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Proposed profit appropriation

Proposed dividends DKK 0.00per share 1(2023: DKK 3.00per share)

Dividends

Proposed dividends are recognised as liabilities at the date on which they are adopted at the Annual General Meeting (time of declaration).

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"scheme:549300JZVW1Y1UZ5UK38", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s6__5__44": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s6__6__44": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s6__5__45": { "value": "1589000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s6__6__45": { "value": "737000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s8__8__14": { "value": "

1

At 31 December 2024 DKK 11m (2023: DKK 14m) of the cash was deposited on restricted bank accounts.

2

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__15": { "value": "

1

At 31 December 2024 DKK 11m (2023: DKK 14m) of the cash was deposited on restricted bank accounts.

2

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s6__5__47": { "value": "11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s6__6__47": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s8__8__16": { "value": "

1.1 Principal accounting policies

Accounting policies are generally included in the notes to which they relate. This note provides a list of other potentially material accounting policies adopted in the preparation of these consolidated financial statements to the extent that they have not been disclosed in the notes to which they relate. These policies have been consistently applied to all of the years presented, unless otherwise stated. The financial statements are for the Group consisting of DFDS A/S and its subsidiaries.

The accounting policies have been made within the framework of the prevailing IFRS accounting standards 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 reporting

The 2024 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 Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 21 February 2025, the Board of Directors and the Executive Management Board considered and approved the 2024 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 24 March 2025.

Basis for preparation

The consolidated financial statements and the Parent company financial statements are presented in Danish Kroner (DKK) which is the Parent company\u2019s functional currency. The consolidated financial statements and the Parent company financial statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit loss\u201d (FVTPL) are measured at fair value.

Rounding

In general, rounding may cause variances in sums and percentages in the Annual Report.

Application of materiality and relevance

The consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with

other information, is disclosed.

Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements. In particular circumstances, either the nature or the amount of an item or an aggregate of items could be the determining factor.

Alternative performance measures

In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS.

For definitions of key figures please refer to the sections \u2018Financial definitions\u2019 and \u2019ESG definitions\u2019.

Climate related risk

When 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 2024 are included within the individual notes outlined below:

Note 3.1.2 Non-current tangible assets

Note 3.1.3 Right-of-use assets and lease liabilities

Note 3.1.4 Impairment testing

1.1 Principal accounting policies (continued)

Description of accounting policies

Basis of consolidation

The consolidated financial statements includes the Parent company DFDS A/S and the subsidiaries in which the Parent company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent company and 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 interests

In the consolidated financial statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the statement of change in equity.

Translation of foreign currencies

Functional and presentation currency

Items included in the financial statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The consolidated financial statements are presented in Danish Kroner (DKK).

Translation of transactions and balances

On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement as financial income or cost except when deferred in equity as qualifying for cash flow hedges.

Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss.

Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition.

Translation of subsidiaries

In the consolidated financial statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period.

Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in other comprehensive income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent company\u2019s and the non-controlling interests\u2019 share of equity.

Report under the ESEF regulation

The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group\u2019s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2024-12-31-en.zip.

Key figures

Key figures are calculated in accordance with the latest version of the Danish Finance Society\u2019s guidelines, \u2018Recommendations and Financial Ratios\u2019 unless separately stated under 'Financial definitions'. The key figures stated in the overview with consolidated financial highlights are defined on the \u2018Financial definitions\u2019 page 236.

1.2 New accounting policies and disclosures

New standards and interpretations not yet adopted

The IASB has issued a number of amended standards and interpretations with effective date post 31 December 2024, 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 2024. The Group expects to adopt the Standards and Interpretations when they become mandatory.

IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) will not impact the recognition or measurement of items in the financial statements however, it will impact presentation and disclosure.

Management is currently assessing the implications of applying the new standard. A high-level preliminary assessment has identified the following: grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported, and changes to classification of financial items in the statement of cash flows is expected to impact the presented cash flows from operating, investing and financing activities, respectively.

New International Financial Reporting Standards and Interpretations

The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2024:

- Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amendments to IAS 1: with the introduction of amendments to IAS 1 in 2024, a liability will be classified as non-current when DFDS has the right to defer settlement of the liability for at least twelve months after the reporting period, classification is unaffected by management\u2019s intention or expectations whether to use the right to defer settlement or choose to settle early. Previous requirements for classifying a liability as current or non-current established that a liability is current if, among others, DFDS did not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Comparative figures have been restated accordingly.

- Lease Liability in Sale and Leaseback \u2013 Amendments to IFRS 16: did not have any material impact on the amounts recognised in prior periods and is not expected to significantly affect the current or future periods.

- Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7: as a result of the adoption of the amendments to IAS 7 and IFRS 7, the Group provided new disclosures for liabilities under supplier finance arrangements in note 3.2.3.

Voluntary change in accounting policy - IFRS 16 practical expedient

DFDS no longer applies the practical expedient not to account for each lease component within lease contracts separately. DFDS now separates 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 resulting in a total lease term exceeding 12 months from commencement date. The change is assessed to give more relevant information and is better aligned with market practice. The changes are considered change in accounting policy and comparative figures have been restated retrospectively.

DFDS\u2019s accounting policy has historically been not to separate the non-lease components from the lease components (except for terminals), and instead to 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 cost directly in the income statement.

Had the change not been implemented, the 31 December 2024 right-of-use assets would have been DKK 269m higher and lease liabilities DKK 281m higher. Operating cost in 2024 would have been lower by DKK 155m. Depreciation would be DKK 152m higher. Minor impact of the change affects profit after tax, interest cost, profit on disposal of non-current assets, exchange rate gain/loss, prepaid cost and other payables.

Impact of amendments to IAS 1 and change in IFRS 16 accounting policy

The following tables summarise the impact of the changes requiring restatement on the Group's consolidated financial statements.

Income statement (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Ferry and other ship operation and maintenance

5,485

112

5,597

Port terminal operations

3,264

-1

3,263

Transport solutions and warehouse solutions

6,743

33

6,776

Cost of sales, general and administration

1,206

0

1,206

Operating profit before depreciation and amortisation (EBITDA)

5,034

-144

4,890

Profit on disposal of non-current assets, net

111

2

113

Depreciation on tangibles and right-of-use assets

2,615

-142

2,473

Operating profit before amortisation (EBITA)

2,504

0

2,504

Operating profit (EBIT)

2,326

0

2,326

Financial income

80

0

80

Financial costs

753

-14

739

Profit before tax

1,652

14

1,667

Tax on profit

148

0

148

Profit for the year

1,505

14

1,519

Attributable to:

Equity holders of DFDS A/S

1,501

14

1,516

Non-controlling interests

3

0

3

Total comprehensive income

1,343

14

1,357

1.2 New accounting policies and disclosures (continued)

Balance sheet (extract)

31 December 2023

DKK million

As reported

Adjustment

IFRS 16

IAS 1

Restated

Assets

Right-of-use assets

5,826

-226

5,600

Non-current tangible assets

21,543

-226

21,317

Total non-current assets

28,918

-226

28,691

Assets

34,873

-226

34,647

Equity and liabilities

Retained earnings

13,105

14

13,119

Equity attributable to equity holders of DFDS A/S

13,827

14

13,840

Equity

13,918

14

13,932

Interest-bearing liabilities

13,134

-132

600

13,602

Deferred tax

467

1

468

Non-current liabilities

13,756

-131

600

14,225

Interest-bearing liabilities

2,336

-109

-600

1,627

Current liabilities

7,199

-109

-600

6,491

Liabilities

20,955

-240

20,715

Equity and liabilities

34,873

-226

34,647

Balance sheet (extract)

1 January 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Assets

Right-of-use assets

4,648

-206

4,442

Non-current tangible assets

21,197

-206

20,991

Total non-current assets

28,141

-206

27,935

Assets

34,084

-206

33,878

Equity and liabilities

Retained earnings

12,133

0

12,133

Equity attributable to equity holders of DFDS A/S

13,022

0

13,022

Equity

13,135

0

13,135

Interest-bearing liabilities

12,397

-87

12,310

Deferred tax

359

0

359

Non-current liabilities

12,896

-87

12,809

Interest-bearing liabilities

3,137

-119

3,018

Current liabilities

8,053

-119

7,933

Liabilities

20,949

-206

20,742

Equity and liabilities

34,084

-206

33,878

1.2 New accounting policies and disclosures (continued)

Statement of cash flows (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Operating profit before depreciation and amortisation (EBITDA)

5,034

-144

4,890

Interest etc., paid

-734

9

-725

Cash flows from operating activities

3,811

-135

3,675

Free cash flows

2,662

-135

2,526

Payment of lease liabilities

-935

135

-799

Cash flows from financing activities

-3,115

135

-2,980

Net cash flows

-454

0

-454

Key figures (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Net interest-bearing debt

14,689

-241

14,449

Invested capital, end of period

28,996

-226

28,770

ROIC before acquisition intangibles (ROIC BAI), %

10.4

0.1

10.5

Return on invested capital (ROIC), %

7.6

0.0

7.6

Financial leverage, times

2.9

0.0

2.9

Earnings per share (EPS), DKK

26.64

0.25

26.89

Diluted earnings per share (EPS-D), DKK

26.58

0.25

26.83

\u00a7 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.

\u00a7 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.

From January 2024, DFDS is included in the scope of companies subject to Maritime Emission Trading Scheme (ETS). Cost will be recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges.

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.

\u00a7 Accounting policies

Non-current intangible assets - Other than goodwill

Generally, the following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated amortisation and impairment losses.

\u2022\tThe 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\tThe assets are amortised on a straight-line basis over the estimated useful life.

\u2022\tThe effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate.

Goodwill

At initial recognition goodwill is recognised in the balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition.

\u00a7 Accounting policies (continued)

Development projects in progress

Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met:

\u2022\tThe projects are clearly defined and identifiable.

\u2022\tThe Group intends to use the projects once completed.

\u2022\tThe future earnings from the projects are expected to cover the development and administrative costs, and

\u2022\tThe 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 assets

Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years.

Port concession rights

Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.

Accounting policies

Non-current tangible assets

The following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated depreciation and impairment losses.

\u2022\tThe 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\tThe basis for depreciation is determined as the cost less estimated residual value.

\u2022\tThe assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value.

\u2022\tEstimated 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\tThe effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate.

Ferries and other ships

The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to:

\u2022\tSafety measures.

\u2022\tMeasures to extend the useful life of the ferries and other ships.

\u2022\tMeasures to reduce climate impact.

\u2022\tMeasures to improve earnings.

\u2022\tDocking.

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.

\u00a7 Accounting policies(continued)

Passenger cruise ferries and freight and passenger (ro-pax) ferries

Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas.

Freight ferries (ro-ro)

The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries.

Depreciation \u2013 expected useful life and residual value

The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years.

The residual value of 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 assets

Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements.

The estimated useful lifetimes are as follows:

\u2022\tBuildings\t25-50 years

\u2022\tTerminals etc.\t10-40 years

\u2022\tEquipment etc.\t4-10 years

\u2022\tLeasehold improvements\tMax. 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'.

\u00a7 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 change 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.

\u00a7 Accounting policies

The carrying amount of Goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously 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

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

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 adjust-ment 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.

Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under Other provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows.

1

Addition from acquisition of enterprises relate to FRS Group and Ekol Group.

2

Includes mainly provision for emitted greenhouse gases following the Maritime EU Emissions Trading System (ETS) that came into effect 1 January 2024.

Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

Accounting policies

Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.

Accounting policies

Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement under 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

Dividends

Proposed dividends are recognised as liabilities at the date on which they are adopted at the Annual General Meeting (time of declaration).

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

Currency translation reserve

The reserve comprises DFDS A/S shareholders\u2019 share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity.

Reserve for hedging

The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

\u00a7 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.

\u00a7 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, ETS emission provision, 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.

1

Restated for changes in accounting policy, refer to note 1.2.

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 state-ments 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 inter-ests 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 rec-ognised 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 acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment 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 dif-ferent 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 recog-nised 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 recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items.

Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised 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 previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__17": { "value": "

1.1 Principal accounting policies

Accounting policies are generally included in the notes to which they relate. This note provides a list of other potentially material accounting policies adopted in the preparation of these consolidated financial statements to the extent that they have not been disclosed in the notes to which they relate. These policies have been consistently applied to all of the years presented, unless otherwise stated. The financial statements are for the Group consisting of DFDS A/S and its subsidiaries.

The accounting policies have been made within the framework of the prevailing IFRS accounting standards 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 reporting

The 2024 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 Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 21 February 2025, the Board of Directors and the Executive Management Board considered and approved the 2024 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 24 March 2025.

Basis for preparation

The consolidated financial statements and the Parent company financial statements are presented in Danish Kroner (DKK) which is the Parent company\u2019s functional currency. The consolidated financial statements and the Parent company financial statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit loss\u201d (FVTPL) are measured at fair value.

Rounding

In general, rounding may cause variances in sums and percentages in the Annual Report.

Application of materiality and relevance

The consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with

other information, is disclosed.

Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements. In particular circumstances, either the nature or the amount of an item or an aggregate of items could be the determining factor.

Alternative performance measures

In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS.

For definitions of key figures please refer to the sections \u2018Financial definitions\u2019 and \u2019ESG definitions\u2019.

Climate related risk

When 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 2024 are included within the individual notes outlined below:

Note 3.1.2 Non-current tangible assets

Note 3.1.3 Right-of-use assets and lease liabilities

Note 3.1.4 Impairment testing

1.1 Principal accounting policies (continued)

Description of accounting policies

Basis of consolidation

The consolidated financial statements includes the Parent company DFDS A/S and the subsidiaries in which the Parent company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent company and 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 interests

In the consolidated financial statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the statement of change in equity.

Translation of foreign currencies

Functional and presentation currency

Items included in the financial statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The consolidated financial statements are presented in Danish Kroner (DKK).

Translation of transactions and balances

On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement as financial income or cost except when deferred in equity as qualifying for cash flow hedges.

Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss.

Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition.

Translation of subsidiaries

In the consolidated financial statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period.

Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in other comprehensive income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent company\u2019s and the non-controlling interests\u2019 share of equity.

Report under the ESEF regulation

The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group\u2019s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2024-12-31-en.zip.

Key figures

Key figures are calculated in accordance with the latest version of the Danish Finance Society\u2019s guidelines, \u2018Recommendations and Financial Ratios\u2019 unless separately stated under 'Financial definitions'. The key figures stated in the overview with consolidated financial highlights are defined on the \u2018Financial definitions\u2019 page 236.

", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__19": { "value": "DFDS A/S ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__22": { "value": "DFDS A/S ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__23": { "value": "A/S ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__18": { "value": "

Basis of reporting

The 2024 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 Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 21 February 2025, the Board of Directors and the Executive Management Board considered and approved the 2024 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 24 March 2025.

Basis for preparation

The consolidated financial statements and the Parent company financial statements are presented in Danish Kroner (DKK) which is the Parent company\u2019s functional currency. The consolidated financial statements and the Parent company financial statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit loss\u201d (FVTPL) are measured at fair value.

Rounding

In general, rounding may cause variances in sums and percentages in the Annual Report.

Application of materiality and relevance

The consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with

other information, is disclosed.

Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements. In particular circumstances, either the nature or the amount of an item or an aggregate of items could be the determining factor.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__24": { "value": "

Basis of reporting

The 2024 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 Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 21 February 2025, the Board of Directors and the Executive Management Board considered and approved the 2024 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 24 March 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__25": { "value": "

Basis of reporting

The 2024 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 Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__26-1": { "value": "

Basis of reporting

The 2024 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 Accounting Standards as adopted by the EU, and additional Danish disclosure requirements for listed companies. The consolidated financial statements are also in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

On 21 February 2025, the Board of Directors and the Executive Management Board considered and approved the 2024 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 24 March 2025.

Basis for preparation

The consolidated financial statements and the Parent company financial statements are presented in Danish Kroner (DKK) which is the Parent company\u2019s functional currency. The consolidated financial statements and the Parent company financial statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as \u201cFair value through profit loss\u201d (FVTPL) are measured at fair value.

Rounding

In general, rounding may cause variances in sums and percentages in the Annual Report.

Application of materiality and relevance

The consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with

other information, is disclosed.

Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements. In particular circumstances, either the nature or the amount of an item or an aggregate of items could be the determining factor.

Alternative performance measures

In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS.

For definitions of key figures please refer to the sections \u2018Financial definitions\u2019 and \u2019ESG definitions\u2019.

Climate related risk

When 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 2024 are included within the individual notes outlined below:

Note 3.1.2 Non-current tangible assets

Note 3.1.3 Right-of-use assets and lease liabilities

Note 3.1.4 Impairment testing

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__27": { "value": "On 21 February 2025, the Board of Directors and the Executive Management Board considered and approved the 2024 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 24 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__33": { "value": "

Basis of consolidation

The consolidated financial statements includes the Parent company DFDS A/S and the subsidiaries in which the Parent company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent company and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__34": { "value": "Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries\u2019 net asset value at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__35": { "value": "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:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__36": { "value": "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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__37": { "value": "

Non-controlling interests

In the consolidated financial statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests\u2019 share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group\u2019s results and equity, respectively, but are presented separately in the proposed profit appropriation and the statement of change in equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__38": { "value": "

Translation of foreign currencies

Functional and presentation currency

Items included in the financial statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The consolidated financial statements are presented in Danish Kroner (DKK).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__39-1": { "value": "

Translation of foreign currencies

Functional and presentation currency

Items included in the financial statements of each of the Group\u2019s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The consolidated financial statements are presented in Danish Kroner (DKK).

Translation of transactions and balances

On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement as financial income or cost except when deferred in equity as qualifying for cash flow hedges.

Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss.

Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition.

Translation of subsidiaries

In the consolidated financial statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period.

Foreign exchange differences arising on translation of such subsidiaries\u2019 equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in other comprehensive income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent company\u2019s and the non-controlling interests\u2019 share of equity.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__42": { "value": "

1.2 New accounting policies and disclosures

New standards and interpretations not yet adopted

The IASB has issued a number of amended standards and interpretations with effective date post 31 December 2024, 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 2024. The Group expects to adopt the Standards and Interpretations when they become mandatory.

IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) will not impact the recognition or measurement of items in the financial statements however, it will impact presentation and disclosure.

Management is currently assessing the implications of applying the new standard. A high-level preliminary assessment has identified the following: grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported, and changes to classification of financial items in the statement of cash flows is expected to impact the presented cash flows from operating, investing and financing activities, respectively.

New International Financial Reporting Standards and Interpretations

The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2024:

- Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amendments to IAS 1: with the introduction of amendments to IAS 1 in 2024, a liability will be classified as non-current when DFDS has the right to defer settlement of the liability for at least twelve months after the reporting period, classification is unaffected by management\u2019s intention or expectations whether to use the right to defer settlement or choose to settle early. Previous requirements for classifying a liability as current or non-current established that a liability is current if, among others, DFDS did not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Comparative figures have been restated accordingly.

- Lease Liability in Sale and Leaseback \u2013 Amendments to IFRS 16: did not have any material impact on the amounts recognised in prior periods and is not expected to significantly affect the current or future periods.

- Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7: as a result of the adoption of the amendments to IAS 7 and IFRS 7, the Group provided new disclosures for liabilities under supplier finance arrangements in note 3.2.3.

Voluntary change in accounting policy - IFRS 16 practical expedient

DFDS no longer applies the practical expedient not to account for each lease component within lease contracts separately. DFDS now separates 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 resulting in a total lease term exceeding 12 months from commencement date. The change is assessed to give more relevant information and is better aligned with market practice. The changes are considered change in accounting policy and comparative figures have been restated retrospectively.

DFDS\u2019s accounting policy has historically been not to separate the non-lease components from the lease components (except for terminals), and instead to 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 cost directly in the income statement.

Had the change not been implemented, the 31 December 2024 right-of-use assets would have been DKK 269m higher and lease liabilities DKK 281m higher. Operating cost in 2024 would have been lower by DKK 155m. Depreciation would be DKK 152m higher. Minor impact of the change affects profit after tax, interest cost, profit on disposal of non-current assets, exchange rate gain/loss, prepaid cost and other payables.

Impact of amendments to IAS 1 and change in IFRS 16 accounting policy

The following tables summarise the impact of the changes requiring restatement on the Group's consolidated financial statements.

Income statement (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Ferry and other ship operation and maintenance

5,485

112

5,597

Port terminal operations

3,264

-1

3,263

Transport solutions and warehouse solutions

6,743

33

6,776

Cost of sales, general and administration

1,206

0

1,206

Operating profit before depreciation and amortisation (EBITDA)

5,034

-144

4,890

Profit on disposal of non-current assets, net

111

2

113

Depreciation on tangibles and right-of-use assets

2,615

-142

2,473

Operating profit before amortisation (EBITA)

2,504

0

2,504

Operating profit (EBIT)

2,326

0

2,326

Financial income

80

0

80

Financial costs

753

-14

739

Profit before tax

1,652

14

1,667

Tax on profit

148

0

148

Profit for the year

1,505

14

1,519

Attributable to:

Equity holders of DFDS A/S

1,501

14

1,516

Non-controlling interests

3

0

3

Total comprehensive income

1,343

14

1,357

1.2 New accounting policies and disclosures (continued)

Balance sheet (extract)

31 December 2023

DKK million

As reported

Adjustment

IFRS 16

IAS 1

Restated

Assets

Right-of-use assets

5,826

-226

5,600

Non-current tangible assets

21,543

-226

21,317

Total non-current assets

28,918

-226

28,691

Assets

34,873

-226

34,647

Equity and liabilities

Retained earnings

13,105

14

13,119

Equity attributable to equity holders of DFDS A/S

13,827

14

13,840

Equity

13,918

14

13,932

Interest-bearing liabilities

13,134

-132

600

13,602

Deferred tax

467

1

468

Non-current liabilities

13,756

-131

600

14,225

Interest-bearing liabilities

2,336

-109

-600

1,627

Current liabilities

7,199

-109

-600

6,491

Liabilities

20,955

-240

20,715

Equity and liabilities

34,873

-226

34,647

Balance sheet (extract)

1 January 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Assets

Right-of-use assets

4,648

-206

4,442

Non-current tangible assets

21,197

-206

20,991

Total non-current assets

28,141

-206

27,935

Assets

34,084

-206

33,878

Equity and liabilities

Retained earnings

12,133

0

12,133

Equity attributable to equity holders of DFDS A/S

13,022

0

13,022

Equity

13,135

0

13,135

Interest-bearing liabilities

12,397

-87

12,310

Deferred tax

359

0

359

Non-current liabilities

12,896

-87

12,809

Interest-bearing liabilities

3,137

-119

3,018

Current liabilities

8,053

-119

7,933

Liabilities

20,949

-206

20,742

Equity and liabilities

34,084

-206

33,878

1.2 New accounting policies and disclosures (continued)

Statement of cash flows (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Operating profit before depreciation and amortisation (EBITDA)

5,034

-144

4,890

Interest etc., paid

-734

9

-725

Cash flows from operating activities

3,811

-135

3,675

Free cash flows

2,662

-135

2,526

Payment of lease liabilities

-935

135

-799

Cash flows from financing activities

-3,115

135

-2,980

Net cash flows

-454

0

-454

Key figures (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Net interest-bearing debt

14,689

-241

14,449

Invested capital, end of period

28,996

-226

28,770

ROIC before acquisition intangibles (ROIC BAI), %

10.4

0.1

10.5

Return on invested capital (ROIC), %

7.6

0.0

7.6

Financial leverage, times

2.9

0.0

2.9

Earnings per share (EPS), DKK

26.64

0.25

26.89

Diluted earnings per share (EPS-D), DKK

26.58

0.25

26.83

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__43": { "value": "

1.2 New accounting policies and disclosures

New standards and interpretations not yet adopted

The IASB has issued a number of amended standards and interpretations with effective date post 31 December 2024, 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 2024. The Group expects to adopt the Standards and Interpretations when they become mandatory.

IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) will not impact the recognition or measurement of items in the financial statements however, it will impact presentation and disclosure.

Management is currently assessing the implications of applying the new standard. A high-level preliminary assessment has identified the following: grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported, and changes to classification of financial items in the statement of cash flows is expected to impact the presented cash flows from operating, investing and financing activities, respectively.

New International Financial Reporting Standards and Interpretations

The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2024:

- Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amendments to IAS 1: with the introduction of amendments to IAS 1 in 2024, a liability will be classified as non-current when DFDS has the right to defer settlement of the liability for at least twelve months after the reporting period, classification is unaffected by management\u2019s intention or expectations whether to use the right to defer settlement or choose to settle early. Previous requirements for classifying a liability as current or non-current established that a liability is current if, among others, DFDS did not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Comparative figures have been restated accordingly.

- Lease Liability in Sale and Leaseback \u2013 Amendments to IFRS 16: did not have any material impact on the amounts recognised in prior periods and is not expected to significantly affect the current or future periods.

- Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7: as a result of the adoption of the amendments to IAS 7 and IFRS 7, the Group provided new disclosures for liabilities under supplier finance arrangements in note 3.2.3.

Voluntary change in accounting policy - IFRS 16 practical expedient

DFDS no longer applies the practical expedient not to account for each lease component within lease contracts separately. DFDS now separates 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 resulting in a total lease term exceeding 12 months from commencement date. The change is assessed to give more relevant information and is better aligned with market practice. The changes are considered change in accounting policy and comparative figures have been restated retrospectively.

DFDS\u2019s accounting policy has historically been not to separate the non-lease components from the lease components (except for terminals), and instead to 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 cost directly in the income statement.

Had the change not been implemented, the 31 December 2024 right-of-use assets would have been DKK 269m higher and lease liabilities DKK 281m higher. Operating cost in 2024 would have been lower by DKK 155m. Depreciation would be DKK 152m higher. Minor impact of the change affects profit after tax, interest cost, profit on disposal of non-current assets, exchange rate gain/loss, prepaid cost and other payables.

Impact of amendments to IAS 1 and change in IFRS 16 accounting policy

The following tables summarise the impact of the changes requiring restatement on the Group's consolidated financial statements.

Income statement (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Ferry and other ship operation and maintenance

5,485

112

5,597

Port terminal operations

3,264

-1

3,263

Transport solutions and warehouse solutions

6,743

33

6,776

Cost of sales, general and administration

1,206

0

1,206

Operating profit before depreciation and amortisation (EBITDA)

5,034

-144

4,890

Profit on disposal of non-current assets, net

111

2

113

Depreciation on tangibles and right-of-use assets

2,615

-142

2,473

Operating profit before amortisation (EBITA)

2,504

0

2,504

Operating profit (EBIT)

2,326

0

2,326

Financial income

80

0

80

Financial costs

753

-14

739

Profit before tax

1,652

14

1,667

Tax on profit

148

0

148

Profit for the year

1,505

14

1,519

Attributable to:

Equity holders of DFDS A/S

1,501

14

1,516

Non-controlling interests

3

0

3

Total comprehensive income

1,343

14

1,357

1.2 New accounting policies and disclosures (continued)

Balance sheet (extract)

31 December 2023

DKK million

As reported

Adjustment

IFRS 16

IAS 1

Restated

Assets

Right-of-use assets

5,826

-226

5,600

Non-current tangible assets

21,543

-226

21,317

Total non-current assets

28,918

-226

28,691

Assets

34,873

-226

34,647

Equity and liabilities

Retained earnings

13,105

14

13,119

Equity attributable to equity holders of DFDS A/S

13,827

14

13,840

Equity

13,918

14

13,932

Interest-bearing liabilities

13,134

-132

600

13,602

Deferred tax

467

1

468

Non-current liabilities

13,756

-131

600

14,225

Interest-bearing liabilities

2,336

-109

-600

1,627

Current liabilities

7,199

-109

-600

6,491

Liabilities

20,955

-240

20,715

Equity and liabilities

34,873

-226

34,647

Balance sheet (extract)

1 January 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Assets

Right-of-use assets

4,648

-206

4,442

Non-current tangible assets

21,197

-206

20,991

Total non-current assets

28,141

-206

27,935

Assets

34,084

-206

33,878

Equity and liabilities

Retained earnings

12,133

0

12,133

Equity attributable to equity holders of DFDS A/S

13,022

0

13,022

Equity

13,135

0

13,135

Interest-bearing liabilities

12,397

-87

12,310

Deferred tax

359

0

359

Non-current liabilities

12,896

-87

12,809

Interest-bearing liabilities

3,137

-119

3,018

Current liabilities

8,053

-119

7,933

Liabilities

20,949

-206

20,742

Equity and liabilities

34,084

-206

33,878

1.2 New accounting policies and disclosures (continued)

Statement of cash flows (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Operating profit before depreciation and amortisation (EBITDA)

5,034

-144

4,890

Interest etc., paid

-734

9

-725

Cash flows from operating activities

3,811

-135

3,675

Free cash flows

2,662

-135

2,526

Payment of lease liabilities

-935

135

-799

Cash flows from financing activities

-3,115

135

-2,980

Net cash flows

-454

0

-454

Key figures (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Net interest-bearing debt

14,689

-241

14,449

Invested capital, end of period

28,996

-226

28,770

ROIC before acquisition intangibles (ROIC BAI), %

10.4

0.1

10.5

Return on invested capital (ROIC), %

7.6

0.0

7.6

Financial leverage, times

2.9

0.0

2.9

Earnings per share (EPS), DKK

26.64

0.25

26.89

Diluted earnings per share (EPS-D), DKK

26.58

0.25

26.83

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__44": { "value": "

Voluntary change in accounting policy - IFRS 16 practical expedient

DFDS no longer applies the practical expedient not to account for each lease component within lease contracts separately. DFDS now separates 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 resulting in a total lease term exceeding 12 months from commencement date. The change is assessed to give more relevant information and is better aligned with market practice. The changes are considered change in accounting policy and comparative figures have been restated retrospectively.

DFDS\u2019s accounting policy has historically been not to separate the non-lease components from the lease components (except for terminals), and instead to 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 cost directly in the income statement.

Had the change not been implemented, the 31 December 2024 right-of-use assets would have been DKK 269m higher and lease liabilities DKK 281m higher. Operating cost in 2024 would have been lower by DKK 155m. Depreciation would be DKK 152m higher. Minor impact of the change affects profit after tax, interest cost, profit on disposal of non-current assets, exchange rate gain/loss, prepaid cost and other payables.

Impact of amendments to IAS 1 and change in IFRS 16 accounting policy

The following tables summarise the impact of the changes requiring restatement on the Group's consolidated financial statements.

Income statement (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Ferry and other ship operation and maintenance

5,485

112

5,597

Port terminal operations

3,264

-1

3,263

Transport solutions and warehouse solutions

6,743

33

6,776

Cost of sales, general and administration

1,206

0

1,206

Operating profit before depreciation and amortisation (EBITDA)

5,034

-144

4,890

Profit on disposal of non-current assets, net

111

2

113

Depreciation on tangibles and right-of-use assets

2,615

-142

2,473

Operating profit before amortisation (EBITA)

2,504

0

2,504

Operating profit (EBIT)

2,326

0

2,326

Financial income

80

0

80

Financial costs

753

-14

739

Profit before tax

1,652

14

1,667

Tax on profit

148

0

148

Profit for the year

1,505

14

1,519

Attributable to:

Equity holders of DFDS A/S

1,501

14

1,516

Non-controlling interests

3

0

3

Total comprehensive income

1,343

14

1,357

1.2 New accounting policies and disclosures (continued)

Balance sheet (extract)

31 December 2023

DKK million

As reported

Adjustment

IFRS 16

IAS 1

Restated

Assets

Right-of-use assets

5,826

-226

5,600

Non-current tangible assets

21,543

-226

21,317

Total non-current assets

28,918

-226

28,691

Assets

34,873

-226

34,647

Equity and liabilities

Retained earnings

13,105

14

13,119

Equity attributable to equity holders of DFDS A/S

13,827

14

13,840

Equity

13,918

14

13,932

Interest-bearing liabilities

13,134

-132

600

13,602

Deferred tax

467

1

468

Non-current liabilities

13,756

-131

600

14,225

Interest-bearing liabilities

2,336

-109

-600

1,627

Current liabilities

7,199

-109

-600

6,491

Liabilities

20,955

-240

20,715

Equity and liabilities

34,873

-226

34,647

Balance sheet (extract)

1 January 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Assets

Right-of-use assets

4,648

-206

4,442

Non-current tangible assets

21,197

-206

20,991

Total non-current assets

28,141

-206

27,935

Assets

34,084

-206

33,878

Equity and liabilities

Retained earnings

12,133

0

12,133

Equity attributable to equity holders of DFDS A/S

13,022

0

13,022

Equity

13,135

0

13,135

Interest-bearing liabilities

12,397

-87

12,310

Deferred tax

359

0

359

Non-current liabilities

12,896

-87

12,809

Interest-bearing liabilities

3,137

-119

3,018

Current liabilities

8,053

-119

7,933

Liabilities

20,949

-206

20,742

Equity and liabilities

34,084

-206

33,878

1.2 New accounting policies and disclosures (continued)

Statement of cash flows (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Operating profit before depreciation and amortisation (EBITDA)

5,034

-144

4,890

Interest etc., paid

-734

9

-725

Cash flows from operating activities

3,811

-135

3,675

Free cash flows

2,662

-135

2,526

Payment of lease liabilities

-935

135

-799

Cash flows from financing activities

-3,115

135

-2,980

Net cash flows

-454

0

-454

Key figures (extract)

Full year 2023

DKK million

As reported

Adjustment

IFRS 16

Restated

Net interest-bearing debt

14,689

-241

14,449

Invested capital, end of period

28,996

-226

28,770

ROIC before acquisition intangibles (ROIC BAI), %

10.4

0.1

10.5

Return on invested capital (ROIC), %

7.6

0.0

7.6

Financial leverage, times

2.9

0.0

2.9

Earnings per share (EPS), DKK

26.64

0.25

26.89

Diluted earnings per share (EPS-D), DKK

26.58

0.25

26.83

", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__45": { "value": "

1.3 Significant accounting estimates and judgements

Significant estimates and judgements

In the preparation of the consolidated financial statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent company. These assumptions are based on historical experience and other factors such as the 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

Impact

2.6

Deferred tax assets

Estimate

\"\"
\"\"
\"\"

3.1.2

Assessment of useful life and residual values

Estimate

\"\"
\"\"
\"\"

3.1.3

Lease extension options

Estimate/Judgement

\"\"
\"\"
\"\"

3.1.4

Impairment testing of goodwill and non-current assets, definition of CGU\u2019s and assessment inputs

Estimate/Judgement

\"\"
\"\"
\"\"

5.5

Purchase price allocation in connection with acquisitions

Estimate/Judgement

\"\"
\"\"
\"\"

Level or potential impact to the consolidated financial statements:

Low

\"\"

Medium

\"\"

High

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Descriptions 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. Estimates are performed annually based on forecasts, business initiatives and likely structural changes for the coming years.

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.

Significant accounting estimates and judgements

Extension options

The 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.

!Significant accounting estimates and judgements

Climate related matters

Management 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. Expectations for the following years have been incorporated into projected cash flows: increased operating costs for e-trucks and investments to improve fuel efficiency and conversion to green fuels. In addition, cash flows for Amsterdam - Newcastle CGU, were shortened to 2029 when the existing ferries no longer comply with shore-power usage regulation.

Determination of cash-generating units and assessment inputs of key parameters

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 & 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, Strait of Gibraltar, Amsterdam-Newcastle and Jersey routes can be used exclusively in each specific itinerary. Consequently, these areas are individually tested for impairment as a separate cash-generating units. In logistics, management has determined that the lowest level of identifiable cash inflows - that are largely independent of the cash inflows from other assets - is the cash inflows generated by all logistics routes together. This is based on increased integration, creation of the equipment pool, and the fact that our logistics routes are largely interdependent and managed with the common objective of supporting the Group's ferry business across regions.

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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__46": { "value": "

2.1\tSegment information

The segments together with allocation of operating profit, assets and liabilities etc. are identical with the internal reporting structure of the Group. Management has defined the Groups\u2019 business segments based on the reporting regularly presented to the Group Executive Management, which also forms the basis for management decisions. Segment performance is evaluated by management based on EBITDA 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. 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.

DFDS has adopted the IFRIC agenda decision on segment reporting clarifying requirements of the segment disclosure to disclose material income and expenses included in profit for the year.

Ferry Division operates ferry routes connecting Europe to T\u00fcrkiye and northern Africa, transporting freight units, mainly trailers, and passengers.

The routes deploy a mix of freight ferries, freight and passenger 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, and tour operators.

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. The customers are primarily manufacturers of industrial goods and consumables as well as retailers.

2024

DKK million

Ferry Division

Logistics Division

Non- allocated

Eliminations

Total

External revenue

16,489

13,253

11

29,753

Intragroup revenue

1,369

95

836

-2,300

-

Total Revenue

17,858

13,348

847

-2,300

29,753

Ferry and other ship operation and maintenance

5,773

387

0

-43

6,117

Port terminal operations

3,697

137

0

-19

3,814

Transport and warehouse solutions

692

8,122

0

-1,218

7,596

Employee costs

2,899

2,910

563

-10

6,361

Cost of sales, general and administration

1,284

756

393

-1,009

1,424

Operating profit before depreciation and amortisation (EBITDA)

3,514

1,036

-109

4,440

Operating profit before amortisation (EBITA)

1,578

282

-145

1,716

Operating profit (EBIT)

1,525

200

-219

1,506

Profit before tax

683

Profit for the year

541

Capital expenditures of the year

2,303

2,941

99

5,343

Total assets

25,057

12,888

1,337

39,281

Liabilities

9,331

5,151

10,910

25,392

2.1\tSegment information (continued)

20231

DKK million

Ferry Division

Logistics Division

Non- allocated

Eliminations

Total

External revenue

15,271

12,008

25

27,304

Intragroup revenue

1,222

88

704

-2,013

-

Total revenue

16,493

12,096

729

-2,013

27,304

Ferry and other ship operation and maintenance

5,265

344

5

-18

5,596

Port terminal operations

3,152

132

-

-20

3,263

Transport and warehouse solutions

699

7,206

-

-1,129

6,776

Employee costs

2,603

2,481

501

-13

5,572

Cost of sales, general and administration

965

706

369

-834

1,206

Operating profit before depreciation and amortisation (EBITDA)

3,808

1,228

-146

4,890

Operating profit before amortisation (EBITA)

2,136

555

-187

2,504

Operating profit (EBIT)

2,098

469

-242

2,326

Profit before tax

1,667

Profit for the year

1,519

Capital expenditures of the year

1,189

1,639

87

2,915

Total assets

24,265

9,084

1,298

34,647

Liabilities

12,208

3,138

5,369

20,715

Geographical breakdown

The Group does not have a natural geographic split on countries since it operates routes connecting Europe to T\u00fcrkiye and northern Africa. 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 six geographical areas: North Sea, Mediterranean, Baltic and 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.

DKK million

North Sea

Mediter-ranean

Baltic

Channel

Continent

Nordic

UK/ Ireland

Total

2024

Non-current assets

7,837

12,507

2,853

2,132

2,479

1,780

2,406

31,996

2023

Non-current assets1

8,517

8,709

2,662

2,371

2,425

1,714

2,293

28,691

\u00a7 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

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__47": { "value": "

\u00a7 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", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__48": { "value": "

2.2\tRevenue

2024

DKK million

Ferry Division

Logistics Division

Non- allocated

Total

Geographical markets

North Sea

5,425

-

-

5,425

Mediterranean

5,787

358

-

6,145

Baltic Sea

1,245

-

-

1,245

Channel

4,032

-

-

4,032

Continent

-

4,912

-

4,912

Nordic

-

4,101

-

4,101

UK/Ireland

-

3,883

-

3,883

Other

-

-

11

11

Total

16,489

13,253

11

29,753

Product and services

Seafreight and shipping logistics solutions

10,046

-

-

10,046

Transport solutions

624

12,891

-

13,515

Passenger seafare and onboard sales

4,574

-

-

4,574

Terminal services

591

7

-

598

Charters including related income

448

-

-

448

Agency and other revenue

205

355

11

571

Total

16,489

13,253

11

29,753

Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 476m (2023: DKK 405m). Onboard sales amounts to DKK 1,916m (2023: DKK 1,656m).

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.

2023

DKK million

Ferry Division

Logistics Division

Non- allocated

Total

Geographical markets

North Sea

5,700

-

-

5,700

Mediterranean

4,624

-

-

4,624

Baltic Sea

1,256

-

-

1,256

Channel

3,691

-

-

3,691

Continent

-

4,844

-

4,844

Nordic

-

3,857

-

3,857

UK/Ireland

-

3,308

-

3,308

Other

-

-

25

25

Total

15,271

12,008

25

27,304

Product and services

Seafreight and shipping logistics solutions

9,939

1

-

9,940

Transport solutions

705

11,691

-

12,396

Passenger seafare and onboard sales

3,568

-

-

3,567

Terminal services

588

7

-

595

Charters including related income

363

-

-

363

Agency and other revenue

108

310

25

442

Total

15,271

12,008

25

27,304

2.2\tRevenue (continued)

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__49": { "value": "

2.2\tRevenue

2024

DKK million

Ferry Division

Logistics Division

Non- allocated

Total

Geographical markets

North Sea

5,425

-

-

5,425

Mediterranean

5,787

358

-

6,145

Baltic Sea

1,245

-

-

1,245

Channel

4,032

-

-

4,032

Continent

-

4,912

-

4,912

Nordic

-

4,101

-

4,101

UK/Ireland

-

3,883

-

3,883

Other

-

-

11

11

Total

16,489

13,253

11

29,753

Product and services

Seafreight and shipping logistics solutions

10,046

-

-

10,046

Transport solutions

624

12,891

-

13,515

Passenger seafare and onboard sales

4,574

-

-

4,574

Terminal services

591

7

-

598

Charters including related income

448

-

-

448

Agency and other revenue

205

355

11

571

Total

16,489

13,253

11

29,753

Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 476m (2023: DKK 405m). Onboard sales amounts to DKK 1,916m (2023: DKK 1,656m).

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.

2023

DKK million

Ferry Division

Logistics Division

Non- allocated

Total

Geographical markets

North Sea

5,700

-

-

5,700

Mediterranean

4,624

-

-

4,624

Baltic Sea

1,256

-

-

1,256

Channel

3,691

-

-

3,691

Continent

-

4,844

-

4,844

Nordic

-

3,857

-

3,857

UK/Ireland

-

3,308

-

3,308

Other

-

-

25

25

Total

15,271

12,008

25

27,304

Product and services

Seafreight and shipping logistics solutions

9,939

1

-

9,940

Transport solutions

705

11,691

-

12,396

Passenger seafare and onboard sales

3,568

-

-

3,567

Terminal services

588

7

-

595

Charters including related income

363

-

-

363

Agency and other revenue

108

310

25

442

Total

15,271

12,008

25

27,304

2.2\tRevenue (continued)

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__51-1": { "value": "

2.3\tCosts

DKK million

2024

20231

Ferry and other ship operation and maintenance:

Ferry and other ship costs including charter related cost

3,096

2,428

Bunker

3,021

3,169

Total ferry and other ship operation and maintenance

6,117

5,597

\u00a7 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.

From January 2024, DFDS is included in the scope of companies subject to Maritime Emission Trading Scheme (ETS). Cost will be recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges.

2.4\tEmployee costs

DKK million

2024

2023

Wages, salaries and remuneration

5,195

4,604

Hereof capitalised employee costs

-42

-44

Defined contribution pension plans

233

211

Defined benefit pension plans

11

8

Other social security costs

539

414

Share based payment

26

28

Other employee costs

399

352

Government grants (Covid-19)

-

-2

Total employee costs

6,361

5,572

Full time equivalents (FTE), average

14,121

13,191

Reference is made to note 3.2.5 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.

\u00a7 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\tAmortisation, depreciation, and impairment losses for the year

DKK million

2024

20231

Amortisation and depreciation for the year:

Software

76

64

Port concession rights etc.

52

35

Other non-current intangible assets

82

78

Total amortisation for the year

210

178

Land & Buildings

34

26

Terminals

70

67

Ferries and other ships

1,171

1,060

Equipment etc.

449

432

Right-of-use assets

1,069

888

Total depreciation for the year

2,793

2,473

Total amortisation and depreciation for the year

3,002

2,651

Reversal of impairment losses for the year:

Ferries and other ships

33

-

Total reversal of impairment losses for the year

33

0

Total amortisation, depreciation and impairment losses for the year

2,969

2,652

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__52-1": { "value": "

2.3\tCosts

DKK million

2024

20231

Ferry and other ship operation and maintenance:

Ferry and other ship costs including charter related cost

3,096

2,428

Bunker

3,021

3,169

Total ferry and other ship operation and maintenance

6,117

5,597

\u00a7 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.

