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"value": "1.1 Principal accounting policiesIn 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 judgements related there to 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 of reportingThe 2023 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 22 February 2024, the Board of Directors and the Executive Management Board considered and approved the 2023 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 15 March 2024. Basis for preparationThe 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. RoundingIn general, rounding may cause variances in sums and percentages in the Annual Report. Application of materiality and relevanceDFDS\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. Alternative performance measuresIn 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. To improve comparability of results, management has, in 2023, introduced EBITA in the income statement defined as result before interest, tax and amortisation.For definitions of key figures please refer to the section \u2018Definitions\u2019. Significant accounting policiesAccounting 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 asthe most important for the Group: Consolidated financial statements; Revenue (note 2.2); Non-current intangible assets (note 3.1.1); Ferries andother 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. Climate related riskWhen preparing the consolidated financial statements, management considers climate-related risks, where these could potentially impact reported amounts materially. The areas in which climate-related risks have been assessed at the end of 2023 are included within the individual notes outlined below: Note 3.1.2 Non-current tangible assetsNote 3.1.3 Right-of-use assets and lease liabilities Note 3.1.4 Impairment testingDescription of accounting policiesBasis of consolidationThe 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 its subsidiaries are referred to as the Group.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.Non-controlling interestsIn 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.Translation of foreign currenciesFunctional and presentation currencyItems 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).Translation of transactions and balancesOn 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 subsidiariesIn 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.Report under the ESEF regulationThe 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-2023-12-31-en.zip. Key figuresKey figures are calculated in accordance with the latest version of the Danish Finance Society\u2019s guidelines, \u2018Recommendations and Financial Ratios\u2019 unless seperately stated under 'Financial definitions'. The key figures stated in the overview with consolidated financial highlights are defined on the \u2018Definitions and Glossary\u2019 page .1.2 New accounting policies and disclosures New International Financial Reporting Standards and InterpretationsThe Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. New standards and interpretations not yet adoptedThe IASB has issued a number of amended standards and interpretations with effective date post 31 December 2023, 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 2023. 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.Special itemsAs from 2023 special items are not presented separately in the income statement, comparative figures have been restated.Reallocation of goodwillDuring the year comparison figures for segments, divisions, and cash generating units have been restated as part of goodwill from a prior acquisition has been reallocated from Logistics Division to Ferry Division. Hence the primary financial statements has not been impacted.IFRS 16 practical expedientFrom 2024, DFDS will no longer apply the practical expedient not to account for each lease component within lease contracts separately. DFDS will instead separate the non-lease components from the lease components. In addition, DFDS has elected to no longer capitalise short-term leases of ferries, but only those expected to be extended. The changes are assessed to give more relevant information, and is bet-ter aligned with market practice. The changes are considered a change in accounting policy and com-parable figures will be restated retrospectively.DFDS\u2019 accounting policy has historically been not to separate the non-lease components from the lease components (except for terminals), and instead account for the contracts in their entirety (the practical expedient). Furthermore, short term leases (with a term below one year) for ferries have historically been recognised on the balance sheet as a lease liability and a right-of-use asset that is depreciated instead of expensing the lease costs directly in the income statement.DFDS\u2019 preliminary assessment indicates that this change in policy will reduce the 31 December 2023 right-of-use assets (DKK -232m), right-of-use liabilities (DKK -221m) and retained earnings (DKK -11m). Depreciation in 2023 is expected to be reduced by DKK -140m and operating costs to increase by DKK 158m. Minor impact is expected on interest costs, profit on disposal of non-current assets, exchange rate gain/loss, prepaid costs and other payables. As a result, EBITDA will decrease by DKK 158m, EBIT by DKK 18m and profit before tax by DKK 16m. ROIC is not expected to be visibly impacted while leverage is expected to increase by 0.05 times. 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 characterised by 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 be 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 of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms 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 Ferry and other ship costs comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Write-downs and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Port terminal operations and Transport solutions and warehouse solutions are costs 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 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 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 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 for 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.GoodwillAt 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. Accounting policies (continued)Development projects in progressDevelopment 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 costs 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 (the latter applies to significant internally developed commercial and operational systems).Other non-current intangible assetsOther 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 rightsPort 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 assetsThe 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 shipsThe 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 ships' 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. Accounting policies (continued) Passenger cruise ferries and freight and passenger (ro-pax) ferriesDue 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 ferries is estimated as the expected fair value at the end of their useful lifetime.Management has also considered the impact of decarbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies.Other non-current tangible assetsOther 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'. 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 liability 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.As from 1 January 2024 the Group will changed its accounting policies regarding short-term leases for ferries and other ships as well as accounting treatment of the non-lease components. Please refer to section 1.2 \"New accounting policies and disclosures\".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 policies Bunker 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 policies Other 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 instrumentsDerivative 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 hedgeChanges 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 hedgeChanges 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 instrumentsFor 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 financial costs over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects. Accounting policies DividendsProposed dividends is recognised as liabilities at the date on which they are adopted at the Annual General Meeting (time of declaration).Reserve for treasury sharesThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve. Currency translation reserveThe 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 hedgingThe 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. Treasury shares are 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 statement of cash flows has been prepared using the indirect method, and shows the consolidated cash flows 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 flows from operating activities is calculated on the basis of the profit/loss before depreciation and amortisation (EBITDA) adjusted for the cash flow effect of 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 flows 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 flows 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 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 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 notes 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 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 financial 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__34": {
"value": "Basis of reportingThe 2023 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).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__29": {
"value": "Basis of reportingThe 2023 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 22 February 2024, the Board of Directors and the Executive Management Board considered and approved the 2023 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 15 March 2024. Basis for preparationThe 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. RoundingIn general, rounding may cause variances in sums and percentages in the Annual Report. Application of materiality and relevanceDFDS\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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__30": {
"value": "DFDS A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__33": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__35": {
"value": "On 22 February 2024, the Board of Directors and the Executive Management Board considered and approved the 2023 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 15 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__36": {
"value": "Basis of consolidationThe 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 its subsidiaries are referred to as the Group.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__37": {
"value": "Non-controlling interestsIn 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__39-1": {
"value": "Functional and presentation currencyItems 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).Translation of transactions and balancesOn 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 subsidiariesIn 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__38": {
"value": "Functional and presentation currencyItems 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).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__43": {
"value": "1.2 New accounting policies and disclosures New International Financial Reporting Standards and InterpretationsThe Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. New standards and interpretations not yet adoptedThe IASB has issued a number of amended standards and interpretations with effective date post 31 December 2023, 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 2023. 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.Special itemsAs from 2023 special items are not presented separately in the income statement, comparative figures have been restated.Reallocation of goodwillDuring the year comparison figures for segments, divisions, and cash generating units have been restated as part of goodwill from a prior acquisition has been reallocated from Logistics Division to Ferry Division. Hence the primary financial statements has not been impacted.IFRS 16 practical expedientFrom 2024, DFDS will no longer apply the practical expedient not to account for each lease component within lease contracts separately. DFDS will instead separate the non-lease components from the lease components. In addition, DFDS has elected to no longer capitalise short-term leases of ferries, but only those expected to be extended. The changes are assessed to give more relevant information, and is bet-ter aligned with market practice. The changes are considered a change in accounting policy and com-parable figures will be restated retrospectively.DFDS\u2019 accounting policy has historically been not to separate the non-lease components from the lease components (except for terminals), and instead account for the contracts in their entirety (the practical expedient). Furthermore, short term leases (with a term below one year) for ferries have historically been recognised on the balance sheet as a lease liability and a right-of-use asset that is depreciated instead of expensing the lease costs directly in the income statement.DFDS\u2019 preliminary assessment indicates that this change in policy will reduce the 31 December 2023 right-of-use assets (DKK -232m), right-of-use liabilities (DKK -221m) and retained earnings (DKK -11m). Depreciation in 2023 is expected to be reduced by DKK -140m and operating costs to increase by DKK 158m. Minor impact is expected on interest costs, profit on disposal of non-current assets, exchange rate gain/loss, prepaid costs and other payables. As a result, EBITDA will decrease by DKK 158m, EBIT by DKK 18m and profit before tax by DKK 16m. ROIC is not expected to be visibly impacted while leverage is expected to increase by 0.05 times.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__42": {
"value": "1.2 New accounting policies and disclosures New International Financial Reporting Standards and InterpretationsThe Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. New standards and interpretations not yet adoptedThe IASB has issued a number of amended standards and interpretations with effective date post 31 December 2023, 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 2023. 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.Special itemsAs from 2023 special items are not presented separately in the income statement, comparative figures have been restated.Reallocation of goodwillDuring the year comparison figures for segments, divisions, and cash generating units have been restated as part of goodwill from a prior acquisition has been reallocated from Logistics Division to Ferry Division. Hence the primary financial statements has not been impacted.IFRS 16 practical expedientFrom 2024, DFDS will no longer apply the practical expedient not to account for each lease component within lease contracts separately. DFDS will instead separate the non-lease components from the lease components. In addition, DFDS has elected to no longer capitalise short-term leases of ferries, but only those expected to be extended. The changes are assessed to give more relevant information, and is bet-ter aligned with market practice. The changes are considered a change in accounting policy and com-parable figures will be restated retrospectively.DFDS\u2019 accounting policy has historically been not to separate the non-lease components from the lease components (except for terminals), and instead account for the contracts in their entirety (the practical expedient). Furthermore, short term leases (with a term below one year) for ferries have historically been recognised on the balance sheet as a lease liability and a right-of-use asset that is depreciated instead of expensing the lease costs directly in the income statement.DFDS\u2019 preliminary assessment indicates that this change in policy will reduce the 31 December 2023 right-of-use assets (DKK -232m), right-of-use liabilities (DKK -221m) and retained earnings (DKK -11m). Depreciation in 2023 is expected to be reduced by DKK -140m and operating costs to increase by DKK 158m. Minor impact is expected on interest costs, profit on disposal of non-current assets, exchange rate gain/loss, prepaid costs and other payables. As a result, EBITDA will decrease by DKK 158m, EBIT by DKK 18m and profit before tax by DKK 16m. ROIC is not expected to be visibly impacted while leverage is expected to increase by 0.05 times.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__45": {
"value": "1.3 Significant accounting estimates and judgementsSignificant estimates and judgementsIn 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 current state of the world economy and climate-related matters which are, by their nature, uncertain and unpredictable.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 and judgements. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report:Note Key accounting estimates and judgements Estimate / Judgement Impact2.6 Deferred tax assets Estimate3.1.2 Assessment of useful life and residual values Estimate 3.1.3 Lease extension options Estimate/Judgement Impairment testing of goodwill and non-current assets, 3.1.4Estimate/Judgementdefinition of CGU\u2019s5.5 Purchase price allocation in connection with acquisitions EstimateLevel or potential impact to the consolidated financial statements: Low Medium HighDescriptions of the significant accounting estimates and judgements are included in the notes to which they relate.Significant accounting estimates 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. Judgement is performed annually based on forecasts, business initiatives and likely structural changes for the coming years.Significant accounting estimates and judgements Extension optionsThe Group has entered into lease 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.Management has also considered the impact of decarbonisation and climate-related risks on assessing the likelihood of extending lease agreements. Such risks include new climate-related legislation restricting the use of certain assets and new technology demanded by climate-related legislation.Lessor (lease out)The Group has entered into operating lease 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 judgements Climate related mattersManagement continuously monitors climate related risks when measuring the recoverable amount. While DFDS' operations are not currently exposed to significant physical risk, the value-in-use may be impacted by transition risk, such as legislation, regulations, and changes in demand for the Group's services. Although no single climate related assumption is a key assumption for this year's impairment test, expectations for the following years have been incorporated into projected cash flows: increased operating costs for e-trucks, investments to improve fuel efficiency and conversion to green fuels.Determination of cash-generating units Judgement and estimates are applied in the determination of cash generating units to which goodwill is allocated for impairment testing as well as in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Most of the freight ferries in North Sea, Baltic Sea and Mediterranean are interchangeable with each other and where and how the fleet of ferries is deployed is centrally decided. Consequently, these areas are tested for impairment as a single cash-generating unit. Conversely, the vessels servicing the English Channel, Oslo-Frederikshavn-Copenhagen and Amsterdam-Newcastle routes can be used exclusively in each specific itinerary. Consequently, these areas are individually tested for impairment as a separate cash-generating units. Management views the logistics business areas as two cash generating units based on services provided and equipment used being specific to each businessarea: Cold and Dry.Significant accounting estimates 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__44": {
