to DKK
4,153 (4,481) million equalling a solvency ratio of
21.7%.
The Shipowning and the Shipping & Logistics
activities have maintained a strong activity level
and presented solid results in 2024/25, whereas
the picture is more diverse for the remaining
activities caused by various obstacles. A common
denominator for all segments, however, is an
adaption to the changed market conditions and
global uncertainty and thus a positive outlook for
the new fiscal year.
Result before tax from
continuing activities
0
500
1,000
1,500
2,000
2,500
3,000
22/23
DKK MILL
23/24
2,929
1,834
842
Assets
24/25
1.2
Inventories
7.6
Trade receivables
2.2
Other
receivables
7.2
Non-current
assets
1.0
19.2
DKK
Billion
Cash
and cash
equivalents
Revenue
94.3
Bunkers
6.3
Logistics
0.5
IT Services
3.0
Shipowning
5.8
Sustainable
energy
109.9
DKK
Billion
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USTC
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2024/25
The Bunkers activity - Bunker Holding - landed
a profit before tax of DKK 314 million (before
discontinued business), a decline compared
to last year’s result of DKK 875 million. The
Shipowning activity – Uni-Tankers – delivered yet
another strong result with profit before tax of
DKK 248 million and strengthened their fleet with
newbuilds. As for the continuing activities in the
Group’s Shipping & Logistics segment, the year
ended with solid results, although the segment
is still marked by the unforeseen events leading
to the bankruptcy of their environment activity
in 2023/24. The market for wood pellets was
once again affected by a late and mild winter in
2024/25 as well as market conditions that tested
the industry. The year brought a flat market with
high supply and stable demand which challenged
the Group’s Sustainable energy activity - CM
Biomass – and resulted in profit before tax of DKK
108 million, a significant decline from last year’s
all-time high result. The Risk Management activity
experienced a year with lower market volatility
resulting in a substantial drop to profit before tax of
DKK 67 million. IT Services – Unit IT – continued its
transformative year with the full implementation
of its largest acquisition yet and the opening
and build-up of its first office abroad resulting in
continued substantial costs affecting the annual
result.
Through the financial year, the USTC Group
benefited from its solid and strong financial
position and creditworthiness. The Group’s
funding is based on solid agreements with its
banks by which the Group has had a close relation
for many years.
Bunkers
The Bunkers activity – Bunker Holding – achieved
revenue of DKK 94,329 (99,493) million and a profit
before tax of DKK 314 million (before discontinued
business), a decline from last year’s result of DKK
875 million. Bunker Holding has been navigating
a highly dynamic and unpredictable market
environment where volatile economic conditions,
geopolitical uncertainties and a shifting regulatory
landscape have tested the resilience of the
business. Yet Bunker Holding has protected its
core business, uphold an operational stability and
maintained its volumes.
Last year’s unfortunate albeit necessary decision
to close selected operations of the Group’s
activities has, contrary to Bunker Holding’s
expectations, led to additional write-downs on
assets originating from the closed business area.
At the same time, Bunker Holding also made the
decision to restructure another business area
in 2024/25, which has since been discontinued.
This has been difficult but necessary steps to
strengthen the foundation of the Bunkers activity
and stay focused on activities with long-term
value. These changes paired with the challenging
market environment and 2025 being a turning
point for the industry, especially on the regulatory
front, resulted in a year of transformation for the
Bunkers activity.
With the inclusion of shipping in the EU Emissions
Trading System (EU ETS) in 2024 alongside the
introduction of FuelEU Maritime and further
IMO measures, the Bunkers activity is moving
from broad ambitions to the first wave of real
enforcement in the complex green transition. As
these new regulations continue to take shape, the
full impact on the bunker industry remains to be
seen. Decarbonisation is still a key part of Bunker
Holding’s strategy, but expectations are shifting in
the industry, and the road is proving longer than
some had hoped, returns on green investments
are taking time, and timelines are moving.
Looking at Bunker Holding’s role as a trusted
partner and advisor in the transition to green
fuels, the Bunkers activity now operates the
industry’s largest biofuel supply network, covering
more than 150 ports worldwide. Commercial
relationships are established with over 100 biofuel
suppliers, including biomass producers, and the
Bunkers activity continues to steadily increase its
biofuel market share on track with its FY2024/25
target. This is an important milestone towards
Bunker Holding’s 2030 goals.
Bunker Holding’s physical operations in Rio de Janeiro
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In 2024/25, Bunker Holding has responded to
growing industry demands in digitalisation
and compliance by strengthening its internal
capabilities. The Bunkers activity’s digital experts
have delivered solutions that are already changing
the way of working and making Bunker Holding
more data driven.
For 2025/26, the Bunkers activity expects continued
macroeconomic uncertainty and growing
demands placed by regulators, customers and
society. Bunker Holding is proactively preparing,
adapting and strengthening its core, ensuring it
remains resilient and fit for the future and projects
earnings before tax from continuing operations
within a range of DKK 350-500 million.
Shipowning
The Shipowning activity – Uni-Tankers – continued
to demonstrate resilience and strategic acumen
and achieved solid results in 2024/25 with an
increase in revenue of 32.4% and a profit before tax
(before special items) of DKK 248 million, in line
with last year’s projections.
The strong results were obtained despite facing
geopolitical tensions and economic uncertainties,
which Uni-Tankers credits its robust strategy
and strong market positioning. The Shipowning
activity’s ability to adapt to changing market
conditions and leverage opportunities has
been crucial in sustaining its growth. With a
strategic mix of spot market business, contracts
of affreightment (CoA), and time charter, the
Shipowning activity effectively managed
commercial risks in a volatile and uncertain
market. This balance supported Uni-Tankers’
financial stability and enabled the Shipowning
activity to capitalize on market opportunities.
During 2024/25, Uni-Tankers has strategically
expanded and upgraded its fleet with larger,
future-proofed vessels, aligning with a firm
commitment to environmental responsibility
and operational efficiency in the maritime sector.
The fleet size has increased from 41 to 47 vessels
and from a total DWT of 422,721 to a total DWT of
540,125 by adding more modern-designed vessels
and stainless-steel time-chartered (TC) vessels,
including newbuilding. The upgrade of the fleet
includes initiating the sale of non-strategic vessels,
gradually replacing them with more modern-
designed vessels. These changes and additions to
the fleet have allowed Uni-Tankers to improve its
operational scale and meet emerging commercial
opportunities more efficiently.
The Shipowning activity has increased its
engagement with new tonnage providers,
primarily in Asia, improving its ability to secure
new, competitive TC tonnage. This strategic move
enhances Uni-Tankers’ market position and ensure
that Uni-Tankers can meet the growing demand
for its services.
Another strategic move in 2024/25 is the
development of a digital strategy for the
Shipowning activity leveraging AI and
technological advancements to drive efficiency
and scalability, preparing Uni-Tankers for the
future. The Shipowning activity’s focus on digital
innovations aims to offer value-added services that
strengthen Uni-Tankers’ market position, address
customer pain points through customer-facing
digital and AI-based services, and eliminate non-
value adding tasks internally, especially through AI
solutions and automation.
Looking ahead, the Shipowning activity
anticipates that the geopolitical tensions and the
resulting uncertainty in the global economy and
market conditions will be reflected in the financial
results for 2025/26 and projects an expected profit
before tax ranging from DKK 175-225 million.
Shipping & Logistics
In the Shipping & Logistics activities – SDK
FREJA – the financial year 2024/25 has, like in
most other industries, been characterised by
global uncertainty. Geopolitical tensions and
macroeconomic headwind led to challenging
market conditions and subdued demand in both
the Shipping and Logistics markets. Still, SDK
FREJA managed to deliver strong results and
exceed the expectations in both divisions. The
profit before tax amounted to DKK 197 million
(before special items), this is slightly lower than the
previous year, but at the same time, the Shipping
& Logistics activities managed to grow their
volumes.
The strong results in 2024/25 have reaffirmed
the importance of a clear strategic direction,
consistency, reliable services and customer focus.
SDK FREJA continues to prioritise long-term
relationships and tailored solutions, which have
strengthened its position as a trusted partner in
both Shipping and Logistics. “Customer first” is
the way the Shipping & Logistics activities operate.
This is obtained by investing in both people and
capabilities as well as technology. In addition, SDK
FREJA has invested in automation and AI solutions
to improve efficiency and provide deeper insights,
allowing the Shipping & Logistics activities to
respond more proactively to shifting market
dynamics and customer demands.
On the Logistics side of the business, SDK
FREJA delivered better results than expected
and continued to gain market share. The asset
light and agile business model combined with
a clear focus on people, customers, partners
and innovation and the ability to adapt swiftly
to fluctuating market conditions remain key
factors in the Logistics activities’ success. On the
Shipping side of the business, both the stevedore
business, agency business and agency services
to the cruise segment as well as navy-related
activities all performed very well, including a new
record in calls handled within the cruise segment
Working cargo operations on Uni-Tankers’ M/T Boringia Swan
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and a strong pipeline in bulk and energy related
stevedoring projects, among other things within
the wind energy sector. Only the chartering
activities faced a soft market with lower demand
than expected.
For 2025/26 – comprising the Shipping & Logistics
activities – the geopolitical challenges as well
as soft macroeconomics seem to continue.
Consequently, SDK FREJA expects activity levels
and profit before tax to be overall in line with
2024/25 but associated with uncertainty due to
the increased volatility and changes in the global
trading patterns.
IT services
The IT activities – Unit IT – achieved revenue of
DKK 483 million – an increase of 77% compared
to 2023/24. Profit before tax decreased to a loss
of DKK 19.9 million compared to a positive profit
before tax of DKK 0.8 million in 2023/24, mainly
from costs related to the continued transformation
of the IT activities after the largest acquisition yet,
the integration of more than 100 new colleagues,
investments in establishing the IT activities’
first office abroad and a complete rebuild of its
business platforms.
In December 2023, the IT activities announced
the carveout acquisition of GlobalConnect’s
outsourcing division – GlobalConnect Outsourcing
Services (now Unit IT Services). It is the IT activities’
largest acquisition yet where several highly
competent colleagues were welcomed in 2024
and Unit IT took over large cloud platforms, best-
in-class ITSM systems, a well-structured catalogue
of services, and the IT operations’ responsibility for
a robust set of customers. The acquisition nearly
doubled the size of the IT activities and naturally
introduced a complex integration process that has
been running throughout 2024/25.
In addition, Unit IT has significantly grown its
first international office in Prague, welcoming
over 40 specialists to the team, and integrated
yet another carveout acquisition – the managed
services arm of Cepheo – effectively doubling
the organisation in size. To better position the
IT activities for the future, Unit IT also took on a
full-scale transformation of its internal operations,
replacing nearly every legacy system – from
ITSM to ERP – with a new, best-in-class business
platform. This shift positions Unit IT for closer
collaboration, improved service delivery, and a
seamless adoption of AI, data, and technologies of
the future.
The transformation has put the IT activities in a
completely different league today than just a year
ago and enabled Unit IT to accelerate innovation
and elevate the precision and quality of the service
it provides.
The new platforms will allow the IT activities
to leverage AI, deliver more targeted insights
to its customers and help Unit IT scale its
business seamlessly while continuing to grow.
Extraordinary investments have been made to
ensure success, and those necessary investments
have had a significant impact on the earnings for
the year resulting in an unsatisfactory financial
performance.
While building the foundation for future success,
Unit IT has continued to service its customers at a
consistently high level, all while outperforming the
Danish market with an organic growth rate of 12%.
The IT services expect to see the benefits of the
investments becoming more apparent in the
new financial year. In addition, the Prague-based
delivery center is now also fully operational and
efficient, contributing to increased performance
and flexibility. The investments and benefits are
expected to contribute to increased profit before
tax of between DKK 15-25 million in 2025/26.
Sustainable energy
CM Biomass was added to the USTC Group in
2021, when USTC acquired a majority stake of CM
Biomass – a Group founded in 2009 and today the
world’s largest independent wood pellet trading
company. CM Biomass continues to provide value
to USTC’s portfolio of companies, as a natural
extension of USTC Group’s ongoing activities
within the trading and shipping industry. After
two financial years with all-time high results, CM
Biomass’ strong foundation and robustness have
been crucial in navigating the financial year of
2024/25 where market conditions have tested
the industry. The year was shaped by oversupply,
prices below production costs, shifting trade
dynamics and regulatory delays trying out CM
Biomass’ ability to adapt with strategic agility.
Revenue was reached at DKK 5,798 million, and
the profit before tax landed at DKK 108 million,
a significant decline compared to last year’s
record result, but CM Biomass has maintained
its trading volumes from last financial year, and
protected its market share, even as margins were
under pressure. The market for wood pellets has
been oversupplied for most of the financial year,
resulting in prices below production costs across
all regions, but by refining supply chains and
product mix, CM Biomass has remained focused
on long-term growth.
In 2024/25, CM Biomass’ US production plants
have continued to contribute with around a third
of the Company’s total annual sale of pellets,
and the US operations, with a combination of
self-owned and joint venture facilities, remain a
strategic cornerstone for CM Biomass, serving
both as a high-performance production base and
as a testing ground for scaling new technologies
and ideas.
In 2024/25, the US production also saw the
successful completion of one of its most
significant infrastructure investments to date: The
From the GRM office in Copenhagen, Denmark
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Theodore Terminal, located near Mobile, Alabama,
with two 20,000+ MT flat storage warehouses
and modern loading infrastructure. The terminal
received its first pellets in June 2024 and loaded
its first vessel in August. It has become a critical
logistics hub, enabling CM Biomass to consolidate
outbound flows from the Jackson and Quitman
plants, a joint venture facility in Brookhaven and
select third-party supply. The Theodore Terminal
enables tighter control over quality and storage,
ensuring continued reliability for customers. It
has also allowed a significant reduction in reliance
on barge logistics and decentralized storage
solutions.
CM Biomass continues to invest in its production
plants as well as in the rapidly evolving energy
market, and the increasing focus on alternative
biomass products derived from agricultural
residues. This transition is well underway, and with
a growing product portfolio and integrated supply
chains. CM Biomass experiences a significant
increase in the interest in agricultural biomass
products, where agricultural residues such as
cashew and peanut shells and olive pits are viable
alternatives to wood pellets, offering sustainable
solutions while utilizing waste from the food
industry.
As a part in the green transition CM Biomass is
driven by the political landscape in areas that
directly impact the industry. Nowhere is this more
evident than in Europe, where the political climate
is increasingly focused on accelerating the green
transition. For CM Biomass this is a driving force
that aligns closely with the Company’s capabilities
and ambitions. Over the past year, CM Biomass
has worked actively to strengthen its role in this
evolving landscape - translating political direction
into commercial opportunity.
With signs of stabilisation and a more balanced
supply in the coming year, market volatility is likely
to return - a positive development for CM Biomass’
trading activities. Combined with a sharpened
strategy and renewed focus on long-term value
creation, CM Biomass anticipates an improved
result for the 2025/26 financial year and expect a
profit before tax of DKK 200-250 million.
Risk Management
The Company – Global Risk Management –
achieved profit before tax of DKK 67 million in
2024/25. A decline compared to last year’s third-
best result in the energy hedging company’s
history of DKK 75 million.
In 2024/25, the Company navigated increasingly
complex regulations as well as uncertainty in
the market, and due to calmer energy markets,
trading income has not reached the heights
seen in the past years. However, the interest in
financial risk-hedging solutions from sectors aside
from shipping has expanded and diversified the
Company’s customer base.
The financial year has shown a significant increase
in emissions trading (EUAs) as its implementation
within the shipping industry was introduced by
the EU Emissions Trading System. With this legal
demand and the Company’s experience in the
aviation sector, Global Risk Management has been
able to gain market shares and reputable partners
on EUAs as well as improve existing collaborations.
The wider product range, which encompasses
bio-based products, emission certificates (EUA),
gas and electricity, continues to contribute to the
Company’s innovation in an evolving market. The
green transition remains a key strategic priority
for Global Risk Management, and the Company
continues to adapt to the evolving dynamics of
environmental and emissions responsibility, just as
the Company remains committed to supporting
its customers’ growth as compliance demand as
well as the complexity keep rising.
As a regulated investment firm, Global Risk
Management is subject to thorough financial
regulation and thus the Company is enduringly
committed to innovation, risk management,
and regulatory compliance. Leading up to the
implementation of the EU’s Digital Operational
Resilience Act (DORA) in January 2025, the
Company advanced its cybersecurity framework
and operational resilience to meet the stringent
regulatory requirements. In preparation for DORA,
the Company has enhanced its risk assessment
models, strengthened its incident response
protocols and expanded oversight of third-party
service providers to uphold the integrity of its
operations. These efforts align with regulatory
expectations and bolster the Company’s ability to
operate seamlessly in an increasingly digital and
interconnected market.
By adapting to regulatory developments,
enhancing operational efficiencies and expanding
its customer solutions, the Company is well-
positioned to navigate the challenges and
opportunities ahead. Looking forward to 2025/26,
Global Risk Management expects profit before tax
of DKK 30-40 million.
Strategy and objective
The objective of the USTC Group is, on a
continuous basis, to develop its business in line
with the customers’ wishes and requirements.
The USTC Group wants to be known for its high-
quality services and deliveries, and trading must
comply with the highest Danish and international
standards.
The USTC Group focuses on sustainable growth,
always maintaining a healthy balance between
risk and reward, be it a strong organic growth
or strategic alliances and acquisitions when the
opportunities arise.
Result before tax from
continuing activities
0
500
1,000
1,500
2,000
2,500
3,000
22/23
DKK MILL
23/24
2,929
1,834
842
Assets
24/25
1.2
Inventories
7.6
Trade receivables
2.2
Other
receivables
7.2
Non-current
assets
1.0
19.2
DKK
Billion
Cash
and cash
equivalents
Subsequent events
There have been no events that materially affect
the assessment of this annual report 2024/25
after the balance sheet date and up to today’s
date.
Expectations for the year ahead
The Group’s level of activity, revenues and
earnings are in general affected by a number
of external factors, such as the development
on the global freight market, the oil price
development and the general structure of the
oil and shipping market.
This year, the geopolitical tensions and
macroeconomic headwind continued to create
challenging conditions for the Group and its
markets. Based on the global uncertainty at the
end of this year, the expectations for the 2025/26
financial year are, with cautious optimism, a
result before tax in the range of DKK 900-1,200
million.
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USTC is required to supplement the financial
report with an account of corporate social
responsibility according to §99a of the
Danish Financial Statements Act until the
EU Corporate Sustainability Reporting
Directive (CSRD) is transposed into Danish
law. The following section on corporate
social responsibility encompasses USTC’s
consideration for, among other things,
the environment and climate, social and
employee matters, human rights, and
corruption and bribery.
The USTC Group perceives corporate social
responsibility as the duty to work progressively to
reduce negative and increase positive impacts on
the individual, the society, and the environment.
Our business areas:
The Group has activities within six segments:
Bunkers
Shipowning
Shipping & Logistics
IT services
Sustainable energy
Risk Management
Please see page 11 for further details.
Our main risk areas
Derived from our Double Materiality Assessment
which has been prepared as part of our future
CSRD compliance efforts we have identified
material risks relating to the following topics:
Climate change
Pollution
Own workforce
Workers in the value chain
Business conduct
Environment and Climate
USTC Group is committed to being an
environmentally responsible company. Failing to
adapt to pollution risks as well as transitional and
physical climate risks are material concerns to
USTC, as market dynamics and political agendas
are evolving, and USTC must stay aligned with
emerging trends. Several USTC Group companies
operate within hard-to-abate sectors such as
sales of fuel, and shipping and logistics which
are impacted by shifting regulations, customers’
requirements and funding requirements. To
prepare for the future, significant efforts are made
to provide alternative bunker fuels to the world
market and adapt our operations across our
subsidiaries to lower our GHG emissions.
In 2024/25 we improved data management and
reporting setups, significantly expanded our global
sales presence of biofuel options for bunkering
and continued to improve buildings and vessels to
reduce our carbon footprint.