From January 2024, DFDS is included in the scope of companies subject to Maritime Emission Trading Scheme (ETS). Cost will be recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges.

1

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__53-1": { "value": "

\u00a7 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.

From January 2024, DFDS is included in the scope of companies subject to Maritime Emission Trading Scheme (ETS). Cost will be recognised monthly based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges.

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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__54": { "value": "

2.4\tEmployee costs

DKK million

2024

2023

Wages, salaries and remuneration

5,195

4,604

Hereof capitalised employee costs

-42

-44

Defined contribution pension plans

233

211

Defined benefit pension plans

11

8

Other social security costs

539

414

Share based payment

26

28

Other employee costs

399

352

Government grants (Covid-19)

-

-2

Total employee costs

6,361

5,572

Full time equivalents (FTE), average

14,121

13,191

Reference is made to note 3.2.5 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.

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__56-1": { "value": "

2.4\tEmployee costs

DKK million

2024

2023

Wages, salaries and remuneration

5,195

4,604

Hereof capitalised employee costs

-42

-44

Defined contribution pension plans

233

211

Defined benefit pension plans

11

8

Other social security costs

539

414

Share based payment

26

28

Other employee costs

399

352

Government grants (Covid-19)

-

-2

Total employee costs

6,361

5,572

Full time equivalents (FTE), average

14,121

13,191

Reference is made to note 3.2.5 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.

\u00a7 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.

3.2.5\tPension and jubilee liabilities

The Group contributes to defined contribution plans as well as defined benefit plans. The majority of the pension plans are funded through payments to independent insurance companies responsible for the pension obligation towards the employees (defined contribution plans). In these plans the Group has no legal or constructive obligation to pay further contributions irrespective of the financial situation of these insurance companies or the return of the underlying investments. Pension costs from such plans are expensed in the income statement when incurred.

The Group has defined benefit plans, primarily in the United Kingdom. In addition, there are minor defined benefit plans in Norway, Belgium, Italy, T\u00fcrkiye, Lithuania, France, Germany, Denmark, and Sweden. The United Kingdom accounts for -46.9%1(2023: 12.1%) of the total net liability and 88.4% (2023: 91.8%) of the funded and unfunded obligation. The majority of the defined benefit plans are pension plans that yearly pay out a certain percentage of the employee\u2019s final salary upon retirement. The pensions are paid out as from retirement and during the remaining life of the employee. The percentage of the salary is dependent of the seniority of the employee except for certain closed plans in the United Kingdom and some of the other minor plans. The defined benefit plans typically include a spouse pension and disability insurance.

Some of the pension plans in Sweden are multi-employer plans, covering a large number of enterprises. The plans are collective and 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 2024 (2023: DKK 3m). The collective funding ratio at Alecta amounts to 163% as per September 2024 (September 2023: 178%). For 2025, the contributions are expected to be DKK 3m. DFDS\u2019 share of the multi-employer plan is estimated to be around 0.0042% and the liability follows the share of the total plan.

In 2024, a ruling in the UK on amendments made to a non-DFDS pension scheme for the years 1997 - 2016 was concluded. This ruling might have implications on the Group as amendments were also made to the Group's UK pension schemes in the period in question. Management has obtained legal assessments and will continue to seek legal advice on the matter and act accordingly. However, as a detailed investigation into historic Scheme amendments is at an early stage, the amount of any potential impact on the defined benefit obligation cannot be confirmed and / or measured with sufficient reliability at the 2024 year-end.

Based on actuarial calculations the defined benefit plans show the following liabilities:

DKK million

2024

2023

Present value of funded defined benefit obligations

609

658

Fair value of plan assets

-633

-650

Funded defined benefit obligations, net

-24

8

Present value of unfunded defined benefit obligations

77

56

Recognised liabilities for defined benefit obligations

53

64

Provision for jubilee liabilities

27

26

Total actuarial liabilities, net

79

90

Pension assets1

25

-

Pension and jubilee liabilities

104

90

Total actuarial liabilities, net

79

90

DKK million

2024

2023

Movements in the net present value of funded and unfunded defined benefit obligations

Funded and unfunded obligations at January 1

714

683

Addition regarding acquisition

4

-

Foreign exchange adjustments

33

15

Current service costs

11

8

Interest costs

31

32

Actuarial gain(-)/loss(+) arising from changes in demographic assumptions

-1

-27

Actuarial gain(-)/loss(+) arising from changes in financial assumptions

-68

42

Benefits paid

-45

-39

Transfers

7

-

Funded and unfunded obligations at 31 December

685

714

Movements in the fair value of the defined benefit plan assets

Plan assets at 1 January

-650

-619

Foreign exchange adjustments

-32

-14

Calculated interest income

-30

-31

Return on plan assets excluding calculated interest income

59

2

Costs of managing the assets

2

3

Employer contributions

-23

-22

Benefits paid

40

31

Plan assets at 31 December

-633

-650

Plan assets consist of the following:

Cash and cash equivalents

-4

-3

Blended investment funds

-627

-645

Other assets (primarily insured plans)

-2

-2

Total plan assets

-633

-650

1

The United Kingdom

defined benefit plans are

at accounting basis

overfunded by DKK

25m as per end of 2024.

3.2.5\tPension and jubilee liabilities (continued)

DKK million

2024

2023

Expenses recognised as employee costs in the income statement:

Current service costs

11

8

Total included in employee costs regarding defined benefit plans

11

8

Expenses recognised as financial costs in the income statement:

Interest costs

31

32

Interest income

30

31

Total included in financial costs regarding defined benefit plans

1

2

Total expenses for defined benefit plans recognised in the income statement

12

9

Expenses recognised in other comprehensive income, gain(-)/loss(+):

Remeasurements of plan obligations

-70

16

Remeasurements of plan assets

61

6

Total included in other comprehensive income regarding defined benefit plans

-9

21

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:

2024

United Kingdom

Others

Weighted

average1

Discount rate

5.4%

1.5%-3.3%

5.1%

Social security rate2

0.0%

0.0%-3.3%

0.0%

Future salary increase2

0.0%

0.0%-3.5%

0.3%

Future pension increase

3.2%

0.0%-2.3%

2.8%

Inflation

2.5%

0.0%-26.2%

3.0%

2023

United Kingdom

Others

Weighted

average\u00b9

Discount rate

4.5%

1.5%-3.3%

4.4%

Social security rate2

0.0%

0.0%-3.3%

0.0%

Future salary increase2

0.0%

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%

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

2024

2023

Sensitivity analysis

Reported obligation 31 December

685

714

Discount rate -0.5% point compared to assumptions

724

759

Discount rate +0.5% point compared to assumptions

650

674

Salary increase -0.5% point compared to assumptions

684

713

Salary increase +0.5% point compared to assumptions

687

715

Mortality -1 year compared with used mortality tables

671

702

Mortality +1 year compared with used mortality tables

710

729

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% (2023: S3PxA table with 1.25% annual improvement). Average remaining life expectancy for a 65-year-old is 22.7 years (2023: 22.7 years). Weighted average duration on the liabilities end of 2024 is 11.6 years (2023: 12.4 years). The Group expects to make a contribution of DKK 42m to the defined benefit plans in 2025. The expected contribution for 2024 was DKK 28m, which turned out to be DKK 27m.

DKK million

2024

2023

Maturity analysis of the obligations

0-1 year

48

41

1-5 years

149

146

After 5 years

489

528

Total obligations

685

714

1

All factors are weighted at the pro rata share of the individual actuarial obligation.

2

Schemes closed for new members will have a social security rate and future salary increase of 0%.

3.2.5\tPension and jubilee liabilities (continued)

\u00a7 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 adjust-ment 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\tRemuneration to the Executive Board and Board of Directors

DKK'000

2024

2023

Remuneration to the Executive Board

Wages and salaries

13,358

13,700

Exit cost

-

2,355

Bonus

2,465

8,117

Defined contribution pension plans

1,336

1,370

Share based payment

5,771

5,950

Other employee costs

537

459

Total remuneration to the Executive Board\u00b9

23,467

31,951

Total remuneration to the Board

4,500

4,500

Total remuneration to the Audit Committee

500

500

Total remuneration to the Nomination Committee

150

150

Total remuneration to the Remuneration Committee

150

150

Total remuneration to the Board of Directors

5,300

5,300

Total remuneration to the Executive Board and Board of Directors

28,767

37,251

The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as the Executive Board consisting of CEO Torben Carlsen and CFO Karen Dyrskj\u00f8t Boesen (Karina Deacon until 30 June 2024).

Remuneration to the chair of the Audit Committee is DKK 250k per year (2023: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2023: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2023: DKK 100k).

1

Karen Dyrskj\u00f8t Boesen joined the Group as CFO and member of the Executive Board on 1 July 2024. Karina Deacon's employment ended 31 August 2024.

5.3\tShare based payment

Long-term incentives

The 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 options

Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.3% of the share capital (2023: 1.9%) 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.

2024

Executive BoardNumber

Key employeesNumber

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Average exerciseprice per option DKK

Outstanding at 1 January

417,534

552,807

153,263

1,123,604

315.93

Transferred between categories

-128,040

-20,442

148,482

0

306.61

Granted during the year

113,932

292,783

-

406,715

238.00

Expired during the year

-63,650

-69,669

-69,898

-203,217

330.72

Forfeited during the year

-

-

-12,860

-12,860

261.25

Outstanding at 31 December

339,776

775,479

218,987

1,314,242

290.07

Of this exercisable at the end of the year

138,715

266,839

167,595

573,149

310.80

2023

Executive BoardNumber

Key employeesNumber

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Average exerciseprice per option DKK

Outstanding at 1 January

412,341

555,590

187,466

1,155,397

331.76

Transferred between categories

-

-71,010

71,010

0

332.84

Granted during the year

69,707

128,532

-

198,239

292.00

Expired during the year

-49,213

-57,630

-98,245

-205,088

383.00

Forfeited during the year

-15,301

-2,675

-6,968

-24,944

374.80

Outstanding at 31 December

417,534

552,807

153,263

1,123,604

315.93

Of this exercisable at the end of the year

241,586

263,939

135,528

641,053

319.30

The share options granted in 2024 had a fair value of DKK 13.4m (2023: DKK 11.0m), equal to an average fair value per option of DKK 33.03 (2023: DKK 55.59).

No share options have been exercised during 2024 (2023: nil).

Vesting of share options is expensed in the income statement for 2024 with DKK 10m (2023: DKK 8m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2024 have an average weighted remaining contractual time of 2.2 years (2023: 1.9 years).

5.3\tShare based payment(continued)

Assumptions concerning the calculation of fair value at time of grant:

Year of grant

Exercise price

Market price at grant date

Expected volatility

Risk-free interest rate

Expected annualdividends per share (DKK) at grant date

Expected term

Fair value per option at time of granting

2024

238

217.60

33.06%

2.55%

9.33

3 years

33.03

2023

292

269.40

38.66%

2.79%

9.00

3 years

55.59

2022

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

The expected volatility for 2020 to 2024 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 0.28% (2023: 0.17%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2024 with DKK 13m (2023: DKK 9m).

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.

2024

Executive BoardNumber

Key employeesNumber

Other managerial

staff

Number

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Outstanding at 1 January

29,124

49,622

20,207

2,647

101,600

Transferred between categories

-5,112

-3,361

-5,707

14,180

0

Granted during the year

17,364

44,622

28,307

-

90,293

Vested in period

-8,844

-11,312

-

-2,009

-22,165

Forfeited during the year

-

-

-

-7,535

-7,535

Outstanding at 31 December

32,532

79,571

42,807

7,283

162,193

Of this exercisable at the end of the year

-

-

-

-

0

2023

Executive BoardNumber

Key employeesNumber

Other managerial

staff

Number

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Outstanding at 1 January

17,409

24,626

-

1,924

43,959

Transferred between categories

-

-1,364

-

1,364

0

Granted during the year

14,600

26,920

20,623

-

62,143

Forfeited during the year

-2,885

-560

-416

-641

-4,502

Outstanding at 31 December

29,124

49,622

20,207

2,647

101,600

Of this exercisable at the end of the year

-

-

-

-

0

Year of grant

Expected term

Fair value per share at time of granting

2024

3 years

216.72

2023

3 years

265.42

2022

3 years

313.15

5.3\tShare based payment(continued)

Employee recognition

In December 2020 up to 50 shares free of charge were awarded 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 were entitled to the shares.

69,490 shares have been transferred during 2024 (2023: 37,067 shares). Vesting of shares for 2024 is an expense of DKK 3m (2023: DKK 13m).

\u00a7 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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__59-1": { "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 adjust-ment 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__62": { "value": "

2.5\tAmortisation, depreciation, and impairment losses for the year

DKK million

2024

20231

Amortisation and depreciation for the year:

Software

76

64

Port concession rights etc.

52

35

Other non-current intangible assets

82

78

Total amortisation for the year

210

178

Land & Buildings

34

26

Terminals

70

67

Ferries and other ships

1,171

1,060

Equipment etc.

449

432

Right-of-use assets

1,069

888

Total depreciation for the year

2,793

2,473

Total amortisation and depreciation for the year

3,002

2,651

Reversal of impairment losses for the year:

Ferries and other ships

33

-

Total reversal of impairment losses for the year

33

0

Total amortisation, depreciation and impairment losses for the year

2,969

2,652

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__63": { "value": "

2.5\tAmortisation, depreciation, and impairment losses for the year

DKK million

2024

20231

Amortisation and depreciation for the year:

Software

76

64

Port concession rights etc.

52

35

Other non-current intangible assets

82

78

Total amortisation for the year

210

178

Land & Buildings

34

26

Terminals

70

67

Ferries and other ships

1,171

1,060

Equipment etc.

449

432

Right-of-use assets

1,069

888

Total depreciation for the year

2,793

2,473

Total amortisation and depreciation for the year

3,002

2,651

Reversal of impairment losses for the year:

Ferries and other ships

33

-

Total reversal of impairment losses for the year

33

0

Total amortisation, depreciation and impairment losses for the year

2,969

2,652

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__64-1": { "value": "

2.5\tAmortisation, depreciation, and impairment losses for the year

DKK million

2024

20231

Amortisation and depreciation for the year:

Software

76

64

Port concession rights etc.

52

35

Other non-current intangible assets

82

78

Total amortisation for the year

210

178

Land & Buildings

34

26

Terminals

70

67

Ferries and other ships

1,171

1,060

Equipment etc.

449

432

Right-of-use assets

1,069

888

Total depreciation for the year

2,793

2,473

Total amortisation and depreciation for the year

3,002

2,651

Reversal of impairment losses for the year:

Ferries and other ships

33

-

Total reversal of impairment losses for the year

33

0

Total amortisation, depreciation and impairment losses for the year

2,969

2,652

\u00a7 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\tImpairment testing

Introduction

DFDS performs impairment test of goodwill once a year, or sooner if impairment indication arises. Furthermore, impairment tests are performed for cash generating units (CGUs) with impairment indicators or indicators of reversal of impairment.

Cash-generating units

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 Group\u2019s ferry cash-generating units in 2023 were the North Sea, Baltic Sea & Mediterranean, the Channel, the Oslo\u2013Frederikshavn-Copenhagen (OFC) route and the Amsterdam \u2013 Newcastle route. In 2024, the Group has sold the OFC route, acquired the Strait of Gibraltar activities and signed a contract for Jersey\u2019s ferry services. Hence, the groups ferry CGUs in 2024 are the North Sea, Baltic Sea & Mediterranean with goodwill of DKK 3,386m (2023, DKK 3,384m), the Channel, the Strait of Gibraltar with goodwill of DKK 757m, the Amsterdam \u2013 Newcastle route and the Jersey routes. These changes do not modify our reporting segments. The changes in CGU did not result in goodwill reallocation.

The Groups\u2019 logistics cash-generating units tested in 2023 were Dry goods and Cold Chain. In 2024, the Group merged its Logistics organisation into ONE Logistics to offer increased value to our customers across market through increased collaboration. This resulted in changes to the level at which goodwill is being monitored. Hence, the Group has impairment tested one logistics CGU in 2024, called Logistics. This change does not modify our reporting segments. Goodwill was reallocated to the one remaining CGU with goodwill of DKK 3,354m (2023, DKK 1,568m).

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 & 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, Amsterdam-Newcastle, Strait of Gibraltar and Jersey routes are either used exclusively in each specific itinerary or linked to specific operating licenses. Consequently, these areas are considered as separate cash-generating units.

Logistics activities were previously tested as two cash-generating units: Cold Chain and Dry Goods based on services provided and equipment used being specific to each business area. In 2024, the logistics business was restructured and cash generating units for impairment testing reassessed. Management has determined that the lowest level of identifiable cash inflows - that are largely independent of the cash inflows from other assets - is the cash inflows generated by all logistics routes together. This is based on increased integration, creation of the equipment pool, and the fact that our logistics routes are largely interdependent and managed with the common objective of supporting our ferry business across regions.

Basis for impairment testing and calculation of recoverable amount

In the impairment test for cash-generating units, the recoverable amount of the unit is compared with its carrying amount. The recoverable amount 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 recoverable amount.

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, cost, 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 2025 and in the terminal period with reference to the growth rate and cash flow section below. Key parameters are based on managements past experience and external sources where available.

Determination of estimated growth rates and cash flow

The expected net cash flows are assessed at CGU level on basis of approved forecasts for 2025 and business plans beyond 2025. The projections include the estimated impact of long-term strategic decisions and assessment of opportunities for future growth and required investments. For CGUs which include a terminal period, OECD\u2019s prediction for EU long-term consumer price index growth rate of 2.0% has been applied (2023: 2.3%). Further, the uncertainty in the world economy has been incorporated in the forecast for 2026 and onwards. The following assumptions for growth rates have been applied to each CGU.

Ferry (CGUs):

North Sea, Baltic Sea & Mediterranean: For 2026-2029 EBIT grows with 50.5%, 19.3%, 23.3% and 20.2% respectively corresponding to a compound annual growth rate of 28% (2023 for years 2025-2028 EBIT growth was in the range of: 5.4% - 13.9%) expected growth in terminal period is 2.0% (2023 2.3%). The growth rates are impacted by the entry of a competitor during 2024 which impacts the forecast for 2025 negatively. Management has prepared weighted scenario analysis for the impairment test of the possible outcome of the current market situation and expected changes in the competitive environment.

Strait of Gibraltar assumed growth in EBIT for 2026-2029 is 71.8%, 26,0%, 22.5% and 20.0% respectively (corresponding to a compound annual growth rate of 34%). Projections reflect several one-offs in 2025 due to closure of a route and subsequent alignment with Mediterranean EBIT margins.

The English Channel, Amsterdam - Newcastle and Jersey have no goodwill.

Logistics (CGU):

Projected EBIT growth in Logistics, excluding Ekol, for 2026-2029 equals 3.0%, 6.1%, 5.3% and 2.0% respectively (2023 for years 2025-2028 EBIT growth was in the range of: 8.2% - 22.2%) and growth in the terminal period is 2.0% (2023:2.3%). Total logistics EBIT growth in 2026-2029 equals 175.0% 13.3%, 24.1% and 8.4% respectively (corresponding to a compound annual growth rate of 43%). EBIT growth of 175.0% from 2025 to 2026, is mainly caused by one-off items in 2025 linked to integration and turnaround costs, and later returning to 2023 EBIT levels. Turnaround initiatives include operational improvements, optimisation of asset base, pricing initiatives and addition of commercial resources.

Impairment tests performed in 2024 did not trigger any impairment losses on the CGUs\u2019 assets.

3.1.4\tImpairment testing (continued)

Determination of discount rate

The discount rate for the year-end 2024 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 2024 is 2.1% (2023: 3.0%). The market risk premium is calculated as a general equity market risk premium of 5.5% (2023: 5.9%) multiplied by the leveraged beta value for DFDS of 1.52 (2023: 1.26). The leveraged beta value applied at year-end 2024 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.

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).

The pre-tax discount rates applied have been the following in the two segments:

2024

2023

Ferry Division

6.8%

7.4%

Logistics Division

6.8%

7.4%

Sensitivity analysis

As part of the preparation of impairment tests, sensitivity analysis is prepared based on relevant risk factors and scenarios that Management can determine with reasonable reliability. Sensitivity analysis is prepared by altering the estimates until it reaches a point where the value in use is equal to the carrying amount.

Using the discount rate of 6.8% and keeping all other assumptions constant, the Logistics CGU showed headroom of DKK 869m between the value in use and the carrying amount

For the logistics CGU, an increase in the discount rate of 0.76%-points, all other things being equal, would bring the value in use equal to the carrying amount. A decrease in annual EBIT of 10.70% in the logistics CGU, all other things being equal, would bring the value in use equal to the carrying amount.

For ferry division, Management's assessment is that no changes in key assumptions are reasonably likely to reduce the value in use below the carrying value.

Impairment tests

Based on the impairment tests prepared at year-end 2024 no cash-generating units are deemed impaired in 2024. Impairment losses recognised in prior years have been reversed in connection with the sale of the OFC route, these were allocated to ships.

In 2023, no cash-generating units were deemed impaired and no impairment losses recognised in prior years were reversed.

\u00a7 Accounting policies

The carrying amount of Goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously 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 matters

Management 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. Expectations for the following years have been incorporated into projected cash flows: increased operating costs for e-trucks and investments to improve fuel efficiency and conversion to green fuels. In addition, cash flows for Amsterdam - Newcastle CGU, were shortened to 2029 when the existing ferries no longer comply with shore-power usage regulation.

Determination of cash-generating units and assessment inputs of key parameters

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 & 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, Strait of Gibraltar, Amsterdam-Newcastle and Jersey routes can be used exclusively in each specific itinerary. Consequently, these areas are individually tested for impairment as a separate cash-generating units. In logistics, management has determined that the lowest level of identifiable cash inflows - that are largely independent of the cash inflows from other assets - is the cash inflows generated by all logistics routes together. This is based on increased integration, creation of the equipment pool, and the fact that our logistics routes are largely interdependent and managed with the common objective of supporting the Group's ferry business across regions.

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__66-1": { "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.

\u00a7 Accounting policies

Non-current intangible assets - Other than goodwill

Generally, the following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated amortisation and impairment losses.

\u2022\tThe 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\tThe assets are amortised on a straight-line basis over the estimated useful life.

\u2022\tThe effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate.

Goodwill

At initial recognition goodwill is recognised in the balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition.

\u00a7 Accounting policies (continued)

Development projects in progress

Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met:

\u2022\tThe projects are clearly defined and identifiable.