"value": "Special itemsAs from 2023 special items are not presented separately in the income statement, comparative figures have been restated.Reallocation of goodwillDuring the year comparison figures for segments, divisions, and cash generating units have been restated as part of goodwill from a prior acquisition has been reallocated from Logistics Division to Ferry Division. Hence the primary financial statements has not been impacted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__46": {
"value": "2.1 Segment informationThe 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 and EBIT. The costs of the segments are the directly recorded costs including 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, finance as well as certain Group projects. 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 intangibles, non-current tangibles, other non-current and right-of-use assets, inventories, receivables, prepayments, and cash. Segment liabilities include current and non-current liabilities.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.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). The customers are primarily manufacturers of industrial goods and consumables as well as retailers.2023Ferry Logistics Non- DKK millionDivisionDivisionallocated TotalExternal revenue 15,271 12,008 25 27,304Intragroup revenue 1,222 88 704 2,013Revenue 16,493 12,096 729 29,317Operating costs, external -12,054 -9,408 -808 -22,270Intragroup operating costs -531 -1,415 -67 -2,013Operating profit before depreciation and amortisation (EBITDA) 3,907 1,273 -146 5,034Operating profit before amortisation (EBITA) 2,131 560 -187 2,504Operating profit (EBIT) 2,094 474 -242 2,326Profit before tax 1,652Profit for the year 1,505Capital expenditures of the year 1,189 1,630 87 2,906Total assets 24,358 9,216 1,299 34,873Liabilities 12,312 3,274 5,369 20,9552022Ferry Logistics Non- DKK millionDivisionDivisionallocated TotalExternal 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 -12,353 -8,887 -660 -21,899 Intragroup operating costs -494 -1,471 -40 -2,005 Operating profit before depreciation (EBITDA) 3,984 1,066 -76 4,974 Operating profit before amortisation (EBITA) 2,194 526 -117 2,603 Operating profit (EBIT) 2,156 474 -161 2,468 Profit before tax 2,139 Profit for the year 2,019 Capital expenditures of the year 2,064 966 131 3,162 Investments in associates and joint ventures 8 3 0 11 11Total assets 25,415 6,966 1,703 34,084 Liabilities 12,234 3,127 5,588 20,949 Geographical breakdownThe Group does not have a natural geographic split on countries since the Group is based on a connected route network in primarily Northern Europe and the 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 allocation has been used. North Mediter-Baltic English UK/ DKK millionSearaneanSeaChannel Continent NordicIreland Total2023Non-current assets 8,571 8,748 2,664 2,371 2,437 1,833 2,294 28,9182022Non-current assets 9,171 8,924 2,604 2,473 2,264 1,612 1,094 28,141 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.1 Comparison figures have been restated as part of goodwill from a prior acqui-sition has been reallocated from Logistics Division to Ferry Division.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__47": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__49": {
"value": "2.2 Revenue2023Ferry Logistics Non- DKK millionDivisionDivisionallocated TotalGeographical markets North Sea 5,700 - 0 5,700Mediterranean 4,624 - 0 4,624Baltic Sea 1,256 - 0 1,256Continent - 4,844 0 4,844Nordic - 3,857 0 3,857UK/Ireland 3,691 3,308 0 6,998Other - - 25 25Total 15,271 12,008 25 27,304Product and servicesSeafreight and shipping logistics solutions 9,939 1 0 9,940Transport solutions 705 11,691 0 12,396Passenger seafare and onboard sales 3,568 0 0 3,567Terminal services 588 7 0 595Charters including related income 363 0 0 363Agency and other revenue 108 310 25 442Total 15,271 12,008 25 27,304Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 405m (2022: DKK 374). Onboard sales amounts to DKK 1,656m (2022: DKK 1,327m). Typically, payment is due upon or after completion of the services in the logistics division and at the start of the journey in the ferry division. 2022Ferry Logistics Non- DKK millionDivisionDivisionallocated TotalGeographical markets North Sea 5,630 - 0 5,630 Mediterranean 4,471 - 0 4,471 Baltic Sea 1,496 - 0 1,496 Continent - 4,416 0 4,416 Nordic - 4,418 0 4,418 UK/Ireland 3,906 2,518 0 6,424 Other - - 18 18 Total 15,503 11,352 18 26,873 Product and services Seafreight 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 2,982 Terminal 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 2.2 Revenue (continued) 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 characterised by 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 be 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 of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms 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:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__48": {
"value": "2.2 Revenue2023Ferry Logistics Non- DKK millionDivisionDivisionallocated TotalGeographical markets North Sea 5,700 - 0 5,700Mediterranean 4,624 - 0 4,624Baltic Sea 1,256 - 0 1,256Continent - 4,844 0 4,844Nordic - 3,857 0 3,857UK/Ireland 3,691 3,308 0 6,998Other - - 25 25Total 15,271 12,008 25 27,304Product and servicesSeafreight and shipping logistics solutions 9,939 1 0 9,940Transport solutions 705 11,691 0 12,396Passenger seafare and onboard sales 3,568 0 0 3,567Terminal services 588 7 0 595Charters including related income 363 0 0 363Agency and other revenue 108 310 25 442Total 15,271 12,008 25 27,304Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 405m (2022: DKK 374). Onboard sales amounts to DKK 1,656m (2022: DKK 1,327m). Typically, payment is due upon or after completion of the services in the logistics division and at the start of the journey in the ferry division. 2022Ferry Logistics Non- DKK millionDivisionDivisionallocated TotalGeographical markets North Sea 5,630 - 0 5,630 Mediterranean 4,471 - 0 4,471 Baltic Sea 1,496 - 0 1,496 Continent - 4,416 0 4,416 Nordic - 4,418 0 4,418 UK/Ireland 3,906 2,518 0 6,424 Other - - 18 18 Total 15,503 11,352 18 26,873 Product and services Seafreight 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 2,982 Terminal 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 2.2 Revenue (continued) 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 characterised by 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 be 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 of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms 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:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__50": {
"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 characterised by 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 be 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 of trade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__55-1": {
"value": "2.4 Employee costsDKK million 2023 2022Wages, salaries and remuneration -4,604 -3,844 Hereof capitalised employee costs 44 47 Defined contribution pension plans -211 - 185 Defined benefit pension plans -8 - 14 Other social security costs -414 -372 Share based payment -28 -30 Other employee costs -352 -333 Government grants (Covid-19) 2 5 Total employee costs -5,572 -4,726 Full time equivalents (FTE), average 13,191 11,510 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 based payment schemes. Accounting policies 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 liabilitiesThe 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 12.1% (2022: 12.4%) of the total net liability and 91.8% (2022: 91.5%) 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 apportion 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 3m in 2023 (2022: DKK 4m). The collective funding ratio at Alecta amounts to 178% as per September 2023 (September 2022: 189%). For 2024, the contributions are expected to be DKK 3m. DFDS\u2019 share of the multi-employer plan is around 0.0048% and the liability follows the share of the total plan.Based on actuarial calculations the defined benefit plans show the following liabilities:DKK million 2023 2022Present value of funded defined benefit obligations 658 629 Fair value of plan assets -650 -619 Funded defined benefit obligations, net 8 10 Present value of unfunded defined benefit obligations 56 54 Recognised liabilities for defined benefit obligations 64 64 Provision for jubilee liabilities 26 24 Total actuarial liabilities, net 90 88 DKK million 2023 2022Movements in the net present value of funded and unfunded defined benefit obligations Funded and unfunded obligations at 1 January 683 1,082 Foreign exchange adjustments 15 -56 Current service costs 8 14 Interest costs 32 18 Actuarial gain(-)/loss(+) arising from changes in demographic assumptions -27 1 Actuarial gain(-)/loss(+) arising from changes in financial assumptions 42 -343 Past service costs 0 -1 Benefits paid -39 -33 Funded and unfunded obligations at 31 December 714 683 Movements in the fair value of the defined benefit plan assets Plan assets at 1 January -619 -1,054 Foreign exchange adjustments -14 57 Calculated interest income -31 -19 Return on plan assets excluding calculated interest income 2 385 Costs of managing the assets 3 3 Employer contributions -22 -21 Benefits paid 31 29 Plan assets at 31 December -650 -619 Plan assets consist of the following: Cash and cash equivalents -3 -53 Blended investment funds -645 -564 Other assets (primarily insured plans) -2 -2 Total plan assets -650 -619 3.2.4 Pension and jubilee liabilities (continued)DKK million 2023 2022Expenses recognised as employee costs in the income statement: Current service costs 8 14 Past service costs 0 -1 Total included in employee costs regarding defined benefit plans 8 14 Expenses recognised as financial costs in the income statement: Interest costs 32 18 Interest income -31 -19 Total included in financial costs regarding defined benefit plans 2 0 Total expenses for defined benefit plans recognised in the income statement 9 14 Expenses recognised in other comprehensive income, gain(-)/loss(+): Remeasurements of plan obligations 16 -342 Remeasurements of plan assets 6 388 Total included in other comprehensive income regarding defined benefit plans 21 46 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.Assumptions: United Weighted12023Kingdom Othersaverage Discount rate 4.5% 1.5%-4.5% 4.4% 2Social security rate0.0% 0.0%-3.3% 0.0% 2Future salary increase0.0% 0.0%-3.5% 0.2%Future pension increase 3.2% 0.0%-2.3% 2.9%Inflation 2.5% 0.0%-23.9% 2.6%United Weighted2022Kingdom Othersaverage \u00b9Discount rate 4.9% -0.4%-3.7% 4.7% 2Social security rate0.0% 0.0%-3.5% 0.0% 2Future salary increase0.0% 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%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.DKK million 2023 2022Sensitivity analysis Reported obligation 31 December 714 683 Discount rate -0.5% point compared to assumptions 759 728 Discount rate +0.5% point compared to assumptions 674 641 Salary increase -0.5% point compared to assumptions 713 682 Salary increase +0.5% point compared to assumptions 715 685 Mortality -1 year compared with used mortality tables 702 661 Mortality +1 year compared with used mortality tables 729 709 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% (2022: S3PxA table with 1.25% annual improvement). Average remaining life expectancy for a 65-year-old is 22.7 years (2022: 23.5 years). Weighted average duration on the liabilities end of 2023 is 16.9 years (2022: 13.3 years). The Group expects to make a contribution of DKK 28m to the defined benefit plans in 2024. The expected contribution for 2023 was DKK 31m, which also turned out to be the actual contribution.DKK million 2023 2022Maturity analysis of the obligations 0-1 year 41 38 1-5 years 146 126 After 5 years 528 518 Total obligations 714 683 1 All factors are weighted at the pro rata share of the individual actuarial ob ligation.2 Schemes closed for new members will have a social security rate and future salary increase of 0%.3.2.4 Pension and jubilee liabilities (continued) 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 DirectorsDKK \u2018000 2023 2022Remuneration to the Executive BoardWages and salaries -13,700 -13,410 Exit cost -2,355 -Bonus -8,117 -10,640 Defined contribution pension plans -1,370 -1,341 Share based payment -5,950 -4,474 Other employee costs -459 -455 Total remuneration to the Executive Board -31,951 -30,320 Total remuneration to the Board -4,500 -4,500Total remuneration to the Audit Committee -500 -500Total remuneration to the Nomination Committee -150 -150Total remuneration to the Remuneration Committee-150 -150Total remuneration to the Board of Directors -5,300 -5,300Total remuneration to the Executive Board and Board of Directors -37,251 -35,620The 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 the Executive Board consisting of CEO Torben Carlsen and CFO Karina Deacon.Remuneration to the chair of the Audit Committee is DKK 250k per year (2022: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2022: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2022: DKK 100k).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__53": {
"value": "2.4 Employee costsDKK million 2023 2022Wages, salaries and remuneration -4,604 -3,844 Hereof capitalised employee costs 44 47 Defined contribution pension plans -211 - 185 Defined benefit pension plans -8 - 14 Other social security costs -414 -372 Share based payment -28 -30 Other employee costs -352 -333 Government grants (Covid-19) 2 5 Total employee costs -5,572 -4,726 Full time equivalents (FTE), average 13,191 11,510 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 based payment schemes. Accounting policies 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__57-1": {
"value": " Accounting policies 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__51-1": {
"value": "2.3 CostsDKK million 2023 2022Ferry and other ship operation and maintenance: Ferry and other ship costs including charter related cost -2,316 -2,329 Bunker -3,169 -4,097 Total ferry and other ship operation and maintenance -5,485 -6,426 Accounting policies Ferry and other ship costs comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Write-downs and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Port terminal operations and Transport solutions and warehouse solutions are costs related to land-based activities such as stevedoring, terminal, and haulage costs. Costs of sales and administration comprise costs of sales, marketing, and administration.2.4 Employee costsDKK million 2023 2022Wages, salaries and remuneration -4,604 -3,844 Hereof capitalised employee costs 44 47 Defined contribution pension plans -211 - 185 Defined benefit pension plans -8 - 14 Other social security costs -414 -372 Share based payment -28 -30 Other employee costs -352 -333 Government grants (Covid-19) 2 5 Total employee costs -5,572 -4,726 Full time equivalents (FTE), average 13,191 11,510 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 based payment schemes. Accounting policies 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.2.5 Amortisation, depreciation, and impairment losses for the yearDKK million 2023 2022Amortisation and depreciation for the year: Software -64 -48 Port concession rights etc. -35 -35Other non-current intangible assets -78 -52 Total amortisation for the year -178 -135Land & Buildings -26 -15 Terminals -67 -59 Ferries and other ships -1,060 -927 Equipment etc. -432 -328 Right-of-use assets -1,030 -1,042 Total depreciation for the year -2,615 -2,371Total amortisation and depreciation for the year -2,793 -2,505 Impairment losses for the year: Equipment etc. 0 -1 Total impairment 0 -1 Total amortisation, depreciation and impairment losses for the year -2,793 -2,505 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:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__52-1": {
"value": " Accounting policies Ferry and other ship costs comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Write-downs and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Port terminal operations and Transport solutions and warehouse solutions are costs 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 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 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:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__61-1": {
"value": "2.5 Amortisation, depreciation, and impairment losses for the yearDKK million 2023 2022Amortisation and depreciation for the year: Software -64 -48 Port concession rights etc. -35 -35Other non-current intangible assets -78 -52 Total amortisation for the year -178 -135Land & Buildings -26 -15 Terminals -67 -59 Ferries and other ships -1,060 -927 Equipment etc. -432 -328 Right-of-use assets -1,030 -1,042 Total depreciation for the year -2,615 -2,371Total amortisation and depreciation for the year -2,793 -2,505 Impairment losses for the year: Equipment etc. 0 -1 Total impairment 0 -1 Total amortisation, depreciation and impairment losses for the year -2,793 -2,505 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 testingIntroductionDFDS performs impairment test of goodwill once a year, or sooner if impairment indication arises. Additionally, the impairment assessment covers the Oslo-Frederikshavn-Copenhagen (OFC) route, to which no goodwill is allocated, but where assets \u2013 other than goodwill - have been impaired in prior periods. Furthermore, impairment tests are performed for CGU's with impairment indicators or indicators of reversal of impairment.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 operating areas, 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 operating areas North Sea, Baltic Sea and Mediterranean (include goodwill of DKK 3,384m)\u2022 The English Channel\u2022 The Oslo \u2013 Frederikshavn - Copenhagen (OFC) route \u2022 The Amsterdam \u2013 Newcastle routeLogistics CGU:\u2022 Dry Goods (includes goodwill of DKK 448m)\u2022 Cold Chain (includes goodwill of DKK 1,120m)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 determination of cash-generating units differs based on the business area. Most of the freight ferries in North Sea, Baltic Sea and Mediterranean are interchangeable with each other. Where and how the fleet of ferries is deployed is centrally decided. Consequently, these areas are tested for impairment as a single cash-generating unit. Conversely, the vessels servicing the English Channel, Oslo-Frederikshavn-Copenhagen and Amsterdam-Newcastle routes are used exclusively in each specific itinerary. Consequently, these areas are considered as separate cash-generating units. Logistics activities are considered two cash-generating units: Cold Chain and Dry Goods based on services provided and equipment used being specific to each business area.Basis for impairment testing and calculation of recoverable amountIn the impairment test for cash-generating units, the recoverable amount of the unit is compared with its carrying amount. The recoverable amount for the relevant cash-generating units is determined based on value-in-use calculations. 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. 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 2024 and in the terminal period with reference to the growth rate and cash flow section below.Determination of estimated growth rates and cash flowThe expected net cash flows are assessed at CGU level on basis of approved forecasts for 2024 and business plans beyond 2024. 