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"value": "Notes 1. Basis of preparation of the Consolidated Financial Statements ...... 1021. Basis of preparation of the Consolidated Financial Statements .................... 103 2. Net Operating Profit After Tax (NOPAT) .......................... 1052.1. Segment information ........................................ 1062. Net Operating Profit After Tax (NOPAT) ................................................................ 105 2.2. Revenue .................................................... 1082.1 Segment information .................................................................................................. 106 2.3. Costs ....................................................... 1092.2 Revenue ............................................................................................................................ 108 2.4. Employee cost .............................................. 1092.3 Costs ................................................................................................................................... 109 2.5. Amortisation, depreciation and impairment losses for the year .. 1102.6. Special Items, net ........................................... 1102.4 Employee costs ............................................................................................................. 109 2.7. Tax ......................................................... 1112.5 Amortisation, depreciation and impairment losses for the year ............ 110 2.6 Special Items, net ......................................................................................................... 110 3. Invested Capital .............................................. 1132.7 Tax ....................................................................................................................................... 111 3.1. Invested Capital excluding Net Working Capital ................ 1143.1.1. Non-current intangible assets .......................... 1143. Invested Capital .............................................................................................................. 113 3.1.2. Non-current tangible assets ........................... 1163.1 Invested Capital excluding Net Working Capital ........................................... 114 3.1.3. Right of use assets and lease liabilities ................. 1183.1.1 Non-current intangible assets ................................................................... 114 3.1.4. Impairment testing .................................... 1213.1.2 Non-current tangible assets ....................................................................... 116 3.1.5. Assets classified as held for sale ....................... 1233.1.3 Right of use assets and lease liabilities ................................................ 118 3.2. Net Working Capital ......................................... 1233.1.4 Impairment testing .......................................................................................... 121 3.1.5 Assets classified as held for sale ............................................................. 123 3.2.1. Receivables .......................................... 1233.2.2. Inventories ........................................... 1243.2 Net Working Capital .................................................................................................... 123 3.2.3. Other payables ....................................... 1243.2.1 Receivables ......................................................................................................... 123 3.2.4. Pension and jubilee liabilities .......................... 1253.2.2 Inventories........................................................................................................... 124 3.2.5. Other provisions ...................................... 1273.2.3 Other payables .................................................................................................. 124 3.2.4 Pension and jubilee liabilities .................................................................... 125 3.2.5 Other provisions ............................................................................................... 127 4. Capital structure and finances .................................. 1284. Capital structure and finances ................................................................................... 128 4.1. Financial and operational risks ............................... 1294.1 Financial and operational risks .............................................................................. 129 4.2. Information on financial instruments .......................... 1334.2 Information on financial instruments ................................................................. 133 4.3. Changes in liabilities arising from financing activities ........... 1344.4. Financial income and costs ................................... 1354.3 Changes in liabilities arising from financing activities ................................ 134 4.5. Interest-bearing liabilities .................................... 1364.4 Financial income and costs...................................................................................... 135 4.6. Equity ...................................................... 1374.5 Interest-bearing liabilities ........................................................................................ 136 4.7. Treasury shares ............................................. 1374.6 Equity ................................................................................................................................. 137 4.8. Earnings per share ........................................... 1384.7 Treasury shares ............................................................................................................. 137 5. Other notes .................................................. 1394.8 Earnings per share ........................................................................................................ 137 5.1. Remuneration to the Executive Board and Board of Directors ... 1395. Other notes ....................................................................................................................... 138 5.2. Fee to Auditors appointed at the annual General Meeting ....... 1405.1 Remuneration to the Executive Board and Board of Directors .............. 139 5.3. Share based payments ....................................... 1415.2 Fee to Auditors appointed at the Annual General Meeting ...................... 140 5.4. Cash flow ................................................... 1435.5. Acquisitions and non-controlling interests ..................... 1445.3 Share based payment ................................................................................................. 140 5.6. Guarantees, collateral and contingent liabilities ............... 1465.4 Cash flow .......................................................................................................................... 143 5.7. Contractual commitments ................................... 1465.5 Acquisitions and non-controlling interests ...................................................... 144 5.8. Related party transactions ................................... 1465.6 Guarantees, collateral and contingent liabilities .......................................... 146 5.9. Events after the balance sheet date .......................... 1465.7 Contractual commitments ....................................................................................... 146 5.10. Company overview ......................................... 1475.8 Related party transactions ...................................................................................... 147 5.9 Events after the balance sheet date ................................................................... 147 5.10 Company overview ................................................................................................... 148 In preparing the Annual Report, DFDS focuses on ensuring that the content is relevant to the reader and that the presentation is clear. The purpose is to provide an overview of what drives performance. The structure of the notes reflects DFDS\u2019 financial performance goal, ROIC, and the structure aims at providing an enhanced understanding of each accounting area by describing relevant accounting policies and any significant accounting estimates and assessments related thereto at the end of each note. The accounting policies have been made within the framework of the prevailing International Financial Reporting Standards (IFRS) as adopted by the EU. The actual text of the standard is not repeated in the notes. The description of accounting policies in the notes forms part of the overall description of DFDS\u2019 accounting policies. Basis for preparation The Consolidated Financial Statements and the Parent Company Financial Statements are presented in Danish Kroner (DKK) which is the Parent Company\u2019s functional currency. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit loss\u201d (FVTPL) are measured at fair value. Assets classified as held for sale are measured at the lower of the carrying amount before the changed presentation and the fair value less costs to sell. The accounting policies, set out below and in the notes, have been used consistently in respect of the financial year and to comparative figures. Rounding In general, rounding may cause variances in sums and percentages in the Annual Report. Alternative performance measures In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS. Significant income and expenses which DFDS assesses not to be directly attributable to the operating activities or which are considered non-recurring are presented in the Income statement in a separate line item labelled \u2018Special items\u2019 in order to distinguish these items from other income statement items. Reference is made to note 2.6 for more details on Special items. The Income statement includes the subtotals \u2018Operating profit before depreciation (EBITDA) and special items\u2019 and \u2018Operating profit (EBIT) before special items\u2019 as these are assessed to provide a more transparent and comparable view of DFDS\u2019 recurring operating profit. In note 2.6 it is disclosed how the line items in the Income statement would have been affected if \u2018Special items\u2019 had not been presented in a separate line item. For definitions of key figures please refer to the section \u2018Definitions\u2019. Significant accounting policies Accounting policies for Basis of consolidation are described below, while accounting policies for the remaining areas are included in the notes to which they relate. Management considers the accounting policies for the following areas as the most important for the Group: Consolidated Financial Statements; Revenue (note 2.2); Special items (note 2.6); Non-current intangible assets (note 3.1.1); Ferries and other ships (note 3.1.2); Right-of-use assets/Leases (note 3.1.3); Pension and jubilee liabilities (note 3.2.4); Financial and operational risks (note 4.1); Business combinations (note 5.5); and Contractual commitments (note 5.7). Accounting policies for Basis of consolidation, Non-controlling interests and Translation of foreign currencies are described below, while accounting policies for the remaining areas are included in the notes to which they relate. New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. New standards and interpretations not yet adopted The IASB has issued a number of amended standards and interpretations with effective date post 31 December 2022, some of which have not yet been endorsed by the EU. The new and amended Standards and Interpretations are not mandatory for the financial reporting for 2022. The Group expects to adopt the Standards and Interpretations when they become mandatory. None of the standards and interpretations are expected to have a significant impact on recognition and measurement. Application of materiality and relevance DFDS\u2019 Annual Report is based on the concept of materiality and relevance to ensure that the content is material and relevant to the user. This objective is pursued by providing relevant rather than generic descriptions and information. When assessing materiality and relevance, due consideration is given to ensure compliance with applicable accounting legislation etc. and to ensure that the Consolidated Financial Statements and Parent Company Financial Statements give a true and fair view of the Group\u2019s and the Parent Company\u2019s financial position at the balance sheet date and the operations and cash flows for the financial year. The Consolidated Financial Statements and the Parent Company Financial Statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the Financial Statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of similar nature in the statements or in the notes. The disclosure requirements throughout IFRS are substantial and DFDS provides these specific disclosures required by IFRS unless the information is considered immaterial to the economic decision-making of the users of these Financial Statements or not relevant for the Group. Basis of reporting The 2022 Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS as adopted by the EU, and additional Danish disclosure requirements for listed companies. The Consolidated Financial Statements are also in accordance with IFRS as issued by the International Accounting Standards Board (IASB). On 24 February 2023, the Board of Directors and the Executive Management Board considered and approved the 2022 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 22 March 2023. Significant estimates and judgements In the preparation of the Consolidated Financial Statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent Company. These assumptions are based on historical experience and other factors such as the war in Ukraine and the current world economy by their nature are uncertain and unpredictable. Restatement rail transport revenue Rail activities in T\u00fcrkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity. 1. Basis of preparation of the Consolidated Financial Statements Description of accounting policies Basis of consolidation The Consolidated Financial Statements includes the Parent Company DFDS A/S and the subsidiaries in which the Parent Company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent Company and these subsidiaries are referred to as the Group. Enterprises, which are not subsidiaries, over which the Group exercises significant influence, but which it does not control, are considered associates. Significant influence is obtained by direct or indirect ownership or control of more than 20% of the voting rights but less than 50%. Enterprises which according to agreement are controlled together with one or more other companies are considered joint controlled entities. The Consolidated Financial Statements are based on the Parent Company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The Consolidated Financial Statements are prepared by applying the Group\u2019s accounting policies. Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries\u2019 net asset value at the acquisition date. The Group\u2019s investments in associates and joint ventures are recognised in the Consolidated Financial Statements at the Group\u2019s proportionate share of the associate\u2019s / joint venture\u2019s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group\u2019s interest in the respective associate/jointly controlled enterprise. Translation of transactions and balances On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement as Financial income or cost except when deferred in equity as qualifying for cash flow hedges. Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss. Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition. Translation of subsidiaries In the Consolidated Financial Statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period. Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in Other Comprehensive Income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent Company\u2019s and the non-controlling interests\u2019 share of equity. When losing control of a consolidated entity, exchange differences which have accumulated in Equity via Other Comprehensive Income, and which are attributable to the enterprise, are transferred from Other Comprehensive In- come to the Income statement together with any gains or losses associated with the disposal. Significant estimates and judgements (continued) The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, assessments, and assumptions. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report: \u2022 Impairment testing of goodwill, definition of CGU\u2019s, other non-current intangible assets, ferries and other ships, other non-current tangible assets, and Right-of-use assets. Reference is made to note 3.1.4. \u2022 Assessment of useful life and scrap values. Reference is made to note 3.1.2. \u2022 Purchase Price Allocation in connection with acquisitions. Reference is made to note 5.5. \u2022 Special items. Reference is made to note 2.6. \u2022 Deferred tax assets. Reference is made to note 2.7. \u2022 Leasing arrangements. Reference is made to note 3.1.3. \u2022 Derivatives. Reference is made to note 4.2. \u2022 Provisions and contingencies. Reference is made to note 5.6. Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate. Non-controlling interests In the Consolidated Financial Statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the Statement of change in equity. If a non-controlling interest has a put option to sell its ownership interest to DFDS, the fair value of the put option is recognised as an interest-bearing liability which means that the results for the year and equity attributable to non-controlling interests are not presented separately in the proposed profit appropriation and the Statement of change in equity. Report under the ESEF regulation The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group\u2019s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2022-12-31-en.zip. Translation of foreign currencies Functional and presentation currency Items included in the Financial Statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The Consolidated Financial Statements are presented in Danish Kroner (DKK). Key figures Key figures are calculated in accordance with the latest version of the Danish Finance Society\u2019s guidelines, \u2018Recommendations and Financial Ratios\u2019. The key figures stated in the overview with consolidated financial highlights are defined on the \u2018Definitions and Glossary\u2019 page. 2. Net Operating Profit After Tax (NOPAT) Return on invested capital (ROIC) is a strategic key ratio to DFDS when measuring the financial performance of our business. DFDS\u2019 minimum return target goal is a ROIC of at least 8.0%. This section provides the notes of the main components that forms the basis of Net operating profit after tax (NOPAT) which is a measure of profit that excludes the costs and tax benefit of debt financing by measuring the earnings before interest and taxes (EBIT) adjusted for corporate income tax on EBIT. Together with invested capital, NOPAT forms the basis of the ROIC calculation. Reference is made to section 3. 1 Corporate income tax is calculated for each entity within the Group following the tax legislation and current tax rate in each tax jurisdiction adjusted by the tax effect from financial items. The amounts per entity are then consolidated.DKK millionNote2022 2021 Revenue 2.1, 2.2 26,873 18,279 Costs:Ferry and other ship operation and maintenance2.3 -6,426 -3,880 Freight handling -3,090 -2,598 Transport solutions -6,657 -4,303 Employee costs 2.4 -4,730 -3,444 Cost of sales and administration-1,015 -643 Operating profit before depreciation (EBITDA) and special items4,955 3,411 Share of profit/loss from associates and joint ventures -14 -13 Profit on disposal of non-current assets, net 21 2 Amortisation, depreciation, and impairment losses on intangible assets and tangible assets and Right-of-use assets 2.5 -2,505 -2,087 Operating profit (EBIT) before special items2,457 1,313 Special items, net 2.6 25 34 Operating profit (EBIT)2,482 1,348 )Corporate income tax on EBIT\u00b9 -162 -107 Net Operating Profit After Tax (NOPAT)2,319 1,240 Net Operating Profit After Tax (NOPAT) before special items2,294 1,206 Return on invested capital (ROIC)8.7% 5.3% Return on invested capital (ROIC) before special items8.6% 5.2% 2.1 Segment information The segments together with allocation of operating profit, assets and liabilities etc. are identical with the internal reporting structure of the Group. Management has defined the Groups\u2019 business segments based on the reporting regularly presented to the Group Executive Management, which also forms the basis for management decisions. Segment performance is evaluated by management based on EBITDA before special items and EBIT before special items. The costs of the segments are the directly recorded costs including some systematically allocated indirect costs, primarily concerning Group functions. Non-allocated costs reflect the general functions which cannot reasonably be allocated to the segments. The costs consist primarily of costs concerning the Group Executive Management and Board of Directors but also Group functions such as Treasury, Investor Relations, Legal, Procurement, Communication, and Finance etc. In addition, the elimination of transactions between segments is included. Transactions between segments are concluded at arm\u2019s length terms. Segment assets include assets which are directly related to the segment such as non-current intangible, non-current tangible, other non-current and Right-of-use assets, inventories, receivables, prepayments, and cash. Segment liabilities include current and non-current liabilities. The Ferry Division\u2019s activities are divided into five Business units: North Sea, Mediterranean, Channel, Baltic Sea and Passenger. Ferry Division operates ferry routes in and around Europe transporting freight units, mainly trailers, and passengers. The routes deploy a mix of freight ferries, freight and passenger ferries as well as passenger cruise ferries. In addition, port terminals are owned and/or operated at strategic hubs of the route network. The freight customers are mainly forwarders and hauliers as well as manufacturers of heavy industrial goods. The main passenger customer groups are passengers travelling with own cars, mini cruise passengers, tour operators, and business conferences. The Logistics Division\u2019s activities are divided into two Business units: Dry Goods and Cold Chain. Logistics Division provides transport solutions for full- and part loads as well as contract logistics solutions, including warehousing and transport of frozen meat and fish (Cold Chain). In addition, container ships, including vessel sharing agreements with other container operators, are operated. The customers are primarily manufacturers of industrial goods and consumables as well as retailers. 2022 Ferry Logistics Non- DKK millionDivision Division allocated Total External revenue 15,503 11,352 18 26,873 Intragroup revenue 1,329 71 606 2,006 Revenue 16,831 11,423 624 28,879 Operating costs, external -12,371 -8,887 -660 -21,919 Intragroup operating costs -494 -1,471 -40 -2,005 Operating profit before depreciation (EBITDA) and special items 3,966 1,066 -76 4,955 Share of profit/loss of associates and joint ventures -13 -1 0 -14 Profit on disposal of non-current assets, net 2 19 0 21 Depreciation, amortisation, and impairment losses on other non-current assets -1,816 -603 -86 -2,505 Operating profit (EBIT) before special items 2,138 480 -162 2,457 Special items, net 18 7 0 25 Operating profit (EBIT) 2,156 487 -162 2,482 Financial items, net -343 Profit before tax 2,139 Tax on profit -120 Profit for the year2,019 Capital expenditures of the year 2,064 966 131 3,162 Investments in associates and joint ventures 8 3 0 11 Total assets 25,116 7,265 1,703 34,084 Liabilities 12,234 3,127 5,588 20,949 Geographical breakdown The Group does not have a natural geographic split on countries since the Group, mainly Ferry Division, is based on a connected route network in primarily Northern Europe and Mediterranean. The routes support each other with sales and customer services located in one country whereas the actual revenue is created in other countries. Consequently, it is not possible to present a meaningful split of revenues and non-current assets by country. The split is therefore presented by the sea and geographical areas in which DFDS operates. The geographical split of revenue is shown in the revenue note. Reference is made to note 2.2. The applied split results in seven geographical areas: North Sea, Mediterranean, Baltic Sea, English Channel, Continent, Nordic and UK/Ireland. As a consequence of the Group\u2019s business model, the routes do not directly own the ferries, but charter the ferries from a Group internal vessel pool. The ferries are frequently moved within the Group\u2019s routes. Furthermore, certain non-current assets such as IT-software and headquarter owned corporate assets are for the benefit for the entire Group. It is therefore not possible to meaningfully estimate the exact value of the non-current assets per geographical area. Instead, an adjusted allocation has been used. 1 Addition of capital expenditures of the year primarily relates to the acquisition of HSF Logistics Group. Reference is made to note 5.5 2021Ferry Logistics Non- DKK millionDivision Division allocated TotalExternal revenue 11,180 7,081 18 18,279 Intragroup revenue 1,036 74 508 1,618 Revenue 12,216 7,155 526 19,897 Operating costs, external -8,821 -5,516 -531 -14,868 Intragroup operating costs -542 -1,047 -30 -1,618 Operating profit before depreciation (EBITDA) and special items2,852 593 -34 3,411 Share of profit/loss of associates and joint ventures -13 0 0 -13 Profit on disposal of non-current assets, net 4 -1 0 2 Depreciation, amortisation and impairment losses on other non-current assets -1,684 -322 -81 -2,087 Operating profit (EBIT) before special items 1,160 269 -116 1,313 Special items, net 12 2 20 34 Operating profit (EBIT) 1,172 271 -96 1,348 Financial items, net -278 Profit before tax1,069 Tax on profit -94 Profit for the year976 Capital expenditures of the year 1,644 2,400\u00b9\u207e 71 4,115 Investments in associates and joint ventures 23 3 0 26 Total assets 23,556 5,899 1,266 30,721 Liabilities 11,897 2,519 4,751 19,167 North Medi-Baltic English UK/ DKK millionSea terranean Sea Channel Continent Nordic Ireland Total 2022Non-current assets 8,872 8,924 2,604 2,473 2,563 1,612 1,094 28,141 2021Non-current assets 8,330 9,042 1,780 2,390 2,324 1,465 477 25,807 Accounting policies The segment information has been compiled in conformity with the Group\u2019s accounting policies and is in accordance with the internal management reports. 2.2 Revenue 2022Logistics Non- DKK millionFerry Division Division allocated TotalGeographical markets North Sea 5,630 - 0 5,630 Mediterranean 4,471 - 0 4,471 Baltic Sea 1,496 - 0 1,496 English Channel 3,906 - 0 3,906 Continent - 4,416 0 4,416 Nordic - 4,418 0 4,418 UK/Ireland - 2,518 0 2,518 Other 0 0 18 18 Total 15,503 11,352 18 26,873 Product and servicesSeafreight and shipping logistics solutions 10,425 27 0 10,452 Transport solutions 595 10,820 0 11,415 Passenger seafare and onboard sales 2,982 0 0 2,982Terminal services 953 6 0 959 Charters including related income 331 0 0 331 Agency and other revenue 216 498 18 733 Total 15,503 11,352 18 26,873 Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 374m (2021: DKK 311). Onboard sales amounts to DKK 1,327m (2021: DKK 449m). 2021 Logistics Non- DKK millionFerry Division Division allocated Total Geographical marketsNorth Sea 3,849 - 0 3,849 Mediterranean 3,378 - 0 3,378 Baltic Sea 1,350 - 0 1,350 English Channel 2,603 - 0 2,603 Continent - 3,156 0 3,156 Nordic - 2,327 0 2,327 UK/Ireland - 1,598 0 1,598 Other 0 0 18 18 Total 11,180 7,081 18 18,279 Product and servicesSeafreight and shipping logistics solutions 8,432 98 0 8,530 Transport solutions 434 6,778 0 7,212 Passenger seafare and onboard sales 976 0 0 976 Terminal services 851 6 0 856 Charters including related income 311 0 0 311 Agency and other revenue 176 199 18 393 Total 11,180 7,081 18 18,279 2.4 Employee costs DKK million2022 2021 Wages, salaries and remuneration 3,848 2,839 Hereof capitalised employee costs -47 -33 Defined contribution pension plans 185 139 Defined benefit pension plans 14 7 Other social security costs 372 284 Share based payment 30 37 Other employee costs 333 226 Government grants (Covid-19) -5 -55 Total employee costs 4,730 3,444 Full time equivalents (FTE), average 11,510 8,874 Reference is made to note 3.2.4 for detailed information on pension plans, note 5.1 for detailed information on remuneration of Management and note 5.3 for detailed information on the Group\u2019s share option schemes. Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered. Accounting policies for employee costs Ferry and other ship cost comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Impairments and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Freight handling and Transport solutions are cost related to land-based activities such as stevedoring, terminal, and haulage costs. Costs of sales and administration comprise costs of sales, marketing, and administration. 2.3 Costs Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. DKK million2022 2021Ferry and other ship operation and maintenance:Ferry and other ship cost including charter related cost -2,329 -1,583 Bunker -4,097 -2,297 Total ferry and other ship operation and maintenance -6,426 -3,880 Accounting policies for Costs 2.5 Amortisation, depreciation, and impairment losses for the year DKK million2022 2021 Amortisation and depreciation for the year:Software 48 44 Port concession rights etc. 35 35 Other non-current intangible assets 52 20 Land & Buildings 15 9 Terminals 59 49 Ferries and other ships 927 850 Equipment etc. 328 206 Right-of-use assets 1,042 874 Total amortisation and depreciation for the year 2,505 2,087 Impairment losses for the year:Equipment etc. 1 0 Total impairment 1 0 Total amortisation, depreciation and impairment losses for the year 2,505 2,087 2.6 Special Items, net DKK million2022 2021Acquisition and integration costs relating to HSF Logistics Group 0 -29 Adjustment of earn-out regarding an acquisition 4 0 Accounting gain on sale of Gothia Seaways 0 20 Accounting gain on sale of Calais Seaways 0 26 Accounting gain on sale of office and warehousing building in Belgium 0 31 Accounting gain related to disposal of an associated company 0 16 Reversal of accrued cost related to Jubilee shares 0 4 Reversal of restructuring cost (2021: restructuring costs etc.) 19 -63 ICT Logistics value adjustment, etc. 2 0 Reversal of impairment of a freight ferry made in connection with reclassification to assets held for sale 0 29 Special items, net 25 34 If special items had been included in the operating profit before special items, they would have been recognised and have effect as follows:Operating costs 19 -89 Operating profit before depreciation (EBITDA) 19 -89 Profit on disposal of non-current assets and associates, net 0 94 Amortisation, depreciation, and impairment losses on intangible and tangible assets -7 29 Financial income 13 0 Profit before tax 25 34 Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. Accounting policies Special items include significant income and expenses not directly attributable to the Group\u2019s recurring operating activities such as material restructuring of processes and significant organisational restructurings/ changes which are of significance over time. In addition, other non-recurring amounts are classified as special items including impairment of goodwill; significant impairments and reversal of impairments of non-current tangible assets; significant acquisition costs and integration costs in connection with large business combinations; changes to estimates of contingent considerations related to business combinations; gains and losses on the disposal of activities; and significant gains and losses on the disposal of non-current assets. These items are classified separately in the Income statement in order to provide a more transparent view of income and costs that are considered not to have recurring nature. 2.7 Tax The majority of the ferry activities performed in the Danish, Turkish, French and Lithuanian enterprises in the Group are included in local tonnage tax schemes where the taxable income related to transportation of passengers and freight is calculated based on the tonnage deployed during the year and not the actual profits generated. Taxable income related to other activities is taxed according to the normal corporate income tax rules and at the standard corporate tax rates. In 2022, the Group realised a total effective tax rate adjusted for prior years\u2019 tax of 7.1% (2021: 10.0%) and 33.6% (2021: 24.1%) on income subject to normal corporate income tax. Addition on acquisition of enterprises primarily relates to the acquisition of the ICT group and Lucey Transport Logistics Ltd. in 2022. The movement in deferred tax recognised in other comprehensive income primarily relates to value adjustments of financial instruments in Denmark. DFDS A/S and its Danish subsidiaries are subject to compulsory joint taxation with Lauritzen Fonden Holding ApS and its Danish controlled enterprises. Lauritzen Fonden Holding ApS is the administration company in the joint taxation and settles all payments of corporation tax due by the joint taxed enterprises. In accordance with the Danish rules on joint taxation, DFDS A/S and its Danish subsidiaries are liable for their own corporate tax due and are only subsidiary and pro rata liable for the corporation tax liabilities towards the Danish tax authorities for all other enterprises that are part of the Danish joint taxation. DKK million2022 2021 Tax in the Income statement: Current tax -188 -104 Movement in deferred tax for the year 8 -28 Adjustment to corporation tax in respect of prior years 4 14 Adjustment to deferred tax in respect of prior years 17 0 Effect of change in corporate income tax rate -3 -2 Write-down of deferred tax assets 0 -1 Reversal of write-down of deferred tax assets 10 1 Tax for the year -152 -120 Tax for the year is recognised as follows:Tax in the Income statement -120 -94 Tax in Other comprehensive income -32 -26 Tax for the year -152 -120 Tax in the income statement can be specified as follows: Profit before tax 2,139 1,069 Income subject to tonnage tax -1,696 -640 Profit before tax subject to corporate income tax 443 430 22% tax of profit before tax -97 -95 Adjustment of calculated tax in foreign subsidiaries compared to 22% -5 3 Tax effect of:Non-taxable/non-deductible items -40 -41 Tax asset for the year, not recognised -10 -10 Utilisation of non-capitalised tax assets 3 39 Adjustments of tax in respect of prior years 32 13 Corporate income tax -117 -91 Tonnage tax -3 -3 Total tax in the income statement -120 -94 Effective tax rate (%) 5.6 8.7 Effective tax rate before adjustment of prior years\u2019 tax (%) 7.1 10.0 Tax in Other comprehensive income can be specified as follows:Corporate income tax -31 -25 Movement deferred tax -1 -1 Total tax in Other comprehensive income -32 -26 DKK million2022 Land and Ferries buildings, and terminals Tax loss other and other carried Deferred taxships equipment Provisions forward Other Total Deferred tax at 1 January 154 180 -1 -18 19 334 Foreign exchange adjustments -12 -2 0 1 0 -13 Impact from change in corporate income tax rate 0 7 1 -5 0 3 Addition on acquisition of enterprises 0 19 0 0 0 19 Recognised in the Income statement -8 3 4 -11 7 -5 Recognised in other comprehensive income 0 0 -14 11 0 -3 Adjustment regarding prior years recognised in the Income statement 0 16 -3 -1 -33 -21 Adjustment regarding prior years recognised in other comprehensive income 0 0 4 0 0 4 Utilisation of tax losses between jointly taxed companies 0 0 0 2 0 2 Write-down of deferred tax assets 0 0 0 0 0 0 Reversal of write-down of deferred tax assets 0 0 0 -10 0 -10 Deferred tax at 31 December 134 223 -9 -31 -7 310 Significant accounting estimates and assessments Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Assessment is performed annually based on forecasts, business initiatives and likely structural changes for the coming years. DKK million2021Land and buildings, Ferries terminals Tax loss and other and other carried Deferred taxships equipmentProvisionsforward Other TotalDeferred tax at 1 January 174 28 -28 -11 -2 160 Foreign exchange adjustments -3 0 -1 0 0 -5 Impact from change in corporate income tax rate 0 1 0 0 0 2 Addition on acquisition of enterprises 0 151 0 0 -2 150 Recognised in the Income statement -8 -2 4 -4 13 3 Recognised in other comprehensive income 0 0 24 0 1 25 Adjustment regarding prior years recognised in the Income statement -9 1 1 -2 9 0 Write-down of deferred tax assets 0 0 0 1 0 1 Reversal of write-down of deferred tax assets 0 0 0 -1 0 -1 Deferred tax at 31 December 154 180 -1 -18 19 334 DKK million2022 2021 Deferred tax is recognised in the balance sheet as follows: Deferred tax assets -49 -31 Deferred tax liabilities 359 366 Deferred tax at 31 December, net 310 334 Accounting policies Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the Income statement or in the equity in correlation to the underlying transaction. The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments. Deferred tax is provided using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date. Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the Income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/ receivable tax and/or as deferred tax assets/liabilities. The Group has unrecognised tax losses carried forward of DKK 803m with a tax value of DKK 185m (2021: tax losses of DKK 591m, tax value of DKK 144m). Of the unrecognised tax losses carried forward of DKK 803m (2021: DKK 591m) an amount of DKK 759m expires within the next five years (2021: DKK 489m) and DKK 44m expires after more than five years (2021: DKK 102m). The tax losses of DKK 803m (2021: DKK 591m) have not been recognised as it has been assessed that the losses cannot be utilised in the foreseeable future. The Group is liable to a contingent tax that may arise at the withdrawal from tonnage taxation schemes. The Group controls the withdrawal and has no plans to withdraw from the schemes and consequently no deferred tax has been recognised. 3. Invested Capital Invested capital is a key component when calculating ROIC. Reference is made to section 2 for more details about ROIC. The following section provides the notes of the main components that forms basis of the Invested capital being Net working capital (non-interest-bearing current assets minus non-interest bearing current liabilities plus non-current prepaid costs minus pension and jubilee liabilities and other provisions) plus non-current intangible and tangible assets. Furthermore, notes that are closely related to the Non-current intangible, tangible assets, and Right-of use assets such as Impairment testing is also included in this section. DKK millionNote2022 2021 Invested capital excluding Net Working Capital: Non-current intangible assets 3.1.1 6,444 6,252 Non-current tangible assets 3.1.2 16,549 15,263 Right-of-use assets 3.1.3 4,648 3,926 Investments in associates and joint ventures 11 26 Invested capital excluding Net Working Capital 27,651 25,467 Net Working Capital:Receivables (excluding interest-bearing receivables) 3.2.1 4,031 3,437 Inventories 3.2.2 324 269 Prepaid costs 492 521 Derivatives, related to operating activities, financial assets measured at fair value 4.2 102 36 Derivatives, related to operating activities, financial liabilities measured at fair value 4.2 -40 -2 Pension assets 3.2.4 0 25 Pension and jubilee liabilities3.2.4 -88 -76 Other provisions 3.2.5 -96 -173 Trade payables -3,661 -3,119 Corporation tax -170 -113 Other payables3.2.3 -768 -730 Prepayments from customers -223 -171 Net Working Capital -98 -98 Invested capital 27,554 25,369 Average invested capital 26,523 23,324 3.1.1 Non-current intangible assets DKK millionOther non- Port current Developmenconcession intangible t projects in Goodwill rights etc. assets Software progress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 1)2)Addition on acquisition of enterprises 1440 1300 0 274 3)Additions 0 0 0 1 7070 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0 Cost at 31 December 2022 4,522 1,213 773 721 12 7,241 Amortisation and impairment losses at 1 January 2022 120 152 57 365 0 694 Foreign exchange adjustments -5 0 -2 0 0 -7 Amortisation charge 0 35 52 48 0 135 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2022 115 187 98 397 0 797 Carrying amount at 31 December 2022 4,407 1,026 676 324 12 6,444 The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. For information regarding the impairment tests reference is made to note 3.1.4. DKK millionOther non- Port current Development concession intangible projects in Goodwill rights etc. assets Software progress Total Cost at 1 January 2021 3,552 1,214 113 562 55 5,496 Foreign exchange adjustments 8 0 2 0 0 10 4)5)Addition on acquisition of enterprises 8400 5400 0 1,381 6)Additions 0 0 0 0 62 62 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 102 -102 0 Cost at 31 December 2021 4,400 1,213 656 663 14 6,947 Amortisation and impairment losses at 1 January 2021 119 117 36 323 0 595 Foreign exchange adjustments 1 0 1 0 0 2 Amortisation charge 0 35 20 44 0 99 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2021120 152 57 365 0 694 Carrying amount at 31 December 2021 4,280 1,061 599 298 14 6,252 1 Reference made to note 5.5. 2 Relates to addition of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m). 3 Primarily relates to the implementation of an ERP system.4 Addition of goodwill relates to the acquisition of HSF Logistics Group DKK 756m, acquired existing goodwill in HSF Logistics Group DKK 81m and GA \u00c5kerierna DKK 3m.5 Relates to the acquisition of HSF Logistics Group DKK 538m and GA \u00c5kerierna AB DKK 2m.6 Primarily relates to the implementation of an ERP system.Recognised goodwill is attributable to the following cash generating units:DKK million2022 2021 Ferry:North Sea, Baltic Sea and Mediterranean 3,023 2,990 Logistics: Dry Goods427 346 Cold Chain 957 944 Total 4,407 4,280 Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated amortisation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. \u2022 The assets are amortised on a straight-line basis over the estimated useful life. \u2022 The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: \u2022 The projects are clearly defined and identifiable. \u2022 The Group intends to use the projects once completed. \u2022 The future earnings from the projects are expected to cover the development and administrative costs. and \u2022 The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period. 