\u2022\tThe Group intends to use the projects once completed.

\u2022\tThe future earnings from the projects are expected to cover the development and administrative costs, and

\u2022\tThe 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 assets

Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years.

Port concession rights

Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.

Accounting policies

Non-current tangible assets

The following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated depreciation and impairment losses.

\u2022\tThe 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\tThe basis for depreciation is determined as the cost less estimated residual value.

\u2022\tThe assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value.

\u2022\tEstimated 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\tThe effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate.

Ferries and other ships

The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to:

\u2022\tSafety measures.

\u2022\tMeasures to extend the useful life of the ferries and other ships.

\u2022\tMeasures to reduce climate impact.

\u2022\tMeasures to improve earnings.

\u2022\tDocking.

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.

\u00a7 Accounting policies(continued)

Passenger cruise ferries and freight and passenger (ro-pax) ferries

Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas.

Freight ferries (ro-ro)

The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries.

Depreciation \u2013 expected useful life and residual value

The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years.

The residual value of 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 assets

Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements.

The estimated useful lifetimes are as follows:

\u2022\tBuildings\t25-50 years

\u2022\tTerminals etc.\t10-40 years

\u2022\tEquipment etc.\t4-10 years

\u2022\tLeasehold improvements\tMax. 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'.

\u00a7 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 change 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__67": { "value": "

2.6\tTax

DKK million

2024

20231

Tax in the income statement:

Current tax

157

131

Movement in deferred tax for the year

-5

-13

Adjustment to corporation tax in respect of prior years and one-offs

-19

23

Adjustment to deferred tax in respect of prior years

11

0

Effect of change in corporate income tax rate

-

1

Tax for the year

144

142

Tax for the year is recognised as follows:

Tax in the income statement

142

148

Tax in Other comprehensive income

2

-6

Tax for the year

144

142

Tax in the income statement can be specified as follows:

Profit before tax

683

1,667

Income subject to tonnage tax

399

1,811

Profit before tax subject to corporate income tax

284

144

22% tax of profit before tax

63

-32

Adjustment of calculated tax in foreign subsidiaries compared to 22%

-1

-16

Tax effect of:

Non-taxable/non-deductible items

-62

115

Tax asset for the year, not recognised

148

60

Utilisation of non-capitalised tax assets

-1

-6

Adjustments of tax in respect of prior years and one-offs

-9

23

Corporate income tax

138

144

Tonnage tax

4

4

Total tax in the income statement

142

148

Effective tax rate (%)

20.8

8.9

Effective tax rate before adjustment of prior years\u2019 tax and one-offs (%)

22.2

7.5

Tax in Other comprehensive income can be specified as follows:

Corporate income tax

0

0

Movement deferred tax

2

-6

Total tax in Other comprehensive income

2

-6

1

Restated for changes in accounting policy, refer to note 1.2.

2.6\tTax (continued)

The majority of the ferry activities performed in the Danish, Turkish, Spanish, 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 2024, the Group realised a total effective tax rate adjusted for prior years\u2019 tax and one-offs of 22.2% (2023: 7.5%). Addition on acquisition of enterprises primarily relates to the acquisition of the FRS group and the Ekol group in 2024.

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

2024

Deferred tax

Other intangible assets

Ferries and other ships

Land and buildings, terminals and other equipment

Provisions

Other accrued costs and income

Tax loss carried forward

Set-off

Total

Deferred tax at 1 January

50

127

273

-14

6

-54

388

Foreign exchange adjustments

2

-2

8

-1

-2

-1

4

Addition on acquisition of enterprises

-

37

5

-

-

-

42

Recognised in the income statement

-6

-5

-15

10

6

3

-7

Recognised in other comprehensive income

-

-

-

2

-

-

2

Adjustment regarding prior years recognised in the income statement

-

1

4

-

-

6

11

Deferred tax at 31 December

46

158

275

-3

10

-46

440

Deferred tax assets

-

-

-

3

38

46

-5

82

Deferred tax liabilities

46

158

275

-

48

-

-5

522

Deferred tax at 31 December, net

46

158

275

-3

10

-46

0

440

2.6\tTax (continued)

DKK million

2023

Deferred tax

Other intangible assets

Ferries and other ships

Land and buildings, terminals and other equipment

Provisions

Other accrued costs and income

Tax loss carried forward

Set-off

Total

Deferred tax at 1 January

-

134

223

-9

-7

-31

310

Foreign exchange adjustments

-

-

2

-

-

-

2

Impact from change in corporate income tax rate

-

-

1

1

-

-1

1

Addition on acquisition of enterprises

54

-

45

-4

-1

-5

89

Recognised in the income statement

-4

-7

5

4

12

-17

-7

Recognised in other comprehensive income

-

-

-

-6

-

-

-6

Adjustment regarding prior years recognised in the income statement

-

-

-2

-

1

1

0

Utilisation of tax losses between jointly taxed companies

-

-

-

-

1

-1

0

Deferred tax at 31 December

50

127

274

-14

6

-54

0

389

Deferred tax assets

-

-

9

14

38

54

-36

79

Deferred tax liabilities

50

127

283

-

44

-

-36

468

Deferred tax at 31 December, net

50

127

274

-14

6

-54

0

389

The Group has unrecognised tax losses carried forward of DKK 1,946m with a tax value of DKK 482m (2023: tax losses of DKK 1,429m, tax value of DKK 333m). Of the unrecognised tax losses carried forward of DKK 1,946m (2023: DKK 1,429m), DKK 1,714m expires within the next five years (2023: DKK 1,332m) and DKK 232m expires after more than five years (2023: DKK 97m). The tax losses of DKK 1,946m (2023: DKK 1,429m) 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. 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. 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 do not have any material impact for the Group. Based on preliminary calculations, in 2024 an insignificant amount of less than DKK 5m has been provided for in top-up taxes related to Group entities. Due to the preliminary nature of the calculations differences may occur when preparing the Pillar II filing, however any such differences are not assumed to be material.

2.6\tTax (continued)

\u00a7 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.

!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. Estimates are performed annually based on forecasts, business initiatives and likely structural changes for the coming years.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__68": { "value": "

DKK million

2024

Deferred tax

Other intangible assets

Ferries and other ships

Land and buildings, terminals and other equipment

Provisions

Other accrued costs and income

Tax loss carried forward

Set-off

Total

Deferred tax at 1 January

50

127

273

-14

6

-54

388

Foreign exchange adjustments

2

-2

8

-1

-2

-1

4

Addition on acquisition of enterprises

-

37

5

-

-

-

42

Recognised in the income statement

-6

-5

-15

10

6

3

-7

Recognised in other comprehensive income

-

-

-

2

-

-

2

Adjustment regarding prior years recognised in the income statement

-

1

4

-

-

6

11

Deferred tax at 31 December

46

158

275

-3

10

-46

440

Deferred tax assets

-

-

-

3

38

46

-5

82

Deferred tax liabilities

46

158

275

-

48

-

-5

522

Deferred tax at 31 December, net

46

158

275

-3

10

-46

0

440

2.6\tTax (continued)

DKK million

2023

Deferred tax

Other intangible assets

Ferries and other ships

Land and buildings, terminals and other equipment

Provisions

Other accrued costs and income

Tax loss carried forward

Set-off

Total

Deferred tax at 1 January

-

134

223

-9

-7

-31

310

Foreign exchange adjustments

-

-

2

-

-

-

2

Impact from change in corporate income tax rate

-

-

1

1

-

-1

1

Addition on acquisition of enterprises

54

-

45

-4

-1

-5

89

Recognised in the income statement

-4

-7

5

4

12

-17

-7

Recognised in other comprehensive income

-

-

-

-6

-

-

-6

Adjustment regarding prior years recognised in the income statement

-

-

-2

-

1

1

0

Utilisation of tax losses between jointly taxed companies

-

-

-

-

1

-1

0

Deferred tax at 31 December

50

127

274

-14

6

-54

0

389

Deferred tax assets

-

-

9

14

38

54

-36

79

Deferred tax liabilities

50

127

283

-

44

-

-36

468

Deferred tax at 31 December, net

50

127

274

-14

6

-54

0

389

The Group has unrecognised tax losses carried forward of DKK 1,946m with a tax value of DKK 482m (2023: tax losses of DKK 1,429m, tax value of DKK 333m). Of the unrecognised tax losses carried forward of DKK 1,946m (2023: DKK 1,429m), DKK 1,714m expires within the next five years (2023: DKK 1,332m) and DKK 232m expires after more than five years (2023: DKK 97m). The tax losses of DKK 1,946m (2023: DKK 1,429m) 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. 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. 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 do not have any material impact for the Group. Based on preliminary calculations, in 2024 an insignificant amount of less than DKK 5m has been provided for in top-up taxes related to Group entities. Due to the preliminary nature of the calculations differences may occur when preparing the Pillar II filing, however any such differences are not assumed to be material.

2.6\tTax (continued)

\u00a7 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.

!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. Estimates are performed annually based on forecasts, business initiatives and likely structural changes for the coming years.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__69": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__70": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__71": { "value": "

3.1.1\tNon-current intangible assets

DKK million

2024

Goodwill

Port concession rights etc.

Other non- current intangible assets

Software

Develop-ment projects in progress

Total

Cost at 1 January 2024

5,066

1,214

1,008

758

17

8,063

Foreign exchange adjustments

27

4

9

0

-

40

Addition on acquisition of enterprises

2,5181

-

0

13

-

2,531

Additions

-

2462

-

2

943

342

Disposals

-

-

5

9

-

14

Transfers

-

-

0

98

-98

0

Cost at 31 December 2024

7,610

1,464

1,012

862

13

10,961

Amortisation and impairment losses at 1 January 2024

114

223

178

412

-

926

Foreign exchange adjustments

-1

-

2

0

-

2

Amortisation charge

52

82

76

210

Disposals

-

-

5

9

-

13

Amortisation and impairment losses at 31 December 2024

113

275

257

480

0

1,125

Carrying amount at 31 December 2024

7,497

1,189

755

382

13

9,837

The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products.

For information regarding the impairment tests reference is made to note 3.1.4.

DKK million

2023

Goodwill

Port concession rights etc.

Other non- current intangible assets

Software

Develop-ment projects in progress

Total

Cost at 1 January 2023

4,522

1,213

773

721

12

7,241

Foreign exchange adjustments

16

0

7

0

-

24

Addition on acquisition of enterprises

528

-

227

7

-

762

Additions

-

-

-

1

823

83

Disposals

-

-

-1

51

-

50

Transfers

-

-

-

79

-77

3

Cost at 31 December 2023

5,066

1,214

1,008

758

17

8,063

Amortisation and impairment losses at 1 January 2023

115

187

98

397

-

797

Foreign exchange adjustments

-1

0

1

0

-

0

Amortisation charge

35

78

64

178

Disposals

-

-

-1

51

-

50

Transfers

-

-

-

1

1

Amortisation and impairment losses at 31 December 2023

114

223

178

412

0

926

Carrying amount at 31 December 2023

4,952

990

831

346

17

7,136

1

Reference made to note 5.5

2

Relates to an agreement for a 10 year concession right for a terminal. The amount was prepaid in previous years and has subsequent to the finalisation of the agreement been moved to non-current intangible assets.

3

Primarily relates to the implementation of an ERP system.

3.1.1\tNon-current intangible assets(continued)

Recognised goodwill is attributable to the following cash generating units:

DKK million

2024

2023

Ferry:

North Sea, Baltic Sea and Mediterranean

3,386

3,384

Strait of Gibraltar

757

-

Logistics:

Logistics

3,354

1,568

Total

7,497

4,952

\u00a7 Accounting policies

Non-current intangible assets - Other than goodwill

Generally, the following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated amortisation and impairment losses.

\u2022\tThe 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\tThe assets are amortised on a straight-line basis over the estimated useful life.

\u2022\tThe effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate.

Goodwill

At initial recognition goodwill is recognised in the balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition.

\u00a7 Accounting policies (continued)

Development projects in progress

Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met:

\u2022\tThe projects are clearly defined and identifiable.

\u2022\tThe Group intends to use the projects once completed.

\u2022\tThe future earnings from the projects are expected to cover the development and administrative costs, and

\u2022\tThe 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 assets

Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years.

Port concession rights

Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__72": { "value": "

3.1.1\tNon-current intangible assets

DKK million

2024

Goodwill

Port concession rights etc.

Other non- current intangible assets

Software

Develop-ment projects in progress

Total

Cost at 1 January 2024

5,066

1,214

1,008

758

17

8,063

Foreign exchange adjustments

27

4

9

0

-

40

Addition on acquisition of enterprises

2,5181

-

0

13

-

2,531

Additions

-

2462

-

2

943

342

Disposals

-

-

5

9

-

14

Transfers

-

-

0

98

-98

0

Cost at 31 December 2024

7,610

1,464

1,012

862

13

10,961

Amortisation and impairment losses at 1 January 2024

114

223

178

412

-

926

Foreign exchange adjustments

-1

-

2

0

-

2

Amortisation charge

52

82

76

210

Disposals

-

-

5

9

-

13

Amortisation and impairment losses at 31 December 2024

113

275

257

480

0

1,125

Carrying amount at 31 December 2024

7,497

1,189

755

382

13

9,837

The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products.

For information regarding the impairment tests reference is made to note 3.1.4.

DKK million

2023

Goodwill

Port concession rights etc.

Other non- current intangible assets

Software

Develop-ment projects in progress

Total

Cost at 1 January 2023

4,522

1,213

773

721

12

7,241

Foreign exchange adjustments

16

0

7

0

-

24

Addition on acquisition of enterprises

528

-

227

7

-

762

Additions

-

-

-

1

823

83

Disposals

-

-

-1

51

-

50

Transfers

-

-

-

79

-77

3

Cost at 31 December 2023

5,066

1,214

1,008

758

17

8,063

Amortisation and impairment losses at 1 January 2023

115

187

98

397

-

797

Foreign exchange adjustments

-1

0

1

0

-

0

Amortisation charge

35

78

64

178

Disposals

-

-

-1

51

-

50

Transfers

-

-

-

1

1

Amortisation and impairment losses at 31 December 2023

114

223

178

412

0

926

Carrying amount at 31 December 2023

4,952

990

831

346

17

7,136

1

Reference made to note 5.5

2

Relates to an agreement for a 10 year concession right for a terminal. The amount was prepaid in previous years and has subsequent to the finalisation of the agreement been moved to non-current intangible assets.

3

Primarily relates to the implementation of an ERP system.

3.1.1\tNon-current intangible assets(continued)

Recognised goodwill is attributable to the following cash generating units:

DKK million

2024

2023

Ferry:

North Sea, Baltic Sea and Mediterranean

3,386

3,384

Strait of Gibraltar

757

-

Logistics:

Logistics

3,354

1,568

Total

7,497

4,952

\u00a7 Accounting policies

Non-current intangible assets - Other than goodwill

Generally, the following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated amortisation and impairment losses.

\u2022\tThe 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\tThe assets are amortised on a straight-line basis over the estimated useful life.

\u2022\tThe effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate.

Goodwill

At initial recognition goodwill is recognised in the balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition.

\u00a7 Accounting policies (continued)

Development projects in progress

Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met:

\u2022\tThe projects are clearly defined and identifiable.

\u2022\tThe Group intends to use the projects once completed.

\u2022\tThe future earnings from the projects are expected to cover the development and administrative costs, and

\u2022\tThe 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 assets

Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years.

Port concession rights

Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__73": { "value": "

3.1.1\tNon-current intangible assets

DKK million

2024

Goodwill

Port concession rights etc.

Other non- current intangible assets

Software

Develop-ment projects in progress

Total

Cost at 1 January 2024

5,066

1,214

1,008

758

17

8,063

Foreign exchange adjustments

27

4

9

0

-

40

Addition on acquisition of enterprises

2,5181

-

0

13

-

2,531

Additions

-

2462

-

2

943

342

Disposals

-

-

5

9

-

14

Transfers

-

-

0

98

-98

0

Cost at 31 December 2024

7,610

1,464

1,012

862

13

10,961

Amortisation and impairment losses at 1 January 2024

114

223

178

412

-

926

Foreign exchange adjustments

-1

-

2

0

-

2

Amortisation charge

52

82

76

210

Disposals

-

-

5

9

-

13

Amortisation and impairment losses at 31 December 2024

113

275

257

480

0

1,125

Carrying amount at 31 December 2024

7,497

1,189

755

382

13

9,837

The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products.

For information regarding the impairment tests reference is made to note 3.1.4.

DKK million

2023

Goodwill

Port concession rights etc.

Other non- current intangible assets

Software

Develop-ment projects in progress

Total

Cost at 1 January 2023

4,522

1,213

773

721

12

7,241

Foreign exchange adjustments

16

0

7

0

-

24

Addition on acquisition of enterprises

528

-

227

7

-

762

Additions

-

-

-

1

823

83

Disposals

-

-

-1

51

-

50

Transfers

-

-

-

79

-77

3

Cost at 31 December 2023

5,066

1,214

1,008

758

17

8,063

Amortisation and impairment losses at 1 January 2023

115

187

98

397

-

797

Foreign exchange adjustments

-1

0

1

0

-

0

Amortisation charge

35

78

64

178

Disposals

-

-

-1

51

-

50

Transfers

-

-

-

1

1

Amortisation and impairment losses at 31 December 2023

114

223

178

412

0

926

Carrying amount at 31 December 2023

4,952

990

831

346

17

7,136

1

Reference made to note 5.5

2

Relates to an agreement for a 10 year concession right for a terminal. The amount was prepaid in previous years and has subsequent to the finalisation of the agreement been moved to non-current intangible assets.

3

Primarily relates to the implementation of an ERP system.

3.1.1\tNon-current intangible assets(continued)

Recognised goodwill is attributable to the following cash generating units:

DKK million

2024

2023

Ferry:

North Sea, Baltic Sea and Mediterranean

3,386

3,384

Strait of Gibraltar

757

-

Logistics:

Logistics

3,354

1,568

Total

7,497

4,952

\u00a7 Accounting policies

Non-current intangible assets - Other than goodwill

Generally, the following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated amortisation and impairment losses.

\u2022\tThe 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\tThe assets are amortised on a straight-line basis over the estimated useful life.

\u2022\tThe effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate.

Goodwill

At initial recognition goodwill is recognised in the balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition.

\u00a7 Accounting policies (continued)

Development projects in progress

Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met:

\u2022\tThe projects are clearly defined and identifiable.

\u2022\tThe Group intends to use the projects once completed.

\u2022\tThe future earnings from the projects are expected to cover the development and administrative costs, and

\u2022\tThe 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 assets

Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years.

Port concession rights

Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__74": { "value": "

\u00a7 Accounting policies

Non-current intangible assets - Other than goodwill

Generally, the following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated amortisation and impairment losses.

\u2022\tThe 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\tThe assets are amortised on a straight-line basis over the estimated useful life.

\u2022\tThe effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate.

Goodwill

At initial recognition goodwill is recognised in the balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units at the time of acquisition.

\u00a7 Accounting policies (continued)

Development projects in progress

Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met:

\u2022\tThe projects are clearly defined and identifiable.

\u2022\tThe Group intends to use the projects once completed.

\u2022\tThe future earnings from the projects are expected to cover the development and administrative costs, and

\u2022\tThe 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 assets

Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years.

Port concession rights

Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__76-1": { "value": "

Non-current intangible assets - Other than goodwill

Generally, the following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated amortisation and impairment losses.

\u2022\tThe 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\tThe assets are amortised on a straight-line basis over the estimated useful life.

\u2022\tThe effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate.

Development projects in progress

Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met:

\u2022\tThe projects are clearly defined and identifiable.

\u2022\tThe Group intends to use the projects once completed.

\u2022\tThe future earnings from the projects are expected to cover the development and administrative costs, and

\u2022\tThe 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 assets

Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years.

Port concession rights

Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__77": { "value": "

Goodwill

At initial recognition goodwill is recognised in the balance sheet at cost, as described in note 5.5 \u2018Business-combinations\u2019. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The carrying amount 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__79": { "value": "

3.1.2\tNon-current tangible assets

DKK million

2024

Land and buildings

Terminals

Ferries and otherships

Equip-mentetc.

Assets under con-

struction and pre-

payments

Total

Cost at 1 January 2024

862

1,453

21,636

3,645

415

28,012

Foreign exchange adjustments

17

14

-42

38

1

28

Addition on acquisition of enterprises2

17

10

631

568

1

1,227

Additions

2

38

48

143

1,259

1,490

Disposals

19

13

423

409

5

869

Transfers

69

17

809

403

-1,297

0

Divestment of activities1

-

43

2,517

6

-

2,566

Cost at 31 December 2024

949

1,476

20,141

4,382

374

27,322

Depreciation and impairment losses at 1 January 2024

104

630

9,854

1,706

12,294

Foreign exchange adjustments

1

10

-32

14

-7

Depreciation charge

34

70

1,171

449

1,724

Reversal of impairment

0

0

33

0

33

Disposals

18

12

423

317

769

Divestment of activities1

-

43

2,108

2

2,153

Depreciation and impairment losses at 31 December 2024

121

655

8,429

1,851

0

11,056

Carrying amount at 31 December 2024

828

821

11,712

2,531

374

16,266

DKK million

2023

Land and buildings

Terminals

Ferries and otherships

Equip-mentetc.

Assets under con-

struction and pre-

payments

Total

Cost at 1 January 2023

616

1,395

22,372

3,020

369

27,771

Foreign exchange adjustments

7

8

22

17

1

54

Addition on acquisition of enterprises

150

-

-

318

18

486

Additions

11

31

21

203

1,309

1,575

Disposals

0

3

1,6313

211

12

1,857

Transfers

79

22

852

298

-1,269

-18

Cost at 31 December 2023

862

1,453

21,636

3,645

415

28,012

Depreciation and impairment losses at 1 January 2023

57

559

9,186

1,420

11,222

Foreign exchange adjustments

1

5

5

9

19

Depreciation charge

26

67

1,060

432

1,585

Disposals

-

1

3613

152

514

Transfers

20

0

-36

-3

-18

Depreciation and impairment losses at 31 December 2023

104

630

9,854

1,706

0

12,294

Carrying amount at 31 December 2023

759

823

11,782

1,939

415

15,717

!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 the two passenger cruise ferries Crown Seaways and Pearl Seaways which were divested as part of the Oslo-Frederikshavn-Copenhagen route

2

Reference made to note 5.5.

3

Primarily related to sale and lease back of the three freight ferries Hollandia Seaways, Humbria Seaways, and Flandria Seaways.