We require that every company in the Group
calculate GHG emissions for their full value chain
(scope 1, 2 and 3) in accordance with the GHG
protocol and we disclose our performance in
our annual sustainability report. USTC Group’s
Sustainability Reports are available here:
www.ustc.dk/sustainability.
The USTC Group aims to achieve Net Zero
emissions by 2050. It is the responsibility of
each subsidiary to create interim targets in
line with their individual sector pathways and
circumstances.
USTC Group ESG is actively engaged in pursuing
synergies and opportunities to cooperate across
the Group and provide common tools and
templates where relevant.
Social and employee matters
USTC Group is a people’s business, and the
dedication and expertise of our staff is one of
our greatest assets. USTC Group strives to create
an engaging workplace and optimal working
conditions for our staff, and it is very important
that we listen, engage, develop, inspire and
can offer exciting new opportunities across the
Group to ensure that we have motivated and
highly skilled experts in every function and every
business unit.
To support this, USTC Group HR and USTC Group
Communications are covering the entire portfolio
of USTC companies and allowing the full USTC
Group to benefit from their services and assistance
and ensure the continued development of the
USTC Group across its many growing value
streams.
Equal opportunities
Our policy is that all employees, irrespective
of gender, nationality, age, physical abilities,
culture, race, political or religious beliefs, or
sexual orientation, must have equal career and
management opportunities. With more than 50
nationalities working in our offices, USTC Group
is a mirror image of a globalised world. This
philosophy is supported by our open-minded,
unprejudiced culture which allows each individual
employee to make the best possible use of their
skills. Likewise, internal management training
programmes in USTC subsidiaries are available to
anyone with the right skills.
When recruiting new colleagues, we evaluate
the professional and personal skills of the
candidates, and our recruitment practices have
been developed to ensure equal opportunities.
In our view, gender says nothing about a person’s
competencies, level of commitment or ability
to cooperate with others, which is why it is not a
decisive factor for us. In the USTC Group offices
across the world, our highly skilled staff – male
and female – work together in making the most
of their talents. Just as is the case with gender, an
individual’s religious and sexual orientation will
have no impact on career opportunities within
our Group. We recruit reliable, respectful, and
competent professionals of any orientation.
We do not tolerate any kind of discrimination, be
it on the grounds of nationality, gender, or religion.
We seek to be a workplace with a multitude of
backgrounds in our staff composition and at our
management levels.
Health and Safety
Physical safety
In 2024/25, safety at sea continues to be impacted
by persistent geopolitical tensions, particularly
in regions such as the Red Sea. These risks have
become an ongoing operational reality, much
like the enduring presence of COVID-19, and
necessitate sustained vigilance, adaptive risk
management, and robust contingency planning
across the USTC Group.
USTC Group is aware of the risk related to unsafe
working conditions and the risk of accidents
that may occur due to lack of knowledge and
competencies amongst employees.
The Group’s employee policies on this matter are
elaborated in the individual Group companies,
such as the Shipowning activity’s’ employee
handbook.
USTC Group’s Shipowning activity has ensured
that the health, safety, and security (HSS) of all
employees remains the Group’s Shipowning
activity’s top priority. This task can be challenging,
particularly due to the nature of work conducted
on vessels, which encompasses cargo handling,
maintenance and operating in an offshore
environment – sometimes in remote areas.
Fortunately, HSS is a highly regulated area of
shipping, and many industry and customer
standards for ensuring HSS are considered basic
requirements. By receiving monthly reports
on “unsafe conditions”, “unsafe acts” and “near-
misses” from all owned vessels, the Shipowning
activity can evaluate and address conditions that
have the potential to cause future accidents,
thereby proactively enhancing safety.
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Health and safety remain key priorities for the
Group’s Shipowning activity. In a year marked
by increased geopolitical complexity, the
safety framework was strengthened, including
alignment with industry standards such as
SIRE 2.0 and CDI protocols. The Safety Delta
programme continued, supporting proactive
identification and correction of unsafe behaviours.
One key insight was the need for improved safety
communication, addressed through onboard mini
campaigns. Efforts were further reinforced by
implementing a Human Rights Policy, an internal
Code of Conduct, and a Supplier Code of Conduct,
promoting responsible practices across operations
and the supply chain. The Group’s Shipowning
activity suffered no fatalities during the 2024/25
financial year and can also report a reduction in
their lost time incident frequency (LTIF) to 0.50,
down from 0.51 in 2023/24 and 0.94 in 2022/23.
USTC Group’s Shipping & Logistics activities
acknowledge the risks related to the handling
and freighting of cargo and continue to focus on
the employees’ health and safety. All employees
are required to adhere to the health and safety
guidelines, which encompass the use of personal
protective equipment and preventive measures.
They conduct a comprehensive risk assessment
of all work procedures at every location, and they
diligently record any incidents that occur and have
established follow-up procedures and reporting
mechanisms to ensure timely reporting to the
relevant authorities. They have tailored health &
safety policies in place for both divisions – shipping
& logistics – ensuring local anchoring and a
strong presence. By customising their policies
to the specific needs of each of their divisions,
they can better address the unique occupational
health and safety challenges they encounter. This
approach allows the USTC Group’s Shipping &
Logistics activities to prioritise the safety of their
employees and create a positive and secure work
environment and a culture of prioritising safety
above all else.
The Group’s Sustainable energy activity continues
to invest in people and processes and the safety
program, rooted in behavioral based safety,
proactive leadership, and employee engagement,
has driven measurable improvements across all
locations with the most noticeable result being
a 50% year over year reduction in the serious
recordable incident rate in their US production
facilities.
USTC Group focuses on continuously enhancing
the health and safety of our employees as well as
our premises on a global scale to be up to date on
safety requirements and best practices.
In the Physical bunker business, across our
terminals and where we have ownership or
operational control, we implement and uphold a
robust Quality, Health, Safety, and Environment
(QHSE) Management System aligned with
internationally recognised standards: ISO 9001,
ISO 14001, and ISO 45001. We are also a qualified
member of the Achilles Joint Qualification System
(Achilles JQS), which certifies suppliers to the oil
and gas industry in Norway and Denmark, further
reinforcing our commitment to high operational
standards.
For chartered tonnage, rented terminals and other
non-owned assets, the Physical bunker business
introduces a vetting regime consistent with our
Charter Policy in the Group’s Bunkers activity and
their physical shipping activity. During the 2024/25
reporting period, over 95% of our tonnage was
vetted by oil majors in alignment with our target.
For vessels not subject to vetting, we utilise the
OCIMF Ship Inspection Report Programme (SIRE)
– a widely recognised risk assessment tool used by
charterers, terminal operators, and government
authorities to evaluate ship safety and compliance.
Within our Physical bunker business, including
terminals and bunker barges, we remain
dedicated to enhancing health and safety
practices globally. We recognise the inherent risks
associated with fuel transfer operations and the
handling of hazardous materials and actively work
to reduce these through preventive measures,
employee training, and operational oversight.
From the headquarters of USTC in Middelfart, Denmark
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Engagement process
USTC Group has always been committed to
interact with our employees to create a world-
class workplace. Our subsidiaries are conducting
engagement processes to make sure that working
in our Group is a motivating and satisfying
experience. All managers are responsible for
acting upon the feedback from their employees
and committed to do so. This to harness the many
learnings about what motivates our people to
come to work every day.
We will continue to invest heavily in developing,
attracting and attaining the best talents. This is
key to deliver on our strategic business ambitions
going forward.
Core Leadership Programme
With this ambitious Leadership programme – set
up and run by USTC Group HR – we aim at creating
– and constantly maintaining – a solid pipeline of
leaders that has strong competencies in order to
strengthen leadership capabilities and improve
cohesion across the Group.
Training
Staff development is a key element in future
growth and retention. Throughout the year,
employees from our global workforce have
attended 100’s of hours of internal training via
meetings and live sessions, both mandatory and to
expand on qualifications. The access to e-learnings
and self-studies was also available.
Human Rights
USTC Group respects internationally recognised
human rights, including the Universal Declaration
of Human Rights and the International Labour
Organisation (ILO) Declaration of Fundamental
Principles and Rights at Work. In addition, USTC
is guided by the Organisation for Economic
Co-operation and Development’s (OECD)
Guidelines for Multinational Enterprises’
recommendation on responsible business conduct
and the UN Guiding Principles on Business and
Human Rights. Employees are prohibited from
taking any actions that violate these human rights
principles, whether directly or indirectly.
As a group operating globally, we are inherently
exposed to potential breaches of human rights in
our value chain. We are present in countries that
are regarded as low, medium and high risk with
regards to human rights, according to external
benchmarks.
In the financial year 2024/25, no human rights
breaches were identified. USTC Group will continue
to focus on preventing breaches of human rights.
We monitor our supply chain and aim to work
with reputable suppliers who are reliable and
transparent to ensure that no one acts in violation
of human rights.
By the end of 2024/25, we employed more than 50
nationalities, and a multitude of different cultural
backgrounds. Our youngest employee is only 18
years old – the oldest turned 80.
In the coming financial year 2025/26, we will
continue to further the current initiatives and
reassess our actions within the area of human
rights to align with upcoming legislation such
as the Corporate Sustainability Due Diligence
Directive.
Anti-Corruption and anti-bribery
As a conglomerate with subsidiaries in the offshore
and shipping sector, we recognize the inherent
risks of corruption and bribery. USTC Group and its
operating companies are steadfastly committed
to upholding integrity by never engaging in any
form of corruption and diligently avoiding illegal
activities intended to influence the judiciary or any
private parties. Additionally, in light of the current
geopolitical climate, USTC Group places significant
emphasis on preventing breaches of sanctions.
Compliance
USTC Group manages its risk responsibly and
regards it as an imperative that the Group comply
with all applicable rules and legislation in each
country in which we operate. We see compliance
as legally and ethically impeccable conduct by
all employees in their daily work. This includes
observing all applicable anti-corruption and anti-
trust laws as well as international trade sanctions.
USTC Group is unreservedly committed to
compliance and works proactively with these and
related matters to remain best-in-class and at
the forefront of new regulations. By continuously
updating our systems and procedures, the Group
constantly works to ensure that all information on
sanctions is as easily accessible to all employees as
possible.
Similarly, the Group has taken steps to ensure
that we have adequate procedures to prevent
fraudulent behavior among individuals within the
Group and people associated with the Group. We
ensure that all relevant individuals in the company
– board members and selected managers
and employees – each possesses a general
understanding of relevant applicable laws. Through
2024 and 2025 this has been achieved in relevant
subsidiaries through specific programs on the
subjects, including manuals and recurring training,
and in selected subsidiaries the staff’s mandatory
annual completion of compliance e-learning.
Generally, our activities are subject to several strict
anti-corruption laws, including but not limited to
the Danish Criminal Code, the UK Bribery Act, and
the US foreign Corrupt Practices Act.
Tax policy
At the USTC Group and across our subsidiaries,
we are fully committed to acting as responsible
corporate citizens. As part of this commitment, we
will intend to comply with local and international
tax legislation and pay applicable taxes accurately
in a timely manner. This is a fundamental element
of how we do business within the Group.
Transparency and engagement with tax
authorities
We value constructive relationships with local
and international tax authorities, grounded in
openness, transparency, and honesty. In line with
this approach, all legal entities in the USTC Group
will promptly disclose all information required by
law to relevant tax authorities. However, while we
do not participate in any formalised partnership
programmes with tax authorities, we maintain
an open dialogue, which we believe effectively
supports mutual understanding and trust.
Commitment to compliance and social
responsibility
As part of our broader commitment to social
responsibility, we do not tolerate tax evasion,
whether direct or indirect. It is particularly
important for USTC and our group of companies
to be aware of and comply with tax compliance
matters, including legislative developments, in the
jurisdictions where we operate.
Tax risk management and use of structures
The USTC Group adopts a prudent approach to
tax risk, and we are committed to mitigating tax
risks whenever possible. We do not apply artificial
or tax-driven structures. All organisational and
transactional structures are based on genuine
commercial rationale and requirements.
Where we have operations in jurisdictions included
on the EU list of non-cooperative tax jurisdictions,
such presence is strictly based on the substantive
commercial operations and not for the purpose of
tax evasion.
The right balance
As part of our daily operations, tax expenses are
regarded as an operational cost. These should be
optimised through effective tax management
and planning within the framework of relevant
tax legislation. We will manage our tax position
within the limits of the tax legislation and strive to
avoid double taxation to the extent possible. This
includes the use of tax incentives and subsidies,
provided such benefits are generally available to
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a broad group of taxpayers and are commercially
relevant for the USTC Group.
Governance and oversight
The CFO of USTC has the overall responsibility
for the Group’s approach to tax-related matters,
including tax risk management, supported by the
Group Head of Tax.
Reporting and disclosure
The Group’s tax positions will be further detailed
in the USTC Sustainability Report, scheduled for
publication in Q3 2025.
Whistle-blower procedure
In our Code of Conduct (which can be
downloaded at our website) we encourage
everyone to promptly raise any concern of breach
or potential breach of our Code of Conduct, USTC
Group policies or the law through the relevant
channels. USTC Group will never retaliate or allow
retaliation for concerns raised in good faith.
Community Engagement
As a global company, we recognize our moral
obligation and our fortunate ability to give back to
local communities on all continents and support
those in need. In addition to charity donations
made by the Group, we have devolved the
decisions on which worthy causes and individuals
to support to our local offices. Using their
knowledge of the challenges and opportunities
affecting their community, they support and
donate to local charities that are close to their
heart. Having said that, national and global
charities also receive support from local offices.
The work of charities is still as urgent as ever.
Local community building, humanitarian aid and
healthcare are amongst the areas most often
chosen to be supported by our global offices. In all
cases, employees have shown engagement and
passion in helping their communities.
USTC headquarter in Middelfart, Denmark
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BOARD OF DIRECTORS
Nina Østergaard
Board member and owner
Born in 1983.
Board member since 2014.
CEO and owner of the USTC Group (A/S United Shipping &
Trading Company).
Special competences
Company evaluations, mergers and acquisitions, financial
due diligence, business restructuring, reorganisation,
turnarounds and compliance.
Other directorships
Member of the boards in Bunker Holding A/S, Uni-Tankers
A/S, CM Biomass Partners A/S, FREJA Group ApS, A/S
Global Risk Management Ltd. Holding, A/S Global Risk
Management Ltd. Fondsmæglerselskab, and Middelfart
Erhvervsråd. Vice Chairman of the board in SDK FREJA
A/S and Chairman of the board in Unit IT A/S. Member of
Beiratssitzung Nord, Deutsche Bank.
Education
MSc in Applied Economics and Finance supplemented
by courses at Harvard University and London School of
Economics and Political Science.
Torben Østergaard-Nielsen
Chairman of the board and owner
Born in 1954.
Board member since 1994.
Chairman since 2022.
Chairman of the board, founder and owner of the USTC Group
(A/S United Shipping & Trading Company).
Special competences
Extensive background and global experience within the
shipping and bunker industry.
Other directorships
Chairman and Vice Chairman of the boards in several USTC
Group companies. Vice Chairman of the board in Guldfeldt
Holding A/S. Member of the boards in Fayard Holding ApS &
Group companies, H.J. Hansen Holding A/S & Group compa-
nies, Gottfred Petersen A/S, and Selected Car Group A/S.
Other
German Honorary Consul from 1988-2020. Member of Corps
Consulaire since 1988. Member of Danske Bank Erhvervsråd
from 2006-2022.
Klaus Nyborg
Vice Chairman
Born in 1963.
Board member since 2012. Chairman from 2014-2022.
Vice Chairman since 2022.
Board management and investment.
Special competences
Global experience with management of listed shipping
companies incl. CEO of Pacific Basin Shipping, Hong Kong.
Strategic and financial expertise as well as in-depth knowledge
of risk management.
Other directorships
Chairman of the boards in Uni-Tankers A/S, Bunker Holding A/S,
Norden A/S, Bawat A/S, Moscord Pte. Ltd., and the investment
committee of Maritime Investment Fund 2 K/S and Maritime
Investment Fund 3 K/S related to Navigare Capital. Member of
the boards in X- Press Feeders Ltd., and Norchem A/S. Director
of Return ApS.
Education
Msc in Business & Law, Copenhagen Business School
supplemented with management courses at London Business
School and IMD.
GENERAL INFORMATION
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BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
22
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ANNUAL REPORT
2024/25
BOARD OF DIRECTORS CONTINUED
Peter Appel
Board member
Born in 1961.
Board member since 2019.
Partner, Gorrissen Federspiel law firm.
Special competences
In-depth knowledge and extensive experience within legal
matters related to the shipping industry, as an adviser to
and member of boards of directors in a number of Danish
shipping companies and investment foundations with
connections to the area. Specialised in the transport sector
and infrastructure projects, including extensive knowledge
about ferry service, train and harbour projects.
Other directorships
Chairman of the boards in Deloitte Fonden, Fayard
Holding Aps, and Fayard A/S. Member of the boards in
Uni-Tankers A/S, SDK FREJA A/S, Bunker Holding A/S,
Clipper Group Ltd., BIMCO Informatique A/S, Norchem A/S,
Sølovsudvalget, and Northern Offshore Services.
Education
LL.M. (Master of Laws), Copenhagen. Maritime Law,
University of Oslo. LL.M with Merit in Commercial and
Corporate Law, London School of Economics.
Mia Østergaard Rechnitzer
Board member and owner
Born in 1989.
Board member since 2020.
Chief Governance Officer and owner of the USTC Group (A/S
United Shipping & Trading Company).
Special competences
C-suite succession planning, C-level and board composition,
board and leadership assessments, governance structure,
development and implementation of ESG strategy.
Other directorships
Member of the boards in Bunker Holding A/S, Uni-Tankers
A/S, and SDK FREJA A/S.
Education
MSc in Human Resource Management supplemented
by courses at Harvard University and London School of
Economics.
Jeppe Christiansen
Board member
Born in 1959.
Board member since 2022
CEO of Maj Invest Group.
Special competences
CEO of Maj Invest Group which he founded in 2005. Assets
under management total approx. DKK 82 billion within global
equities, bonds, and private equity.
Other directorships
Chairman of the boards in Haldor Topsøe A/S and EMLIKA ApS.
Member of the boards in Kirkbi A/S, Pluto Naturfonden and
Lone Dybkjær Fonden.
Education
MSc (Economics, 1985) from the University of Copenhagen,
and in 2016 appointed adjunct professor of the Department of
Finance at CBS.
GENERAL INFORMATION
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BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
23
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ANNUAL REPORT
2024/25
EXECUTIVE BOARD
Nina Østergaard
CEO
Born in 1983.
Board member since 2014.
CEO and owner of the USTC Group (A/S United Shipping &
Trading Company).
Special competences
Company evaluations, mergers and acquisitions, financial
due diligence, business restructuring, reorganisation,
turnarounds and compliance.
Other directorships
Member of the boards in Bunker Holding A/S, Uni-Tankers
A/S, CM Biomass Partners A/S, FREJA Group ApS,
A/S Global Risk Management Ltd. Holding, A/S Global Risk
Management Ltd. Fondsmæglerselskab, and Middelfart
Erhvervsråd. Vice Chairman of the board in SDK FREJA
A/S and Chairman of the board in Unit IT A/S. Member of
Beiratssitzung Nord, Deutsche Bank.
Education
MSc in Applied Economics and Finance supplemented
by courses at Harvard University and London School of
Economics and Political Science.
Mia Østergaard Rechnitzer
Chief Governance Officer
Born in 1989.
Board member since 2020.
Chief Governance Officer and owner of the USTC Group
(A/S United Shipping & Trading Company).
Special competences
C-suite succession planning, C-level and board
composition, board and leadership assessments,
governance structure, development and implementation
of ESG strategy.
Other directorships
Member of the boards in Bunker Holding A/S, Uni-Tankers
A/S, and SDK FREJA A/S.
Education
MSc in Human Resource Management supplemented
by courses at Harvard University and London School of
Economics.
Jakob Schultz Nielsen
CFO
Born in 1980.