3.1.2 Non-current tangible assets DKK millionAssets under Ferries construction Land and and other Equipment and pre- buildings Terminals ships etc. payments Total Cost at 1 January 2022 482 1,230 20,218 2,486 1,368 25,785 Foreign exchange adjustments -14 -16 -147 -33 -2 -211 Addition on acquisition of enterprises 3 0 0 24 0 28 Additions 71 49 313 340 2,017 2,790 Disposals -11 0 -453 -160 -1 -625 1)Transfers 85 132 2,440 363 -3,014 5 Cost at 31 December 2022 616 1,395 22,372 3,020 369 27,771 Depreciation and impairment losses at 1 January 2022 55 512 8,760 1,197 0 10,522 Foreign exchange adjustments -2 -11 -87 -17 0 -117 Depreciation charge 15 59 927 328 0 1,328 Disposals -11 0 -413 -90 0 -514 Transfers 0 0 0 1 0 1 Depreciation and impairment losses at 31 December 202257 559 9,186 1,420 0 11,222 7) Carrying amount at 31 December 2022 559 836 13,186 1,600 369 16,549 DKK millionAssets under Ferries construction Land and and other Equipment and pre- buildings Terminals ships etc. payments Total Cost at 1 January 2021 230 1,174 19,368 1,787 887 23,446 Foreign exchange adjustments 11 20 -19 22 0 34 2)2)2)Addition on acquisition of enterprises 240 0 0 549 9 798 3)Additions 2 23 399 143 1,306 1,874 Disposals -24 -3 -344 -101 -3 -475 4)Transfers 16 15 710 86 -831 -3 Transferred to/from assets classified 5)as held for sale 7 0 104 0 0 111 Cost at 31 December 2021 482 1,230 20,218 2,486 1,368 25,785 Depreciation and impairment losses at 1 January 2021 46 454 8,149 1,064 0 9,713 Foreign exchange adjustments 1 13 -4 12 0 22 Depreciation charge 9 49 850 206 0 1,114 6)Reversal of impairment 0 0 -29 0 0 -29 Disposals -8 -3 -326 -89 0 -426 Transfers 7 -3 0 4 0 8 Transferred to/from assets classified 5)as held for sale 0 0 118 0 0 118 Depreciation and impairment losses at 31 December 2021 55 512 8,760 1,197 0 10,522 Carrying amount at 7)31 December 2021 427 718 11,4601,289 1,368 15,263 For information regarding the impairment tests reference is made to note 3.1.4. 1 Primarily relates to delivery of two new vessels. 2 Relates to the acquisition of HSF Logistics Group and GA \u00c5kerierna AB.3 Primarily relates to vessel swap. DFDS Group buys a vessel DKK 332m.4 Primarily relates to a new-building DKK 388m, which was deployed in February 2021.5 Ark Futura has ceased to be classified as asset held for sale during 2021 and consequently reclassified to ferries and other ships. Furthermore, Calais Seaways has been classified to asset held for sale during 2021 and subsequently sold. Reference is made to note 2.6.6 Relates to a reversal of an impairment of DKK 29m that was made in 2020 on Ark Futura. The reversal was made in connection with classifying the ferry back from Assets classified as held for sale.7 At year-end 2022 and 2021 Ferries and other ships do not include temporarily idle assets. Accounting policies Non-current tangible assets The following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated depreciation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges. \u2022 The basis for depreciation is determined as the cost less estimated residual value. \u2022 The assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value. \u2022 Estimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance. \u2022 The effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate. Ferries and other ships The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to: \u2022 Safety measures. \u2022 Measures to extend the useful life of the ferries and other ships. \u2022 Measures to reduce climate impact. \u2022 Measures to improve earnings. \u2022 Docking. Maintenance and daily running costs for the ferries and other ships are expensed in the Income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries or ship\u2019s next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2\u00bd years for freight and passenger ferries as well as freight ferries. Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the Income Statement as \u2018Profit on disposal of non-current assets, net\u2019 unless they qualify to be a special item, reference is made to note 2.6. Passenger cruise ferries and freight and passenger (ro-pax) ferries Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas. Freight ferries (ro-ro) The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries. Depreciation \u2013 expected useful life and residual value The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of vessels is estimated as the expected fair value at the end of their useful lifetime. Other non-current tangible assets Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements. The estimated useful lifetimes are as follows: \u2022 Buildings 25-50 years \u2022 Terminals etc. 10-40 years \u2022 Equipment etc. 4-10 years \u2022 Leasehold improvements Max. depreciated over the term of the lease Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the Income statement as \u2018Profit on disposal of non-current assets, net\u2019 unless they qualify to be a special item, reference is made to note 2.6. 3.1.3 Right of use assets and lease liabilities The Group has lease contracts for various items of Land & buildings, Terminals, Ferries, Equipment etc. in its operations. The Group\u2019s obligations under the leases are secured by the lessors title to the leased assets. Several lease contracts include extension and termination options. At 31 December the Group has no significant purchase options nor extension options which are not already incorporated. Some lease contracts include variable lease payments, which are further described below. Set out below are the carrying amounts of Right-of-use assets recognised and the movements during the period. Land and Ferries and Equipment DKK millionbuildings Terminals other ships etc. TotalCost at 1 January 2022 556 2,812 1,486 713 5,567 1)1)Addition on acquisition of enterprises 2030 0 37240 2)Additions/Remeasurement 321 181 1,024 183 1,710 Disposals -106 -3 -609 -160 -878 Transfer 0 0 0 -6 -6Foreign exchange adjustments -24 -70 -10 -11 -114 Cost at 31 December 2022 951 2,921 1,891 757 6,520Depreciation and impairment losses at 1 January 2022 222 566 619 235 1,642 Depreciation charge 127 222 520 173 1,042 Disposals -87 -3 -599 -79 -768 Transfer 0 0 0 -1 -1Foreign exchange adjustments -11 -20 -5 -7 -42 Depreciation and impairment losses 31 December 2022 252 765 534 320 1,872Carrying amount at 31 December 2022699 2,155 1,356 437 4,648 Land and Ferries and Equipment DKK millionbuildings Terminals other ships etc. Total Cost at 1 January 2021 424 2,632 735 345 4,136 3)3)Addition on acquisition of enterprises 20 0 0 353373 4)Additions/Remeasurement 166 107 1,022 73 1,369 Disposals -52 -11 -277 -70 -410 Transfer 0 0 0 4 4 Foreign exchange adjustments -1 84 5 8 96 Cost at 31 December 2021 556 2,812 1,486 713 5,567 Depreciation and impairment losses at 1 January 2021 150 358 326 170 1,003 Depreciation charge 91 196 472 116 874 Disposals -18 -3 -181 -57 -259 Transfer 0 0 0 0 0 Foreign exchange adjustments 0 16 2 6 23 Depreciation and impairment losses 31 December 2021 222 566 619 235 1,642 Carrying amount at 31 December 2021 334 2,246 867 479 3,926 1 Addition on acquisition of enterprises relates to Lucey Transport Logistics Ltd., ICT Logistics Group, primeRail GmbH. 2 Addition/remeasurement primarily relates to two charter contracts with a purchase option, as well as other new charter contracts for ferries.3 Addition on acquisition of enterprises relates to HSF Logistics Group.4 Addition/remeasurement primarily relates to a 10-year charter contract for a freight and passenger ferry as well as other new charter contracts for ferries.Set out in the following are the carrying amounts of lease liabilities (included under interest-bearing liabilities) and the movements during the period. DKK million2022 2021 As at 1 January 3,839 2,926 Addition on acquisition of enterprises 240 340 Additions/Remeasurement 1,731 1,432 Instalments -963 -834 Disposals -109 -153 Foreign exchange adjustments -34 127 Total lease liabilities at 31 December 4,705 3,839 Non-discounted lease liabilities expiring within the following periods from the balance sheet date: DKK million2022 2021 Within 1 year 951 816 1-3 years 1,293 1,115 3-5 years 1,407 737 After 5 years 1,789 1,757 Total Lease liability, non-discounted 5,441 4,425 Lease liabilities are recognised in the Balance sheet as follows: DKK million 2022 2021 Non-current liabilities 3,916 3,118 Current liabilities 788 721 Total Lease liabilities 4,705 3,839 The following amounts are recognised in the Income statement: DKK million2022 2021 Expenses relating to short-term leases (included in costs) -2 -1 Expenses relating to low-value assets (included in costs) -28 -26 Variable lease payments (included in costs) -86 -72 Interest expenses on lease liabilities -130 -95 Depreciation, ships -520 -472 Depreciation, other non-current assets -522 -403 Total amount recognised in the Income statement -1,288 -1,069 The following amounts from leases are recognised in the statement of Cash flows: DKK million2022 2021 Cash flows from operating activities, gross -116 -100 Interest etc. paid -130 -95 Cash flows from operating activities, net -246 -195 Cash flows from financing activities, net -963 -834 -1,209 -1,029 Total cash outflows from leases In 2022 the Group has paid DKK 1,093m (2021: DKK 929m) regarding lease agreements where of interest expenses related to lease liabilities amount to DKK 130m (2021: DKK 95m), and instalment of lease liability amounts to DKK 963m (2021: DKK 834m). At 31 December 2022 the Group was committed to short term and low value leases for an amount of DKK 76m (2021: DKK 68m). Accounting policies Group as lessee (lease in) The Right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs. The lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments are discounted using DFDS\u2019 incremental borrowing rate. Depreciation follows the straight-line method over the lease term or the useful life of the Right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease payment will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less for all classes of underlying assets except for terminals and ferries and other ships, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For all classes of assets, except for terminals, non-lease components, i.e., the service element, is not separated from the lease components and thereby form part of the Right-of-use asset and lease liability recognised in the Balance sheet. For contracts with a rolling term (evergreen leases), the Management exercises judgement in determining useful lifetime of the underlying right-of-use asset. Group as lessor (lease out) For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the Balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the Income statement. Lease income from assets leased out on an operating lease is recognised in the Income statement on a straight-line basis over the lease term. The Group has two terminal lease contracts that contains variable payments based on the number of transferred units. The terms align the lease expense with the units transferred and revenue earned. The following provides information on the Group\u2019s variable lease payments in relation to fixed payments: Fixed Variable Fixed Variable DKK millionpayments payments 2022 payments payments 2021Lease payments 125 44 169 123 37 160 Variable rent only - 42 42 - 35 35 Total 31 December 125 86 211 123 72 195 A 10% increase in units transferred would increase total lease payments by 7%. The Group has lease contracts for ferries and terminals that include extension and termination options. These options provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Group as a lessor Future minimum receivable under non-cancellable operating leases as at 31 December are as follows: Operating lease commitments (lessor) DKK million 2022 2021 Minimum lease payments (income) FerriesWithin 1 year 312 386 1-3 years 577 625 3-5 years 177 442 After 5 years 0 0Total 1,066 1,453The specified minimum payments are not discounted. Operating lease and rental income recognised in the Income statement amount to DKK 374m in 2022 (2021: DKK 311m). The contracts are entered into on normal conditions. Significant accounting estimates and assessments Leases (extension options) The Group has entered into lease/charter agreements for ferries with extension options. Management exercises significant judgement in determining whether these extension options are reasonably certain to be exercised and, in that connection, considers all relevant factors that create an economic and strategic incentive for it to exercise the extension option. Lessor (lease out) The Group has entered into operating lease/charter agreements for ferries under usual terms and conditions for such agreements. At inception of each individual agreement, Management assesses and determines whether the agreement is a finance or an operating leasing agreement. 3.1.4 Impairment testing Introduction DFDS impairment tests all non-current assets at least once every year and in case of indication of impairment. Due to the war in Ukraine and general uncertainty in the world economy, impairment assessments have been made in 2022. Definition of cash-generating units (CGU) The breakdown into cash-generating units takes its starting point in the internal structure of the two segments, Ferry and Logistics, and their Business units, including the strategic, operational, and commercial management and control of these, both separately and across Business units, and the nature of the customer services provided. Based on this, the following six cash-generating units have been identified: Ferry CGU: \u2022 The Business units North Sea, Baltic Sea and Mediterranean (includes goodwill of DKK 3,023m) \u2022 The Business unit English Channel \u2022 The Oslo \u2013 Frederikshavn - Copenhagen (OFC) route which is part of the Passenger Business unit \u2022 The Amsterdam \u2013 Newcastle route which is part of the Passenger Business unit Logistics CGU: \u2022 Dry Goods (includes goodwill of DKK 427m) \u2022 Cold Chain (includes goodwill of DKK 957m) Non-current intangible and tangible assets as well as Right-of-use assets are assigned to the above-mentioned cash-generating units unless this cannot be done with a reasonable degree of certainty. Software and other assets which cannot be assigned with reasonable certainty to one or more of the above cash-generating units are tested for impairment as a non-allocated Group asset, i.e., based on the Group earnings. The vast majority of the ferries used in the Business unit \u2018North Sea\u2019, \u2018Baltic Sea\u2019 and \u2018Mediterranean\u2019 are interchangeable and it is centrally decided where and how the ferries are deployed on the various routes. Revenue generation is impacted by the capacity deployed on the different routes. Management therefore concludes that interdependency between the three Business unit in respect of taking decision on capacity is of such extent that cash inflows are not largely independent from each other and consequently, these three Business units are treated as one cash-generating unit. Basis for impairment testing and calculation of recoverable amount In the impairment test for cash-generating units, the recoverable amount of the unit is compared with its carrying amount. The recoverable amount is the higher value of its value-in-use and its fair value less costs of disposal. If the recoverable amount is less than the carrying amount, the latter is written down to the lower value. The value-in-use is calculated as the discounted value of the estimated future net cash flows per cash-generating unit. Impairment testing (value-in-use) is performed based on management approved forecasts for 2023 and business plans beyond 2023. Key parameters for the forecast periods are trends in revenue, EBIT, EBIT margin, future investments, and growth expectations. These parameters are determined specifically for each individual cash-generating unit. Growth is incorporated in forecasts for periods beyond 2023 and in the terminal period with reference to the growth rate and cash flow section below. The recoverable amount for cash-generating units containing goodwill is determined based on value-in-use calculations. For a breakdown of goodwill on cash-generating units, reference is made to note 3.1.1. The fair value of the Group\u2019s main assets, ferries and other ships, is determined on the basis of the average of two to three independent broker valuations per ship less estimated costs of disposal. The task of the brokers is to assess the value of the individual ships in a \u2018willing buyer \u2013 willing seller\u2019 situation. The valuations have been obtained from the same recognised brokers as in previous years, and Management considers an average of these to be the best and most reasonable expression of the ships\u2019 fair value. The carrying amount of right-of-use (RoU) assets is added to the base of non-current tangible and intangible assets being subject to impairment testing. The RoU assets are regarded an integrated part of the operating activities taking place in the Group\u2019s CGU and accordingly, the carrying amount of a RoU asset is allocated to the CGU in which the asset in question is used. Thereby RoU assets are tested on CGU level. Determination of estimated growth rates and cash flow The expected net cash flows are assessed at CGU level on basis of approved forecasts for 2023 and management business plans beyond 2023. The projections include the estimated impact of long-term strategic decisions and assessment of opportunities for future growth and required investments. For Ferry and Logistics division CGUs which include a terminal period, OECD\u2019s prediction for EU long-term consumer price index growth rate of 3.1% has been applied (2021: 1.8%). Further, the outbreak of the Ukraine war as well as the uncertainty in the world economy have been incorporated in the forecast for 2023 and onwards. The following assumptions for growth rates have been applied to each CGU. Ferry (CGUs): North Sea, Baltic Sea and Mediterranean: For 2024-2027 a growth in EBIT in the range of 4.5% - 7.5% is expected and growth in terminal period of 3.1% (2021: 1.8%). The Business unit English Channel: The current overcapacity on the Channel impacts the forecast for 2023 negatively but is not expected to impact EBIT in the longer term. A growth in EBIT for 2024-2027 of 19.0% to 26.3% and growth in the terminal period of 3.1% is expected (2021: 1.8%). Due to the current overcapacity Management has prepared alternative scenarios based on various assumptions. None of these alternative scenarios gave rise to any impairment. The Oslo \u2013 Frederikshavn - Copenhagen route: During 2022, passenger numbers have recovered, but Covid-19 continues to impact the number of overseas passengers. The expectation for 2023 is a negative EBIT. Varying growth rates depending on maintenance, improvements etc. have been incorporated in the forecast years beyond 2024 leading to an overall positive EBIT. From 2024, growth rates represent a normalised average of 1.7% (2021: 0.7%). The Amsterdam \u2013 Newcastle route: During 2022, passenger numbers have recovered. The expectation for 2023 is a positive EBIT. Varying growth rates have been incorporated in the forecast years beyond 2023 and provide an overall positive EBIT. From 2024, growth rates represent a normalised average of 1.3% (2021: 2.2%). Logistics (CGUs): The Business unit Dry Goods: Growth in EBIT for 2024-2027 of 5.0% and growth in the terminal period of 3.1%. The Business unit Cold Chain: Growth in EBIT for 2024-2027 of 5.0% and growth in terminal period of 3.1%. Determination of discount rate The discount rate for year-end 2022 impairment testing purposes is based on a calculation of DFDS\u2019 weighted average cost of capital (WACC). The cost of equity is based on a risk-free rate plus a market risk premium. The risk-free interest rate is based on a 10-year Danish risk-free rate which at the end of 2022 is 2.5% (2021: 1.0%). The market risk premium is calculated as a general equity market risk premium of 5.5% (2021: 5.9%) multiplied by the leveraged beta value for DFDS of 1.71 (2021: 1.57). The leveraged beta value applied at year-end 2022 is calculated by obtaining the unlevered beta value of peer group companies via the Capital IQ database. This beta value is then re-levered in accordance with the Group\u2019s current capital structure. The cost of debt is based on the interest-bearing borrowings for the Group plus the risk-free interest. Further, risk premium may be added for the individual cash-generating unit if special conditions and/or uncertainties indicate a need hereto. Conversely, if the risk level for the individual cash-generating unit is considered to be lower than the general risk level, then the risk premium is reduced if special conditions indicate a need hereto. The impact of the war in Ukraine and the uncertainty in the global economy is built into the forecasts where relevant. For cash-generating-units where the recoverable amount is based on value-in-use, the pre-tax discount rates applied have been within the following ranges in the two segments: 2022 2021 Ferry Division 7.6% 6.0% - 7.0% Logistics Division 7.6% 6.0% The applied discount rates in cash-generating units for which the carrying amount of goodwill forms a significant part of the Group\u2019s total goodwill are 7.6% (2021: 6.0%) in \u2018North Sea, Baltic Sea and Mediterranean\u2019 in \u2018Dry Goods\u2019 and \u2018Cold Chain\u2019. Sensitivity analysis As part of the preparation of impairment tests, sensitivity analysis is prepared based on relevant risk factors and scenarios that Management can determine with reasonable reliability. Sensitivity analyses are prepared by altering the estimates within the range of probable outcomes. The sensitivities have been assessed as follows, all other things being equal: \u2022 An increase in the discount rate of 0.5%-points. \u2022 A decrease in EBIT of 10%. \u2022 A decrease in broker valuations of 10%. For English Channel sensitivity testing shows indication of impairment if reducing forecasted EBIT by 10%. For Oslo-Frederikshavn-Copenhagen route all sensitivity calculations shows indication of impairment. None of the above calculations have given rise to adjustments of the results of the impairment tests prepared. For all other CGU\u2019s sensitive testing shows no indication of impairment. Order of recognising impairments If a need for impairment is identified, goodwill is the first to be impaired, followed by the primary non-current tangible and intangible assets and Right-of-use assets in the individual cash-generating units. Impairments are allocated to the respective assets according to the carrying amount of the assets unless this results in an impairment to a value below the fair value less costs of disposal of the asset. Impairment tests 2022 Based on the impairment tests prepared at year-end 2022 no cash-generating units are deemed impaired in 2022 and no impairment losses recognised in prior years have been reversed. Impairment tests 2021 Based on the impairment tests prepared at year-end 2021 no cash-generating units are deemed impaired in 2021 and no impairment losses recognised in prior years have been reversed. For one Freight ferry a reversal of impairment made in connection with reclassification to asset held for sale amounting to DKK 29m has been recognised in Special Items reference is made to note 2.6. Significant accounting estimates and assessments The war in Ukraine and the global economy Management has taken the risk and uncertainty relating to the current war in Ukraine and the uncertainty in the world economy into consideration when preparing the forecasts and cash flows. Impairment testing of goodwill and other non-current intangible assets Impairment testing of goodwill and other non-current intangible assets, which primarily relates to IT, acquired port concession rights and acquired customer portfolios, is undertaken once every year and in case of indication of impairment. The impairment tests are based on the expected future cash flow for the cash-generating unit in question. The key parameters are trends in revenue, EBIT, EBIT margin, future investments and growth expectations. These parameters are based on estimates of the future which are inherently uncertain. Impairment testing of ferries and other ships, including the assessment of useful life and scrap value Significant accounting estimates and assessments regarding ferries and other ships include the allocation of the ferry\u2019s cost price on components based on the expected useful life of the identified components; the ferry\u2019s expected maximum useful life; the ferry\u2019s scrap value; and impairment testing. The expected useful life of ferries and other ships and their scrap values are reviewed and estimated at least once a year. Impairment test is performed at least once a year, typically at year-end. Additional impairment tests are performed if indications of impairment occur in the period between the annual impairment tests. Impairment testing of Right-of-use assets For information on Significant accounting estimates and assessments regarding Right-of-use assets from leases reference is made to note 3.1.3. Impairment testing of Right-of-use assets, which primarily relates to leases of terminals, ferries, land and buildings and cargo carrying equipment, is performed at least once a year, typically at year-end. Additional impairment tests are performed if indications of impairment occur in the period between the annual impairment tests. The Right-of-use assets are regarded an integrated part of the operating activities taking place in the Group\u2019s cash-generating units and accordingly, the carrying amount of a Right-of-use asset is allocated to the cash-generating unit in which the asset in question is used. Thereby Right-of-use assets are tested at cash-generating unit level. The impairment tests are based on fair value less costs of disposal for the assets in the cash-generating unit or the value-in-use where the expected future cash flow for the cash-generating unit is a main element in the calculation. The key parameters in assessing expected future cash flows are trends in revenue, EBIT, EBIT margin, future investments and growth expectations, which are inherently uncertain. The fair value less cost of disposal for the Group\u2019s main assets, ferries and other ships, are based on broker valuations. For further information on broker valuations reference is made to the paragraph \u2018Basis for impairment testing and calculation of recoverable amount\u2019 which can be found above in this note. Accounting policies The carrying amount of Goodwill, non-current intangible, tangible and Right-of-use assets are continuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated. 3.1.5 Assets classified as held for sale 2022 There are no assets classified as held for sale as of 31 December 2022. 2021 During 2021 the Group has sold the freight ferry (ro-ro) Gothia Seaways. ARK Futura has ceased to be classified as assets held for sale. As part of this an impairment loss of DKK 29m made in 2020 has been reversed as Special items. Reference is made to note 2.6. DKK million2022 2021Trade receivables that are past due:Days past due:Up to 30 days 487 386 31-60 days 91 53 61-90 days 25 13 91-120 days 21 10 More than 120 days 71 54 Past due at 31 December 696 517 DKK million2022 2021Movements in write-downs, which are included in the trade receivables: Write-downs at 1 January 60 63 Foreign exchange adjustment -1 1 Addition on acquisition of enterprises 2 3 Write-downs 33 18 Realised losses -3 -1 Reversed write-downs -22 -23 Write-downs at 31 December 70 60 3.2.1 Receivables DKK million2022 2021 Other non-current receivables 16 16 Total non-current receivables 16 16 Trade receivables 3,080 2,650 Work in progress services 263 122 Receivables from associates and joint ventures 23 26 Corporation tax and joint taxation contribution, receivable, reference is made to note 2.7 51 53 Other receivables and current assets 597 571 Total current receivables 4,015 3,423 Total current and non-current receivables 4,031 3,439 The carrying amount of receivables is in all material respects equal to the fair value. Collateral is pledged as security for certain receivables. The collateral consists of bank guarantees with a fair value of DKK 61m (2021: DKK 26m). 3.2.2 Inventories DKK million2022 2021 Age distribution of write-downs: Days past due:Up to 30 days 2 0 31-60 days 1 0 61-90 days 1 1 91-120 days 2 2 More than 120 days 63 57 Write-downs at 31 December 70 60 The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2021: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years. Accordingly, at year-end 2022 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2021: 0.0%) plus adjustments for forward-looking factors where considered relevant. Write-down of inventories expensed during the year amounts to DKK 6m (2021: DKK 8m). Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc. DKK million2022 2021 Bunker 228 173 Goods for sale 118 113 Write-down of inventories end of year -22 -18 Total inventories 324 269 Accounting policiesBunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower. 3.2.3 Other payables DKK million2022 2021 Holiday pay obligations, etc, 483 438 Public authorities (VAT, duty, etc.) 61 55 Payables to associates and joint ventures 12 51 Other payables 188 173 Accrued interests 24 13 Total other payables 768 730 Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc. 3.2.4 Pension and jubilee liabilities The Group contributes to defined contribution plans as well as defined benefit plans. The majority of the pension plans are funded through payments to independent insurance companies responsible for the pension obligation towards the employees (defined contribution plans). In these plans the Group has no legal or constructive obligation to pay further contributions irrespective of the financial situation of these insurance companies or the return of the underlying investments. Pension costs from such plans are expensed in the Income statement when incurred. The Group has defined benefit plans, primarily in the United Kingdom. In addition, there are minor defined benefit plans in Norway, Belgium, Italy, T\u00fcrkiye, Lithuania, France, Germany, Denmark, and Sweden. The United Kingdom accounts for 12.4% (2021: minus 90.3%) of the total net liability and 91.5% (2021: 94.8%) of the funded and unfunded obligation. The majority of the defined benefit plans are pension plans that yearly pay out a certain percentage of the employee\u2019s final salary upon retirement. The pensions are paid out as from retirement and during the remaining life of the employee. The percentage of the salary is dependent of the seniority of the employee except for certain closed plans in the United Kingdom and some of the other minor plans. The defined benefit plans typically include a spouse pension and disability insurance. Some of the pension plans in Sweden are multi-employer plans, which cover a large number of enterprises. The plans are collective and are covered through contributions paid to the pension company Alecta. The Swedish Financial Accounting Standards Council\u2019s interpretations committee (Redovisningsr\u00e5det) has defined this plan as a multi-employer defined benefit plan. Presently, it is not possible to obtain sufficient information from Alecta to apportionate assets and liabilities of the plans to the participating employers. Consequently, the pension plans are similarly to prior years treated as defined contribution plans. The contributions are DKK 4m in 2022 (2021: DKK 4m). The collective funding ratio at Alecta amounts to 189% as per September 2022 (September 2021: 169%). For 2023, the contributions are expected to be DKK 4m. DFDS\u2019 share of the multi-employer plan is around 0.0052% and the liability follows the share of the total plan. Based on actuarial calculations the defined benefit plans show the following liabilities: DKK million2022 2021 Present value of funded defined benefit obligations 629 1,031 Fair value of plan assets -619 -1,054 Funded defined benefit obligations, net 10 -23 Present value of unfunded defined benefit obligations 54 51 Recognised liabilities for defined benefit obligations 64 28 Provision for jubilee liabilities 24 23 Total actuarial liabilities, net 88 51 Total actuarial liabilities, net are classified as follows Pension assets 0 25 Pension and jubilee liabilities 88 76 Total actuarial liabilities, net 88 51 DKK million2022 2021 Movements in the net present value of funded and unfunded defined benefit obligationsFunded and unfunded obligations at 1 January 1,082 1,055 Foreign exchange adjustments -56 76 Current service costs 14 7 Interest costs 18 13 Actuarial gain(-)/loss(+) arising from changes in demographic assumptions 1 9 Actuarial gain(-)/loss(+) arising from changes in financial assumptions -343 -42 Past service costs -1 0 Benefits paid -33 -35 Settlements and curtailments 0 -2 Funded and unfunded obligations at 31 December 683 1,082 Movements in the fair value of the defined benefit plan assetsPlan assets at 1 January -1,054 -879 Foreign exchange adjustments 57 -66 Calculated interest income -19 -11 Return on plan assets excluding calculated interest income 385 -111 Costs of managing the assets 3 5 Employer contributions -21 -23 Benefits paid 29 32 Plan assets at 31 December -619 -1,054 Plan assets consist of the following:Cash and cash equivalents -53 -30 Blended investment funds -564 -1,020 Other assets (primarily insured plans) -2 -3 Total plan assets -619 -1,054 1 All factors are weighted at the pro rata share of the individual actuarial obligation.2 Schemes closed for new members will have a social security rate and future salary increase of 0%.Assumptions:United Weighted 2022Kingdom Others average\u00b9\u207eDiscount rate 4.9% -0.4%-3.7% 4.7%2)Social security rate 0.0% 0.0%-3.5% 0.0%2)Future salary increase 0.0% 0.0%-3.8% 0.2%Future pension increase 3.2% 0.0%-2.3% 2.9%Inflation 2.5% 0.0%-23.9% 3.0%United Weighted 2021Kingdom Others average\u00b9\u207eDiscount rate 1.8% 0.3%-3.9% 1.8%2)Social security rate 0.0% 0.0%-1.8% 0.0%2)Future salary increase 0.0% 0.0%-3.0% 0.1%Future pension increase 3.6% 0.0%-3.4% 3.5%Inflation 2.9% 0.0%-9.0% 2.9%DKK million2022 2021Expenses recognised as employee costs in the Income statement: Current service costs 14 7 Past service costs -1 0 Total included in employee costs regarding defined benefit plans 14 7 Expenses recognised as financial costs in the Income statement:Interest costs 18 13 Interest income -19 -11 Total included in financial costs regarding defined benefit plans 0 2 Total expenses for defined benefit plans recognised in the Income statement 14 8 Expenses recognised in Other comprehensive income, gain(-)/loss(+): Remeasurements of plan obligations -342 -34 Remeasurements of plan assets 388 -106 Total included in Other comprehensive income regarding defined benefit plans 46 -140 Significant actuarial assumptions for the determination of the retirement benefit obligation are the discount rate, expected future remuneration increases, and expected mortality. The sensitivity analysis below has been determined based on reasonably likely changes in the assumptions occurring at the end of the period. Actuarial calculations or roll forward calculations are performed annually for all defined benefit plans. Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. The following significant assumptions have been used for the actuarial calculations: DKK million2022 2021 Sensitivity analysisReported obligation 31 December 683 1,082 Discount rate -0.5% point compared to assumptions 728 1,176 Discount rate +0.5% point compared to assumptions 641 999 Salary increase -0.5% point compared to assumptions 682 1,080 Salary increase +0.5% point compared to assumptions 685 1,084 Mortality -1 year compared with used mortality tables 661 1,045 Mortality +1 year compared with used mortality tables 709 1,124 The mortality table used for the two defined benefit schemes in the United Kingdom is the public S3PxA table with annual improvement of 1.25% (2021: S3PxA table with 1.25% annual improvement). Average remaining life expectancy for a 65-year-old is 23.5 year (2021: 23.4 year). Weighted average duration on the liabilities end of 2022 is 13.3 years (2021: 17.0 years). The Group expects to make a contribution of DKK 31m to the defined benefit plans in 2023. The expected contribution for 2022 was DKK 26m, which turned out to be DKK 25m. DKK million2022 2021 Maturity analysis of the obligations0-1 year 38 36 1-5 years 126 167 After 5 years 518 879 Total obligations 683 1,082 3.2.5 Other provisions DKK million2022 2021 Other provisions at 1 January 173 124 Foreign exchange adjustments -1 1 Addition from acquisition of enterprises 7 3 Provisions made during the year 21 112 Used during the year -70 -55 Reversal of unused provisions -33 -14 Other provisions at 31 December 96 173 Other provisions are expected to be payable in:0-1 year 52 56 1-5 years 35 107 After 5 years 9 10 Other provisions at 31 December 96 173 Accounting policies Contributions to defined contribution pension plans are recognised in the Income statement in the period in which they relate, and any payable contributions are accrued in the Balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value in use of future benefits payable under the plan is made once a year. The value in use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value in use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value in use less the fair value of any assets under the plan is recognised in the Balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the Income statement based on actuarial estimates and financial expectations at the beginning of the year. The difference between the calculated development in pension assets and liabilities and the realised values are recognised in Other comprehensive income as actuarial gains and losses. Changes in the benefits payable for employees\u2019 past service to the enterprise result in an adjustment of the actuarial calculation of the value in use, which is classified as past service costs. Past service costs are recognised in the Income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the Income statement over the period in which the employees earn the right to the adjusted benefits. Other non-current employee obligations include jubilee benefits, etc. Of the Group\u2019s provision of DKK 96m (2021: DKK 173m), DKK 31m (2021: DKK 28m) is estimated net present value of earn-out agreements regarding acquisitions; DKK 20m (2021: DKK 24m) is redelivery provision on leases; DKK 12m (2021: DKK 86m) is restructuring provision; and DKK 33m (2021: DKK 35m) is other provisions. Accounting policies Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management\u2019s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material. 