3.1.2\tNon-current tangible assets(continued)

\u00a7 Accounting policies

Non-current tangible assets

The following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated depreciation and impairment losses.

\u2022\tThe 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\tThe basis for depreciation is determined as the cost less estimated residual value.

\u2022\tThe assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value.

\u2022\tEstimated 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\tThe effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate.

Ferries and other ships

The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to:

\u2022\tSafety measures.

\u2022\tMeasures to extend the useful life of the ferries and other ships.

\u2022\tMeasures to reduce climate impact.

\u2022\tMeasures to improve earnings.

\u2022\tDocking.

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.

\u00a7 Accounting policies(continued)

Passenger cruise ferries and freight and passenger (ro-pax) ferries

Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas.

Freight ferries (ro-ro)

The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries.

Depreciation \u2013 expected useful life and residual value

The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years.

The residual value of 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 assets

Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements.

The estimated useful lifetimes are as follows:

\u2022\tBuildings\t25-50 years

\u2022\tTerminals etc.\t10-40 years

\u2022\tEquipment etc.\t4-10 years

\u2022\tLeasehold improvements\tMax. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__81": { "value": "Accounting policies

Non-current tangible assets

The following applies unless otherwise stated:

\u2022\tAssets are measured at cost less accumulated depreciation and impairment losses.

\u2022\tThe 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\tThe basis for depreciation is determined as the cost less estimated residual value.

\u2022\tThe assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value.

\u2022\tEstimated 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\tThe effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate.

Ferries and other ships

The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to:

\u2022\tSafety measures.

\u2022\tMeasures to extend the useful life of the ferries and other ships.

\u2022\tMeasures to reduce climate impact.

\u2022\tMeasures to improve earnings.

\u2022\tDocking.

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.

\u00a7 Accounting policies(continued)

Passenger cruise ferries and freight and passenger (ro-pax) ferries

Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas.

Freight ferries (ro-ro)

The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries.

Depreciation \u2013 expected useful life and residual value

The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years.

The residual value of 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 assets

Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements.

The estimated useful lifetimes are as follows:

\u2022\tBuildings\t25-50 years

\u2022\tTerminals etc.\t10-40 years

\u2022\tEquipment etc.\t4-10 years

\u2022\tLeasehold improvements\tMax. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__82": { "value": "

3.1.3\tRight-of-use assets and lease liabilities

The Group has lease contracts for various items of land & buildings, terminals, ferries, equipment etc. in its operations. The Group\u2019s obligations under the leases are secured by the lessors' title to the leased assets. Several lease contracts include extension and termination options, 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

2024

Land and buildings

Terminals

Ferries and other ships

Equipmentetc.

Total

Cost at 1 January 2024

1,524

3,222

2,437

736

7,918

Foreign exchange adjustments

-11

68

-3

2

56

Addition on acquisition of enterprises2

202

15

-

34

251

Additions

36

8

53

258

354

Remeasurement

184

157

370

21

732

Disposals

31

-

236

166

434

Divestment of activities3

9

188

-

-

197

Cost at 31 December 2024

1,895

3,282

2,620

883

8,680

Depreciation and impairment lossesat 1 January 2024

436

998

601

282

2,318

Foreign exchange adjustments

-4

27

-3

1

21

Depreciation charge

233

255

391

190

1,069

Disposals

24

-

160

139

323

Divestment of activities3

5

67

-

-

72

Depreciation and impairment losses 31 December 2024

637

1,212

830

335

3,014

Carrying amount at 31 December 2024

1,259

2,070

1,790

549

5,667

DKK million

20231

Land and buildings

Terminals

Ferries and other ships

Equipmentetc.

Total

Cost at 1 January 2023

950

2,930

1,612

576

6,068

Foreign exchange adjustments

10

29

0

3

42

Addition on acquisition of enterprises4

274

-

-

54

327

Additions

213

13

8945

241

1,361

Remeasurement

65

280

15

11

370

Disposals

16

10

84

141

251

Transfer

28

-20

-

-8

0

Cost at 31 December 2023

1,524

3,222

2,437

736

7,918

Depreciation and impairment losses at 1 January 2023

246

769

383

229

1,626

Foreign exchange adjustments

4

9

-1

0

12

Depreciation charge

185

234

305

164

888

Disposals

13

7

85

104

208

Transfer

15

-7

-

-8

0

Depreciation and impairment losses 31 December 2023

436

998

601

282

2,318

Carrying amount at 31 December 2023

1,087

2,224

1,835

453

5,600

1

Restated for changes in accounting policy, refer to note 1.2.

2

Addition on acquisitions of enterprises relate to FRS Group and Ekol Group.

3

Relates to divestment of terminals and offices as part of Oslo - Frederikshavn - Copenhagen route

4

Addition on acquisition of enterprises relates to McBurney Transport Group and Estron Group

5

Addition primarily relates to sale and leaseback of three ferries, as well as two new charter contracts for ferries.

3.1.3\tRight-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

2024

20231

As at 1 January

5,832

4,497

Foreign exchange adjustments

82

11

Addition on acquisition of enterprises

251

327

Additions

355

1,468

Remeasurement

732

370

Instalments

1,024

799

Disposals

112

43

Divestment of activities2

127

-

Transfer3

-117

-

Total lease liabilities at 31 December

5,872

5,832

Non-discounted lease liabilities expiring within the following periods from the balance sheet date:

DKK million

2024

20231

Within 1 year

1,293

1,171

1-3 years

2,659

2,273

3-5 years

1,296

1,352

After 5 years

1,551

1,904

Total lease liability, non-discounted

6,798

6,699

Lease liabilities are recognised in the balance sheet as follows:

DKK million

2024

20231

Non-current liabilities

4,846

4,886

Current liabilities

1,027

946

Total lease liabilities

5,872

5,832

The following amounts are recognised in the income statement:

DKK million

2024

20231

Expenses relating to short-term leases (included in costs)

30

1

Expenses relating to low-value assets (included in costs)

151

27

Variable lease payments (included in costs)

104

94

Depreciation, ships

391

305

Depreciation, other non-current assets

678

583

Interest expenses on lease liabilities

286

208

Gain arising from sale and leaseback transactions

-

95

Total amount recognised in the income statement

1,640

1,123

The following amounts from leases are recognised in the statement of Cash flows:

DKK million

2024

20231

Cash flows from operating activities, gross

-285

-122

Interest etc., paid

-286

-208

Cash flows from operating activities, net

-571

-329

Cash flows from financing activities, net

-1,024

-799

Total cash outflows from leases

-1,595

-1,129

In 2024 the Group has paid DKK 1,595m (2023: DKK 1,129m) regarding lease agreements whereof interest expenses related to lease liabilities amount to DKK 286m (2023: DKK 208m), instalment of lease liability amounts to DKK 1,024m (2023: DKK 799m), and DKK 285m (2023: DKK 122m) relates to short-term leases, low-value leases and variable lease payments.

At 31 December 2024 the Group was committed to short term and low-value leases for an amount of DKK 144m (2023: DKK 90m).

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:

DKK million

Fixed payments

Variable payments

2024

Fixed payments

Variable payments

2023

Lease payments

145

58

203

135

49

184

Variable rent only

-

46

46

-

45

45

Total 31 December

145

104

249

135

94

228

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. The agreement includes a right of first refusal to purchase the ferries during the leasing period.

As at 31 December 2024, potential future cash outflows of DKK 333m (undiscounted) have not been included in the lease liability, because it is not reasonably certain that the leases will be extended (or not terminated) (2023: DKK 333m)

1

Restated for changes in accounting policy, refer to note 1.2.

2

Relates to divestment of terminals and offices as part of Oslo - Frederikshavn - Copenhagen route

3

Relates to a lease liability of DKK 117m which has been settled and offset against a trade receivable.

3.1.3\tRight-of-use assets and lease liabilities (continued)

Group as a lessor

Future minimum receivable under non-cancellable operating leases as at 31 December are as follows:

Operating lease commitments (lessor)

DKK million

2024

2023

Minimum lease payments (income)

Ferries

Within 1 year

264

312

1-3 years

177

442

Total

442

754

The specified minimum payments are not discounted. Operating lease and rental income recognised in the income statement amount to DKK 476m in 2024 (2023: DKK 405m). The contracts are entered into on normal conditions. 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

Extension options

The 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.

\u00a7 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 change 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__83": { "value": "

\u00a7 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 change 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__86": { "value": "

\u00a7 Accounting policies

The carrying amount of Goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__87": { "value": "

\u00a7 Accounting policies

The carrying amount of Goodwill, non-current intangible, tangible and right-of-use assets are con-tinuously 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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__88": { "value": "

3.2.1\tReceivables

DKK million

2024

2023

Other non-current receivables

2

1

Total non-current receivables

2

1

Trade receivables

3,787

3,427

Work in progress services

416

331

Receivables from associates and joint ventures

45

38

Corporation tax and joint taxation contribution, receivable, reference is made to note 2.6

61

59

Other receivables and current assets

563

605

Total current receivables

4,871

4,459

Total current and non-current receivables

4,873

4,460

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 58m (2023: DKK 55m).

DKK million

2024

2023

Trade receivables that are past due, but not impaired:

Days past due:

Up to 30 days

426

465

31-60 days

73

207

61-90 days

28

23

91-120 days

1

15

More than 120 days

96

58

Past due at 31 December

624

769

DKK million

2024

2023

Movements in write-downs, which are included in the trade receivables:

Write-downs at 1 January

73

70

Addition on acquisition of enterprises

10

-

Write-downs

33

53

Realised losses

-12

-21

Reversed write-downs

-21

-28

Write-downs at 31 December

83

73

3.2.1\tReceivables (continued)

DKK million

2024

2023

Age distribution of write-downs:

Days past due:

Up to 30 days

7

7

31-60 days

1

0

61-90 days

1

1

91-120 days

1

11

More than 120 days

74

55

Write-downs at 31 December

83

73

The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2023: 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 2024 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% (2023: 0.0%) plus adjustments for forward-looking factors were considered relevant.

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__89": { "value": "

DKK million

2024

2023

Trade receivables that are past due, but not impaired:

Days past due:

Up to 30 days

426

465

31-60 days

73

207

61-90 days

28

23

91-120 days

1

15

More than 120 days

96

58

Past due at 31 December

624

769

DKK million

2024

2023

Movements in write-downs, which are included in the trade receivables:

Write-downs at 1 January

73

70

Addition on acquisition of enterprises

10

-

Write-downs

33

53

Realised losses

-12

-21

Reversed write-downs

-21

-28

Write-downs at 31 December

83

73

3.2.1\tReceivables (continued)

DKK million

2024

2023

Age distribution of write-downs:

Days past due:

Up to 30 days

7

7

31-60 days

1

0

61-90 days

1

1

91-120 days

1

11

More than 120 days

74

55

Write-downs at 31 December

83

73

The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2023: 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 2024 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% (2023: 0.0%) plus adjustments for forward-looking factors were considered relevant.

\u00a7 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:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__90-1": { "value": "

DKK million

2024

2023

Trade receivables that are past due, but not impaired:

Days past due:

Up to 30 days

426

465

31-60 days

73

207

61-90 days

28

23

91-120 days

1

15

More than 120 days

96

58

Past due at 31 December

624

769

DKK million

2024

2023

Movements in write-downs, which are included in the trade receivables:

Write-downs at 1 January

73

70

Addition on acquisition of enterprises

10

-

Write-downs

33

53

Realised losses

-12

-21

Reversed write-downs

-21

-28

Write-downs at 31 December

83

73

3.2.1\tReceivables (continued)

DKK million

2024

2023

Age distribution of write-downs:

Days past due:

Up to 30 days

7

7

31-60 days

1

0

61-90 days

1

1

91-120 days

1

11

More than 120 days

74

55

Write-downs at 31 December

83

73

The last five years DFDS\u2019 realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2023: 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 2024 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% (2023: 0.0%) plus adjustments for forward-looking factors were considered relevant.

Credit exposure

DFDS\u2019 credit exposure is primarily attributable to trade- and other receivables and cash. The receivables including work in progress services are stated in the balance sheet net of write-downs. Reference is made to note 3.2.1 for 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. According to the Financial Policy DKK 500m is the maximum allowed credit risk towards a financial counterparty.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__91": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__92": { "value": "

3.2.2\tInventories

DKK million

2024

2023

Bunker

195

217

Goods for sale

133

129

Write-down of inventories end of year

-5

-7

Total inventories

322

339

Write-down of inventories during the year is an income of DKK 8m (2023: income of DKK 14m) due to reversal of previous years' write-downs.

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__93": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__94-1": { "value": "

3.2.3\tSupplier finance arrangements

The Group participates in supplier finance arrangements under which certain financial institutions acquire invoices issued by bunker suppliers and logistics suppliers to DFDS. When a financial institution acquires the invoices, the suppliers will receive payment from the financial institution while DFDS will settle the invoice at a later stage.

The Group has entered into arrangements with the following terms:

Bunker linked payables extended to current month + 93 days.Multiple logistics suppliers' payables extending payment to current month + 93 days.

Carrying amount of liabilities under supplier finance arrangements

DKK million

2024

Presented within trade payables January 1

730

Presented within trade payables December 31

567

of which suppliers received payment (from financial institution)

558

Range of payment due dates

Payment terms for liabilities that are part of supplier financing arrangement range from 30 days up to current month + 93 days (2023: 30 days up to current month + 93 days).

Payment terms for comparable trade payables outside financing arrangements are typically 30 days up to current month + 63 days (2023: 30 days up to current month + 63 days).

Non-cash changes

There were no material business combinations or foreign exchange differences in either period. There were no significant non-cash transfers from trade payables to finance payables in 2024 (2023: none).

\u00a7 Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

3.2.4\tOther payables

DKK million

2024

2023

Holiday pay obligations, etc.,

721

542

Public authorities (VAT, duty, etc.)

142

78

Payables to associates and joint ventures

16

3

Other payables

233

254

Accrued interests

47

27

Total other payables

1,160

904

\u00a7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__95-1": { "value": "

3.2.3\tSupplier finance arrangements

The Group participates in supplier finance arrangements under which certain financial institutions acquire invoices issued by bunker suppliers and logistics suppliers to DFDS. When a financial institution acquires the invoices, the suppliers will receive payment from the financial institution while DFDS will settle the invoice at a later stage.

The Group has entered into arrangements with the following terms:

Bunker linked payables extended to current month + 93 days.Multiple logistics suppliers' payables extending payment to current month + 93 days.

Carrying amount of liabilities under supplier finance arrangements

DKK million

2024

Presented within trade payables January 1

730

Presented within trade payables December 31

567

of which suppliers received payment (from financial institution)

558

Range of payment due dates

Payment terms for liabilities that are part of supplier financing arrangement range from 30 days up to current month + 93 days (2023: 30 days up to current month + 93 days).

Payment terms for comparable trade payables outside financing arrangements are typically 30 days up to current month + 63 days (2023: 30 days up to current month + 63 days).

Non-cash changes

There were no material business combinations or foreign exchange differences in either period. There were no significant non-cash transfers from trade payables to finance payables in 2024 (2023: none).

\u00a7 Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

3.2.5\tPension and jubilee liabilities

The Group contributes to defined contribution plans as well as defined benefit plans. The majority of the pension plans are funded through payments to independent insurance companies responsible for the pension obligation towards the employees (defined contribution plans). In these plans the Group has no legal or constructive obligation to pay further contributions irrespective of the financial situation of these insurance companies or the return of the underlying investments. Pension costs from such plans are expensed in the income statement when incurred.

The Group has defined benefit plans, primarily in the United Kingdom. In addition, there are minor defined benefit plans in Norway, Belgium, Italy, T\u00fcrkiye, Lithuania, France, Germany, Denmark, and Sweden. The United Kingdom accounts for -46.9%1(2023: 12.1%) of the total net liability and 88.4% (2023: 91.8%) of the funded and unfunded obligation. The majority of the defined benefit plans are pension plans that yearly pay out a certain percentage of the employee\u2019s final salary upon retirement. The pensions are paid out as from retirement and during the remaining life of the employee. The percentage of the salary is dependent of the seniority of the employee except for certain closed plans in the United Kingdom and some of the other minor plans. The defined benefit plans typically include a spouse pension and disability insurance.

Some of the pension plans in Sweden are multi-employer plans, covering a large number of enterprises. The plans are collective and 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 2024 (2023: DKK 3m). The collective funding ratio at Alecta amounts to 163% as per September 2024 (September 2023: 178%). For 2025, the contributions are expected to be DKK 3m. DFDS\u2019 share of the multi-employer plan is estimated to be around 0.0042% and the liability follows the share of the total plan.

In 2024, a ruling in the UK on amendments made to a non-DFDS pension scheme for the years 1997 - 2016 was concluded. This ruling might have implications on the Group as amendments were also made to the Group's UK pension schemes in the period in question. Management has obtained legal assessments and will continue to seek legal advice on the matter and act accordingly. However, as a detailed investigation into historic Scheme amendments is at an early stage, the amount of any potential impact on the defined benefit obligation cannot be confirmed and / or measured with sufficient reliability at the 2024 year-end.

Based on actuarial calculations the defined benefit plans show the following liabilities:

DKK million

2024

2023

Present value of funded defined benefit obligations

609

658

Fair value of plan assets

-633

-650

Funded defined benefit obligations, net

-24

8

Present value of unfunded defined benefit obligations

77

56

Recognised liabilities for defined benefit obligations

53

64

Provision for jubilee liabilities

27

26

Total actuarial liabilities, net

79

90

Pension assets1

25

-

Pension and jubilee liabilities

104

90

Total actuarial liabilities, net

79

90

DKK million

2024

2023

Movements in the net present value of funded and unfunded defined benefit obligations

Funded and unfunded obligations at January 1

714

683

Addition regarding acquisition

4

-

Foreign exchange adjustments

33

15

Current service costs

11

8

Interest costs

31

32

Actuarial gain(-)/loss(+) arising from changes in demographic assumptions

-1

-27

Actuarial gain(-)/loss(+) arising from changes in financial assumptions

-68

42

Benefits paid

-45

-39

Transfers

7

-

Funded and unfunded obligations at 31 December

685

714

Movements in the fair value of the defined benefit plan assets

Plan assets at 1 January

-650

-619

Foreign exchange adjustments

-32

-14

Calculated interest income

-30

-31

Return on plan assets excluding calculated interest income

59

2

Costs of managing the assets

2

3

Employer contributions

-23

-22

Benefits paid

40

31

Plan assets at 31 December

-633

-650

Plan assets consist of the following:

Cash and cash equivalents

-4

-3

Blended investment funds

-627

-645

Other assets (primarily insured plans)

-2

-2

Total plan assets

-633

-650

1

The United Kingdom

defined benefit plans are

at accounting basis

overfunded by DKK

25m as per end of 2024.

3.2.5\tPension and jubilee liabilities (continued)

DKK million

2024

2023

Expenses recognised as employee costs in the income statement:

Current service costs

11

8

Total included in employee costs regarding defined benefit plans

11

8

Expenses recognised as financial costs in the income statement:

Interest costs

31

32

Interest income

30

31

Total included in financial costs regarding defined benefit plans

1

2

Total expenses for defined benefit plans recognised in the income statement

12

9

Expenses recognised in other comprehensive income, gain(-)/loss(+):

Remeasurements of plan obligations

-70

16

Remeasurements of plan assets

61

6

Total included in other comprehensive income regarding defined benefit plans

-9

21

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:

2024

United Kingdom

Others

Weighted

average1

Discount rate

5.4%

1.5%-3.3%

5.1%

Social security rate2

0.0%

0.0%-3.3%

0.0%

Future salary increase2

0.0%

0.0%-3.5%

0.3%

Future pension increase

3.2%

0.0%-2.3%

2.8%

Inflation

2.5%

0.0%-26.2%

3.0%

2023

United Kingdom

Others

Weighted

average\u00b9

Discount rate

4.5%

1.5%-3.3%

4.4%

Social security rate2

0.0%

0.0%-3.3%

0.0%

Future salary increase2

0.0%

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%

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

2024

2023

Sensitivity analysis

Reported obligation 31 December

685

714

Discount rate -0.5% point compared to assumptions

724

759

Discount rate +0.5% point compared to assumptions

650

674

Salary increase -0.5% point compared to assumptions

684

713

Salary increase +0.5% point compared to assumptions

687

715

Mortality -1 year compared with used mortality tables

671

702

Mortality +1 year compared with used mortality tables

710

729

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% (2023: S3PxA table with 1.25% annual improvement). Average remaining life expectancy for a 65-year-old is 22.7 years (2023: 22.7 years). Weighted average duration on the liabilities end of 2024 is 11.6 years (2023: 12.4 years). The Group expects to make a contribution of DKK 42m to the defined benefit plans in 2025. The expected contribution for 2024 was DKK 28m, which turned out to be DKK 27m.

DKK million

2024

2023

Maturity analysis of the obligations

0-1 year

48

41

1-5 years

149

146

After 5 years

489

528

Total obligations

685

714

1

All factors are weighted at the pro rata share of the individual actuarial obligation.

2

Schemes closed for new members will have a social security rate and future salary increase of 0%.

3.2.5\tPension and jubilee liabilities (continued)

\u00a7 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 adjust-ment 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:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__96-1": { "value": "

3.2.3\tSupplier finance arrangements

The Group participates in supplier finance arrangements under which certain financial institutions acquire invoices issued by bunker suppliers and logistics suppliers to DFDS. When a financial institution acquires the invoices, the suppliers will receive payment from the financial institution while DFDS will settle the invoice at a later stage.

The Group has entered into arrangements with the following terms:

Bunker linked payables extended to current month + 93 days.Multiple logistics suppliers' payables extending payment to current month + 93 days.

Carrying amount of liabilities under supplier finance arrangements

DKK million

2024

Presented within trade payables January 1

730

Presented within trade payables December 31

567

of which suppliers received payment (from financial institution)

558

Range of payment due dates

Payment terms for liabilities that are part of supplier financing arrangement range from 30 days up to current month + 93 days (2023: 30 days up to current month + 93 days).

Payment terms for comparable trade payables outside financing arrangements are typically 30 days up to current month + 63 days (2023: 30 days up to current month + 63 days).

Non-cash changes

There were no material business combinations or foreign exchange differences in either period. There were no significant non-cash transfers from trade payables to finance payables in 2024 (2023: none).

\u00a7 Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

3.2.4\tOther payables

DKK million

2024

2023

Holiday pay obligations, etc.,

721

542

Public authorities (VAT, duty, etc.)