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 2.3% has been applied (2022: 3.1%). Further, the uncertainty in the world economy has been incorporated in the forecast for 2024 and onwards. The following assumptions for growth rates have been applied to each CGU.Ferry (CGUs):North Sea, Baltic Sea and Mediterranean: For 2025-2028 a growth in EBIT in the range of 5.4% - 13.9% is expected and growth in terminal period of 2.3% (2022 3.1%).The English Channel: The current overcapacity on the Channel impacts the forecast for 2024 negatively, the overcapacity is untenable, hence it is expected to change in the longer term. Consequently, the growth in EBIT for 2025-2028 is ranging from 3.0% - 32.4% correspoding to a compound annual grotwh rate of 19.0%. A growth in EBIT of 2.3% (2022: 3.1%) is expected in the terminal period. The Oslo\u2013Frederikshavn-Copenhagen route: although passenger numbers recovered after covid-19, overseas passengers have not fully returned. The expectation for 2024 is a negative EBIT. Management has prepared a range of possible outcomes rather than a single, most likely, outcome. Weights have been applied to the scenarios. The scenarios reflect different operational initiatives, investments, maintenance, and horizons. As a result, no impairment is recognised in 2023 and no impairment losses recognised in prior years have been reversed.Logistics (CGUs):The Business unit Dry Goods: growth in EBIT for 2025-2028 in the range of 8.2% - 15.6% and growth in the terminal period of 2.3%. The Business unit Cold Chain: growth in EBIT for 2025-2028 in the range of 9.8% - 22.2% and growth in terminal period of 2.3%. The wide span and elevated growth rate should be seen in the light of an expected turnaround in parts of the business with current low performance.Determination of discount rateThe discount rate for the year-end 2023 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 2023 is 3.0% (2022: 2.5%). The market risk premium is calculated as a general equity market risk premium of 5.9% (2022: 5.5%) multiplied by the leveraged beta value for DFDS of 1.26 (2022: 1.71). The leveraged beta value applied at year-end 2023 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 interest-bearing borrowings recently obtained by 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. No such risk premiums have been added/reduced to any of the individual cash-generating units in 2023.Uncertainties in the global economy such as the impact from the war in Ukraine, volatile currency and high interest rate in T\u00fcrkiye are taken into consideration in the forecasts where relevant (e.g. freight rates, passenger and freight volumes).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:2023 2022Ferry Division 7.4% 7.6%Logistics Division 7.4% 7.6%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 7.4% (2022: 7.6%) in \u2018North Sea, Baltic Sea and Mediterranean\u2019, in \u2018Dry Goods\u2019, and in \u2018Cold Chain\u2019.Sensitivity analysisAs 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%.None of the above calculations have given rise to adjustments of the results of the impairment tests prepared.Impairment tests 2023Based on the impairment tests prepared at year-end 2023 no cash-generating units are deemed impaired in 2023 and no impairment losses recognised in prior years have been reversed. Impairment tests 2022Based 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. 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.Significant accounting estimates and judgements Climate related mattersManagement continuously monitors climate related risks when measuring the recoverable amount. While DFDS' operations are not currently exposed to significant physical risk, the value-in-use may be impacted by transition risk, such as legislation, regulations, and changes in demand for the Group's services. Although no single climate related assumption is a key assumption for this year's impairment test, expectations for the following years have been incorporated into projected cash flows: increased operating costs for e-trucks, investments to improve fuel efficiency and conversion to green fuels.Determination of cash-generating units Judgement and estimates are applied in the determination of cash generating units to which goodwill is allocated for impairment testing as well as in the selection of methodologies and assumptions applied in impairment tests. The determination of cash-generating units differs based on the business area. Most of the freight ferries in North Sea, Baltic Sea and Mediterranean are interchangeable with each other and where and how the fleet of ferries is deployed is centrally decided. Consequently, these areas are tested for impairment as a single cash-generating unit. Conversely, the vessels servicing the English Channel, Oslo-Frederikshavn-Copenhagen and Amsterdam-Newcastle routes can be used exclusively in each specific itinerary. Consequently, these areas are individually tested for impairment as a separate cash-generating units. Management views the logistics business areas as two cash generating units based on services provided and equipment used being specific to each businessarea: Cold and Dry.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__60": {
"value": "2.5 Amortisation, depreciation, and impairment losses for the yearDKK million 2023 2022Amortisation and depreciation for the year: Software -64 -48 Port concession rights etc. -35 -35Other non-current intangible assets -78 -52 Total amortisation for the year -178 -135Land & Buildings -26 -15 Terminals -67 -59 Ferries and other ships -1,060 -927 Equipment etc. -432 -328 Right-of-use assets -1,030 -1,042 Total depreciation for the year -2,615 -2,371Total amortisation and depreciation for the year -2,793 -2,505 Impairment losses for the year: Equipment etc. 0 -1 Total impairment 0 -1 Total amortisation, depreciation and impairment losses for the year -2,793 -2,505 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__59": {
"value": "2.5 Amortisation, depreciation, and impairment losses for the yearDKK million 2023 2022Amortisation and depreciation for the year: Software -64 -48 Port concession rights etc. -35 -35Other non-current intangible assets -78 -52 Total amortisation for the year -178 -135Land & Buildings -26 -15 Terminals -67 -59 Ferries and other ships -1,060 -927 Equipment etc. -432 -328 Right-of-use assets -1,030 -1,042 Total depreciation for the year -2,615 -2,371Total amortisation and depreciation for the year -2,793 -2,505 Impairment losses for the year: Equipment etc. 0 -1 Total impairment 0 -1 Total amortisation, depreciation and impairment losses for the year -2,793 -2,505 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__63": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__64": {
"value": "2.6 TaxDKK million 2023 2022Tax in the income statement: Current tax -131 -188 Movement in deferred tax for the year 13 8 Adjustment to corporation tax in respect of prior years and one-offs -23 4 Adjustment to deferred tax in respect of prior years 0 17 Effect of change in corporate income tax rate -1 -3 Reversal of write-down of deferred tax assets 0 10 Tax for the year -142 -152 Tax for the year is recognised as follows: Tax in the income statement -148 -120 Tax in Other comprehensive income 6 -32 Tax for the year -142 -152 Tax in the income statement can be specified as follows: Profit before tax 1,652 2,139Income subject to tonnage tax -1,796 -1,696 Profit before tax subject to corporate income tax -144 443 22% tax of profit before tax 32 -97 Adjustment of calculated tax in foreign subsidiaries compared to 22% 16 -5 Tax effect of: Non-taxable/non-deductible items -115 -40 Tax asset for the year, not recognised -60 -10 Utilisation of non-capitalised tax assets 6 3 Adjustments of tax in respect of prior years and one-offs -23 32 Corporate income tax -144 -117 Tonnage tax -4 -3 Total tax in the income statement -148 -120 Effective tax rate (%) 8.9 5.6 Effective tax rate before adjustment of prior years\u2019 tax and one-offs (%) 7.5 7.1 Tax in Other comprehensive income can be specified as follows: Corporate income tax 0 -31 Movement deferred tax 6 -1 Total tax in Other comprehensive income 6 -32 2.6 Tax (continued)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 2023, the Group realised a total effective tax rate adjusted for prior years\u2019 tax and one-offs of 7.5% (2022: 7.1%). Addition on acquisition of enterprises primarily relates to the acquisition of the McBurney group and the Estron group in 2023. 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 million 2023Land and Ferries buildings, and terminals Tax loss other and other Provi-carried Deferred taxshipsequipmentsionsforward Other TotalDeferred tax at 1 January 134 223 -9 -31 -7 310Foreign exchange adjustments 0 1 0 0 0 1Impact from change in corporate income tax rate 0 1 1 -1 0 1Addition on acquisition of enterprises 0 45 -4 -5 53 89Recognised in the income statement -7 5 4 -17 8 -7Recognised in other comprehensive income 0 0 -6 0 0 -6Adjustment regarding prior years recognised in the income statement 0 -2 0 1 1 0Utilisation of tax losses between jointly taxed companies 0 0 0 -1 1 0Deferred tax at 31 December 127 273 -14 -54 56 388DKK million 2022Land and Ferries buildings, and terminals Tax loss other and other Provi-carried Deferred taxshipsequipmentsionsforward Other TotalDeferred 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 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 DKK million 2023 2022Deferred tax is recognised in the balance sheet as follows: Deferred tax assets -7 9 -49 Deferred tax liabilities 467 359 Deferred tax at 31 December, net 388 310 The Group has unrecognised tax losses carried forward of DKK 1,429m with a tax value of DKK 333m (2022: tax losses of DKK 803m, tax value of DKK 185m). Of the unrecognised tax losses carried forward of DKK 1,429m (2022: DKK 803m) DKK 1,332m expires within the next five years (2022: DKK 759m) and DKK 97m expires after more than five years (2022: DKK 44m). The tax losses of DKK 1,429m (2022: DKK 803m) 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.The Group is within the scope of the OECD Pillar II model rules regarding minimum taxation of 15%. The rules were implemented throughout EU in 2023 with effect from 1 January 2024. Since the Pillar II legislation was not effective on the reporting date, the Group has no related current tax exposure. Under the legislation, the Group is liable to pay a top-up tax for the difference between the effective tax rate per jurisdiction calculated as per Pillar II legislation and the 15% minimum rate. Since income from shipping is excluded from the minimum taxation rules, the rules are not expected to have any material impact for the Group. Furthermore, the Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar II income taxes, as provided in the amendments to IAS 12 in May 2023.Significant accounting estimates 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. Judgement is performed annually based on forecasts, business initiatives and likely structural changes for the coming years. 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 for 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:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__65": {
"value": "DKK million 2023Land and Ferries buildings, and terminals Tax loss other and other Provi-carried Deferred taxshipsequipmentsionsforward Other TotalDeferred tax at 1 January 134 223 -9 -31 -7 310Foreign exchange adjustments 0 1 0 0 0 1Impact from change in corporate income tax rate 0 1 1 -1 0 1Addition on acquisition of enterprises 0 45 -4 -5 53 89Recognised in the income statement -7 5 4 -17 8 -7Recognised in other comprehensive income 0 0 -6 0 0 -6Adjustment regarding prior years recognised in the income statement 0 -2 0 1 1 0Utilisation of tax losses between jointly taxed companies 0 0 0 -1 1 0Deferred tax at 31 December 127 273 -14 -54 56 388DKK million 2022Land and Ferries buildings, and terminals Tax loss other and other Provi-carried Deferred taxshipsequipmentsionsforward Other TotalDeferred 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 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 DKK million 2023 2022Deferred tax is recognised in the balance sheet as follows: Deferred tax assets -7 9 -49 Deferred tax liabilities 467 359 Deferred tax at 31 December, net 388 310 The Group has unrecognised tax losses carried forward of DKK 1,429m with a tax value of DKK 333m (2022: tax losses of DKK 803m, tax value of DKK 185m). Of the unrecognised tax losses carried forward of DKK 1,429m (2022: DKK 803m) DKK 1,332m expires within the next five years (2022: DKK 759m) and DKK 97m expires after more than five years (2022: DKK 44m). The tax losses of DKK 1,429m (2022: DKK 803m) 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.The Group is within the scope of the OECD Pillar II model rules regarding minimum taxation of 15%. The rules were implemented throughout EU in 2023 with effect from 1 January 2024. Since the Pillar II legislation was not effective on the reporting date, the Group has no related current tax exposure. Under the legislation, the Group is liable to pay a top-up tax for the difference between the effective tax rate per jurisdiction calculated as per Pillar II legislation and the 15% minimum rate. Since income from shipping is excluded from the minimum taxation rules, the rules are not expected to have any material impact for the Group. Furthermore, the Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar II income taxes, as provided in the amendments to IAS 12 in May 2023.Significant accounting estimates 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. Judgement is performed annually based on forecasts, business initiatives and likely structural changes for the coming years. 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 for 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:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__66": {
"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.Deferred tax is provided for 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__67": {
"value": "Deferred tax is provided for 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__70": {
"value": "3.1.1 Non-current intangible assetsDKK million 2023 Other non- Develop-Port current ment concession intangible projects in Goodwillrights etc.assets Softwareprogress TotalCost at 1 January 2023 4,522 1,213 773 721 12 7,241Foreign exchange adjustments 16 0 7 0 0 24Addition on acquisition of 12enterprises 528 0 227 7 0 7623Additions 0 0 0 1 82 83Disposals 0 0 1 -51 0 -50Transfers 0 0 0 79 -77 3Cost at 31 December 2023 5,066 1,214 1,008 758 17 8,063Amortisation and impairment losses at 1 January 2023 115 187 98 397 0 797Foreign exchange adjustments -1 0 1 0 0 0Amortisation charge 0 35 78 64 0 178Disposals 0 0 1 -51 0 -50Transfers 0 0 0 1 0 1Amortisation and impairment losses at 31 December 2023 114 223 178 412 0 926Carrying amount at 31 December 2023 4,952 990 831 346 17 7,136The 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 million 2022 Other non- Develop-Port current ment concession intangible projects in Goodwillrights etc.assets Softwareprogress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 Addition on acquisition of enterprises 144 50 130 0 0 274 6Additions 0 0 0 1 70 70 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0Cost 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 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 1 Relates to acquisition of McBurney Transport Group (DKK 446m), Estron Group (DKK 77m) and DR Macleod (DKK 5m)2 Primarily relates to acquisition of McBurney Transport Group3 Primarily relates to the implementation of an ERP system4 Reference made to note 5.55 Relates to additions of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m)6 Primarily relates to the implementation of an ERP system3.1.1 Non-current intangible assets (continued)Recognised goodwill is attributable to the following cash generating units:DKK million 2023 2022Ferry: 1North Sea, Baltic Sea and Mediterranean 3,384 3,321 Logistics: Dry Goods 448 427 1Cold Chain 1,120 659 Total 4,952 4,407 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.GoodwillAt 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. Accounting policies (continued)Development projects in progressDevelopment 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 costs 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 (the latter applies to significant internally developed commercial and operational systems).Other non-current intangible assetsOther 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 rightsPort 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.1 Comparison figures have been restated as part of goodwill from a prior acqui-sition has been reallocated from Logistics Division to Ferry Division.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__69": {
"value": "3.1.1 Non-current intangible assetsDKK million 2023 Other non- Develop-Port current ment concession intangible projects in Goodwillrights etc.assets Softwareprogress TotalCost at 1 January 2023 4,522 1,213 773 721 12 7,241Foreign exchange adjustments 16 0 7 0 0 24Addition on acquisition of 12enterprises 528 0 227 7 0 7623Additions 0 0 0 1 82 83Disposals 0 0 1 -51 0 -50Transfers 0 0 0 79 -77 3Cost at 31 December 2023 5,066 1,214 1,008 758 17 8,063Amortisation and impairment losses at 1 January 2023 115 187 98 397 0 797Foreign exchange adjustments -1 0 1 0 0 0Amortisation charge 0 35 78 64 0 178Disposals 0 0 1 -51 0 -50Transfers 0 0 0 1 0 1Amortisation and impairment losses at 31 December 2023 114 223 178 412 0 926Carrying amount at 31 December 2023 4,952 990 831 346 17 7,136The 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 million 2022 Other non- Develop-Port current ment concession intangible projects in Goodwillrights etc.assets Softwareprogress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 Addition on acquisition of enterprises 144 50 130 0 0 274 6Additions 0 0 0 1 70 70 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0Cost 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 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 1 Relates to acquisition of McBurney Transport Group (DKK 446m), Estron Group (DKK 77m) and DR Macleod (DKK 5m)2 Primarily relates to acquisition of McBurney Transport Group3 Primarily relates to the implementation of an ERP system4 Reference made to note 5.55 Relates to additions of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m)6 Primarily relates to the implementation of an ERP system3.1.1 Non-current intangible assets (continued)Recognised goodwill is attributable to the following cash generating units:DKK million 2023 2022Ferry: 1North Sea, Baltic Sea and Mediterranean 3,384 3,321 Logistics: Dry Goods 448 427 1Cold Chain 1,120 659 Total 4,952 4,407 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.GoodwillAt 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. Accounting policies (continued)Development projects in progressDevelopment 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 costs 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 (the latter applies to significant internally developed commercial and operational systems).Other non-current intangible assetsOther 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 rightsPort 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.1 Comparison figures have been restated as part of goodwill from a prior acqui-sition has been reallocated from Logistics Division to Ferry Division.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__68": {