1 Hereof DKK 4,705m (2021: DKK 3,839m) relating to lease liabilities that have different characteristics than other liabilities included in interest- bearing liabilities.2 The ratio includes pro forma EBITDA for the last twelve months for acquired companies.4. Capital structure and finances This section shows how the activities of DFDS are financed. DFDS targets a financial leverage ratio between 2.0 and 3.0, where the ratio is measured as Net Interest-Bearing Debt to Operating profit before depreciation (EBITDA) and special items. The following section provides the notes of the main components that form basis of the Net Interest-Bearing Debt. Furthermore, the section includes information on Financial and operational risks, Financial instruments, Treasury shares, and Earnings per share. DKK millionNote2022 2021 Interest-bearing liabilities\u00b9\u207e 4.5 15,535 14,337 Derivative financial instruments, related tointerest-bearing activities, net 4.2 -236 58 Receivables, interest-bearing 3.2.1 0 -2 Securities4.2 -2 -10 Cash -1,189 -902 Net Interest-Bearing Debt (NIBD) 14,109 13.481 Operating profit before depreciation (EBITDA) and special items4,955 3,411 )Financial leverage ratio (NIBD/EBITDA, times)\u00b2 2.8 3.7 4.1 Financial and operational risks DFDS\u2019 risk management policy DFDS\u2019 risk management policy is governed by the DFDS Financial Policy, which is approved by the Board of Directors on an annual basis. The Financial Policy sets out policies, targets, and strategies for the financial risk management of DFDS. DFDS does not enter into speculation. The most important financial risk factors are 1) bunker price risk, 2) interest rate risk, 3) currency exchange risk, 4) liquidity risks and 5) credit exposure. Bunker price risk The fluctuations in the bunker price which is denominated in USD constitute a significant risk for DFDS. In the freight industry it is customary to pass through the risk of fluctuations in the bunker price and the corresponding currency exchange rate risk to freight customers via a bunker adjustment factor (BAF). In the passenger industry, fluctuations in the cost of bunker are reflected in the ticket price to the extent possible. To reduce exposure to bunker and currency risk, approximately 93% (94% in 2021) of DFDS\u2019 consumption was covered by BAF agreements. For ferries where a scrubber has been installed, the Group is subject to risk related to the spread between high sulphur and low sulphur fuel due to the fact that such ferries with scrubbers consume high sulphur, but BAF is based on low sulphur. In accordance with the DFDS Financial Policy, the net bunker exposure may be financially hedged up to six quarters ahead. The risk in relation to the spread between high sulphur and low sulphur fuel is partly hedged using commodity swaps. Interest rate risk DFDS is primarily exposed to interest rate risk through funding. According to DFDS\u2019 Financial Policy the interest rate on 40-70% of the loan portfolio including long-term charter agreements must be fixed with a weighted average duration of 9-36 months. DFDS enters into interest rate swaps and caps to comply with this policy. The total net interest-bearing debt (including currency swaps on bonds and lease liabilities) amounts to DKK 14,109m at year end 2022 (2021: DKK 13,481m). The Group\u2019s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and floating rate mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 4.7 years (2021: 3.8 years). In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 3,790m (2021: DKK 3,364m) have been established to reduce interest rate risk. The share of fixed-rate debt including interest rate derivatives was 41% at year-end 2022 (2021: 40%). Including long term charter agreements, the share of fixed-rate debt is 45% (2021: 44%). The duration of the Group\u2019s debt portfolio (including charter liabilities) was 1.4 years (2021: 1.0 years). An increase in the interest rate of 1%-point compared to the actual interest rates in 2022 would have increased net interest payments incl. hedging by DKK 54m for the Group all else equal (2021: DKK 36m). A decrease in the interest rates of 1%-point would have reduced the net interest payment by DKK 19m in 2022 (2021: DKK 4m). An increase in the interest rate of 1%-point compared to the actual interest rate at balance sheet date would have had a positive effect on the Group\u2019s equity reserve for hedging of DKK 93m all else equal (2021: DKK 44m). A decrease would have had a negative effect of DKK 94m (2021: DKK 32m). Currency exchange risk Currency exchange risk is monitored continuously and actively hedged in accordance with DFDS Financial Policy. The aim is to actively reduce currency exposure using forward exchange contracts and currency swaps. Approximately 91% of DFDS\u2019 revenues in 2022 were invoiced in foreign currencies (2021: 94%) with the most substantial revenue generated in EUR which accounted for 68% of total revenue (2021: 67%). Apart from DKK and EUR, the most revenue is generated in SEK, GBP and NOK. However, SEK, GBP and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. Particularly, EUR is considered a minor risk due to Denmark\u2019s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above. The operational currency cash flow is defined as the Group\u2019s consolidated net currency cash flows from revenues and operational costs. The table on the following page shows the impact on the Group\u2019s Operating profit before depreciation (EBITDA) and Special Items from changes in the foreign exchange rate. Operational currency cash flow risk 1 Change in fair value of FX forwards related to committed investments and future bunker consumption only affects equity. Liquidity risks DFDS Financial Policy is to secure adequate liquidity to meet financial and operational payment obligations by maintaining a minimum of 1.2x cash Sources over cash Uses for the next 12 months. The year-end sum of total cash and undrawn committed facilities was DKK 2,911m (2021: DKK 2,135m), of which undrawn committed facilities amounts to DKK 1,722m (2021: DKK 1,400m). DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments and excluding the impact of netting agreements, are stated in the table below: DKK million2022 2021 SEK, Income statement effect, 10% strengthening 61 34 NOK, Income statement effect, 10% strengthening 42 24 GBP, Income statement effect, 10% strengthening 45 5 TRY, Income statement effect, 10% strengthening -35 -24 USD, Income statement effect, 10% strengthening -27 -13 DKK million 2022 0-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash 1,189 0 0 0 Trade receivables including work in progress services 3,343 0 0 0 Receivables from associates and joint ventures 23 0 0 0 Other receivables and current assets 649 16 0 0 Non-derivative financial liabilities Bank loans and mortgage on ferries and other ships -2,667 -2,644 -4,827 -1,785 Issued corporate bonds -14 -290 0 0 Lease liabilities (undiscounted) -951 -1,293 -1,407 -1,789 Trade payables -3,661 0 0 0 Payables to associates and joint ventures -12 0 0 0 Other payables -188 0 0 0 Derivative financial assetsCommodity swaps 27 0 0 0 Interest swaps & caps 17 117 46 64 Forward exchange contracts and currency swaps 4 0 0 71 Derivative financial liabilitiesCommodity swaps -1 0 0 0 Cross currency interest rate swaps 0 -8 0 0 Forward exchange contracts and currency swaps -39 0 0 0 Total -2,282 -4,102 -6,188 -3,439 The Group\u2019s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to cash, committed investments and trade payable and receivables. All else equal a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below. Currency balance riskDKK million2022 2021 SEK, Equity and Income statement effect, 10% strengthening 2 1 GBP, Equity and Income statement effect, 10% strengthening 2 -3 NOK, Equity and Income statement effect, 10% strengthening 1 2 TRY, Equity and Income statement effect, 10% strengthening -7 -3 USD, Equity and Income statement effect, 10% strengthening -3 5 1)USD, Equity effect, 10% strengthening 0 50 Assumptions for the maturity table: The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are estimated based on existing market conditions. The undiscounted cash flows related to derivative financial liabilities are presented at gross amounts unless the parties according to the contract have a right or obligation to settle at net amount. DKK million20210-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash 902 0 0 0 Trade receivables including work in progress services 2,772 0 0 0 Receivables from associates and joint ventures 26 0 0 0 Other receivables and current assets 624 16 0 0 Non-derivative financial liabilities Bank loans and mortgage on ferries -965 -5,850 -1,228 -1,615 Issued corporate bonds -954 -308 0 0 Lease liabilities (undiscounted) -816 -1,115 -737 -1,757 Trade payables -3,119 0 0 0 Payables to associates and joint ventures -51 0 0 0 Other payables -173 0 0 0 Derivative financial assetsInterest swaps & caps 3 5 3 0 Forward exchange contracts and currency swaps 20 6 6 14 Derivative financial liabilitiesInterest swaps & caps -4 0 0 0 Cross currency interest rate swaps -71 -6 0 0 Forward exchange contracts and currency swaps -2 0 0 0 Total -1,808 -7,252 -1,956 -3,358 Credit exposure DFDS\u2019 credit exposure is primarily attributable to trade- and other receivables and cash. The receivables including work in progress services are stated in the Balance sheet net of write-downs. Reference is made to note 3.2.1 for a further information on write-downs on trade receivables and work in progress services. According to the Group\u2019s policy of undertaking credit risks, assessments of all customers and other partners are performed. Prepayment guarantees amount to DKK 0m (2021: DKK 325m regarding DFDS\u2019 newbuilding program). DFDS\u2019 credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS\u2019 Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously. Capital structure The starting point for determining the level of capital distribution to shareholders is the current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.0 and 3.0. NIBD/EBITDA was 2.8 at year-end 2022. For shorter periods, leverage can move outside the range due to special events, e.g., larger acquisitions. 4.1 Financial and operational risks (continued) DKK million Expected timing of recycling to Income statement or 2022Non-current assets of gains/losses recognised in the equity Fair value recognised Notional Fair Fair on Hedging Time to principal value value After reserve Expected future transactionsHedge instrumentmaturity amount assets liabilities 0-1 year 1-3 years 3-5 years 5 years in equityInterestInterest swaps 0-11 years 2,317 227 0 39 78 46 64 227 InterestCaps 0-4 years 1,190 17 0 15 0 0 0 15 CommoditiesCommodity hedges 0-1 years 464 27 -1 26 0 0 0 26 Bond loans Cross currency interest rate swaps 0-5 years 283 0 -8 0 15 0 0 15 Ferry charterForward exchange contracts 0-9 years 704 71 0 0 1 1 2 4 Sales and goods purchasedForward exchange contracts 0-1 years 1,376 3 -38 0 0 0 0 0 Total 345 -47 79 94 47 66 286 DKK millionExpected timing of recycling to Income statement or 2021Non-current assets of gains/losses recognised in the equity Fair value recognised on Notional Fair Fair Hedging Time to principal value value After reserve in Expected future transactionsHedge instrumentmaturity amount assets liabilities 0-1 year 1-3 years 3-5 years 5 years equityInterestInterest swaps 0-11 years 1.876 5 -4 -2 2 1 0 1 InterestCaps 0-4 years 1.190 7 0 0 0 0 0 0 Bond loansCurrency swaps 0-3 years 932 0 -71 -4 0 0 0 -4 Bond loansCross currency interest rate swaps 0-5 years 298 0 -6 0 1 0 0 1 Ferry investments & ferry charter\u00b9\u207e Forward exchange contracts 0-9 years 1.229 29 -2 -2 0 0 0 -2 Sales and goods purchasedForward exchange contracts 0-1 years 944 17 -1 0 0 0 0 0 Total 58 -83 -9 3 1 0 -5 In 2022 no financial hedges were deemed inefficient hence no gain or loss were recognised in the Income statement for hedges qualifying for hedge accounting. The fair value of the interest swaps has been calculated by discounting the expected future interest payments. The discount rate for each interest payment is estimated based on market interest rates. The fair value of forward exchange contracts and bunker contracts are calculated based on actual forward curves. 1 For instruments used to hedge ferry investments the recycling from equity will be recognised under non-current tangible assets.4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: \u2022 Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). \u2022 Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. \u2022 Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. 4.3 Changes in liabilities arising from financing activities The table below discloses the cash as well as non-cash changes in interest-bearing liabilities and derivative financial instruments related to issued corporate bonds. The changes arising from cash flows form part of the cash flows from financing activities in the Statement of cash flows. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. Non-cash changes New/ Additions Foreign disposed/ from exchange Remea-Fair 1 Jan. Cash acqui- move- sured value Other 31 Dec. DKK million 2022 flows sitions ments Leases changes changes 2022 Changes in 2022Interest-bearing liabilities: Bank loans and mortgage on ferries 9,267 1,272 0 0 0 0 9 10,548 Issued corporate bonds 1,230 -898 0 -49 0 0 1 283 Lease liabilities 3,839 -963 240 -34 1,622 0 0 4,705 Other liabilities 1 -1 0 0 0 0 0 0 14,337 -590 240 -83 1,622 0 9 15,535 Derivatives financial instruments:Derivatives related to issued corporate bonds 77 -101 0 0 0 32 0 8 Total liabilities from financing activities 14,414 -691 240 -83 1,622 32 9 15,543 4.4 Financial income and costs 1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK -1m (2021: DKK 4m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc. 2 Foreign exchange gains in 2022 amounts to DKK 638m (2021: DKK 219m) and foreign exchange losses amounts to DKK 618m (2021: DKK 192m) for the Group.DKK million 2022 2021 Financial income1)Interest income from banks, etc. 9 1 2)Foreign exchange gain, net 20 27 Other financial income 38 0 Total financial income66 29 Financial costs1)Interest expense to banks, credit institutions, corporate bonds, etc. -234 -202 Interest expense on lease liabilities, reference is made to note 3.1.3 -130 -95 Defined benefit pension plans, reference is made to note 3.2.4 0 -2 Other financial costs -47 -17 Transfer to assets under construction 1 8 Total financial costs -409 -307 Financial income and costs, net -343 -278 Non-cash changes New/ Additions Foreign disposed/ from exchange Remea-Fair 1 Jan. Cash acqui- move- sured value Other 31 Dec. DKK million 2021 flows sitions ments Leases changes changes 2021Changes in 2021Interest-bearing liabilities: Bank loans and mortgage on ferries8,557 414 292 -2 0 0 7 9,267 Issued corporate bonds 1,162 0 0 67 0 0 1 1,230 Lease liabilities 2,926 -834 340 127 1,279 0 0 3,839 Other liabilities 9 -1 1 0 0 0 -8 1 12,654 -421 633 192 1,279 0 0 14,337 Derivatives financial instruments:Derivatives related to issued corporate bonds 140 0 0 0 0 -63 0 77 Total liabilities from financing activities12,794 -421 633 192 1,279 -63 0 14,414 Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. 4.5 Interest-bearing liabilities DKK million 2022 2021 Bank loans and mortgage on ferries 8,199 8,409 )Issued corporate bonds\u00b9 283 298 Lease liability 3,916 3,118 Total interest-bearing non-current liabilities 12,397 11,825 Bank loans and mortgage on ferries 2,349 858 )Issued corporate bonds\u00b9 0 932 Lease liability 788 721 Other current liabilities 0 1 Total interest-bearing current liabilities 3,137 2,511 Total interest-bearing liabilities 15,535 14,337 In connection with the delivery of a new freight and passenger ferry in 2022 DFDS\u2019 obtained a new mortgage loans of DKK 744m (EUR 100m), with a maturity of 12 years based on EURIBOR 3M interest. In addition to the new vessel mortgage loan, DFDS refinanced a large part of existing debt in 2022. The facility that was established in June 2018 in connection with the acquisition of U. N. Ro-Ro of DKK 4,522m (EUR 607m) was refinanced partly until 2024 and partly until 2026. The refinanced facility contains a loan covenant equivalent to the covenant in the original facility. During 2022 the Group repaid corporate bonds with a nominal amount of NOK 1,250m (DKK 898m excluding cross currency swap, reference is made to note 4.3). In 2021 DFDS obtained two new mortgage loans; one loan of DKK 744m (EUR 100m), with a maturity of 12 years based on EURIBOR 3M interest rate and one loan of DKK 364m, with a maturity of 5 years and based on CIBOR. The two mortgage loans were established in connection with the delivery of one new freight and passenger ferry and one new freight ferry. The fair value of the interest-bearing liabilities amounts to DKK 15,534m (2021: DKK 14,337m). The fair value measurement is categorised within level 3 in the fair value hierarchy. The fair value of the financial liabilities is determined as the present value of expected future repayments and interest rates. The Group\u2019s actual borrowing rate for equivalent terms is used as the discount rate. The fair value of the issued corporate bonds nominal of NOK 400m has been calculated based on the quoted bond price in June 2019 which is the latest quoted price (2021: quoted bond price in June 2019). DKK 3,165m of the interest-bearing liabilities fall due after five years (2021: DKK 3,109m). No unusual conditions in connection with the borrowings are made. The loan agreements can be settled at fair value plus a small surcharge, whereas premature settlement of the corporate bonds requires a repurchase of the bonds. Reference is made to note 4.1 for financial risks, etc. DKK million 2022 2021 Allocation of currency, principal nominal amount:DKK 4,419 2,664 EUR 9,197 8,226 NOK 324 1,271 GBP 1,075 1,144 USD 342 809 SEK 140 193 Other 40 31 Total interest-bearing liabilities 15,535 14,337 1 In 2019 DFDS issued a five-year corporate bond of NOK 400m, which runs for the period 7 June 2019 until 7 June 2024. The bond is listed on the Oslo Stock Exchange. The five-year bond has been issued with a floating rate based on three-month NIBOR + 1.50% margin in NOK, but subsequently swapped to a fixed interest rate in DKK. Accounting policies Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income statement under \u2018financial costs\u2019 over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on finance leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects. In accordance with the Annual General Meeting in March 2022 the Board of Directors is authorised \u2013 until 23 March 2026 \u2013 to acquire treasury shares up to 5,860,000 shares corresponding to a nominal share value of DKK 117,200,000. However, DFDS\u2019 total number of treasury shares cannot at any time exceed 10% of DFDS A/S\u2019 share capital. The price cannot deviate by more than 10% from the listed acquisition price on NASDAQ Copenhagen at the time of acquisition. DFDS A/S has during 2022 acquired treasury shares for a total payment of DKK 32m (2021: DKK 75m). Furthermore, during 2022 DFDS A/S has disposed treasury shares for a total consideration of DKK 0m (2021: DKK 48m) in connection with employees\u2019 exercise of share options/restricted stock units. The Parent Company\u2019s holding of treasury shares at 31 December 2022 is 1,381,528 shares of DKK 20 each (2021: 1,272,318 shares), corresponding to 2.36% (2021: 2.17%) of the Parent Company\u2019s share capital. Treasury shares are held to cover the share option scheme and restricted stock unit plan for employees. Accounting policies Dividends Proposed dividend is recognised as liabilities at the date on which they are adopted at the annual general meeting (time of declaration). Reserve for treasury shares The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividend on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve. 4.8 Earnings per share Currency translation reserve The reserve comprises DFDS A/S shareholders\u2019 share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity. Reserve for hedging The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective. 2022 2021 Profit for the year (DKK million) 2,019 976 Attributable to non-controlling interests (DKK million) -10 -18 Attributable to DFDS Group 2,010 958 Weighted average number of issued ordinary shares 58,631,578 58,631,578 Weighted average number of treasury shares -1,363,552 -1,215,616 Weighted average number of circulating ordinary shares 57,268,026 57,415,962 Effects of dilution from issued share options and restricted stock unit plans 79,636 84,363 Weighted average number of circulating ordinary shares (diluted) 57,347,662 57,500,325 Basic earnings per share (EPS) of DKK 20 in DKK 35.09 16.69 Diluted earnings per share (EPS-D) of DKK 20 in DKK 35.04 16.67 When calculating diluted earnings per share for 2022, 1,155,397 share options (2021: 339,833 share options) have been omitted as they are out-of-the-money. The share options might dilute earnings per share in the future. 4.7 Treasury shares Number of shares 2022 2021 Treasury shares at 1 January 1,272,318 1,255,892 Acquisition of treasury shares 110,000 200,000 Disposal of treasury shares due to exercise of share options and restricted stock units -790 -183,574 Treasury shares at 31 December 1,381,528 1,272,318 Market value of treasury shares based on quoted share price at 31 December, DKK million 354 444 5. Other notes 5.1 Remuneration to the Executive Board and Board of Directors Remuneration to the Executive BoardTorben Carlsen Karina Deacon Executive Board, total DKK \u2018000 2022 2021 2022 2021 2022 2021Wages and salaries 9,000 7,900 4,410 4,200 13,410 12,100 Bonus 7,200 5,000 3,440 2,500 10,640 7,500 Defined contribution pension plans 900 790 441 420 1,341 1,210 Share based payment 2,875 2,381 1,599 1,005 4,474 3,386 Other employee costs 265 250 190 175 455 425 Total remuneration to Executive Board 20,240 16,321 10,080 8,300 30,320 24,621 The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as CEO Torben Carlsen and CFO Karina Deacon. DKK \u2018000 2022 2021 Board:Claus V. Hemmingsen, Chair 1,125 1,125 Klaus Nyborg, Deputy Chair 750 750 Anders G\u00f6tzsche 375 375 Marianne Dahl\u00b9\u207e 94 375 Jill Lauritzen Melby 375 375 Dirk Reich 375 375 Minna Aila, (Joined in March 2022) 281 0 Jesper Hartvig Nielsen\u00b9\u207e 94 375 Lars Skjold-Hansen 375 375 Jens Otto Knudsen\u00b9\u207e 94 375 Marianne Henriksen, (Joined in March 2022) 281 0 Kristian Kristensen, (Joined in March 2022) 281 0 Total remuneration to the Board (continue to the right) 4,500 4,500 (Continued) DKK \u2018000 2022 2021 Audit Committee:Anders G\u00f6tzsche, Chair 250 250 2Dirk Reich \u207e 125 500 Jill Lauritzen Melby 125 125 Minna Aila (Joined in March 2022) 75 0 Total remuneration to the Audit Committee 575 875 Remuneration & Nomination Committee:Claus V. Hemmingsen 100 100 Klaus Nyborg 100 100 Marianne Dahl 25 100 Total remuneration to the Nomination Committee 225 300 Total remuneration to the Board of Directors 5,300 5,675 Total remuneration to the Executive Board and Board of Directors 35,620 30,296 Remuneration to the chair of the Audit Committee is DKK 250k per year (2021: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2021: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2021: DKK 100k). 1 Marianne Dahl, Jesper Hartvig Nielsen and Jens Otto Knudsen left the Board of Directors in 2022. 2 Dirk Reich received an extraordinary fee of DKK 375,000 in 2021 due to considerable advisory work related to business development, acquisitions, and organisational design.5.2 Fee to Auditors appointed at the Annual General Meeting Fees for services other than the statutory audit of the financial statements provided by Pricewaterhousecoopers Statsautoriseret Revisionspartnerselskab, Denmark amounted to DKK 1.1m (2021: DKK 0.4m) including other assurance opinions and agreed-upon procedures, as well as tax and accounting advice. DKK million 2022 2021 1 Other assurance engagements amount to DKK 0.4m (2021: DKK 0.0m) Includes review of regulatory financial statement.2 Tax and VAT advice amount to DKK 1.7m (2021: DKK 0.6m) and comprise of work related to Tax compliance.3 Non-audit services amount to DKK 1.1m (2021: DKK 0.3m) and comprises of advice in relation to acquisition of enterprises. Audit fees 11 10 Other assurance engagements\u00b9\u207e 0 0 Tax and VAT advice\u00b2\u207e 2 1 Non-audit services\u00b3\u207e 1 0 Total fees 14 11 Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2022Number Number Number Total DKK Outstanding at 1 January 375,305 626,362 155,426 1,157,093 336.36 Transferred between categories 0 -112,794 112,794 0 337.78 Granted during the year 64,814 111,892 0 176,706 301.00 Expired during the year -27,778 -41,124 -60,922 -129,824 390.00 Forfeited during the year 0 -28,746 -19,832 -48,578 373.70 Outstanding at 31 December 412,341 555,590 187,466 1,155,397 331.76 Of this exercisable at the end of the year 112,863 159,125 136,689 408,677 356.96 Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2021Number Number Number Total DKK Outstanding at 1 January 360,629 604,141 225,794 1,190,564 338.55 Granted during the year 56,728 97,898 0 154,626 301.00 Exercised during the year -42,052 -70,214 -70,368 -182,634 262.00 Expired during the year 0 -5,463 0 -5,463 262.00 Outstanding at 31 December 375,305 626,362 155,426 1,157,093 336.36 Of this exercisable at the end of the year 76,991 146,230 116,612 339,833 385.67 The share options granted in 2022 had a fair value of DKK 7.3m (2021: DKK 6.6m), equal to an average fair value per option of DKK 41.38 (2021: DKK 42.66). No share options have been exercised during 2022 (2021: 182,634). The average weighted market price per share exercised in 2021 was DKK 289.75. Vesting of share options is expensed in the Income statement for 2022 with DKK 7m (2021: DKK 7m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2022 have an average weighted remaining contractual time 2.1 years (2021: 2.3 years). 5.3 Share based payment Long-term incentives The decision to grant long-term incentives is made by the Board of Directors. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 between them based on value as per grant date. Both components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent Company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares. Share options Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent Company of nominal DKK 20. The share option schemes equal a right to acquire 2.0% of the share capital (2021: 2.0%) if the remaining share options are exercised. Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent Company\u2019s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021-2022 at an exercise price equal to the average share price of the Parent Company\u2019s shares five days after the release of the Q4 report with an addition of 10%. The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates..Assumptions concerning the calculation of fair value at time of grant:Expected annual Fair value Risk-free dividend per per option Exercise Market price Expected interest share (DKK) Expected at time of Year of grant price at grant date volatility rate at grant date term granting2022 344 307.20 34.60% -0.19% 12.00 3 years 41.38 2021 301 271.00 34.81% -0.55% 6.33 3 years 42.66 2020 314 262.40 27.27% -0.72% 9.00 3 years 19.67 2019, November 291 273.40 26.86% -0.72% 11.00 27 months 25.28 2019, February 335 306.60 27.99% -0.51% 9.00 3 years 34.19 2018 383 331.60 27.87% -0.20% 11.00 3 years 30.48 Resigned Executive Board Executive Key members and Board employees employees 2022Number Number Number Total Outstanding at 1 January 8,844 15,260 0 24,104 Transferred between categories 0 -4,289 4,289 0 Granted during the year 8,565 14,785 0 23,350 Forfeited during the year 0 -1,130 -2,365 -3,495 Outstanding at 31 December 17,409 24,626 1,924 43,959 Of this exercisable at the end of the year 0 0 0 0 Resigned Executive Board Executive Key members and Board employees employees 2021Number Number Number Total Outstanding at 1 January 0 0 0 0 Granted during the year 8,844 15,260 0 24,104 Outstanding at 31 December 8,844 15,260 0 24,104 Of this exercisable at the end of the year 0 0 0 0 Expected annual Fair value dividend per per share Exercise Market price Expected Risk-free share (DKK) Expected at time of Year of grantprice at grant date volatility interest rate at grant date term granting 2022 0 307.20 34.60% -0.19% 12.00 3 years 313.15 2021 0 271.00 34.81% -0.55% 6.33 3 years 273.65 The expected volatility for 2018 to 2022 is based on the historical volatility for the past three years. The risk-free interest rate is for 2018 to 2022 based on three-year Danish government bonds. Restricted Stock Units (RSUs) RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent Company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.07% (2021: 0.04%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the Income statement for 2022 with DKK 4m (2021: DKK 2m). The number of RSUs granted in 2021 and 2022 is based on the average share price of the Parent Company\u2019s shares five days after the release of the Q4 report. Employee recognition In recognition of the contribution made by DFDS\u2019 employees in a year with exceptional challenges, the Board of Directors has 22 December 2020 awarded up to 50 shares free of charge to each employee. The shares will vest over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period will be entitled to the shares. Employees working more than 24 hours per week will get 50 shares, if they work more than 12 hours and up to 24 hours per week, they get 30 shares and if they work up to 12 hours per week, they get 10 shares. If an employee retires or leaves his job because of disability during the period until December 2023 the employee is entitled to the full number of shares when the employee leaves. The shares are in most countries awarded as a phantom share programme whereby the entitled employees will receive a cash payment in December 2023 equal to the value of 50 DFDS shares. A part of the treasury shares is reserved for settling the outstanding shares in the employee recognition programme. In total 8,289 employees are at award date entitled to the shares. Based on historical attrition rates for each country the total expected number of shares to be transferred to the employees is 282,723 of which 168,176 are phantom shares (cash) and 114,547 are shares. 1,790 shares have been transferred during 2022 (2021: 150 shares). Vesting of shares for 2022 is an expense of DKK 19m (2021: DKK 29m). Expected annual dividend per Fair value Market share (DKK) per share Exercise price at Expected Risk-free at grant Expected at time of Year of grantprice grant date volatility interest ratedate term granting2020 Special Reward 0 267.00 34.87% -0.55% 6.33 3 years 247.87 Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company\u2019s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively. 5.4 Cash flow DKK million 2022 2021Non-cash operating items Change in provisions 11 7 Change in write-down of inventories for the year 6 8 Change in provision for defined benefit plans and jubilee obligations 16 10 Vesting of share option plans and employee shares expensed in the Income statement 30 37 Non-cash operating items 64 62 Change in working capital Change in inventories -61 -91 Change in receivables, such as trade receivables, prepaid costs, etc. -463 -359 Change in current liabilities, such as trade payables, deferred income, current account with joint ventures, etc. 530 597 Change in working capital 6 148 Accounting policies The Cash flow statement has been prepared using the indirect method, and shows the consolidated cash flow from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flow from operating activities is calculated on the basis of the profit/loss before amortisation and depreciation (EBITDA) and special items adjusted for the cash flow effect of special items, non-cash operating items, changes in working capital (such as trade payables, deferred income, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid. Cash flow from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Cash flow from financing activities includes changes in the size or composition of the Group\u2019s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand. 5.5 Acquisitions and non-controlling interests 2022 McBurney Transport Group On 29 December 2022 DFDS entered into an agreement to acquire 100% of McBurney Transport Group headquartered in Northern Ireland. The company is focused on moving cold chain and dry goods in trailers by road and ferry between island of Ireland and the UK. Closing of the transaction is subject to regulatory approval. Lucey Transport Logistics On 30 September 2022, the acquisition of Lucey Transport Logistics Ltd. based in Dublin, Ireland was completed and the DFDS Group obtained control as from this date. The acquired company is after the acquisition included in the Dry Goods Business Unit in the Logistics Division. DFDS Group acquired 100% of the share capital. Lucey Transport Logistics is an Irish provider of transport and logistics solutions, primarily to consumer goods companies. Door-door transports are provided for full- and part-loads as well as distribution services. The logistics solutions include warehousing, inventory management, bonded storage, and product rework and labelling. DFDS paid DKK 300m for the acquired company. Cash in the acquired company amounted to DKK 76m. Accordingly the liquidity effect was DKK 224m. In addition, an earn-out agreement was entered into according to which seller is entitled to additional payment based on financial performance for the following 12 months period after the acquisition. Trade receivables have been recognised at the acquisition date at a fair value of DKK 42m which is the same as their gross value. Lucey Transport Logistics revenue included in the 2022 reporting is DKK 75m and EBITDA of DKK 23m. If the transaction had been completed as of 1 January 2022 revenue from 1 January 2022 to 31 December 2022 is estimated to have been DKK 297m and EBITDA of DKK 91m. In connection with the acquisition DFDS has measured identifiable intangible assets i.e., customer relationships etc. which are recognised in the acquisition balance sheet at their fair value of DKK 111m at acquisition date. Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is DKK 97m. The goodwill represents primarily the value of the staff and know-how taken over and expected synergies from combining the acquired Group with the existing DFDS activities and network. The goodwill is not deductible for tax purposes. Other acquisitions 2022 ICT Logistics On 15 September 2021 DFDS Group entered into an agreement to acquire 80.1% of the shares in ICT Logistics Group. The transaction was completed on 19 January 2022. The purchase price for the acquired shares amount to DKK 69m. Cash in the acquired company amounted to DKK 33m. Consequently, the liquidity effect was DKK 35m. The acquisition is made by DFDS A/S which already owned 19.9% of ICT Logistics Group. In Q1 2022 the Group revalued the existing ownership share of 19.9% to DKK 17m which resulted in a gain of DKK 9m recognised under Special items. primeRail On 10 May 2022 DFDS Group acquired 100% of the share capital of the German rail forwarding company primeRail GmbH headquartered in Troisdorf, Germany. The purchase price for the acquired shares amounted to DKK 37m. Cash in the acquired company amounted to DKK 16m. Accordingly, the liquidity effect was DKK 21m. Lucey Total Transport Other acquisitions DKK m Logistics acquisitions 2022 Non-current intangible assets 111 19 130 Land and buildings 196 0 196 Equipment etc. 38 33 71 Non-current assets 345 52 397 Trade receivables including work in progress services 42 73 115 Other receivables 5 6 11 Cash at hand and in bank 76 50 126 Current assets 123 129 252 Total assets 469 181 650 Deferred tax 14 4 18 Interest bearing debt 196 18 214 Non-current liabilities 210 22 232 Trade payables 17 66 83 Interest bearing debt 16 10 26 Other current liabilities 13 8 21 Current liabilities 47 83 130 Total liabilities 257 106 363 Fair value of acquired net assets 212 76 288 Total purchase price Cash consideration 300 106 406 Contingent consideration 7 0 7 Fair value of existing ownership share 0 17 17 Fair value of the purchase price 308 123 431 Goodwill at acquisition 97 47 144 Cash consideration 300 106 406 Acquired cash at hand and in bank 76 50 126 Net out flow of cash from acquisition 224 56 280 The above purchase price allocations are preliminary. Accordingly, changes may occur as the purchase price allocation is not considered final until 12 months after acquisition. 2021 HSF Group The purchase price allocation for HSF Group (acquired 14 September 2021) is finalised and unchanged compared to 31 December 2021. For further details of the acquisition, refer to the annual report for 2021. Acquisition of non-controlling interests Acquisition of shares by DFDS A/S in AB DFDS Seaways during 2022 amounts to less than DKK 1m (2021: less than DKK 1m), equivalent to an ownership of 0.01% (2021: 0.01%) after which the company is owned 97.1% (2021: 97.1%). Badwill of less than DKK 1m (2021: Badwill of less than DKK 1m) is recognised directly in equity. Significant accounting estimates and assessments In applying the acquisition method of accounting, estimates are an integrated part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available. Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. Significant estimates are typically applied in accounting for property, plant and equipment and customer relationships. As a result of the uncertainties in fair value estimation, measurement period adjustments may be applied. Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost. 5.6 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Group amount to DKK 405m (2021: DKK 619m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 148m (2021: DKK 255m). The Group is in 2022 as well as in 2021 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS\u2019 financial position significantly, besides what is already recognised in the balance sheet. Certain ferries with a total carrying amount of DKK 8,596m (2021: DKK 7,062m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 5,353m (2021: DKK 5,024m). At year end 2022 DKK 175m (2021: DKK 167m) of the cash was deposited on restricted bank accounts. DKK 175m is not restricted from January 2023. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law. 5.7 Contractual commitments The Group contractual commitments in 2022 include a Vessel Share Agreement in the Netherlands. Contractual commitments in 2021 mainly relates to one new building for a freight and passenger ferry (Ro-pax) delivered in 2022 and a commitment for a new headquarter in Denmark. DKK million 2022 2021Contractual commitments, term 0-1 year 59 625 Contractual commitments, term 1-5 years 27 86 Contractual commitments, term after 5 years 0 91 Contractual commitments (undiscounted) 86 802 5.8 Related party transactions Lauritzen Fonden, Copenhagen with a nominal shareholding of 42.3%, through Lauritzen Fonden Holding Aps, exercises de facto control over DFDS A/S. Accordingly, the members of the Board of Directors and the Executive Board at Lauritzen Fonden as well as all companies owned by Lauritzen Fonden are related parties. Furthermore, related parties comprise DFDS\u2019 Executive Board and Board of Directors, leading employees, and close members of the family of those, DFDS\u2019 subsidiaries, associates and joint ventures, reference is made to note 5.10. In addition to intra-group balances and transactions (primarily charter hire, financing and commissions etc.), which are eliminated on consolidation, usual Executive Board and Board of Directors remuneration (reference is made to note 2.4 and 5.1), share options and restricted share units to the Executive Board and leading employees (reference is made to note 5.3) and the below transactions, a distribution of dividend DKK 8.00 per share has been carried out during the year. Sale of Purchase of DKK millionServices Services Receivables Liabilities 2022Non-current assets 36 167 23 12 2021Non-current assets 35 189 26 51 5.9 Events after the balance sheet date On 9 February 2023, an auction share buyback of DKK 300m was announced and launched on 10 February 2023. The buyback was completed on 22 February 2023 with a total of 1,071,428 shares purchased at a price of DKK 280 per share which equalled a total purchase sum of DKK 300m. On 16 February 2023, DFDS awarded 26,984 restricted share units and 128,838 share options to the Executive Board and a number of key employees. The theoretical value is DKK 22m calculated according to the Black-Scholes model. On 29 December 2022, DFDS announced it had entered into an agreement to acquire 100% of McBurney Transport Group. Completion of the acquisition was subject to regulatory approval. The required regulatory approvals have been received on 23 February 2023 and completion of the transaction will be announced separately. 5.10 Company overview Ownership 1)Companyshare 2022Country City Currency Share CapitalParent CompanyDFDS A/SDenmark Copenhagen DKK 1,172,631,560 Subsidiaries:2)Belgium Gent EUR DFDS Belgium N.V. 2,355,976 N&K Cold Chain Logistics (Shanghai) Co., Ltd.China Shanghai CNY 2,901,420 2)DFDS Logistics s.r.o. Czech Republic Prague CZK 1,100,000 2)DFDS Germany ApS Denmark Copenhagen DKK 500,000 2) Lundvej 15 ApS Denmark Copenhagen DKK 100,000 2) Dronningens Kvarter 1 ApS Denmark Copenhagen DKK 43,500,000 DFDS Logistics A/SDenmark Esbjerg DKK 600,000 DFDS Skandinavia A/SDenmark Esbjerg DKK 7,500,000 2) DFDS Stevedoring A/S Denmark Esbjerg DKK 502,000 2) ICT Holding A/S Denmark Herning DKK 500,000 DFDS Logistics Denmark A/SDenmark Herning DKK 500,000 ICT Solutions ApSDenmark Herning DKK 125,000 DFDS K\u00f8letransport A/SDenmark Hobro DKK 1,500,000 2) DFDS Logistics O\u00dc Estonia Tallinn EUR 3,000 2) DFDS Logistics OY Finland Turku EUR 2,520 DFDS Logistics SARLFrance Boulogne sur Mer EUR 30,000 2) DFDS Seaways S.A.S. France Dieppe EUR 37,000 3)Dunes Bail SNC France Paris EUR 1,000 3)Flandres Bail SNC France Paris EUR 1,000 2) 5)DFDS Germany ApS & Co. KG Germany Cuxhaven EUR 25,000 Neuenkirchen-HSF Logistics Deutschland GmbHGermany V\u00f6rden EUR 25,000 Neuenkirchen-HSF Beteiligungs GmbHGermany V\u00f6rden EUR 25,000 Neuenkirchen-Eurofresh Logistics GmbHGermany V\u00f6rden EUR 25,000 1 Unless otherwise indicated, the companies are 100% owned by DFDS Group.2 The Company is directly owned by the Parent Company DFDS A/S.3 The Company is controlled by DFDS Group, but DFDS Group has no ownership in the company.4 Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.5 Relief in accordance with Sec. 264b German Commercial Code (HGB).Ownership Companyshare 2022 1)Country City Currency Share Capital HSF Grundst\u00fccksverwaltungs Neuenkirchen-GmbH & Co KG.Germany V\u00f6rden EUR 20,000 ICT Logistics GmbHGermany Norderstedt EUR 25,000 2)Germany Troisdorf EUR primeRail GmbH 98,000 Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Hungary Gyula HUF 3,000,000 Kft.2)Ireland Dublin EUR Lucey Transport Logistics Ltd.3,000 DFDS Logistics Contracts (Ireland) 2)Ireland Dublin EUR Ltd. 200 2)Ireland Dublin EUR DFDS Seaways Ireland Ltd. 100 Samer Seaports & Terminals SRL 60.00 Italy Trieste EUR 2,800,000 DFDS SIALatvia Liepaja EUR 113,886 ICT Logistics UAB Lithuania Klaipeda EUR 2,896 2)Lithuania Klaipeda EUR AB DFDS Seaways 97.10 96,438,756 NorthSea Terminal ASNorway Brevik NOK 1,000,000 2)Norway Lysaker NOK DFDS Logistics AS 20,538,000 2)Norway Oslo NOK DFDS Seaways AS 12,000,000 2)Poland Poznan PLN DFDS Polska Sp. z o.o. 10,005,000 DFDS Logistics Sp. z o.o. 80.00 Poland Szubin PLN 5,000 DFDS Logistics Polska Sp. z o.o. 80.00 Poland Szubin PLN 50,000 DFDS Investments Sp. z o.o. 80.00 Poland Szubin PLN 5,000 ICT Logistics Technology SRLRomania Bucharest RON 147,050 Romania Transport Group SRLRomania Tibod RON 1,000 N&K Spedition Spain S.L. 80.00 Spanien Tarragona EUR 60,000 2)Spanien Valencia EUR DFDS Seaways Hispania S.L.3,000 2)Sweden Gothenburg SEK DFDS Seaways Holding AB 100,000 2)Sweden Gothenburg SEK DFDS Logistics Services AB1,100,000 DFDS Logistics ABSweden Gothenburg SEK 500,000 DFDS Logistics Contracts ABSweden Gothenburg SEK 50,000 DFDS Logistics Partners AB 85.00 Sweden Gothenburg SEK 1,000,000 Ownership Companyshare 2022 1)Country City Currency Share Capital 2)Sweden Gothenburg SEK DFDS Professionals AB 87.50 25,000 DFDS Seaways ABSweden Gothenburg SEK 25,000,000 DFDS Logistics Helsingborg ABSweden Helsingborg SEK 50,000 2)Sweden Karlshamn SEK DFDS Logistics Karlshamn AB 1,800,000 Alphatrans International Trucking B.V.the Netherlands Brielle EUR 18,000 DFDS Logistics Nijmegen B.V.the Netherlands Nijmegen EUR 40,840 DFDS Transport B.V.the Netherlands Nijmegen EUR 22,689 DFDS Holding B.V.the Netherlands Vlaardingen EUR 40,000,000 2)the Netherlands Vlaardingen EUR DFDS NewCo B.V. 1 DFDS Logistics B.V.the Netherlands Vlaardingen EUR 455,000 DFDS Seaways B.V.the Netherlands Vlaardingen EUR 18,400 Maxibas B.V.the Netherlands Wijchen EUR 18,152 DFDS Logistics Wijchen B.V.the Netherlands Wijchen EUR 20,000 Huisman International B.V.the Netherlands Wijchen EUR 15,882 Huisman International Transport B.V.the Netherlands Wijchen EUR 18,152 Huisman Warehousing B.V.the Netherlands Wijchen EUR 18,152 Huisman Network Logistics B.V. the Netherlands Wijchen EUR 18,000 DFDS Logistics Winterswijk B.V.the Netherlands Winterswijk EUR 18,150 DFDS Packaging Pool B.V.the Netherlands Winterswijk EUR 18,000 DFDS Logistics Transport Winterswijk B.V.the Netherlands Winterswijk EUR 18,160 DFDS Property Nijmegen B.V.the Netherlands Winterswijk EUR 18,000 DFDS Property and Equipment Winterswijk B.V.the Netherlands Winterswijk EUR 77,140 DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.T\u00fcrkiye Istanbul EUR 342,000,000 Associates:4)Sweden Gothenburg SEK Bohus Terminal Holding AB 65.00 50,000 Gothenburg RO/RO Terminal AB 65.00 Sweden Gothenburg SEK 5,000,000 2)Denmark Hellerup DKK DeaL Energy A/S 50.00 500,000 Euro Asia cold Chain Logistic 52.04 China Shanghai CNY 22,100,000 Ownership 1)Companyshare 2022 Country City Currency Share Capital Trieste Newholdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e.T\u00fcrkiye Istanbul EUR 461,635,380 Trieste Holdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e.T\u00fcrkiye Istanbul EUR 464,440,121 Trieste Midco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiye Istanbul EUR 475,242,795 DFDS Denizcilik ve Tasimacilik A.