142

78

Payables to associates and joint ventures

16

3

Other payables

233

254

Accrued interests

47

27

Total other payables

1,160

904

\u00a7 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:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__97-1": { "value": "Accounting policies

All supplier finance arrangement related liabilities are presented within payables as these are deemed to be part of working capital in the Group's normal operating cycle. Accordingly, they are presented outside financing cash flows, within change in working capital.

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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__100": { "value": "

3.2.4\tOther payables

DKK million

2024

2023

Holiday pay obligations, etc.,

721

542

Public authorities (VAT, duty, etc.)

142

78

Payables to associates and joint ventures

16

3

Other payables

233

254

Accrued interests

47

27

Total other payables

1,160

904

\u00a7 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:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__105": { "value": "

3.2.6\tOther provisions

DKK million

2024

2023

Other provisions at 1 January

134

96

Foreign exchange adjustments

1

1

Addition from acquisition of enterprises

471

17

Provisions made during the year

3452

49

Used during the year

-59

-17

Reversal of unused provisions

-12

-12

Transfers

-7

0

Other provisions at 31 December

449

134

Other provisions are expected to be payable in:

0-1 year

392

113

1-5 years

55

12

After 5 years

3

10

Other provisions at 31 December

449

134

Of the Group\u2019s provision of DKK 449m (2023: DKK 134m), DKK 318m (2023: DKK 0m) is ETS emission provision; DKK 34m (2023: DKK 30m) is redelivery provision on leases; DKK 24m (2023: DKK 15m) is related to investments in associates/joint ventures; DKK 9m (2023: DKK 11m) is restructuring provision; DKK 0m (2023: DKK 38m) is estimated net present value of earn-out agreements regarding acquisitions; and DKK 65m (2023: DKK 40m) is other provisions.

\u00a7 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.

Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under Other provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows.

1

Addition from acquisition of enterprises relate to FRS Group and Ekol Group.

2

Includes mainly provision for emitted greenhouse gases following the Maritime EU Emissions Trading System (ETS) that came into effect 1 January 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__106": { "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.

Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under Other provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows.

1

Addition from acquisition of enterprises relate to FRS Group and Ekol Group.

2

Includes mainly provision for emitted greenhouse gases following the Maritime EU Emissions Trading System (ETS) that came into effect 1 January 2024.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__107": { "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.

Provisions for ETS emission are initially calculated based on measured emissions at hedged prices - for certificates covered by hedging - and at spot prices - for those not covered by hedges, and the cost is recognised in the income statement under the line item Ferry and other ship operation and maintenance and the corresponding liability is recognised under Other provisions. At month end the ETS emission provisions that are not covered by hedges are remeasured based on the latest spot prices. Changes in the ETS emission provisions are reported under change in working capital in the statement of cash flows.

1

Addition from acquisition of enterprises relate to FRS Group and Ekol Group.

2

Includes mainly provision for emitted greenhouse gases following the Maritime EU Emissions Trading System (ETS) that came into effect 1 January 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__108-1": { "value": "

4.1\tFinancial and operational risks

DFDS\u2019 risk management policy

DFDS\u2019 risk management policy is governed by the DFDS Financial Policy, which is approved by the Board of Directors on an annual basis. The financial Policy sets out policies, targets, and strategies for the \ufb01nancial 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 \ufb01nancial risk factors are 1) bunker price risk, 2) interest rate risk, 3) currency exchange risk, 4) liquidity risks and 5) credit exposure.

Bunker price risk

The fluctuations in the bunker price which is denominated in USD constitute a significant risk for DFDS.

In the freight industry it is customary to pass through the risk of fluctuations in the bunker price and the corresponding currency exchange rate risk to freight customers via a bunker adjustment factor (BAF). In the passenger industry, fluctuations in the cost of bunker are re\ufb02ected in the ticket price to the extent possible.

To reduce exposure to bunker and currency risk, approximately 94% (93% in 2023) 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 can be hedged up to 100% for the following four quarters, and up to 50% for the fifth and sixth quarters ahead.

Interest rate risk

DFDS 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 17,204m at year end 2024 (2023: DKK 14,449m). 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 3.4 years (2023: 4.0 years).

In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 4,817m (2023: DKK 4,222m) have been established to reduce interest rate risk. The share of fixed-rate debt including interest rate derivatives was 42% at year-end 2024 (2023: 48%). Including long term charter agreements, the share of fixed-rate debt is 47% (2023: 56%). The duration of the Group\u2019s debt portfolio (including charter liabilities) was 1.3 years (2023: 1.7 years).

An increase in the interest rate of 1%-point compared to the actual interest rates in 2024 would have increased net interest payments including hedging by DKK 59m for the Group all else equal (2023: DKK 67m). A decrease in the interest rates of 1%-point would have reduced the net interest payment by DKK 59m in 2024 (2023: DKK 67m).

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 90m all else equal (2023: DKK 130m). A decrease would have had a negative effect of DKK 93m (2023: DKK 134m).

Currency exchange risk

Currency 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, and - net of hedging - balance exposures must be kept below an equivalent to DKK 150m in each currency. In addition, as per Financial Policy, DFDS can hedge exposures from expected cash flows from operations up to four quarters ahead, and cash flows from off-balance sheet contractual commitments.

Approximately 87% of DFDS\u2019 revenues in 2024 were invoiced in foreign currencies (2023: 92%) with the most substantial revenue generated in EUR which accounted for 64% of total revenue (2023: 60%).

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's consolidated net currency cash flows from revenues and operational costs. The table shows the impact on the Group's operating profit before depreciation and amortisation (EBITDA).

All else equal, a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would impact the Group's profit and loss by the amounts presented below.

Operational currency cash flow risk

EBITDA

DKK million

2024

2023

SEK, income statement effect, 10% strengthening

6

17

NOK, income statement effect, 10% strengthening

5

12

GBP, income statement effect, 10% strengthening

3

21

TRY, income statement effect, 10% strengthening

-13

-13

USD, income statement effect, 10% strengthening

-19

-21

4.1\tFinancial and operational risks(continued)

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

2024

2023

SEK, equity and income statement effect, 10% strengthening

-12

-1

GBP, equity and income statement effect, 10% strengthening

-3

3

NOK, equity and income statement effect, 10% strengthening

-1

1

TRY, equity and income statement effect, 10% strengthening

4

0

USD, equity and income statement effect, 10% strengthening

2

-6

Liquidity risks

DFDS Financial Policy is to secure adequate liquidity to meet financial and operational payment obligations by maintaining a minimum of 1.2x cash sources over cash uses for the next 12 months. The year-end sum of total cash and undrawn committed facilities was DKK 3,383m (2023: DKK 3,509m), of which undrawn committed facilities amount to DKK 1,794m (2023: DKK 2,772m).

As described in Note 3.2.3, the Group participates in supply chain financing arrangements which provide the Group with extended payment terms with banks as finance providers. The banks are externally rated with high quality credit scores and have a long-standing relationship with DFDS. The Group therefore sees no significant liquidity risk related to the finance providers\u2019 ability to finance the arrangements.

DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments, are stated in the table below:

DKK million

2024

0-1 year

1-3 years

3-5 years

After 5 years

Non-derivative financial assets

Cash

1,589

-

-

-

Trade receivables including work in progress services

4,203

-

-

-

Receivables from associates and joint ventures

45

-

-

-

Other receivables and current assets

624

2

-

-

Derivative financial assets

Interest swaps & caps

14

21

14

27

Forward exchange contracts and currency swaps

36

19

19

13

Total financial assets

6,510

42

33

40

Non-derivative financial liabilities

Bank loans and mortgage on ferries and other ships

882

9,220

428

947

Issued corporate bonds

141

1,280

1,060

-

Lease liabilities (undiscounted)

1,293

2,659

1,296

1,551

Trade payables

3,984

-

-

-

Payables to associates and joint ventures

16

-

-

-

Other payables

233

-

-

-

Derivative financial liabilities

Interest swaps & caps

25

31

2

-

Cross currency interest rate swaps

40

35

7

-

Forward exchange contracts and currency swaps

4

-

-

-

Total financial liabilities

6,618

13,225

2,793

2,498

4.1\tFinancial and operational risks(continued)

DKK million

2023

0-1 year

1-3 years

3-5 years

After 5 years

Non-derivative financial assets

Cash

737

-

-

-

Trade receivables including work in progress services

3,758

-

-

-

Receivables from associates and joint ventures

38

-

-

-

Other receivables and current assets

663

1

-

-

Derivative financial assets

Commodity swaps

13

-

-

-

Interest swaps & caps

-

23

11

78

Cross currency interest rate swaps

-

7

-

-

Forward exchange contracts and currency swaps

7

11

11

14

Total financial assets

5,216

42

22

92

Non-derivative financial liabilities

Bank loans and mortgage on ferries and other ships\u00b9

594

3,903

3,106

1,146

Issued corporate bonds

341

748

355

-

Lease liabilities (undiscounted)\u00b9

1,171

2,273

1,352

1,904

Trade payables

3,461

-

-

-

Payables to associates and joint ventures

3

-

-

-

Other payables

254

-

-

-

Derivative financial liabilities

Interest swaps & caps

-

12

30

-

Cross currency interest rate swaps

34

-

1

-

Forward exchange contracts and currency swaps

18

-

-

-

Total financial liabilities

5,876

6,936

4,844

3,050

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 exposure

DFDS\u2019 credit exposure is primarily attributable to trade- and other receivables and cash. The receivables including work in progress services are stated in the balance sheet net of write-downs. Reference is made to note 3.2.1 for 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. According to the Financial Policy DKK 500m is the maximum allowed credit risk towards a financial counterparty.

Capital structure

The starting point for determining the level of capital distribution to shareholders is the current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.0 and 3.0. NIBD/EBITDA was 3.9 at year-end 2024. For shorter periods, leverage can move outside the range due to special events, e.g., larger acquisitions.

1

Restated for changes in accounting policy, refer to note 1.2.

4.1\tFinancial and operational risks(continued)

DKK million

2024

Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity

Hedge instrument

Time to maturity

Notional principal amount

Fair value assets

Fair value liabilities

0-1 year

1-3 years

3-5 years

After 5 years

Fair value recognised on hedging reserve in equity

Average hedge rate

Expected future transactions

Interest

Interest swaps DKK

0-5 years

2,505

12

32

-8

-10

-2

-

-20

2.57%

Interest

Interest swaps EUR

0-10 years

2,312

64

26

-2

0

14

27

39

2.07%

Bond loans

Currency swaps NOK/DKK

0-5 years

2,115

-

81

0

-2

-2

-

-5

NOK/DKK 0.6546

Ship loans

Currency swaps EUR/DKK

0-3 year

1,193

1

-

0

0

-

-

1

EUR/DKK 7.4575

Ferry investments and ferry charter

Forward exchange contracts

0-7 years

553

61

-

-3

-7

-7

-5

-21

EUR/USD 1.2674

Other financial hedging

Commodities

Commodity hedges

0-1 year

81

0

-

0

-

-

-

0

N/A

Sales and goods purchased

Forward exchange contracts and currency swaps

0-1 year

2,082

27

4

-

-

-

-

-

N/A

Total

165

143

-13

-19

3

22

-6

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.

4.1\tFinancial and operational risks(continued)

DKK million

2023

Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity

Hedge instrument

Time to maturity

Notional principal amount

Fair value assets

Fair value liabilities

0-1 year

1-3 years

3-5 years

After 5 years

Fair value recognised on hedging reserve in equity

Average hedge rate

Expected future transactions

Interest

Interest swaps DKK

0-5 years

1,547

23

17

0

18

-12

-

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

-

-

NOK/DKK 0.659

Bond loans

Cross currency interest rate swaps

0-1 year

265

0

34

6

-

-

-

6

NOK/DKK 0.7637 + 1.09%

Ferry investments and ferry charter

Forward exchange contracts

0-9 years

595

41

-

-1

-3

-3

-3

-10

EUR/USD 1.2674

Off-balance sheet contractual commitments

Forward exchange contracts and currency swaps

0-1 year

1,342

1

2

-1

-

-

-

-1

EUR/DKK 7.4580

Other financial hedging

Commodities

Commodity hedges

0-1 year

128

13

-

13

-

-

-

13

N/A

Sales and goods purchased

Forward exchange contracts and currency swaps

0-1 year

1,391

1

16

N/A

Total

175

95

17

10

-24

75

78

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 \ufb01nancial hedges were deemed inefficient hence no further gain or loss was recognised in the

income statement for hedges qualifying for hedge accounting.

4.2\tInformation on financial instruments

DKK million

2024

2023\u00b9

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

88

56

Derivatives, related to interest-bearing activities

77

119

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

6,084

5,039

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

6,251

5,215

Financial liabilities measured at fair value:

Derivatives, related to operating activities

4

18

Derivatives, related to interest-bearing activities

139

77

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

23,013

18,974

Total financial liabilities

23,156

19,069

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

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.

Level 3: Valuation methods where possible material input is not based on observable market data.

DKK million

2024

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/(liability)

0

22

2

2023

Level 1

Level 2

Level 3

Derivatives, financial assets

-

175

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

95

-

Net asset/(liability)

0

80

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.

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 2024 (2023: No transfers).

1

Restated for changes in accounting policy, refer to note 1.2.

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__109": { "value": "

Bunker price risk

The fluctuations in the bunker price which is denominated in USD constitute a significant risk for DFDS.

In the freight industry it is customary to pass through the risk of fluctuations in the bunker price and the corresponding currency exchange rate risk to freight customers via a bunker adjustment factor (BAF). In the passenger industry, fluctuations in the cost of bunker are re\ufb02ected in the ticket price to the extent possible.

To reduce exposure to bunker and currency risk, approximately 94% (93% in 2023) 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 can be hedged up to 100% for the following four quarters, and up to 50% for the fifth and sixth quarters ahead.

Interest rate risk

DFDS 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 17,204m at year end 2024 (2023: DKK 14,449m). 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 3.4 years (2023: 4.0 years).

In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 4,817m (2023: DKK 4,222m) have been established to reduce interest rate risk. The share of fixed-rate debt including interest rate derivatives was 42% at year-end 2024 (2023: 48%). Including long term charter agreements, the share of fixed-rate debt is 47% (2023: 56%). The duration of the Group\u2019s debt portfolio (including charter liabilities) was 1.3 years (2023: 1.7 years).

An increase in the interest rate of 1%-point compared to the actual interest rates in 2024 would have increased net interest payments including hedging by DKK 59m for the Group all else equal (2023: DKK 67m). A decrease in the interest rates of 1%-point would have reduced the net interest payment by DKK 59m in 2024 (2023: DKK 67m).

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 90m all else equal (2023: DKK 130m). A decrease would have had a negative effect of DKK 93m (2023: DKK 134m).

Currency exchange risk

Currency 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, and - net of hedging - balance exposures must be kept below an equivalent to DKK 150m in each currency. In addition, as per Financial Policy, DFDS can hedge exposures from expected cash flows from operations up to four quarters ahead, and cash flows from off-balance sheet contractual commitments.

Approximately 87% of DFDS\u2019 revenues in 2024 were invoiced in foreign currencies (2023: 92%) with the most substantial revenue generated in EUR which accounted for 64% of total revenue (2023: 60%).

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's consolidated net currency cash flows from revenues and operational costs. The table shows the impact on the Group's operating profit before depreciation and amortisation (EBITDA).

All else equal, a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would impact the Group's profit and loss by the amounts presented below.

Operational currency cash flow risk

EBITDA

DKK million

2024

2023

SEK, income statement effect, 10% strengthening

6

17

NOK, income statement effect, 10% strengthening

5

12

GBP, income statement effect, 10% strengthening

3

21

TRY, income statement effect, 10% strengthening

-13

-13

USD, income statement effect, 10% strengthening

-19

-21

4.1\tFinancial and operational risks(continued)

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

2024

2023

SEK, equity and income statement effect, 10% strengthening

-12

-1

GBP, equity and income statement effect, 10% strengthening

-3

3

NOK, equity and income statement effect, 10% strengthening

-1

1

TRY, equity and income statement effect, 10% strengthening

4

0

USD, equity and income statement effect, 10% strengthening

2

-6

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__110": { "value": "

Currency exchange risk

Currency 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, and - net of hedging - balance exposures must be kept below an equivalent to DKK 150m in each currency. In addition, as per Financial Policy, DFDS can hedge exposures from expected cash flows from operations up to four quarters ahead, and cash flows from off-balance sheet contractual commitments.

Approximately 87% of DFDS\u2019 revenues in 2024 were invoiced in foreign currencies (2023: 92%) with the most substantial revenue generated in EUR which accounted for 64% of total revenue (2023: 60%).

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's consolidated net currency cash flows from revenues and operational costs. The table shows the impact on the Group's operating profit before depreciation and amortisation (EBITDA).

All else equal, a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would impact the Group's profit and loss by the amounts presented below.

Operational currency cash flow risk

EBITDA

DKK million

2024

2023

SEK, income statement effect, 10% strengthening

6

17

NOK, income statement effect, 10% strengthening

5

12

GBP, income statement effect, 10% strengthening

3

21

TRY, income statement effect, 10% strengthening

-13

-13

USD, income statement effect, 10% strengthening

-19

-21

4.1\tFinancial and operational risks(continued)

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

2024

2023

SEK, equity and income statement effect, 10% strengthening

-12

-1

GBP, equity and income statement effect, 10% strengthening

-3

3

NOK, equity and income statement effect, 10% strengthening

-1

1

TRY, equity and income statement effect, 10% strengthening

4

0

USD, equity and income statement effect, 10% strengthening

2

-6

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__111-1": { "value": "

Liquidity risks

DFDS Financial Policy is to secure adequate liquidity to meet financial and operational payment obligations by maintaining a minimum of 1.2x cash sources over cash uses for the next 12 months. The year-end sum of total cash and undrawn committed facilities was DKK 3,383m (2023: DKK 3,509m), of which undrawn committed facilities amount to DKK 1,794m (2023: DKK 2,772m).

As described in Note 3.2.3, the Group participates in supply chain financing arrangements which provide the Group with extended payment terms with banks as finance providers. The banks are externally rated with high quality credit scores and have a long-standing relationship with DFDS. The Group therefore sees no significant liquidity risk related to the finance providers\u2019 ability to finance the arrangements.

DFDS\u2019 contractual maturities of financial instruments, including estimated interest payments, are stated in the table below:

DKK million

2024

0-1 year

1-3 years

3-5 years

After 5 years

Non-derivative financial assets

Cash

1,589

-

-

-

Trade receivables including work in progress services

4,203

-

-

-

Receivables from associates and joint ventures

45

-

-

-

Other receivables and current assets

624

2

-

-

Derivative financial assets

Interest swaps & caps

14

21

14

27

Forward exchange contracts and currency swaps

36

19

19

13

Total financial assets

6,510

42

33

40

Non-derivative financial liabilities

Bank loans and mortgage on ferries and other ships

882

9,220

428

947

Issued corporate bonds

141

1,280

1,060

-

Lease liabilities (undiscounted)

1,293

2,659

1,296

1,551

Trade payables

3,984

-

-

-

Payables to associates and joint ventures

16

-

-

-

Other payables

233

-

-

-

Derivative financial liabilities

Interest swaps & caps

25

31

2

-

Cross currency interest rate swaps

40

35

7

-

Forward exchange contracts and currency swaps

4

-

-

-

Total financial liabilities

6,618

13,225

2,793

2,498

4.1\tFinancial and operational risks(continued)

DKK million

2023

0-1 year

1-3 years

3-5 years

After 5 years

Non-derivative financial assets

Cash

737

-

-

-

Trade receivables including work in progress services

3,758

-

-

-

Receivables from associates and joint ventures

38

-

-

-

Other receivables and current assets

663

1

-

-

Derivative financial assets

Commodity swaps

13

-

-

-

Interest swaps & caps

-

23

11

78

Cross currency interest rate swaps

-

7

-

-

Forward exchange contracts and currency swaps

7

11

11

14

Total financial assets

5,216

42

22

92

Non-derivative financial liabilities

Bank loans and mortgage on ferries and other ships\u00b9

594

3,903

3,106

1,146

Issued corporate bonds

341

748

355

-

Lease liabilities (undiscounted)\u00b9

1,171

2,273

1,352

1,904

Trade payables

3,461

-

-

-

Payables to associates and joint ventures

3

-

-

-

Other payables

254

-

-

-

Derivative financial liabilities

Interest swaps & caps

-

12

30

-

Cross currency interest rate swaps

34

-

1

-

Forward exchange contracts and currency swaps

18

-

-

-

Total financial liabilities

5,876

6,936

4,844

3,050

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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__114": { "value": "

Capital structure

The starting point for determining the level of capital distribution to shareholders is the current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.0 and 3.0. NIBD/EBITDA was 3.9 at year-end 2024. For shorter periods, leverage can move outside the range due to special events, e.g., larger acquisitions.

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__115-1": { "value": "

1

Restated for changes in accounting policy, refer to note 1.2.

4.1\tFinancial and operational risks(continued)

DKK million

2024

Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity

Hedge instrument

Time to maturity

Notional principal amount

Fair value assets

Fair value liabilities

0-1 year

1-3 years

3-5 years

After 5 years

Fair value recognised on hedging reserve in equity

Average hedge rate

Expected future transactions

Interest

Interest swaps DKK

0-5 years

2,505

12

32

-8

-10

-2

-

-20

2.57%

Interest

Interest swaps EUR

0-10 years

2,312

64

26

-2

0

14

27

39

2.07%

Bond loans

Currency swaps NOK/DKK

0-5 years

2,115

-

81

0

-2

-2

-

-5

NOK/DKK 0.6546

Ship loans

Currency swaps EUR/DKK

0-3 year

1,193

1

-

0

0

-

-

1

EUR/DKK 7.4575

Ferry investments and ferry charter

Forward exchange contracts

0-7 years

553

61

-

-3

-7

-7

-5

-21

EUR/USD 1.2674

Other financial hedging

Commodities

Commodity hedges

0-1 year

81

0

-

0

-

-

-

0

N/A

Sales and goods purchased

Forward exchange contracts and currency swaps

0-1 year

2,082

27

4

-

-

-

-

-

N/A

Total

165

143

-13

-19

3

22

-6

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.