Joined the USTC Group in 2009.
Member of the Excecutive Board and CFO in the USTC
Group (A/S United Shipping & Trading Company) since
2019.
Special competences
Extensive experience within investments and financing,
and knowledge of the real estate market. An in-depth
knowledge of the various business activities in the USTC
Group.
Other directorships
Member of the boards in Middelfart Bycenter A/S,
Selfpremises A/S, Selected Car Investment 1 A/S,
Selected Car Investment 3 A/S, and Kolding Åpark 8A A/S.
Chairman of the board in Ejendomsselskabet DP 1 A/S.
Education
MSc in Business Administration and Auditing,
supplemented by courses at Harvard Business School.
GENERAL INFORMATION
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BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
24
USTC
ANNUAL REPORT
2024/25
Income statement
1 MAY 30 APRIL
DKK ‘000 Note 2024/25 2023/24
Revenue 1 109,883,091 114,256,537
Direct expenses (103,710,722 ) (107,517,227 )
Gross profit 6,172,369 6,739,310
Other operating income 13,987 19,292
Other external expenses (878,391 ) (1,005,037 )
Staff expenses 2 (2,684,167 ) (2,486,762 )
Depreciation, amortisation and impairment 6,7, 8 (1,278,927 ) (1,038,587 )
Profit before financial income and expenses 1,344,871 2,228,216
Share of profit/loss in associated companies 9 33,158 20,970
Financial income 3 143,343 143,604
Financial expenses 3 (679,361 ) (550,241 )
Profit before special items 842,011 1,842,549
Special items 4 (56,714 ) (334,051 )
Profit before tax 785,297 1,508,498
Corporation tax 5 (127,654 ) (299,851 )
Profit from continuing operations 657,643 1,208,647
Discontinued operations 10 (380,640 ) (1,254,982 )
Profit for the year 277,003 (46,335 )
Attributable to:
Non-controlling interests 59,177 99,166
Shareholder in USTC 217,826 (145,501 )
Total 277,003 (46,335 )
Additional information:
Profit before tax after discontinued operations and special items 404,657 253,516
Statement of comprehensive income
1 MAY 30 APRIL
DKK ‘000 Note 2024/25 2023/24
Profit for the year 277,003 (46,335 )
Items that may be reclassified to income statement
Fair value adjustment of derivative financial instruments 15 (16,525 ) 4,504
Exchange differences on translation of foreign operations (243,079 ) 104,706
Other items 0 (2,161 )
Income tax relating to these items (5,139 ) 3,568
Items that are not reclassified to income statement 0 0
Other comprehensive income (264,743 ) 110,617
Total comprehensive income 12,260 64,282
Attributable to:
Non-controlling interests 56,594 106,289
Shareholder in USTC (44,334 ) (42,007 )
Total 12,260 64,282
GENERAL INFORMATION
MANAGEMENT’S REVIEW
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BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
26
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ANNUAL REPORT
2024/25
DKK ‘000 Note 30 April 2025 30 April 2024
Non-current assets
Intangible assets 6 2,067,744 2,025,478
Property, plant and equipment 7 1,939,835 2,055,406
Right-of-use assets 8 2,752,232 1,739,076
Investments in associates 9 262,940 264,787
Securities 6,394 6,748
Other receivables 17,957 12,419
Deferred tax assets 5 196,385 126,847
Total non-current assets 7,243,487 6,230,761
Current assets
Inventories
11
Trade receivables
14
Receivables from group enterprises 3,967 3,870
Receivables from associates 3,903 6,072
Other receivables 706,951 838,186
Prepayments 166,815 294,858
Corporation tax 143,741 161,332
Derivatives
12
Cash and cash equivalents 972,240 1,393,118
Total current assets 11,870,552 15,729,307
Assets 19,114,039 21,960,068
Statement of financial position
DKK ‘000 Note 30 April 2025 30 April 2024
Equity
Share capital 16 4,900 4,900
Reserves (111,746 ) 136,517
Retained earnings 3,936,571 3,655,120
Equity, shareholder 3,829,725 3,796,537
Non-controlling interests 323,305 684,470
Equity 4,153,030 4,481,007
Non-current liabilities
Borrowings 14 1,210,014 2,416,287
Lease liabilities 8 1,787,341 1,119,230
Debt to non-controlling interests 131,027 222,537
Provisions 3,824 2,924
Put-option liability 50,000 747,200
Other payables 13,822 9,988
Deferred tax 5 208,269 123,384
Total non-current liabilities 3,404,297 4,641,550
Current liabilities
Borrowings 14 1,656,061 1,674,033
Lease liabilities 8 1,060,957 687,086
Trade payables 6,032,569 7,597,281
Payables to group enterprises 47,590 229,904
Payables to associates 17,936 1,495
Debt to non-controlling interests 478,196 0
Corporation tax 174,113 408,689
Prepayments received 81,802 317,817
Derivatives 12 410,406 747,392
Put-option liability 502,500 264,000
Other payables 1,094,582 909,814
Total current liabilities 11,556,712 12,837,511
Total liabilities 14,961,009 17,479,061
Total equity and liabilities 19,114,039 21,960,068
GENERAL INFORMATION
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FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
27
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ANNUAL REPORT
2024/25
DKK ‘000 Sharecapital Hedging reserve
Foreign currency
translation reserve
Reserve under the
equity method Retained earnings
Equity attributable
to owners
Non-controlling
interests Total equity
2024/25
Equity at 1 May 4,900 (11,734 ) 46,782 101,469 3,655,120 3,796,537 684,470 4,481,007
Earnings after tax (EAT) 0 0 0 13,897 203,929 217,826 59,177 277,003
Other comprehensive income net of tax 0 (21,663 ) (227,615 ) (12,882 ) 0 (262,160 ) (2,583 ) (264,743 )
Total comprehensive income for the year 0 (21,663 ) (227,615 ) 1,015 203,929 (44,334 ) 56,594 12,260
Dividends to shareholders 0 0 0 0 0 0 (1,755 ) (1,755 )
Put-option liability related to non-controlling interests 0 0 0 0 458,700 458,700 0 458,700
Acquisition of non-controlling interests 0 0 0 0 (382,751 ) (382,751 ) (416,004 ) (798,755 )
Sharebased payment 0 0 0 0 1,200 1,200 0 1,200
Other equity movements 0 0 0 0 373 373 0 373
Total transactions with shareholders 0 0 0 0 77,522 77,522 (417,759 ) (340,237 )
Equity at 30 April 4,900 (33,397 ) (180,833 ) 102,484 3,936,571 3,829,725 323,305 4,153,030
Statement of changes in equity
1 MAY 30 APRIL
2023/24
Equity at 1 May 4,900 (12,900 ) (49,876 ) 76,751 4,794,839 4,813,714 658,798 5,472,512
Earnings after tax (EAT) 0 0 0 20,970 (166,471 ) (145,501 ) 99,166 (46,335 )
Other comprehensive income net of tax 0 1,166 96,658 3,748 1,922 103,494 7,123 110,617
Total comprehensive income for the year 0 1,166 96,658 24,718 (164,549 ) (42,007 ) 106,289 64,282
Dividends to shareholders 0 0 0 0 (600,000 ) (600,000 ) (4,891 ) (604,891 )
Put-option liability related to non-controlling interests 0 0 0 0 (312,200 ) (312,200 ) 0 (312,200 )
Acquisition of non-controlling interests 0 0 0 0 (61,856 ) (61,856 ) (77,551 ) (139,407 )
Sharebased payment 0 0 0 0 1,071 1,071 0 1,071
Other equity movements 0 0 0 0 (2,185 ) (2,185 ) 1,825 (360 )
Total transactions with shareholders 0 0 0 0 (975,170 ) (975,170 ) (80,617 ) (1,055,787 )
Equity at 30 April 4,900 (11,734 ) 46,782 101,469 3,655,120 3,796,537 684,470 4,481,007
GENERAL INFORMATION
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BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
28
USTC
ANNUAL REPORT
2024/25
DKK ‘000 Note 2024/25 2023/24
Earnings before interest and tax (EBIT) 1,344,871 2,228,216
Amortisation and depreciation for the year 1,278,927 1,038,587
Changes in receivables 2,517,713 233,410
Changes in inventories 507,590 1,613,855
Changes in derivatives (624,231 ) 203,912
Changes in trade payables, other payables, etc (1,390,412 ) 313,892
Other adjustments (49,830 ) 25,616
Cash flows from operating activities
before financial items and tax 3,584,628 5,657,488
Financial income received 143,343 143,604
Financial expenses paid (679,361 ) (550,241 )
Corporation tax paid (339,594 ) (449,059 )
Discontinued operations (245,956 ) (648,426 )
Other adjustments 9,058 345
Cash flows from operating activities 2,472,118 4,153,711
DKK ‘000 Note 2024/25 2023/24
Business acquisition 23 (54,708 ) (288,815 )
Investment in associates 9 0 (49,977 )
Dividends received 8,697 0
Purchase of intangible assets 6 (105,000 ) (19,162 )
Change in deposits (3,336 ) 2,469
Purchase of property, plant and equipment 7 (294,595 ) (672,161 )
Sale of property, plant and equipment 3,377 134,794
Cash flows from investing activities (445,565 ) (892,852 )
Proceeds from borrowings and mortgage debt 20 535,544 417,159
Repayment of borrowings and mortgage debt 20 (1,667,046 ) (2,051,814 )
Principal elements of lease payments 20 (909,254 ) (689,524 )
Earn outs and payables to associates (7,000 ) (144,238 )
Dividend paid 0 (600,000 )
Transactions with non-controlling interests (360,269 ) 0
Cash flows from financing activities (2,408,025 ) (3,068,417 )
Change in cash and cash equivalents (381,472 ) 192,442
Cash and cash equivalents at 1 May 1,393,118 1,191,616
FX translation of cash and cash equivalents at 1 May
(39,406 ) 9,060
Change in cash and cash equivalents (381,472 ) 192,442
Cash and cash equivalents at 30 April 972,240 1,393,118
Cash flow statement
1 MAY 30 APRIL
GENERAL INFORMATION
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CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
29
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ANNUAL REPORT
2024/25
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 1 REVENUE 1 MAY 30 APRIL
31 2 STAFF EXPENSES 1 MAY 30 APRIL
31 3
FINANCIAL INCOME AND EXPENSES 1 MAY 30 APRIL
32 4 SPECIAL ITEMS 1 MAY 30 APRIL
32 5 TAXES 1 MAY 30 APRIL
34 6 INTANGIBLE ASSETS 30 APRIL
37 7 PROPERTY, PLANT AND EQUIPMENT 30 APRIL
39 8 RIGHT OF USE ASSETS 30 APRIL
40 9 INVESTMENTS IN ASSOCIATES 30 APRIL
40 10 DISCONTINUED OPERATIONS 30 APRIL
41 11 INVENTORIES 30 APRIL
42 12 DERIVATIVES 30 APRIL
43 13 FAIR VALUE 30 APRIL
44 14 FINANCIAL INSTRUMENTS BY CATEGORY 1 MAY 30 APRIL
45 15 FINANCIAL RISKS 30 APRIL
50 16 SHARE CAPITAL
50 17 PUTOPTION LIABILITY RELATED TO NONCONTROLLING INTERESTS
50 18 CONTINGENT ASSETS, LIABILITIES AND ASSETS PLEDGED AS SECURITY
30 APRIL
51 19 OTHER INFORMATION 1 MAY 30 APRIL
52 20 CHANGE IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 30 APRIL
53 21 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 1 MAY 30 APRIL
54 22 SIGNIFICANT ACCOUNTING POLICIES 1 MAY 30 APRIL
58 23 BUSINESS COMBINATIONS 1 MAY 30 APRIL
PAGE
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
30
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ANNUAL REPORT
2024/25
3
FINANCIAL INCOME AND EXPENSES 1 MAY 30 APRIL
DKK ‘000 2024/25 2023/24
Interest income on loans and receivables 1 1 7, 4 8 7 68,461
Foreign exchange rate gains 2 2,7 9 1 6,73 0
Other financial income 1,579 6 7, 8 8 9
Securities, gains 1,486 524
Financial income 143,343 143,6 04
Interest on debts and borrowings 346,962 413,200
Interest expenses from leases 1 1 5,747 7 3,72 1
Foreign exchange rate losses 10,09 0 9,029
Securities, losses 18,237 1 7,8 0 2
Other financial expenses 188,325 36,489
Financial expenses 679,361 55 0,241
1 REVENUE 1 MAY 30 APRIL
DKK mill 2024/25 2023/24
Sale and mediation of bunkers 9 4,329 99,4 9 3
Shipping & Logistics 6,325 6,03 5
Shipowning 2,948 2,226
Sustainable energy 5,7 9 8 6,225
IT Services 483 273
Other activities 0 5
Total 109,883 114,257
Revenue specified on geographical areas
Europe 3 2,75 5 5 7, 1 7 8
Asia 46,858 3 8,0 3 0
Americas 22,30 9 16,597
Other 7,9 6 1 2,452
Total 109,883 114,257
Timing of revenue recognition
Goods and services transferred at a point in time 10 8,5 51 113,984
Goods and services transferred over time 1,332 273
Total 109,883 114,257
2 STAFF EXPENSES 1 MAY 30 APRIL
DKK ‘000 2024/25 2023/24
Staff expenses
Hiring of crew 78,36 4 61,988
Wages and salaries 2, 2 6 7,5 4 5 2,10 0,751
Pensions 144,589 12 0,950
Other social security expenses 19 3,6 6 9 203,073
Total 2,68 4,167 2,4 8 6,76 2
Number of employees* 4,332 4,324
*) Calculated as annual full-time employees.
Key Management consists of Executive Board and Board of Directors. The compensation paid or payables to Key
Management is shown in note 19 and 25.
GENERAL INFORMATION
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CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
31
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ANNUAL REPORT
2024/25
4 SPECIAL ITEMS 1 MAY 30 APRIL
DKK '000 2024/25 2023/24
Impairment of land and property, plant and equipment 30,000 69,94 4
Impairment of intangible assets 0 5 9,249
Impairment of right of use asset 0 3 4,74 2
Derecognition of provisions due to bankruptcy 0 (1 2,320)
Impairment of goodwill 0 16,590
Landslide mitigation costs 2,500 51,002
Other settlements 8,5 46 0
Legal and other advisory costs 15,6 6 8 14,8 4 4
Climate Fund / Association 0 100,000
Total 56,71 4 334,051
Special items comprise losses arising from the landslide and subsequent bankruptcy of Nordic Waste A/S. The
costs include impairment losses, costs associated with mitigating the effects of the landslide and related legal
costs and the contribution to the climate fund/association decided as a consequence of the effect of the
landslide.
Special items include an impairment of a ship in the company Rederiaktieselskabet Nyborg, which during
the actual financial year has undergone an extraordinary impairment loss due to the market conditions in the
relevant segment.
Had the items not been classified as special items, they would have been included in the following line items:
Impairment of property, plant and equipment 30,000 10 4,6 8 6
Amortisation of intangible assets 0 75,839
Other external expenses 30,514 153,526
Financial income (3,800) 0
Total 56,71 4 334,051
5 TAXES 1 MAY 30 APRIL
DKK ‘000
Income
Statement
Other compre-
hensive income Total
2024/25
Current tax for the year 1 4 7,6 4 4 5,139 1 5 2,78 3
Current tax concerning previous years (24,6 51) 0 (24,651)
Deferred tax for the year (12,878) 0 (12,878)
Deferred tax concerning previous years 1 7, 5 3 9 0 1 7,5 3 9
Total tax for the year 1 2 7,6 5 4 5,139 13 2,7 9 3
2023/24
Current tax for the year 338,553 (3,568) 33 4,985
Current tax concerning previous years (19,230) 0 (19,2 3 0)
Deferred tax for the year (1 6,7 3 5) 0 (1 6,73 5)
Deferred tax concerning previous years (2,7 37) 0 (2,7 37)
Total tax for the year 299,851 (3,568) 296,283
The Group is subject to the OECD Pillar Two rules, which aim to ensure that multinational enterprises (MNEs) pay
a minimum level of tax. Denmark has enacted Pillar Two legislation, which took effect on 1 January 2024. The
Group applies the IAS 12 exception, allowing it to avoid recognizing or disclosing deferred tax assets and liabilities
related to Pillar Two income taxes. Under the new legislation, the Group will be obligated to pay a top-up tax for
any subsidiary that does not meet the Pillar Two minimum effective tax rate of 15%. However, the new rules inclu-
de a set of “Transitional Safe Harbor” exemptions that lessen the requirement to submit a full Pillar Two minimum
tax calculation, provided the Group meets at least one of the three Safe Harbor tests. In 2024/25, the Group can
leverage these Safe Harbor exemptions and based on the test, only immaterial top-up tax is expected to be paid.
Management has evaluated the impact of the Pillar Two legislation and anticipates that during future years it will
have no or very limited impact on the annual effective tax rate.
GENERAL INFORMATION
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CONSOLIDATED
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PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
32
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ANNUAL REPORT
2024/25
Reconciliation of tax expenses
DKK ‘000 2024/25 2023/24
Profit before tax 785,297 1,508,498
Share of profit/loss in associated companies (3 3,158) (20,970)
Tonnage tax regime (221,087) (3 6 4,82 9)
Non-deductible expenses, net 195,445 259,929
Other adjustments (14,542) (118,25 3)
Profit before tax adjusted 711,955 1,26 4,375
Tax using the Danish corporation tax rate (22%) (156,63 0) (278,16 3)
Tax rate deviations in foreign jurisdictions (1 2,0 6 9) (25,2 23)
Adjustment to previous years taxes 7,1 1 2 2 0,5 8 8
Deferred tax assets previously not recognised, utilised 0 (82)
Other adjustments, net 33,933 (16,971)
Total income tax (1 2 7,6 5 4) (29 9,851)
Deferred taxes
DKK ‘000 2024/25 2023/24
Deferred tax at 1 May 3,46 3 (57,999)
Foreign exchange adjustments (13,1 27) (1,068)
Acquired in business combinations 2,4 41 4 3,058
Adjustment to previous years (1 7,5 3 9) 2,73 7
Recognised in the income statement 12,878 16,7 3 5
Deferred tax at 30 April (11,88 4) 3,463
Deferred tax is recognised in the balance sheet as follows:
Deferred tax assets 196,385 126,8 47
Deferred tax liability (20 8,269) (123,384)
Deferred tax at 30 April (11,88 4) 3,463
Deferred tax assets including the tax base of tax loss carry forwards are recognised at the amount by which they
are estimated to reduce future tax payments.
Unused tax losses for which no deferred tax asset has been recognised amount to DKK 3 million in 2024/25
(2023/24: DKK 2 million). Unrecognised tax asset may be carried forward for an unlimited period of time, and it is
uncertain whether the tax loss can be utilised.