\u015e.98.80 T\u00fcrkiye Istanbul EUR 369,967,159 Huisman International (UK) Ltd.UK Corby GBP 100 2)UK Immingham GBP DFDS Logistics Ltd. 150,000 DFDS Logistics Contracts Ltd.UK Immingham GBP 2,571,495 2)UK Immingham GBP DFDS Logistics Services Ltd. 100 DFDS Logistics Property Ltd. UK Immingham GBP 250,000 2)UK Immingham GBP DFDS Seaways Holding Ltd. 250,000 2)UK Immingham GBP DFDS Seaways Plc. 40,250,000 LLC DFDSUkraine Kiev UAH 357,644 28 Dormant entities",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "In preparing the Annual Report, DFDS focuses on ensuring that the content is relevant to the reader and that the presentation is clear. The purpose is to provide an overview of what drives performance. The structure of the notes reflects DFDS\u2019 financial performance goal, ROIC, and the structure aims at providing an enhanced understanding of each accounting area by describing relevant accounting policies and any significant accounting estimates and assessments related thereto at the end of each note. The accounting policies have been made within the framework of the prevailing International Financial Reporting Standards (IFRS) as adopted by the EU. The actual text of the standard is not repeated in the notes. The description of accounting policies in the notes forms part of the overall description of DFDS\u2019 accounting policies. Basis for preparation The Consolidated Financial Statements and the Parent Company Financial Statements are presented in Danish Kroner (DKK) which is the Parent Company\u2019s functional currency. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit loss\u201d (FVTPL) are measured at fair value. Assets classified as held for sale are measured at the lower of the carrying amount before the changed presentation and the fair value less costs to sell. The accounting policies, set out below and in the notes, have been used consistently in respect of the financial year and to comparative figures. Rounding In general, rounding may cause variances in sums and percentages in the Annual Report. Alternative performance measures In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS. Significant income and expenses which DFDS assesses not to be directly attributable to the operating activities or which are considered non-recurring are presented in the Income statement in a separate line item labelled \u2018Special items\u2019 in order to distinguish these items from other income statement items. Reference is made to note 2.6 for more details on Special items. The Income statement includes the subtotals \u2018Operating profit before depreciation (EBITDA) and special items\u2019 and \u2018Operating profit (EBIT) before special items\u2019 as these are assessed to provide a more transparent and comparable view of DFDS\u2019 recurring operating profit. In note 2.6 it is disclosed how the line items in the Income statement would have been affected if \u2018Special items\u2019 had not been presented in a separate line item. For definitions of key figures please refer to the section \u2018Definitions\u2019. Significant accounting policies Accounting policies for Basis of consolidation are described below, while accounting policies for the remaining areas are included in the notes to which they relate. Management considers the accounting policies for the following areas as the most important for the Group: Consolidated Financial Statements; Revenue (note 2.2); Special items (note 2.6); Non-current intangible assets (note 3.1.1); Ferries and other ships (note 3.1.2); Right-of-use assets/Leases (note 3.1.3); Pension and jubilee liabilities (note 3.2.4); Financial and operational risks (note 4.1); Business combinations (note 5.5); and Contractual commitments (note 5.7). Accounting policies for Basis of consolidation, Non-controlling interests and Translation of foreign currencies are described below, while accounting policies for the remaining areas are included in the notes to which they relate. New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. New standards and interpretations not yet adopted The IASB has issued a number of amended standards and interpretations with effective date post 31 December 2022, some of which have not yet been endorsed by the EU. The new and amended Standards and Interpretations are not mandatory for the financial reporting for 2022. The Group expects to adopt the Standards and Interpretations when they become mandatory. None of the standards and interpretations are expected to have a significant impact on recognition and measurement. Application of materiality and relevance DFDS\u2019 Annual Report is based on the concept of materiality and relevance to ensure that the content is material and relevant to the user. This objective is pursued by providing relevant rather than generic descriptions and information. When assessing materiality and relevance, due consideration is given to ensure compliance with applicable accounting legislation etc. and to ensure that the Consolidated Financial Statements and Parent Company Financial Statements give a true and fair view of the Group\u2019s and the Parent Company\u2019s financial position at the balance sheet date and the operations and cash flows for the financial year. The Consolidated Financial Statements and the Parent Company Financial Statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the Financial Statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of similar nature in the statements or in the notes. The disclosure requirements throughout IFRS are substantial and DFDS provides these specific disclosures required by IFRS unless the information is considered immaterial to the economic decision-making of the users of these Financial Statements or not relevant for the Group. Basis of reporting The 2022 Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS as adopted by the EU, and additional Danish disclosure requirements for listed companies. The Consolidated Financial Statements are also in accordance with IFRS as issued by the International Accounting Standards Board (IASB). On 24 February 2023, the Board of Directors and the Executive Management Board considered and approved the 2022 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 22 March 2023. Significant estimates and judgements In the preparation of the Consolidated Financial Statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent Company. These assumptions are based on historical experience and other factors such as the war in Ukraine and the current world economy by their nature are uncertain and unpredictable. Restatement rail transport revenue Rail activities in T\u00fcrkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity. 1. Basis of preparation of the Consolidated Financial Statements Description of accounting policies Basis of consolidation The Consolidated Financial Statements includes the Parent Company DFDS A/S and the subsidiaries in which the Parent Company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent Company and these subsidiaries are referred to as the Group. Enterprises, which are not subsidiaries, over which the Group exercises significant influence, but which it does not control, are considered associates. Significant influence is obtained by direct or indirect ownership or control of more than 20% of the voting rights but less than 50%. Enterprises which according to agreement are controlled together with one or more other companies are considered joint controlled entities. The Consolidated Financial Statements are based on the Parent Company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The Consolidated Financial Statements are prepared by applying the Group\u2019s accounting policies. Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries\u2019 net asset value at the acquisition date. The Group\u2019s investments in associates and joint ventures are recognised in the Consolidated Financial Statements at the Group\u2019s proportionate share of the associate\u2019s / joint venture\u2019s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group\u2019s interest in the respective associate/jointly controlled enterprise. Translation of transactions and balances On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement as Financial income or cost except when deferred in equity as qualifying for cash flow hedges. Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss. Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition. Translation of subsidiaries In the Consolidated Financial Statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period. Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in Other Comprehensive Income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent Company\u2019s and the non-controlling interests\u2019 share of equity. When losing control of a consolidated entity, exchange differences which have accumulated in Equity via Other Comprehensive Income, and which are attributable to the enterprise, are transferred from Other Comprehensive In- come to the Income statement together with any gains or losses associated with the disposal. Significant estimates and judgements (continued) The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, assessments, and assumptions. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report: \u2022 Impairment testing of goodwill, definition of CGU\u2019s, other non-current intangible assets, ferries and other ships, other non-current tangible assets, and Right-of-use assets. Reference is made to note 3.1.4. \u2022 Assessment of useful life and scrap values. Reference is made to note 3.1.2. \u2022 Purchase Price Allocation in connection with acquisitions. Reference is made to note 5.5. \u2022 Special items. Reference is made to note 2.6. \u2022 Deferred tax assets. Reference is made to note 2.7. \u2022 Leasing arrangements. Reference is made to note 3.1.3. \u2022 Derivatives. Reference is made to note 4.2. \u2022 Provisions and contingencies. Reference is made to note 5.6. Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate. Non-controlling interests In the Consolidated Financial Statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the Statement of change in equity. If a non-controlling interest has a put option to sell its ownership interest to DFDS, the fair value of the put option is recognised as an interest-bearing liability which means that the results for the year and equity attributable to non-controlling interests are not presented separately in the proposed profit appropriation and the Statement of change in equity. Report under the ESEF regulation The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group\u2019s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2022-12-31-en.zip. Translation of foreign currencies Functional and presentation currency Items included in the Financial Statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The Consolidated Financial Statements are presented in Danish Kroner (DKK). Key figures Key figures are calculated in accordance with the latest version of the Danish Finance Society\u2019s guidelines, \u2018Recommendations and Financial Ratios\u2019. The key figures stated in the overview with consolidated financial highlights are defined on the \u2018Definitions and Glossary\u2019 page. ",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
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"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "In preparing the Annual Report, DFDS focuses on ensuring that the content is relevant to the reader and that the presentation is clear. The purpose is to provide an overview of what drives performance. The structure of the notes reflects DFDS\u2019 financial performance goal, ROIC, and the structure aims at providing an enhanced understanding of each accounting area by describing relevant accounting policies and any significant accounting estimates and assessments related thereto at the end of each note. The accounting policies have been made within the framework of the prevailing International Financial Reporting Standards (IFRS) as adopted by the EU. The actual text of the standard is not repeated in the notes. The description of accounting policies in the notes forms part of the overall description of DFDS\u2019 accounting policies. Basis for preparation The Consolidated Financial Statements and the Parent Company Financial Statements are presented in Danish Kroner (DKK) which is the Parent Company\u2019s functional currency. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit loss\u201d (FVTPL) are measured at fair value. Assets classified as held for sale are measured at the lower of the carrying amount before the changed presentation and the fair value less costs to sell. The accounting policies, set out below and in the notes, have been used consistently in respect of the financial year and to comparative figures. Rounding In general, rounding may cause variances in sums and percentages in the Annual Report. Alternative performance measures In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS. Significant income and expenses which DFDS assesses not to be directly attributable to the operating activities or which are considered non-recurring are presented in the Income statement in a separate line item labelled \u2018Special items\u2019 in order to distinguish these items from other income statement items. Reference is made to note 2.6 for more details on Special items. The Income statement includes the subtotals \u2018Operating profit before depreciation (EBITDA) and special items\u2019 and \u2018Operating profit (EBIT) before special items\u2019 as these are assessed to provide a more transparent and comparable view of DFDS\u2019 recurring operating profit. In note 2.6 it is disclosed how the line items in the Income statement would have been affected if \u2018Special items\u2019 had not been presented in a separate line item. For definitions of key figures please refer to the section \u2018Definitions\u2019. Significant accounting policies Accounting policies for Basis of consolidation are described below, while accounting policies for the remaining areas are included in the notes to which they relate. Management considers the accounting policies for the following areas as the most important for the Group: Consolidated Financial Statements; Revenue (note 2.2); Special items (note 2.6); Non-current intangible assets (note 3.1.1); Ferries and other ships (note 3.1.2); Right-of-use assets/Leases (note 3.1.3); Pension and jubilee liabilities (note 3.2.4); Financial and operational risks (note 4.1); Business combinations (note 5.5); and Contractual commitments (note 5.7). Accounting policies for Basis of consolidation, Non-controlling interests and Translation of foreign currencies are described below, while accounting policies for the remaining areas are included in the notes to which they relate. New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. New standards and interpretations not yet adopted The IASB has issued a number of amended standards and interpretations with effective date post 31 December 2022, some of which have not yet been endorsed by the EU. The new and amended Standards and Interpretations are not mandatory for the financial reporting for 2022. The Group expects to adopt the Standards and Interpretations when they become mandatory. None of the standards and interpretations are expected to have a significant impact on recognition and measurement. Application of materiality and relevance DFDS\u2019 Annual Report is based on the concept of materiality and relevance to ensure that the content is material and relevant to the user. This objective is pursued by providing relevant rather than generic descriptions and information. When assessing materiality and relevance, due consideration is given to ensure compliance with applicable accounting legislation etc. and to ensure that the Consolidated Financial Statements and Parent Company Financial Statements give a true and fair view of the Group\u2019s and the Parent Company\u2019s financial position at the balance sheet date and the operations and cash flows for the financial year. The Consolidated Financial Statements and the Parent Company Financial Statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the Financial Statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of similar nature in the statements or in the notes. The disclosure requirements throughout IFRS are substantial and DFDS provides these specific disclosures required by IFRS unless the information is considered immaterial to the economic decision-making of the users of these Financial Statements or not relevant for the Group. Basis of reporting The 2022 Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS as adopted by the EU, and additional Danish disclosure requirements for listed companies. The Consolidated Financial Statements are also in accordance with IFRS as issued by the International Accounting Standards Board (IASB). Significant estimates and judgements In the preparation of the Consolidated Financial Statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent Company. These assumptions are based on historical experience and other factors such as the war in Ukraine and the current world economy by their nature are uncertain and unpredictable. Restatement rail transport revenue Rail activities in T\u00fcrkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity. 1. Basis of preparation of the Consolidated Financial Statements Description of accounting policies Basis of consolidation The Consolidated Financial Statements includes the Parent Company DFDS A/S and the subsidiaries in which the Parent Company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent Company and these subsidiaries are referred to as the Group. Enterprises, which are not subsidiaries, over which the Group exercises significant influence, but which it does not control, are considered associates. Significant influence is obtained by direct or indirect ownership or control of more than 20% of the voting rights but less than 50%. Enterprises which according to agreement are controlled together with one or more other companies are considered joint controlled entities. The Consolidated Financial Statements are based on the Parent Company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The Consolidated Financial Statements are prepared by applying the Group\u2019s accounting policies. Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries\u2019 net asset value at the acquisition date. The Group\u2019s investments in associates and joint ventures are recognised in the Consolidated Financial Statements at the Group\u2019s proportionate share of the associate\u2019s / joint venture\u2019s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group\u2019s interest in the respective associate/jointly controlled enterprise. Translation of transactions and balances On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement as Financial income or cost except when deferred in equity as qualifying for cash flow hedges. Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss. Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition. Translation of subsidiaries In the Consolidated Financial Statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period. Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in Other Comprehensive Income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent Company\u2019s and the non-controlling interests\u2019 share of equity. When losing control of a consolidated entity, exchange differences which have accumulated in Equity via Other Comprehensive Income, and which are attributable to the enterprise, are transferred from Other Comprehensive In- come to the Income statement together with any gains or losses associated with the disposal. Significant estimates and judgements (continued) The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, assessments, and assumptions. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report: \u2022 Impairment testing of goodwill, definition of CGU\u2019s, other non-current intangible assets, ferries and other ships, other non-current tangible assets, and Right-of-use assets. Reference is made to note 3.1.4. \u2022 Assessment of useful life and scrap values. Reference is made to note 3.1.2. \u2022 Purchase Price Allocation in connection with acquisitions. Reference is made to note 5.5. \u2022 Special items. Reference is made to note 2.6. \u2022 Deferred tax assets. Reference is made to note 2.7. \u2022 Leasing arrangements. Reference is made to note 3.1.3. \u2022 Derivatives. Reference is made to note 4.2. \u2022 Provisions and contingencies. Reference is made to note 5.6. Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate. Non-controlling interests In the Consolidated Financial Statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the Statement of change in equity. If a non-controlling interest has a put option to sell its ownership interest to DFDS, the fair value of the put option is recognised as an interest-bearing liability which means that the results for the year and equity attributable to non-controlling interests are not presented separately in the proposed profit appropriation and the Statement of change in equity. Report under the ESEF regulation The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group\u2019s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2022-12-31-en.zip. Translation of foreign currencies Functional and presentation currency Items included in the Financial Statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The Consolidated Financial Statements are presented in Danish Kroner (DKK). Key figures Key figures are calculated in accordance with the latest version of the Danish Finance Society\u2019s guidelines, \u2018Recommendations and Financial Ratios\u2019. The key figures stated in the overview with consolidated financial highlights are defined on the \u2018Definitions and Glossary\u2019 page. Accounting policies The segment information has been compiled in conformity with the Group\u2019s accounting policies and is in accordance with the internal management reports. Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered. Accounting policies for employee costs Ferry and other ship cost comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Impairments and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Freight handling and Transport solutions are cost related to land-based activities such as stevedoring, terminal, and haulage costs. Costs of sales and administration comprise costs of sales, marketing, and administration. Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. Accounting policies for Costs Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. Accounting policies Special items include significant income and expenses not directly attributable to the Group\u2019s recurring operating activities such as material restructuring of processes and significant organisational restructurings/ changes which are of significance over time. In addition, other non-recurring amounts are classified as special items including impairment of goodwill; significant impairments and reversal of impairments of non-current tangible assets; significant acquisition costs and integration costs in connection with large business combinations; changes to estimates of contingent considerations related to business combinations; gains and losses on the disposal of activities; and significant gains and losses on the disposal of non-current assets. These items are classified separately in the Income statement in order to provide a more transparent view of income and costs that are considered not to have recurring nature. Accounting policies Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the Income statement or in the equity in correlation to the underlying transaction. The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments. Deferred tax is provided using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date. Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the Income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/ receivable tax and/or as deferred tax assets/liabilities. Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated amortisation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. \u2022 The assets are amortised on a straight-line basis over the estimated useful life. \u2022 The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: \u2022 The projects are clearly defined and identifiable. \u2022 The Group intends to use the projects once completed. \u2022 The future earnings from the projects are expected to cover the development and administrative costs. and \u2022 The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period. Accounting policies Non-current tangible assets The following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated depreciation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges. \u2022 The basis for depreciation is determined as the cost less estimated residual value. \u2022 The assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value. \u2022 Estimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance. \u2022 The effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate. Ferries and other ships The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to: \u2022 Safety measures. \u2022 Measures to extend the useful life of the ferries and other ships. \u2022 Measures to reduce climate impact. \u2022 Measures to improve earnings. \u2022 Docking. Maintenance and daily running costs for the ferries and other ships are expensed in the Income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries or ship\u2019s next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2\u00bd years for freight and passenger ferries as well as freight ferries. Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the Income Statement as \u2018Profit on disposal of non-current assets, net\u2019 unless they qualify to be a special item, reference is made to note 2.6. Passenger cruise ferries and freight and passenger (ro-pax) ferries Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas. Freight ferries (ro-ro) The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries. Depreciation \u2013 expected useful life and residual value The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of vessels is estimated as the expected fair value at the end of their useful lifetime. Other non-current tangible assets Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements. The estimated useful lifetimes are as follows: \u2022 Buildings 25-50 years \u2022 Terminals etc. 10-40 years \u2022 Equipment etc. 4-10 years \u2022 Leasehold improvements Max. depreciated over the term of the lease Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the Income statement as \u2018Profit on disposal of non-current assets, net\u2019 unless they qualify to be a special item, reference is made to note 2.6. Accounting policies Group as lessee (lease in) The Right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs. The lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments are discounted using DFDS\u2019 incremental borrowing rate. Depreciation follows the straight-line method over the lease term or the useful life of the Right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease payment will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less for all classes of underlying assets except for terminals and ferries and other ships, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For all classes of assets, except for terminals, non-lease components, i.e., the service element, is not separated from the lease components and thereby form part of the Right-of-use asset and lease liability recognised in the Balance sheet. For contracts with a rolling term (evergreen leases), the Management exercises judgement in determining useful lifetime of the underlying right-of-use asset. Group as lessor (lease out) For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the Balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the Income statement. Lease income from assets leased out on an operating lease is recognised in the Income statement on a straight-line basis over the lease term. Accounting policies The carrying amount of Goodwill, non-current intangible, tangible and Right-of-use assets are continuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated. Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc. Accounting policiesBunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower. Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc. Accounting policies Contributions to defined contribution pension plans are recognised in the Income statement in the period in which they relate, and any payable contributions are accrued in the Balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value in use of future benefits payable under the plan is made once a year. The value in use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value in use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value in use less the fair value of any assets under the plan is recognised in the Balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the Income statement based on actuarial estimates and financial expectations at the beginning of the year. The difference between the calculated development in pension assets and liabilities and the realised values are recognised in Other comprehensive income as actuarial gains and losses. Changes in the benefits payable for employees\u2019 past service to the enterprise result in an adjustment of the actuarial calculation of the value in use, which is classified as past service costs. Past service costs are recognised in the Income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the Income statement over the period in which the employees earn the right to the adjusted benefits. Other non-current employee obligations include jubilee benefits, etc. Accounting policies Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management\u2019s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. Accounting policies Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income statement under \u2018financial costs\u2019 over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on finance leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects. Accounting policies Dividends Proposed dividend is recognised as liabilities at the date on which they are adopted at the annual general meeting (time of declaration). Reserve for treasury shares The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividend on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve. Currency translation reserve The reserve comprises DFDS A/S shareholders\u2019 share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity. Reserve for hedging The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective. Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company\u2019s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively. Accounting policies The Cash flow statement has been prepared using the indirect method, and shows the consolidated cash flow from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flow from operating activities is calculated on the basis of the profit/loss before amortisation and depreciation (EBITDA) and special items adjusted for the cash flow effect of special items, non-cash operating items, changes in working capital (such as trade payables, deferred income, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid. Cash flow from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Cash flow from financing activities includes changes in the size or composition of the Group\u2019s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand. Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost. ",
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"pp-value-48-3": {
"value": "Basis of reporting The 2022 Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS as adopted by the EU, and additional Danish disclosure requirements for listed companies. The Consolidated Financial Statements are also in accordance with IFRS as issued by the International Accounting Standards Board (IASB). ",
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"language": "en",
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"pp-value-49-3": {
"value": "On 24 February 2023, the Board of Directors and the Executive Management Board considered and approved the 2022 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 22 March 2023. ",
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"pp-value-46-3": {
"value": "New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. Restatement rail transport revenue Rail activities in T\u00fcrkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity. ",
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"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-46-4": {
"value": "New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. Restatement rail transport revenue Rail activities in T\u00fcrkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity. ",
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"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-50-3": {
"value": "Significant estimates and judgements In the preparation of the Consolidated Financial Statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent Company. These assumptions are based on historical experience and other factors such as the war in Ukraine and the current world economy by their nature are uncertain and unpredictable. Significant estimates and judgements (continued) The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, assessments, and assumptions. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report: \u2022 Impairment testing of goodwill, definition of CGU\u2019s, other non-current intangible assets, ferries and other ships, other non-current tangible assets, and Right-of-use assets. Reference is made to note 3.1.4. \u2022 Assessment of useful life and scrap values. Reference is made to note 3.1.2. \u2022 Purchase Price Allocation in connection with acquisitions. Reference is made to note 5.5. \u2022 Special items. Reference is made to note 2.6. \u2022 Deferred tax assets. Reference is made to note 2.7. \u2022 Leasing arrangements. Reference is made to note 3.1.3. \u2022 Derivatives. Reference is made to note 4.2. \u2022 Provisions and contingencies. Reference is made to note 5.6. Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate. Significant accounting estimates and assessments Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Assessment is performed annually based on forecasts, business initiatives and likely structural changes for the coming years. Significant accounting estimates and assessments Leases (extension options) The Group has entered into lease/charter agreements for ferries with extension options. Management exercises significant judgement in determining whether these extension options are reasonably certain to be exercised and, in that connection, considers all relevant factors that create an economic and strategic incentive for it to exercise the extension option. Lessor (lease out) The Group has entered into operating lease/charter agreements for ferries under usual terms and conditions for such agreements. At inception of each individual agreement, Management assesses and determines whether the agreement is a finance or an operating leasing agreement. Significant accounting estimates and assessments The war in Ukraine and the global economy Management has taken the risk and uncertainty relating to the current war in Ukraine and the uncertainty in the world economy into consideration when preparing the forecasts and cash flows. Impairment testing of goodwill and other non-current intangible assets Impairment testing of goodwill and other non-current intangible assets, which primarily relates to IT, acquired port concession rights and acquired customer portfolios, is undertaken once every year and in case of indication of impairment. The impairment tests are based on the expected future cash flow for the cash-generating unit in question. The key parameters are trends in revenue, EBIT, EBIT margin, future investments and growth expectations. These parameters are based on estimates of the future which are inherently uncertain. Impairment testing of ferries and other ships, including the assessment of useful life and scrap value Significant accounting estimates and assessments regarding ferries and other ships include the allocation of the ferry\u2019s cost price on components based on the expected useful life of the identified components; the ferry\u2019s expected maximum useful life; the ferry\u2019s scrap value; and impairment testing. The expected useful life of ferries and other ships and their scrap values are reviewed and estimated at least once a year. Impairment test is performed at least once a year, typically at year-end. Additional impairment tests are performed if indications of impairment occur in the period between the annual impairment tests. Impairment testing of Right-of-use assets For information on Significant accounting estimates and assessments regarding Right-of-use assets from leases reference is made to note 3.1.3. Impairment testing of Right-of-use assets, which primarily relates to leases of terminals, ferries, land and buildings and cargo carrying equipment, is performed at least once a year, typically at year-end. Additional impairment tests are performed if indications of impairment occur in the period between the annual impairment tests. The Right-of-use assets are regarded an integrated part of the operating activities taking place in the Group\u2019s cash-generating units and accordingly, the carrying amount of a Right-of-use asset is allocated to the cash-generating unit in which the asset in question is used. Thereby Right-of-use assets are tested at cash-generating unit level. The impairment tests are based on fair value less costs of disposal for the assets in the cash-generating unit or the value-in-use where the expected future cash flow for the cash-generating unit is a main element in the calculation. The key parameters in assessing expected future cash flows are trends in revenue, EBIT, EBIT margin, future investments and growth expectations, which are inherently uncertain. The fair value less cost of disposal for the Group\u2019s main assets, ferries and other ships, are based on broker valuations. For further information on broker valuations reference is made to the paragraph \u2018Basis for impairment testing and calculation of recoverable amount\u2019 which can be found above in this note. Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Significant accounting estimates and assessments In applying the acquisition method of accounting, estimates are an integrated part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available. Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. Significant estimates are typically applied in accounting for property, plant and equipment and customer relationships. As a result of the uncertainties in fair value estimation, measurement period adjustments may be applied. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law. ",
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"value": "Description of accounting policies Basis of consolidation The Consolidated Financial Statements includes the Parent Company DFDS A/S and the subsidiaries in which the Parent Company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent Company and these subsidiaries are referred to as the Group. Enterprises, which are not subsidiaries, over which the Group exercises significant influence, but which it does not control, are considered associates. Significant influence is obtained by direct or indirect ownership or control of more than 20% of the voting rights but less than 50%. Enterprises which according to agreement are controlled together with one or more other companies are considered joint controlled entities. The Consolidated Financial Statements are based on the Parent Company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The Consolidated Financial Statements are prepared by applying the Group\u2019s accounting policies. Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries\u2019 net asset value at the acquisition date. The Group\u2019s investments in associates and joint ventures are recognised in the Consolidated Financial Statements at the Group\u2019s proportionate share of the associate\u2019s / joint venture\u2019s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group\u2019s interest in the respective associate/jointly controlled enterprise. ",
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"pp-value-58-4": {
"value": "Non-controlling interests In the Consolidated Financial Statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the Statement of change in equity. If a non-controlling interest has a put option to sell its ownership interest to DFDS, the fair value of the put option is recognised as an interest-bearing liability which means that the results for the year and equity attributable to non-controlling interests are not presented separately in the proposed profit appropriation and the Statement of change in equity. ",
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"pp-value-61-4": {
"value": "Functional and presentation currency Items included in the Financial Statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The Consolidated Financial Statements are presented in Danish Kroner (DKK). ",
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"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
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"pp-value-55-4": {
"value": "Translation of transactions and balances On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement as Financial income or cost except when deferred in equity as qualifying for cash flow hedges. Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss. Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition. Translation of subsidiaries In the Consolidated Financial Statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period. Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in Other Comprehensive Income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent Company\u2019s and the non-controlling interests\u2019 share of equity. When losing control of a consolidated entity, exchange differences which have accumulated in Equity via Other Comprehensive Income, and which are attributable to the enterprise, are transferred from Other Comprehensive In- come to the Income statement together with any gains or losses associated with the disposal. Translation of foreign currencies ",
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"pp-value-66-2": {