4.1\tFinancial and operational risks(continued)

DKK million

2023

Expected timing of recycling to income statement or non-current assets of gains/losses recognised in the equity

Hedge instrument

Time to maturity

Notional principal amount

Fair value assets

Fair value liabilities

0-1 year

1-3 years

3-5 years

After 5 years

Fair value recognised on hedging reserve in equity

Average hedge rate

Expected future transactions

Interest

Interest swaps DKK

0-5 years

1,547

23

17

0

18

-12

-

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

-

-

NOK/DKK 0.659

Bond loans

Cross currency interest rate swaps

0-1 year

265

0

34

6

-

-

-

6

NOK/DKK 0.7637 + 1.09%

Ferry investments and ferry charter

Forward exchange contracts

0-9 years

595

41

-

-1

-3

-3

-3

-10

EUR/USD 1.2674

Off-balance sheet contractual commitments

Forward exchange contracts and currency swaps

0-1 year

1,342

1

2

-1

-

-

-

-1

EUR/DKK 7.4580

Other financial hedging

Commodities

Commodity hedges

0-1 year

128

13

-

13

-

-

-

13

N/A

Sales and goods purchased

Forward exchange contracts and currency swaps

0-1 year

1,391

1

16

N/A

Total

175

95

17

10

-24

75

78

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 \ufb01nancial hedges were deemed inefficient hence no further gain or loss was recognised in the

income statement for hedges qualifying for hedge accounting.

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__116": { "value": "

4.2\tInformation on financial instruments

DKK million

2024

2023\u00b9

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

88

56

Derivatives, related to interest-bearing activities

77

119

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

6,084

5,039

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

6,251

5,215

Financial liabilities measured at fair value:

Derivatives, related to operating activities

4

18

Derivatives, related to interest-bearing activities

139

77

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

23,013

18,974

Total financial liabilities

23,156

19,069

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

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.

Level 3: Valuation methods where possible material input is not based on observable market data.

DKK million

2024

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/(liability)

0

22

2

2023

Level 1

Level 2

Level 3

Derivatives, financial assets

-

175

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

95

-

Net asset/(liability)

0

80

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.

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 2024 (2023: No transfers).

1

Restated for changes in accounting policy, refer to note 1.2.

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__118": { "value": "

4.2\tInformation on financial instruments

DKK million

2024

2023\u00b9

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

88

56

Derivatives, related to interest-bearing activities

77

119

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

6,084

5,039

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

6,251

5,215

Financial liabilities measured at fair value:

Derivatives, related to operating activities

4

18

Derivatives, related to interest-bearing activities

139

77

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

23,013

18,974

Total financial liabilities

23,156

19,069

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

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.

Level 3: Valuation methods where possible material input is not based on observable market data.

DKK million

2024

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/(liability)

0

22

2

2023

Level 1

Level 2

Level 3

Derivatives, financial assets

-

175

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

95

-

Net asset/(liability)

0

80

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.

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 2024 (2023: No transfers).

1

Restated for changes in accounting policy, refer to note 1.2.

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__119": { "value": "

4.2\tInformation on financial instruments

DKK million

2024

2023\u00b9

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

88

56

Derivatives, related to interest-bearing activities

77

119

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

6,084

5,039

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

6,251

5,215

Financial liabilities measured at fair value:

Derivatives, related to operating activities

4

18

Derivatives, related to interest-bearing activities

139

77

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

23,013

18,974

Total financial liabilities

23,156

19,069

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

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.

Level 3: Valuation methods where possible material input is not based on observable market data.

DKK million

2024

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/(liability)

0

22

2

2023

Level 1

Level 2

Level 3

Derivatives, financial assets

-

175

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

95

-

Net asset/(liability)

0

80

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.

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 2024 (2023: No transfers).

1

Restated for changes in accounting policy, refer to note 1.2.

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__120": { "value": "

4.2\tInformation on financial instruments

DKK million

2024

2023\u00b9

Carrying amount per category of financial instruments

Financial assets measured at fair value:

Derivatives, related to operating activities

88

56

Derivatives, related to interest-bearing activities

77

119

Financial assets measured at amortised cost:

Trade receivables, receivables from associates and joint ventures, other receivables and cash

6,084

5,039

Financial assets measured at fair value through profit or loss:

Securities

2

2

Total financial assets

6,251

5,215

Financial liabilities measured at fair value:

Derivatives, related to operating activities

4

18

Derivatives, related to interest-bearing activities

139

77

Financial liabilities measured at amortised cost:

Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables

23,013

18,974

Total financial liabilities

23,156

19,069

Hierarchy of financial instruments measured at fair value

The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or con-tent (modification or repackaging).

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.

Level 3: Valuation methods where possible material input is not based on observable market data.

DKK million

2024

Level 1

Level 2

Level 3

Derivatives, financial assets

-

165

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/(liability)

0

22

2

2023

Level 1

Level 2

Level 3

Derivatives, financial assets

-

175

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

95

-

Net asset/(liability)

0

80

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.

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 2024 (2023: No transfers).

1

Restated for changes in accounting policy, refer to note 1.2.

4.2\tInformation on financial instruments (continued)

\u00a7 Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__121": { "value": "

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

143

-

Net asset/(liability)

0

22

2

2023

Level 1

Level 2

Level 3

Derivatives, financial assets

-

175

-

Securities, financial assets

-

-

2

Derivatives, financial liabilities

-

95

-

Net asset/(liability)

0

80

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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__122": { "value": "Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__123": { "value": "Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__124": { "value": "Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__125": { "value": "Accounting policies

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

Other financial instruments

For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__126": { "value": "

Derivative financial instruments

Derivative financial instruments are measured in the balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__128": { "value": "

Fair value hedge

Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability.

Cash flow hedge

Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the income statement. At this point in time the related gains or losses previously recognised in other comprehensive income are transferred to the income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the income statement into the same line item as the hedged item is recognised.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__129": { "value": "Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__130-1": { "value": "

4.3\tChanges in liabilities arising from financing activities

The table below discloses the cash as well as non-cash changes in interest-bearing liabilities and derivative financial instruments related to issued corporate bonds.

The changes arising from cash flows form part of the cash flows from financing activities in the statement of cash flows.

Non-cash changes

DKK million

1 Jan.2024

Cashflows

Additions from acqui-sitions

Foreign exchange move-ments

New/ disposed/Remea-sured leases

Fair value changes

Other changes

31 Dec. 2024

Changes in 2024

Interest-bearing liabilities:

Bank loans and mortgage on ferries

8,140

1,796

492

12

4

10,445

Issued corporate bonds

1,257

943

-

-88

-2

2,110

Lease liabilities

5,832

-1,024

251

82

848

-1171

5,872

Other liabilities

-

-

306

0

-

306

15,229

1,716

1,049

6

848

0

-115

18,733

Derivatives financial instruments:

Derivatives related to issued corporate bonds

28

-46

-

98

-

81

Total liabilities from financing activities

15,257

1,670

1,049

6

848

98

-115

18,814

1

Includes a lease liability of DKK 117m which has been settled and offset against a trade receivable.

4.3\tChanges in liabilities arising from financing activities (continued)

Non-cash changes

DKK million

1 Jan.2023

Cashflows

Additions from acqui-sitions

Foreign exchange move-ments

New/ disposed/Remea-sured leases

Fair value changes

Other changes

31 Dec. 2023

Changes in 2023

Interest-bearing liabilities:

Bank loans and mortgage on ferries

10,548

-2,584

160

14

2

8,140

Issued corporate bonds

283

981

-

-8

1

1,257

Lease liabilities\u00b9

4,497

-799

327

11

1,795

0

5,832

15,328

-2,402

488

17

1,795

3

15,229

Derivatives financial instruments:

Derivatives related to issued corporate bonds

8

-

-

20

-

28

Total liabilities from financing activities

15,336

-2,402

488

17

1,795

20

3

15,257

5.4\tCash flows

DKK million

2024

2023\u00b9

Non-cash operating items

Change in provisions

5

26

Change in write-down of inventories for the year

-8

-14

Change in provision for defined benefit plans and jubilee obligations

14

12

Vesting of share option plans and employee shares expensed in the Income statement

26

29

Non-cash operating items

37

53

Change in working capital

Change in inventories

13

5

Change in receivables, such as trade receivables, prepaid costs, etc.

-304

14

Change in current liabilities, such as trade payables, deferred income, ETS emission provision, current account with joint ventures, etc.

227

-358

Change in working capital

-64

-338

\u00a7 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, ETS emission provision, 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.

1

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__131": { "value": "

4.4\tFinancial income and costs

DKK million

2024

2023\u00b9

Financial income

Interest income from banks, etc.2

20

47

Foreign exchange gain, net3

25

-

Other financial income

1

33

Total financial income

47

80

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

536

478

Interest expense on lease liabilities, reference is made to note 3.1.3

286

208

Foreign exchange loss, net3

-

18

Defined benefit pension plans, reference is made to note 3.2.4

1

2

Other financial costs

47

33

Total financial costs

870

739

Financial income and costs, net

-823

-659

\u00a7 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

Restated for changes in accounting policy, refer to note 1.2.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 20m (2023: DKK 0m) and is included under Interest expense to banks, credit institutions, cor-porate bonds, etc

3

Foreign exchange gains in 2024 amounts to DKK 560m (2023: DKK 440m) and foreign exchange losses amounts to DKK 535m (2023: DKK 463m)

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__132": { "value": "

4.4\tFinancial income and costs

DKK million

2024

2023\u00b9

Financial income

Interest income from banks, etc.2

20

47

Foreign exchange gain, net3

25

-

Other financial income

1

33

Total financial income

47

80

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

536

478

Interest expense on lease liabilities, reference is made to note 3.1.3

286

208

Foreign exchange loss, net3

-

18

Defined benefit pension plans, reference is made to note 3.2.4

1

2

Other financial costs

47

33

Total financial costs

870

739

Financial income and costs, net

-823

-659

\u00a7 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

Restated for changes in accounting policy, refer to note 1.2.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 20m (2023: DKK 0m) and is included under Interest expense to banks, credit institutions, cor-porate bonds, etc

3

Foreign exchange gains in 2024 amounts to DKK 560m (2023: DKK 440m) and foreign exchange losses amounts to DKK 535m (2023: DKK 463m)

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__133": { "value": "

4.4\tFinancial income and costs

DKK million

2024

2023\u00b9

Financial income

Interest income from banks, etc.2

20

47

Foreign exchange gain, net3

25

-

Other financial income

1

33

Total financial income

47

80

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

536

478

Interest expense on lease liabilities, reference is made to note 3.1.3

286

208

Foreign exchange loss, net3

-

18

Defined benefit pension plans, reference is made to note 3.2.4

1

2

Other financial costs

47

33

Total financial costs

870

739

Financial income and costs, net

-823

-659

\u00a7 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

Restated for changes in accounting policy, refer to note 1.2.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 20m (2023: DKK 0m) and is included under Interest expense to banks, credit institutions, cor-porate bonds, etc

3

Foreign exchange gains in 2024 amounts to DKK 560m (2023: DKK 440m) and foreign exchange losses amounts to DKK 535m (2023: DKK 463m)

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__134": { "value": "

4.4\tFinancial income and costs

DKK million

2024

2023\u00b9

Financial income

Interest income from banks, etc.2

20

47

Foreign exchange gain, net3

25

-

Other financial income

1

33

Total financial income

47

80

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

536

478

Interest expense on lease liabilities, reference is made to note 3.1.3

286

208

Foreign exchange loss, net3

-

18

Defined benefit pension plans, reference is made to note 3.2.4

1

2

Other financial costs

47

33

Total financial costs

870

739

Financial income and costs, net

-823

-659

\u00a7 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

Restated for changes in accounting policy, refer to note 1.2.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 20m (2023: DKK 0m) and is included under Interest expense to banks, credit institutions, cor-porate bonds, etc

3

Foreign exchange gains in 2024 amounts to DKK 560m (2023: DKK 440m) and foreign exchange losses amounts to DKK 535m (2023: DKK 463m)

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__135": { "value": "

4.4\tFinancial income and costs

DKK million

2024

2023\u00b9

Financial income

Interest income from banks, etc.2

20

47

Foreign exchange gain, net3

25

-

Other financial income

1

33

Total financial income

47

80

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

536

478

Interest expense on lease liabilities, reference is made to note 3.1.3

286

208

Foreign exchange loss, net3

-

18

Defined benefit pension plans, reference is made to note 3.2.4

1

2

Other financial costs

47

33

Total financial costs

870

739

Financial income and costs, net

-823

-659

\u00a7 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

Restated for changes in accounting policy, refer to note 1.2.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 20m (2023: DKK 0m) and is included under Interest expense to banks, credit institutions, cor-porate bonds, etc

3

Foreign exchange gains in 2024 amounts to DKK 560m (2023: DKK 440m) and foreign exchange losses amounts to DKK 535m (2023: DKK 463m)

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__136": { "value": "

4.4\tFinancial income and costs

DKK million

2024

2023\u00b9

Financial income

Interest income from banks, etc.2

20

47

Foreign exchange gain, net3

25

-

Other financial income

1

33

Total financial income

47

80

Financial costs

Interest expense to banks, credit institutions, corporate bonds, etc.2

536

478

Interest expense on lease liabilities, reference is made to note 3.1.3

286

208

Foreign exchange loss, net3

-

18

Defined benefit pension plans, reference is made to note 3.2.4

1

2

Other financial costs

47

33

Total financial costs

870

739

Financial income and costs, net

-823

-659

\u00a7 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

Restated for changes in accounting policy, refer to note 1.2.

2

Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK 20m (2023: DKK 0m) and is included under Interest expense to banks, credit institutions, cor-porate bonds, etc

3

Foreign exchange gains in 2024 amounts to DKK 560m (2023: DKK 440m) and foreign exchange losses amounts to DKK 535m (2023: DKK 463m)

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__137": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__138": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__139": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__140": { "value": "

4.5\tInterest-bearing liabilities

DKK million

2024

2023\u00b9

Bank loans and mortgage on ferries

9,894

7,724

Issued corporate bonds

2,110

992

Lease liability

4,846

4,886

Other non-current liabilities

263

-

Total interest-bearing non-current liabilities

17,113

13,602

Bank loans and mortgage on ferries

551

416

Issued corporate bonds

-

265

Lease liability

1,027

946

Other non-current liabilities

44

-

Total interest-bearing current liabilities

1,621

1,627

Total interest-bearing liabilities

18,733

15,229

In 2024 DFDS obtained two new term loans in relation to the acquisition of FRS Iberia/Maroc and Ekol International Transport, both with a maturity of 3 years and based on CIBOR 3M. In addition, DFDS refinanced a part of the U.N. Ro-Ro acquisition facility. The new facility has maturity of 3 years and is based on CIBOR 3M.

In 2024, DFDS also issued two corporate bonds; a 3 year bond with a nominal amount of NOK 750m, maturing 15 March 2027 with a floating rate based on NIBOR 3M + 1.85%, and a 5 year bond with a nominal amount of NOK 1,000m, maturing 15 March 2029 with a floating rate based on NIBOR 3M + 2.15%. Both bonds are listed on the Oslo Stock Exchange and have been swapped to DKK.

Bank loans contains customary covenants.

The fair value of the interest-bearing liabilities amounts to DKK 18,750m (2023: DKK 15,226m). The fair value measurement is categorised within level 2 in the fair value hierarchy also for 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 2,340m of the interest-bearing liabilities fall due after five years (2023: DKK 2,760m). 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

2024

2023\u00b9

Allocation of currency, principal nominal amount:

DKK

7,069

3,566

EUR

7,262

8,195

NOK

2,136

1,294

GBP

1,149

1,194

USD

634

668

SEK

411

284

Other

71

28

Total interest-bearing liabilities

18,733

15,229

\u00a7 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.

1

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__141": { "value": "

DKK million

2024

2023\u00b9

Bank loans and mortgage on ferries

9,894

7,724

Issued corporate bonds

2,110

992

Lease liability

4,846

4,886

Other non-current liabilities

263

-

Total interest-bearing non-current liabilities

17,113

13,602

Bank loans and mortgage on ferries

551

416

Issued corporate bonds

-

265

Lease liability

1,027

946

Other non-current liabilities

44

-

Total interest-bearing current liabilities

1,621

1,627

Total interest-bearing liabilities

18,733

15,229

", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__142": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__143": { "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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__144": { "value": "

Dividends

Proposed dividends are 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__146": { "value": "

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__147-1": { "value": "

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

4.7\tTreasury shares

Number of shares

2024

2023

Treasury shares at 1 January

2,415,910

1,381,528

Acquisition of treasury shares

2,312,185

1,071,428

Disposal of treasury shares due to exercise of share options and restricted stock units

-92,344

-37,046

Cancellation of treasury shares

-661,981

-

Treasury shares at 31 December

3,973,770

2,415,910

Market value of treasury shares based on quoted share price at 31 December, DKK million

530

539

4.7\tTreasury shares(continued)

In accordance with the Annual General Meeting in March 2024 the Board of Directors is authorised \u2013 until 14 March 2028 \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. Furthermore, 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 2024 acquired treasury shares for a total payment of DKK 431m in connection with a share buyback (2023: DKK 300m). Furthermore, during 2024 DFDS A/S has disposed treasury shares for a total consideration of DKK 0m (2023: DKK 0m) in connection with employees\u2019 exercise of share options/restricted stock units.

On the Annual General Meeting in March 2024 it was decided to cancel 661,981 of the treasury shares. This resulted in a reduction of the Company's share capital by nominally 13,239,620. The cancellation had legal effect from 16 April 2024.

The Parent company\u2019s holding of treasury shares at 31 December 2024 is 3,973,770 shares of DKK 20 each (2023: 2,415,910 shares), corresponding to 6.85% (2023: 4.12%) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__148": { "value": "

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

Currency translation reserve

The reserve comprises DFDS A/S shareholders\u2019 share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity.

Reserve for hedging

The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__149": { "value": "

Reserve for treasury shares

The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividends on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.

Currency translation reserve

The reserve comprises DFDS A/S shareholders\u2019 share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity.

Reserve for hedging

The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective.

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__151": { "value": "

4.8\tEarnings per share

2024

2023\u00b9

Profit for the year (DKK million)

541

1,519

Attributable to non-controlling interests (DKK million)

-6

-3

Attributable to DFDS Group

534

1,516

Weighted average number of issued ordinary shares

58,161,318

58,631,578

Weighted average number of treasury shares

-2,971,710

-2,280,841

Weighted average number of circulating ordinary shares

55,189,609

56,350,737

Effects of dilution from issued share options and restricted stock unit plans

100,119

126,726

Weighted average number of circulating ordinary shares (diluted)

55,289,728

56,477,463

Basic earnings per share (EPS) of DKK 20 in DKK

9.68

26.89

Diluted earnings per share (EPS-D) of DKK 20 in DKK

9.67

26.83

When calculating diluted earnings per share for 2024, 1,314,242 share options (2023: 1,138,905 share options) have been omitted as they are out-of-the-money. The share options might dilute earnings per share in the future.

1

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__152-1": { "value": "

5.1\tRemuneration to the Executive Board and Board of Directors

DKK'000

2024

2023

Remuneration to the Executive Board

Wages and salaries

13,358

13,700

Exit cost

-

2,355

Bonus

2,465

8,117

Defined contribution pension plans

1,336

1,370

Share based payment

5,771

5,950

Other employee costs

537

459

Total remuneration to the Executive Board\u00b9

23,467

31,951

Total remuneration to the Board

4,500

4,500

Total remuneration to the Audit Committee

500

500

Total remuneration to the Nomination Committee

150

150

Total remuneration to the Remuneration Committee

150

150

Total remuneration to the Board of Directors

5,300

5,300

Total remuneration to the Executive Board and Board of Directors

28,767

37,251

The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as the Executive Board consisting of CEO Torben Carlsen and CFO Karen Dyrskj\u00f8t Boesen (Karina Deacon until 30 June 2024).

Remuneration to the chair of the Audit Committee is DKK 250k per year (2023: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2023: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2023: DKK 100k).

1

Karen Dyrskj\u00f8t Boesen joined the Group as CFO and member of the Executive Board on 1 July 2024. Karina Deacon's employment ended 31 August 2024.

5.3\tShare based payment

Long-term incentives

The 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 options

Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.3% of the share capital (2023: 1.9%) 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.

2024

Executive BoardNumber

Key employeesNumber

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Average exerciseprice per option DKK

Outstanding at 1 January

417,534

552,807

153,263

1,123,604

315.93

Transferred between categories

-128,040

-20,442

148,482

0

306.61

Granted during the year

113,932

292,783

-

406,715

238.00

Expired during the year

-63,650

-69,669

-69,898

-203,217

330.72

Forfeited during the year

-

-

-12,860

-12,860

261.25

Outstanding at 31 December

339,776

775,479

218,987

1,314,242

290.07

Of this exercisable at the end of the year

138,715

266,839

167,595

573,149

310.80

2023

Executive BoardNumber

Key employeesNumber

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Average exerciseprice per option DKK

Outstanding at 1 January

412,341

555,590

187,466

1,155,397

331.76

Transferred between categories

-

-71,010

71,010

0

332.84

Granted during the year

69,707

128,532

-

198,239

292.00

Expired during the year

-49,213

-57,630

-98,245

-205,088

383.00

Forfeited during the year

-15,301

-2,675

-6,968

-24,944

374.80

Outstanding at 31 December

417,534

552,807

153,263

1,123,604

315.93

Of this exercisable at the end of the year

241,586

263,939

135,528

641,053

319.30

The share options granted in 2024 had a fair value of DKK 13.4m (2023: DKK 11.0m), equal to an average fair value per option of DKK 33.03 (2023: DKK 55.59).

No share options have been exercised during 2024 (2023: nil).

Vesting of share options is expensed in the income statement for 2024 with DKK 10m (2023: DKK 8m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2024 have an average weighted remaining contractual time of 2.2 years (2023: 1.9 years).

Assumptions concerning the calculation of fair value at time of grant:

Year of grant

Exercise price

Market price at grant date

Expected volatility

Risk-free interest rate

Expected annualdividends per share (DKK) at grant date

Expected term

Fair value per option at time of granting

2024

238

217.60

33.06%

2.55%

9.33

3 years

33.03

2023

292

269.40

38.66%

2.79%

9.00

3 years

55.59

2022

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

The expected volatility for 2020 to 2024 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 0.28% (2023: 0.17%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2024 with DKK 13m (2023: DKK 9m).

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.