The balance comprises temporary differences attributable to:
Deferred tax assets Deferred tax liabilities
DKK ‘000 2024/25 2023/24 2024/25 2023/24
Intangible assets 28,874 48,986 (6 7,8 4 9 ) ( 7 7, 8 6 3)
Property, plant and equipment 16,551 3,574 ( 8 7,8 5 2) (21,509)
Other assets 6,591 24,6 31 (25,5 9 6) 2,517
Provisions 46,169 34,201 (26,972) (26,52 9)
Tax losses etc. 98,2 00 15,455 0 0
Deferred tax at 30 April 196,385 126,847 (20 8,26 9) (123,38 4)
Expected to be used as follows:
Within 12 months 25,529 16,28 3 (25,033) (5,014)
More than 12 months 170,856 1 10,564 (18 3,236) (118,370)
Total 196,385 126,847 (208,269) (1 2 3,384)
TAXES CONTINUED
GENERAL INFORMATION
MANAGEMENT’S REVIEW
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CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
33
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ANNUAL REPORT
2024/25
6 INTANGIBLE ASSETS 30 APRIL
DKK ‘000 Goodwill
Customer
relationship Brand
Technologies and
know-how
Acquired
rights Software
Completed
development
projects Total
2024/25
Cost at 1 May 1,6 42,323 3 7 7,7 0 8 16 4,74 8 68,697 9 7, 2 8 9 29 2,76 6 11,480 2,6 5 5,011
Exchange rate adjustment (1,870) (13,617) 5 0 (5,149) (15,00 3) 0 (35,634)
Transfer 0 0 0 0 (388) 388 1,317 1,317
Additions 48,564 2,102 0 0 281 4 0,115 13,938 105,000
Acquired in business combinations ( 7, 0 0 6 ) 6,50 0 0 0 0 0 0 (5 06)
Disposals 0 0 (1,05 8) 0 0 (22,79 5) 0 (23,853)
Cost at 30 April 1,682,011 372,693 16 3,6 95 68,6 97 92,0 33 2 95,471 2 6,7 3 5 2,70 1,3 3 5
Amortisation at 1 May 6,26 3 298,271 1,05 8 6 8,697 88,403 16 5,78 4 1,057 629,5 3 3
Exchange rate adjustment (357) (13,314) 0 0 (4,92 7) ( 7, 5 4 7 ) 0 (26,145)
Transfer 0 0 0 0 (10 4) 104 0 0
Amortisation 0 16,6 05 0 0 1,223 33,52 1 2,660 54,00 9
Reversed amortisation of disposals 0 0 (1,058) 0 0 (2 2,74 8) 0 (23,806)
Depreciation at 30 April 5,906 301,562 0 68,6 97 84,595 169,114 3,717 633,591
Carrying amount at 30 April 1,676,105 71,131 163,695 0 7,4 3 8 126,357 2 3,018 2 ,0 6 7,7 4 4
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INTANGIBLE ASSETS CONTINUED
DKK ‘000 Goodwill
Customer
relationship Brand
Technologies and
know-how
Acquired
rights Software
Completed
development
projects Total
2023/24
Cost at 1 May 1,484,333 3 3 7,5 1 9 16 4,75 3 68,697 9 5,021 271,14 8 0 2,42 1,471
Exchange rate adjustment 2,197 5,907 (5) 0 2,268 7, 0 9 5 0 17,4 6 2
Additions 5,000 0 0 0 0 14,5 2 3 0 19,523
Acquired in business combinations 1 6 7,3 8 3 34,282 0 0 0 0 11,480 213,145
Disposals (16,590) 0 0 0 0 0 0 (16,590)
Cost at 30 April 1,642,323 3 7 7,7 0 8 16 4,74 8 68,697 9 7,2 8 9 2 92,76 6 11,480 2,655,011
Amortisation at 1 May 0 268,467 1,058 6,2 99 85,100 124,210 0 48 5,134
Exchange rate adjustment 0 5,717 0 0 2,016 2,839 0 10,572
Amortisation 0 24,0 8 7 0 3,149 1,287 3 8,73 5 1,0 57 6 8,315
Impairment for the year 22,853 0 0 59,249 0 0 0 82,10 2
Reversed amortisation of disposals (16,590) 0 0 0 0 0 0 (16,590)
Depreciation at 30 April 6,26 3 298,271 1,058 68,6 97 88,403 1 6 5,78 4 1,057 6 29,5 33
Carrying amount at 30 April 1,6 36,060 79,437 163,6 90 0 8,886 126,982 10,423 2,025,478
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USTC
ANNUAL REPORT
2024/25
INTANGIBLE ASSETS CONTINUED
Goodwill on cash generating units
DKK ‘000 2024/25 2023/24
Goodwill and brands with indefinite life have been tested on the
following CGUs:
SDK FREJA, goodwill 809,295 78 5,972
SDK FREJA, brands with indefinite life 16 3,6 9 5 16 3,6 9 0
CM Biomass 47 2,79 7 472,46 4
Unit IT 23 3,31 3 251,258
CGU's with insignificant goodwill 16 0,70 0 126,36 6
Carrying amount at 30 April 1,839,800 1,79 9,7 5 0
Impairment test
Goodwill is monitored by management at subgroup level.
The Group tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of a
cash generating unit (CGU) is determined based on value-in-use calculations.
For the value-in-use calculation the cash flow projections are based on financial budgets and forecasts approved
by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the
estimated growth rates stated below. These growth rates are consistent with forecasts included in industry
reports specific to the industry in which each CGU operates.
Assumptions applied in the impairment tests
DKK ‘000 2024/25 2023/24
SDK FREJA
Terminal period EBIT margin % Avg. 6.8 % 4.0%
Terminal period growth rate Avg. 2.0 % 2.0%
Discount rate Avg. 11.4 % 10.1 %
CM Biomass
Terminal period EBIT margin % Avg. 4.0 % 4.2 %
Terminal period growth rate Avg. 3.0 % 4.0 %
Discount rate Avg. 10.3% 13.8 %
Unit IT
Terminal period EBIT margin % Avg. 10.2 % 8,0%
Terminal period growth rate Avg. 2.0 % 2.0%
Discount rate Avg. 9.0 % 13.0 %
Management has determined the values assigned to each of the above key assumptions as follows:
Annual growth
This is the weighted average growth rate used to
extrapolate cash flows beyond the budget period.
The rates are consistent with forecasts included in
industry reports.
EBIT margin
This is weighted average EBIT margin defined as EBIT
divided by gross profit. Based on past performance
and management’s expectations.
Discount rate
The discount rate is a WACC that reflects the risk free
interest rate with the addition of a risk premium asso-
ciated with the particular cash generation unit.
During the impairment tests we have concluded
that there were no impairment losses for 2024/25
(2023/24: DKK 0 million).
A reasonable change in the applied key assumptions
on which the management has based its estimation
of the recoverable amounts would not cause the
carrying amounts to exceed the recoverable amount
of the goodwill.
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USTC
ANNUAL REPORT
2024/25
7 PROPERTY, PLANT AND EQUIPMENT 30 APRIL
DKK ‘000
Land and
buildings
Ships and
equipment
Fixtures and
fittings, tools
and equipment
Leasehold
improvements
Prepayment
for fixed assets
Plant and
machinery Total
2024/25
Cost at 1 May 43 0,4 05 1,874,78 4 371,346 75,74 9 960 568,577 3,321,821
Exchange rate adjustment (8,318) (94,243) (16,422) (4,398) (5 4) (26,089) (149,524)
Transfers 0 38,7 9 2 (165,93 0) 1,398 0 124,423 (1,317)
Additions 21,524 1 15,594 5 9,278 13,113 1,6 0 8 83,478 29 4,5 95
Disposals 0 ( 1 0 7,1 5 4) (11,896) (10,0 41) 0 ( 6 7,3 1 0) (196,401)
Cost at 30 April 443,611 1 ,8 2 7,7 7 3 236,376 75,821 2,514 683,079 3,269,174
Depreciation and impairment at 1 May 96,0 6 0 790,8 37 23 0,8 8 4 40,097 515 108,0 2 2 1,266,415
Exchange rate adjustment 589 (4 0,25 5) (6,318) (1,9 42) (29) (15,6 6 8) (6 3,623)
Transfers 0 30,418 (111,514) 781 0 80,315 0
Depreciation 11,879 13 6,612 16,621 10,31 1 295 82,950 25 8,668
Reversed depreciation and impairments of disposals 0 ( 1 0 7,1 5 4) (11,163) (5,466) 0 (5 3,914) ( 1 7 7, 6 9 7 )
Impairment losses 2,247 30,000 11,023 0 0 2,306 45,576
Depreciation and impairments at 30 April 110,77 5 840,458 129,5 3 3 4 3,78 1 781 204,011 1,329,339
Carrying amount at 30 April 332,8 36 987,315 106,84 3 32,040 1,73 3 479,068 1,939,835
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USTC
ANNUAL REPORT
2024/25
PROPERTY, PLANT AND EQUIPMENT CONTINUED
DKK ‘000
Land and
buildings
Ships and
equipment
Fixtures and
fittings, tools
and equipment
Leasehold
improvements
Prepayment
for fixed assets
Plant and
machinery Total
2023/24
Cost at 1 May 474,080 1,914,80 6 2 5 3,679 71,76 1 509 44 0,870 3,155,705
Exchange rate adjustment 6,066 43,922 1,6 96 (40 4) 13 893 52,186
Transfers 8,11 3 0 (2,0 26) 0 0 (4,24 9) 1,8 38
Additions 34,8 46 333,774 9 7,8 4 7 28,32 0 438 165,169 660,394
Acquired in business combinations 0 0 4 0,122 0 0 0 40,122
Disposals (92,70 0) (4 1 7,7 1 8) (19,972) (23,928) 0 (3 4,1 0 6) (58 8,424)
Cost at 30 April 4 30,405 1,8 74,78 4 371,346 7 5,749 960 56 8,577 3,321,821
Depreciation and impairment at 1 May 9 0,426 96 9,4 5 4 18 8,289 34,563 502 5 7, 1 7 8 1,3 4 0,412
Exchange rate adjustment 702 36,979 5,58 5 415 13 256 43,950
Depreciation 13,69 9 1 25,4 6 2 39,222 9,26 4 0 60,38 4 248,031
Reversed depreciation and impairments of disposals (79,405) (341,05 8) (2,592) (4,14 5) 0 ( 1 7, 5 6 8) (444,768)
Impairment losses 70,6 3 8 0 380 0 0 7,7 7 2 7 8,79 0
Depreciation and impairments at 30 April 96,060 790,837 2 30,884 40,097 515 108,022 1,266,415
Carrying amount at 30 April 334,345 1,0 83,947 14 0,4 62 3 5,6 51 445 460,556 2,055,406
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USTC
ANNUAL REPORT
2024/25
8 RIGHT OF USE ASSETS 30 APRIL
The balance sheets show the following amounts relating to leases:
DKK ‘000
2024/25 2023/24
Land and buildings 66 3,673 541,941
Fixtures and fittings, tools and equipment 2,088,559 1,197,135
Right-of-use assets at 30 April 2,752,232 1,7 3 9,076
Depreciation charge of right-of-use assets
Land and buildings 189,590 1 5 7,6 7 1
Fixtures and fittings, tools and equipment 755,855 564,569
Total 945,445 722,240
Interest expense (included in finance costs) 1 1 5,747 7 3,72 1
Expenses relating to short-term leases 1,208,555 634,405
Expenses relating to low-value assets 250 0
Additions to right-of-use assets 2,013,947 1,063,675
Total cash outflow for leases 2,201,107 1,081,880
Future cashflow from committed leases with commencement
dates in the following year 0 15,0 96
USTC operates as lessor, primarily related to time charter contracts.
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments
to be received after the reporting date:
DKK ‘000 2024/25 2023/24
Operating leases
Less than one year 126,665 9 7,6 6 7
One to two years 11 8,6 94 24,112
Two to three years 4 4,195 16,335
Total undiscounted lease receivables 28 9,5 54 138,114
The following table sets out lease liabilities split into current and non-current liabilities:
DKK ‘000 2024/25 2023/24
Non-current lease liabilities 1 ,7 8 7, 3 4 1 1,119,230
Current liabilities 1,060,957 6 8 7, 0 8 6
Lease liabilities at 30 April 2,848,298 1,806,316
For the maturity analysis of lease payments please refer to note 14.
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USTC
ANNUAL REPORT
2024/25
9 INVESTMENTS IN ASSOCIATES 30 APRIL
The Group owns interest in a number of associates which are not individually considered material from the
Group.
DKK ‘000 2024/25 2023/24
Cost at 1 May 16 3,318 1 0 2,70 0
Exchange adjustments (2,862) 1,447
Additions for the year 0 5 9,171
Cost at 30 April 16 0,4 56 163,318
Value adjustments at 1 May 101,469 76,7 5 1
Exchange rate adjustment (12,8 82) 3,74 8
Share of profit for the year 3 3,15 8 2 0,970
Dividends (19,261) 0
Value adjustments at 30 April 102,484 101,469
Carrying amount at 30 April 262,940 2 6 4,78 7
10 DISCONTINUED OPERATIONS 30 APRIL
Bunker Holding Group had discontinued operations in the financial year 2024/25 which comprise the results
of GRM Commodities A/S as well as additional depreciations related to PSTV Cargo, which was reported as a
discontinued operation in the prior year.
GRM Commodities A/S was engaged in commodity trading and was not considered to be within the strategic
direction of Bunker Holding Group. As a result, the operations were closed, and the company was merged into
A/S Global Risk Management Ltd. Holding on 28 April 2025. GRM Commodities A/S was subsequently dissolved
following the merger.
The additional depreciation related to PSTV Cargo reflects an updated assessment of the recoverable amount of
assets held in connection with the discontinued Cargo business in East and West Africa, which was previously
conducted by PSTV Energy DMCC and ceased operations during the financial year 2023/24.
Financial information relating to the discontinued operations for the period is set out below.
DKK ‘000 2024/25 2023/24
Income statement
Revenue 98,6 42 3,8 5 4,531
Expenses (4 9 0,4 6 9) (5,111,416)
Earnings before tax (391,827) (1,256,8 85)
Income tax 11,187 1,903
Earnings from discontinued operation (380,640) (1,254,982)
Statement of comprehensive income
Fair value adjustment of derivative financial instruments 0 9,651
Total comprehensive income 0 9,651
Cash flow statement
Cash flows from operation activities (21,146) 1,580,18 3
Cash flows from financing activities 20,427 (1,375,445)
Net cash flow from discontinued operations (719) 2 0 4,73 8
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USTC
ANNUAL REPORT
2024/25
11 INVENTORIES 30 APRIL
DKK ‘000 2024/25 2023/24
Bunkers 6 30,570 1,045,90 5
Wood pellets and biofuel 585,617 6 7 7, 8 9 8
Other 141 115
Total inventory 1,216,328 1,72 3,91 8
Write-downs of inventory to net realisable value have been recognised as an expense
during the year and included in direct expenses in the statement profit or loss.
A selection of agricultural biomass products from the showroom at CM Biomass headquarters in Copenhagen, Denmark
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USTC
ANNUAL REPORT
2024/25
12 DERIVATIVES 30 APRIL
Derivatives are used only for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedging
criteria, they are classified as ‘held for trading’ for accounting purposes below. The Group has the following derivative financial instruments:
2024/25 2023/24
DKK ‘000 Assets Liabilities Assets Liabilities
Commodity swaps 3,14 4,819 (2,41 2,300) 2,108,2 71 (2,135,576)
Commodity futures 1,242,333 (1,7 0 8,1 9 9) 7 0 7,0 1 0 (5 41,4 9 8)
Commodity options 7, 2 8 4 (6,418) 21,238 (2 2,1 8 4)
Interest rate hedge 0 0 0 (982)
Forward foreign exchange contracts 3,56 8 ( 9 7,7 1 7 ) 1,73 9 (10,6 8 2)
Settled financial instruments 71,381 ( 1 7,4 9 6 ) 60,805 (53,025)
Portfolio adjustment 0 0 ( 1 7,7 7 9 ) 0
Gross balance 4,469,385 (4,24 2,130) 2,881,284 (2,7 6 3,9 47)
Balances qualifying for offsetting
Commodity swaps, -futures
and -options (2,996,801) 2,996,806 (1,848,576) 1,84 8,579
Net balance 1,472,584 (1,245,324) 1,0 32,70 8 (915,368)
Margin deposits (379,29 0) 8 3 4,918 (226,659) 1 6 7,9 7 6
Amounts presented in the balance sheet 1,093,294 (410,40 6) 806,0 49 ( 7 4 7, 3 9 2)
Amounts with right of set-off (158,6 51) 15 8,6 51 ( 8 7,2 2 0) 1 0 7, 1 7 8
Balance amounts covered by guarantees 0 0 (12,6 51) 0
Net exposure 934,6 4 3 (2 5 1,75 5) 706,178 (6 4 0,214)
The Group has a master netting agreement with some customers and
obtains and provides collateral in excess of agreed credit limits. In the
balance sheet, derivative assets and liabilites and related collateral with the
same counterparty are presented net to the extent that the amounts will
be settled net.
Offsetting is typically limited within specific products. According to IFRS,
financial assets and liabilities are presented net, if there is both a legal right
and intention to settle amounts with a counterparty net or simultaneously.
Derivatives are classified as held for trading and accounted for at fair value
through profit or loss unless they are designated as hedges. They are
presented as current assets or liabilities if they are expected to be settled
within 12 months after the end of the reporting period.
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USTC
ANNUAL REPORT
2024/25
13 FAIR VALUE 30 APRIL
DKK ‘000 Level 1 Level 2 Level 3 Total
2024/25
Financial assets
Derivatives 1,3 1 3,72 1 3,155,664 0 4,469,385
Securities 0 0 6,3 9 4 6,394
Total 1,313,721 3,155,664 6,394 4,475,779
Financial liabilities
Derivatives (1,8 2 3,412) (2,418,718) 0 (4,242,1 3 0)
Total (1,823,412) (2,418,718) 0 (4,242,13 0)
2023/24
Financial assets
Derivatives 775,6 86 2,11 2,437 0 2,888,123
Securities 0 0 6,74 8 6,74 8
Total 775,6 86 2,112,437 6,74 8 2,894,871
Financial liabilities
Derivatives (619,658) (2,14 3,71 1) 0 (2,763,369)
Contingent consideration
from acquisitions 0 0 (7,000) (7,000)
Total (619,658) (2,1 4 3,71 1) (7,000) (2,770,3 6 9)
Fair value hierarchy – Financial instruments
measured at fair value
Financial instruments measured at fair value comprise
only derivatives and can be divided into three levels:
There were no transfers between levels 1 and 2 for recur-
ring fair value measurements during the year. Neither
were there any transfers into or out of level 3.
The Group’s policy is to recognise transfers into and out
of fair value hierarchy levels as at the end of the reporting
period.
Level 1
Quoted prices (unadjusted) in active markets for identical
assets or liabilities;
Level 2
Inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices). To
a large extent level 2 is based on observable quoted
prices, however, in some instances forward prices are
not observable. In these situations we use the most
liquid forward curves and derive a spread to the specific
location. For options theoretical pricing models with
implied volatilities are used to calculate market prices.
These valuation techniques maximise the use of
observable market data where it is avaliable and rely
as little as possible on entity specific estimates. If all
significant inputs required to calculate the fair value of an
instrument are observable, the instrument is included in
Level 2;
Level 3
Inputs for the asset or liability that are not based on
observable market data. Fair value of listed securities falls
within level 1 of the fair value hierarchy. Non-listed shares
and other securities fall within level 3 of the fair value
hierarchy.
Fair value of derivatives falls mainly within level 2 of the
fair value hierarchy and is calculated on the basis of
observable market data as of the end of the reporting
period. A minor amount of crude oil price derivatives fall
within level 1 of the fair value hierarchy.
Fair value of level 3 assets and liabilities is primarily based
on the present value of expected future cash flows. A
reasonably possible change in the discount rate is not es-
timated to affect the Group’s profit or equity significantly.
Valuation techniques used to determine fair
values
Specific valuation techniques used to value financial
instruments include:
• for commodity futures – the use of quoted market
prices or dealer quotes for similar instruments
• for interest rate swaps – the present value of the
estimated future cash flows based on observable yield
curves
• for foreign commodity swaps and forward exchange
contracts – the present value of future cash flows based
on the forward exchange rates at the balance sheet
date
• for commodity options – option pricing models (e.g.
Black-Scholes model), and
• for other financial instruments – discounted cash flow
analysis.
All of the resulting fair value estimates are included in
level 2, except for certain derivative contracts, where
the fair values have been determined based on present
values and the discount rate used were adjusted for
counterparty or own credit risk.
The Group obtains independent valuations for its invest-
ments properties at least annually. At each reporting
period, the directors update their assessment of the fair
value of each property, taking into account the most
recent independent valuations, and determines the fair
value within a range of reasonable estimates.
The best evidence of fair value is current prices in an ac-
tive market for similar properties. Where such information
is not available the directors consider information from a
variety of sources including:
• current prices in an active market for properties of a
different nature or recent prices of similar properties
in less active markets, adjusted to reflect those
differences.