"value": "2.1 Segment information The segments together with allocation of operating profit, assets and liabilities etc. are identical with the internal reporting structure of the Group. Management has defined the Groups\u2019 business segments based on the reporting regularly presented to the Group Executive Management, which also forms the basis for management decisions. Segment performance is evaluated by management based on EBITDA before special items and EBIT before special items. The costs of the segments are the directly recorded costs including some systematically allocated indirect costs, primarily concerning Group functions. Non-allocated costs reflect the general functions which cannot reasonably be allocated to the segments. The costs consist primarily of costs concerning the Group Executive Management and Board of Directors but also Group functions such as Treasury, Investor Relations, Legal, Procurement, Communication, and Finance etc. In addition, the elimination of transactions between segments is included. Transactions between segments are concluded at arm\u2019s length terms. Segment assets include assets which are directly related to the segment such as non-current intangible, non-current tangible, other non-current and Right-of-use assets, inventories, receivables, prepayments, and cash. Segment liabilities include current and non-current liabilities. The Ferry Division\u2019s activities are divided into five Business units: North Sea, Mediterranean, Channel, Baltic Sea and Passenger. Ferry Division operates ferry routes in and around Europe transporting freight units, mainly trailers, and passengers. The routes deploy a mix of freight ferries, freight and passenger ferries as well as passenger cruise ferries. In addition, port terminals are owned and/or operated at strategic hubs of the route network. The freight customers are mainly forwarders and hauliers as well as manufacturers of heavy industrial goods. The main passenger customer groups are passengers travelling with own cars, mini cruise passengers, tour operators, and business conferences. The Logistics Division\u2019s activities are divided into two Business units: Dry Goods and Cold Chain. Logistics Division provides transport solutions for full- and part loads as well as contract logistics solutions, including warehousing and transport of frozen meat and fish (Cold Chain). In addition, container ships, including vessel sharing agreements with other container operators, are operated. The customers are primarily manufacturers of industrial goods and consumables as well as retailers. 2022 Ferry Logistics Non- DKK millionDivision Division allocated Total External revenue 15,503 11,352 18 26,873 Intragroup revenue 1,329 71 606 2,006 Revenue 16,831 11,423 624 28,879 Operating costs, external -12,371 -8,887 -660 -21,919 Intragroup operating costs -494 -1,471 -40 -2,005 Operating profit before depreciation (EBITDA) and special items 3,966 1,066 -76 4,955 Share of profit/loss of associates and joint ventures -13 -1 0 -14 Profit on disposal of non-current assets, net 2 19 0 21 Depreciation, amortisation, and impairment losses on other non-current assets -1,816 -603 -86 -2,505 Operating profit (EBIT) before special items 2,138 480 -162 2,457 Special items, net 18 7 0 25 Operating profit (EBIT) 2,156 487 -162 2,482 Financial items, net -343 Profit before tax 2,139 Tax on profit -120 Profit for the year2,019 Capital expenditures of the year 2,064 966 131 3,162 Investments in associates and joint ventures 8 3 0 11 Total assets 25,116 7,265 1,703 34,084 Liabilities 12,234 3,127 5,588 20,949 Geographical breakdown The Group does not have a natural geographic split on countries since the Group, mainly Ferry Division, is based on a connected route network in primarily Northern Europe and Mediterranean. The routes support each other with sales and customer services located in one country whereas the actual revenue is created in other countries. Consequently, it is not possible to present a meaningful split of revenues and non-current assets by country. The split is therefore presented by the sea and geographical areas in which DFDS operates. The geographical split of revenue is shown in the revenue note. Reference is made to note 2.2. The applied split results in seven geographical areas: North Sea, Mediterranean, Baltic Sea, English Channel, Continent, Nordic and UK/Ireland. As a consequence of the Group\u2019s business model, the routes do not directly own the ferries, but charter the ferries from a Group internal vessel pool. The ferries are frequently moved within the Group\u2019s routes. Furthermore, certain non-current assets such as IT-software and headquarter owned corporate assets are for the benefit for the entire Group. It is therefore not possible to meaningfully estimate the exact value of the non-current assets per geographical area. Instead, an adjusted allocation has been used. 1 Addition of capital expenditures of the year primarily relates to the acquisition of HSF Logistics Group. Reference is made to note 5.5 2021Ferry Logistics Non- DKK millionDivision Division allocated TotalExternal revenue 11,180 7,081 18 18,279 Intragroup revenue 1,036 74 508 1,618 Revenue 12,216 7,155 526 19,897 Operating costs, external -8,821 -5,516 -531 -14,868 Intragroup operating costs -542 -1,047 -30 -1,618 Operating profit before depreciation (EBITDA) and special items2,852 593 -34 3,411 Share of profit/loss of associates and joint ventures -13 0 0 -13 Profit on disposal of non-current assets, net 4 -1 0 2 Depreciation, amortisation and impairment losses on other non-current assets -1,684 -322 -81 -2,087 Operating profit (EBIT) before special items 1,160 269 -116 1,313 Special items, net 12 2 20 34 Operating profit (EBIT) 1,172 271 -96 1,348 Financial items, net -278 Profit before tax1,069 Tax on profit -94 Profit for the year976 Capital expenditures of the year 1,644 2,400\u00b9\u207e 71 4,115 Investments in associates and joint ventures 23 3 0 26 Total assets 23,556 5,899 1,266 30,721 Liabilities 11,897 2,519 4,751 19,167 North Medi-Baltic English UK/ DKK millionSea terranean Sea Channel Continent Nordic Ireland Total 2022Non-current assets 8,872 8,924 2,604 2,473 2,563 1,612 1,094 28,141 2021Non-current assets 8,330 9,042 1,780 2,390 2,324 1,465 477 25,807 Accounting policies The segment information has been compiled in conformity with the Group\u2019s accounting policies and is in accordance with the internal management reports. ",
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"pp-value-72-4": {
"value": " Accounting policies The segment information has been compiled in conformity with the Group\u2019s accounting policies and is in accordance with the internal management reports. ",
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"pp-value-74-2": {
"value": "2.2 Revenue 2022Logistics Non- DKK millionFerry Division Division allocated TotalGeographical markets North Sea 5,630 - 0 5,630 Mediterranean 4,471 - 0 4,471 Baltic Sea 1,496 - 0 1,496 English Channel 3,906 - 0 3,906 Continent - 4,416 0 4,416 Nordic - 4,418 0 4,418 UK/Ireland - 2,518 0 2,518 Other 0 0 18 18 Total 15,503 11,352 18 26,873 Product and servicesSeafreight and shipping logistics solutions 10,425 27 0 10,452 Transport solutions 595 10,820 0 11,415 Passenger seafare and onboard sales 2,982 0 0 2,982Terminal services 953 6 0 959 Charters including related income 331 0 0 331 Agency and other revenue 216 498 18 733 Total 15,503 11,352 18 26,873 Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 374m (2021: DKK 311). Onboard sales amounts to DKK 1,327m (2021: DKK 449m). 2021 Logistics Non- DKK millionFerry Division Division allocated Total Geographical marketsNorth Sea 3,849 - 0 3,849 Mediterranean 3,378 - 0 3,378 Baltic Sea 1,350 - 0 1,350 English Channel 2,603 - 0 2,603 Continent - 3,156 0 3,156 Nordic - 2,327 0 2,327 UK/Ireland - 1,598 0 1,598 Other 0 0 18 18 Total 11,180 7,081 18 18,279 Product and servicesSeafreight and shipping logistics solutions 8,432 98 0 8,530 Transport solutions 434 6,778 0 7,212 Passenger seafare and onboard sales 976 0 0 976 Terminal services 851 6 0 856 Charters including related income 311 0 0 311 Agency and other revenue 176 199 18 393 Total 11,180 7,081 18 18,279 Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered. ",
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"pp-value-74-3": {
"value": "2.2 Revenue 2022Logistics Non- DKK millionFerry Division Division allocated TotalGeographical markets North Sea 5,630 - 0 5,630 Mediterranean 4,471 - 0 4,471 Baltic Sea 1,496 - 0 1,496 English Channel 3,906 - 0 3,906 Continent - 4,416 0 4,416 Nordic - 4,418 0 4,418 UK/Ireland - 2,518 0 2,518 Other 0 0 18 18 Total 15,503 11,352 18 26,873 Product and servicesSeafreight and shipping logistics solutions 10,425 27 0 10,452 Transport solutions 595 10,820 0 11,415 Passenger seafare and onboard sales 2,982 0 0 2,982Terminal services 953 6 0 959 Charters including related income 331 0 0 331 Agency and other revenue 216 498 18 733 Total 15,503 11,352 18 26,873 Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 374m (2021: DKK 311). Onboard sales amounts to DKK 1,327m (2021: DKK 449m). 2021 Logistics Non- DKK millionFerry Division Division allocated Total Geographical marketsNorth Sea 3,849 - 0 3,849 Mediterranean 3,378 - 0 3,378 Baltic Sea 1,350 - 0 1,350 English Channel 2,603 - 0 2,603 Continent - 3,156 0 3,156 Nordic - 2,327 0 2,327 UK/Ireland - 1,598 0 1,598 Other 0 0 18 18 Total 11,180 7,081 18 18,279 Product and servicesSeafreight and shipping logistics solutions 8,432 98 0 8,530 Transport solutions 434 6,778 0 7,212 Passenger seafare and onboard sales 976 0 0 976 Terminal services 851 6 0 856 Charters including related income 311 0 0 311 Agency and other revenue 176 199 18 393 Total 11,180 7,081 18 18,279 Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered. ",
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"pp-value-76-2": {
"value": "2.4 Employee costs DKK million2022 2021 Wages, salaries and remuneration 3,848 2,839 Hereof capitalised employee costs -47 -33 Defined contribution pension plans 185 139 Defined benefit pension plans 14 7 Other social security costs 372 284 Share based payment 30 37 Other employee costs 333 226 Government grants (Covid-19) -5 -55 Total employee costs 4,730 3,444 Full time equivalents (FTE), average 11,510 8,874 Reference is made to note 3.2.4 for detailed information on pension plans, note 5.1 for detailed information on remuneration of Management and note 5.3 for detailed information on the Group\u2019s share option schemes. Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. ",
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"pp-value-76-3": {
"value": "2.4 Employee costs DKK million2022 2021 Wages, salaries and remuneration 3,848 2,839 Hereof capitalised employee costs -47 -33 Defined contribution pension plans 185 139 Defined benefit pension plans 14 7 Other social security costs 372 284 Share based payment 30 37 Other employee costs 333 226 Government grants (Covid-19) -5 -55 Total employee costs 4,730 3,444 Full time equivalents (FTE), average 11,510 8,874 Reference is made to note 3.2.4 for detailed information on pension plans, note 5.1 for detailed information on remuneration of Management and note 5.3 for detailed information on the Group\u2019s share option schemes. Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. 3.2.4 Pension and jubilee liabilities The Group contributes to defined contribution plans as well as defined benefit plans. The majority of the pension plans are funded through payments to independent insurance companies responsible for the pension obligation towards the employees (defined contribution plans). In these plans the Group has no legal or constructive obligation to pay further contributions irrespective of the financial situation of these insurance companies or the return of the underlying investments. Pension costs from such plans are expensed in the Income statement when incurred. The Group has defined benefit plans, primarily in the United Kingdom. In addition, there are minor defined benefit plans in Norway, Belgium, Italy, T\u00fcrkiye, Lithuania, France, Germany, Denmark, and Sweden. The United Kingdom accounts for 12.4% (2021: minus 90.3%) of the total net liability and 91.5% (2021: 94.8%) of the funded and unfunded obligation. The majority of the defined benefit plans are pension plans that yearly pay out a certain percentage of the employee\u2019s final salary upon retirement. The pensions are paid out as from retirement and during the remaining life of the employee. The percentage of the salary is dependent of the seniority of the employee except for certain closed plans in the United Kingdom and some of the other minor plans. The defined benefit plans typically include a spouse pension and disability insurance. Some of the pension plans in Sweden are multi-employer plans, which cover a large number of enterprises. The plans are collective and are covered through contributions paid to the pension company Alecta. The Swedish Financial Accounting Standards Council\u2019s interpretations committee (Redovisningsr\u00e5det) has defined this plan as a multi-employer defined benefit plan. Presently, it is not possible to obtain sufficient information from Alecta to apportionate assets and liabilities of the plans to the participating employers. Consequently, the pension plans are similarly to prior years treated as defined contribution plans. The contributions are DKK 4m in 2022 (2021: DKK 4m). The collective funding ratio at Alecta amounts to 189% as per September 2022 (September 2021: 169%). For 2023, the contributions are expected to be DKK 4m. DFDS\u2019 share of the multi-employer plan is around 0.0052% and the liability follows the share of the total plan. Based on actuarial calculations the defined benefit plans show the following liabilities: DKK million2022 2021 Present value of funded defined benefit obligations 629 1,031 Fair value of plan assets -619 -1,054 Funded defined benefit obligations, net 10 -23 Present value of unfunded defined benefit obligations 54 51 Recognised liabilities for defined benefit obligations 64 28 Provision for jubilee liabilities 24 23 Total actuarial liabilities, net 88 51 Total actuarial liabilities, net are classified as follows Pension assets 0 25 Pension and jubilee liabilities 88 76 Total actuarial liabilities, net 88 51 DKK million2022 2021 Movements in the net present value of funded and unfunded defined benefit obligationsFunded and unfunded obligations at 1 January 1,082 1,055 Foreign exchange adjustments -56 76 Current service costs 14 7 Interest costs 18 13 Actuarial gain(-)/loss(+) arising from changes in demographic assumptions 1 9 Actuarial gain(-)/loss(+) arising from changes in financial assumptions -343 -42 Past service costs -1 0 Benefits paid -33 -35 Settlements and curtailments 0 -2 Funded and unfunded obligations at 31 December 683 1,082 Movements in the fair value of the defined benefit plan assetsPlan assets at 1 January -1,054 -879 Foreign exchange adjustments 57 -66 Calculated interest income -19 -11 Return on plan assets excluding calculated interest income 385 -111 Costs of managing the assets 3 5 Employer contributions -21 -23 Benefits paid 29 32 Plan assets at 31 December -619 -1,054 Plan assets consist of the following:Cash and cash equivalents -53 -30 Blended investment funds -564 -1,020 Other assets (primarily insured plans) -2 -3 Total plan assets -619 -1,054 1 All factors are weighted at the pro rata share of the individual actuarial obligation.2 Schemes closed for new members will have a social security rate and future salary increase of 0%.Assumptions:United Weighted 2022Kingdom Others average\u00b9\u207eDiscount rate 4.9% -0.4%-3.7% 4.7%2)Social security rate 0.0% 0.0%-3.5% 0.0%2)Future salary increase 0.0% 0.0%-3.8% 0.2%Future pension increase 3.2% 0.0%-2.3% 2.9%Inflation 2.5% 0.0%-23.9% 3.0%United Weighted 2021Kingdom Others average\u00b9\u207eDiscount rate 1.8% 0.3%-3.9% 1.8%2)Social security rate 0.0% 0.0%-1.8% 0.0%2)Future salary increase 0.0% 0.0%-3.0% 0.1%Future pension increase 3.6% 0.0%-3.4% 3.5%Inflation 2.9% 0.0%-9.0% 2.9%DKK million2022 2021Expenses recognised as employee costs in the Income statement: Current service costs 14 7 Past service costs -1 0 Total included in employee costs regarding defined benefit plans 14 7 Expenses recognised as financial costs in the Income statement:Interest costs 18 13 Interest income -19 -11 Total included in financial costs regarding defined benefit plans 0 2 Total expenses for defined benefit plans recognised in the Income statement 14 8 Expenses recognised in Other comprehensive income, gain(-)/loss(+): Remeasurements of plan obligations -342 -34 Remeasurements of plan assets 388 -106 Total included in Other comprehensive income regarding defined benefit plans 46 -140 Significant actuarial assumptions for the determination of the retirement benefit obligation are the discount rate, expected future remuneration increases, and expected mortality. The sensitivity analysis below has been determined based on reasonably likely changes in the assumptions occurring at the end of the period. Actuarial calculations or roll forward calculations are performed annually for all defined benefit plans. Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. The following significant assumptions have been used for the actuarial calculations: DKK million2022 2021 Sensitivity analysisReported obligation 31 December 683 1,082 Discount rate -0.5% point compared to assumptions 728 1,176 Discount rate +0.5% point compared to assumptions 641 999 Salary increase -0.5% point compared to assumptions 682 1,080 Salary increase +0.5% point compared to assumptions 685 1,084 Mortality -1 year compared with used mortality tables 661 1,045 Mortality +1 year compared with used mortality tables 709 1,124 The mortality table used for the two defined benefit schemes in the United Kingdom is the public S3PxA table with annual improvement of 1.25% (2021: S3PxA table with 1.25% annual improvement). Average remaining life expectancy for a 65-year-old is 23.5 year (2021: 23.4 year). Weighted average duration on the liabilities end of 2022 is 13.3 years (2021: 17.0 years). The Group expects to make a contribution of DKK 31m to the defined benefit plans in 2023. The expected contribution for 2022 was DKK 26m, which turned out to be DKK 25m. DKK million2022 2021 Maturity analysis of the obligations0-1 year 38 36 1-5 years 126 167 After 5 years 518 879 Total obligations 683 1,082 Accounting policies Contributions to defined contribution pension plans are recognised in the Income statement in the period in which they relate, and any payable contributions are accrued in the Balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value in use of future benefits payable under the plan is made once a year. The value in use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value in use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value in use less the fair value of any assets under the plan is recognised in the Balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the Income statement based on actuarial estimates and financial expectations at the beginning of the year. The difference between the calculated development in pension assets and liabilities and the realised values are recognised in Other comprehensive income as actuarial gains and losses. Changes in the benefits payable for employees\u2019 past service to the enterprise result in an adjustment of the actuarial calculation of the value in use, which is classified as past service costs. Past service costs are recognised in the Income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the Income statement over the period in which the employees earn the right to the adjusted benefits. Other non-current employee obligations include jubilee benefits, etc. 5.1 Remuneration to the Executive Board and Board of Directors Remuneration to the Executive BoardTorben Carlsen Karina Deacon Executive Board, total DKK \u2018000 2022 2021 2022 2021 2022 2021Wages and salaries 9,000 7,900 4,410 4,200 13,410 12,100 Bonus 7,200 5,000 3,440 2,500 10,640 7,500 Defined contribution pension plans 900 790 441 420 1,341 1,210 Share based payment 2,875 2,381 1,599 1,005 4,474 3,386 Other employee costs 265 250 190 175 455 425 Total remuneration to Executive Board 20,240 16,321 10,080 8,300 30,320 24,621 The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as CEO Torben Carlsen and CFO Karina Deacon. DKK \u2018000 2022 2021 Board:Claus V. Hemmingsen, Chair 1,125 1,125 Klaus Nyborg, Deputy Chair 750 750 Anders G\u00f6tzsche 375 375 Marianne Dahl\u00b9\u207e 94 375 Jill Lauritzen Melby 375 375 Dirk Reich 375 375 Minna Aila, (Joined in March 2022) 281 0 Jesper Hartvig Nielsen\u00b9\u207e 94 375 Lars Skjold-Hansen 375 375 Jens Otto Knudsen\u00b9\u207e 94 375 Marianne Henriksen, (Joined in March 2022) 281 0 Kristian Kristensen, (Joined in March 2022) 281 0 Total remuneration to the Board (continue to the right) 4,500 4,500 (Continued) DKK \u2018000 2022 2021 Audit Committee:Anders G\u00f6tzsche, Chair 250 250 2Dirk Reich \u207e 125 500 Jill Lauritzen Melby 125 125 Minna Aila (Joined in March 2022) 75 0 Total remuneration to the Audit Committee 575 875 Remuneration & Nomination Committee:Claus V. Hemmingsen 100 100 Klaus Nyborg 100 100 Marianne Dahl 25 100 Total remuneration to the Nomination Committee 225 300 Total remuneration to the Board of Directors 5,300 5,675 Total remuneration to the Executive Board and Board of Directors 35,620 30,296 Remuneration to the chair of the Audit Committee is DKK 250k per year (2021: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2021: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2021: DKK 100k). 1 Marianne Dahl, Jesper Hartvig Nielsen and Jens Otto Knudsen left the Board of Directors in 2022. 2 Dirk Reich received an extraordinary fee of DKK 375,000 in 2021 due to considerable advisory work related to business development, acquisitions, and organisational design.",
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"pp-value-81-2": {
"value": " Accounting policies for employee costs Ferry and other ship cost comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Impairments and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Freight handling and Transport solutions are cost related to land-based activities such as stevedoring, terminal, and haulage costs. Costs of sales and administration comprise costs of sales, marketing, and administration. 2.3 Costs DKK million2022 2021Ferry and other ship operation and maintenance:Ferry and other ship cost including charter related cost -2,329 -1,583 Bunker -4,097 -2,297 Total ferry and other ship operation and maintenance -6,426 -3,880 Accounting policies for Costs 2.5 Amortisation, depreciation, and impairment losses for the year DKK million2022 2021 Amortisation and depreciation for the year:Software 48 44 Port concession rights etc. 35 35 Other non-current intangible assets 52 20 Land & Buildings 15 9 Terminals 59 49 Ferries and other ships 927 850 Equipment etc. 328 206 Right-of-use assets 1,042 874 Total amortisation and depreciation for the year 2,505 2,087 Impairment losses for the year:Equipment etc. 1 0 Total impairment 1 0 Total amortisation, depreciation and impairment losses for the year 2,505 2,087 Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. ",
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"pp-value-81-4": {
"value": " Accounting policies for employee costs Ferry and other ship cost comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Impairments and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Freight handling and Transport solutions are cost related to land-based activities such as stevedoring, terminal, and haulage costs. Costs of sales and administration comprise costs of sales, marketing, and administration. Accounting policies for Costs Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. ",
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"pp-value-84-5": {
"value": "Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. Accounting policies Contributions to defined contribution pension plans are recognised in the Income statement in the period in which they relate, and any payable contributions are accrued in the Balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value in use of future benefits payable under the plan is made once a year. The value in use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value in use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value in use less the fair value of any assets under the plan is recognised in the Balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the Income statement based on actuarial estimates and financial expectations at the beginning of the year. The difference between the calculated development in pension assets and liabilities and the realised values are recognised in Other comprehensive income as actuarial gains and losses. Changes in the benefits payable for employees\u2019 past service to the enterprise result in an adjustment of the actuarial calculation of the value in use, which is classified as past service costs. Past service costs are recognised in the Income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the Income statement over the period in which the employees earn the right to the adjusted benefits. Other non-current employee obligations include jubilee benefits, etc. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-5": {
"value": " Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into \u201cdistinct services\u201d will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from T\u00fcrkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a \u201cpoint in time\u201d. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-3": {
"value": "2.5 Amortisation, depreciation, and impairment losses for the year DKK million2022 2021 Amortisation and depreciation for the year:Software 48 44 Port concession rights etc. 35 35 Other non-current intangible assets 52 20 Land & Buildings 15 9 Terminals 59 49 Ferries and other ships 927 850 Equipment etc. 328 206 Right-of-use assets 1,042 874 Total amortisation and depreciation for the year 2,505 2,087 Impairment losses for the year:Equipment etc. 1 0 Total impairment 1 0 Total amortisation, depreciation and impairment losses for the year 2,505 2,087 Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-4": {
"value": "2.5 Amortisation, depreciation, and impairment losses for the year DKK million2022 2021 Amortisation and depreciation for the year:Software 48 44 Port concession rights etc. 35 35 Other non-current intangible assets 52 20 Land & Buildings 15 9 Terminals 59 49 Ferries and other ships 927 850 Equipment etc. 328 206 Right-of-use assets 1,042 874 Total amortisation and depreciation for the year 2,505 2,087 Impairment losses for the year:Equipment etc. 1 0 Total impairment 1 0 Total amortisation, depreciation and impairment losses for the year 2,505 2,087 Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-5": {
"value": "2.5 Amortisation, depreciation, and impairment losses for the year DKK million2022 2021 Amortisation and depreciation for the year:Software 48 44 Port concession rights etc. 35 35 Other non-current intangible assets 52 20 Land & Buildings 15 9 Terminals 59 49 Ferries and other ships 927 850 Equipment etc. 328 206 Right-of-use assets 1,042 874 Total amortisation and depreciation for the year 2,505 2,087 Impairment losses for the year:Equipment etc. 1 0 Total impairment 1 0 Total amortisation, depreciation and impairment losses for the year 2,505 2,087 Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. 3.1.4 Impairment testing Introduction DFDS impairment tests all non-current assets at least once every year and in case of indication of impairment. Due to the war in Ukraine and general uncertainty in the world economy, impairment assessments have been made in 2022. Definition of cash-generating units (CGU) The breakdown into cash-generating units takes its starting point in the internal structure of the two segments, Ferry and Logistics, and their Business units, including the strategic, operational, and commercial management and control of these, both separately and across Business units, and the nature of the customer services provided. Based on this, the following six cash-generating units have been identified: Ferry CGU: \u2022 The Business units North Sea, Baltic Sea and Mediterranean (includes goodwill of DKK 3,023m) \u2022 The Business unit English Channel \u2022 The Oslo \u2013 Frederikshavn - Copenhagen (OFC) route which is part of the Passenger Business unit \u2022 The Amsterdam \u2013 Newcastle route which is part of the Passenger Business unit Logistics CGU: \u2022 Dry Goods (includes goodwill of DKK 427m) \u2022 Cold Chain (includes goodwill of DKK 957m) Non-current intangible and tangible assets as well as Right-of-use assets are assigned to the above-mentioned cash-generating units unless this cannot be done with a reasonable degree of certainty. Software and other assets which cannot be assigned with reasonable certainty to one or more of the above cash-generating units are tested for impairment as a non-allocated Group asset, i.e., based on the Group earnings. The vast majority of the ferries used in the Business unit \u2018North Sea\u2019, \u2018Baltic Sea\u2019 and \u2018Mediterranean\u2019 are interchangeable and it is centrally decided where and how the ferries are deployed on the various routes. Revenue generation is impacted by the capacity deployed on the different routes. Management therefore concludes that interdependency between the three Business unit in respect of taking decision on capacity is of such extent that cash inflows are not largely independent from each other and consequently, these three Business units are treated as one cash-generating unit. Basis for impairment testing and calculation of recoverable amount In the impairment test for cash-generating units, the recoverable amount of the unit is compared with its carrying amount. The recoverable amount is the higher value of its value-in-use and its fair value less costs of disposal. If the recoverable amount is less than the carrying amount, the latter is written down to the lower value. The value-in-use is calculated as the discounted value of the estimated future net cash flows per cash-generating unit. Impairment testing (value-in-use) is performed based on management approved forecasts for 2023 and business plans beyond 2023. Key parameters for the forecast periods are trends in revenue, EBIT, EBIT margin, future investments, and growth expectations. These parameters are determined specifically for each individual cash-generating unit. Growth is incorporated in forecasts for periods beyond 2023 and in the terminal period with reference to the growth rate and cash flow section below. The recoverable amount for cash-generating units containing goodwill is determined based on value-in-use calculations. For a breakdown of goodwill on cash-generating units, reference is made to note 3.1.1. The fair value of the Group\u2019s main assets, ferries and other ships, is determined on the basis of the average of two to three independent broker valuations per ship less estimated costs of disposal. The task of the brokers is to assess the value of the individual ships in a \u2018willing buyer \u2013 willing seller\u2019 situation. The valuations have been obtained from the same recognised brokers as in previous years, and Management considers an average of these to be the best and most reasonable expression of the ships\u2019 fair value. The carrying amount of right-of-use (RoU) assets is added to the base of non-current tangible and intangible assets being subject to impairment testing. The RoU assets are regarded an integrated part of the operating activities taking place in the Group\u2019s CGU and accordingly, the carrying amount of a RoU asset is allocated to the CGU in which the asset in question is used. Thereby RoU assets are tested on CGU level. Determination of estimated growth rates and cash flow The expected net cash flows are assessed at CGU level on basis of approved forecasts for 2023 and management business plans beyond 2023. The projections include the estimated impact of long-term strategic decisions and assessment of opportunities for future growth and required investments. For Ferry and Logistics division CGUs which include a terminal period, OECD\u2019s prediction for EU long-term consumer price index growth rate of 3.1% has been applied (2021: 1.8%). Further, the outbreak of the Ukraine war as well as the uncertainty in the world economy have been incorporated in the forecast for 2023 and onwards. The following assumptions for growth rates have been applied to each CGU. Ferry (CGUs): North Sea, Baltic Sea and Mediterranean: For 2024-2027 a growth in EBIT in the range of 4.5% - 7.5% is expected and growth in terminal period of 3.1% (2021: 1.8%). The Business unit English Channel: The current overcapacity on the Channel impacts the forecast for 2023 negatively but is not expected to impact EBIT in the longer term. A growth in EBIT for 2024-2027 of 19.0% to 26.3% and growth in the terminal period of 3.1% is expected (2021: 1.8%). Due to the current overcapacity Management has prepared alternative scenarios based on various assumptions. None of these alternative scenarios gave rise to any impairment. The Oslo \u2013 Frederikshavn - Copenhagen route: During 2022, passenger numbers have recovered, but Covid-19 continues to impact the number of overseas passengers. The expectation for 2023 is a negative EBIT. Varying growth rates depending on maintenance, improvements etc. have been incorporated in the forecast years beyond 2024 leading to an overall positive EBIT. From 2024, growth rates represent a normalised average of 1.7% (2021: 0.7%). The Amsterdam \u2013 Newcastle route: During 2022, passenger numbers have recovered. The expectation for 2023 is a positive EBIT. Varying growth rates have been incorporated in the forecast years beyond 2023 and provide an overall positive EBIT. From 2024, growth rates represent a normalised average of 1.3% (2021: 2.2%). Logistics (CGUs): The Business unit Dry Goods: Growth in EBIT for 2024-2027 of 5.0% and growth in the terminal period of 3.1%. The Business unit Cold Chain: Growth in EBIT for 2024-2027 of 5.0% and growth in terminal period of 3.1%. Determination of discount rate The discount rate for year-end 2022 impairment testing purposes is based on a calculation of DFDS\u2019 weighted average cost of capital (WACC). The cost of equity is based on a risk-free rate plus a market risk premium. The risk-free interest rate is based on a 10-year Danish risk-free rate which at the end of 2022 is 2.5% (2021: 1.0%). The market risk premium is calculated as a general equity market risk premium of 5.5% (2021: 5.9%) multiplied by the leveraged beta value for DFDS of 1.71 (2021: 1.57). The leveraged beta value applied at year-end 2022 is calculated by obtaining the unlevered beta value of peer group companies via the Capital IQ database. This beta value is then re-levered in accordance with the Group\u2019s current capital structure. The cost of debt is based on the interest-bearing borrowings for the Group plus the risk-free interest. Further, risk premium may be added for the individual cash-generating unit if special conditions and/or uncertainties indicate a need hereto. Conversely, if the risk level for the individual cash-generating unit is considered to be lower than the general risk level, then the risk premium is reduced if special conditions indicate a need hereto. The impact of the war in Ukraine and the uncertainty in the global economy is built into the forecasts where relevant. For cash-generating-units where the recoverable amount is based on value-in-use, the pre-tax discount rates applied have been within the following ranges in the two segments: 2022 2021 Ferry Division 7.6% 6.0% - 7.0% Logistics Division 7.6% 6.0% The applied discount rates in cash-generating units for which the carrying amount of goodwill forms a significant part of the Group\u2019s total goodwill are 7.6% (2021: 6.0%) in \u2018North Sea, Baltic Sea and Mediterranean\u2019 in \u2018Dry Goods\u2019 and \u2018Cold Chain\u2019. Sensitivity analysis As part of the preparation of impairment tests, sensitivity analysis is prepared based on relevant risk factors and scenarios that Management can determine with reasonable reliability. Sensitivity analyses are prepared by altering the estimates within the range of probable outcomes. The sensitivities have been assessed as follows, all other things being equal: \u2022 An increase in the discount rate of 0.5%-points. \u2022 A decrease in EBIT of 10%. \u2022 A decrease in broker valuations of 10%. For English Channel sensitivity testing shows indication of impairment if reducing forecasted EBIT by 10%. For Oslo-Frederikshavn-Copenhagen route all sensitivity calculations shows indication of impairment. None of the above calculations have given rise to adjustments of the results of the impairment tests prepared. For all other CGU\u2019s sensitive testing shows no indication of impairment. Order of recognising impairments If a need for impairment is identified, goodwill is the first to be impaired, followed by the primary non-current tangible and intangible assets and Right-of-use assets in the individual cash-generating units. Impairments are allocated to the respective assets according to the carrying amount of the assets unless this results in an impairment to a value below the fair value less costs of disposal of the asset. Impairment tests 2022 Based on the impairment tests prepared at year-end 2022 no cash-generating units are deemed impaired in 2022 and no impairment losses recognised in prior years have been reversed. Impairment tests 2021 Based on the impairment tests prepared at year-end 2021 no cash-generating units are deemed impaired in 2021 and no impairment losses recognised in prior years have been reversed. For one Freight ferry a reversal of impairment made in connection with reclassification to asset held for sale amounting to DKK 29m has been recognised in Special Items reference is made to note 2.6. Significant accounting estimates and assessments The war in Ukraine and the global economy Management has taken the risk and uncertainty relating to the current war in Ukraine and the uncertainty in the world economy into consideration when preparing the forecasts and cash flows. Impairment testing of goodwill and other non-current intangible assets Impairment testing of goodwill and other non-current intangible assets, which primarily relates to IT, acquired port concession rights and acquired customer portfolios, is undertaken once every year and in case of indication of impairment. The impairment tests are based on the expected future cash flow for the cash-generating unit in question. The key parameters are trends in revenue, EBIT, EBIT margin, future investments and growth expectations. These parameters are based on estimates of the future which are inherently uncertain. Impairment testing of ferries and other ships, including the assessment of useful life and scrap value Significant accounting estimates and assessments regarding ferries and other ships include the allocation of the ferry\u2019s cost price on components based on the expected useful life of the identified components; the ferry\u2019s expected maximum useful life; the ferry\u2019s scrap value; and impairment testing. The expected useful life of ferries and other ships and their scrap values are reviewed and estimated at least once a year. Impairment test is performed at least once a year, typically at year-end. Additional impairment tests are performed if indications of impairment occur in the period between the annual impairment tests. Impairment testing of Right-of-use assets For information on Significant accounting estimates and assessments regarding Right-of-use assets from leases reference is made to note 3.1.3. Impairment testing of Right-of-use assets, which primarily relates to leases of terminals, ferries, land and buildings and cargo carrying equipment, is performed at least once a year, typically at year-end. Additional impairment tests are performed if indications of impairment occur in the period between the annual impairment tests. The Right-of-use assets are regarded an integrated part of the operating activities taking place in the Group\u2019s cash-generating units and accordingly, the carrying amount of a Right-of-use asset is allocated to the cash-generating unit in which the asset in question is used. Thereby Right-of-use assets are tested at cash-generating unit level. The impairment tests are based on fair value less costs of disposal for the assets in the cash-generating unit or the value-in-use where the expected future cash flow for the cash-generating unit is a main element in the calculation. The key parameters in assessing expected future cash flows are trends in revenue, EBIT, EBIT margin, future investments and growth expectations, which are inherently uncertain. The fair value less cost of disposal for the Group\u2019s main assets, ferries and other ships, are based on broker valuations. For further information on broker valuations reference is made to the paragraph \u2018Basis for impairment testing and calculation of recoverable amount\u2019 which can be found above in this note. Accounting policies The carrying amount of Goodwill, non-current intangible, tangible and Right-of-use assets are continuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-2": {
"value": "2.6 Special Items, net DKK million2022 2021Acquisition and integration costs relating to HSF Logistics Group 0 -29 Adjustment of earn-out regarding an acquisition 4 0 Accounting gain on sale of Gothia Seaways 0 20 Accounting gain on sale of Calais Seaways 0 26 Accounting gain on sale of office and warehousing building in Belgium 0 31 Accounting gain related to disposal of an associated company 0 16 Reversal of accrued cost related to Jubilee shares 0 4 Reversal of restructuring cost (2021: restructuring costs etc.) 19 -63 ICT Logistics value adjustment, etc. 2 0 Reversal of impairment of a freight ferry made in connection with reclassification to assets held for sale 0 29 Special items, net 25 34 If special items had been included in the operating profit before special items, they would have been recognised and have effect as follows:Operating costs 19 -89 Operating profit before depreciation (EBITDA) 19 -89 Profit on disposal of non-current assets and associates, net 0 94 Amortisation, depreciation, and impairment losses on intangible and tangible assets -7 29 Financial income 13 0 Profit before tax 25 34 Accounting policies Special items include significant income and expenses not directly attributable to the Group\u2019s recurring operating activities such as material restructuring of processes and significant organisational restructurings/ changes which are of significance over time. In addition, other non-recurring amounts are classified as special items including impairment of goodwill; significant impairments and reversal of impairments of non-current tangible assets; significant acquisition costs and integration costs in connection with large business combinations; changes to estimates of contingent considerations related to business combinations; gains and losses on the disposal of activities; and significant gains and losses on the disposal of non-current assets. These items are classified separately in the Income statement in order to provide a more transparent view of income and costs that are considered not to have recurring nature. ",
"dimensions": {
"concept": "DFD:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-8": {
"value": " Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-9": {