"value": "3.1.1 Non-current intangible assetsDKK million 2023 Other non- Develop-Port current ment concession intangible projects in Goodwillrights etc.assets Softwareprogress TotalCost at 1 January 2023 4,522 1,213 773 721 12 7,241Foreign exchange adjustments 16 0 7 0 0 24Addition on acquisition of 12enterprises 528 0 227 7 0 7623Additions 0 0 0 1 82 83Disposals 0 0 1 -51 0 -50Transfers 0 0 0 79 -77 3Cost at 31 December 2023 5,066 1,214 1,008 758 17 8,063Amortisation and impairment losses at 1 January 2023 115 187 98 397 0 797Foreign exchange adjustments -1 0 1 0 0 0Amortisation charge 0 35 78 64 0 178Disposals 0 0 1 -51 0 -50Transfers 0 0 0 1 0 1Amortisation and impairment losses at 31 December 2023 114 223 178 412 0 926Carrying amount at 31 December 2023 4,952 990 831 346 17 7,136The 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 million 2022 Other non- Develop-Port current ment concession intangible projects in Goodwillrights etc.assets Softwareprogress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 Addition on acquisition of enterprises 144 50 130 0 0 274 6Additions 0 0 0 1 70 70 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0Cost 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 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 1 Relates to acquisition of McBurney Transport Group (DKK 446m), Estron Group (DKK 77m) and DR Macleod (DKK 5m)2 Primarily relates to acquisition of McBurney Transport Group3 Primarily relates to the implementation of an ERP system4 Reference made to note 5.55 Relates to additions of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m)6 Primarily relates to the implementation of an ERP system3.1.1 Non-current intangible assets (continued)Recognised goodwill is attributable to the following cash generating units:DKK million 2023 2022Ferry: 1North Sea, Baltic Sea and Mediterranean 3,384 3,321 Logistics: Dry Goods 448 427 1Cold Chain 1,120 659 Total 4,952 4,407 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.GoodwillAt 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. Accounting policies (continued)Development projects in progressDevelopment 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 costs 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 (the latter applies to significant internally developed commercial and operational systems).Other non-current intangible assetsOther 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 rightsPort 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.1 Comparison figures have been restated as part of goodwill from a prior acqui-sition has been reallocated from Logistics Division to Ferry Division.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__71": {
"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.GoodwillAt 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. Accounting policies (continued)Development projects in progressDevelopment 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 costs 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 (the latter applies to significant internally developed commercial and operational systems).Other non-current intangible assetsOther 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 rightsPort 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__72": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__73": {
"value": "GoodwillAt 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__74": {
"value": "3.1.2 Non-current tangible assetsDKK million 2023Assets under con-Ferries Equip-struction Land and and other ment and pre-buildings Terminalsshipsetc.payments TotalCost at 1 January 2023 616 1,395 22,372 3,020 369 27,7 71Foreign exchange adjustments 7 8 22 17 1 54Addition on acquisition of enterprises 150 0 0 318 18 486Additions 11 31 21 203 1,309 1,5751Disposals 0 -3 -1,631 -211 -12 -1,857Transfers 79 22 852 298 -1,269 -18Cost at 31 December 2023 862 1,453 21,636 3,645 415 28,012Depreciation and impairment losses at 1 January 2023 57 559 9,186 1,420 0 11,222Foreign exchange adjustments 1 5 5 9 0 19Depreciation charge 26 67 1,060 432 0 1,585 1Disposals 0 -1 -361-152 0 -514Transfers 20 0 -36 -3 0 -18Depreciation and impairment losses at 31 December 2023 104 630 9,854 1,706 0 12,294Carrying amount at 31 December 2023 759 823 11,782 1,939 415 15,717DKK million 2022Assets under con-Ferries Equip -struction Land and and other ment and pre-buildings Terminalsshipsetc.payments TotalCost 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 Transfers 85 132 2,440 363 -3,014 5 Cost at 31 December 2022 616 1,395 22,372 3,020 369 2 7,7 71 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 2022 57 559 9,186 1,420 0 11,222 Carrying amount at 31 December 2022 559 836 13,186 1,600 369 16,549 Significant accounting estimates Assessment of useful life and residual values Estimation of useful lives is based on experience. When there is an indication of a change in an asset\u2019s useful life, Management revises the estimates for individual assets or groups of assets with similar characteristics due to factors such as quality of maintenance and repair, technical development, or environmental requirements. Management has also considered the impact of decarbonisation and climate-related risks on useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to change in legislation. Residual values of ferries are estimated based on steel prices.1 Primarily related to sale and lease back: Hollandia Sea-ways, Humbria Seaways, Flandria Seaways2 Primarily relates to delivery of two new vessels. Accounting policies Non-current tangible assetsThe 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 shipsThe 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 ships' 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. Accounting policies (continued) Passenger cruise ferries and freight and passenger (ro-pax) ferriesDue 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 ferries is estimated as the expected fair value at the end of their useful lifetime.Management has also considered the impact of decarbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies.Other non-current tangible assetsOther 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'.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__75": {
"value": " Accounting policies Non-current tangible assetsThe 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 shipsThe 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 ships' 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. Accounting policies (continued) Passenger cruise ferries and freight and passenger (ro-pax) ferriesDue 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 ferries is estimated as the expected fair value at the end of their useful lifetime.Management has also considered the impact of decarbonisation and climate-related risks on the useful lives of existing assets. Such risks include new climate-related legislation restricting the use of certain assets, new technology demanded by climate-related legislation, and the increase in restoration costs for terminal sites due to new and/or more comprehensive policies.Other non-current tangible assetsOther 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'.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__76": {
"value": "3.1.3 Right-of-use assets and lease liabilitiesThe 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, options are negotiated by Management to provide flexibility in managing the asset portfolio. 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.DKK million 2023Land and Ferries and Equipment buildings Terminalsother shipsetc. TotalCost at 1 January 2023 951 2,921 1,891 757 6,520Foreign exchange adjustments 10 29 -7 5 38 1 1 Addition on acquisition of enterprises 2740 0 54327 2 Additions/Remeasurement 279 294 1,006328 1,906Disposals -13 -2 -166 -218 -400Transfer 23 -23 0 -17 -17Cost at 31 December 2023 1,523 3,219 2,723 909 8,374Depreciation and impairment losses at 1 January 2023 252 765 534 320 1,872Foreign exchange adjustments 4 9 -5 2 10Depreciation charge 185 234 417 194 1,030Disposals -12 -2 -166 -171 -351Transfer 8 -7 0 -13 -13Depreciation and impairment losses 31 December 2023 437 999 781 333 2,548Carrying amount at 31 December 2023 1,086 2,220 1,943 576 5,826DKK million 2022Land and Ferries and Equipment buildings Terminalsother shipsetc. TotalCost at 1 January 2022 556 2,812 1,486 713 5,567 Foreign exchange adjustments -24 -70 -10 -11 -114 3 3Addition on acquisition of enterprises 2030 0 37 240 4 Additions/Remeasurement 321 181 1,024 183 1,710 Disposals -106 -3 -609 -160 -878 Transfer 0 0 0 -6 -6 Cost at 31 December 2022 951 2,921 1,891 757 6,520 Depreciation and impairment losses at 1 January 2022 222 566 619 235 1,642 Foreign exchange adjustments -11 -20 -5 -7 -42 Depreciation charge 127 222 520 173 1,042 Disposals -87 -3 -599 -7 9 -768 Transfer 0 0 0 -1 -1 Depreciation and impairment losses 31 December 2022 252 765 534 320 1,872 Carrying amount at 31 December 2022 699 2,155 1,356 437 4,648 1 Addition on acquisitions of enterprises relate to McBurney Transport Group and Estron Group.2 Addition/remeasurement primarily relates to sale and leaseback of three ferries, as well as two new charter contracts for ferries.3 Addition on acquisition of enterprises relates to Lucey Transport and ICT Logistics.4 Addition/remeasurement primarily relates to two charter contracts with a purchase option, as well as other new charter contracts for ferries.3.1.3 Right-of-use assets and lease liabilities (continued)Set out in the following are the carrying amounts of lease liabilities (included under interest-bearing liabilities) and the movements during the period.DKK million 2023 2022As at 1 January 4,705 3,839 Foreign exchange adjustments 13 -34Addition on acquisition of enterprises 327 240 Additions/Remeasurement 2,012 1,731 Instalments -935 -963 Disposals -50 -109 Total lease liabilities at 31 December 6,072 4,705 Non-discounted lease liabilities expiring within the following periods from the balance sheet date:DKK million 2023 2022Within 1 year 1,311 951 1-3 years 2,427 1,293 3-5 years 1,449 1,407 After 5 years 1,952 1,789 Total lease liability, non-discounted 7,139 5,441 Lease liabilities are recognised in the balance sheet as follows: DKK million 2023 2022Non-current liabilities 5,018 3,916 Current liabilities 1,055 788 Total lease liabilities 6,072 4,705 The following amounts are recognised in the income statement:DKK million 2023 2022Expenses relating to short-term leases (included in costs) -1 -2Expenses relating to low-value assets (included in costs) -27 -28Variable lease payments (included in costs) -94 -86Depreciation, ships -417 -520Depreciation, other non-current assets -613 -522Interest expenses on lease liabilities -217 -130Gain arising from sale and leaseback transactions 95 0Total amount recognised in the income statement -1,275 -1,288The following amounts from leases are recognised in the statement of Cash flows:DKK million 2023 2022Cash flows from operating activities, gross -122 -116Interest etc., paid -217 -130Cash flows from operating activities, net -338 -246Cash flows from financing activities, net -935 -963Total cash outflows from leases -1,273 -1,209In 2023 the Group has paid DKK 1,151m (2022: DKK 1,093m) regarding lease agreements whereof interest expenses related to lease liabilities amount to DKK 217m (2022: DKK 130m), and instalment of lease liability amounts to DKK 935m (2022: DKK 963m).At 31 December 2023 the Group was committed to short term and low-value leases for an amount of DKK 90m (2022: DKK 76m).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 millionpaymentspayments 2023paymentspayments 2022Lease payments 135 49 184 125 44 169 Variable rent only - 45 45 - 42 42 Total 31 December 135 94 228 125 86 211 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. In 2023, DFDS entered into an agreement to sell and leaseback three freight ferries for a total sales price of DKK 1,466m which entailed a gain in the income statement of DKK 95m. The transaction improves financial flexibility by releasing cash and lowering the asset ownership share. The leasing period is five years starting from the day of delivery which is expected this week. The agreement includes a right of first refusal to purchase the ferries during the leasing period.3.1.3 Right-of-use assets and lease liabilities (continued)Group as a lessorFuture minimum receivable under non-cancellable operating leases as at 31 December are as follows:Operating lease commitments (lessor)DKK million 2023 2022Minimum lease payments (income) Ferries Within 1 year 312 312 1-3 years 442 577 3-5 years 0 177 After 5 years 0 0 Total 754 1,066The specified minimum payments are not discounted. Operating lease and rental income recognised in the income statement amount to DKK 405m in 2023 (2022: DKK 374m). The contracts are entered into on normal conditions.Significant accounting estimates and judgements Extension optionsThe Group has entered into lease 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.Management has also considered the impact of decarbonisation and climate-related risks on assessing the likelihood of extending lease agreements. Such risks include new climate-related legislation restricting the use of certain assets and new technology demanded by climate-related legislation.Lessor (lease out)The Group has entered into operating lease 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. 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 liability 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.As from 1 January 2024 the Group will changed its accounting policies regarding short-term leases for ferries and other ships as well as accounting treatment of the non-lease components. Please refer to section 1.2 \"New accounting policies and disclosures\".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:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__77": {
"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 liability 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.As from 1 January 2024 the Group will changed its accounting policies regarding short-term leases for ferries and other ships as well as accounting treatment of the non-lease components. Please refer to section 1.2 \"New accounting policies and disclosures\".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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__79": {
"value": " 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__80": {
"value": "3.2.1 ReceivablesDKK million 2023 2022Other non-current receivables 1 16 Total non-current receivables 1 16 Trade receivables 3,427 3,080 Work in progress services 331 263 Receivables from associates and joint ventures 38 23 Corporation tax and joint taxation contribution, receivable, reference is made to note 2.6 59 51 Other receivables and current assets 605 597 Total current receivables 4,459 4,015 Total current and non-current receivables 4,460 4,031 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 55m (2022: DKK 61m).DKK million 2023 2022Trade receivables that are past due: Days past due: Up to 30 days 465 487 31-60 days 207 91 61-90 days 23 25 Realised losses -21 -3 91-120 days 15 21 More than 120 days 58 71 Write-downs at 31 December Past due at 31 December 769 696 73DKK million 2023 2022 Movements in write-downs, which are included in the trade receivables: Write-downs at 1 January 70 60 70Foreign exchange adjustment 0 -1 Addition on acquisition of enterprises 0 2 Write-downs 53 33 Reversed write-downs -28 -22 3.2.1 Receivables (continued)DKK million 2023 2022Age distribution of write-downs: Days past due: Up to 30 days 7 2 31-60 days 0 1 61-90 days 1 1 91-120 days 11 2 More than 120 days 55 63 Write-downs at 31 December 73 70 The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2022: 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 2023 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% (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__81": {
"value": "DKK million 2023 2022Trade receivables that are past due: Days past due: Up to 30 days 465 487 31-60 days 207 91 61-90 days 23 25 Realised losses -21 -3 91-120 days 15 21 More than 120 days 58 71 Write-downs at 31 December Past due at 31 December 769 696 73DKK million 2023 2022 Movements in write-downs, which are included in the trade receivables: Write-downs at 1 January 70 60 70Foreign exchange adjustment 0 -1 Addition on acquisition of enterprises 0 2 Write-downs 53 33 Reversed write-downs -28 -22 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__82-1": {
"value": "The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2022: 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 2023 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% (2022: 0.0%) plus adjustments for forward-looking factors where considered relevant.Credit exposureDFDS\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 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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__83": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__84": {
"value": "3.2.2 InventoriesDKK million 2023 2022Bunker 217 228 Goods for sale 129 118 Write-down of inventories end of year -7 -22 Total inventories 339 324 Write-down of inventories during the year is an income of DKK 14m (2022: expense of DKK 6m). Accounting policies Bunker 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__85": {
"value": " Accounting policies Bunker 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__86": {
"value": "3.2.3 Other payablesDKK million 2023 2022Holiday pay obligations, etc, 542 483 Public authorities (VAT, duty, etc.) 78 61 Payables to associates and joint ventures 3 12 Other payables 254 188 Accrued interests 27 24 Total other payables 904 768 Accounting policies Other 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__87": {
"value": " Accounting policies Other 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__90": {
"value": "3.2.5 Other provisionsDKK million 2023 2022Other provisions at 1 January 96 173 Foreign exchange adjustments 1 -1 Addition from acquisition of enterprises 17 7 Provisions made during the year 49 21 Used during the year -17 -70 Reversal of unused provisions -12 -33 Other provisions at 31 December 134 96 Other provisions are expected to be payable in: 0-1 year 113 52 1-5 years 12 35 After 5 years 10 9 Other provisions at 31 December 134 96 Of the Group\u2019s provision of DKK 134m (2022: DKK 96m), DKK 38m (2022: DKK 31m) is estimated net present value of earn-out agreements regarding acquisitions; DKK 30m (2022: DKK 20m) is redelivery provision on leases; DKK 11m (2022: DKK 12m) is restructuring provision; DKK 15m (2022: DKK 0m) is related to investments in associates/joint ventures; and DKK 40m (2022: DKK 33m) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__91": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__92-1": {