• discounted cash flow projections based on reliable
estimates of future cash flows
• capitalised income projections based on a property's
estimated net market income, and a capitalisation rate
derived from an analysis of market evidence.
All resulting fair value estimates for properties are
included in level 3.
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43
USTC
ANNUAL REPORT
2024/25
14 FINANCIAL INSTRUMENTS BY CATEGORY 1 MAY 30 APRIL
Categories of financial assets and liabilities as defined
in IFRS 9. The classification depends on the purpose
for which the investments were made.
Management determines the classification of its
investments on initial recognition and revaluates this
at the end of every reporting period to the extent that
such a classification is permitted and required.
Financial instruments carried at fair value
The Group has entered into financial bunker sale
agreements with customers with the bunker price
in places where the price is not observable as the
underlying. Fair value is determined as the present
value of the difference between the price fixed in the
agreement and the forward price for the same quality
of bunker in a liquid place (Rotterdam, Singapore)
with the addition of an estimated spread between the
liquid place and the place of delivery under the con-
tract for the same quality of bunker and an estimated
margin. The spread is determined on the basis of an
analysis of the historical difference between the actual
price in the liquid place and available price observa-
tions for the place of delivery. The margin is estimated
to be equal to the margin on inception of the contract
over the term of the agreement. Refer to note 12 for
further information.
Financial instruments carried at
amortised cost
Fair value of the short term financial assets and other
financial liabilities carried at amortised cost is not
materially different from the carrying amount.
In general, fair value is determined primarily based
on the present value of expected future cash flows,
discounted with an interest rate reflecting their credit
rating of the company. Where a market price was
available, however, this was deemed to be the fair
value.
Fair value of borrowing items fall within level 2 of the
fair value hierarchy and is calculated on the basis of
discounted future cash flows. The carrying amount of
financial liabilities measured at amortised cost is not
considered to differ significantly from fair value.
DKK ‘000
Fair value through
profit or loss
Amortised
cost Total
2024/25
Financial assets
Trade and other receivables 0 8,4 5 5,0 36 8,455,0 3 6
Derivative financial instruments 1,093,294 0 1,093,294
Securities 6,39 4 0 6,394
Cash and cash equivalents 0 972,240 972,240
Total financial assets 1,099,688 9,427,276 10,526,96 4
Financial liabilities
Trade and other payables 0 7,222,775 7,222,775
Borrowings 0 2,866,075 2,8 66,075
Lease liabilities 0 2,8 48,298 2,8 4 8,2 98
Derivative financial instruments 410,40 6 0 410,40 6
Total financial liabilities 410,406 1 2 , 9 3 7,1 4 8 13,347,554
Total (2,820,590)
DKK ‘000
Fair value through
profit or loss
Amortised
cost Total
2023/24
Financial assets
Trade and other receivables 0 11,352,509 1 1,352,509
Derivative financial instruments 806,049 0 806,049
Securities 6,74 8 0 6,74 8
Cash and cash equivalents 0 1,393,118 1,39 3,118
Total financial assets 81 2,79 7 1 2,745,6 2 7 13,558,424
Financial liabilities
Trade and other payables 0 8,5 1 7,0 8 3 8 , 5 1 7, 0 8 3
Borrowings 0 4,090,3 2 0 4,0 9 0,320
Lease liabilities 0 1,806,316 1,806,316
Derivative financial instruments 74 7, 3 9 2 0 7 4 7,3 9 2
Total financial liabilities 74 7, 3 9 2 14,413,719 15,161,111
Total (1,6 02,6 87)
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44
USTC
ANNUAL REPORT
2024/25
15 FINANCIAL RISKS 30 APRIL
The Group is exposed to a variety of financial risks including market risks such as currency risks, interest rate risks
and commodity price risks. The Group is also exposed to credit risks and liquidity risks.
Market risk is the risk of losses on financial positions arising from movements in market prices to which the
Group is exposed through financial instruments. Market risks are regularly assessed and prioritised based on
how likely they are to occur and their potential impact. The Group’s risk management programme seeks to
minimise the potential adverse effects on the Group’s financial performance. The Group uses derivative financial
instruments to hedge certain risk exposures.
Risk management is carried out by a central department in the individual business units under policies approved
by the individual Board of Directors.
The below sensitivity analyses relate to the position of financial instruments at 30 April.
Currency risk
The functional currency of two of the largest entities in the Group, Bunker Holding and Uni-Tankers is USD and
thus most amounts are recorded in USD but reported in DKK as DKK is the reporting currency.
However, payments of local costs such as office expenses, local taxes, local employee compensation and GST/VAT
payments may be denominated in local currency. In some limited locations, suppliers are paid in local currency.
The largest gross exposures are to the Singapore Dollar, the United Arab Emirates dirham and Mauritian Rupee.
However, the risk management policy requires the use of hedging strategies to mitigate the impact of foreign
currency exchange risk. Therefore, the net exposure to foreign currency exchange risk is insignificant.
CM Biomass, whose functional currency is EUR, enters into sales as well as purchase transactions in foreign
currencies. The main currency to which CM Biomass is exposed is USD.
As of 30 April 2025 a 10% increase in the USD rate would have decreased profit for the year before by DKK 1.6
million (2023/24: DKK 4.5 million) and to affect the Group’s equity, excluding tax, negatively by DKK 2.3 million
(2023/24: DKK 37.2 million). The sensitivities are based only on the impact of financial instruments that are
outstanding at the balance sheet date and are thus not an expression of the Group’s total currency risk.
Other Group entities primarily have transactions in DKK or EUR which is also their functional currency. Therefore,
the net exposure to foreign currency exchange risk is insignificant for these entities.
Interest rate risk
The Group has most of its debt denominated in USD. Borrowings issued at variable interest rates expose the Group
to interest rate risk. The Group’s policy is to have its borrowings mainly in floating rate instruments, as the borrowings
are mainly financing short term assets.
A general increase in interest rates by one percentage point is estimated all other things being equal, to have a
negative impact on profit before tax and equity, excluding tax by DKK 44.9 million (2023/24: negatively by DKK 52.8
million), as a result of higher interest cost on borrowings.
The pricing model of the Group allows to a large extent the pass-through of interest costs to customers. Hence, from
an operational point of view the Group is not as exposed as the analysis indicates. As such the analysis is not repre-
sentative for the Group.
Net interest-bearing debt
DKK ‘000 2024/25 2023/24
Non-current liabilities
Borrowing 1,2 10,014 2,416,287
Leasing liabilities 1,7 8 7,3 4 1 1,119,230
Current liabilities
Borrowings 1,656,061 1,674,03 3
Leasing liabilities 1,0 6 0,957 6 8 7,0 8 6
Interest-bearing debt 5,7 1 4,3 7 3 5,8 96,6 36
Cash and cash equivalents 972,240 1,39 3,118
Interest-bearing assets 972,240 1,393,118
Net interest-bearing debt 4,742,13 3 4,503,518
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Oil price risk
The majority of the Group’s trading activities is back-to-back trading of bunker products
with delivery on short notice (so called spot trading), where sale and purchases are made
simultaneously. This eliminates the oil price risk as there are no open positions in such
transaction.
The same is the case when the Group enters into fixed price agreements with customers for
delivery of bunker products on future dates. Here the oil price exposure of such contracts
is hedged to mitigate any oil price risk arising. In cases where bunkers are sold on term
contracts at fixed prices and a counter party fails to fulfil its contractual obligations of lifting
product this may lead to uncertainty with regards the net realisable value of the inventory.
To mitigate for this; term commitments are assessed by Group Credit in a M2M credit
framework.
When it comes to physical activities the Group possesses stocks of oil as the bunker products
are bought in larger quantities and stored for blending and resale. The oil price risk arising
from these oil price stocks is mitigated by entering into hedge agreements and only a
small risk is allowed for each company involved in physical activities – this risk is allowed for
operational reasons.
The overall risk limit set in the policy is defined by a maximum net open (unhedged) position
for the Group and for the individual companies involved in physical exposure having a limit
for open oil price risk. The sensitivity of the consolidated net open position is calculated
every day on a 1 day Value at-Risk basis, based on a confidence level of 95% and 500 days of
historical observations. Measured on these terms Value-at-Risk was respectively DKK 10.5
million and DKK 10.4 million for 2024/25 and 2023/24.
The Group is exposed to oil price risk arising from future purchases and sales of bunkers and
from bunker inventories. The Group regularly enters into financial derivatives to hedge this
risk. The risk is measured as the net open position until December 2026.
The Group designates the spot component of oil futures and swaps as the hedging
instrument. The changes in the forward element that relate to the hedged item (‘aligned
forward element’) are deferred in the costs of hedging reserve and recognised against the
related hedged transaction when it occurs. The forward element relates to the respective
hedged item if the critical terms of the forward or swap are aligned with the hedged item.
Any residual time value and forward points (the non-aligned portion) are recognised in the
statement of profit or loss. During the years ending 30 April 2025 and 2024, the company
did not have any hedging instruments with terms which were not aligned with those of the
hedged items.
The spot component of forward contracts is determined with reference to relevant spot
market prices. The differential between the contracted forward rate and the spot market
exchange rate is defined as the forward point.
The effects of applying hedge accounting on the Group's financial position and performance
are as follows:
FINANCIAL RISKS CONTINUED
Oil Futures and swaps hedging future sales of oil
2024/25 2023/24
Notional amount (MT) 91,520 8 6,573
Carrying amount, assets (DKK'000) 525 6,005
Carrying amount, liabilities (DKK'000) 10,625 3,18 0
Maturity dates May’25-D e c’26 May'24-Ju ly'25
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May
(DKK'000) (10,09 3) 4,175
Change in value of hedged item used to determine hedge effectiveness (DKK'000) (10,0 9 3) 5,4 42
Weighted average hedge price per metric tonne included forward points (USD) 563 623
The carrying amount of DKK (10.1) million (2023/24: DKK 4.2) has been netted with carrying amount of the oil futures and swap hedging
futures purchased of oil. Net carrying amount is DKK (36.2) million (2023/24: DKK 7.3 million).
DKK ‘000 2024/25 2023/24
Incurred losses (25,92 0) (72,221)
Movement in expected credit losses 6 8,190 8,146
Reversal of previous incurred losses 1 1,7 72 9,2 2 8
Loss recognised in the income statement 54,042 (54,847)
During the year, the following movement in provision were recognised in balance in relation to impaired receivables:
DKK ‘000 2024/25 2023/24
Opening loss allowance 1 May (130,492) (1 3 5,76 0)
Movement in provision for impairment 68,190 8,146
Exchange rate adjustment 2,927 (2,878)
Carrying amount at 30 April (59,375) (130,492)
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount directly. The other receiva-
bles are assessed collectively to determine whether there has been a significant increase in the credit risk since their initial recognition.
For these receivables the estimated impairment losses are recognised in a separate provision for impairment.
Receivables for which an impairment provision was recognised are written off against the provision when there is no expectation of
recovering additional cash.
Impairment losses are recognised in profit or loss within other expenses. Subsequent recoveries of amounts previously written off are
likewise credited within other expenses.
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FINANCIAL RISKS CONTINUED
Cost of hedging reserve
DKK ‘000 2024/25 2023/24
Cash flow hedging reserve
Fair value 1 May (4,2 0 3) 6,937
Fair value changes deferred for the year (8,158) 22,582
Reclassified to sales (3,2 3 4) (35,8 32)
Reclassified to costs of goods sold (2,209) 2,052
Exchange rate adjustment 951 58
Fair Value 30 april (16,853) (4,2 0 3)
Cost of hedging reserve
Fair value 1 May (6,750) 333
Fair value changes deferred for the year 23,1 2 9 8,7 74
Reclassified to costs of goods sold (14,50 8) (15,79 1)
Exchange rate adjustment (66) (66)
Fair value 30 April 1,805 (6,75 0)
Total of hedging reserve
Fair value 1 May (10,95 3) 7, 2 7 1
Fair value changes deferred for the year 14,972 31,355
Reclassified to sales (3,2 3 4) (35,8 32)
Reclassified to costs of goods sold (1 6,7 17) (13,739)
Exchange rate adjustment 884 (8)
Fair value 30 April (15,04 8) (10,95 3)
From the offices at Dan-Bunkering in Copenhagen, Denmark
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FINANCIAL RISKS CONTINUED
Liquidity risk
Funding and adequate liquidity are fundamental factors in driving an expanding business,
and management of both is an integrated part of the Group's continuous budget and
forecasting process.
To ensure focus on managing the risks related to funding and liquidity, the Group's
Finance department manages and monitors funding and liquidity for the entire Group
and ensures sufficient cash and bank credit facility reserves to enable the Group to meet
the operating liquidity needs, having an adequate amount of committed credit facilities
and monitoring forecast and actual cash flow by matching the maturity profiles.
The borrowings are based on loan facilities committed by the banks for a 4-year period
ending April 2028. The financing is granted as overdraft facilities without an agreed repay-
ment profile.
The Group’s borrowings are subject to standard clauses, according
to which the Group’s
debt must be repaid in case of a change of control. The credit facilities with banks are
furthermore subject to a few covenants focusing on the Group’s ability to generate
sufficient cash flow and meet its obligations. The covenants have not been breached in
2024/25, and neither were they breached in 2023/24.
It is crucial for the Group to maintain a financial reserve to cover the Group’s obligations
and investment opportunities and to provide the capital necessary to offset changes in
the Group’s liquidity due to changes in the cash flow from operating activities. At 30 April
2025 the Group had total unutilised credit facilities of DKK 4,748 million (2023/24: DKK
3,807 million). Besides the unutilised credit facilities the Group has factoring lines and
inventory financing facilities of DKK 5,467 million. (2023/24: DKK 5,233 million).
Maturities of liabilities and commitments
The tables to the right detail the Group’s remaining contractual maturity for its financial
liabilities with agreed repayment periods. The tables have been drawn up based on the
undiscounted cash flows of financial liabilities based on the earliest date on which the
Group can be required to pay.
Oil Futures and swaps hedging future Purchases of oil
2024/25 2023/24
Notional amount (MT) 210,0 3 8 102,095
Carrying amount, assets (DKK'000) 400 7,7 0 3
Carrying amount, liabilities (DKK'000) (2 3,6 5 8) (4,86 4)
Maturity dates - -
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May
(DKK'000) (26,080) 3,0 97
Change in value of hedged item used to determine hedge effectiveness (DKK'000) (26,080) 3,097
Weighted average hedge price per metric tonne included forward points (USD) 556 643
The carrying amount of DKK (26.1) million (2023/24: DKK 3.1 million) has been netted with carrying amount of the oil futures and swap
hedging futures sales of oil. Net carrying amount is DKK (36.2) million (2023/24: DKK 7.3 million).
Oil Futures and swaps hedging inventory
2024/25 2023/24
Notional amount (MT) (144,240) (148,833)
Carrying amount, assets (DKK'000) 25,391 508
Carrying amount, liabilities (DKK'000) (11,563) (2 9,9 5 0)
Maturity dates May’25-D e c’26 May'24-N ov'24
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May
(DKK'000) 13,827 (29,4 42)
Change in value of hedged item used to determine hedge effectiveness (DKK'000) 13,827 (29,4 42)
Weighted average hedge price per metric tonne included forward points (USD) 689 624
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FINANCIAL RISKS CONTINUED
Credit risk
The Group is exposed to credit risk relating to its
customers, and all customers and other business
partners are credit rated regularly in accordance
with the Group’s policy for assuming credit risks.
Thorough internal procedures are in place to minimise
the credit risks and the international conventions for
obtaining maritime lien for bunker deliveries mitigate
the negative impact from defaulting payers. In
addition, the Group insures the credit risk on certain
receivables where considered adequate due to the
credit worthiness of the counter party or the size of
the credit exposure.
The Group’s cash at bank and in hand is deposited
with banks that meet the appropriate credit criteria. In
terms of credit rank banks must be at an acceptable
level. Risk Management services are offered to our
customers. These services include derivatives on
fixed price contracts to customers which have been
approved in line with the Group's credit policy.
The Group has established receivable sale programs
that enable us to sell certain qualifying receivables
to third parties. We have assessed the criteria for risk
transfer and the control of receivables subsequent to
their sale. Based on this assessment, sold receivables
are excluded from trade receivables, except for any
amounts representing our continuing involvement.
One of the programs involves the sale of receivables to
a third-party special purpose vehicle (SPV) established
to acquire receivables from the Group. An assessment
was conducted to determine whether Bunker Holding
controls the SPV, with the conclusion being that it
does not. This conclusion is based on several factors,
including that the Group only manages the debt
collection process until any potential event of default,
after which other parties in the structure will take over.
DKK ‘000 Carrying amount 0-1 year 1-5 year after 5 years Total
2024/25
Borrowings 2,866,075 1,62 3,5 6 4 1 ,1 0 7,4 9 7 188,278 2,919,3 39
Lease liabilities 2,84 8,2 98 1,169,686 1,752,175 201,362 3,123,2 23
Payables to related parties 6 5,5 26 65,526 0 0 6 5,5 26
Trade payables 6,032,569 6,032,569 0 0 6,0 32,569
Debt to non-controlling interests 609,224 481,555 131,031 0 612,586
Put-option liability 552,500 502,500 50,000 0 552,5 0 0
Other payables 1,10 8,4 0 4 1,09 4,5 8 2 13,822 0 1,10 8,4 0 4
Derivatives 410,40 6 410,406 0 0 410,40 6
Financial instruments 14,493,002 11,380,388 3,054,525 389,6 4 0 14,824,553
2023/24
Borrowings 4,09 0,320 1,77 9,4 0 6 2,120,620 3 4 3,612 4,243,6 3 8
Lease liabilities 1,806,316 710,573 1,061,982 186,3 95 1,958,95 0
Payables to related parties 222,537 6,74 3 25 3,6 32 0 26 0,375
Trade payables 7,5 9 7, 2 8 1 7,5 9 7, 2 8 1 0 0 7,5 9 7, 2 8 1
Debt to non-controlling interests 222,537 0 222,537 0 222,537
Put-option liability 1,011,200 264,000 7 4 7, 2 0 0 0 1,011,200
Other payables 90 9,814 9 0 7,0 5 6 9,988 0 9 1 7,0 4 4
Derivatives 74 7,3 9 2 7 4 7,3 9 2 0 0 7 4 7, 3 9 2
Financial instruments 16,607,397 12,012,451 4,415,959 530,007 16,958,417
During the year, the following gains/(losses) were recognised in profit or loss in relation to
impaired receivables.
DKK ‘000
Trade
receivables
Provision for
impairment
Net trade
receivables
2024/25
Receivables not due 6,073,169 0.3% (15,462) 6,0 5 7,7 0 7
Less than 90 days overdue 1,29 4,4 5 9 1.0 % (12,488) 1,281,971
More than 90 days overdue 25 5,061 1 2.3 % (31,426) 223,6 3 5
Carrying amount 7,622,689 0.8 % (59,376) 7,5 6 3, 3 1 3
2023/24
Receivables not due 8,92 1,252 0.5% (46,9 0 3) 8,874,34 9
Less than 90 days overdue 1,442,9 28 0.9 % (13,474) 1,429,45 4
More than 90 days overdue 26 8,216 26.1 % (70,115) 198,101
Carrying amount 10,6 32,396 1.2% (13 0,4 92) 10,501,904
The ageing of receivables is as follows:
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16 SHARE CAPITAL
At year end the share capital consists of 1 share with a par value of DKK 4.9 million. The share capital is
unchanged relatively to 30 April 2025.
The Board of Directors proposes a dividend to the shareholder of DKK 0 per share – a total of DKK 0.
In 2024/25 an extraordinary dividend of DKK 0 million was paid (2023/24 DKK 600 million).
17 PUTOPTION LIABILITY RELATED TO
NONCONTROLLING INTERESTS
Non-controlling interests
The Group has as part of the acquisition of subsidiaries entered into agreements in which the sellers continue
to hold a non-controlling interest and hold a right to sell these non-controlling shares to the Group at a future
point in time. If the non-controlling interest continues to be exposed to risks and rewards, a non-controlling
interest is recognised and a put option liability measured at the present value of the expected purchase price
under the option agreement.