"value": " Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. Accounting policies The carrying amount of Goodwill, non-current intangible, tangible and Right-of-use assets are continuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-4": {
"value": "Accounting policies Special items include significant income and expenses not directly attributable to the Group\u2019s recurring operating activities such as material restructuring of processes and significant organisational restructurings/ changes which are of significance over time. In addition, other non-recurring amounts are classified as special items including impairment of goodwill; significant impairments and reversal of impairments of non-current tangible assets; significant acquisition costs and integration costs in connection with large business combinations; changes to estimates of contingent considerations related to business combinations; gains and losses on the disposal of activities; and significant gains and losses on the disposal of non-current assets. These items are classified separately in the Income statement in order to provide a more transparent view of income and costs that are considered not to have recurring nature. ",
"dimensions": {
"concept": "DFD:DescriptionOfAccountingPolicyForSpecialItems",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-2": {
"value": "2.7 Tax The majority of the ferry activities performed in the Danish, Turkish, French and Lithuanian enterprises in the Group are included in local tonnage tax schemes where the taxable income related to transportation of passengers and freight is calculated based on the tonnage deployed during the year and not the actual profits generated. Taxable income related to other activities is taxed according to the normal corporate income tax rules and at the standard corporate tax rates. In 2022, the Group realised a total effective tax rate adjusted for prior years\u2019 tax of 7.1% (2021: 10.0%) and 33.6% (2021: 24.1%) on income subject to normal corporate income tax. Addition on acquisition of enterprises primarily relates to the acquisition of the ICT group and Lucey Transport Logistics Ltd. in 2022. The movement in deferred tax recognised in other comprehensive income primarily relates to value adjustments of financial instruments in Denmark. DFDS A/S and its Danish subsidiaries are subject to compulsory joint taxation with Lauritzen Fonden Holding ApS and its Danish controlled enterprises. Lauritzen Fonden Holding ApS is the administration company in the joint taxation and settles all payments of corporation tax due by the joint taxed enterprises. In accordance with the Danish rules on joint taxation, DFDS A/S and its Danish subsidiaries are liable for their own corporate tax due and are only subsidiary and pro rata liable for the corporation tax liabilities towards the Danish tax authorities for all other enterprises that are part of the Danish joint taxation. DKK million2022 2021 Tax in the Income statement: Current tax -188 -104 Movement in deferred tax for the year 8 -28 Adjustment to corporation tax in respect of prior years 4 14 Adjustment to deferred tax in respect of prior years 17 0 Effect of change in corporate income tax rate -3 -2 Write-down of deferred tax assets 0 -1 Reversal of write-down of deferred tax assets 10 1 Tax for the year -152 -120 Tax for the year is recognised as follows:Tax in the Income statement -120 -94 Tax in Other comprehensive income -32 -26 Tax for the year -152 -120 Tax in the income statement can be specified as follows: Profit before tax 2,139 1,069 Income subject to tonnage tax -1,696 -640 Profit before tax subject to corporate income tax 443 430 22% tax of profit before tax -97 -95 Adjustment of calculated tax in foreign subsidiaries compared to 22% -5 3 Tax effect of:Non-taxable/non-deductible items -40 -41 Tax asset for the year, not recognised -10 -10 Utilisation of non-capitalised tax assets 3 39 Adjustments of tax in respect of prior years 32 13 Corporate income tax -117 -91 Tonnage tax -3 -3 Total tax in the income statement -120 -94 Effective tax rate (%) 5.6 8.7 Effective tax rate before adjustment of prior years\u2019 tax (%) 7.1 10.0 Tax in Other comprehensive income can be specified as follows:Corporate income tax -31 -25 Movement deferred tax -1 -1 Total tax in Other comprehensive income -32 -26 Accounting policies Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the Income statement or in the equity in correlation to the underlying transaction. The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-2": {
"value": "DKK million2022 Land and Ferries buildings, and terminals Tax loss other and other carried Deferred taxships equipment Provisions forward Other Total Deferred tax at 1 January 154 180 -1 -18 19 334 Foreign exchange adjustments -12 -2 0 1 0 -13 Impact from change in corporate income tax rate 0 7 1 -5 0 3 Addition on acquisition of enterprises 0 19 0 0 0 19 Recognised in the Income statement -8 3 4 -11 7 -5 Recognised in other comprehensive income 0 0 -14 11 0 -3 Adjustment regarding prior years recognised in the Income statement 0 16 -3 -1 -33 -21 Adjustment regarding prior years recognised in other comprehensive income 0 0 4 0 0 4 Utilisation of tax losses between jointly taxed companies 0 0 0 2 0 2 Write-down of deferred tax assets 0 0 0 0 0 0 Reversal of write-down of deferred tax assets 0 0 0 -10 0 -10 Deferred tax at 31 December 134 223 -9 -31 -7 310 Significant accounting estimates and assessments Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Assessment is performed annually based on forecasts, business initiatives and likely structural changes for the coming years. DKK million2021Land and buildings, Ferries terminals Tax loss and other and other carried Deferred taxships equipmentProvisionsforward Other TotalDeferred tax at 1 January 174 28 -28 -11 -2 160 Foreign exchange adjustments -3 0 -1 0 0 -5 Impact from change in corporate income tax rate 0 1 0 0 0 2 Addition on acquisition of enterprises 0 151 0 0 -2 150 Recognised in the Income statement -8 -2 4 -4 13 3 Recognised in other comprehensive income 0 0 24 0 1 25 Adjustment regarding prior years recognised in the Income statement -9 1 1 -2 9 0 Write-down of deferred tax assets 0 0 0 1 0 1 Reversal of write-down of deferred tax assets 0 0 0 -1 0 -1 Deferred tax at 31 December 154 180 -1 -18 19 334 DKK million2022 2021 Deferred tax is recognised in the balance sheet as follows: Deferred tax assets -49 -31 Deferred tax liabilities 359 366 Deferred tax at 31 December, net 310 334 Deferred tax is provided using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date. Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the Income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/ receivable tax and/or as deferred tax assets/liabilities. The Group has unrecognised tax losses carried forward of DKK 803m with a tax value of DKK 185m (2021: tax losses of DKK 591m, tax value of DKK 144m). Of the unrecognised tax losses carried forward of DKK 803m (2021: DKK 591m) an amount of DKK 759m expires within the next five years (2021: DKK 489m) and DKK 44m expires after more than five years (2021: DKK 102m). The tax losses of DKK 803m (2021: DKK 591m) have not been recognised as it has been assessed that the losses cannot be utilised in the foreseeable future. The Group is liable to a contingent tax that may arise at the withdrawal from tonnage taxation schemes. The Group controls the withdrawal and has no plans to withdraw from the schemes and consequently no deferred tax has been recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-4": {
"value": " Accounting policies Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the Income statement or in the equity in correlation to the underlying transaction. The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-4": {
"value": "Deferred tax is provided using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date. Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the Income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/ receivable tax and/or as deferred tax assets/liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-2": {
"value": "3.1.1 Non-current intangible assets DKK millionOther non- Port current Developmenconcession intangible t projects in Goodwill rights etc. assets Software progress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 1)2)Addition on acquisition of enterprises 1440 1300 0 274 3)Additions 0 0 0 1 7070 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0 Cost at 31 December 2022 4,522 1,213 773 721 12 7,241 Amortisation and impairment losses at 1 January 2022 120 152 57 365 0 694 Foreign exchange adjustments -5 0 -2 0 0 -7 Amortisation charge 0 35 52 48 0 135 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2022 115 187 98 397 0 797 Carrying amount at 31 December 2022 4,407 1,026 676 324 12 6,444 The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. For information regarding the impairment tests reference is made to note 3.1.4. DKK millionOther non- Port current Development concession intangible projects in Goodwill rights etc. assets Software progress Total Cost at 1 January 2021 3,552 1,214 113 562 55 5,496 Foreign exchange adjustments 8 0 2 0 0 10 4)5)Addition on acquisition of enterprises 8400 5400 0 1,381 6)Additions 0 0 0 0 62 62 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 102 -102 0 Cost at 31 December 2021 4,400 1,213 656 663 14 6,947 Amortisation and impairment losses at 1 January 2021 119 117 36 323 0 595 Foreign exchange adjustments 1 0 1 0 0 2 Amortisation charge 0 35 20 44 0 99 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2021120 152 57 365 0 694 Carrying amount at 31 December 2021 4,280 1,061 599 298 14 6,252 1 Reference made to note 5.5. 2 Relates to addition of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m). 3 Primarily relates to the implementation of an ERP system.4 Addition of goodwill relates to the acquisition of HSF Logistics Group DKK 756m, acquired existing goodwill in HSF Logistics Group DKK 81m and GA \u00c5kerierna DKK 3m.5 Relates to the acquisition of HSF Logistics Group DKK 538m and GA \u00c5kerierna AB DKK 2m.6 Primarily relates to the implementation of an ERP system.Recognised goodwill is attributable to the following cash generating units:DKK million2022 2021 Ferry:North Sea, Baltic Sea and Mediterranean 3,023 2,990 Logistics: Dry Goods427 346 Cold Chain 957 944 Total 4,407 4,280 Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated amortisation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. \u2022 The assets are amortised on a straight-line basis over the estimated useful life. \u2022 The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: \u2022 The projects are clearly defined and identifiable. \u2022 The Group intends to use the projects once completed. \u2022 The future earnings from the projects are expected to cover the development and administrative costs. and \u2022 The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "3.1.1 Non-current intangible assets DKK millionOther non- Port current Developmenconcession intangible t projects in Goodwill rights etc. assets Software progress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 1)2)Addition on acquisition of enterprises 1440 1300 0 274 3)Additions 0 0 0 1 7070 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0 Cost at 31 December 2022 4,522 1,213 773 721 12 7,241 Amortisation and impairment losses at 1 January 2022 120 152 57 365 0 694 Foreign exchange adjustments -5 0 -2 0 0 -7 Amortisation charge 0 35 52 48 0 135 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2022 115 187 98 397 0 797 Carrying amount at 31 December 2022 4,407 1,026 676 324 12 6,444 The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. For information regarding the impairment tests reference is made to note 3.1.4. DKK millionOther non- Port current Development concession intangible projects in Goodwill rights etc. assets Software progress Total Cost at 1 January 2021 3,552 1,214 113 562 55 5,496 Foreign exchange adjustments 8 0 2 0 0 10 4)5)Addition on acquisition of enterprises 8400 5400 0 1,381 6)Additions 0 0 0 0 62 62 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 102 -102 0 Cost at 31 December 2021 4,400 1,213 656 663 14 6,947 Amortisation and impairment losses at 1 January 2021 119 117 36 323 0 595 Foreign exchange adjustments 1 0 1 0 0 2 Amortisation charge 0 35 20 44 0 99 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2021120 152 57 365 0 694 Carrying amount at 31 December 2021 4,280 1,061 599 298 14 6,252 1 Reference made to note 5.5. 2 Relates to addition of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m). 3 Primarily relates to the implementation of an ERP system.4 Addition of goodwill relates to the acquisition of HSF Logistics Group DKK 756m, acquired existing goodwill in HSF Logistics Group DKK 81m and GA \u00c5kerierna DKK 3m.5 Relates to the acquisition of HSF Logistics Group DKK 538m and GA \u00c5kerierna AB DKK 2m.6 Primarily relates to the implementation of an ERP system.Recognised goodwill is attributable to the following cash generating units:DKK million2022 2021 Ferry:North Sea, Baltic Sea and Mediterranean 3,023 2,990 Logistics: Dry Goods427 346 Cold Chain 957 944 Total 4,407 4,280 Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated amortisation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. \u2022 The assets are amortised on a straight-line basis over the estimated useful life. \u2022 The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: \u2022 The projects are clearly defined and identifiable. \u2022 The Group intends to use the projects once completed. \u2022 The future earnings from the projects are expected to cover the development and administrative costs. and \u2022 The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-4": {
"value": "3.1.1 Non-current intangible assets DKK millionOther non- Port current Developmenconcession intangible t projects in Goodwill rights etc. assets Software progress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 1)2)Addition on acquisition of enterprises 1440 1300 0 274 3)Additions 0 0 0 1 7070 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0 Cost at 31 December 2022 4,522 1,213 773 721 12 7,241 Amortisation and impairment losses at 1 January 2022 120 152 57 365 0 694 Foreign exchange adjustments -5 0 -2 0 0 -7 Amortisation charge 0 35 52 48 0 135 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2022 115 187 98 397 0 797 Carrying amount at 31 December 2022 4,407 1,026 676 324 12 6,444 The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. For information regarding the impairment tests reference is made to note 3.1.4. DKK millionOther non- Port current Development concession intangible projects in Goodwill rights etc. assets Software progress Total Cost at 1 January 2021 3,552 1,214 113 562 55 5,496 Foreign exchange adjustments 8 0 2 0 0 10 4)5)Addition on acquisition of enterprises 8400 5400 0 1,381 6)Additions 0 0 0 0 62 62 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 102 -102 0 Cost at 31 December 2021 4,400 1,213 656 663 14 6,947 Amortisation and impairment losses at 1 January 2021 119 117 36 323 0 595 Foreign exchange adjustments 1 0 1 0 0 2 Amortisation charge 0 35 20 44 0 99 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2021120 152 57 365 0 694 Carrying amount at 31 December 2021 4,280 1,061 599 298 14 6,252 1 Reference made to note 5.5. 2 Relates to addition of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m). 3 Primarily relates to the implementation of an ERP system.4 Addition of goodwill relates to the acquisition of HSF Logistics Group DKK 756m, acquired existing goodwill in HSF Logistics Group DKK 81m and GA \u00c5kerierna DKK 3m.5 Relates to the acquisition of HSF Logistics Group DKK 538m and GA \u00c5kerierna AB DKK 2m.6 Primarily relates to the implementation of an ERP system.Recognised goodwill is attributable to the following cash generating units:DKK million2022 2021 Ferry:North Sea, Baltic Sea and Mediterranean 3,023 2,990 Logistics: Dry Goods427 346 Cold Chain 957 944 Total 4,407 4,280 Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated amortisation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. \u2022 The assets are amortised on a straight-line basis over the estimated useful life. \u2022 The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: \u2022 The projects are clearly defined and identifiable. \u2022 The Group intends to use the projects once completed. \u2022 The future earnings from the projects are expected to cover the development and administrative costs. and \u2022 The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-6": {
"value": "Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated amortisation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. \u2022 The assets are amortised on a straight-line basis over the estimated useful life. \u2022 The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: \u2022 The projects are clearly defined and identifiable. \u2022 The Group intends to use the projects once completed. \u2022 The future earnings from the projects are expected to cover the development and administrative costs. and \u2022 The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-6": {
"value": "Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-7": {
"value": "Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-2": {
"value": "3.1.2 Non-current tangible assets DKK millionAssets under Ferries construction Land and and other Equipment and pre- buildings Terminals ships etc. payments Total Cost at 1 January 2022 482 1,230 20,218 2,486 1,368 25,785 Foreign exchange adjustments -14 -16 -147 -33 -2 -211 Addition on acquisition of enterprises 3 0 0 24 0 28 Additions 71 49 313 340 2,017 2,790 Disposals -11 0 -453 -160 -1 -625 1)Transfers 85 132 2,440 363 -3,014 5 Cost at 31 December 2022 616 1,395 22,372 3,020 369 27,771 Depreciation and impairment losses at 1 January 2022 55 512 8,760 1,197 0 10,522 Foreign exchange adjustments -2 -11 -87 -17 0 -117 Depreciation charge 15 59 927 328 0 1,328 Disposals -11 0 -413 -90 0 -514 Transfers 0 0 0 1 0 1 Depreciation and impairment losses at 31 December 202257 559 9,186 1,420 0 11,222 7) Carrying amount at 31 December 2022 559 836 13,186 1,600 369 16,549 DKK millionAssets under Ferries construction Land and and other Equipment and pre- buildings Terminals ships etc. payments Total Cost at 1 January 2021 230 1,174 19,368 1,787 887 23,446 Foreign exchange adjustments 11 20 -19 22 0 34 2)2)2)Addition on acquisition of enterprises 240 0 0 549 9 798 3)Additions 2 23 399 143 1,306 1,874 Disposals -24 -3 -344 -101 -3 -475 4)Transfers 16 15 710 86 -831 -3 Transferred to/from assets classified 5)as held for sale 7 0 104 0 0 111 Cost at 31 December 2021 482 1,230 20,218 2,486 1,368 25,785 Depreciation and impairment losses at 1 January 2021 46 454 8,149 1,064 0 9,713 Foreign exchange adjustments 1 13 -4 12 0 22 Depreciation charge 9 49 850 206 0 1,114 6)Reversal of impairment 0 0 -29 0 0 -29 Disposals -8 -3 -326 -89 0 -426 Transfers 7 -3 0 4 0 8 Transferred to/from assets classified 5)as held for sale 0 0 118 0 0 118 Depreciation and impairment losses at 31 December 2021 55 512 8,760 1,197 0 10,522 Carrying amount at 7)31 December 2021 427 718 11,4601,289 1,368 15,263 For information regarding the impairment tests reference is made to note 3.1.4. 1 Primarily relates to delivery of two new vessels. 2 Relates to the acquisition of HSF Logistics Group and GA \u00c5kerierna AB.3 Primarily relates to vessel swap. DFDS Group buys a vessel DKK 332m.4 Primarily relates to a new-building DKK 388m, which was deployed in February 2021.5 Ark Futura has ceased to be classified as asset held for sale during 2021 and consequently reclassified to ferries and other ships. Furthermore, Calais Seaways has been classified to asset held for sale during 2021 and subsequently sold. Reference is made to note 2.6.6 Relates to a reversal of an impairment of DKK 29m that was made in 2020 on Ark Futura. The reversal was made in connection with classifying the ferry back from Assets classified as held for sale.7 At year-end 2022 and 2021 Ferries and other ships do not include temporarily idle assets. Accounting policies Non-current tangible assets The following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated depreciation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges. \u2022 The basis for depreciation is determined as the cost less estimated residual value. \u2022 The assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value. \u2022 Estimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance. \u2022 The effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate. Ferries and other ships The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to: \u2022 Safety measures. \u2022 Measures to extend the useful life of the ferries and other ships. \u2022 Measures to reduce climate impact. \u2022 Measures to improve earnings. \u2022 Docking. Maintenance and daily running costs for the ferries and other ships are expensed in the Income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries or ship\u2019s next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2\u00bd years for freight and passenger ferries as well as freight ferries. Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the Income Statement as \u2018Profit on disposal of non-current assets, net\u2019 unless they qualify to be a special item, reference is made to note 2.6. Passenger cruise ferries and freight and passenger (ro-pax) ferries Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas. Freight ferries (ro-ro) The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries. Depreciation \u2013 expected useful life and residual value The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of vessels is estimated as the expected fair value at the end of their useful lifetime. Other non-current tangible assets Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements. The estimated useful lifetimes are as follows: \u2022 Buildings 25-50 years \u2022 Terminals etc. 10-40 years \u2022 Equipment etc. 4-10 years \u2022 Leasehold improvements Max. depreciated over the term of the lease Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the Income statement as \u2018Profit on disposal of non-current assets, net\u2019 unless they qualify to be a special item, reference is made to note 2.6. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-4": {
"value": " Accounting policies Non-current tangible assets The following applies unless otherwise stated: \u2022 Assets are measured at cost less accumulated depreciation and impairment losses. \u2022 The cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges. \u2022 The basis for depreciation is determined as the cost less estimated residual value. \u2022 The assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value. \u2022 Estimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance. \u2022 The effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate. Ferries and other ships The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to: \u2022 Safety measures. \u2022 Measures to extend the useful life of the ferries and other ships. \u2022 Measures to reduce climate impact. \u2022 Measures to improve earnings. \u2022 Docking. Maintenance and daily running costs for the ferries and other ships are expensed in the Income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries or ship\u2019s next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2\u00bd years for freight and passenger ferries as well as freight ferries. Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the Income Statement as \u2018Profit on disposal of non-current assets, net\u2019 unless they qualify to be a special item, reference is made to note 2.6. Passenger cruise ferries and freight and passenger (ro-pax) ferries Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas. Freight ferries (ro-ro) The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries. Depreciation \u2013 expected useful life and residual value The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of vessels is estimated as the expected fair value at the end of their useful lifetime. Other non-current tangible assets Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements. The estimated useful lifetimes are as follows: \u2022 Buildings 25-50 years \u2022 Terminals etc. 10-40 years \u2022 Equipment etc. 4-10 years \u2022 Leasehold improvements Max. depreciated over the term of the lease Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the Income statement as \u2018Profit on disposal of non-current assets, net\u2019 unless they qualify to be a special item, reference is made to note 2.6. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-2": {
"value": "3.1.3 Right of use assets and lease liabilities The Group has lease contracts for various items of Land & buildings, Terminals, Ferries, Equipment etc. in its operations. The Group\u2019s obligations under the leases are secured by the lessors title to the leased assets. Several lease contracts include extension and termination options. At 31 December the Group has no significant purchase options nor extension options which are not already incorporated. Some lease contracts include variable lease payments, which are further described below. Set out below are the carrying amounts of Right-of-use assets recognised and the movements during the period. Land and Ferries and Equipment DKK millionbuildings Terminals other ships etc. TotalCost at 1 January 2022 556 2,812 1,486 713 5,567 1)1)Addition on acquisition of enterprises 2030 0 37240 2)Additions/Remeasurement 321 181 1,024 183 1,710 Disposals -106 -3 -609 -160 -878 Transfer 0 0 0 -6 -6Foreign exchange adjustments -24 -70 -10 -11 -114 Cost at 31 December 2022 951 2,921 1,891 757 6,520Depreciation and impairment losses at 1 January 2022 222 566 619 235 1,642 Depreciation charge 127 222 520 173 1,042 Disposals -87 -3 -599 -79 -768 Transfer 0 0 0 -1 -1Foreign exchange adjustments -11 -20 -5 -7 -42 Depreciation and impairment losses 31 December 2022 252 765 534 320 1,872Carrying amount at 31 December 2022699 2,155 1,356 437 4,648 Land and Ferries and Equipment DKK millionbuildings Terminals other ships etc. Total Cost at 1 January 2021 424 2,632 735 345 4,136 3)3)Addition on acquisition of enterprises 20 0 0 353373 4)Additions/Remeasurement 166 107 1,022 73 1,369 Disposals -52 -11 -277 -70 -410 Transfer 0 0 0 4 4 Foreign exchange adjustments -1 84 5 8 96 Cost at 31 December 2021 556 2,812 1,486 713 5,567 Depreciation and impairment losses at 1 January 2021 150 358 326 170 1,003 Depreciation charge 91 196 472 116 874 Disposals -18 -3 -181 -57 -259 Transfer 0 0 0 0 0 Foreign exchange adjustments 0 16 2 6 23 Depreciation and impairment losses 31 December 2021 222 566 619 235 1,642 Carrying amount at 31 December 2021 334 2,246 867 479 3,926 1 Addition on acquisition of enterprises relates to Lucey Transport Logistics Ltd., ICT Logistics Group, primeRail GmbH. 2 Addition/remeasurement primarily relates to two charter contracts with a purchase option, as well as other new charter contracts for ferries.3 Addition on acquisition of enterprises relates to HSF Logistics Group.4 Addition/remeasurement primarily relates to a 10-year charter contract for a freight and passenger ferry as well as other new charter contracts for ferries.Set out in the following are the carrying amounts of lease liabilities (included under interest-bearing liabilities) and the movements during the period. DKK million2022 2021 As at 1 January 3,839 2,926 Addition on acquisition of enterprises 240 340 Additions/Remeasurement 1,731 1,432 Instalments -963 -834 Disposals -109 -153 Foreign exchange adjustments -34 127 Total lease liabilities at 31 December 4,705 3,839 Non-discounted lease liabilities expiring within the following periods from the balance sheet date: DKK million2022 2021 Within 1 year 951 816 1-3 years 1,293 1,115 3-5 years 1,407 737 After 5 years 1,789 1,757 Total Lease liability, non-discounted 5,441 4,425 Lease liabilities are recognised in the Balance sheet as follows: DKK million 2022 2021 Non-current liabilities 3,916 3,118 Current liabilities 788 721 Total Lease liabilities 4,705 3,839 The following amounts are recognised in the Income statement: DKK million2022 2021 Expenses relating to short-term leases (included in costs) -2 -1 Expenses relating to low-value assets (included in costs) -28 -26 Variable lease payments (included in costs) -86 -72 Interest expenses on lease liabilities -130 -95 Depreciation, ships -520 -472 Depreciation, other non-current assets -522 -403 Total amount recognised in the Income statement -1,288 -1,069 The following amounts from leases are recognised in the statement of Cash flows: DKK million2022 2021 Cash flows from operating activities, gross -116 -100 Interest etc. paid -130 -95 Cash flows from operating activities, net -246 -195 Cash flows from financing activities, net -963 -834 -1,209 -1,029 Total cash outflows from leases In 2022 the Group has paid DKK 1,093m (2021: DKK 929m) regarding lease agreements where of interest expenses related to lease liabilities amount to DKK 130m (2021: DKK 95m), and instalment of lease liability amounts to DKK 963m (2021: DKK 834m). At 31 December 2022 the Group was committed to short term and low value leases for an amount of DKK 76m (2021: DKK 68m). Accounting policies Group as lessee (lease in) The Right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs. The lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments are discounted using DFDS\u2019 incremental borrowing rate. Depreciation follows the straight-line method over the lease term or the useful life of the Right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease payment will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less for all classes of underlying assets except for terminals and ferries and other ships, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For all classes of assets, except for terminals, non-lease components, i.e., the service element, is not separated from the lease components and thereby form part of the Right-of-use asset and lease liability recognised in the Balance sheet. For contracts with a rolling term (evergreen leases), the Management exercises judgement in determining useful lifetime of the underlying right-of-use asset. Group as lessor (lease out) For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the Balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the Income statement. Lease income from assets leased out on an operating lease is recognised in the Income statement on a straight-line basis over the lease term. The Group has two terminal lease contracts that contains variable payments based on the number of transferred units. The terms align the lease expense with the units transferred and revenue earned. The following provides information on the Group\u2019s variable lease payments in relation to fixed payments: Fixed Variable Fixed Variable DKK millionpayments payments 2022 payments payments 2021Lease payments 125 44 169 123 37 160 Variable rent only - 42 42 - 35 35 Total 31 December 125 86 211 123 72 195 A 10% increase in units transferred would increase total lease payments by 7%. The Group has lease contracts for ferries and terminals that include extension and termination options. These options provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Group as a lessor Future minimum receivable under non-cancellable operating leases as at 31 December are as follows: Operating lease commitments (lessor) DKK million 2022 2021 Minimum lease payments (income) FerriesWithin 1 year 312 386 1-3 years 577 625 3-5 years 177 442 After 5 years 0 0Total 1,066 1,453The specified minimum payments are not discounted. Operating lease and rental income recognised in the Income statement amount to DKK 374m in 2022 (2021: DKK 311m). The contracts are entered into on normal conditions. Significant accounting estimates and assessments Leases (extension options) The Group has entered into lease/charter agreements for ferries with extension options. Management exercises significant judgement in determining whether these extension options are reasonably certain to be exercised and, in that connection, considers all relevant factors that create an economic and strategic incentive for it to exercise the extension option. Lessor (lease out) The Group has entered into operating lease/charter agreements for ferries under usual terms and conditions for such agreements. At inception of each individual agreement, Management assesses and determines whether the agreement is a finance or an operating leasing agreement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-4": {
"value": " Accounting policies Group as lessee (lease in) The Right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs. The lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments are discounted using DFDS\u2019 incremental borrowing rate. Depreciation follows the straight-line method over the lease term or the useful life of the Right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease payment will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less for all classes of underlying assets except for terminals and ferries and other ships, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For all classes of assets, except for terminals, non-lease components, i.e., the service element, is not separated from the lease components and thereby form part of the Right-of-use asset and lease liability recognised in the Balance sheet. For contracts with a rolling term (evergreen leases), the Management exercises judgement in determining useful lifetime of the underlying right-of-use asset. Group as lessor (lease out) For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the Balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the Income statement. Lease income from assets leased out on an operating lease is recognised in the Income statement on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-143-2": {
"value": "3.1.5 Assets classified as held for sale 2022 There are no assets classified as held for sale as of 31 December 2022. 2021 During 2021 the Group has sold the freight ferry (ro-ro) Gothia Seaways. ARK Futura has ceased to be classified as assets held for sale. As part of this an impairment loss of DKK 29m made in 2020 has been reversed as Special items. Reference is made to note 2.6. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-2": {
"value": "DKK million2022 2021Trade receivables that are past due:Days past due:Up to 30 days 487 386 31-60 days 91 53 61-90 days 25 13 91-120 days 21 10 More than 120 days 71 54 Past due at 31 December 696 517 DKK million2022 2021Movements in write-downs, which are included in the trade receivables: Write-downs at 1 January 60 63 Foreign exchange adjustment -1 1 Addition on acquisition of enterprises 2 3 Write-downs 33 18 Realised losses -3 -1 Reversed write-downs -22 -23 Write-downs at 31 December 70 60 3.2.1 Receivables DKK million2022 2021 Other non-current receivables 16 16 Total non-current receivables 16 16 Trade receivables 3,080 2,650 Work in progress services 263 122 Receivables from associates and joint ventures 23 26 Corporation tax and joint taxation contribution, receivable, reference is made to note 2.7 51 53 Other receivables and current assets 597 571 Total current receivables 4,015 3,423 Total current and non-current receivables 4,031 3,439 The carrying amount of receivables is in all material respects equal to the fair value. Collateral is pledged as security for certain receivables. The collateral consists of bank guarantees with a fair value of DKK 61m (2021: DKK 26m). DKK million2022 2021 Age distribution of write-downs: Days past due:Up to 30 days 2 0 31-60 days 1 0 61-90 days 1 1 91-120 days 2 2 More than 120 days 63 57 Write-downs at 31 December 70 60 The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2021: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years. Accordingly, at year-end 2022 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2021: 0.0%) plus adjustments for forward-looking factors where considered relevant. Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-3": {
"value": "DKK million2022 2021Trade receivables that are past due:Days past due:Up to 30 days 487 386 31-60 days 91 53 61-90 days 25 13 91-120 days 21 10 More than 120 days 71 54 Past due at 31 December 696 517 DKK million2022 2021Movements in write-downs, which are included in the trade receivables: Write-downs at 1 January 60 63 Foreign exchange adjustment -1 1 Addition on acquisition of enterprises 2 3 Write-downs 33 18 Realised losses -3 -1 Reversed write-downs -22 -23 Write-downs at 31 December 70 60 DKK million2022 2021 Age distribution of write-downs: Days past due:Up to 30 days 2 0 31-60 days 1 0 61-90 days 1 1 91-120 days 2 2 More than 120 days 63 57 Write-downs at 31 December 70 60 The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2021: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years. Accordingly, at year-end 2022 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2021: 0.0%) plus adjustments for forward-looking factors where considered relevant. Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc. Credit exposure DFDS\u2019 credit exposure is primarily attributable to trade- and other receivables and cash. The receivables including work in progress services are stated in the Balance sheet net of write-downs. Reference is made to note 3.2.1 for a further information on write-downs on trade receivables and work in progress services. According to the Group\u2019s policy of undertaking credit risks, assessments of all customers and other partners are performed. Prepayment guarantees amount to DKK 0m (2021: DKK 325m regarding DFDS\u2019 newbuilding program). DFDS\u2019 credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS\u2019 Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-2": {
"value": "3.2.2 Inventories Write-down of inventories expensed during the year amounts to DKK 6m (2021: DKK 8m). DKK million2022 2021 Bunker 228 173 Goods for sale 118 113 Write-down of inventories end of year -22 -18 Total inventories 324 269 Accounting policiesBunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-155-2": {
"value": "3.2.3 Other payables DKK million2022 2021 Holiday pay obligations, etc, 483 438 Public authorities (VAT, duty, etc.) 61 55 Payables to associates and joint ventures 12 51 Other payables 188 173 Accrued interests 24 13 Total other payables 768 730 Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-155-3": {
"value": "3.2.3 Other payables DKK million2022 2021 Holiday pay obligations, etc, 483 438 Public authorities (VAT, duty, etc.) 61 55 Payables to associates and joint ventures 12 51 Other payables 188 173 Accrued interests 24 13 Total other payables 768 730 Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-153-4": {
"value": " Accounting policiesBunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-157-5": {
"value": " Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-150-5": {
"value": " Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS\u2019 risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group\u2019s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers\u2019 ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-169-2": {
"value": "3.2.5 Other provisions DKK million2022 2021 Other provisions at 1 January 173 124 Foreign exchange adjustments -1 1 Addition from acquisition of enterprises 7 3 Provisions made during the year 21 112 Used during the year -70 -55 Reversal of unused provisions -33 -14 Other provisions at 31 December 96 173 Other provisions are expected to be payable in:0-1 year 52 56 1-5 years 35 107 After 5 years 9 10 Other provisions at 31 December 96 173 Of the Group\u2019s provision of DKK 96m (2021: DKK 173m), DKK 31m (2021: DKK 28m) is estimated net present value of earn-out agreements regarding acquisitions; DKK 20m (2021: DKK 24m) is redelivery provision on leases; DKK 12m (2021: DKK 86m) is restructuring provision; and DKK 33m (2021: DKK 35m) is other provisions. Accounting policies Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management\u2019s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-174-4": {
"value": " Accounting policies Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management\u2019s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material. ",
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"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-179-2": {