"value": "4.1 Financial and operational risksDFDS\u2019 risk management policyDFDS\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. Derivatives are in place to minimise potential adverse effects on the Group\u2019s financial performance. DFDS only uses derivatives for hedging against commercial exposures, not for speculative trading. 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 riskThe 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 f luctuations in the bunker price and the corresponding currency exchange rate risk to freight customers via a bunker adjustment factor (BAF). In the passenger industry, f luctuations in the cost of bunker are re\ufb02ected in the ticket price to the extent possible.To reduce exposure to bunker and currency risk, approximately 93% (93% in 2022) of DFDS\u2019 consumption was covered by BAF agreements. As the BAF is based on low sulphur fuel prices while some ferries have scrubbers installed, and thus use high sulphur fuels, the Group is subject to a spread risk between these fuel types.The risk in relation to the spread between high sulphur and low sulphur fuel is partly hedged using commodity swaps. In accordance with the DFDS Financial Policy, the net bunker exposure may be financially hedged up to six quarters ahead.Interest rate riskDFDS is primarily exposed to interest rate risk through funding. According to DFDS\u2019 Financial Policy the interest rate on more than 40% 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 fair values of derivative financial instruments related to interest-bearing activities) amounts to DKK 14,689m at year end 2023 (2022: DKK 14,109m). The Group\u2019s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 4.0 years (2022: 4.7 years). In accordance with the financial Policy, interest rate swaps and caps with a principal amount of DKK 4,222m (2022: DKK 3,790m) have been established to reduce interest rate risk. The share of fixed-rate debt including interest rate derivatives was 48% at year-end 2023 (2022: 41%). Including long term charter agreements, the share of fixed-rate debt is 56% (2022: 45%). The duration of the Group\u2019s debt portfolio (including charter liabilities) was 1.7 years (2022: 1.4 years).An increase in the interest rate of 1%-point compared to the actual interest rates in 2023 would have increased net interest payments incl. hedging by DKK 67m for the Group all else equal (2022: DKK 54m). A decrease in the interest rates of 1%-point would have reduced the net interest payment by DKK 67m in 2023 (2022: DKK 19m).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 130m all else equal (2022: DKK 93m). A decrease would have had a negative effect of DKK 134m (2022: DKK 94m).Currency exchange riskCurrency exchange risk is monitored continuously and actively hedged to reduce exposure using forward exchange contracts and currency swaps. According to DFDS\u2019 Financial Policy, DFDS can hedge balance exposure, expected cash flows from operations up to four quarters ahead, and cash flows from off-balance sheet contractual commitments Approximately 92% of DFDS\u2019 revenues in 2023 were invoiced in foreign currencies (2022: 91%) with the most substantial revenue generated in EUR which accounted for 60% of total revenue (2022: 68%). Apart from DKK and EUR, revenue is mainly 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. 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 and amortisation (EBITDA) from changes in the foreign exchange rate.Operational currency cash flow risk DKK million 2023 2022SEK, income statement effect, 10% strengthening 17 61 NOK, income statement effect, 10% strengthening 12 42 GBP, income statement effect, 10% strengthening 21 45 TRY, income statement effect, 10% strengthening -13 -35 USD, income statement effect, 10% strengthening -21 -27 The Group\u2019s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to debt, trade payables and trade 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 risk DKK million 2023 2022SEK, equity and income statement effect, 10% strengthening -1 2 GBP, equity and income statement effect, 10% strengthening 3 2 NOK, equity and income statement effect, 10% strengthening 1 1 TRY, equity and income statement effect, 10% strengthening 0 -7 USD, equity and income statement effect, 10% strengthening -6 -3 1USD, equity effect, 10% strengthening 0 0 Liquidity risksDFDS 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 3,509m (2022: DKK 2,911m), of which undrawn committed facilities amounts to DKK 2,772m (2022: DKK 1,722m). DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments, are stated in the table below:DKK million 2023After 5 0-1 year 1-3 years 3-5 yearsyearsNon-derivative financial assetsCash 737 0 0 0Trade receivables including work in progress services 3,758 0 0 0Receivables from associates and joint ventures 38 0 0 0Other receivables and current assets 663 1 0 0Derivative financial assetsCommodity swaps 13 0 0 0Interest swaps & caps 0 23 11 78Cross currency interest rate swaps 0 7 0 0Forward exchange contracts and currency swaps 7 11 11 14Total financial assets 5,216 42 22 92Non-derivative financial liabilitiesBank loans and mortgage on ferries and other ships -1,194 -3,303 -3,106 -1,146Issued corporate bonds -341 -74 8 -355 0Lease liabilities (undiscounted) -1,311 -2,427 -1,449 -1,952Trade payables -3,461 0 0 -0Payables to associates and joint ventures -3 0 0 0Other payables -254 0 0 0Derivative financial liabilitiesInterest swaps & caps 0 -12 -30 0Cross currency interest rate swaps -34 0 -1 0Forward exchange contracts and currency swaps -18 0 0 0Total financial liabilities -6,615 -6,490 -4,941 -3,098Total -1,399 -6,448 -4,919 -3,0061 Change in fair value of FX forwards related to commit-ted investments and future bunker consumption only affects equity.4.1 Financial and operational risks (continued)DKK million 2022After 5 0-1 year 1-3 years 3-5 yearsyearsNon-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 Derivative financial assets Commodity swaps 27 0 0 0 Interest swaps & caps 17 117 46 64 Forward exchange contracts and currency swaps 4 0 0 71 Total financial assets 5,252 133 46 135Non-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 liabilities Commodity 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 financial liabilities -7,533 -4,235 -6,234 -3,574Total -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.Credit exposureDFDS\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 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.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 structureThe 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 2.9 at year-end 2023. For shorter periods, leverage can move outside the range due to special events, e.g., larger acquisitions.DKK million 2023Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity Fair value recognised Notional Fair Fair on hedging Time to principal value value After reserve Hedge instrumentmaturityamountassetsliabilities 0-1 year 1-3 years 3-5 years5 yearsin equity Average hedge rateExpected future transactionsInterest Interest swaps DKK 0-5 years 1,547 23 -17 0 18 -12 0 6 2.59%Interest Interest swaps EUR 0-10 years 2,410 89 -25 0 -8 -6 78 64 2.03%Bond loans Currency swaps 0-5 years 995 7 -1 0 3 -3 0 0 NOK/DKK 0.659Bond loans Cross currency interest rate swaps 0-1 year 265 0 -34 6 0 0 0 6 NOK/DKK 0.7637 + 1.09%Ferry investments and ferry charter Forward exchange contracts 0-9 years 595 41 0 -1 -3 -3 -3 -10 EUR/USD 1.2674Off-balance sheet contractual commitments Forward exchange contracts and currency swaps 0-1 year 1,342 1 -2 -1 0 0 0 -1 EUR/DKK 7.4580Other financial hedgingCommodities Commodity hedges 0-1 year 128 13 0 13 0 0 0 13 N/ASales and goods purchased Forward exchange contracts and currency swaps 0-1 year 1,391 1 -16 0 0 0 0 0 N/ATotal 175 -95 17 10 -24 75 78DKK million 2022Expected timing of recycling to Income statement or non-current assets of gains/losses recognised in the equity Fair value recognised Notional Fair Fair on hedging Time to principal value value After reserve Hedge instrumentmaturityamountassetsliabilities 0-1 year 1-3 years 3-5 years5 yearsin equity Average hedge rateExpected future transactionsInterest Interest swaps DKK 0-11 years 929 79 0 21 43 15 0 79 0.8%Interest Interest swaps EUR 0-11 years 1,388 148 0 18 35 31 64 148 1.2%Interest Caps EUR 0-4 years 1,190 17 0 15 0 0 0 15 0%Bond loans Cross currency interest rate swaps 0-5 years 283 0 -8 0 15 0 0 15 NOK/DKK 0.7637+1.09%Ferry investment and ferry charter Forward exchange contracts 0-9 years 704 71 0 0 1 1 2 4 EUR/USD 1.2674Other financial hedgingCommodities Commodity hedges 0-1 year 464 27 -1 26 0 0 0 26 N/ASales and goods purchased Forward exchange contracts 0-1 year 1,376 3 -38 0 0 0 0 0 N/ATotal 345 -47 79 94 47 66 286 In 2023, two interest rate swaps were settled in relation to the sale and leaseback of three freight ferries. Due to positive market values on the swaps, a gain of DKK 33m was recognised in the income statement. No other financial hedges were deemed inefficient hence no further gain or loss was recognised in the income statement for hedges qualifying for hedge accounting (2022: none). 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.4.2 Information on financial instrumentsDKK million 2023 2022Carrying amount per category of financial instruments Financial assets measured at fair value: Derivatives, related to operating activities 56 102 Derivatives, related to interest-bearing activities 119 244 Financial assets measured at amortised cost: Trade receivables, receivables from associates and joint ventures, other receivables and cash 5,039 4,989 Financial assets measured at fair value through profit or loss: Securities 2 2 Financial liabilities measured at fair value: Derivatives, related to operating activities -18 -40 Derivatives, related to interest-bearing activities -7 7 -8 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,215 -19,451 Total -14,095 -14,162 Hierarchy of financial instruments measured at fair valueThe 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 million 2023 Level 1 Level 2 Level 3Derivatives, financial assets 0 175 0Securities, financial assets 0 0 2Derivatives, financial liabilities 0 -95 0Total 0 80 2 2022 Level 1 Level 2 Level 3Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 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 minor unlisted shares and investments as well as other investments of DKK 2m (2022: DKK 2m). 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 2023 (2022: No transfers).4.2 Information on financial instruments (continued) Accounting policies Derivative financial instrumentsDerivative 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 hedgeChanges 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 hedgeChanges 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 instrumentsFor 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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"s8_notesesefdkgaap__8__93": {
"value": "DFDS\u2019 risk management policyDFDS\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. Derivatives are in place to minimise potential adverse effects on the Group\u2019s financial performance. DFDS only uses derivatives for hedging against commercial exposures, not for speculative trading. 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.",
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"s8_notesesefdkgaap__8__94-1": {
"value": "Bunker price riskThe 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 f luctuations in the bunker price and the corresponding currency exchange rate risk to freight customers via a bunker adjustment factor (BAF). In the passenger industry, f luctuations in the cost of bunker are re\ufb02ected in the ticket price to the extent possible.To reduce exposure to bunker and currency risk, approximately 93% (93% in 2022) of DFDS\u2019 consumption was covered by BAF agreements. As the BAF is based on low sulphur fuel prices while some ferries have scrubbers installed, and thus use high sulphur fuels, the Group is subject to a spread risk between these fuel types.The risk in relation to the spread between high sulphur and low sulphur fuel is partly hedged using commodity swaps. In accordance with the DFDS Financial Policy, the net bunker exposure may be financially hedged up to six quarters ahead.Interest rate riskDFDS is primarily exposed to interest rate risk through funding. According to DFDS\u2019 Financial Policy the interest rate on more than 40% 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 fair values of derivative financial instruments related to interest-bearing activities) amounts to DKK 14,689m at year end 2023 (2022: DKK 14,109m). The Group\u2019s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 4.0 years (2022: 4.7 years). In accordance with the financial Policy, interest rate swaps and caps with a principal amount of DKK 4,222m (2022: DKK 3,790m) have been established to reduce interest rate risk. The share of fixed-rate debt including interest rate derivatives was 48% at year-end 2023 (2022: 41%). Including long term charter agreements, the share of fixed-rate debt is 56% (2022: 45%). The duration of the Group\u2019s debt portfolio (including charter liabilities) was 1.7 years (2022: 1.4 years).An increase in the interest rate of 1%-point compared to the actual interest rates in 2023 would have increased net interest payments incl. hedging by DKK 67m for the Group all else equal (2022: DKK 54m). A decrease in the interest rates of 1%-point would have reduced the net interest payment by DKK 67m in 2023 (2022: DKK 19m).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 130m all else equal (2022: DKK 93m). A decrease would have had a negative effect of DKK 134m (2022: DKK 94m).Currency exchange riskCurrency exchange risk is monitored continuously and actively hedged to reduce exposure using forward exchange contracts and currency swaps. According to DFDS\u2019 Financial Policy, DFDS can hedge balance exposure, expected cash flows from operations up to four quarters ahead, and cash flows from off-balance sheet contractual commitments Approximately 92% of DFDS\u2019 revenues in 2023 were invoiced in foreign currencies (2022: 91%) with the most substantial revenue generated in EUR which accounted for 60% of total revenue (2022: 68%). Apart from DKK and EUR, revenue is mainly 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. 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 and amortisation (EBITDA) from changes in the foreign exchange rate.Operational currency cash flow risk DKK million 2023 2022SEK, income statement effect, 10% strengthening 17 61 NOK, income statement effect, 10% strengthening 12 42 GBP, income statement effect, 10% strengthening 21 45 TRY, income statement effect, 10% strengthening -13 -35 USD, income statement effect, 10% strengthening -21 -27 The Group\u2019s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to debt, trade payables and trade 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 risk DKK million 2023 2022SEK, equity and income statement effect, 10% strengthening -1 2 GBP, equity and income statement effect, 10% strengthening 3 2 NOK, equity and income statement effect, 10% strengthening 1 1 TRY, equity and income statement effect, 10% strengthening 0 -7 USD, equity and income statement effect, 10% strengthening -6 -3 1USD, equity effect, 10% strengthening 0 01 Change in fair value of FX forwards related to commit-ted investments and future bunker consumption only affects equity.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__8__95": {
"value": "Currency exchange riskCurrency exchange risk is monitored continuously and actively hedged to reduce exposure using forward exchange contracts and currency swaps. According to DFDS\u2019 Financial Policy, DFDS can hedge balance exposure, expected cash flows from operations up to four quarters ahead, and cash flows from off-balance sheet contractual commitments Approximately 92% of DFDS\u2019 revenues in 2023 were invoiced in foreign currencies (2022: 91%) with the most substantial revenue generated in EUR which accounted for 60% of total revenue (2022: 68%). Apart from DKK and EUR, revenue is mainly 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. 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 and amortisation (EBITDA) from changes in the foreign exchange rate.Operational currency cash flow risk DKK million 2023 2022SEK, income statement effect, 10% strengthening 17 61 NOK, income statement effect, 10% strengthening 12 42 GBP, income statement effect, 10% strengthening 21 45 TRY, income statement effect, 10% strengthening -13 -35 USD, income statement effect, 10% strengthening -21 -27 The Group\u2019s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to debt, trade payables and trade 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 risk DKK million 2023 2022SEK, equity and income statement effect, 10% strengthening -1 2 GBP, equity and income statement effect, 10% strengthening 3 2 NOK, equity and income statement effect, 10% strengthening 1 1 TRY, equity and income statement effect, 10% strengthening 0 -7 USD, equity and income statement effect, 10% strengthening -6 -3 1USD, equity effect, 10% strengthening 0 0",
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"s8_notesesefdkgaap__8__96-1": {
"value": "Liquidity risksDFDS 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 3,509m (2022: DKK 2,911m), of which undrawn committed facilities amounts to DKK 2,772m (2022: DKK 1,722m). DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments, are stated in the table below:DKK million 2023After 5 0-1 year 1-3 years 3-5 yearsyearsNon-derivative financial assetsCash 737 0 0 0Trade receivables including work in progress services 3,758 0 0 0Receivables from associates and joint ventures 38 0 0 0Other receivables and current assets 663 1 0 0Derivative financial assetsCommodity swaps 13 0 0 0Interest swaps & caps 0 23 11 78Cross currency interest rate swaps 0 7 0 0Forward exchange contracts and currency swaps 7 11 11 14Total financial assets 5,216 42 22 92Non-derivative financial liabilitiesBank loans and mortgage on ferries and other ships -1,194 -3,303 -3,106 -1,146Issued corporate bonds -341 -74 8 -355 0Lease liabilities (undiscounted) -1,311 -2,427 -1,449 -1,952Trade payables -3,461 0 0 -0Payables to associates and joint ventures -3 0 0 0Other payables -254 0 0 0Derivative financial liabilitiesInterest swaps & caps 0 -12 -30 0Cross currency interest rate swaps -34 0 -1 0Forward exchange contracts and currency swaps -18 0 0 0Total financial liabilities -6,615 -6,490 -4,941 -3,098Total -1,399 -6,448 -4,919 -3,0064.1 Financial and operational risks (continued)DKK million 2022After 5 0-1 year 1-3 years 3-5 yearsyearsNon-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 Derivative financial assets Commodity swaps 27 0 0 0 Interest swaps & caps 17 117 46 64 Forward exchange contracts and currency swaps 4 0 0 71 Total financial assets 5,252 133 46 135Non-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 liabilities Commodity 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 financial liabilities -7,533 -4,235 -6,234 -3,574Total -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.",
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"s8_notesesefdkgaap__8__100": {
"value": "Capital structureThe 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 2.9 at year-end 2023. For shorter periods, leverage can move outside the range due to special events, e.g., larger acquisitions.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__8__101": {
"value": "DKK million 2023Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity Fair value recognised Notional Fair Fair on hedging Time to principal value value After reserve Hedge instrumentmaturityamountassetsliabilities 0-1 year 1-3 years 3-5 years5 yearsin equity Average hedge rateExpected future transactionsInterest Interest swaps DKK 0-5 years 1,547 23 -17 0 18 -12 0 6 2.59%Interest Interest swaps EUR 0-10 years 2,410 89 -25 0 -8 -6 78 64 2.03%Bond loans Currency swaps 0-5 years 995 7 -1 0 3 -3 0 0 NOK/DKK 0.659Bond loans Cross currency interest rate swaps 0-1 year 265 0 -34 6 0 0 0 6 NOK/DKK 0.7637 + 1.09%Ferry investments and ferry charter Forward exchange contracts 0-9 years 595 41 0 -1 -3 -3 -3 -10 EUR/USD 1.2674Off-balance sheet contractual commitments Forward exchange contracts and currency swaps 0-1 year 1,342 1 -2 -1 0 0 0 -1 EUR/DKK 7.4580Other financial hedgingCommodities Commodity hedges 0-1 year 128 13 0 13 0 0 0 13 N/ASales and goods purchased Forward exchange contracts and currency swaps 0-1 year 1,391 1 -16 0 0 0 0 0 N/ATotal 175 -95 17 10 -24 75 78DKK million 2022Expected timing of recycling to Income statement or non-current assets of gains/losses recognised in the equity Fair value recognised Notional Fair Fair on hedging Time to principal value value After reserve Hedge instrumentmaturityamountassetsliabilities 0-1 year 1-3 years 3-5 years5 yearsin equity Average hedge rateExpected future transactionsInterest Interest swaps DKK 0-11 years 929 79 0 21 43 15 0 79 0.8%Interest Interest swaps EUR 0-11 years 1,388 148 0 18 35 31 64 148 1.2%Interest Caps EUR 0-4 years 1,190 17 0 15 0 0 0 15 0%Bond loans Cross currency interest rate swaps 0-5 years 283 0 -8 0 15 0 0 15 NOK/DKK 0.7637+1.09%Ferry investment and ferry charter Forward exchange contracts 0-9 years 704 71 0 0 1 1 2 4 EUR/USD 1.2674Other financial hedgingCommodities Commodity hedges 0-1 year 464 27 -1 26 0 0 0 26 N/ASales and goods purchased Forward exchange contracts 0-1 year 1,376 3 -38 0 0 0 0 0 N/ATotal 345 -47 79 94 47 66 286 In 2023, two interest rate swaps were settled in relation to the sale and leaseback of three freight ferries. Due to positive market values on the swaps, a gain of DKK 33m was recognised in the income statement. No other financial hedges were deemed inefficient hence no further gain or loss was recognised in the income statement for hedges qualifying for hedge accounting (2022: none). 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__105": {