As part of the acquisition of FREJA in December 2020, the seller of FREJA and key Management of FREJA
became minority shareholder in the entity holding the combined logistics services activities. They hold an
option to sell their remaining shares to the Group as of 2025, and the Group holds an option to acquire the
shares on similar terms. The transaction price will be based on a pre-agreed earnings multiple. The carrying
amount of the liability is DKK 300 million as of 30 April 2025 (30 April 2024: DKK 502 million).
As part of the acquisition of CM Biomass in August 2021, the former majority shareholder and Key Management
of CM Biomass became minority owners of the holding company investing in CM Biomass. They hold an option
to sell their remaining shares to the Group as of 2025, and the Group holds an option to acquire the shares on
similar terms. The transaction price will be based on a pre-agreed earnings multiple. The carrying amount of
the liability is DKK 252.5 million as of 30 April 2025 (30 April 2024: DKK 509.2 million).
On 30 September 2024 the Group acquired an additional 22.1% of CM Biomass, increasing its ownership to 89%.
Cash consideration of DKK 507.3 million was paid to the non-controlling shareholders. The carrying value of the
net assets of CM Biomass (excluding goodwill on the original acquisition) was DKK 278 million.
On 3 December 2024 the Group acquired an additional 10.8% of FREJA, increasing its ownership to 85.5%. Cash
consideration of DKK 291.5 million was paid to the non-controlling shareholders. The carrying value of the net
assets of FREJA (excluding goodwill on the original acquisition) was DKK 138 million.
The transactions with non-controlling shareholders have affected the equity attributable to owners negatively
with DKK 382.8 million in 2024/25.
Changes in the carrying amount of the put option liability are recognised in equity unless risks and rewards
have transferred to the parent.
18 CONTINGENT ASSETS, LIABILITIES
AND ASSETS PLEDGED AS SECURITY
30 APRIL
Assets pledged as security
DKK ‘000 2024/25 2023/24
Security
As security for long-term debt, letters of indemnity have been provid-
ed in ships and equipment 441,4 97 59 3,10 0
At the balance sheet date, the carrying amount of the assets provided
as security was 919,70 5 9 8 9,16 5
As security for bank facility, a suretyship has been granted on the
Group's ships 58,000 58,000
At the balance sheet date, the carrying amount of the assets provided
as security was 56,399 9 4,7 8 6
Carrying amount of land and buildings provided as security for debt
to mortgage credit institutes 98,6 8 8 103,301
Contingent liabilities
Deferred tax concerning shipowning company registered under the
Tonnage Tax Scheme 20,362 21,6 0 0
Events occurring after the reporting period
No events have occurred since the balance sheet date which could materially affect the Group’s financial
position.
Contingent liabilities and contingent assets
The Group's Danish companies are jointly and severally liable for the tax on the Group's jointly taxed income etc.
Total accrued corporation tax appears from the Annual Report of Selfinvest ApS which acts as management
company in the jointly taxed group. Moreover, the Group's Danish enterprises are jointly and severally liable for
Danish withholding tax. Any subsequent adjustments to the corporation tax or withholding tax may result in an
increase of the Company's liability.
As stated in the consolidated financial statements for 2023/24, the Group had to close its activities within the
Environmental Division as a consequence of the unfortunate and unexpected bankruptcy of Nordic Waste A/S.
The investigations of the bankruptcy estate are not completed at 30 April 2025. The bankruptcy estate has raised
claims of DKK 70 million at 30 April 2025, predominantly relating to dividend distributions in the period 2022-
2023 that in the opinion of the bankruptcy estate should not have been distributed. Group Management and its
legal advisors disagree with the claims raised, and consequently there are no acruals recognised at 30 April 2025.
Change of control
The bank borrowings are committed and unsecured (no pledge on assets) and is subject to change-of-control
clause.
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19 OTHER INFORMATION 1 MAY 30 APRIL
Related parties
Related parties are defined as parties with control or significant influence, including Group Companies.
The Company is included in the Consolidated Financial Statements of the immediate Parent Company, Selfinvest ApS.
Controlling interest is exercised through the Company's immediate Parent Company, Selfinvest ApS. The Company's
ultimate Parent Company which prepares Consolidated Financial Statements is SelfGenerations T ApS, in which
Torben Østergaard-Nielsen, CEO, exercises control. Other related parties comprise the Board of Directors and the
Executive Board.
Transactions with related parties
The following transactions occurred with related parties.
DKK ‘000 Key Management Parent company
Associated
companies
2024/25
Income statement
Revenue 0 4,452 149,813
Operation costs (1 8,617) 0 (9,56 2)
Other external expenses 0 (16,30 3) (9,2 24)
Financial, net 0 (2,19 6) 2,79 8
Assets
Trade receivables 0 611 315
Deposits 0 3,9 67 31,7 70
Liabilities
Trade payables 0 940 6,0 4 4
Deposits 0 47,590 0
Dividend paid 0 0 0
DKK ‘000 Key Management Parent company
Associated
companies
2023/24
Income statement
Revenue 0 2,425 47, 2 8 8
Operation costs (9,815) 0 (14,3 86)
Other external expenses 0 (2 6,01 3) (5,955)
Financial, net 0 376 223
Assets
Trade receivables 0 452 7, 2 2 3
Derivatives 0 0 4 6,804
Liabilities
Trade payables 0 0 0
Deposits 0 2 26,034 0
Dividend paid 0 (600,000) 0
There have been no transactions with key management personnel in 2024/25 and 2023/24 other than ordinary
remunerations, as described in this note and the financial statements for the Parent Company.
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20 CHANGE IN LIABILITIES
ARISING FROM FINANCING ACTIVITIES
30 APRIL
DKK ‘000 Borrowings Lease liabilities Total
2024/25
Net debt as at 1 May 2024 4,09 0,321 1,806,316 5,896,6 37
Proceeds 535,5 44 0 5 3 5,5 4 4
Repayment (1,6 6 7,0 4 6) (9 0 9,25 4) (2,576,300)
Cash flows (1,131,5 02) (909,25 4) (2,040,756)
New leases 0 2,02 3,9 4 5 2,023,9 4 5
Foreign exchange adjustment (93,27 1) (9 3,5 56) (18 6,827)
Other 527 20,847 21,374
Non-cash flows (92,74 4) 1,951,236 1,858,492
Net debt as at 30 April 2025 2,866,075 2,848,298 5,7 14,3 7 3
2023/24
Net debt as at 1 May 2023 5,613,801 1,44 0,173 7, 0 5 3,9 7 4
Proceeds 4 1 7, 1 5 9 0 4 1 7,1 5 9
Repayment (371,39 4) (68 9,524) (1,060,918)
Changes in borrowings (1,68 0,420) 0 (1,68 0,420)
Cash flows (1,63 4,6 5 5) (689,5 24) (2,324,179)
New leases 0 1,075,958 1,075,958
Foreign exchange adjustment 8 4,7 01 15,982 100,683
Other 26,474 (36,273) (9,79 9)
Non-cash flows 111,175 1,055,667 1,166,842
Net debt as at 30 April 2024 4,09 0,321 1,806,316 5,896,637
Selected Car Group, the Group’s car activities
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In preparing the consolidated financial statements,
Management makes various significant accounting
estimates and judgements that affect the reported
amounts and disclosures in the statements and in the
notes to the financial statements.
These estimates are based on professional
judgement, historical data and other factors that
management considers appropriate under the
given circumstances, but which are inherently
uncertain or unpredictable. Such assumptions may
be incomplete or inaccurate, and unexpected events
or circumstances may occur. In addition, the Group is
subject to risks and uncertainties that may cause actual
outcomes to deviate from these estimates. Risk factors
specific to the Group are described in the management
commentary. Though by their nature, estimates
include a degree of uncertainty, and actual results may
therefore deviate from the estimates at the reporting
date. Estimates are continuously evaluated, and the
effects of any changes are recognised in the relevant
period. Management regards the following as the key
accounting estimates and judgements used in the
preparation of the consolidated financial statements:
Purchasing Price Allocation for acquisition of
businesses
For acquisitions of entities, the assets, liabilities and
contingent liabilities of the acquiree are recognised
using the acquisition method. The most significant
assets acquired generally comprise goodwill,
customer contracts, trademarks, other non-current
assets and receivables.
No active market exists for the majority of the
acquired assets and liabilities, in particular in
respect of acquired intangible assets. Accordingly,
Management makes estimates of the fair value of
acquired assets, liabilities and contingent liabilities.
Depending on the nature of the item, the determined
fair value of an item may be associated with
uncertainty and possibly adjusted subsequently.
Goodwill
The unallocated purchase price (positive amount) is
recognised in the statement of financial position as
goodwill, which is allocated to the Group’s cash-
generating units. Management determines the
acquired cash-generating units, the cash-generating
units that already existed in the Group and the
allocation of goodwill. The allocation of goodwill
is based on the expected future cash flows for the
business.
Management’s assessment of indication of
impairment is based on the cash-generating units
(CGUs). If there are indications that the carrying
amount of assets exceeds the value of future cash
flows from the assets (recoverable amount), an
impairment test must be carried out.
The impairment test is carried out within the Group's
CGUs. The impairment test is done by estimating
the recoverable amount at value in use calculated
as the present value of the total expected cash flows
within the CGU. If the value in use is lower than the
carrying amounts of the assets in the CGU, the assets
are written down by first reducing the value of any
goodwill allocated to the CGU and then pro rata
reducing the value of the other assets of the CGU on
the basis of the carrying amount of each asset. The
assets are not written down to a lower amount than
the individual assets net selling price.
The present value of expected future cash flows (value
in use) is based on budgets and business plans. Key
parameters are annual growth rate in the first five
years, EBIT-margin and growth expectations beyond
the next five years.
As the risk associated with cash flows is not included
in the expected cash flows for newly acquired entities,
the expected future cash flows are discounted using
a WACC rate, cf the description below. Management
believes that the purchase price accounted for in the
consolidated financial statements reflects the best
estimate of the total fair value of the business .
Determining whether goodwill is impaired requires
a comparison of the recoverable amount with
the carrying amount. The recoverable amount is
determined as the net present value of the future cash
flows expected to arise from the cash-generating unit
to which goodwill is allocated. The carrying amount
of goodwill as of 30 April 2025 amounts to DKK 1,676
million, and the assumptions applied for determining
the recoverable amount is disclosed in note 6.
Customer agreements and portfolios
In business combinations, the value of acquired
customer agreements and customer portfolios is
assessed based on the value of repeat customers who
buy our products. The current repeat customers have
substantial value due to future revenue via additional
purchases of products with a minimum sales
effort as a result of established relationships. These
relationships are defined as customer relationships.
The valuation method applied is based on a
capitalised value of future cash flows attributable to
the customers based upon expected future mortality
dispersion function and deducted with cost of goods
sold, related expenses, and corporate income taxes.
Brands
Acquired brands are initially recognised at their fair
value being the estimated value of the acquired
brands based on all future cash flows associated with
the brands using the relief from royalty method as
there for most acquired entities is a close relationship
between brands and sales. Brands with an indefinite
useful lives are subject to a yearly impairment test.
The classification of the useful life is based on an
assessment of the brand's name, overall position,
presence and reputation in the market, its degree of
exposure to changes in the economic environment
and stability of the industry. Based on these criteria's
management have assessed that the current brands
all have an indefinite useful life. The useful life of
assets with an indefinite life is assessed yearly.
Trade receivables
Trade receivables are measured at amortised cost
less write-down for estimated bad debt losses.
Impairment losses are based on an individual review
of the need for impairment based on customers’
creditworthiness and expected ability to pay,
customer insolvency or anticipated insolvency, and
past due amounts. Write downs are also considered
on a portfolio level. In assessing the adequacy of
write-downs for bad debt losses, Management
specifically analyses receivables, including doubtful
debts, concentrations of credit risk, credit ratings,
current economic conditions, and changes in
customers’ payment behaviour.
The specific amount provided for as bad debt is
estimated based on a specific assessment of the
customers. In this assessment professional judgment
such a possibility for taking collateral is taken into
consideration.
Fair value
The Group measures a number of financial
instruments at fair value, including all derivatives as
well as shares and bonds.
Estimates are made in connection with the
determination of the fair value of financial instruments
in the following areas:
Assessment of which market parameters
must be observed
Estimating of future cash flows and required rates of
return as regards unlisted shares. Furthermore, the
Group holds a portfolio of investments properties
which are also measured at fair value. As there
are normally no active market for investment
properties, the fair values are estimated based on
discounted cash flow models. These models are
based on assumption on future rents, vacancy levels,
operating and maintenance costs, yield requirements
and interest rates, and thus contain a number of
accounting estimates.
Leases
In accounting for lease contracts, various judgements
are applied in determining right-of-use assets and
lease liabilities.
The Group determines the lease term as the non-
cancellable term of the lease, together with any
periods covered by an option to extend the lease if it
is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is
reasonable certain not to be exercised.
The Group has several lease contracts that include
extension and termination options. The Group applies
judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to
renew or terminate the lease. That is, it considers all
relevant factors that create an economic incentive for
it to exercise either the renewal or termination. After
the commencement date, the Group reassesses the
lease term if there is a significant event or change in
circumstances that is within its control and affects
its ability to exercise or not to exercise the option to
renew or terminate.
21 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 1 MAY 30 APRIL
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22 SIGNIFICANT ACCOUNTING POLICIES 1 MAY 30 APRIL
Basis of preparation
The Consolidated financial statements for 2024/25 for
A/S United Shipping & Trading Company (USTC) have
been prepared in accordance with the International
Financial Reporting Standards (IFRS) as adopted
by the EU and further requirements in the Danish
Financial Statements Act. The Consolidated financial
statements are also in accordance with IFRS as issued
by the International Accounting Standards Board
(IASB).
The Board of Directors and the Executive Board
have on 24 June 2025 considered and adopted the
annual report for 2024/25, which will be presented for
adoption by the shareholder at the Company’s Annual
General Meeting on 18 July 2025.
Basis of measurement
Amounts in the Annual Report are presented in
thousands Danish Kroner (DKK), unless otherwise
stated. The Annual Report has been prepared under
the historical cost convention with the exception
of derivative financial instruments, securities,
investment properties and acquisition opening
balances, which are measured at fair value.
The accounting policies described in the notes have
been applied consistently to the financial year and the
comparative figures.
Consolidation
The consolidated financial statements include the
parent company USTC and subsidiaries controlled by
USTC.
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to
affect those returns through its control over the entity.
Subsidiaries are fully consolidated from the date of
which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The consolidated financial statements are prepared
by consolidating items of a uniform nature. In the
consolidation, intercompany income and costs,
balances, dividends and intercompany gains and
losses are eliminated. The financial statements used
for the consolidation are prepared in accordance with
the Group's accounting policies.
Foreign currency translation
Items included in the financial statements of each of
the Group’s entities are measured using the currency
of the primary economic environment in which
the entity operates (‘the functional currency’). The
consolidated financial statements are presented in
DKK, which is the Group’s presentation currency and
the functional currency of the parent company.
Foreign currency transactions are translated into
the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation
where items are re-measured. Foreign exchange
gains and losses resulting from the settlement of
such transactions and from the translation at year-
end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in
financial items.
The results and financial position of all of the Group
entities that have a functional currency different
from the presentation currency are translated into
the presentation currency. Assets and liabilities for
each balance sheet presented are translated at the
closing rate at the date of that balance sheet; income
and costs for each income statement are translated
at average exchange rates. All resulting exchange
differences are recognised in other comprehensive
income.
Materiality in Financial Reporting
In preparing the Annual Report, Management seeks
to improve the information value of the consolidated
financial statements, notes to the statements
and other measures disclosed by presenting the
information in a way that supports the understanding
of the Group’s performance in the reporting period.
This objective is achieved by presenting fair
transactional aggregation levels on line items and
other financial information, emphasising information
that is considered of material importance to the user
and making relevant rather than generic descriptions
throughout the Annual Report. All disclosures are
made in compliance with the International Financial
Reporting Standards, Danish Financial Statements
Act and other relevant regulations, ensuring a true
and fair view throughout the financial statements.
Income Statement
Revenue – General principles
Revenue from contracts with customers is recognised
when control of the goods or services are transferred
to the customer at an amount that reflects the
consideration to which the Group expects to be
entitled in exchange for those goods or services.
Revenue includes fair value gains and losses net
related to commodity derivatives.
Trade receivables are recognised as sale of goods and
service delivered are invoiced to the customer and
are not adjusted for any financing components, due
to short credit terms and thus insignificant. Where
services delivered have yet to be invoiced, contract
assets and accrued cost of services are recognised at
the reporting date.
Revenue from sale and meditation of bunker
Revenue from sale and meditation of bunker com-
prise sales of fuel products across the globe. Sale
of bunker is recognised upon passing of title to the
customer which generally coincides with delivery and
acceptance of the goods sold.
Revenue from sale of logistics services
Logistics services comprise freight logistics facilitating
transportation of goods by road and other forms of
transportation. Logistics services are characterised by
short delivery times as most transports are completed
within days. Revenue is recognised are recognised
over time.
Revenue from Shipowning
Revenue from shipowning comprises chartering
of tank ships. Revenue is recognised when or as
performance obligations are satisfied by transferring
services to the customer, i.e. over time, provided the
state of completion can be measured reliable.
Revenue from IT services
Revenue from IT services comprises sale of hosting
and operations solutions and consulting services.
Revenue of hosting and operations services are
recognised in the period the services are provided
which will either be based on an output measure or
using the straight-line method. Consulting services
are recognised as hours delivered or in accordance
with the stage of completion method.
Revenue from Sustainable energy
Revenue from sustainable energy comprises of trading
of various types of sustainable energy products.
Revenue from Sustainable energy is recognised when
the risk and rewards relating to the goods sold have
been transferred to the purchaser, the revenue can be
measured reliably and it is probable that the economic
benefits relating to the sale will flow to the Group.
Risk management
Revenue from risk management comprises hedg-
ing of clients’ energy price exposure and associated
liquidity risk by giving access to bilateral trading and
margin funding in relevant derivative instruments.
Direct expenses
Direct expenses include expenses for the purchase of
goods for resale, are expensed as incurred.
Other external expenses
Other external expenses include expenses for sales,
administration as well as the running of office
facilities, etc., and are expensed as incurred.
Staff expenses
Staff expenses comprise wages and salaries as well
as payroll expenses. Staff expenses are recognised in
the financial year in which the employee renders the
related service.
Share of profit/loss in associated companies
Share of profit or loss in associated companies is
recognised net of tax and corrected for the share of
unrealised intra-group gains and losses.
Other operating income
Grants from government are recognised at their fair
value where there is a reasonable assurance that the
grant will be received and the Group will comply with
all attached conditions. Government grants relating to
costs are deferred and recognised in profit or loss over
the period necessary to match them with the costs
that they are intended to compensate.
Financial income and expenses
Financial income and expenses comprise interest,
financial expenses in respect of finance leases,
realised and unrealised exchange adjustments,
fair value adjustment of securities, amortisation
of mortgage loans as well as extra payments and
repayment under the on-account taxation scheme.
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Tax on profit/loss for the year
Tax comprises an estimate of current and deferred
income tax as well as adjustments to previous years
of those. The tax attributable to the profit for the year
is recognised in the income statement, whereas the
tax attributable to equity transactions is recognised
directly in equity. Any changes in deferred tax due
to changes to tax rates are recognised in the income
statement.
The Group is subject to a jointly taxation with Danish
group enterprises. The tax effect of the joint taxation
is allocated to enterprises showing profits or losses
in proportion to their taxable incomes (full allocation
with credit for tax losses).
Statement of comprehensive income
Other comprehensive income consists of income
and costs not recognised in the income statement,
including exchange rate adjustments arising from the
translation from functional currency to presentation
currency, fair value adjustments of other equity
investments and cash flow hedges. The Group’s
share of other comprehensive income in associated
companies is also included.