"value": "4.1 Financial and operational risks DFDS\u2019 risk management policy DFDS\u2019 risk management policy is governed by the DFDS Financial Policy, which is approved by the Board of Directors on an annual basis. The Financial Policy sets out policies, targets, and strategies for the financial risk management of DFDS. DFDS does not enter into speculation. The most important financial risk factors are 1) bunker price risk, 2) interest rate risk, 3) currency exchange risk, 4) liquidity risks and 5) credit exposure. Bunker price risk The fluctuations in the bunker price which is denominated in USD constitute a significant risk for DFDS. In the freight industry it is customary to pass through the risk of fluctuations in the bunker price and the corresponding currency exchange rate risk to freight customers via a bunker adjustment factor (BAF). In the passenger industry, fluctuations in the cost of bunker are reflected in the ticket price to the extent possible. To reduce exposure to bunker and currency risk, approximately 93% (94% in 2021) of DFDS\u2019 consumption was covered by BAF agreements. For ferries where a scrubber has been installed, the Group is subject to risk related to the spread between high sulphur and low sulphur fuel due to the fact that such ferries with scrubbers consume high sulphur, but BAF is based on low sulphur. In accordance with the DFDS Financial Policy, the net bunker exposure may be financially hedged up to six quarters ahead. The risk in relation to the spread between high sulphur and low sulphur fuel is partly hedged using commodity swaps. Interest rate risk DFDS is primarily exposed to interest rate risk through funding. According to DFDS\u2019 Financial Policy the interest rate on 40-70% of the loan portfolio including long-term charter agreements must be fixed with a weighted average duration of 9-36 months. DFDS enters into interest rate swaps and caps to comply with this policy. The total net interest-bearing debt (including currency swaps on bonds and lease liabilities) amounts to DKK 14,109m at year end 2022 (2021: DKK 13,481m). The Group\u2019s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and floating rate mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 4.7 years (2021: 3.8 years). In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 3,790m (2021: DKK 3,364m) have been established to reduce interest rate risk. The share of fixed-rate debt including interest rate derivatives was 41% at year-end 2022 (2021: 40%). Including long term charter agreements, the share of fixed-rate debt is 45% (2021: 44%). The duration of the Group\u2019s debt portfolio (including charter liabilities) was 1.4 years (2021: 1.0 years). An increase in the interest rate of 1%-point compared to the actual interest rates in 2022 would have increased net interest payments incl. hedging by DKK 54m for the Group all else equal (2021: DKK 36m). A decrease in the interest rates of 1%-point would have reduced the net interest payment by DKK 19m in 2022 (2021: DKK 4m). An increase in the interest rate of 1%-point compared to the actual interest rate at balance sheet date would have had a positive effect on the Group\u2019s equity reserve for hedging of DKK 93m all else equal (2021: DKK 44m). A decrease would have had a negative effect of DKK 94m (2021: DKK 32m). Currency exchange risk Currency exchange risk is monitored continuously and actively hedged in accordance with DFDS Financial Policy. The aim is to actively reduce currency exposure using forward exchange contracts and currency swaps. Approximately 91% of DFDS\u2019 revenues in 2022 were invoiced in foreign currencies (2021: 94%) with the most substantial revenue generated in EUR which accounted for 68% of total revenue (2021: 67%). Apart from DKK and EUR, the most revenue is generated in SEK, GBP and NOK. However, SEK, GBP and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. Particularly, EUR is considered a minor risk due to Denmark\u2019s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above. The operational currency cash flow is defined as the Group\u2019s consolidated net currency cash flows from revenues and operational costs. The table on the following page shows the impact on the Group\u2019s Operating profit before depreciation (EBITDA) and Special Items from changes in the foreign exchange rate. Operational currency cash flow risk 1 Change in fair value of FX forwards related to committed investments and future bunker consumption only affects equity. Liquidity risks DFDS Financial Policy is to secure adequate liquidity to meet financial and operational payment obligations by maintaining a minimum of 1.2x cash Sources over cash Uses for the next 12 months. The year-end sum of total cash and undrawn committed facilities was DKK 2,911m (2021: DKK 2,135m), of which undrawn committed facilities amounts to DKK 1,722m (2021: DKK 1,400m). DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments and excluding the impact of netting agreements, are stated in the table below: DKK million2022 2021 SEK, Income statement effect, 10% strengthening 61 34 NOK, Income statement effect, 10% strengthening 42 24 GBP, Income statement effect, 10% strengthening 45 5 TRY, Income statement effect, 10% strengthening -35 -24 USD, Income statement effect, 10% strengthening -27 -13 DKK million 2022 0-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash 1,189 0 0 0 Trade receivables including work in progress services 3,343 0 0 0 Receivables from associates and joint ventures 23 0 0 0 Other receivables and current assets 649 16 0 0 Non-derivative financial liabilities Bank loans and mortgage on ferries and other ships -2,667 -2,644 -4,827 -1,785 Issued corporate bonds -14 -290 0 0 Lease liabilities (undiscounted) -951 -1,293 -1,407 -1,789 Trade payables -3,661 0 0 0 Payables to associates and joint ventures -12 0 0 0 Other payables -188 0 0 0 Derivative financial assetsCommodity swaps 27 0 0 0 Interest swaps & caps 17 117 46 64 Forward exchange contracts and currency swaps 4 0 0 71 Derivative financial liabilitiesCommodity swaps -1 0 0 0 Cross currency interest rate swaps 0 -8 0 0 Forward exchange contracts and currency swaps -39 0 0 0 Total -2,282 -4,102 -6,188 -3,439 The Group\u2019s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to cash, committed investments and trade payable and receivables. All else equal a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below. Currency balance riskDKK million2022 2021 SEK, Equity and Income statement effect, 10% strengthening 2 1 GBP, Equity and Income statement effect, 10% strengthening 2 -3 NOK, Equity and Income statement effect, 10% strengthening 1 2 TRY, Equity and Income statement effect, 10% strengthening -7 -3 USD, Equity and Income statement effect, 10% strengthening -3 5 1)USD, Equity effect, 10% strengthening 0 50 Assumptions for the maturity table: The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are estimated based on existing market conditions. The undiscounted cash flows related to derivative financial liabilities are presented at gross amounts unless the parties according to the contract have a right or obligation to settle at net amount. DKK million20210-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash 902 0 0 0 Trade receivables including work in progress services 2,772 0 0 0 Receivables from associates and joint ventures 26 0 0 0 Other receivables and current assets 624 16 0 0 Non-derivative financial liabilities Bank loans and mortgage on ferries -965 -5,850 -1,228 -1,615 Issued corporate bonds -954 -308 0 0 Lease liabilities (undiscounted) -816 -1,115 -737 -1,757 Trade payables -3,119 0 0 0 Payables to associates and joint ventures -51 0 0 0 Other payables -173 0 0 0 Derivative financial assetsInterest swaps & caps 3 5 3 0 Forward exchange contracts and currency swaps 20 6 6 14 Derivative financial liabilitiesInterest swaps & caps -4 0 0 0 Cross currency interest rate swaps -71 -6 0 0 Forward exchange contracts and currency swaps -2 0 0 0 Total -1,808 -7,252 -1,956 -3,358 Credit exposure DFDS\u2019 credit exposure is primarily attributable to trade- and other receivables and cash. The receivables including work in progress services are stated in the Balance sheet net of write-downs. Reference is made to note 3.2.1 for a further information on write-downs on trade receivables and work in progress services. According to the Group\u2019s policy of undertaking credit risks, assessments of all customers and other partners are performed. Prepayment guarantees amount to DKK 0m (2021: DKK 325m regarding DFDS\u2019 newbuilding program). DFDS\u2019 credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS\u2019 Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously. Capital structure The starting point for determining the level of capital distribution to shareholders is the current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.0 and 3.0. NIBD/EBITDA was 2.8 at year-end 2022. For shorter periods, leverage can move outside the range due to special events, e.g., larger acquisitions. 4.1 Financial and operational risks (continued) DKK million Expected timing of recycling to Income statement or 2022Non-current assets of gains/losses recognised in the equity Fair value recognised Notional Fair Fair on Hedging Time to principal value value After reserve Expected future transactionsHedge instrumentmaturity amount assets liabilities 0-1 year 1-3 years 3-5 years 5 years in equityInterestInterest swaps 0-11 years 2,317 227 0 39 78 46 64 227 InterestCaps 0-4 years 1,190 17 0 15 0 0 0 15 CommoditiesCommodity hedges 0-1 years 464 27 -1 26 0 0 0 26 Bond loans Cross currency interest rate swaps 0-5 years 283 0 -8 0 15 0 0 15 Ferry charterForward exchange contracts 0-9 years 704 71 0 0 1 1 2 4 Sales and goods purchasedForward exchange contracts 0-1 years 1,376 3 -38 0 0 0 0 0 Total 345 -47 79 94 47 66 286 DKK millionExpected timing of recycling to Income statement or 2021Non-current assets of gains/losses recognised in the equity Fair value recognised on Notional Fair Fair Hedging Time to principal value value After reserve in Expected future transactionsHedge instrumentmaturity amount assets liabilities 0-1 year 1-3 years 3-5 years 5 years equityInterestInterest swaps 0-11 years 1.876 5 -4 -2 2 1 0 1 InterestCaps 0-4 years 1.190 7 0 0 0 0 0 0 Bond loansCurrency swaps 0-3 years 932 0 -71 -4 0 0 0 -4 Bond loansCross currency interest rate swaps 0-5 years 298 0 -6 0 1 0 0 1 Ferry investments & ferry charter\u00b9\u207e Forward exchange contracts 0-9 years 1.229 29 -2 -2 0 0 0 -2 Sales and goods purchasedForward exchange contracts 0-1 years 944 17 -1 0 0 0 0 0 Total 58 -83 -9 3 1 0 -5 In 2022 no financial hedges were deemed inefficient hence no gain or loss were recognised in the Income statement for hedges qualifying for hedge accounting. The fair value of the interest swaps has been calculated by discounting the expected future interest payments. The discount rate for each interest payment is estimated based on market interest rates. The fair value of forward exchange contracts and bunker contracts are calculated based on actual forward curves. 1 For instruments used to hedge ferry investments the recycling from equity will be recognised under non-current tangible assets.4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: \u2022 Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). \u2022 Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. \u2022 Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. ",
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"pp-value-180-3": {
"value": "Bunker price risk The fluctuations in the bunker price which is denominated in USD constitute a significant risk for DFDS. In the freight industry it is customary to pass through the risk of fluctuations in the bunker price and the corresponding currency exchange rate risk to freight customers via a bunker adjustment factor (BAF). In the passenger industry, fluctuations in the cost of bunker are reflected in the ticket price to the extent possible. To reduce exposure to bunker and currency risk, approximately 93% (94% in 2021) of DFDS\u2019 consumption was covered by BAF agreements. For ferries where a scrubber has been installed, the Group is subject to risk related to the spread between high sulphur and low sulphur fuel due to the fact that such ferries with scrubbers consume high sulphur, but BAF is based on low sulphur. In accordance with the DFDS Financial Policy, the net bunker exposure may be financially hedged up to six quarters ahead. The risk in relation to the spread between high sulphur and low sulphur fuel is partly hedged using commodity swaps. Interest rate risk DFDS is primarily exposed to interest rate risk through funding. According to DFDS\u2019 Financial Policy the interest rate on 40-70% of the loan portfolio including long-term charter agreements must be fixed with a weighted average duration of 9-36 months. DFDS enters into interest rate swaps and caps to comply with this policy. The total net interest-bearing debt (including currency swaps on bonds and lease liabilities) amounts to DKK 14,109m at year end 2022 (2021: DKK 13,481m). The Group\u2019s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and floating rate mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 4.7 years (2021: 3.8 years). In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 3,790m (2021: DKK 3,364m) have been established to reduce interest rate risk. The share of fixed-rate debt including interest rate derivatives was 41% at year-end 2022 (2021: 40%). Including long term charter agreements, the share of fixed-rate debt is 45% (2021: 44%). The duration of the Group\u2019s debt portfolio (including charter liabilities) was 1.4 years (2021: 1.0 years). An increase in the interest rate of 1%-point compared to the actual interest rates in 2022 would have increased net interest payments incl. hedging by DKK 54m for the Group all else equal (2021: DKK 36m). A decrease in the interest rates of 1%-point would have reduced the net interest payment by DKK 19m in 2022 (2021: DKK 4m). An increase in the interest rate of 1%-point compared to the actual interest rate at balance sheet date would have had a positive effect on the Group\u2019s equity reserve for hedging of DKK 93m all else equal (2021: DKK 44m). A decrease would have had a negative effect of DKK 94m (2021: DKK 32m). Currency exchange risk Currency exchange risk is monitored continuously and actively hedged in accordance with DFDS Financial Policy. The aim is to actively reduce currency exposure using forward exchange contracts and currency swaps. Approximately 91% of DFDS\u2019 revenues in 2022 were invoiced in foreign currencies (2021: 94%) with the most substantial revenue generated in EUR which accounted for 68% of total revenue (2021: 67%). Apart from DKK and EUR, the most revenue is generated in SEK, GBP and NOK. However, SEK, GBP and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. Particularly, EUR is considered a minor risk due to Denmark\u2019s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above. The operational currency cash flow is defined as the Group\u2019s consolidated net currency cash flows from revenues and operational costs. The table on the following page shows the impact on the Group\u2019s Operating profit before depreciation (EBITDA) and Special Items from changes in the foreign exchange rate. Operational currency cash flow risk 1 Change in fair value of FX forwards related to committed investments and future bunker consumption only affects equity. DKK million2022 2021 SEK, Income statement effect, 10% strengthening 61 34 NOK, Income statement effect, 10% strengthening 42 24 GBP, Income statement effect, 10% strengthening 45 5 TRY, Income statement effect, 10% strengthening -35 -24 USD, Income statement effect, 10% strengthening -27 -13 The Group\u2019s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to cash, committed investments and trade payable and receivables. All else equal a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below. Currency balance riskDKK million2022 2021 SEK, Equity and Income statement effect, 10% strengthening 2 1 GBP, Equity and Income statement effect, 10% strengthening 2 -3 NOK, Equity and Income statement effect, 10% strengthening 1 2 TRY, Equity and Income statement effect, 10% strengthening -7 -3 USD, Equity and Income statement effect, 10% strengthening -3 5 1)USD, Equity effect, 10% strengthening 0 50 ",
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"pp-value-182-4": {
"value": "Currency exchange risk Currency exchange risk is monitored continuously and actively hedged in accordance with DFDS Financial Policy. The aim is to actively reduce currency exposure using forward exchange contracts and currency swaps. Approximately 91% of DFDS\u2019 revenues in 2022 were invoiced in foreign currencies (2021: 94%) with the most substantial revenue generated in EUR which accounted for 68% of total revenue (2021: 67%). Apart from DKK and EUR, the most revenue is generated in SEK, GBP and NOK. However, SEK, GBP and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. Particularly, EUR is considered a minor risk due to Denmark\u2019s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above. The operational currency cash flow is defined as the Group\u2019s consolidated net currency cash flows from revenues and operational costs. The table on the following page shows the impact on the Group\u2019s Operating profit before depreciation (EBITDA) and Special Items from changes in the foreign exchange rate. Operational currency cash flow risk 1 Change in fair value of FX forwards related to committed investments and future bunker consumption only affects equity. DKK million2022 2021 SEK, Income statement effect, 10% strengthening 61 34 NOK, Income statement effect, 10% strengthening 42 24 GBP, Income statement effect, 10% strengthening 45 5 TRY, Income statement effect, 10% strengthening -35 -24 USD, Income statement effect, 10% strengthening -27 -13 The Group\u2019s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to cash, committed investments and trade payable and receivables. All else equal a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below. Currency balance riskDKK million2022 2021 SEK, Equity and Income statement effect, 10% strengthening 2 1 GBP, Equity and Income statement effect, 10% strengthening 2 -3 NOK, Equity and Income statement effect, 10% strengthening 1 2 TRY, Equity and Income statement effect, 10% strengthening -7 -3 USD, Equity and Income statement effect, 10% strengthening -3 5 1)USD, Equity effect, 10% strengthening 0 50 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-185-3": {
"value": "Liquidity risks DFDS Financial Policy is to secure adequate liquidity to meet financial and operational payment obligations by maintaining a minimum of 1.2x cash Sources over cash Uses for the next 12 months. The year-end sum of total cash and undrawn committed facilities was DKK 2,911m (2021: DKK 2,135m), of which undrawn committed facilities amounts to DKK 1,722m (2021: DKK 1,400m). DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments and excluding the impact of netting agreements, are stated in the table below: DKK million 2022 0-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash 1,189 0 0 0 Trade receivables including work in progress services 3,343 0 0 0 Receivables from associates and joint ventures 23 0 0 0 Other receivables and current assets 649 16 0 0 Non-derivative financial liabilities Bank loans and mortgage on ferries and other ships -2,667 -2,644 -4,827 -1,785 Issued corporate bonds -14 -290 0 0 Lease liabilities (undiscounted) -951 -1,293 -1,407 -1,789 Trade payables -3,661 0 0 0 Payables to associates and joint ventures -12 0 0 0 Other payables -188 0 0 0 Derivative financial assetsCommodity swaps 27 0 0 0 Interest swaps & caps 17 117 46 64 Forward exchange contracts and currency swaps 4 0 0 71 Derivative financial liabilitiesCommodity swaps -1 0 0 0 Cross currency interest rate swaps 0 -8 0 0 Forward exchange contracts and currency swaps -39 0 0 0 Total -2,282 -4,102 -6,188 -3,439 Assumptions for the maturity table: The maturity analysis is based on undiscounted cash flows including estimated interest payments. Interest payments are estimated based on existing market conditions. The undiscounted cash flows related to derivative financial liabilities are presented at gross amounts unless the parties according to the contract have a right or obligation to settle at net amount. DKK million20210-1 year 1-3 years 3-5 years After 5 years Non-derivative financial assets Cash 902 0 0 0 Trade receivables including work in progress services 2,772 0 0 0 Receivables from associates and joint ventures 26 0 0 0 Other receivables and current assets 624 16 0 0 Non-derivative financial liabilities Bank loans and mortgage on ferries -965 -5,850 -1,228 -1,615 Issued corporate bonds -954 -308 0 0 Lease liabilities (undiscounted) -816 -1,115 -737 -1,757 Trade payables -3,119 0 0 0 Payables to associates and joint ventures -51 0 0 0 Other payables -173 0 0 0 Derivative financial assetsInterest swaps & caps 3 5 3 0 Forward exchange contracts and currency swaps 20 6 6 14 Derivative financial liabilitiesInterest swaps & caps -4 0 0 0 Cross currency interest rate swaps -71 -6 0 0 Forward exchange contracts and currency swaps -2 0 0 0 Total -1,808 -7,252 -1,956 -3,358 ",
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},
"pp-value-192-4": {
"value": "Credit exposure DFDS\u2019 credit exposure is primarily attributable to trade- and other receivables and cash. The receivables including work in progress services are stated in the Balance sheet net of write-downs. Reference is made to note 3.2.1 for a further information on write-downs on trade receivables and work in progress services. According to the Group\u2019s policy of undertaking credit risks, assessments of all customers and other partners are performed. Prepayment guarantees amount to DKK 0m (2021: DKK 325m regarding DFDS\u2019 newbuilding program). DFDS\u2019 credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS\u2019 Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously. Capital structure The starting point for determining the level of capital distribution to shareholders is the current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.0 and 3.0. NIBD/EBITDA was 2.8 at year-end 2022. For shorter periods, leverage can move outside the range due to special events, e.g., larger acquisitions. ",
"dimensions": {
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"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-194-3": {
"value": "4.1 Financial and operational risks (continued) DKK million Expected timing of recycling to Income statement or 2022Non-current assets of gains/losses recognised in the equity Fair value recognised Notional Fair Fair on Hedging Time to principal value value After reserve Expected future transactionsHedge instrumentmaturity amount assets liabilities 0-1 year 1-3 years 3-5 years 5 years in equityInterestInterest swaps 0-11 years 2,317 227 0 39 78 46 64 227 InterestCaps 0-4 years 1,190 17 0 15 0 0 0 15 CommoditiesCommodity hedges 0-1 years 464 27 -1 26 0 0 0 26 Bond loans Cross currency interest rate swaps 0-5 years 283 0 -8 0 15 0 0 15 Ferry charterForward exchange contracts 0-9 years 704 71 0 0 1 1 2 4 Sales and goods purchasedForward exchange contracts 0-1 years 1,376 3 -38 0 0 0 0 0 Total 345 -47 79 94 47 66 286 DKK millionExpected timing of recycling to Income statement or 2021Non-current assets of gains/losses recognised in the equity Fair value recognised on Notional Fair Fair Hedging Time to principal value value After reserve in Expected future transactionsHedge instrumentmaturity amount assets liabilities 0-1 year 1-3 years 3-5 years 5 years equityInterestInterest swaps 0-11 years 1.876 5 -4 -2 2 1 0 1 InterestCaps 0-4 years 1.190 7 0 0 0 0 0 0 Bond loansCurrency swaps 0-3 years 932 0 -71 -4 0 0 0 -4 Bond loansCross currency interest rate swaps 0-5 years 298 0 -6 0 1 0 0 1 Ferry investments & ferry charter\u00b9\u207e Forward exchange contracts 0-9 years 1.229 29 -2 -2 0 0 0 -2 Sales and goods purchasedForward exchange contracts 0-1 years 944 17 -1 0 0 0 0 0 Total 58 -83 -9 3 1 0 -5 In 2022 no financial hedges were deemed inefficient hence no gain or loss were recognised in the Income statement for hedges qualifying for hedge accounting. The fair value of the interest swaps has been calculated by discounting the expected future interest payments. The discount rate for each interest payment is estimated based on market interest rates. The fair value of forward exchange contracts and bunker contracts are calculated based on actual forward curves. 1 For instruments used to hedge ferry investments the recycling from equity will be recognised under non-current tangible assets.4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: \u2022 Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). \u2022 Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. \u2022 Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. ",
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"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-196-4": {
"value": "4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: \u2022 Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). \u2022 Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. \u2022 Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. ",
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"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-196-5": {
"value": "4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: \u2022 Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). \u2022 Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. \u2022 Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. ",
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"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-196-6": {
"value": "4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: \u2022 Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). \u2022 Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. \u2022 Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. ",
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"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-2": {
"value": "4.3 Changes in liabilities arising from financing activities The table below discloses the cash as well as non-cash changes in interest-bearing liabilities and derivative financial instruments related to issued corporate bonds. The changes arising from cash flows form part of the cash flows from financing activities in the Statement of cash flows. Non-cash changes New/ Additions Foreign disposed/ from exchange Remea-Fair 1 Jan. Cash acqui- move- sured value Other 31 Dec. DKK million 2022 flows sitions ments Leases changes changes 2022 Changes in 2022Interest-bearing liabilities: Bank loans and mortgage on ferries 9,267 1,272 0 0 0 0 9 10,548 Issued corporate bonds 1,230 -898 0 -49 0 0 1 283 Lease liabilities 3,839 -963 240 -34 1,622 0 0 4,705 Other liabilities 1 -1 0 0 0 0 0 0 14,337 -590 240 -83 1,622 0 9 15,535 Derivatives financial instruments:Derivatives related to issued corporate bonds 77 -101 0 0 0 32 0 8 Total liabilities from financing activities 14,414 -691 240 -83 1,622 32 9 15,543 Non-cash changes New/ Additions Foreign disposed/ from exchange Remea-Fair 1 Jan. Cash acqui- move- sured value Other 31 Dec. DKK million 2021 flows sitions ments Leases changes changes 2021Changes in 2021Interest-bearing liabilities: Bank loans and mortgage on ferries8,557 414 292 -2 0 0 7 9,267 Issued corporate bonds 1,162 0 0 67 0 0 1 1,230 Lease liabilities 2,926 -834 340 127 1,279 0 0 3,839 Other liabilities 9 -1 1 0 0 0 -8 1 12,654 -421 633 192 1,279 0 0 14,337 Derivatives financial instruments:Derivatives related to issued corporate bonds 140 0 0 0 0 -63 0 77 Total liabilities from financing activities12,794 -421 633 192 1,279 -63 0 14,414 5.4 Cash flow DKK million 2022 2021Non-cash operating items Change in provisions 11 7 Change in write-down of inventories for the year 6 8 Change in provision for defined benefit plans and jubilee obligations 16 10 Vesting of share option plans and employee shares expensed in the Income statement 30 37 Non-cash operating items 64 62 Change in working capital Change in inventories -61 -91 Change in receivables, such as trade receivables, prepaid costs, etc. -463 -359 Change in current liabilities, such as trade payables, deferred income, current account with joint ventures, etc. 530 597 Change in working capital 6 148 Accounting policies The Cash flow statement has been prepared using the indirect method, and shows the consolidated cash flow from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flow from operating activities is calculated on the basis of the profit/loss before amortisation and depreciation (EBITDA) and special items adjusted for the cash flow effect of special items, non-cash operating items, changes in working capital (such as trade payables, deferred income, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid. Cash flow from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Cash flow from financing activities includes changes in the size or composition of the Group\u2019s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand. ",
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"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-201-8": {
"value": " Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-201-9": {
"value": " Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-201-10": {
"value": " Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-204-2": {
"value": "4.4 Financial income and costs 1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK -1m (2021: DKK 4m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc. 2 Foreign exchange gains in 2022 amounts to DKK 638m (2021: DKK 219m) and foreign exchange losses amounts to DKK 618m (2021: DKK 192m) for the Group.DKK million 2022 2021 Financial income1)Interest income from banks, etc. 9 1 2)Foreign exchange gain, net 20 27 Other financial income 38 0 Total financial income66 29 Financial costs1)Interest expense to banks, credit institutions, corporate bonds, etc. -234 -202 Interest expense on lease liabilities, reference is made to note 3.1.3 -130 -95 Defined benefit pension plans, reference is made to note 3.2.4 0 -2 Other financial costs -47 -17 Transfer to assets under construction 1 8 Total financial costs -409 -307 Financial income and costs, net -343 -278 Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-204-3": {
"value": "4.4 Financial income and costs 1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK -1m (2021: DKK 4m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc. 2 Foreign exchange gains in 2022 amounts to DKK 638m (2021: DKK 219m) and foreign exchange losses amounts to DKK 618m (2021: DKK 192m) for the Group.DKK million 2022 2021 Financial income1)Interest income from banks, etc. 9 1 2)Foreign exchange gain, net 20 27 Other financial income 38 0 Total financial income66 29 Financial costs1)Interest expense to banks, credit institutions, corporate bonds, etc. -234 -202 Interest expense on lease liabilities, reference is made to note 3.1.3 -130 -95 Defined benefit pension plans, reference is made to note 3.2.4 0 -2 Other financial costs -47 -17 Transfer to assets under construction 1 8 Total financial costs -409 -307 Financial income and costs, net -343 -278 Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-204-4": {
"value": "4.4 Financial income and costs 1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK -1m (2021: DKK 4m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc. 2 Foreign exchange gains in 2022 amounts to DKK 638m (2021: DKK 219m) and foreign exchange losses amounts to DKK 618m (2021: DKK 192m) for the Group.DKK million 2022 2021 Financial income1)Interest income from banks, etc. 9 1 2)Foreign exchange gain, net 20 27 Other financial income 38 0 Total financial income66 29 Financial costs1)Interest expense to banks, credit institutions, corporate bonds, etc. -234 -202 Interest expense on lease liabilities, reference is made to note 3.1.3 -130 -95 Defined benefit pension plans, reference is made to note 3.2.4 0 -2 Other financial costs -47 -17 Transfer to assets under construction 1 8 Total financial costs -409 -307 Financial income and costs, net -343 -278 Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-208-6": {
"value": " Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-208-7": {
"value": " Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-210-2": {
"value": "4.5 Interest-bearing liabilities DKK million 2022 2021 Bank loans and mortgage on ferries 8,199 8,409 )Issued corporate bonds\u00b9 283 298 Lease liability 3,916 3,118 Total interest-bearing non-current liabilities 12,397 11,825 Bank loans and mortgage on ferries 2,349 858 )Issued corporate bonds\u00b9 0 932 Lease liability 788 721 Other current liabilities 0 1 Total interest-bearing current liabilities 3,137 2,511 Total interest-bearing liabilities 15,535 14,337 In connection with the delivery of a new freight and passenger ferry in 2022 DFDS\u2019 obtained a new mortgage loans of DKK 744m (EUR 100m), with a maturity of 12 years based on EURIBOR 3M interest. In addition to the new vessel mortgage loan, DFDS refinanced a large part of existing debt in 2022. The facility that was established in June 2018 in connection with the acquisition of U. N. Ro-Ro of DKK 4,522m (EUR 607m) was refinanced partly until 2024 and partly until 2026. The refinanced facility contains a loan covenant equivalent to the covenant in the original facility. During 2022 the Group repaid corporate bonds with a nominal amount of NOK 1,250m (DKK 898m excluding cross currency swap, reference is made to note 4.3). In 2021 DFDS obtained two new mortgage loans; one loan of DKK 744m (EUR 100m), with a maturity of 12 years based on EURIBOR 3M interest rate and one loan of DKK 364m, with a maturity of 5 years and based on CIBOR. The two mortgage loans were established in connection with the delivery of one new freight and passenger ferry and one new freight ferry. The fair value of the interest-bearing liabilities amounts to DKK 15,534m (2021: DKK 14,337m). The fair value measurement is categorised within level 3 in the fair value hierarchy. The fair value of the financial liabilities is determined as the present value of expected future repayments and interest rates. The Group\u2019s actual borrowing rate for equivalent terms is used as the discount rate. The fair value of the issued corporate bonds nominal of NOK 400m has been calculated based on the quoted bond price in June 2019 which is the latest quoted price (2021: quoted bond price in June 2019). DKK 3,165m of the interest-bearing liabilities fall due after five years (2021: DKK 3,109m). No unusual conditions in connection with the borrowings are made. The loan agreements can be settled at fair value plus a small surcharge, whereas premature settlement of the corporate bonds requires a repurchase of the bonds. Reference is made to note 4.1 for financial risks, etc. DKK million 2022 2021 Allocation of currency, principal nominal amount:DKK 4,419 2,664 EUR 9,197 8,226 NOK 324 1,271 GBP 1,075 1,144 USD 342 809 SEK 140 193 Other 40 31 Total interest-bearing liabilities 15,535 14,337 1 In 2019 DFDS issued a five-year corporate bond of NOK 400m, which runs for the period 7 June 2019 until 7 June 2024. The bond is listed on the Oslo Stock Exchange. The five-year bond has been issued with a floating rate based on three-month NIBOR + 1.50% margin in NOK, but subsequently swapped to a fixed interest rate in DKK. Accounting policies Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income statement under \u2018financial costs\u2019 over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on finance leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-213-4": {
"value": " Accounting policies Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income statement under \u2018financial costs\u2019 over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on finance leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-2": {
"value": "In accordance with the Annual General Meeting in March 2022 the Board of Directors is authorised \u2013 until 23 March 2026 \u2013 to acquire treasury shares up to 5,860,000 shares corresponding to a nominal share value of DKK 117,200,000. However, DFDS\u2019 total number of treasury shares cannot at any time exceed 10% of DFDS A/S\u2019 share capital. The price cannot deviate by more than 10% from the listed acquisition price on NASDAQ Copenhagen at the time of acquisition. DFDS A/S has during 2022 acquired treasury shares for a total payment of DKK 32m (2021: DKK 75m). Furthermore, during 2022 DFDS A/S has disposed treasury shares for a total consideration of DKK 0m (2021: DKK 48m) in connection with employees\u2019 exercise of share options/restricted stock units. The Parent Company\u2019s holding of treasury shares at 31 December 2022 is 1,381,528 shares of DKK 20 each (2021: 1,272,318 shares), corresponding to 2.36% (2021: 2.17%) of the Parent Company\u2019s share capital. Treasury shares are held to cover the share option scheme and restricted stock unit plan for employees. 4.7 Treasury shares Number of shares 2022 2021 Treasury shares at 1 January 1,272,318 1,255,892 Acquisition of treasury shares 110,000 200,000 Disposal of treasury shares due to exercise of share options and restricted stock units -790 -183,574 Treasury shares at 31 December 1,381,528 1,272,318 Market value of treasury shares based on quoted share price at 31 December, DKK million 354 444 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-2": {
"value": "4.8 Earnings per share 2022 2021 Profit for the year (DKK million) 2,019 976 Attributable to non-controlling interests (DKK million) -10 -18 Attributable to DFDS Group 2,010 958 Weighted average number of issued ordinary shares 58,631,578 58,631,578 Weighted average number of treasury shares -1,363,552 -1,215,616 Weighted average number of circulating ordinary shares 57,268,026 57,415,962 Effects of dilution from issued share options and restricted stock unit plans 79,636 84,363 Weighted average number of circulating ordinary shares (diluted) 57,347,662 57,500,325 Basic earnings per share (EPS) of DKK 20 in DKK 35.09 16.69 Diluted earnings per share (EPS-D) of DKK 20 in DKK 35.04 16.67 When calculating diluted earnings per share for 2022, 1,155,397 share options (2021: 339,833 share options) have been omitted as they are out-of-the-money. The share options might dilute earnings per share in the future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-216-3": {
"value": " Accounting policies Dividends Proposed dividend is recognised as liabilities at the date on which they are adopted at the annual general meeting (time of declaration). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-218-3": {
"value": "Reserve for treasury shares The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividend on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-226-3": {
"value": "5.1 Remuneration to the Executive Board and Board of Directors Remuneration to the Executive BoardTorben Carlsen Karina Deacon Executive Board, total DKK \u2018000 2022 2021 2022 2021 2022 2021Wages and salaries 9,000 7,900 4,410 4,200 13,410 12,100 Bonus 7,200 5,000 3,440 2,500 10,640 7,500 Defined contribution pension plans 900 790 441 420 1,341 1,210 Share based payment 2,875 2,381 1,599 1,005 4,474 3,386 Other employee costs 265 250 190 175 455 425 Total remuneration to Executive Board 20,240 16,321 10,080 8,300 30,320 24,621 The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as CEO Torben Carlsen and CFO Karina Deacon. DKK \u2018000 2022 2021 Board:Claus V. Hemmingsen, Chair 1,125 1,125 Klaus Nyborg, Deputy Chair 750 750 Anders G\u00f6tzsche 375 375 Marianne Dahl\u00b9\u207e 94 375 Jill Lauritzen Melby 375 375 Dirk Reich 375 375 Minna Aila, (Joined in March 2022) 281 0 Jesper Hartvig Nielsen\u00b9\u207e 94 375 Lars Skjold-Hansen 375 375 Jens Otto Knudsen\u00b9\u207e 94 375 Marianne Henriksen, (Joined in March 2022) 281 0 Kristian Kristensen, (Joined in March 2022) 281 0 Total remuneration to the Board (continue to the right) 4,500 4,500 (Continued) DKK \u2018000 2022 2021 Audit Committee:Anders G\u00f6tzsche, Chair 250 250 2Dirk Reich \u207e 125 500 Jill Lauritzen Melby 125 125 Minna Aila (Joined in March 2022) 75 0 Total remuneration to the Audit Committee 575 875 Remuneration & Nomination Committee:Claus V. Hemmingsen 100 100 Klaus Nyborg 100 100 Marianne Dahl 25 100 Total remuneration to the Nomination Committee 225 300 Total remuneration to the Board of Directors 5,300 5,675 Total remuneration to the Executive Board and Board of Directors 35,620 30,296 Remuneration to the chair of the Audit Committee is DKK 250k per year (2021: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2021: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2021: DKK 100k). 1 Marianne Dahl, Jesper Hartvig Nielsen and Jens Otto Knudsen left the Board of Directors in 2022. 2 Dirk Reich received an extraordinary fee of DKK 375,000 in 2021 due to considerable advisory work related to business development, acquisitions, and organisational design.Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2022Number Number Number Total DKK Outstanding at 1 January 375,305 626,362 155,426 1,157,093 336.36 Transferred between categories 0 -112,794 112,794 0 337.78 Granted during the year 64,814 111,892 0 176,706 301.00 Expired during the year -27,778 -41,124 -60,922 -129,824 390.00 Forfeited during the year 0 -28,746 -19,832 -48,578 373.70 Outstanding at 31 December 412,341 555,590 187,466 1,155,397 331.76 Of this exercisable at the end of the year 112,863 159,125 136,689 408,677 356.96 Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2021Number Number Number Total DKK Outstanding at 1 January 360,629 604,141 225,794 1,190,564 338.55 Granted during the year 56,728 97,898 0 154,626 301.00 Exercised during the year -42,052 -70,214 -70,368 -182,634 262.00 Expired during the year 0 -5,463 0 -5,463 262.00 Outstanding at 31 December 375,305 626,362 155,426 1,157,093 336.36 Of this exercisable at the end of the year 76,991 146,230 116,612 339,833 385.67 The share options granted in 2022 had a fair value of DKK 7.3m (2021: DKK 6.6m), equal to an average fair value per option of DKK 41.38 (2021: DKK 42.66). No share options have been exercised during 2022 (2021: 182,634). The average weighted market price per share exercised in 2021 was DKK 289.75. Vesting of share options is expensed in the Income statement for 2022 with DKK 7m (2021: DKK 7m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2022 have an average weighted remaining contractual time 2.1 years (2021: 2.3 years). 5.3 Share based payment Long-term incentives The decision to grant long-term incentives is made by the Board of Directors. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 between them based on value as per grant date. Both components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent Company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares. Share options Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent Company of nominal DKK 20. The share option schemes equal a right to acquire 2.0% of the share capital (2021: 2.0%) if the remaining share options are exercised. Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent Company\u2019s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021-2022 at an exercise price equal to the average share price of the Parent Company\u2019s shares five days after the release of the Q4 report with an addition of 10%. The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates..Assumptions concerning the calculation of fair value at time of grant:Expected annual Fair value Risk-free dividend per per option Exercise Market price Expected interest share (DKK) Expected at time of Year of grant price at grant date volatility rate at grant date term granting2022 344 307.20 34.60% -0.19% 12.00 3 years 41.38 2021 301 271.00 34.81% -0.55% 6.33 3 years 42.66 2020 314 262.40 27.27% -0.72% 9.00 3 years 19.67 2019, November 291 273.40 26.86% -0.72% 11.00 27 months 25.28 2019, February 335 306.60 27.99% -0.51% 9.00 3 years 34.19 2018 383 331.60 27.87% -0.20% 11.00 3 years 30.48 Resigned Executive Board Executive Key members and Board employees employees 2022Number Number Number Total Outstanding at 1 January 8,844 15,260 0 24,104 Transferred between categories 0 -4,289 4,289 0 Granted during the year 8,565 14,785 0 23,350 Forfeited during the year 0 -1,130 -2,365 -3,495 Outstanding at 31 December 17,409 24,626 1,924 43,959 Of this exercisable at the end of the year 0 0 0 0 Resigned Executive Board Executive Key members and Board employees employees 2021Number Number Number Total Outstanding at 1 January 0 0 0 0 Granted during the year 8,844 15,260 0 24,104 Outstanding at 31 December 8,844 15,260 0 24,104 Of this exercisable at the end of the year 0 0 0 0 Expected annual Fair value dividend per per share Exercise Market price Expected Risk-free share (DKK) Expected at time of Year of grantprice at grant date volatility interest rate at grant date term granting 2022 0 307.20 34.60% -0.19% 12.00 3 years 313.15 2021 0 271.00 34.81% -0.55% 6.33 3 years 273.65 The expected volatility for 2018 to 2022 is based on the historical volatility for the past three years. The risk-free interest rate is for 2018 to 2022 based on three-year Danish government bonds. Restricted Stock Units (RSUs) RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent Company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.07% (2021: 0.04%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the Income statement for 2022 with DKK 4m (2021: DKK 2m). The number of RSUs granted in 2021 and 2022 is based on the average share price of the Parent Company\u2019s shares five days after the release of the Q4 report. Employee recognition In recognition of the contribution made by DFDS\u2019 employees in a year with exceptional challenges, the Board of Directors has 22 December 2020 awarded up to 50 shares free of charge to each employee. The shares will vest over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period will be entitled to the shares. Employees working more than 24 hours per week will get 50 shares, if they work more than 12 hours and up to 24 hours per week, they get 30 shares and if they work up to 12 hours per week, they get 10 shares. If an employee retires or leaves his job because of disability during the period until December 2023 the employee is entitled to the full number of shares when the employee leaves. The shares are in most countries awarded as a phantom share programme whereby the entitled employees will receive a cash payment in December 2023 equal to the value of 50 DFDS shares. A part of the treasury shares is reserved for settling the outstanding shares in the employee recognition programme. In total 8,289 employees are at award date entitled to the shares. Based on historical attrition rates for each country the total expected number of shares to be transferred to the employees is 282,723 of which 168,176 are phantom shares (cash) and 114,547 are shares. 1,790 shares have been transferred during 2022 (2021: 150 shares). Vesting of shares for 2022 is an expense of DKK 19m (2021: DKK 29m). Expected annual dividend per Fair value Market share (DKK) per share Exercise price at Expected Risk-free at grant Expected at time of Year of grantprice grant date volatility interest ratedate term granting2020 Special Reward 0 267.00 34.87% -0.55% 6.33 3 years 247.87 Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company\u2019s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-226-4": {