"value": "4.2 Information on financial instrumentsDKK million 2023 2022Carrying amount per category of financial instruments Financial assets measured at fair value: Derivatives, related to operating activities 56 102 Derivatives, related to interest-bearing activities 119 244 Financial assets measured at amortised cost: Trade receivables, receivables from associates and joint ventures, other receivables and cash 5,039 4,989 Financial assets measured at fair value through profit or loss: Securities 2 2 Financial liabilities measured at fair value: Derivatives, related to operating activities -18 -40 Derivatives, related to interest-bearing activities -7 7 -8 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,215 -19,451 Total -14,095 -14,162 Hierarchy of financial instruments measured at fair valueThe 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 million 2023 Level 1 Level 2 Level 3Derivatives, financial assets 0 175 0Securities, financial assets 0 0 2Derivatives, financial liabilities 0 -95 0Total 0 80 2 2022 Level 1 Level 2 Level 3Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 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 minor unlisted shares and investments as well as other investments of DKK 2m (2022: DKK 2m). 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 2023 (2022: No transfers).4.2 Information on financial instruments (continued) Accounting policies Derivative financial instrumentsDerivative 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 hedgeChanges 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 hedgeChanges 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 instrumentsFor 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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__104": {
"value": "4.2 Information on financial instrumentsDKK million 2023 2022Carrying amount per category of financial instruments Financial assets measured at fair value: Derivatives, related to operating activities 56 102 Derivatives, related to interest-bearing activities 119 244 Financial assets measured at amortised cost: Trade receivables, receivables from associates and joint ventures, other receivables and cash 5,039 4,989 Financial assets measured at fair value through profit or loss: Securities 2 2 Financial liabilities measured at fair value: Derivatives, related to operating activities -18 -40 Derivatives, related to interest-bearing activities -7 7 -8 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,215 -19,451 Total -14,095 -14,162 Hierarchy of financial instruments measured at fair valueThe 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 million 2023 Level 1 Level 2 Level 3Derivatives, financial assets 0 175 0Securities, financial assets 0 0 2Derivatives, financial liabilities 0 -95 0Total 0 80 2 2022 Level 1 Level 2 Level 3Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 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 minor unlisted shares and investments as well as other investments of DKK 2m (2022: DKK 2m). 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 2023 (2022: No transfers).4.2 Information on financial instruments (continued) Accounting policies Derivative financial instrumentsDerivative 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 hedgeChanges 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 hedgeChanges 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 instrumentsFor 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:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__102": {
"value": "4.2 Information on financial instrumentsDKK million 2023 2022Carrying amount per category of financial instruments Financial assets measured at fair value: Derivatives, related to operating activities 56 102 Derivatives, related to interest-bearing activities 119 244 Financial assets measured at amortised cost: Trade receivables, receivables from associates and joint ventures, other receivables and cash 5,039 4,989 Financial assets measured at fair value through profit or loss: Securities 2 2 Financial liabilities measured at fair value: Derivatives, related to operating activities -18 -40 Derivatives, related to interest-bearing activities -7 7 -8 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,215 -19,451 Total -14,095 -14,162 Hierarchy of financial instruments measured at fair valueThe 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 million 2023 Level 1 Level 2 Level 3Derivatives, financial assets 0 175 0Securities, financial assets 0 0 2Derivatives, financial liabilities 0 -95 0Total 0 80 2 2022 Level 1 Level 2 Level 3Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 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 minor unlisted shares and investments as well as other investments of DKK 2m (2022: DKK 2m). 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 2023 (2022: No transfers).4.2 Information on financial instruments (continued) Accounting policies Derivative financial instrumentsDerivative 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 hedgeChanges 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 hedgeChanges 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 instrumentsFor 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:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__107": {
"value": " Accounting policies Derivative financial instrumentsDerivative 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 hedgeChanges 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 hedgeChanges 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 instrumentsFor 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__106": {
"value": " Accounting policies Derivative financial instrumentsDerivative 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 hedgeChanges 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 hedgeChanges 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 instrumentsFor 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__108": {
"value": "Derivative financial instrumentsDerivative 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__109-1": {
"value": "4.3 Changes in liabilities arising from financing activitiesThe 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 2023flowssitionsmentsleaseschangeschanges2023Changes in 2023Interest-bearing liabilities:Bank loans and mortgage on ferries 10,548 -2,584 160 14 0 0 2 8,140Issued corporate bonds 283 981 0 -8 0 0 1 1,257Lease liabilities 4,705 -935 327 13 1,962 0 0 6,072Other liabilities 0 0 0 0 0 0 0 0 15,535 -2,538 488 19 1,962 0 3 15,470Derivatives financial instruments:Derivatives related to issued corporate bonds 8 0 0 0 0 20 0 28Total liabilities from financing activities 15,543 -2,538 488 19 1,962 20 3 15,498 Non-cash changes New/ Additions Foreign disposed/ from exchange Remea-Fair 1 Jan. Cash acqui- move- sured value Other 31 Dec. DKK million 2022flowssitionsmentsleaseschangeschanges2022Changes in 2022 Interest-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 15,535Derivatives 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 15,5435.4 Cash flowsDKK million 2023 2022Non-cash operating items Change in provisions 26 -8 Change in write-down of inventories for the year -14 6 Change in provision for defined benefit plans and jubilee obligations 12 16 Vesting of share option plans and employee shares expensed in the Income statement 29 30 Non-cash operating items 53 45 Change in working capital Change in inventories 5 -61 Change in receivables, such as trade receivables, prepaid costs, etc. 13 -463 Change in current liabilities, such as trade payables, deferred income, current account with joint ventures, etc. -356 530 Change in working capital -338 6 Accounting policies The statement of cash flows has been prepared using the indirect method, and shows the consolidated cash flows 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 flows from operating activities is calculated on the basis of the profit/loss before depreciation and amortisation (EBITDA) adjusted for the cash flow effect of 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 flows 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 flows 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__115": {
"value": "4.4 Financial income and costsDKK million 2023 2022Financial income 1Interest income from banks, etc. 47 9 2Foreign exchange gain, net 0 20 Other financial income 33 51Total financial income 80 80 Financial costs 1Interest expense to banks, credit institutions, corporate bonds, etc. -478 -234 Interest expense on lease liabilities, reference is made to note 3.1.3 -217 -130 2Foreign exchange loss, net -23 0Defined benefit pension plans, reference is made to note 3.2.4 -2 0 Other financial costs -33 -47 Transfer to assets under construction 0 1 Total financial costs -753 -409 Financial income and costs, net -673 -329 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.1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 0m (2022: DKK -1m) and is included under Inter-est expense to banks, credit institutions, cor porate bonds, etc.2 Foreign exchange gains in 2023 amounts to DKK 440m (2022: DKK 638m) and for-eign exchange losses amounts to DKK 463m (2022: DKK 618m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__114": {
"value": "4.4 Financial income and costsDKK million 2023 2022Financial income 1Interest income from banks, etc. 47 9 2Foreign exchange gain, net 0 20 Other financial income 33 51Total financial income 80 80 Financial costs 1Interest expense to banks, credit institutions, corporate bonds, etc. -478 -234 Interest expense on lease liabilities, reference is made to note 3.1.3 -217 -130 2Foreign exchange loss, net -23 0Defined benefit pension plans, reference is made to note 3.2.4 -2 0 Other financial costs -33 -47 Transfer to assets under construction 0 1 Total financial costs -753 -409 Financial income and costs, net -673 -329 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.1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 0m (2022: DKK -1m) and is included under Inter-est expense to banks, credit institutions, cor porate bonds, etc.2 Foreign exchange gains in 2023 amounts to DKK 440m (2022: DKK 638m) and for-eign exchange losses amounts to DKK 463m (2022: DKK 618m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__113": {
"value": "4.4 Financial income and costsDKK million 2023 2022Financial income 1Interest income from banks, etc. 47 9 2Foreign exchange gain, net 0 20 Other financial income 33 51Total financial income 80 80 Financial costs 1Interest expense to banks, credit institutions, corporate bonds, etc. -478 -234 Interest expense on lease liabilities, reference is made to note 3.1.3 -217 -130 2Foreign exchange loss, net -23 0Defined benefit pension plans, reference is made to note 3.2.4 -2 0 Other financial costs -33 -47 Transfer to assets under construction 0 1 Total financial costs -753 -409 Financial income and costs, net -673 -329 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.1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 0m (2022: DKK -1m) and is included under Inter-est expense to banks, credit institutions, cor porate bonds, etc.2 Foreign exchange gains in 2023 amounts to DKK 440m (2022: DKK 638m) and for-eign exchange losses amounts to DKK 463m (2022: DKK 618m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__112": {
"value": "4.4 Financial income and costsDKK million 2023 2022Financial income 1Interest income from banks, etc. 47 9 2Foreign exchange gain, net 0 20 Other financial income 33 51Total financial income 80 80 Financial costs 1Interest expense to banks, credit institutions, corporate bonds, etc. -478 -234 Interest expense on lease liabilities, reference is made to note 3.1.3 -217 -130 2Foreign exchange loss, net -23 0Defined benefit pension plans, reference is made to note 3.2.4 -2 0 Other financial costs -33 -47 Transfer to assets under construction 0 1 Total financial costs -753 -409 Financial income and costs, net -673 -329 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.1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 0m (2022: DKK -1m) and is included under Inter-est expense to banks, credit institutions, cor porate bonds, etc.2 Foreign exchange gains in 2023 amounts to DKK 440m (2022: DKK 638m) and for-eign exchange losses amounts to DKK 463m (2022: DKK 618m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__111": {
"value": "4.4 Financial income and costsDKK million 2023 2022Financial income 1Interest income from banks, etc. 47 9 2Foreign exchange gain, net 0 20 Other financial income 33 51Total financial income 80 80 Financial costs 1Interest expense to banks, credit institutions, corporate bonds, etc. -478 -234 Interest expense on lease liabilities, reference is made to note 3.1.3 -217 -130 2Foreign exchange loss, net -23 0Defined benefit pension plans, reference is made to note 3.2.4 -2 0 Other financial costs -33 -47 Transfer to assets under construction 0 1 Total financial costs -753 -409 Financial income and costs, net -673 -329 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.1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 0m (2022: DKK -1m) and is included under Inter-est expense to banks, credit institutions, cor porate bonds, etc.2 Foreign exchange gains in 2023 amounts to DKK 440m (2022: DKK 638m) and for-eign exchange losses amounts to DKK 463m (2022: DKK 618m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__110": {
"value": "4.4 Financial income and costsDKK million 2023 2022Financial income 1Interest income from banks, etc. 47 9 2Foreign exchange gain, net 0 20 Other financial income 33 51Total financial income 80 80 Financial costs 1Interest expense to banks, credit institutions, corporate bonds, etc. -478 -234 Interest expense on lease liabilities, reference is made to note 3.1.3 -217 -130 2Foreign exchange loss, net -23 0Defined benefit pension plans, reference is made to note 3.2.4 -2 0 Other financial costs -33 -47 Transfer to assets under construction 0 1 Total financial costs -753 -409 Financial income and costs, net -673 -329 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.1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 0m (2022: DKK -1m) and is included under Inter-est expense to banks, credit institutions, cor porate bonds, etc.2 Foreign exchange gains in 2023 amounts to DKK 440m (2022: DKK 638m) and for-eign exchange losses amounts to DKK 463m (2022: DKK 618m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__118": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__117": {
"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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__116": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__119": {
"value": "4.5 Interest-bearing liabilitiesDKK million 2023 2022Bank loans and mortgage on ferries 7,124 8,199 Issued corporate bonds 992 283 Lease liability 5,018 3,916 Total interest-bearing non-current liabilities 13,134 12,397 Bank loans and mortgage on ferries 1,016 2,349 Issued corporate bonds 265 0 Lease liability 1,055 788 Total interest-bearing current liabilities 2,336 3,137 Total interest-bearing liabilities 15,470 15,535 In 2023 DFDS obtained a new term loan of DKK 600m with a maturity of 2 years and based on CIBOR 3M. In addition DFDS extended the U.N. Ro-Ro acquisition facility, with an additional year partly to 2025 and partly to 2027 on unchanged terms.In 2023, DFDS issued two corporate bonds; a 5 year bond with a nominal amount of NOK 500m, maturing 16 March 2028 with a floating rate based on NIBOR 3M + 2.60%, and a 3 year bond with a nominal amount of NOK 1,000m, maturing 16 March 2026 with a floating rate based on NIBOR 3M + 2.25%. Both bonds are listed on the Oslo Stock Exchange and have been swapped to a fixed interest rate in DKK. The fair value of the interest-bearing liabilities amounts to DKK 15,467m (2022: DKK 15,534m). The fair value measurement is categorised within level 3 in the fair value hierarchy except for the issued corporate bonds for which the fair value measurement is categorised within level 2 due to limited active market. 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. DKK 2,760m of the interest-bearing liabilities fall due after five years (2022: DKK 3,165m). 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 2023 2022Allocation of currency, principal nominal amount: DKK 3,674 4,419 EUR 8,286 9,197 NOK 1,294 324 GBP 1,199 1,075 USD 670 342 SEK 302 140 Other 44 40 Total interest-bearing liabilities 15,470 15,535 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 financial costs over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__120": {
"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 financial costs over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__121": {
"value": "DividendsProposed dividends 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__123-1": {
"value": "Reserve for treasury sharesThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.4.7 Treasury sharesNumber of shares 2023 2022Treasury shares at 1 January 1,381,528 1,272,318 Acquisition of treasury shares 1,071,428 110,000 Disposal of treasury shares due to exercise of share options and restricted stock units -37,046 -790 Treasury shares at 31 December 2,415,910 1,381,528 Market value of treasury shares based on quoted share price at 31 December, DKK million 539 354 In accordance with the Annual General Meeting in March 2023 the Board of Directors is authorised \u2013 until 22 March 2027 \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 2023 acquired treasury shares for a total payment of DKK 300m in connection with a share buyback (2022: DKK 32m). Furthermore, during 2023 DFDS A/S has disposed treasury shares for a total consideration of DKK 0m (2022: DKK 0m) in connection with employees\u2019 exercise of share options/restricted stock units. The Parent company\u2019s holding of treasury shares at 31 December 2023 is 2,415,910 shares of DKK 20 each (2022: 1,381,528 shares), corresponding to 4.12% (2022: 2.36%) of the Parent company\u2019s share capital. Treasury shares are used to cover the share option scheme and restricted stock unit plan for employees.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__122": {
"value": "Reserve for treasury sharesThe reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__125": {
"value": "4.8 Earnings per share 2023 2022Profit for the year (DKK million) 1,505 2,019 Attributable to non-controlling interests (DKK million) -3 -10 Attributable to DFDS Group 1,501 2,010 Weighted average number of issued ordinary shares 58,631,578 58,631,578 Weighted average number of treasury shares -2,280,841 -1,363,552 Weighted average number of circulating ordinary shares 56,350,737 57,268,026 Effects of dilution from issued share options and restricted stock unit plans 126,726 79,636 Weighted average number of circulating ordinary shares (diluted) 56,477,463 57,347,662 Basic earnings per share (EPS) of DKK 20 in DKK 26.64 35.09 Diluted earnings per share (EPS-D) of DKK 20 in DKK 26.58 35.04 When calculating diluted earnings per share for 2023, 1,138,905 share options (2022: 1,155,397 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__128-1": {