Other comprehensive income includes current
and deferred income tax to the extent the items
recognised in other comprehensive income are
taxable or deductible.
Balance Sheet
Intangible assets
Intangible assets are measured at cost less accumu-
lated amortisation and impairment losses. Amorti-
sation is calculated on a straight-line basis over the
estimated useful lives of the assets:
Acquired rights ............... up to 20 years
Customer relations ............. up to 8 years
Software ................... up to 5 years
Completed development projects ... up to 3 years
Technologies and knowhow ....... up to 10 years
Brands . . . . . . . . . . . . . . . . . . . . . . . . indefinite
Property, plant and equipment
Property, plant and equipment are measured at cost
less accumulated depreciation and impairment losses.
Cost com-prises the cost of acquisition and expenses
directly related to the acquisition up until the time when
the asset is ready for use.
Land is measured at cost. No depreciation is made on
land.
Interest paid on loans raised for indirect or direct
financing or production of property, plant and equip-
ment is recognised in the income statement.
Depreciation based on cost reduced by any residual
value is calculated on a straight-line basis over the
expected useful lives of the assets:
Buildings .................... 20-50 years
Ships and equipment (newbuilding) . . . . . 25 years
Ships and equipment (not newbuilding) . . . 25 years
Fixtures and fittings, tools and equipment 3-10 years
Leasehold improvements ........... 5-15 years
Plant and Machinery .............. 5-10 years
Estimated useful lives and residual values are reassessed
on a regular basis. Scrap values are assessed yearly.
Gains and losses on sale of property, plant and equip-
ment are recognised in the income statement under
Other operating income and Other external expenses,
respectively.
Leases
Leases
The Group assesses at contract inception whether a
contract is, or contain, a lease. This is, if the contract
conveys the right to control the use of an identified
assets for a period of time in exchange for
consideration.
The Group applies a single recognition and measurement
approach for all leases, except for short-term leases
and leases of low-value assets. The Group recognises
lease liabilities to make lease payments and right-
of-use assets representing the right to use the
underlying asset.
Right-of-use assets
The Group recognises right-of-use assets at the
commencement date for the leases. Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the commencement
date less lease incentives received. Right-of-use assets
are depreciated over the shorter of the asset’s useful
life and lease term on a straight-line basis.
Lease liabilities
At the commencement date of the lease, the Group
recognises lease liabilities measured at the present
value for lease payments to be made over the lease
term. The lease payments include fixed payments
less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and
amounts expected to be paid under residual value
guaranties. The lease payment also include the
exercise price of a purchase option reasonably
certain to be exercised by the Group and payments of
penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate.
Variable lease payments that to not depend on an
index or a rate are recognised as expenses in the
period in which the event or condition that triggers
the payment occurs.
In calculating the present value of lease payments, the
Group uses its incremental borrowing rate at the lease
commencement date because the implied interest
of the lease is not readily determinable. After the
commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and
reduced for the lease payments made. Additionally,
the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term,
a change in the lease payments, or a change in the
assessment of an option to purchase the underlying
asset.
Short term leases and low-value assets
The Group applies the short-term recognition
exemption to its short-term leases insofar the
leases have a lease term of 12 months or less from
the commencement date and do not contain a
purchase option. Furthermore, the Group applies
the lease of low-value assets recognition exemption
to lessees that are considered to be of low value.
Lease payments on short-term and low assets are
recognised as expenses on a straight-line basis over
the lease term.
Lessor
When the Group acts as lessor, it determines at lease
inception whether each lease is a finance lease or an
operating lease.
In order to classify each lease, the Group makes an
overall assessment of whether the lease transferees
transfer substantially all the risks and rewards
incidental to ownership of an assets. If this is the case,
the lease is classified as finance lease; if not the lease
is classified as operating leases.
Operating leases
Rental income arising is accounted for on a straight-
line basis over the lease terms and is included in
revenue in the statement of profit and loss due to
its operating nature. Initial direct costs incurred is
negotiating and arranging an operating lease are
added to the carrying amount of the leased asset and
recognised over the lease term on the same basis as
rental income.
Contingent rents are recognised as revenue in the
period in which they are earned.
Financial leases
Amounts due from lessees under finance leases
are recognised as receivables at the amount of the
Group’s net investment in the lease. Financial lease
income is allocated to accounting periods so as
to reflect a constant periodic rate of return on the
Group’s net investment outstanding in respect of the
lease, and under due consideration of the amount
recognised in income as an outright sale as described
above in the section “Revenue from sport cars
activities”.
The Group applies the derecognition and impairment
requirements in IFRS 9 to the net investment in the
leases. The Group further regularly reviews estimated
unguaranteed residual values used in calculating the
gross investment in the lease.
Impairment of intangible and tangible assets
The carrying amounts of intangible assets and property,
plant and equipment are reviewed on an annual
basis to determine whether there is any indication
of impairment other than that expressed by
amortisation and depreciation.
Impairment losses are recognised when the carrying
amount of an asset or a cash-generating unit exceeds
the higher of the estimated value in use and fair
value less costs of disposal. Goodwill is attributed to
cash-generating units on acquisition and impaired
before other assets.
Intangible assets and property, plant and equipment
are tested for impairment, if there is an indication of
impairment. However, annual impairment tests are
carried out for goodwill and other intangible assets
with indefinite useful lives.
Investments in associates
Investments in associated companies and joint
ventures are recognised at USTC’s share of the equity
value inclusive of goodwill less any impairment
losses. Goodwill is an integral part of the value of
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associated companies and is therefore subject to an
impairment test together with the investment as a
whole. Impairment losses are reversed to the extent
the original value is considered recoverable.
Inventories
Inventories are measured at the lower of cost under
the FIFO method and net realisable value. The net
realisable value of inventories is calculated at the
amount expected to be generated by sale in the
process of normal operations with deduction of selling
expenses and costs of completion.
The net realisable value is determined allowing for
marketability, obsolescence and development in
expected sales sum.
The cost price of inventories whose fair value
is effectively hedged from derivative financial
instruments is adjusted for the change in fair value
attributable to the hedged risk.
Financial instruments
A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial assets are classified at initial recognition, as
subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair
value through profit or loss. The classification depends
on the Group’s business model for managing the
financial assets and the contractual terms of the cash
flows.
Regular way purchases and sales of financial assets
are recognised on trade date, being the date on which
the Group commits to purchase or sell the asset.
Financial assets are derecognised when the rights
to receive cash flows from the financial assets have
expired or have been transferred and the Group has
transferred substantially all the risks and rewards of
ownership.
At initial recognition, the Group measures financial
assets at their fair value plus transaction costs that are
directly attributable to the acquisition of the financial
asset. Transactions costs of financial assets carried at
fair value through profit or loss are expensed in profit
or loss.
Debt instruments
Subsequent measurement of debt instruments
depends on the Group’s business model for managing
the asset and the cash flow characteristics of the
asset.
Assets that are held for collection of contractual
cash flows, where those cash flows represent solely
payments of principle and interest, are measured at
amortised costs. Interest income from these financial
assets is included in financial income using the
effective interest rate method. Any gain or loss arising
on derecognition is recognised directly in profit or
loss.
Assets that are held for collection of contractual cash
flows and for selling the financial assets, where those
cash flows represent solely payments of principle
and interest, are measured at fair value through
other comprehensive income. Movements in the
carrying amount are taken through OCI, except for
the recognition of impairment gains or losses, interest
income and foreign exchange gains and losses which
are recognised in profit or loss.
Assets that do not meet the criteria for amortised cost
or fair value through other comprehensive income are
measured at fair value through profit or loss.
Equity instruments
The Group subsequently measures all equity
instruments at fair value through profit or loss.
Receivables
Receivables are recognised initially at the amount
of consideration that is unconditional less expected
credit losses. They are subesquently measured at
amortised cost using the effective interest method,
which generally corresponds to nominal values less
expected credit loss provision.
The Group utilises a simplified approach to measuring
expected credit losses and uses a lifetime expected
loss allowance for all receivables. To measure the
expected credit losses, receivables have been
grouped based on credit risk characteristics and the
days past due.
The carrying amounts of trade receivables
include receivables subject to sale of receivable
arrangements. Under these arrangements, the
Group has transferred the relevant receivables to
buyers in exchange for cash and is prevented from
selling or pledging the receivables. Through these
transactions, the Group has transferred the majority
of the late payment and credit risk associated with
the receivables. The Group derecognises the majority
of the transferred receivables from its statement of
financial position. However, the Group continues to
recognise a portion of the transferred receivables
where it retains a minority share of the late payment
and credit risk.
Derivatives
Derivative financial instruments are initially
recognised in the balance sheet at fair value. Any
difference between the transaction price and fair
value determined when applying a valuation model,
which is not solely based on observable market data is
deferred and recognised over the term of the contract.
Derivative financial instruments are subsequently
remeasured at their fair values. Derivative financial
assets and liabilities and related collateral payable
and receivable are presented net if the company
has both a current legally enforceable right to set off
the recognised amounts and intends to settle net.
Net amounts of positive and negative fair values of
derivative financial instruments are presented in
separate line items in the balance sheet.
Fair value of OTC (oil derivative contracts) are
determined on the basis of generally applied forward
and option pricing models. Inputs to the models
are to the extent possible determined on the basis
of observable prices for the underlying products.
For contracts, where the most significant input is
unobservable, Management estimates the input.
Changes in the fair values of derivative financial
instruments are recognised in the income statement
unless the derivative financial instrument is
designated and qualify as hedge acccounting.
Borrowings
Borrowings are initially recognised at fair value,
net of transactions costs incurred. Borrowings are
subsequently measured at amortised cost. Any
difference between the proceeds (net of transaction
costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using
the effective interest method.
Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the
extent that it is probable that some or all of the facility
will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent there is
no evidence that it is probable that some or all of the
facility will be drawn down, the fee is capitalised as a
prepayment for liquidity services and amortised over
the period of the facility to which it relates.
Other debts are measured at amortised cost,
substantially corresponding to nominal value.
Hedge accounting
Changes in the fair values of financial instruments
that are designated and qualify as fair value hedges
of a recognised asset or a recognised liability are
recognised in the income statement, as are any
changes in the fair value of the hedged asset or the
hedged liability related to the hedged risk.
Changes in the fair values of financial instruments
that are designated and qualify as hedges of highly
probable future transactions are recognised in other
comprehensive income and presented in a separate
reserve within equity as regards the effective portion
of the hedge.
The ineffective portion is recognised in the income
statement. If the hedged transaction results in an
asset or a liability, the amount deferred in equity is
transferred from equity and recognised in the cost
of the asset or the liability, respectively. If the hedged
transaction results in an income or an expense,
the amount deferred in equity is transferred from
equity to the income statement in the period in
which the hedged transaction is recognised. The
amount is recognised in the same item as the hedged
transaction.
Changes in the fair values of financial instruments that
are designated and qualify as hedges of net invest-
ments in independent foreign subsidiaries or associ-
ates are recognised directly in equity in regard to the
effective portion of the hedge, whereas the ineffective
portion is recognised in the income statement.
Deferred tax assets and liabilities
Deferred tax is recognised in respect of all temporary
differences between the carrying amount and the tax
base of assets and liabilities. However, deferred tax is
not recognised in respect of temporary differences
concerning goodwill not deductible for tax purposes.
Deferred tax is measured on the basis of the tax
rules and tax rates that will be effective under the
legislation at the balance sheet date when the
deferred tax is expected to crystallise as current tax.
In cases where the computation of the tax base may
be made according to alternative tax rules, deferred
tax is measured on the basis of the intended use of
the asset and settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax
loss carry-forwards, are measured at the value at
which the asset is expected to be realised, either by
elimination in tax on future earnings or by set-off
against deferred tax liabilities.
Deferred tax assets and liabilities are offset within the
same legal tax entity.
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Current tax receivables and liabilities
Current tax receivables and liabilities are recognised
in the balance sheet at the amount calculated on the
basis of the expected taxable income for the year and
adjusted for tax on taxable incomes for prior years.
Tax receivables and liabilities are offset if there is a
legally enforceable right of set-off and an intention to
settle on a net basis or simultaneously.
Own shares
Purchase and sales prices of own shares are
recognised directly in equity. Capital reduction upon
cancellation of own shares will reduce the share
capital by an amount corresponding to the nominal
amount of the shares and will increase retained
earnings. Dividend on own shares is recognised
directly in equity under “Retained earnings”.
Dividend
Dividend distribution proposed by Management for
the year is disclosed as a separate item in equity.
Provisions
Provisions for legal claims, service warranties and
make good obligations are recognised when the
Group has a present legal or constructive obligation as
a result of past event, it is probable that an outflow of
resources will be required to settle the obligation, and
the amount can be realiably estimated. Provisions are
not recognised for future operating losses.
Where there are a number of similar obligations,
the likelihood that an outflow will be required in
settlement is determined by considering the class of
obligations as a whole. A provision is recognised when
if the likelihood of an outflow with respect to any one
item included in the same class of obligations may be
small.
Provisions are measured at the present value of
manage-ment’s best estimate of the expenditure
required to settle the present obligation at the end
of the reporting period. The discount rate used to
determine the present value is a pre-tax rate that
reflects current market assessments of the time value
of money and the risks specific to the liability. The
increase in the provision due to the passage of time is
recognised as interest expense.
Business combinations
Upon acquisition of new entities, the acquired assets,
liabilities and contingent liabilities are measured at
fair value at the date control was achieved using the
acquisition method. Identifiable intangible assets are
recognised if they arise from a contractual right or
can otherwise be separately identified. The difference
between the fair value of the acquisition cost and
the fair value of acquired identifiable net assets is
recognised as goodwill.
Any subsequent changes to contingent acquisition
costs are recognised as other income or other costs in
the income statement.
Minority interests
Non-controlling interests’ share of profit/loss for the
year and of equity in subsidiaries is included as part of
the Group’s profit and equity respectively, but shown
as separate items.
The Group recognises non-controlling interests
in an acquired entity either at fair value or at the
non-controlling interest’s proportionate share of the
acquired entity’s net identifiable assets. This decision
is made on an acquisition-by-acquisition basis.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as
transactions with equity owners of the group. A
change in ownership interest results in an adjustment
between the carrying amounts of the controlling
and non-controlling interests to reflect their relative
interests in the subsidiary. Any difference between the
amount of the adjustment to non-controlling interests
and any consideration paid or received is recognised
in a separate reserve within equity attributable to
owners.
Put options held by non-controlling interests are
recognised as financial liabilities at the present value
of the expected exercise price. The non-controlling
interest continues to be recognised unless risks and
rewards have been transferred to the parent company.
Changes in the carrying amount of the put option lia-
bility are recognised in equity unless risks and rewards
have transferred to the parent.
Cash flow statement
Cash flow from operating activities is presented
according to the indirect method based on EBIT,
adjusted for depreciation, non-cash operating
movements, net interests, changes in working capital
and income taxes paid.
Cash flows from investing activities comprise cash
flows from acquisitions and disposals of intangible
assets, property, plant and equipment as well as fixed
asset investments.
Cash flows from financing activities comprise cash
flows from the raising and repayment of long-term
debt as well as payments to and from shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise the cash at bank
and in hand and short term money market funds with
insignificant risk of value changes.
The cash flow statement cannot be immediately
derived from the published financial records.
New legislation
New and amended IFRS standards
The following amendments to IFRS which are relevant
for the Group became effective as of 1 May 2024:
• Amendments to IAS 1 “Presentation of Financial
Statements: Classification of Liabilities as Current
and Noncurrent Liabilities with Covenants”
• Amendment to IFRS 16 “Leases: Lease Liability in a
Sale and Leaseback”
• Amendment to IAS 7 “Statement of Cash Flows and
IFRS 7 Financial Instruments: Disclosures: Supplier
Finance Arrangements”
• The implemented amendments have not had any
impact on the Group’s accounting policies. The
amendments have affected the disclosures provided
in the financial statements.
• The following new standards and amendments to
existing IFRS will become effective in future years.
Amendments to IAS 12 Income taxes: International
Tax Reform – Pillar Two Model Rules
The implemented amendments have not had any
impact on the Group’s accounting policies as they
cover areas that are not material for the Group or
do not change the accounting policies applied in
previous years. The amendments have affected the
disclosures provided in the financial statements.
The following new standards and amendments to
existing IFRS will become effective in future years.
Adopted by EU and effective for 2025/26
• Amendment to IAS 21 “The Effects of Changes in
Foreign Exchange Rates: Lack of Exchangeability”
Not yet adopted by EU
• IFRS 18: “Presentation and Disclosure in Financial
Statements” (Effective 1 May 2027)
• IFRS 19 Subsidiaries without public accountability
(effective 1 May 2027)
The Group expects to adopt the amendments when
they become mandatory. Management has not
yet assessed the potential effect of IFRS 18. IFRS 19
Subsidiaries without public accountability provides
a number of disclosure exemptions compared to full
IFRS. Management has not yet determined whether
to apply this standard, should it be endorsed for use in
Denmark. The other amendments are not expected to
have any significant impact on the financial state-
ments.
Gross margin
Gross profit x 100
Revenue
Profit margin
Profit before financials x 100
Revenue
Return on equity
Net profit for the year x 100
Average equity
Liquidity ratio
Current assets
Short-term debt
Solvency ratio
Equity at year end x 100
Total assets
Number of
employees
Employees and rented crew
on vessels reported as annual-
ised numbers
Definition of financial ratios
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23 BUSINESS COMBINATIONS 1 MAY 30 APRIL
DKK ‘000 Country
Acquired
ownership Acquisition date Main activity Consideration
2024/25
Operation New
York Harbour USA 100% February 2025 Bunkering 30,359
By February 2025, the Group (through Bunker Holding A/S) acquired the rights to operate in New York Harbour
from Element Americas Inc.
Acquisition-related costs of USD 19k that were directly attributable to the acquisition are included in total
consideration.
The fair value has been determined in accordance with generally accepted discounted cash flow analysis,
where significant inputs are the entity’s earnings and the discount rate. This is a level 3 in the fair value
hierarchy.
Assets acquired and liabilities recognised at the date of acquisition:
DKK ‘000 Other
Non-current assets
Intangible assets (customer relationships) 0
Property, plant and equipment 0
Deferred tax assets 0
Current assets 0
Liabilities 0
Total allocation to net assets 0
Goodwill arising on acquisition 30,3 5 9
Total purchase price 30,359
Of which acquired cash and cash equivalents 0
Total purchase price 30,359
The acquired business contributed to the Group with:
DKK ‘000 February 2025
Since date of acquisition
Revenue 5 5 7,2 2 4
Net Profit (16,8 3 4)
If acquired 1 of May
Revenue N/A
Net Profit N/A
Revenue and profit or loss of the acquired operations as if
the acquisition had occurred on 1 May 2024 is not disclosed,
as this information is impracticable to obtain. The acquired
operations were previously integrated within a broader busi-
ness and did not maintain separate financial records.
The Group has also carried out several separately/individ-
ually immaterial business acquisitions resulting in a total
cash outflow related to business combinations of DKK 54.7
million.
In total DKK 48.6 million has been recognized as additions to
goodwill.
Information about business combinations carried out in
the financial year 2023/2024 can be found in note 23 in the
2023/2024 Annual Report of A/S United Shipping & Trading
Company.
ally immaterial business acquisitions resulting in a total cash
outflow related to business combinations of MDKK 54.7.
In total MDKK 48.8 has been recognised as additions to
goodwill.
Information about business combinations carried out in
the financial year 2023/2024 can be found in note 23 in the
2023/2024 Annual Report of USTC A/S.