"value": "5.1 Remuneration to the Executive Board and Board of Directors Remuneration to the Executive BoardTorben Carlsen Karina Deacon Executive Board, total DKK \u2018000 2022 2021 2022 2021 2022 2021Wages and salaries 9,000 7,900 4,410 4,200 13,410 12,100 Bonus 7,200 5,000 3,440 2,500 10,640 7,500 Defined contribution pension plans 900 790 441 420 1,341 1,210 Share based payment 2,875 2,381 1,599 1,005 4,474 3,386 Other employee costs 265 250 190 175 455 425 Total remuneration to Executive Board 20,240 16,321 10,080 8,300 30,320 24,621 The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as CEO Torben Carlsen and CFO Karina Deacon. DKK \u2018000 2022 2021 Board:Claus V. Hemmingsen, Chair 1,125 1,125 Klaus Nyborg, Deputy Chair 750 750 Anders G\u00f6tzsche 375 375 Marianne Dahl\u00b9\u207e 94 375 Jill Lauritzen Melby 375 375 Dirk Reich 375 375 Minna Aila, (Joined in March 2022) 281 0 Jesper Hartvig Nielsen\u00b9\u207e 94 375 Lars Skjold-Hansen 375 375 Jens Otto Knudsen\u00b9\u207e 94 375 Marianne Henriksen, (Joined in March 2022) 281 0 Kristian Kristensen, (Joined in March 2022) 281 0 Total remuneration to the Board (continue to the right) 4,500 4,500 (Continued) DKK \u2018000 2022 2021 Audit Committee:Anders G\u00f6tzsche, Chair 250 250 2Dirk Reich \u207e 125 500 Jill Lauritzen Melby 125 125 Minna Aila (Joined in March 2022) 75 0 Total remuneration to the Audit Committee 575 875 Remuneration & Nomination Committee:Claus V. Hemmingsen 100 100 Klaus Nyborg 100 100 Marianne Dahl 25 100 Total remuneration to the Nomination Committee 225 300 Total remuneration to the Board of Directors 5,300 5,675 Total remuneration to the Executive Board and Board of Directors 35,620 30,296 Remuneration to the chair of the Audit Committee is DKK 250k per year (2021: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2021: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2021: DKK 100k). 1 Marianne Dahl, Jesper Hartvig Nielsen and Jens Otto Knudsen left the Board of Directors in 2022. 2 Dirk Reich received an extraordinary fee of DKK 375,000 in 2021 due to considerable advisory work related to business development, acquisitions, and organisational design.Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2022Number Number Number Total DKK Outstanding at 1 January 375,305 626,362 155,426 1,157,093 336.36 Transferred between categories 0 -112,794 112,794 0 337.78 Granted during the year 64,814 111,892 0 176,706 301.00 Expired during the year -27,778 -41,124 -60,922 -129,824 390.00 Forfeited during the year 0 -28,746 -19,832 -48,578 373.70 Outstanding at 31 December 412,341 555,590 187,466 1,155,397 331.76 Of this exercisable at the end of the year 112,863 159,125 136,689 408,677 356.96 Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2021Number Number Number Total DKK Outstanding at 1 January 360,629 604,141 225,794 1,190,564 338.55 Granted during the year 56,728 97,898 0 154,626 301.00 Exercised during the year -42,052 -70,214 -70,368 -182,634 262.00 Expired during the year 0 -5,463 0 -5,463 262.00 Outstanding at 31 December 375,305 626,362 155,426 1,157,093 336.36 Of this exercisable at the end of the year 76,991 146,230 116,612 339,833 385.67 The share options granted in 2022 had a fair value of DKK 7.3m (2021: DKK 6.6m), equal to an average fair value per option of DKK 41.38 (2021: DKK 42.66). No share options have been exercised during 2022 (2021: 182,634). The average weighted market price per share exercised in 2021 was DKK 289.75. Vesting of share options is expensed in the Income statement for 2022 with DKK 7m (2021: DKK 7m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2022 have an average weighted remaining contractual time 2.1 years (2021: 2.3 years). 5.3 Share based payment Long-term incentives The decision to grant long-term incentives is made by the Board of Directors. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 between them based on value as per grant date. Both components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent Company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares. Share options Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent Company of nominal DKK 20. The share option schemes equal a right to acquire 2.0% of the share capital (2021: 2.0%) if the remaining share options are exercised. Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent Company\u2019s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021-2022 at an exercise price equal to the average share price of the Parent Company\u2019s shares five days after the release of the Q4 report with an addition of 10%. The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates..Assumptions concerning the calculation of fair value at time of grant:Expected annual Fair value Risk-free dividend per per option Exercise Market price Expected interest share (DKK) Expected at time of Year of grant price at grant date volatility rate at grant date term granting2022 344 307.20 34.60% -0.19% 12.00 3 years 41.38 2021 301 271.00 34.81% -0.55% 6.33 3 years 42.66 2020 314 262.40 27.27% -0.72% 9.00 3 years 19.67 2019, November 291 273.40 26.86% -0.72% 11.00 27 months 25.28 2019, February 335 306.60 27.99% -0.51% 9.00 3 years 34.19 2018 383 331.60 27.87% -0.20% 11.00 3 years 30.48 Resigned Executive Board Executive Key members and Board employees employees 2022Number Number Number Total Outstanding at 1 January 8,844 15,260 0 24,104 Transferred between categories 0 -4,289 4,289 0 Granted during the year 8,565 14,785 0 23,350 Forfeited during the year 0 -1,130 -2,365 -3,495 Outstanding at 31 December 17,409 24,626 1,924 43,959 Of this exercisable at the end of the year 0 0 0 0 Resigned Executive Board Executive Key members and Board employees employees 2021Number Number Number Total Outstanding at 1 January 0 0 0 0 Granted during the year 8,844 15,260 0 24,104 Outstanding at 31 December 8,844 15,260 0 24,104 Of this exercisable at the end of the year 0 0 0 0 Expected annual Fair value dividend per per share Exercise Market price Expected Risk-free share (DKK) Expected at time of Year of grantprice at grant date volatility interest rate at grant date term granting 2022 0 307.20 34.60% -0.19% 12.00 3 years 313.15 2021 0 271.00 34.81% -0.55% 6.33 3 years 273.65 The expected volatility for 2018 to 2022 is based on the historical volatility for the past three years. The risk-free interest rate is for 2018 to 2022 based on three-year Danish government bonds. Restricted Stock Units (RSUs) RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent Company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.07% (2021: 0.04%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the Income statement for 2022 with DKK 4m (2021: DKK 2m). The number of RSUs granted in 2021 and 2022 is based on the average share price of the Parent Company\u2019s shares five days after the release of the Q4 report. Employee recognition In recognition of the contribution made by DFDS\u2019 employees in a year with exceptional challenges, the Board of Directors has 22 December 2020 awarded up to 50 shares free of charge to each employee. The shares will vest over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period will be entitled to the shares. Employees working more than 24 hours per week will get 50 shares, if they work more than 12 hours and up to 24 hours per week, they get 30 shares and if they work up to 12 hours per week, they get 10 shares. If an employee retires or leaves his job because of disability during the period until December 2023 the employee is entitled to the full number of shares when the employee leaves. The shares are in most countries awarded as a phantom share programme whereby the entitled employees will receive a cash payment in December 2023 equal to the value of 50 DFDS shares. A part of the treasury shares is reserved for settling the outstanding shares in the employee recognition programme. In total 8,289 employees are at award date entitled to the shares. Based on historical attrition rates for each country the total expected number of shares to be transferred to the employees is 282,723 of which 168,176 are phantom shares (cash) and 114,547 are shares. 1,790 shares have been transferred during 2022 (2021: 150 shares). Vesting of shares for 2022 is an expense of DKK 19m (2021: DKK 29m). Expected annual dividend per Fair value Market share (DKK) per share Exercise price at Expected Risk-free at grant Expected at time of Year of grantprice grant date volatility interest ratedate term granting2020 Special Reward 0 267.00 34.87% -0.55% 6.33 3 years 247.87 Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company\u2019s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively. 5.8 Related party transactions Lauritzen Fonden, Copenhagen with a nominal shareholding of 42.3%, through Lauritzen Fonden Holding Aps, exercises de facto control over DFDS A/S. Accordingly, the members of the Board of Directors and the Executive Board at Lauritzen Fonden as well as all companies owned by Lauritzen Fonden are related parties. Furthermore, related parties comprise DFDS\u2019 Executive Board and Board of Directors, leading employees, and close members of the family of those, DFDS\u2019 subsidiaries, associates and joint ventures, reference is made to note 5.10. In addition to intra-group balances and transactions (primarily charter hire, financing and commissions etc.), which are eliminated on consolidation, usual Executive Board and Board of Directors remuneration (reference is made to note 2.4 and 5.1), share options and restricted share units to the Executive Board and leading employees (reference is made to note 5.3) and the below transactions, a distribution of dividend DKK 8.00 per share has been carried out during the year. Sale of Purchase of DKK millionServices Services Receivables Liabilities 2022Non-current assets 36 167 23 12 2021Non-current assets 35 189 26 51 ",
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"value": "5.2 Fee to Auditors appointed at the Annual General Meeting Fees for services other than the statutory audit of the financial statements provided by Pricewaterhousecoopers Statsautoriseret Revisionspartnerselskab, Denmark amounted to DKK 1.1m (2021: DKK 0.4m) including other assurance opinions and agreed-upon procedures, as well as tax and accounting advice. DKK million 2022 2021 1 Other assurance engagements amount to DKK 0.4m (2021: DKK 0.0m) Includes review of regulatory financial statement.2 Tax and VAT advice amount to DKK 1.7m (2021: DKK 0.6m) and comprise of work related to Tax compliance.3 Non-audit services amount to DKK 1.1m (2021: DKK 0.3m) and comprises of advice in relation to acquisition of enterprises. Audit fees 11 10 Other assurance engagements\u00b9\u207e 0 0 Tax and VAT advice\u00b2\u207e 2 1 Non-audit services\u00b3\u207e 1 0 Total fees 14 11 ",
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"value": "Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2022Number Number Number Total DKK Outstanding at 1 January 375,305 626,362 155,426 1,157,093 336.36 Transferred between categories 0 -112,794 112,794 0 337.78 Granted during the year 64,814 111,892 0 176,706 301.00 Expired during the year -27,778 -41,124 -60,922 -129,824 390.00 Forfeited during the year 0 -28,746 -19,832 -48,578 373.70 Outstanding at 31 December 412,341 555,590 187,466 1,155,397 331.76 Of this exercisable at the end of the year 112,863 159,125 136,689 408,677 356.96 Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2021Number Number Number Total DKK Outstanding at 1 January 360,629 604,141 225,794 1,190,564 338.55 Granted during the year 56,728 97,898 0 154,626 301.00 Exercised during the year -42,052 -70,214 -70,368 -182,634 262.00 Expired during the year 0 -5,463 0 -5,463 262.00 Outstanding at 31 December 375,305 626,362 155,426 1,157,093 336.36 Of this exercisable at the end of the year 76,991 146,230 116,612 339,833 385.67 The share options granted in 2022 had a fair value of DKK 7.3m (2021: DKK 6.6m), equal to an average fair value per option of DKK 41.38 (2021: DKK 42.66). No share options have been exercised during 2022 (2021: 182,634). The average weighted market price per share exercised in 2021 was DKK 289.75. Vesting of share options is expensed in the Income statement for 2022 with DKK 7m (2021: DKK 7m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2022 have an average weighted remaining contractual time 2.1 years (2021: 2.3 years). 5.3 Share based payment Long-term incentives The decision to grant long-term incentives is made by the Board of Directors. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 between them based on value as per grant date. Both components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent Company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares. Share options Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent Company of nominal DKK 20. The share option schemes equal a right to acquire 2.0% of the share capital (2021: 2.0%) if the remaining share options are exercised. Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent Company\u2019s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021-2022 at an exercise price equal to the average share price of the Parent Company\u2019s shares five days after the release of the Q4 report with an addition of 10%. The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates..Assumptions concerning the calculation of fair value at time of grant:Expected annual Fair value Risk-free dividend per per option Exercise Market price Expected interest share (DKK) Expected at time of Year of grant price at grant date volatility rate at grant date term granting2022 344 307.20 34.60% -0.19% 12.00 3 years 41.38 2021 301 271.00 34.81% -0.55% 6.33 3 years 42.66 2020 314 262.40 27.27% -0.72% 9.00 3 years 19.67 2019, November 291 273.40 26.86% -0.72% 11.00 27 months 25.28 2019, February 335 306.60 27.99% -0.51% 9.00 3 years 34.19 2018 383 331.60 27.87% -0.20% 11.00 3 years 30.48 Resigned Executive Board Executive Key members and Board employees employees 2022Number Number Number Total Outstanding at 1 January 8,844 15,260 0 24,104 Transferred between categories 0 -4,289 4,289 0 Granted during the year 8,565 14,785 0 23,350 Forfeited during the year 0 -1,130 -2,365 -3,495 Outstanding at 31 December 17,409 24,626 1,924 43,959 Of this exercisable at the end of the year 0 0 0 0 Resigned Executive Board Executive Key members and Board employees employees 2021Number Number Number Total Outstanding at 1 January 0 0 0 0 Granted during the year 8,844 15,260 0 24,104 Outstanding at 31 December 8,844 15,260 0 24,104 Of this exercisable at the end of the year 0 0 0 0 Expected annual Fair value dividend per per share Exercise Market price Expected Risk-free share (DKK) Expected at time of Year of grantprice at grant date volatility interest rate at grant date term granting 2022 0 307.20 34.60% -0.19% 12.00 3 years 313.15 2021 0 271.00 34.81% -0.55% 6.33 3 years 273.65 The expected volatility for 2018 to 2022 is based on the historical volatility for the past three years. The risk-free interest rate is for 2018 to 2022 based on three-year Danish government bonds. Restricted Stock Units (RSUs) RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent Company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.07% (2021: 0.04%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the Income statement for 2022 with DKK 4m (2021: DKK 2m). The number of RSUs granted in 2021 and 2022 is based on the average share price of the Parent Company\u2019s shares five days after the release of the Q4 report. Employee recognition In recognition of the contribution made by DFDS\u2019 employees in a year with exceptional challenges, the Board of Directors has 22 December 2020 awarded up to 50 shares free of charge to each employee. The shares will vest over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period will be entitled to the shares. Employees working more than 24 hours per week will get 50 shares, if they work more than 12 hours and up to 24 hours per week, they get 30 shares and if they work up to 12 hours per week, they get 10 shares. If an employee retires or leaves his job because of disability during the period until December 2023 the employee is entitled to the full number of shares when the employee leaves. The shares are in most countries awarded as a phantom share programme whereby the entitled employees will receive a cash payment in December 2023 equal to the value of 50 DFDS shares. A part of the treasury shares is reserved for settling the outstanding shares in the employee recognition programme. In total 8,289 employees are at award date entitled to the shares. Based on historical attrition rates for each country the total expected number of shares to be transferred to the employees is 282,723 of which 168,176 are phantom shares (cash) and 114,547 are shares. 1,790 shares have been transferred during 2022 (2021: 150 shares). Vesting of shares for 2022 is an expense of DKK 19m (2021: DKK 29m). Expected annual dividend per Fair value Market share (DKK) per share Exercise price at Expected Risk-free at grant Expected at time of Year of grantprice grant date volatility interest ratedate term granting2020 Special Reward 0 267.00 34.87% -0.55% 6.33 3 years 247.87 Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company\u2019s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively. ",
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"value": " Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company\u2019s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively. ",
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"value": " Accounting policies The Cash flow statement has been prepared using the indirect method, and shows the consolidated cash flow from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flow from operating activities is calculated on the basis of the profit/loss before amortisation and depreciation (EBITDA) and special items adjusted for the cash flow effect of special items, non-cash operating items, changes in working capital (such as trade payables, deferred income, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid. Cash flow from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Cash flow from financing activities includes changes in the size or composition of the Group\u2019s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand. ",
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"pp-value-247-2": {
"value": "5.5 Acquisitions and non-controlling interests 2022 McBurney Transport Group On 29 December 2022 DFDS entered into an agreement to acquire 100% of McBurney Transport Group headquartered in Northern Ireland. The company is focused on moving cold chain and dry goods in trailers by road and ferry between island of Ireland and the UK. Closing of the transaction is subject to regulatory approval. Lucey Transport Logistics On 30 September 2022, the acquisition of Lucey Transport Logistics Ltd. based in Dublin, Ireland was completed and the DFDS Group obtained control as from this date. The acquired company is after the acquisition included in the Dry Goods Business Unit in the Logistics Division. DFDS Group acquired 100% of the share capital. Lucey Transport Logistics is an Irish provider of transport and logistics solutions, primarily to consumer goods companies. Door-door transports are provided for full- and part-loads as well as distribution services. The logistics solutions include warehousing, inventory management, bonded storage, and product rework and labelling. DFDS paid DKK 300m for the acquired company. Cash in the acquired company amounted to DKK 76m. Accordingly the liquidity effect was DKK 224m. In addition, an earn-out agreement was entered into according to which seller is entitled to additional payment based on financial performance for the following 12 months period after the acquisition. Trade receivables have been recognised at the acquisition date at a fair value of DKK 42m which is the same as their gross value. Lucey Transport Logistics revenue included in the 2022 reporting is DKK 75m and EBITDA of DKK 23m. If the transaction had been completed as of 1 January 2022 revenue from 1 January 2022 to 31 December 2022 is estimated to have been DKK 297m and EBITDA of DKK 91m. In connection with the acquisition DFDS has measured identifiable intangible assets i.e., customer relationships etc. which are recognised in the acquisition balance sheet at their fair value of DKK 111m at acquisition date. Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is DKK 97m. The goodwill represents primarily the value of the staff and know-how taken over and expected synergies from combining the acquired Group with the existing DFDS activities and network. The goodwill is not deductible for tax purposes. Other acquisitions 2022 ICT Logistics On 15 September 2021 DFDS Group entered into an agreement to acquire 80.1% of the shares in ICT Logistics Group. The transaction was completed on 19 January 2022. The purchase price for the acquired shares amount to DKK 69m. Cash in the acquired company amounted to DKK 33m. Consequently, the liquidity effect was DKK 35m. The acquisition is made by DFDS A/S which already owned 19.9% of ICT Logistics Group. In Q1 2022 the Group revalued the existing ownership share of 19.9% to DKK 17m which resulted in a gain of DKK 9m recognised under Special items. primeRail On 10 May 2022 DFDS Group acquired 100% of the share capital of the German rail forwarding company primeRail GmbH headquartered in Troisdorf, Germany. The purchase price for the acquired shares amounted to DKK 37m. Cash in the acquired company amounted to DKK 16m. Accordingly, the liquidity effect was DKK 21m. Lucey Total Transport Other acquisitions DKK m Logistics acquisitions 2022 Non-current intangible assets 111 19 130 Land and buildings 196 0 196 Equipment etc. 38 33 71 Non-current assets 345 52 397 Trade receivables including work in progress services 42 73 115 Other receivables 5 6 11 Cash at hand and in bank 76 50 126 Current assets 123 129 252 Total assets 469 181 650 Deferred tax 14 4 18 Interest bearing debt 196 18 214 Non-current liabilities 210 22 232 Trade payables 17 66 83 Interest bearing debt 16 10 26 Other current liabilities 13 8 21 Current liabilities 47 83 130 Total liabilities 257 106 363 Fair value of acquired net assets 212 76 288 Total purchase price Cash consideration 300 106 406 Contingent consideration 7 0 7 Fair value of existing ownership share 0 17 17 Fair value of the purchase price 308 123 431 Goodwill at acquisition 97 47 144 Cash consideration 300 106 406 Acquired cash at hand and in bank 76 50 126 Net out flow of cash from acquisition 224 56 280 The above purchase price allocations are preliminary. Accordingly, changes may occur as the purchase price allocation is not considered final until 12 months after acquisition. 2021 HSF Group The purchase price allocation for HSF Group (acquired 14 September 2021) is finalised and unchanged compared to 31 December 2021. For further details of the acquisition, refer to the annual report for 2021. Acquisition of non-controlling interests Acquisition of shares by DFDS A/S in AB DFDS Seaways during 2022 amounts to less than DKK 1m (2021: less than DKK 1m), equivalent to an ownership of 0.01% (2021: 0.01%) after which the company is owned 97.1% (2021: 97.1%). Badwill of less than DKK 1m (2021: Badwill of less than DKK 1m) is recognised directly in equity. Significant accounting estimates and assessments In applying the acquisition method of accounting, estimates are an integrated part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available. Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. Significant estimates are typically applied in accounting for property, plant and equipment and customer relationships. As a result of the uncertainties in fair value estimation, measurement period adjustments may be applied. Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost. ",
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"pp-value-252-4": {
"value": " Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost. ",
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"pp-value-252-5": {
"value": " Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group\u2019s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group\u2019s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost. ",
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"pp-value-254-2": {
"value": "5.6 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Group amount to DKK 405m (2021: DKK 619m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 148m (2021: DKK 255m). The Group is in 2022 as well as in 2021 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS\u2019 financial position significantly, besides what is already recognised in the balance sheet. Certain ferries with a total carrying amount of DKK 8,596m (2021: DKK 7,062m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 5,353m (2021: DKK 5,024m). At year end 2022 DKK 175m (2021: DKK 167m) of the cash was deposited on restricted bank accounts. DKK 175m is not restricted from January 2023. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law. 5.7 Contractual commitments The Group contractual commitments in 2022 include a Vessel Share Agreement in the Netherlands. Contractual commitments in 2021 mainly relates to one new building for a freight and passenger ferry (Ro-pax) delivered in 2022 and a commitment for a new headquarter in Denmark. DKK million 2022 2021Contractual commitments, term 0-1 year 59 625 Contractual commitments, term 1-5 years 27 86 Contractual commitments, term after 5 years 0 91 Contractual commitments (undiscounted) 86 802 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-254-3": {
"value": "5.6 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Group amount to DKK 405m (2021: DKK 619m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 148m (2021: DKK 255m). The Group is in 2022 as well as in 2021 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS\u2019 financial position significantly, besides what is already recognised in the balance sheet. Certain ferries with a total carrying amount of DKK 8,596m (2021: DKK 7,062m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 5,353m (2021: DKK 5,024m). At year end 2022 DKK 175m (2021: DKK 167m) of the cash was deposited on restricted bank accounts. DKK 175m is not restricted from January 2023. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law. ",
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"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-254-4": {
"value": "5.6 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Group amount to DKK 405m (2021: DKK 619m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 148m (2021: DKK 255m). The Group is in 2022 as well as in 2021 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS\u2019 financial position significantly, besides what is already recognised in the balance sheet. Certain ferries with a total carrying amount of DKK 8,596m (2021: DKK 7,062m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 5,353m (2021: DKK 5,024m). At year end 2022 DKK 175m (2021: DKK 167m) of the cash was deposited on restricted bank accounts. DKK 175m is not restricted from January 2023. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-257-3": {
"value": "5.7 Contractual commitments The Group contractual commitments in 2022 include a Vessel Share Agreement in the Netherlands. Contractual commitments in 2021 mainly relates to one new building for a freight and passenger ferry (Ro-pax) delivered in 2022 and a commitment for a new headquarter in Denmark. DKK million 2022 2021Contractual commitments, term 0-1 year 59 625 Contractual commitments, term 1-5 years 27 86 Contractual commitments, term after 5 years 0 91 Contractual commitments (undiscounted) 86 802 ",
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"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-262-2": {
"value": "5.9 Events after the balance sheet date On 9 February 2023, an auction share buyback of DKK 300m was announced and launched on 10 February 2023. The buyback was completed on 22 February 2023 with a total of 1,071,428 shares purchased at a price of DKK 280 per share which equalled a total purchase sum of DKK 300m. On 16 February 2023, DFDS awarded 26,984 restricted share units and 128,838 share options to the Executive Board and a number of key employees. The theoretical value is DKK 22m calculated according to the Black-Scholes model. On 29 December 2022, DFDS announced it had entered into an agreement to acquire 100% of McBurney Transport Group. Completion of the acquisition was subject to regulatory approval. The required regulatory approvals have been received on 23 February 2023 and completion of the transaction will be announced separately. ",
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"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-263-2": {
"value": "5.10 Company overview Ownership 1)Companyshare 2022Country City Currency Share CapitalParent CompanyDFDS A/SDenmark Copenhagen DKK 1,172,631,560 Subsidiaries:2)Belgium Gent EUR DFDS Belgium N.V. 2,355,976 N&K Cold Chain Logistics (Shanghai) Co., Ltd.China Shanghai CNY 2,901,420 2)DFDS Logistics s.r.o. Czech Republic Prague CZK 1,100,000 2)DFDS Germany ApS Denmark Copenhagen DKK 500,000 2) Lundvej 15 ApS Denmark Copenhagen DKK 100,000 2) Dronningens Kvarter 1 ApS Denmark Copenhagen DKK 43,500,000 DFDS Logistics A/SDenmark Esbjerg DKK 600,000 DFDS Skandinavia A/SDenmark Esbjerg DKK 7,500,000 2) DFDS Stevedoring A/S Denmark Esbjerg DKK 502,000 2) ICT Holding A/S Denmark Herning DKK 500,000 DFDS Logistics Denmark A/SDenmark Herning DKK 500,000 ICT Solutions ApSDenmark Herning DKK 125,000 DFDS K\u00f8letransport A/SDenmark Hobro DKK 1,500,000 2) DFDS Logistics O\u00dc Estonia Tallinn EUR 3,000 2) DFDS Logistics OY Finland Turku EUR 2,520 DFDS Logistics SARLFrance Boulogne sur Mer EUR 30,000 2) DFDS Seaways S.A.S. France Dieppe EUR 37,000 3)Dunes Bail SNC France Paris EUR 1,000 3)Flandres Bail SNC France Paris EUR 1,000 2) 5)DFDS Germany ApS & Co. KG Germany Cuxhaven EUR 25,000 Neuenkirchen-HSF Logistics Deutschland GmbHGermany V\u00f6rden EUR 25,000 Neuenkirchen-HSF Beteiligungs GmbHGermany V\u00f6rden EUR 25,000 Neuenkirchen-Eurofresh Logistics GmbHGermany V\u00f6rden EUR 25,000 1 Unless otherwise indicated, the companies are 100% owned by DFDS Group.2 The Company is directly owned by the Parent Company DFDS A/S.3 The Company is controlled by DFDS Group, but DFDS Group has no ownership in the company.4 Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.5 Relief in accordance with Sec. 264b German Commercial Code (HGB).Ownership Companyshare 2022 1)Country City Currency Share Capital HSF Grundst\u00fccksverwaltungs Neuenkirchen-GmbH & Co KG.Germany V\u00f6rden EUR 20,000 ICT Logistics GmbHGermany Norderstedt EUR 25,000 2)Germany Troisdorf EUR primeRail GmbH 98,000 Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Hungary Gyula HUF 3,000,000 Kft.2)Ireland Dublin EUR Lucey Transport Logistics Ltd.3,000 DFDS Logistics Contracts (Ireland) 2)Ireland Dublin EUR Ltd. 200 2)Ireland Dublin EUR DFDS Seaways Ireland Ltd. 100 Samer Seaports & Terminals SRL 60.00 Italy Trieste EUR 2,800,000 DFDS SIALatvia Liepaja EUR 113,886 ICT Logistics UAB Lithuania Klaipeda EUR 2,896 2)Lithuania Klaipeda EUR AB DFDS Seaways 97.10 96,438,756 NorthSea Terminal ASNorway Brevik NOK 1,000,000 2)Norway Lysaker NOK DFDS Logistics AS 20,538,000 2)Norway Oslo NOK DFDS Seaways AS 12,000,000 2)Poland Poznan PLN DFDS Polska Sp. z o.o. 10,005,000 DFDS Logistics Sp. z o.o. 80.00 Poland Szubin PLN 5,000 DFDS Logistics Polska Sp. z o.o. 80.00 Poland Szubin PLN 50,000 DFDS Investments Sp. z o.o. 80.00 Poland Szubin PLN 5,000 ICT Logistics Technology SRLRomania Bucharest RON 147,050 Romania Transport Group SRLRomania Tibod RON 1,000 N&K Spedition Spain S.L. 80.00 Spanien Tarragona EUR 60,000 2)Spanien Valencia EUR DFDS Seaways Hispania S.L.3,000 2)Sweden Gothenburg SEK DFDS Seaways Holding AB 100,000 2)Sweden Gothenburg SEK DFDS Logistics Services AB1,100,000 DFDS Logistics ABSweden Gothenburg SEK 500,000 DFDS Logistics Contracts ABSweden Gothenburg SEK 50,000 DFDS Logistics Partners AB 85.00 Sweden Gothenburg SEK 1,000,000 Ownership Companyshare 2022 1)Country City Currency Share Capital 2)Sweden Gothenburg SEK DFDS Professionals AB 87.50 25,000 DFDS Seaways ABSweden Gothenburg SEK 25,000,000 DFDS Logistics Helsingborg ABSweden Helsingborg SEK 50,000 2)Sweden Karlshamn SEK DFDS Logistics Karlshamn AB 1,800,000 Alphatrans International Trucking B.V.the Netherlands Brielle EUR 18,000 DFDS Logistics Nijmegen B.V.the Netherlands Nijmegen EUR 40,840 DFDS Transport B.V.the Netherlands Nijmegen EUR 22,689 DFDS Holding B.V.the Netherlands Vlaardingen EUR 40,000,000 2)the Netherlands Vlaardingen EUR DFDS NewCo B.V. 1 DFDS Logistics B.V.the Netherlands Vlaardingen EUR 455,000 DFDS Seaways B.V.the Netherlands Vlaardingen EUR 18,400 Maxibas B.V.the Netherlands Wijchen EUR 18,152 DFDS Logistics Wijchen B.V.the Netherlands Wijchen EUR 20,000 Huisman International B.V.the Netherlands Wijchen EUR 15,882 Huisman International Transport B.V.the Netherlands Wijchen EUR 18,152 Huisman Warehousing B.V.the Netherlands Wijchen EUR 18,152 Huisman Network Logistics B.V. the Netherlands Wijchen EUR 18,000 DFDS Logistics Winterswijk B.V.the Netherlands Winterswijk EUR 18,150 DFDS Packaging Pool B.V.the Netherlands Winterswijk EUR 18,000 DFDS Logistics Transport Winterswijk B.V.the Netherlands Winterswijk EUR 18,160 DFDS Property Nijmegen B.V.the Netherlands Winterswijk EUR 18,000 DFDS Property and Equipment Winterswijk B.V.the Netherlands Winterswijk EUR 77,140 DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.T\u00fcrkiye Istanbul EUR 342,000,000 Ownership 1)Companyshare 2022 Country City Currency Share Capital Trieste Newholdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e.T\u00fcrkiye Istanbul EUR 461,635,380 Trieste Holdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e.T\u00fcrkiye Istanbul EUR 464,440,121 Trieste Midco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiye Istanbul EUR 475,242,795 DFDS Denizcilik ve Tasimacilik A.\u015e.98.80 T\u00fcrkiye Istanbul EUR 369,967,159 Huisman International (UK) Ltd.UK Corby GBP 100 2)UK Immingham GBP DFDS Logistics Ltd. 150,000 DFDS Logistics Contracts Ltd.UK Immingham GBP 2,571,495 2)UK Immingham GBP DFDS Logistics Services Ltd. 100 DFDS Logistics Property Ltd. UK Immingham GBP 250,000 2)UK Immingham GBP DFDS Seaways Holding Ltd. 250,000 2)UK Immingham GBP DFDS Seaways Plc. 40,250,000 LLC DFDSUkraine Kiev UAH 357,644 28 Dormant entities",
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"pp-value-263-3": {
"value": "5.10 Company overview Ownership 1)Companyshare 2022Country City Currency Share CapitalParent CompanyDFDS A/SDenmark Copenhagen DKK 1,172,631,560 Subsidiaries:2)Belgium Gent EUR DFDS Belgium N.V. 2,355,976 N&K Cold Chain Logistics (Shanghai) Co., Ltd.China Shanghai CNY 2,901,420 2)DFDS Logistics s.r.o. Czech Republic Prague CZK 1,100,000 2)DFDS Germany ApS Denmark Copenhagen DKK 500,000 2) Lundvej 15 ApS Denmark Copenhagen DKK 100,000 2) Dronningens Kvarter 1 ApS Denmark Copenhagen DKK 43,500,000 DFDS Logistics A/SDenmark Esbjerg DKK 600,000 DFDS Skandinavia A/SDenmark Esbjerg DKK 7,500,000 2) DFDS Stevedoring A/S Denmark Esbjerg DKK 502,000 2) ICT Holding A/S Denmark Herning DKK 500,000 DFDS Logistics Denmark A/SDenmark Herning DKK 500,000 ICT Solutions ApSDenmark Herning DKK 125,000 DFDS K\u00f8letransport A/SDenmark Hobro DKK 1,500,000 2) DFDS Logistics O\u00dc Estonia Tallinn EUR 3,000 2) DFDS Logistics OY Finland Turku EUR 2,520 DFDS Logistics SARLFrance Boulogne sur Mer EUR 30,000 2) DFDS Seaways S.A.S. France Dieppe EUR 37,000 3)Dunes Bail SNC France Paris EUR 1,000 3)Flandres Bail SNC France Paris EUR 1,000 2) 5)DFDS Germany ApS & Co. KG Germany Cuxhaven EUR 25,000 Neuenkirchen-HSF Logistics Deutschland GmbHGermany V\u00f6rden EUR 25,000 Neuenkirchen-HSF Beteiligungs GmbHGermany V\u00f6rden EUR 25,000 Neuenkirchen-Eurofresh Logistics GmbHGermany V\u00f6rden EUR 25,000 1 Unless otherwise indicated, the companies are 100% owned by DFDS Group.2 The Company is directly owned by the Parent Company DFDS A/S.3 The Company is controlled by DFDS Group, but DFDS Group has no ownership in the company.4 Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.5 Relief in accordance with Sec. 264b German Commercial Code (HGB).Ownership Companyshare 2022 1)Country City Currency Share Capital HSF Grundst\u00fccksverwaltungs Neuenkirchen-GmbH & Co KG.Germany V\u00f6rden EUR 20,000 ICT Logistics GmbHGermany Norderstedt EUR 25,000 2)Germany Troisdorf EUR primeRail GmbH 98,000 Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Hungary Gyula HUF 3,000,000 Kft.2)Ireland Dublin EUR Lucey Transport Logistics Ltd.3,000 DFDS Logistics Contracts (Ireland) 2)Ireland Dublin EUR Ltd. 200 2)Ireland Dublin EUR DFDS Seaways Ireland Ltd. 100 Samer Seaports & Terminals SRL 60.00 Italy Trieste EUR 2,800,000 DFDS SIALatvia Liepaja EUR 113,886 ICT Logistics UAB Lithuania Klaipeda EUR 2,896 2)Lithuania Klaipeda EUR AB DFDS Seaways 97.10 96,438,756 NorthSea Terminal ASNorway Brevik NOK 1,000,000 2)Norway Lysaker NOK DFDS Logistics AS 20,538,000 2)Norway Oslo NOK DFDS Seaways AS 12,000,000 2)Poland Poznan PLN DFDS Polska Sp. z o.o. 10,005,000 DFDS Logistics Sp. z o.o. 80.00 Poland Szubin PLN 5,000 DFDS Logistics Polska Sp. z o.o. 80.00 Poland Szubin PLN 50,000 DFDS Investments Sp. z o.o. 80.00 Poland Szubin PLN 5,000 ICT Logistics Technology SRLRomania Bucharest RON 147,050 Romania Transport Group SRLRomania Tibod RON 1,000 N&K Spedition Spain S.L. 80.00 Spanien Tarragona EUR 60,000 2)Spanien Valencia EUR DFDS Seaways Hispania S.L.3,000 2)Sweden Gothenburg SEK DFDS Seaways Holding AB 100,000 2)Sweden Gothenburg SEK DFDS Logistics Services AB1,100,000 DFDS Logistics ABSweden Gothenburg SEK 500,000 DFDS Logistics Contracts ABSweden Gothenburg SEK 50,000 DFDS Logistics Partners AB 85.00 Sweden Gothenburg SEK 1,000,000 Ownership Companyshare 2022 1)Country City Currency Share Capital 2)Sweden Gothenburg SEK DFDS Professionals AB 87.50 25,000 DFDS Seaways ABSweden Gothenburg SEK 25,000,000 DFDS Logistics Helsingborg ABSweden Helsingborg SEK 50,000 2)Sweden Karlshamn SEK DFDS Logistics Karlshamn AB 1,800,000 Alphatrans International Trucking B.V.the Netherlands Brielle EUR 18,000 DFDS Logistics Nijmegen B.V.the Netherlands Nijmegen EUR 40,840 DFDS Transport B.V.the Netherlands Nijmegen EUR 22,689 DFDS Holding B.V.the Netherlands Vlaardingen EUR 40,000,000 2)the Netherlands Vlaardingen EUR DFDS NewCo B.V. 1 DFDS Logistics B.V.the Netherlands Vlaardingen EUR 455,000 DFDS Seaways B.V.the Netherlands Vlaardingen EUR 18,400 Maxibas B.V.the Netherlands Wijchen EUR 18,152 DFDS Logistics Wijchen B.V.the Netherlands Wijchen EUR 20,000 Huisman International B.V.the Netherlands Wijchen EUR 15,882 Huisman International Transport B.V.the Netherlands Wijchen EUR 18,152 Huisman Warehousing B.V.the Netherlands Wijchen EUR 18,152 Huisman Network Logistics B.V. the Netherlands Wijchen EUR 18,000 DFDS Logistics Winterswijk B.V.the Netherlands Winterswijk EUR 18,150 DFDS Packaging Pool B.V.the Netherlands Winterswijk EUR 18,000 DFDS Logistics Transport Winterswijk B.V.the Netherlands Winterswijk EUR 18,160 DFDS Property Nijmegen B.V.the Netherlands Winterswijk EUR 18,000 DFDS Property and Equipment Winterswijk B.V.the Netherlands Winterswijk EUR 77,140 DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.T\u00fcrkiye Istanbul EUR 342,000,000 Associates:4)Sweden Gothenburg SEK Bohus Terminal Holding AB 65.00 50,000 Gothenburg RO/RO Terminal AB 65.00 Sweden Gothenburg SEK 5,000,000 2)Denmark Hellerup DKK DeaL Energy A/S 50.00 500,000 Euro Asia cold Chain Logistic 52.04 China Shanghai CNY 22,100,000 Ownership 1)Companyshare 2022 Country City Currency Share Capital Trieste Newholdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e.T\u00fcrkiye Istanbul EUR 461,635,380 Trieste Holdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e.T\u00fcrkiye Istanbul EUR 464,440,121 Trieste Midco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiye Istanbul EUR 475,242,795 DFDS Denizcilik ve Tasimacilik A.\u015e.98.80 T\u00fcrkiye Istanbul EUR 369,967,159 Huisman International (UK) Ltd.UK Corby GBP 100 2)UK Immingham GBP DFDS Logistics Ltd. 150,000 DFDS Logistics Contracts Ltd.UK Immingham GBP 2,571,495 2)UK Immingham GBP DFDS Logistics Services Ltd. 100 DFDS Logistics Property Ltd. UK Immingham GBP 250,000 2)UK Immingham GBP DFDS Seaways Holding Ltd. 250,000 2)UK Immingham GBP DFDS Seaways Plc. 40,250,000 LLC DFDSUkraine Kiev UAH 357,644 28 Dormant entities",
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"value": "Associates:4)Sweden Gothenburg SEK Bohus Terminal Holding AB 65.00 50,000 Gothenburg RO/RO Terminal AB 65.00 Sweden Gothenburg SEK 5,000,000 2)Denmark Hellerup DKK DeaL Energy A/S 50.00 500,000 Euro Asia cold Chain Logistic 52.04 China Shanghai CNY 22,100,000 ",
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