"value": "5.1 Remuneration to the Executive Board and Board of DirectorsDKK \u2018000 2023 2022Remuneration to the Executive BoardWages and salaries -13,700 -13,410 Exit cost -2,355 -Bonus -8,117 -10,640 Defined contribution pension plans -1,370 -1,341 Share based payment -5,950 -4,474 Other employee costs -459 -455 Total remuneration to the Executive Board -31,951 -30,320 Total remuneration to the Board -4,500 -4,500Total remuneration to the Audit Committee -500 -500Total remuneration to the Nomination Committee -150 -150Total remuneration to the Remuneration Committee-150 -150Total remuneration to the Board of Directors -5,300 -5,300Total remuneration to the Executive Board and Board of Directors -37,251 -35,620The 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 the Executive Board consisting of CEO Torben Carlsen and CFO Karina Deacon.Remuneration to the chair of the Audit Committee is DKK 250k per year (2022: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2022: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2022: DKK 100k).5.3 Share based paymentLong-term incentivesThe decision to grant long-term incentives is made by the Board of Directors with consideration to DFDS' remuneration policy approved by the Annual General Meeting. 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 based on value as per grant date. In 2023 a further group of key employees were granted long-term incentives in the form of RSUs. All 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 optionsShare 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 1.9% of the share capital (2022: 2.0%) if all 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 and later 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.2023Resigned Executive Board Average members exercise Executive Key and price per Board employees employees option NumberNumberNumber TotalDKKOutstanding at 1 January 412,341 555,590 187,466 1,155,397 331.76Transferred between categories 0 -71,010 71,010 0 332.84Granted during the year 69,707 128,532 0 198,239 292.00Expired during the year -49,213 -57,630 -98,245 -205,088 383.00Forfeited during the year -15,301 -2,675 -6,968 -24,944 374.80Outstanding at 31 December 417,534 552,807 153,263 1,123,604 315.93Of this exercisable at the end of the year 241,586 263,939 135,528 641,053 319.302022Resigned Executive Board Average members exercise Executive Key and price per Board employees employees option NumberNumberNumber TotalDKKOutstanding 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 -27,7 78 -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 The share options granted in 2023 had a fair value of DKK 11.0m (2022: DKK 7.3m), equal to an average fair value per option of DKK 55.59 (2022: DKK 41.38).No share options have been exercised during 2023 (2022: nil).Vesting of share options is expensed in the income statement for 2023 with DKK 8m (2022: DKK 7m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2023 have an average weighted remaining contractual time of 1.9 years (2022: 2.1 years).Assumptions concerning the calculation of fair value at time of grant:Expected annual dividends Fair value Market Risk-free per share per option Exercise price at Expected interest (DKK) at Expected at time of Year of grantpricegrant datevolatilityrategrant datetermgranting2023 292 269.40 38.66% 2.79% 9.00 3 years 55.592022 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 The expected volatility for 2019 to 2023 is based on the historical volatility for the past three years. The risk-free interest rate is 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 0.17% (2022: 0.07%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2023 with DKK 9m (2022: DKK 4m). The number of RSUs granted in 2021 and later is based on the average share price of the Parent company\u2019s shares five days after the release of the Q4 report.2023Resigned Executive Board Other members Executive Key managerialand Board employees staffemployees NumberNumberNumberNumber TotalOutstanding at 1 January 17,409 24,626 0 1,924 43,959Transferred between categories 0 -1,364 0 1,364 0Granted during the year 14,600 26,920 20,623 0 62,143Forfeited during the year -2,885 -560 -416 -641 -4,502Outstanding at 31 December 29,124 49,622 20,207 2,647 101,600Of this exercisable at the end of the year 0 0 0 0 02022Resigned Executive Board members Executive Key and Board employees employees NumberNumberNumber TotalOutstanding 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 43,959Of this exercisable at the end of the year 0 0 0 0 Expected annual dividends per Fair value Market share (DKK) per share Year of Exercise price at Expected Risk-free at grant Expected at time of grantpricegrant datevolatilityinterest ratedate termgranting2023 0 269.40 38.66% 2.79% 9.00 3 years 265.422022 0 307.20 34.60% -0.19% 12.00 3 years 313.152021 0 271.00 34.81% -0.55% 6.33 3 years 273.65Employee recognitionIn 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 have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period are 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.37,067 shares have been transferred during 2023 (2022: 1,790 shares). Vesting of shares for 2023 is an expense of DKK 13m (2022: DKK 19m).Expected annual dividends Fair value Market Risk-free per share per share Exercise price at Expected interest (DKK) at Expected at time of Year of grantpricegrant datevolatilityrategrant date termgranting2020 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. Treasury shares are 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 transactionsLauritzen Fonden, Copenhagen with a nominal shareholding of 41.6%, 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 dividends of DKK 5.00 per share has been carried out during the year. The table below depicts material transactions with related parties.Sale of Purchase Receiv-DKK millionservicesof servicesables Liabilities2023Associates and joint ventures 33 211 38 32022 Associates and joint ventures 36 167 23 12",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__126-1": {
"value": "5.1 Remuneration to the Executive Board and Board of DirectorsDKK \u2018000 2023 2022Remuneration to the Executive BoardWages and salaries -13,700 -13,410 Exit cost -2,355 -Bonus -8,117 -10,640 Defined contribution pension plans -1,370 -1,341 Share based payment -5,950 -4,474 Other employee costs -459 -455 Total remuneration to the Executive Board -31,951 -30,320 Total remuneration to the Board -4,500 -4,500Total remuneration to the Audit Committee -500 -500Total remuneration to the Nomination Committee -150 -150Total remuneration to the Remuneration Committee-150 -150Total remuneration to the Board of Directors -5,300 -5,300Total remuneration to the Executive Board and Board of Directors -37,251 -35,620The 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 the Executive Board consisting of CEO Torben Carlsen and CFO Karina Deacon.Remuneration to the chair of the Audit Committee is DKK 250k per year (2022: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2022: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2022: DKK 100k).5.3 Share based paymentLong-term incentivesThe decision to grant long-term incentives is made by the Board of Directors with consideration to DFDS' remuneration policy approved by the Annual General Meeting. 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 based on value as per grant date. In 2023 a further group of key employees were granted long-term incentives in the form of RSUs. All 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 optionsShare 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 1.9% of the share capital (2022: 2.0%) if all 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 and later 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.2023Resigned Executive Board Average members exercise Executive Key and price per Board employees employees option NumberNumberNumber TotalDKKOutstanding at 1 January 412,341 555,590 187,466 1,155,397 331.76Transferred between categories 0 -71,010 71,010 0 332.84Granted during the year 69,707 128,532 0 198,239 292.00Expired during the year -49,213 -57,630 -98,245 -205,088 383.00Forfeited during the year -15,301 -2,675 -6,968 -24,944 374.80Outstanding at 31 December 417,534 552,807 153,263 1,123,604 315.93Of this exercisable at the end of the year 241,586 263,939 135,528 641,053 319.302022Resigned Executive Board Average members exercise Executive Key and price per Board employees employees option NumberNumberNumber TotalDKKOutstanding 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 -27,7 78 -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 The share options granted in 2023 had a fair value of DKK 11.0m (2022: DKK 7.3m), equal to an average fair value per option of DKK 55.59 (2022: DKK 41.38).No share options have been exercised during 2023 (2022: nil).Vesting of share options is expensed in the income statement for 2023 with DKK 8m (2022: DKK 7m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2023 have an average weighted remaining contractual time of 1.9 years (2022: 2.1 years).Assumptions concerning the calculation of fair value at time of grant:Expected annual dividends Fair value Market Risk-free per share per option Exercise price at Expected interest (DKK) at Expected at time of Year of grantpricegrant datevolatilityrategrant datetermgranting2023 292 269.40 38.66% 2.79% 9.00 3 years 55.592022 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 The expected volatility for 2019 to 2023 is based on the historical volatility for the past three years. The risk-free interest rate is 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 0.17% (2022: 0.07%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2023 with DKK 9m (2022: DKK 4m). The number of RSUs granted in 2021 and later is based on the average share price of the Parent company\u2019s shares five days after the release of the Q4 report.2023Resigned Executive Board Other members Executive Key managerialand Board employees staffemployees NumberNumberNumberNumber TotalOutstanding at 1 January 17,409 24,626 0 1,924 43,959Transferred between categories 0 -1,364 0 1,364 0Granted during the year 14,600 26,920 20,623 0 62,143Forfeited during the year -2,885 -560 -416 -641 -4,502Outstanding at 31 December 29,124 49,622 20,207 2,647 101,600Of this exercisable at the end of the year 0 0 0 0 02022Resigned Executive Board members Executive Key and Board employees employees NumberNumberNumber TotalOutstanding 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 43,959Of this exercisable at the end of the year 0 0 0 0 Expected annual dividends per Fair value Market share (DKK) per share Year of Exercise price at Expected Risk-free at grant Expected at time of grantpricegrant datevolatilityinterest ratedate termgranting2023 0 269.40 38.66% 2.79% 9.00 3 years 265.422022 0 307.20 34.60% -0.19% 12.00 3 years 313.152021 0 271.00 34.81% -0.55% 6.33 3 years 273.65Employee recognitionIn 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 have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period are 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.37,067 shares have been transferred during 2023 (2022: 1,790 shares). Vesting of shares for 2023 is an expense of DKK 13m (2022: DKK 19m).Expected annual dividends Fair value Market Risk-free per share per share Exercise price at Expected interest (DKK) at Expected at time of Year of grantpricegrant datevolatilityrategrant date termgranting2020 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. Treasury shares are 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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"s8_notesesefdkgaap__8__129-1": {
"value": "5.2 Fee to Auditors appointed at the Annual General MeetingDKK million 2023 2022Audit fees -12 -11 1Other assurance engagements 0 0 2Tax and VAT advice -3 -2 3Non-audit services -5 -1 Total fees -20 -14 Fees for services other than the statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark amounted to DKK 1.3m (2022: DKK 1.1m) including other assurance opinions and agreed-upon procedures, as well as tax and accounting advice.1 Other assurance engage-ments amount to DKK 0.2m (2022: DKK 0.4m) and includes agreed-upon pro-cedures required by law.2 Tax and VAT advice amounts to DKK 3.4m (2022: DKK 1.7m) and comprises work related to restructur-ing, tax advisory and other tax compliance.3 Non-audit services amount to DKK 5.2m (2022: DKK 1.1m) and primarily com-prise advice in relation to acquisition of enterprises.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__8__130-1": {
"value": "5.3 Share based paymentLong-term incentivesThe decision to grant long-term incentives is made by the Board of Directors with consideration to DFDS' remuneration policy approved by the Annual General Meeting. 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 based on value as per grant date. In 2023 a further group of key employees were granted long-term incentives in the form of RSUs. All 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 optionsShare 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 1.9% of the share capital (2022: 2.0%) if all 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 and later 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.2023Resigned Executive Board Average members exercise Executive Key and price per Board employees employees option NumberNumberNumber TotalDKKOutstanding at 1 January 412,341 555,590 187,466 1,155,397 331.76Transferred between categories 0 -71,010 71,010 0 332.84Granted during the year 69,707 128,532 0 198,239 292.00Expired during the year -49,213 -57,630 -98,245 -205,088 383.00Forfeited during the year -15,301 -2,675 -6,968 -24,944 374.80Outstanding at 31 December 417,534 552,807 153,263 1,123,604 315.93Of this exercisable at the end of the year 241,586 263,939 135,528 641,053 319.302022Resigned Executive Board Average members exercise Executive Key and price per Board employees employees option NumberNumberNumber TotalDKKOutstanding 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 -27,7 78 -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 The share options granted in 2023 had a fair value of DKK 11.0m (2022: DKK 7.3m), equal to an average fair value per option of DKK 55.59 (2022: DKK 41.38).No share options have been exercised during 2023 (2022: nil).Vesting of share options is expensed in the income statement for 2023 with DKK 8m (2022: DKK 7m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2023 have an average weighted remaining contractual time of 1.9 years (2022: 2.1 years).Assumptions concerning the calculation of fair value at time of grant:Expected annual dividends Fair value Market Risk-free per share per option Exercise price at Expected interest (DKK) at Expected at time of Year of grantpricegrant datevolatilityrategrant datetermgranting2023 292 269.40 38.66% 2.79% 9.00 3 years 55.592022 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 The expected volatility for 2019 to 2023 is based on the historical volatility for the past three years. The risk-free interest rate is 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 0.17% (2022: 0.07%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2023 with DKK 9m (2022: DKK 4m). The number of RSUs granted in 2021 and later is based on the average share price of the Parent company\u2019s shares five days after the release of the Q4 report.2023Resigned Executive Board Other members Executive Key managerialand Board employees staffemployees NumberNumberNumberNumber TotalOutstanding at 1 January 17,409 24,626 0 1,924 43,959Transferred between categories 0 -1,364 0 1,364 0Granted during the year 14,600 26,920 20,623 0 62,143Forfeited during the year -2,885 -560 -416 -641 -4,502Outstanding at 31 December 29,124 49,622 20,207 2,647 101,600Of this exercisable at the end of the year 0 0 0 0 02022Resigned Executive Board members Executive Key and Board employees employees NumberNumberNumber TotalOutstanding 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 43,959Of this exercisable at the end of the year 0 0 0 0 Expected annual dividends per Fair value Market share (DKK) per share Year of Exercise price at Expected Risk-free at grant Expected at time of grantpricegrant datevolatilityinterest ratedate termgranting2023 0 269.40 38.66% 2.79% 9.00 3 years 265.422022 0 307.20 34.60% -0.19% 12.00 3 years 313.152021 0 271.00 34.81% -0.55% 6.33 3 years 273.65Employee recognitionIn 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 have vested over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period are 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.37,067 shares have been transferred during 2023 (2022: 1,790 shares). Vesting of shares for 2023 is an expense of DKK 13m (2022: DKK 19m).Expected annual dividends Fair value Market Risk-free per share per share Exercise price at Expected interest (DKK) at Expected at time of Year of grantpricegrant datevolatilityrategrant date termgranting2020 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. Treasury shares are 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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"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__8__137": {
"value": " Accounting policies The Group has set up equity-settled share option plans and RSUs. Treasury shares are 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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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__8__139": {
"value": " Accounting policies The statement of cash flows has been prepared using the indirect method, and shows the consolidated cash flows 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 flows from operating activities is calculated on the basis of the profit/loss before depreciation and amortisation (EBITDA) adjusted for the cash flow effect of 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 flows 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 flows 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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"entity": "scheme:549300JZVW1Y1UZ5UK38",
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"s8_notesesefdkgaap__8__140": {
"value": "5.5 Acquisitions and non-controlling interests2024FRS Iberia Group On 17 September 2023 it was announced that the DFDS Group had entered into an agreement to acquire FRS Iberia/Maroc, a division of the German short-sea ferry company FRS GmbH & Co. KG. Closing of the transaction was completed on the 10 January 2024. The purchase price amount to DKK 1.5bn.FRS Iberia/Maroc operates three short-sea ferry routes across the Strait of Gibraltar connecting Spain and Morocco. The acquisition is aligned with DFDS\u2019 strategy to develop and expand the transport network focused on moving goods in trailers by ferry, road & rail as well as moving passengers.The acquisition expands DFDS\u2019 Mediterranean route network that today connects Europe with T\u00fcrkiye and Tunisia, respectively. The region\u2019s organic market growth is expected to continue to exceed growth levels in northern Europe underpinned by nearshoring of manufacturing closer to end markets in Europe.Due to the acquisition date being 10 January 2024 DFDS Group has only had limited access to data to complete the initial accounting for the acquisition. A full overview will be disclosed in the Q1 2024 report.2023 McBurney Transport Group On 28 February 2023, the acquisition of McBurney Transport Group based in Northern Ireland was completed and the DFDS Group obtained control as from this date. The acquisition is included in the Logistics Division. The company is focused on moving refrigerated and dry goods in trailers by road and ferry between the island of Ireland and the UK. The acquisition of McBurney Transport Group is aligned with DFDS\u2019 strategic focus on cold chain logistics. It overlaps with existing activities in the region and offers opportunities to connect with other parts of DFDS\u2019 pan-European transport network. DFDS paid DKK 1,178m for the acquired company. In addition, an earn-out agreement was entered into according to which the seller is entitled to an additional payment based on the McBurney Transport Groups\u2019 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 236m equal to their face value. DFDS measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favourable terms of the lease relative to market terms.Revenue included in the 2023 reporting is DKK 1.1bn and EBITDA of DKK 187m. If the transaction had been completed as of 1 January 2023 revenue from 1 January to 31 December 2023 is estimated to have been DKK 1.3bn and EBITDA of DKK 219m. Transaction and acquisition costs amounts to DKK 12m which are recognised in the income statement line item cost of sales, general and administration.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. The preliminary fair value is DKK 214m at the acquisition date.Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is preliminarily measured at DKK 446m. 