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58
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2024/25
DKK ‘000 Note 2024/25 2023/24
Revenue 24 5 7, 2 6 3 32,388
Other external expenses (4 8,00 2) (29,237)
Gross profit 9,261 3,151
Staff expenses 25 (5 3,779) (38,5 6 2)
Depreciation, amortisation and impairment losses (1 1,4 35) (895)
Other operating expenses 26 0 (100,000)
Profit before financial income and expenses (5 5,953) (136,306)
Profit from investments in group enterprises and associates 34 4,191 515,761
Financial income 27 20,390 23,6 8 9
Financial expenses 28 (17 1,7 5 8) (625,14 9)
Profit before tax 136,870 (222,005)
Tax on profit for the year 29 15,6 01 6,925
Net profit for the year 152,471 (215,080)
Proposed distribution of profits
Extraordinary dividend 0 600,000
Reserve for net revaluation under the equity method 34 4,191 (4 8 0,556)
Retained earnings (1 91,72 0) (3 3 4,524)
152,471 (215,080)
Income statement
1 MAY 30 APRIL
Uni-Tankers branding on M/T Anhout Swan
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60
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ANNUAL REPORT
2024/25
DKK ‘000 Note 2025 2024
Software 433 41
Intangible assets 30 433 41
Fixtures and fittings, tools and equipment 7, 2 7 9 6,198
Leasehold improvements 1,613 1,609
Property, plant and equipment 31 8,892 7, 8 0 7
Investments in subsidiaries 5,06 9,0 99 5,8 35,146
Fixed asset investments 32 5,069,0 99 5,83 5,14 6
Fixed assets 5,078,424 5,842,994
Deferred tax assets 34 1,041 0
Receivables from group enterprises 6,6 45 3,000
Other receivables 1,598 139,874
Corporation tax 14,073 7,2 6 5
Prepayments 35 5,0 3 2 2,978
Receivables 28,389 153,117
Securities 33 45 48
Cash at bank and in hand 2,431 2,313
Current assets 30,865 155,478
Assets 5,10 9,289 5,998,472
DKK ‘000 Note 2025 2024
Share capital 16 4,900 4,90 0
Reserve for net revaluation under the equity method 1,909,46 3 3,252,95 9
Retained earnings 2,06 3,0 01 1,278,6 46
Total equity 3,9 7 7,3 6 4 4,5 36,5 05
Provision for deferred tax 34 0 576
Provisions 0 576
Credit institutions 61,212 91,942
Payable to group enterprises 502,000 502,000
Long-term debt 36 563,212 593,942
Short-term part of long-term debt 31,400 31,400
Trade payables 8,225 1,891
Payables to group enterprises 36 4 7,7 4 5 72 0,79 8
Other payables 481,34 3 11 3,360
Short-term debt 56 8,71 3 8 6 7,4 4 9
Debt 1,131,925 1,461,391
Liabilities and equity 5,109,289 5,998,472
Contingent Liabilities and obligations 37
Related parties 38
Fee to auditors 39
Subsequent events 40
Significant accounting policies 41
Statement of financial position
30 APRIL
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61
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ANNUAL REPORT
2024/25
Statement of changes in equity
1 MAY 30 APRIL
DKK ‘000 Share capital
Reserve under
the equity
method Retained earnings Total
2024/25
Equity at 1 May 4,90 0 3,252,959 1,278,6 46 4,53 6,5 05
Net profit for the year 0 34 4,191 (1 9 1,72 0) 152,471
Capital adjustments 0 (1,6 87,687) 976,075 (7 1 1,61 2)
Equity at 30 April 4,900 1,909,463 2,063,001 3, 9 7 7,3 6 4
2023/24
Equity at 1 May 4,9 0 0 3,672,5 6 0 1,613,170 5,2 9 0,63 0
Dividend paid 0 0 (600,000) (600,000)
Net profit for the year 0 (480,556) 265,476 (215,080)
Capital adjustments 0 60,95 5 0 60,955
Equity at 30 April 4,900 3,252,959 1,278,646 4,536,505
Selfinvest inspecting the construction
of Kabelbyen in Middelfart, Denmark
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62
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ANNUAL REPORT
2024/25
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
PAGE
64 24 REVENUE
1 MAY 30 APRIL
64 25
STAFF EXPENSES 1 MAY 30 APRIL
64 26 OTHER OPERATING EXPENSES 1 MAY 30 APRIL
64 27 FINANCIAL INCOME 1 MAY 30 APRIL
64 28
FINANCIAL EXPENSES 1 MAY 30 APRIL
64 29 CORPORATION TAX 1 MAY 30 APRIL
65 30 INTANGIBLE ASSETS 1 MAY 30 APRIL
65 31 PROPERTY, PLANT AND EQUIPMENT 1 MAY 30 APRIL
65 32 FIXED ASSET INVESTMENTS 30 APRIL
66 33 SECURITIES AT FAIR VALUE 30 APRIL
66 34 DEFERRED TAX 1 MAY 30 APRIL
66 35
PREPAYMENTS 30 APRIL
66 36
LONGTERM DEBT 30 APRIL
67 37 CONTINGENT LIABILITIES AND LEASE AND CONTRACTUAL OBLIGATIONS 30 APRIL
67 38
RELATED PARTIES 1 MAY 30 APRIL
67 39
FEES TO AUDITORS
1 MAY 30 APRIL
67 40
SUBSEQUENT EVENTS 1 MAY 30 APRIL
68 41
SIGNIFICANT
ACCOUNTING POLICIES 1 MAY 30 APRIL
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63
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ANNUAL REPORT
2024/25
28
FINANCIAL EXPENSES 1 MAY 30 APRIL
DKK ‘000 2024/25 2023/24
Financial expenses from group enterprises 13,341 14,117
Other financial expenses 1 5 7,9 2 2 611,019
Exchange rate adjustments 495 13
Total 171,75 8 625,14 9
29 CORPORATION TAX 1 MAY 30 APRIL
DKK ‘000 2024/25 2023/24
Current tax for the year (14,073) ( 7, 2 6 5 )
Adjustment of provision for deferred tax (1,528) 275
Tax concerning previous years (89) 65
Adjustment of provision for deferred tax concerning previous years 89 0
Total tax for the year (15,6 01) (6,925)
25
STAFF EXPENSES 1 MAY 30 APRIL
DKK ‘000 2024/25 2023/24
Wages and salaries 51,210 36,388
Pensions 2,318 1,920
Other social security expenses 251 254
Total 5 3,779 38,562
Executive Board 17,017 8,215
Board of Directors 1,6 0 0 1,600
Number of employees, including hired crew 41 37
26 OTHER OPERATING EXPENSES 1 MAY 30 APRIL
DKK ‘000 2024/25 2023/24
Climate Fund / Association 0 100,000
Total 0 100,000
The company donated DKK 100 million to a Climate Fund / Association of the local community surrounding the
facilities of Nordic Waste.
24 REVENUE 1 MAY 30 APRIL
In compliance with section 96 of the Danish Financial Statements Act, information regarding turnover on
geographical markets and activities has been left out due to the fact that geographical markets and activities
do not differ material on risks and rewards.
27 FINANCIAL INCOME 1 MAY 30 APRIL
DKK ‘000 2024/25 2023/24
Financial income from group enterprises 19,888 23,4 4 6
Other financial income 502 243
Total 20,3 90 2 3,6 89
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64
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ANNUAL REPORT
2024/25
30 INTANGIBLE ASSETS 1 MAY 30 APRIL
DKK ‘000 Software
Cost at 1 May 244
Additions 433
Cost at 30 April 677
Depreciation at 1 May 203
Depreciation for the year 41
Depreciation at 30 April 244
Carrying amount at 30 April 433
31 PROPERTY, PLANT AND EQUIPMENT 1 MAY 30 APRIL
DKK ‘000
Fixtures and fit-
tings, tools
and equipment
Leasehold
Improvements
Cost at 1 May 7,0 4 7 2,524
Additions for the year 1 1,925 554
Cost at 30 April 18,972 3,078
Depreciation at 1 May 849 915
Impairment losses 10,000 0
Depreciation for the year 844 550
Depreciation at 30 April 11,693 1,465
Carrying amount at 30 April 7, 2 7 9 1,613
32 FIXED ASSET INVESTMENTS 30 APRIL
DKK ‘000 Investments in subsidiaries
Cost at 1 May 2,582,187
Additions 5 7 7,4 4 9
Cost at 30 April 3,159,6 3 6
Value adjustments at 1 May 3,252,95 9
Exchange rate adjustment (231,823)
Shares of profit for the year 3 4 4,191
Dividend (976,074)
Other equity movements (479,790)
Value adjustments at 30 April 1,909,463
Carrying amount at 30 April 5,0 69,099
The parent company’s investments
in subsidiaries comprise:
Place of
reg. office
DKK'000
Share capital
Votes and
ownership
Bunker Holding A/S Middelfart 10,000 100 %
Unit IT Holding A/S Middelfart 1,000 100 %
SDK FREJA A/S Fredericia 6,50 0 100 %
Rederiaktieselskabet Nyborg Nyborg 610 100 %
Uni-Tankers A/S Middelfart 6 7, 2 2 1 100 %
CM Biomass Holding A/S København 2,133 89 %
Adarts af 1/9-2019 A/S Middelfart 502 100 %
A/S Global Risk Management Ltd. FS Holding Middelfart 400 100 %
For the complete list of subsidiaries please refer to the Financial Statements of the listed entities.
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2024/25
35
PREPAYMENTS 30 APRIL
Prepayments consist of prepaid expenses concerning rent, insurance premiums, memberships, subscriptions
and other costs as well.
36
LONGTERM DEBT 30 APRIL
Repayments due within one year are recognised under current liabilities. Other obligations are classified as
non-current liabilities.
The liabilities fall due in the following order:
DKK ‘000 Note 2024/25 2023/24
Credit institutions
After 5 years 0 0
Between 1-5 years 61,212 91,942
Total 61,212 91,9 42
Short-term 31,4 0 0 31,400
Credit institutions at 30 April 92,612 123,342
Payable to group enterprises
After 5 years 0 0
Between 1-5 years 502,000 502,000
Total 502,000 502,000
Short-term 4 7,74 5 7 0 2,79 8
Payable to group enterprises at 30 April 5 4 9.74 5 1,20 4,79 8
33 SECURITIES AT FAIR VALUE 30 APRIL
DKK ‘000
Revaluations,
income statement Fair value
Securities (3) 45
34 DEFERRED TAX 1 MAY 30 APRIL
DKK ‘000 2024/25 2023/24
Deferred tax at 1 May (576) (301)
Adjustment of provision for deferred tax concerning previous
years 89 0
Change for the year, income statement 1,528 (275)
Deferred tax at 30 April 1,041 (576)
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66
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2024/25
40
SUBSEQUENT EVENTS 1 MAY 30 APRIL
No significant events affecting the assessment of the Annual Report have occurred after the balance sheet date.
38
RELATED PARTIES 1 MAY 30 APRIL
Related parties comprise the Board of Directors, the Executive Board and senior executives in group enterprises as
well as companies in which these persons have significant interests.
Except for intercompany transactions, no transactions have been carried out with the Executive Board, managerial
staff, significant shareholders or other related parties during the year.
The Company is included in the Consolidated Financial Statements of the immediate Parent Company, Selfinvest ApS.
Controlling interest is exercised through the Company’s immediate Parent Company, Selfinvest ApS and the ultimate
Parent Company SelfGenerations T ApS, in which Torben Østergaard-Nielsen, CEO, exercises control.
39
FEES TO AUDITORS
1 MAY 30 APRIL
In compliance with section 96 no. 3 of the Danish Financial Statements Act, information regarding fees to auditors
has been left out.
From the offices at USTC headquarters in Middelfart, Denmark
37 CONTINGENT LIABILITIES AND
LEASE AND CONTRACTUAL OBLIGATIONS
30 APRIL
DKK ‘000 2024/25 2023/24
Lease and rent obligations 786 942
Obligation to designate buyer in respect of operating lease. Expected residual values at contract expiry are calculated
at DKK 2,072k at the balance sheet date. All the company’s lease and rent obligations are within the Group.
Other liabilities
The Group’s Danish companies are jointly and severally liable for the tax on the Group’s jointly taxed income etc.
Total accrued corporation tax appears from the Annual Report of Selfgenerations T ApS which acts as management
company in the jointly taxed Group. Moreover, the Group’s Danish enterprises are jointly and severally liable for Danish
withholding tax. Any subsequent adjustments to the corporation tax or withholding tax may result in an increase of
the Company’s liability.
As security for bank facility, a suretyship has been granted for the subsidiary Rederiaktieselskabet Nyborg on DKK
58,000k.
There is a warranty obligation for the subsidiary Uni-Chartering A/S on DKK 327,858k.
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67
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41
SIGNIFICANT
ACCOUNTING POLICIES 1 MAY 30 APRIL
Basis of preparation
The Annual Report of A/S United Shipping &
Trading Company for 2024/25 has been prepared in
accordance with the provisions of the Danish Financial
Statements Act applying to large enterprises of
reporting class C.
The accounting policies applied remain unchanged
from previous years. The Annual Report for 2024/25 is
presented in DKK thousands.
With reference to Section 86 (4) of the Danish
Financial Statements Act and the cash flow statement
in the consolidated financial statements, the company
has omitted to prepare a cash flow statement.
A few reclassifications have been made in the
comparative figures this year. These reclassifications
have had no effect on net profit, equity, or the total
balance sheet.
Recognition and measurement
The Financial Statements have been prepared based
on the historic cost principle.
Revenues are recognised in the income statement
as earned, and all expenses incurred to achieve the
earnings for the year are deducted. Expenses include
operating expenses, depreciation, amortisation,
impairment losses and provisions as well as changes
due to changed accounting estimates. Furthermore,
value adjustments of financial assets and liabilities
measured at fair value are recognised in the income
statement.
Assets are recognised in the balance sheet when it is
probable that future economic benefits attributable
to the asset will flow to the Company, and the value of
the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it
is probable that future economic benefits will flow out
of the Company, and the value of the liability can be
measured reliably.
Assets and liabilities are initially measured at cost.
Subsequently, assets and liabilities are measured as
described for each item below.
Recognition and measurement take into account
profits, losses and risks occurring before the
presentation of the Annual Report which relate to
affairs and conditions existing at the balance sheet
date.
Certain financial assets and liabilities are measured
at amortised cost, which involves the recognition of
a constant effective interest rate over the maturity
period. Amortised cost is calculated as original cost
less any repayments and with addition/deduction
of the cumulative amortisation of any difference
between cost and the nominal amount. In this
way, capital losses and gains are allocated over the
maturity period.
Danish Kroner is used as the measurement currency.
All other currencies are regarded as foreign currencies.
Translation Policies
Transactions in foreign currencies are translated
during the year at the exchange rates at the dates
of transaction. Gains and losses arising due to
differences between the transaction date rates and
the rates at the dates of payment are recognised
in financial income and expenses in the income
statement.
Receivables, payables and other monetary items in
foreign currencies are translated at the exchange rates
at the balance sheet date. Any differences between
the exchange rates at the balance sheet date and
the transaction date rates are recognised in financial
income and expenses in the income statement.
Upon recognition of financial statements of foreign
group enterprises, income statement items are
translated into Danish kroner at the average exchange
rate and balance sheet items at the exchange rate at
the balance sheet date. Exchange differences arising
on this translation are recognised directly in equity.
Income Statement
Revenue
Revenue from the sale of goods is recognised when
the risks and rewards relating to the goods sold have
been transferred to the purchaser, the revenue
can be measured reliably and it is probable that the
economic benefits relating to the sale will flow to the
Company.
Revenue is measured at the consideration received
and is recognised exclusive of VAT and net of
discounts relating to sales.
In compliance with section 96 of the Danish Financial
Statements Act, information regarding turnover on
geographical markets and activities has been left
out due to the fact that geographical markets and
activities do not differ material on risks and rewards.
Other external expenses
Other external expenses include expenses for sales,
administration as well as the running of office facilities
etc. Fee to auditors is disclosed in Selfinvest ApS.
Staff expenses
Staff expenses comprise wages and salaries as well as
payroll expenses.
Share of profit/loss in subsidiaries
Share of profit or loss in subsidiaries is recog nised
net of tax and corrected for the share of unrealised
intra-group gains and losses.
Financial income and expenses
Financial income and expenses comprise interest,
financial expenses in respect of finance leases,
realised and unrealised exchange gains and losses
and gains and losses on securities, amortisation of
mortgage loans, as well as changes in the fair value of
financial instrument.
Tax on profit/loss for the year
Tax for the year consists of current tax for the year
and adjustment of deferred tax for the year. The tax
attributable to the profit for the year is recognised in
the income statement, whereas the tax attributable to
equity transactions is recognised directly in equity.
The Company is jointly taxed with Danish group
enterprises. The tax effect of the joint taxation is
allocated to enterprises showing profits or losses in
proportion to their taxable incomes (full allocation
with credit for tax losses). The jointly taxed enterprises
have adopted the tonnage account taxation scheme.
Balance sheet
Intangible assets
Intangible assets are measured at cost less accumulated
amortisation and impairment losses. Amortisation is
calculated on a straight-line basis over the estimated
useful lives of the assets:
Software .............................................. up to 5 years
Property, plant and equipment
Property, plant and equipment are measured at cost
less accumulated depreciation and impairment losses.
Cost comprises the cost of acquisition and expenses
directly related to the acquisition up until the time
when the asset is ready for use.
Depreciation based on cost reduced by any residual
value is calculated on a straightline basis over the
expected useful lives of the assets:
Fixtures and fittings, tools and equipment ...3-10 years
Leasehold improvements ........................... 3-5 years
Residual values and expected useful lives are
reassessed on an annual basis.
Equipment are measured at cost less accumulated
depreciation calculated on a straightline basis over
the period until either the end of the expected useful
life or the time of expected phasing out.
Gains and losses on sale of property, plant and
equipment are recognised in the income statement
under other operating income and other external
expenses, respectively.
Investments in subsidiaries
lnvestments in subsidiaries are recognised as A/S
United Shipping & Trading Company share of the
equity value inclusive of goodwill less any impairment
losses. Goodwill is an integral part of the value of
subsidiaries and is therefore subject to an impairment
test together with the investment as a whole.
lmpairment losses are reversed to the extent the
original value is considered recoverable.
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68
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Receivables
Receivables are measured in the balance sheet at
the lower of amortised cost and net realisable value,
which corresponds to nominal value less provisions for
bad debts. Provisions for bad debts are determined
on the basis of an individual assessment of each
receivable.
Securities
Securities recognised in current assets are measured
at the fair value at the balance sheet date. Fair value is
determined on the basis of the latest quoted market
price.
Dividend
Dividend distribution proposed by Manage ment for
the year is disclosed as a separate equity item.
Deferred tax and liabilities
Deferred tax is recognised in respect of all temporary
differences between the carrying amount and the tax
base of assets and liabilities.
Deferred tax is measured on the basis of the tax
rules and tax rates that will be effective under the
legislation at the balance sheet date when the
deferred tax is expected to crystallise as current tax. In
cases where the computation of the tax base may be
made according to alternative tax rules, deferred tax
is measured on the basis of the intended use of the
asset and settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss
carryforwards, are measured at the value at which the
asset is expected to be realised, either by elimination
in tax on future earnings or by set-off against deferred
tax liabilities.
Deferred tax assets and liabilities are offset within the
same legal tax entity.
Current tax receivables and liabilities
Current tax receivables and liabilities are recognised
in the balance sheet at the amount calculated on the
basis of the expected taxable income for the year and
adjusted for tax on taxable incomes for prior years.
Tax receivables and liabilities are offset and presented
as a net item if there is a legally enforceable right of
set-off and an intention to settle on a net basis or
simultaneously.
Financial debts
Fixed-interest loans, such as loans from credit
institutions, are recognised initially at the proceeds
received net of transaction expenses incurred.
Subsequently, the loans are measured at amortised
cost; the difference between the proceeds and the
nominal value is recognised as an interest expense in
the income statement over the loan period.
Other debts are measured at amortised cost,
substantially corresponding to nominal value.
SIGNIFICANT
ACCOUNTING POLICIES CONTINUED
Unit IT
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Executive Board
SDK FREJA
Board of Directors
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CVR No 33 77 12 31
Sunset at the USTC headquarters in Middelfart, Denmark
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
73
USTC
ANNUAL REPORT
2024/25