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. Goodwill is allocated entirely to the Logistics Division.Estron Group On 11 September 2023 the acquisition of Estron Group based in Rotterdam, The Netherlands was completed and the DFDS Group obtained control as from this date. The acquisition is included in the Logistics Division. The acquisition of Estron Group expands DFDS\u2019 transport network in several ways. By adding road transport capacity to the existing full-load operation to and from the UK, involving both ferry and road transport, DFDS can align this service with the existing operations from DFDS\u2019 location in Vlaardingen, the Netherlands. In addition, Estron Group\u2019s part-load and warehousing operations complement the existing similar operations based in Wijchen, the Netherlands.Trade receivables have been recognised at the acquisition date at a fair value of DKK 63m which is the same as their face value. 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 preliminary fair value of DKK 7m.DFDS measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favourable terms of the lease relative to market terms.Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is preliminary measured at DKK 77m. 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. The goodwill has been allocated to both the Ferry division and Logistics Division which are both expected to benefit from this transaction.Other 2023 acquisitions Lundby \u00c5keri On 1 September 2023 it was announced that the DFDS Group had acquired all activities from Lundby \u00c5keri AB headquartered in Sweden. The DFDS Group obtained control as from this date and the acquired activities is after the acquisition included in the Logistics Division. The purchase price for the acquired activities amounts to DKK 18m.D.R. MacleodOn 22 May 2023 it was announced that he DFDS Group had acquired all activities from D.R. MacLeod headquartered in Scotland. The DFDS Group obtained control as from this date and the acquired activities is after the acquisition included in the Logistics Division. The purchase price for the acquired activities amounts to DKK 26m. McBurney Other Total Total Transport Estron acquisi-acquisi-acquisi-DKK million GroupGrouptionstions 2023tionsNon-current intangible assets 214 14 6 234 234 Land and buildings 144 277 0 421 421 Equipment etc. 331 29 35 394 394 Deferred tax 0 5 0 5 5 Inventories 4 2 0 6 6 Trade receivables including work in progress services 236 63 0 299 299 Other receivables 33 10 0 44 44 Cash at hand and in bank 229 18 0 247 247 Deferred tax liability -93 0 -1 -95 -95 Interest bearing debt -159 -327 0 -485 -485 Trade payables -123 -42 0 -166 -166 Other current liabilities -67 -75 0 -142 -142 Net assets acquired 749 -25 39 763 763 Goodwill at acquisition 446 77 5 528 528 Total purchase price 1,195 52 44 1,291 1,291 Contingent consideration assumed -17 0 0 -17 -17 Cash and bank balances acquired -229 -18 0 -247 -247 Paid contingent consideration regarding prior years acquisitions - - - - 7Cash flow impact from acquisitions 949 34 44 1,027 1,033 2022 The purchase price allocation for Lucey Transport Logistics (acquired 30 September 2022), primeRail (acquired 10 May 2022) and ICT Logistics (acquired 19 January 2022) are finalised and unchanged compared to the Annual Report for 2022. Acquisition of non-controlling interests Acquisition of shares by DFDS A/S in AB DFDS Seaways during 2023 amounts to DKK 8m (2022: less than DKK 1m), equivalent to an ownership of 1.74% (2022: 0.01%) after which the company is owned 98.84% (2022: 97.1%). Badwill of DKK 17m (2022: Badwill of less than DKK 1m) is recognised directly in equity.Significant accounting estimates 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 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 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 notes 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 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 financial 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__142": {
"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 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 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 notes 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 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 financial 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__141": {
"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 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 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 notes 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 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 financial 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__145": {
"value": "5.6 Guarantees, collateral and contingent liabilitiesGuarantees issued by banks on behalf of the Group amount to DKK 224m (2022: DKK 226m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 125m (2022: DKK 148m).The Group is 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 5,752m (2022: DKK 8,596m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 4,002m (2022: DKK 5,353m).At year end 2023 DKK 14m (2022: DKK 175m) of the cash was deposited on restricted bank accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__144": {
"value": "5.6 Guarantees, collateral and contingent liabilitiesGuarantees issued by banks on behalf of the Group amount to DKK 224m (2022: DKK 226m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 125m (2022: DKK 148m).The Group is 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 5,752m (2022: DKK 8,596m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 4,002m (2022: DKK 5,353m).At year end 2023 DKK 14m (2022: DKK 175m) of the cash was deposited on restricted bank accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__143-1": {
"value": "5.6 Guarantees, collateral and contingent liabilitiesGuarantees issued by banks on behalf of the Group amount to DKK 224m (2022: DKK 226m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 125m (2022: DKK 148m).The Group is 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 5,752m (2022: DKK 8,596m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 4,002m (2022: DKK 5,353m).At year end 2023 DKK 14m (2022: DKK 175m) of the cash was deposited on restricted bank accounts.5.7 Contractual commitmentsDKK million 2023 2022Contractual commitments, term 0-1 year 64 59 Contractual commitments, term 1-5 years 27 27 Contractual commitments, term after 5 years 0 0 Contractual commitments (undiscounted) 91 86 The Group\u2019s contractual commitments in 2023 include the purchase of EU Allowances related to the EU Emissions Trading System (ETS) regulations. The purchase of ETS allowances has been done via forward instruments with physical delivery. These instruments are treated as off-balance sheet items as the own-use exemption under IFRS 9 is applied. The Group contractual commitments in 2023 and 2022 include a Vessel Share Agreement in the Netherlands.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__149": {
"value": "5.9 Events after the balance sheet dateOn 10 January 2024, the Group completed the acquisition of FRS Iberia/Maroc, a key player on the strait of Gibraltar short-sea ferry market connecting Spain and Morocco.On 9 February 2024, a share buyback of DKK 431m was announced and launched on 12 February 2024 to 31 December 2024. On 16 February 2024, DFDS awarded 103,780 restricted share units and 444,804 share options to the Executive Board, a number of key employees and other managerial staff. The theoretical value is DKK 37m calculated according to the Black-Scholes model.No other material events have occurred after 31 December 2023 that have consequences for the 2023 annual report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__147": {
"value": "5.7 Contractual commitmentsDKK million 2023 2022Contractual commitments, term 0-1 year 64 59 Contractual commitments, term 1-5 years 27 27 Contractual commitments, term after 5 years 0 0 Contractual commitments (undiscounted) 91 86 The Group\u2019s contractual commitments in 2023 include the purchase of EU Allowances related to the EU Emissions Trading System (ETS) regulations. The purchase of ETS allowances has been done via forward instruments with physical delivery. These instruments are treated as off-balance sheet items as the own-use exemption under IFRS 9 is applied. The Group contractual commitments in 2023 and 2022 include a Vessel Share Agreement in the Netherlands.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__151": {
"value": "5.10 Company overviewOwnershipCompanyshare 2023Country City Currency Share CapitalParent Company 5DFDS A/S Denmark Copenhagen DKK 1,172,631,560Subsidiaries: 2 DFDS Belgium N.V. Belgium Gent EUR 2,355,976N&K Cold Chain Logistics (Shanghai) Co., Ltd. China Shanghai CNY 2,901,420 2DFDS Logistics s.r.o. Czech Republic Prague CZK 1,100,000 2DFDS Germany ApS Denmark Copenhagen DKK 500,000 2 Lundvej 15 ApS Denmark Copenhagen DKK 100.000 2 Dronningens Kvarter 1 ApS Denmark Copenhagen DKK 43,500,00DFDS Logistics A/S Denmark Esbjerg DKK 600,000DFDS Stevedoring A/S Denmark Esbjerg DKK 502,000DFDS Logistics Denmark A/S Denmark Herning DKK 500,000DFDS K\u00f8letransport A/S Denmark Hobro DKK 1,500,000 2 DFDS Logistics O\u00dc Estonia Tallinn EUR 3,000 2 DFDS Logistics OY Finland Turku EUR 2,520 2 DFDS Seaways S.A.S. France Dieppe EUR 37,000Dunes Bail SNC France Paris EUR 1,000Flandres Bail SNC France Paris EUR 1,000 2, DFDS Germany ApS & Co. KG Germany Cuxhaven EUR 25,000Neuenkirch-DFDS Logistics Deutschland GmbH Germanyen-V\u00f6rden EUR 25,000Neuenkirch-DFDS Beteiligungs GmbH Germanyen-V\u00f6rden EUR 25,000Neuenkirch-DFDS Logistics GmbH Germanyen-V\u00f6rden EUR 25,000DFDS Grundst\u00fccksverwaltungs Neuenkirch-GmbH & Co KG. Germanyen-V\u00f6rden EUR 20,000ICT Logistics GmbH Germany Norderstedt EUR 25,000 2DFDS Rail (primeRail) GmbH Germany Troisdorf EUR 98,000Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Kft. Hungary Gyula HUF 3,000,000OwnershipCompanyshare 2023Country City Currency Share CapitalDFDS Seaways Ireland Ltd. Ireland Dublin EUR 100 2Lucey Transport Logistics Ltd. Ireland Dublin EUR 3,000DFDS Logistics Contracts 2(Ireland) Ltd. Ireland Dublin EUR 200McBurney Refrigeration 2(Ireland) Ltd. Ireland Dublin EUR 100 2Bond Delivery Ireland Ltd. Ireland Dublin EUR 100Samer Seaports & Terminals SRL 60.00 Italy Trieste EUR 2,800,000DFDS SIA Lativa Liepaja EUR 113,886AB DFDS Seaways98.31 Lithuania Klaipeda EUR 95,252,000UAB DFDS Trucking Lithuania Klaipeda EUR 89,782Alphatrans International Trucking B.V. Netherlands Brielle EUR 18,000DFDS Logistics Nijmegen B.V. Netherlands Nijmegen EUR 40,840DFDS Transport B.V. Netherlands Nijmegen EUR 22,689Estron Beheer B.V. Netherlands Rotterdam EUR 181,600Estron Holding B.V. Netherlands Rotterdam EUR 11,345DFDS Warehousing Rotterdam B.V. Netherlands Rotterdam EUR 18,000Estron B.V. Netherlands Rotterdam EUR 22,500DFDS Holding B.V. Netherlands Vlaardingen EUR 40,000,000 2DFDS NewCo B.V. Netherlands Vlaardingen EUR 1DFDS Logistics B.V. Netherlands Vlaardingen EUR 455,000DFDS Seaways B.V. Netherlands Vlaardingen EUR 18,400DFDS Logistics Wijchen B.V. Netherlands Wijchen EUR 20,000DFDS Trucking Wijchen B.V. Netherlands Wijchen EUR 18,152DFDS Warehousing Wijchen B.V. Netherlands Wijchen EUR 18,152DFDS Distri Holding B.V. Netherlands Winterswijk EUR 18,000DFDS Expeditie Holding B.V. Netherlands Winterswijk EUR 18,000DFDS Property and Equipment B.V. Netherlands Winterswijk EUR 20,000DFDS Logistics Winterswijk B.V. Netherlands Winterswijk EUR 108,310DFDS Property Nijmegen B.V. Netherlands Winterswijk EUR 18,000DFDS Property and Equipment Winterswijk B.V. Netherlands Winterswijk EUR 77,1401 Unless otherwise indicated, the companies are 100% owned by the DFDS Group.2 The Company is directly owned by the Parent Com-pany DFDS A/S3 Relief in accordance with Sec. 264b German Commercial Code (HGB).4 Due to minority protection in the shareholders\u2019 agree-ments the DFDS Group does not have a controlling interest.5. Includes Estonian branch, French branch, Lithuanian branch and UK branch of DFDS A/S.OwnershipCompanyshare 2023Country City Currency Share CapitalNorthSea Terminal AS Norway Brevik NOK 1,000,000 2DFDS Logistics AS Norway Lysaker NOK 20,538,000DFDS Spedition Norge AS Norway Oslo NOK 500,000 2DFDS Seaways AS Norway Oslo NOK 12,000,0002DFDS Polska Sp. z o.o. Poland Poznan PLN 10,005,000DFDS Logistics Polska Sp. z o.o. 80.00 Poland Szubin PLN 50,000DFDS Investments Sp. z o.o. 80.00 Poland Szubin PLN 5,000DFDS Logistics Solutions Romania SRL Romania Bucharest RON 147,050Romania Transport Group SRL Romania Tibod RON 1,000N&K Spedition Spain S.L. 80.00 Spain Tarragona EUR 60,000 2DFDS Seaways Hispania S.L. Spain Valencia EUR 3,000 2DFDS Logistics Services AB Sweden Gothenburg SEK 1,100,000DFDS AB Sweden Gothenburg SEK 500,000DFDS Logistics Contracts AB Sweden Gothenburg SEK 50,000DFDS Logistics Partners AB 85.00 Sweden Gothenburg SEK 1,000,000 2DFDS Professionals AB87.50 Sweden Gothenburg SEK 25,000DFDS Turkey Denizcilik ve Tasi Yati A.\u015e. T\u00fcrkiye Istanbul EUR 342,000,000Trieste Newholdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiyeIstanbulEUR 461,635,380Trieste Holdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiyeIstanbulEUR 464,440,121Trieste Midco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiye Istanbul EUR 475,242,795DFDS Denizcilik ve Tasimacilik A.\u015e. 98.80 T\u00fcrkiye Istanbul EUR 369,967,159OwnershipCompanyshare 2023Country City Currency Share Capital2McBurney Transport Group Ltd. United Kingdom Ballymena GBP 947,9342Bondelivery NI Ltd. United Kingdom Ballymena GBP 260,110Huisman International (UK) Ltd. United Kingdom Corby GBP 100 2DFDS Logistics Ltd. United Kingdom Immingham GBP 15,150,000DFDS Logistics Contracts Ltd. United Kingdom Immingham GBP 2,571,495 2DFDS Logistics Services Ltd. United Kingdom Immingham GBP 100DFDS Logistics Property Ltd. United Kingdom Immingham GBP 250,000 2DFDS Seaways Holding Ltd. United Kingdom Immingham GBP 250,000 2DFDS Seaways Plc. United Kingdom Immingham GBP 40,250,000LLC DFDS Ukraine Kiev UAH 357,644Associates: Bohus Terminal Holding AB65.00 Sweden Gothenburg SEK 50,000Gothenburg RO/RO Terminal AB 65.00 Sweden Gothenburg SEK 5,000,000DeaL Energy A/S 50.00 Denmark Hellerup DKK 500,000Euro Asia cold Chain Logistic 52.04 China Shanghai CNY 22,100,00022 Dormant entities",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300JZVW1Y1UZ5UK38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__8__150": {
"value": "5.10 Company overviewOwnershipCompanyshare 2023Country City Currency Share CapitalParent Company 5DFDS A/S Denmark Copenhagen DKK 1,172,631,560Subsidiaries: 2 DFDS Belgium N.V. Belgium Gent EUR 2,355,976N&K Cold Chain Logistics (Shanghai) Co., Ltd. China Shanghai CNY 2,901,420 2DFDS Logistics s.r.o. Czech Republic Prague CZK 1,100,000 2DFDS Germany ApS Denmark Copenhagen DKK 500,000 2 Lundvej 15 ApS Denmark Copenhagen DKK 100.000 2 Dronningens Kvarter 1 ApS Denmark Copenhagen DKK 43,500,00DFDS Logistics A/S Denmark Esbjerg DKK 600,000DFDS Stevedoring A/S Denmark Esbjerg DKK 502,000DFDS Logistics Denmark A/S Denmark Herning DKK 500,000DFDS K\u00f8letransport A/S Denmark Hobro DKK 1,500,000 2 DFDS Logistics O\u00dc Estonia Tallinn EUR 3,000 2 DFDS Logistics OY Finland Turku EUR 2,520 2 DFDS Seaways S.A.S. France Dieppe EUR 37,000Dunes Bail SNC France Paris EUR 1,000Flandres Bail SNC France Paris EUR 1,000 2, DFDS Germany ApS & Co. KG Germany Cuxhaven EUR 25,000Neuenkirch-DFDS Logistics Deutschland GmbH Germanyen-V\u00f6rden EUR 25,000Neuenkirch-DFDS Beteiligungs GmbH Germanyen-V\u00f6rden EUR 25,000Neuenkirch-DFDS Logistics GmbH Germanyen-V\u00f6rden EUR 25,000DFDS Grundst\u00fccksverwaltungs Neuenkirch-GmbH & Co KG. Germanyen-V\u00f6rden EUR 20,000ICT Logistics GmbH Germany Norderstedt EUR 25,000 2DFDS Rail (primeRail) GmbH Germany Troisdorf EUR 98,000Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Kft. Hungary Gyula HUF 3,000,000OwnershipCompanyshare 2023Country City Currency Share CapitalDFDS Seaways Ireland Ltd. Ireland Dublin EUR 100 2Lucey Transport Logistics Ltd. Ireland Dublin EUR 3,000DFDS Logistics Contracts 2(Ireland) Ltd. Ireland Dublin EUR 200McBurney Refrigeration 2(Ireland) Ltd. Ireland Dublin EUR 100 2Bond Delivery Ireland Ltd. Ireland Dublin EUR 100Samer Seaports & Terminals SRL 60.00 Italy Trieste EUR 2,800,000DFDS SIA Lativa Liepaja EUR 113,886AB DFDS Seaways98.31 Lithuania Klaipeda EUR 95,252,000UAB DFDS Trucking Lithuania Klaipeda EUR 89,782Alphatrans International Trucking B.V. Netherlands Brielle EUR 18,000DFDS Logistics Nijmegen B.V. Netherlands Nijmegen EUR 40,840DFDS Transport B.V. Netherlands Nijmegen EUR 22,689Estron Beheer B.V. Netherlands Rotterdam EUR 181,600Estron Holding B.V. Netherlands Rotterdam EUR 11,345DFDS Warehousing Rotterdam B.V. Netherlands Rotterdam EUR 18,000Estron B.V. Netherlands Rotterdam EUR 22,500DFDS Holding B.V. Netherlands Vlaardingen EUR 40,000,000 2DFDS NewCo B.V. Netherlands Vlaardingen EUR 1DFDS Logistics B.V. Netherlands Vlaardingen EUR 455,000DFDS Seaways B.V. Netherlands Vlaardingen EUR 18,400DFDS Logistics Wijchen B.V. Netherlands Wijchen EUR 20,000DFDS Trucking Wijchen B.V. Netherlands Wijchen EUR 18,152DFDS Warehousing Wijchen B.V. Netherlands Wijchen EUR 18,152DFDS Distri Holding B.V. Netherlands Winterswijk EUR 18,000DFDS Expeditie Holding B.V. Netherlands Winterswijk EUR 18,000DFDS Property and Equipment B.V. Netherlands Winterswijk EUR 20,000DFDS Logistics Winterswijk B.V. Netherlands Winterswijk EUR 108,310DFDS Property Nijmegen B.V. Netherlands Winterswijk EUR 18,000DFDS Property and Equipment Winterswijk B.V. Netherlands Winterswijk EUR 77,1401 Unless otherwise indicated, the companies are 100% owned by the DFDS Group.2 The Company is directly owned by the Parent Com-pany DFDS A/S3 Relief in accordance with Sec. 264b German Commercial Code (HGB).4 Due to minority protection in the shareholders\u2019 agree-ments the DFDS Group does not have a controlling interest.5. Includes Estonian branch, French branch, Lithuanian branch and UK branch of DFDS A/S.OwnershipCompanyshare 2023Country City Currency Share CapitalNorthSea Terminal AS Norway Brevik NOK 1,000,000 2DFDS Logistics AS Norway Lysaker NOK 20,538,000DFDS Spedition Norge AS Norway Oslo NOK 500,000 2DFDS Seaways AS Norway Oslo NOK 12,000,0002DFDS Polska Sp. z o.o. Poland Poznan PLN 10,005,000DFDS Logistics Polska Sp. z o.o. 80.00 Poland Szubin PLN 50,000DFDS Investments Sp. z o.o. 80.00 Poland Szubin PLN 5,000DFDS Logistics Solutions Romania SRL Romania Bucharest RON 147,050Romania Transport Group SRL Romania Tibod RON 1,000N&K Spedition Spain S.L. 80.00 Spain Tarragona EUR 60,000 2DFDS Seaways Hispania S.L. Spain Valencia EUR 3,000 2DFDS Logistics Services AB Sweden Gothenburg SEK 1,100,000DFDS AB Sweden Gothenburg SEK 500,000DFDS Logistics Contracts AB Sweden Gothenburg SEK 50,000DFDS Logistics Partners AB 85.00 Sweden Gothenburg SEK 1,000,000 2DFDS Professionals AB87.50 Sweden Gothenburg SEK 25,000DFDS Turkey Denizcilik ve Tasi Yati A.\u015e. T\u00fcrkiye Istanbul EUR 342,000,000Trieste Newholdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiyeIstanbulEUR 461,635,380Trieste Holdco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiyeIstanbulEUR 464,440,121Trieste Midco Denizcilik ve Ta\u015f\u0131mac\u0131l\u0131k A.\u015e. T\u00fcrkiye Istanbul EUR 475,242,795DFDS Denizcilik ve Tasimacilik A.\u015e. 98.80 T\u00fcrkiye Istanbul EUR 369,967,159OwnershipCompanyshare 2023Country City Currency Share Capital2McBurney Transport Group Ltd. United Kingdom Ballymena GBP 947,9342Bondelivery NI Ltd. United Kingdom Ballymena GBP 260,110Huisman International (UK) Ltd. United Kingdom Corby GBP 100 2DFDS Logistics Ltd. United Kingdom Immingham GBP 15,150,000DFDS Logistics Contracts Ltd. United Kingdom Immingham GBP 2,571,495 2DFDS Logistics Services Ltd. United Kingdom Immingham GBP 100DFDS Logistics Property Ltd. United Kingdom Immingham GBP 250,000 2DFDS Seaways Holding Ltd. United Kingdom Immingham GBP 250,000 2DFDS Seaways Plc. United Kingdom Immingham GBP 40,250,000LLC DFDS Ukraine Kiev UAH 357,644Associates: Bohus Terminal Holding AB65.00 Sweden Gothenburg SEK 50,000Gothenburg RO/RO Terminal AB 65.00 Sweden Gothenburg SEK 5,000,000DeaL Energy A/S 50.00 Denmark Hellerup DKK 500,000Euro Asia cold Chain Logistic 52.04 China Shanghai CNY 22,100,00022 Dormant entities",
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