2024

Executive BoardNumber

Key employeesNumber

Other managerial

staff

Number

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Outstanding at 1 January

29,124

49,622

20,207

2,647

101,600

Transferred between categories

-5,112

-3,361

-5,707

14,180

0

Granted during the year

17,364

44,622

28,307

-

90,293

Vested in period

-8,844

-11,312

-

-2,009

-22,165

Forfeited during the year

-

-

-

-7,535

-7,535

Outstanding at 31 December

32,532

79,571

42,807

7,283

162,193

Of this exercisable at the end of the year

-

-

-

-

0

2023

Executive BoardNumber

Key employeesNumber

Other managerial

staff

Number

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Outstanding at 1 January

17,409

24,626

-

1,924

43,959

Transferred between categories

-

-1,364

-

1,364

0

Granted during the year

14,600

26,920

20,623

-

62,143

Forfeited during the year

-2,885

-560

-416

-641

-4,502

Outstanding at 31 December

29,124

49,622

20,207

2,647

101,600

Of this exercisable at the end of the year

-

-

-

-

0

Year of grant

Expected term

Fair value per share at time of granting

2024

3 years

216.72

2023

3 years

265.42

2022

3 years

313.15

5.3\tShare based payment(continued)

Employee recognition

In December 2020 up to 50 shares free of charge were awarded 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 were entitled to the shares.

69,490 shares have been transferred during 2024 (2023: 37,067 shares). Vesting of shares for 2024 is an expense of DKK 3m (2023: DKK 13m).

\u00a7 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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__154-1": { "value": "

5.1\tRemuneration to the Executive Board and Board of Directors

DKK'000

2024

2023

Remuneration to the Executive Board

Wages and salaries

13,358

13,700

Exit cost

-

2,355

Bonus

2,465

8,117

Defined contribution pension plans

1,336

1,370

Share based payment

5,771

5,950

Other employee costs

537

459

Total remuneration to the Executive Board\u00b9

23,467

31,951

Total remuneration to the Board

4,500

4,500

Total remuneration to the Audit Committee

500

500

Total remuneration to the Nomination Committee

150

150

Total remuneration to the Remuneration Committee

150

150

Total remuneration to the Board of Directors

5,300

5,300

Total remuneration to the Executive Board and Board of Directors

28,767

37,251

The termination period for the Executive Board is 12 months. Further, the CEO has additional 12 months redundancy payment. In connection with a change of control of the Group, the members of the Executive Board can \u2013 within the first 3 months of the event - terminate their employment with the same effect as if the Company had given notice of termination of employment to the Executive Board. Key management personnel is defined as the Executive Board consisting of CEO Torben Carlsen and CFO Karen Dyrskj\u00f8t Boesen (Karina Deacon until 30 June 2024).

Remuneration to the chair of the Audit Committee is DKK 250k per year (2023: DKK 250k) and remuneration to other members of the Audit Committee is DKK 125k per year (2023: DKK 125k) each. Remuneration to each of the three members of the Remuneration and Nomination Committee is DKK 100k per year (2023: DKK 100k).

1

Karen Dyrskj\u00f8t Boesen joined the Group as CFO and member of the Executive Board on 1 July 2024. Karina Deacon's employment ended 31 August 2024.

5.3\tShare based payment

Long-term incentives

The 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 options

Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.3% of the share capital (2023: 1.9%) 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.

2024

Executive BoardNumber

Key employeesNumber

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Average exerciseprice per option DKK

Outstanding at 1 January

417,534

552,807

153,263

1,123,604

315.93

Transferred between categories

-128,040

-20,442

148,482

0

306.61

Granted during the year

113,932

292,783

-

406,715

238.00

Expired during the year

-63,650

-69,669

-69,898

-203,217

330.72

Forfeited during the year

-

-

-12,860

-12,860

261.25

Outstanding at 31 December

339,776

775,479

218,987

1,314,242

290.07

Of this exercisable at the end of the year

138,715

266,839

167,595

573,149

310.80

2023

Executive BoardNumber

Key employeesNumber

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Average exerciseprice per option DKK

Outstanding at 1 January

412,341

555,590

187,466

1,155,397

331.76

Transferred between categories

-

-71,010

71,010

0

332.84

Granted during the year

69,707

128,532

-

198,239

292.00

Expired during the year

-49,213

-57,630

-98,245

-205,088

383.00

Forfeited during the year

-15,301

-2,675

-6,968

-24,944

374.80

Outstanding at 31 December

417,534

552,807

153,263

1,123,604

315.93

Of this exercisable at the end of the year

241,586

263,939

135,528

641,053

319.30

The share options granted in 2024 had a fair value of DKK 13.4m (2023: DKK 11.0m), equal to an average fair value per option of DKK 33.03 (2023: DKK 55.59).

No share options have been exercised during 2024 (2023: nil).

Vesting of share options is expensed in the income statement for 2024 with DKK 10m (2023: DKK 8m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2024 have an average weighted remaining contractual time of 2.2 years (2023: 1.9 years).

Assumptions concerning the calculation of fair value at time of grant:

Year of grant

Exercise price

Market price at grant date

Expected volatility

Risk-free interest rate

Expected annualdividends per share (DKK) at grant date

Expected term

Fair value per option at time of granting

2024

238

217.60

33.06%

2.55%

9.33

3 years

33.03

2023

292

269.40

38.66%

2.79%

9.00

3 years

55.59

2022

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

The expected volatility for 2020 to 2024 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 0.28% (2023: 0.17%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2024 with DKK 13m (2023: DKK 9m).

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.

2024

Executive BoardNumber

Key employeesNumber

Other managerial

staff

Number

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Outstanding at 1 January

29,124

49,622

20,207

2,647

101,600

Transferred between categories

-5,112

-3,361

-5,707

14,180

0

Granted during the year

17,364

44,622

28,307

-

90,293

Vested in period

-8,844

-11,312

-

-2,009

-22,165

Forfeited during the year

-

-

-

-7,535

-7,535

Outstanding at 31 December

32,532

79,571

42,807

7,283

162,193

Of this exercisable at the end of the year

-

-

-

-

0

2023

Executive BoardNumber

Key employeesNumber

Other managerial

staff

Number

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Outstanding at 1 January

17,409

24,626

-

1,924

43,959

Transferred between categories

-

-1,364

-

1,364

0

Granted during the year

14,600

26,920

20,623

-

62,143

Forfeited during the year

-2,885

-560

-416

-641

-4,502

Outstanding at 31 December

29,124

49,622

20,207

2,647

101,600

Of this exercisable at the end of the year

-

-

-

-

0

Year of grant

Expected term

Fair value per share at time of granting

2024

3 years

216.72

2023

3 years

265.42

2022

3 years

313.15

5.3\tShare based payment(continued)

Employee recognition

In December 2020 up to 50 shares free of charge were awarded 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 were entitled to the shares.

69,490 shares have been transferred during 2024 (2023: 37,067 shares). Vesting of shares for 2024 is an expense of DKK 3m (2023: DKK 13m).

\u00a7 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\tRelated party transactions

Lauritzen Fonden, Copenhagen with a nominal shareholding of 40.4%, 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 2024 DFDS purchased 960,702 shares for an amount of DKK 179m (2023: DKK 126m) from Lauritzen Fonden as part of the share buyback programme announced on 9 February 2024. The shares were purchased at a price equal to the volume-weighted average weekly share price of the DFDS shares repurchased by DFDS under the share buyback programme. Furthermore, in 2024 Lauritzen Fonden received a dividend of DKK 3.00 (2023: DKK 5.00) per share from DFDS, the same as other shareholders. The dividend received in 2024 amounted to DKK 73m (2023: DKK 122m).

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 3.00 (2023: DKK 5.00) per share has been carried out during the year. The table below depicts material transactions with related parties.

DKK million

Sale of services

Purchase of services

Receiv-ables

Liabilities

2024

Associates and joint ventures

64

233

45

16

2023

Associates and joint ventures

33

211

38

3

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__155": { "value": "

5.2\tFee to Auditors appointed at the Annual General Meeting

DKK million

2024

2023

Audit fees

15

15

Other assurance engagements

3

0

Tax and VAT advice

2

3

Non-audit services

1

5

Total fees

21

23

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark has performed other services than the statutory audit relating to assurance work for CSRD, other assurance opinions and agreed-upon procedures, tax assistance relating to restructurings, general tax advisory and other tax compliance as well as other general accounting advice.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__160": { "value": "

5.3\tShare based payment

Long-term incentives

The 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 options

Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent company of nominal DKK 20. The share option schemes equal a right to acquire 2.3% of the share capital (2023: 1.9%) 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.

2024

Executive BoardNumber

Key employeesNumber

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Average exerciseprice per option DKK

Outstanding at 1 January

417,534

552,807

153,263

1,123,604

315.93

Transferred between categories

-128,040

-20,442

148,482

0

306.61

Granted during the year

113,932

292,783

-

406,715

238.00

Expired during the year

-63,650

-69,669

-69,898

-203,217

330.72

Forfeited during the year

-

-

-12,860

-12,860

261.25

Outstanding at 31 December

339,776

775,479

218,987

1,314,242

290.07

Of this exercisable at the end of the year

138,715

266,839

167,595

573,149

310.80

2023

Executive BoardNumber

Key employeesNumber

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Average exerciseprice per option DKK

Outstanding at 1 January

412,341

555,590

187,466

1,155,397

331.76

Transferred between categories

-

-71,010

71,010

0

332.84

Granted during the year

69,707

128,532

-

198,239

292.00

Expired during the year

-49,213

-57,630

-98,245

-205,088

383.00

Forfeited during the year

-15,301

-2,675

-6,968

-24,944

374.80

Outstanding at 31 December

417,534

552,807

153,263

1,123,604

315.93

Of this exercisable at the end of the year

241,586

263,939

135,528

641,053

319.30

The share options granted in 2024 had a fair value of DKK 13.4m (2023: DKK 11.0m), equal to an average fair value per option of DKK 33.03 (2023: DKK 55.59).

No share options have been exercised during 2024 (2023: nil).

Vesting of share options is expensed in the income statement for 2024 with DKK 10m (2023: DKK 8m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2024 have an average weighted remaining contractual time of 2.2 years (2023: 1.9 years).

5.3\tShare based payment(continued)

Assumptions concerning the calculation of fair value at time of grant:

Year of grant

Exercise price

Market price at grant date

Expected volatility

Risk-free interest rate

Expected annualdividends per share (DKK) at grant date

Expected term

Fair value per option at time of granting

2024

238

217.60

33.06%

2.55%

9.33

3 years

33.03

2023

292

269.40

38.66%

2.79%

9.00

3 years

55.59

2022

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

The expected volatility for 2020 to 2024 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 0.28% (2023: 0.17%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the income statement for 2024 with DKK 13m (2023: DKK 9m).

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.

2024

Executive BoardNumber

Key employeesNumber

Other managerial

staff

Number

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Outstanding at 1 January

29,124

49,622

20,207

2,647

101,600

Transferred between categories

-5,112

-3,361

-5,707

14,180

0

Granted during the year

17,364

44,622

28,307

-

90,293

Vested in period

-8,844

-11,312

-

-2,009

-22,165

Forfeited during the year

-

-

-

-7,535

-7,535

Outstanding at 31 December

32,532

79,571

42,807

7,283

162,193

Of this exercisable at the end of the year

-

-

-

-

0

2023

Executive BoardNumber

Key employeesNumber

Other managerial

staff

Number

ResignedExecutiveBoard mem-bers and employeesNumber

Total

Outstanding at 1 January

17,409

24,626

-

1,924

43,959

Transferred between categories

-

-1,364

-

1,364

0

Granted during the year

14,600

26,920

20,623

-

62,143

Forfeited during the year

-2,885

-560

-416

-641

-4,502

Outstanding at 31 December

29,124

49,622

20,207

2,647

101,600

Of this exercisable at the end of the year

-

-

-

-

0

Year of grant

Expected term

Fair value per share at time of granting

2024

3 years

216.72

2023

3 years

265.42

2022

3 years

313.15

5.3\tShare based payment(continued)

Employee recognition

In December 2020 up to 50 shares free of charge were awarded 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 were entitled to the shares.

69,490 shares have been transferred during 2024 (2023: 37,067 shares). Vesting of shares for 2024 is an expense of DKK 3m (2023: DKK 13m).

\u00a7 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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__165": { "value": "

\u00a7 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__167": { "value": "

\u00a7 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, ETS emission provision, 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.

1

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__168": { "value": "

\u00a7 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, ETS emission provision, 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.

1

Restated for changes in accounting policy, refer to note 1.2.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__169": { "value": "

5.5\tAcquisitions and non-controlling interests

2024, Ekol International Logistics

On 15 November 2024 the acquisition of 100% of Ekol International Logistics based in Istanbul, T\u00fcrkiye was completed and the DFDS Group obtained control as from this date. The acquisition is included in the Logistics Division.

The addition of the international transport network of Ekol Logistics, enables DFDS to offer end-to-end transport solutions between T\u00fcrkiye and Europe directly to end customers including distribution services and warehousing in T\u00fcrkiye.

DFDS paid DKK 1,678m for the acquired company. Cash in the acquired company amounted to DKK 241m, consequently, the liquidity effect was DKK 1,438m. Trade receivables have been recognised at the acquisition date at a fair value of DKK 566m which is DKK 4m lower than their gross value.

Ekol Logistics revenue included in the Annual Reporting for 2024 is DKK 379m and an EBITDA of DKK -45m. If the transaction had been completed as of 1 January 2024 revenue from 1 January 2024 to 31 December 2024 would have been DKK 3.2bn and an EBITDA of DKK -78m. Transaction and acquisition costs amounts to DKK 7m which are included under administration costs.

Due to the acquisition date being 15 November 2024 the purchase price allocation is preliminary and will be subject to adjustments on several items. The major categories of net assets for which acquisition accounting is still ongoing mainly relate to fair value assessment of equipment and other current liabilities as well as non-current intangible assets and goodwill including allocation hereof to cash generating units.

Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is measured at DKK 1,761m. The goodwill represents the know how taken over and the value of combining this with the existing DFDS network. Moreover, DFDS\u2019 logistics network will be expanded across Europe and connected to T\u00fcrkiye. This provides DFDS access to offer end-to-end transport and logistics solutions directly to end customers trading between T\u00fcrkiye and Europe. Goodwill has preliminary been allocated fully to the Logistics Division. The goodwill is not deductible for tax purposes. The preliminary purchase price allocation is shown.

2024, FRS Iberia Group

On 17 September 2023 it was announced that the DFDS Group had entered into an agreement to acquire 100% of FRS Iberia/Maroc, a division of the German shortsea ferry company FRS GmbH & Co. KG. Closing of the transaction was completed 10 January 2024. The acquisition is included in the Ferry Division.

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 market growth is expected to continue to exceed growth levels in northern Europe underpinned by nearshoring of manufacturing supply chains closer to end markets in Europe.

DFDS paid DKK 1,519m for the acquired company. Cash in the acquired company amounted to DKK 421m. Accordingly, the cash flow effect was DKK 1,098m. Trade receivables have been recognised at the acquisition date at a fair value of DKK 85m which is DKK 3m lower than their gross value.

In connection with the acquisition DFDS has not identified any intangible assets to be recognised other than goodwill.

Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is measured at DKK 757m. Goodwill relates to the Ferry division. The goodwill represents primarily the value of purchasing the unique and integrated network of sea-based transport of cargo and passengers between Morocco and Europe as well as the value of the staff taken over, and the expected synergies from combining the acquired activities with the existing DFDS activities and network. The goodwill is not deductible for tax purposes. The purchase price allocation for FRS Iberia disclosed in the table below has been finalised.

DKK million

FRS Iberia

Ekol*

Other

Total

Non-current intangible assets

0

13

-

13

Land and buildings

18

202

-

220

Ships

631

0

-

631

Terminals

15

10

-

25

Equipment etc.

4

597

-

601

Inventories

10

15

-

25

Trade receivables

85

566

-

651

Other receivables

37

215

-

252

Cash at hand and in bank

421

241

-

662

Deferred tax liability

-38

-4

-

-42

Interest bearing debt

-240

-809

-

-1,049

Trade payables

-121

-805

-

-926

Other current liabilities

-61

-325

-

-386

Net assets acquired

762

-83

0

679

Goodwill at acquisition

757

1,761

-

2,518

Total purchase price

1,519

1,678

0

3,198

Cash and bank balances acquired

-421

-241

-

-662

Fair value of the purchase price

1,098

1,438

0

2,535

Paid contingent consideration regarding prior years acquisitions

-

-

38

38

Cash flow impact from acquisitions

1,098

1,438

38

2,574

* Preliminary fair value at acquisition date.

5.5\tAcquisitions and non-controlling interests(continued)

2023

The purchase price allocations for McBurney Transport Group, Estron Group, D.R. MacLeod, and Lundby \u00c5keri AB are unchanged compared to December 2023 and are considered final. For further details of these acquisitions, refer to the annual report 2023.

Acquisition of non-controlling interests

Acquisition of shares by DFDS A/S in AB DFDS Seaways during 2024 amounts to DKK 7m (2023: DKK 8m), equivalent to an ownership of 0.43% (2023: 1.74%) after which the company is owned 99.27% (2023: 98.84%). Badwill of DKK 13m (2023: Badwill of DKK 17m) 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.

\u00a7 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 state-ments 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 inter-ests 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 rec-ognised 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 acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment 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 dif-ferent 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 recog-nised 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 recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items.

Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised 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 previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__170": { "value": "Acquisition of shares by DFDS A/S in AB DFDS Seaways during 2024 amounts to DKK 7m (2023: DKK 8m), equivalent to an ownership of 0.43% (2023: 1.74%) after which the company is owned 99.27% (2023: 98.84%). Badwill of DKK 13m (2023: Badwill of DKK 17m) is recognised directly in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__171": { "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 state-ments 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 inter-ests 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 rec-ognised 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 acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment 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 dif-ferent 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 recog-nised 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 recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items.

Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised 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 previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__172": { "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 state-ments 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 inter-ests 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 rec-ognised 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 acqui-sition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the im-pairment 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 dif-ferent 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 recog-nised 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 recog-nition was preliminary or incorrect. Changes in estimates regarding contingent considerations are rec-ognised in the income statement as financial items.

Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are rec-ognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recog-nised 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 previ-ously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attrib-utable 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__173-1": { "value": "

5.6\tGuarantees, collateral and contingent liabilities

Guarantees issued by banks on behalf of the Group amount to DKK 359m (2023: DKK 224m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 28m (2023: DKK 125m).

The Group is in 2024 as well as in 2023 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 5,785m (2023: DKK 5,752m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 3,681m (2023: DKK 4,002m).

At year end 2024 DKK 11m (2023: DKK 14m) of the cash was deposited on restricted bank accounts.

5.7\tContractual commitments

DKK million

2024

2023

Contractual commitments property, plant and equipment, term 0-1 year

95

15

Contractual commitments financial instrument, term 0-1 year

387

49

Contractual commitments property, plant and equipment, term 1-5 years

1

-

Contractual commitments financial instrument term 1-5 years

28

27

Contractual commitments (undiscounted)

511

91

The Group\u2019s contractual commitments in 2024 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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__174": { "value": "

5.6\tGuarantees, collateral and contingent liabilities

Guarantees issued by banks on behalf of the Group amount to DKK 359m (2023: DKK 224m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 28m (2023: DKK 125m).

The Group is in 2024 as well as in 2023 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 5,785m (2023: DKK 5,752m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 3,681m (2023: DKK 4,002m).

At year end 2024 DKK 11m (2023: DKK 14m) of the cash was deposited on restricted bank accounts.

", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__175": { "value": "

5.6\tGuarantees, collateral and contingent liabilities

Guarantees issued by banks on behalf of the Group amount to DKK 359m (2023: DKK 224m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 28m (2023: DKK 125m).

The Group is in 2024 as well as in 2023 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 5,785m (2023: DKK 5,752m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 3,681m (2023: DKK 4,002m).

At year end 2024 DKK 11m (2023: DKK 14m) of the cash was deposited on restricted bank accounts.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__177": { "value": "

5.7\tContractual commitments

DKK million

2024

2023

Contractual commitments property, plant and equipment, term 0-1 year

95

15

Contractual commitments financial instrument, term 0-1 year

387

49

Contractual commitments property, plant and equipment, term 1-5 years

1

-

Contractual commitments financial instrument term 1-5 years

28

27

Contractual commitments (undiscounted)

511

91

The Group\u2019s contractual commitments in 2024 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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__179": { "value": "

5.9\tEvents after the balance sheet date

No material events have occurred after 31 December 2024 that have consequences for the 2024 annual report.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__180": { "value": "

5.10\tCompany overview

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Parent Company

DFDS A/S5

Denmark

Copenhagen

DKK

1,159,391,940

Subsidiaries:

DFDS Belgium N.V.2

Belgium

Gent

EUR

2,355,976

N&K Cold Chain Logistics (Shanghai) Co., Ltd.

China

Shanghai

CNY

2,901,420

Nifesos shipping company Ltd\u00b2

Cyprus

Limassol

EUR

1,000

Paschamo shipping company Ltd\u00b2

Cyprus

Limassol

EUR

1,000

DFDS Logistics s.r.o.2

Czech Republic

Prague

CZK

1,100,000

DFDS Logistics A/S

Denmark

Esbjerg

DKK

600,000

DFDS Logistics Denmark A/S2

Denmark

Herning

DKK

500,000

DFDS K\u00f8letransport A/S2

Denmark

Hobro

DKK

500,000

Dronningens Kvarter 1 ApS2

Denmark

Copenhagen

DKK

500,000

Lundvej 15 ApS2

Denmark

Copenhagen

DKK

100.000

DFDS Logistics O\u00dc2

Estonia

Tallinn

EUR

3,000

DFDS Logistics OY2

Finland

Turku

EUR

2,520

DFDS Seaways S.A.S.2

France

Dieppe

EUR

37,000

Ekol Logistiques SARL

France

S\u00e8te

EUR

2,045,000

DFDS Germany ApS & Co. KG2, 3

Germany

Hamburg

EUR

25,000

Ekol Logistik GmbH

Germany

Gernsheim

EUR

435,621

EU Trucking Service GmbH

Germany

Lingenfeld

EUR

50,000

DFDS Grundst\u00fccksverwal-tungs GmbH & Co KG.

Germany

Neuenkirchen-V\u00f6rden

EUR

20,000

DFDS Logistics GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Logistics Deutschland GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Rail GmbH2, 6

Germany

Troisdorf

EUR

98,000

Ekol Logistics LTD

Greece

Thessaloniki

EUR

1,900,500

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Ekol Logistics Kft

Hungary

Budapest

HUF

720,000,000

Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Kft.

Hungary

Gyula

HUF

3,000,000

Bond Delivery Ireland Ltd.2

Ireland

Dublin

DKK

100

DFDS Logistics Contracts (Ireland) Ltd.2

Ireland

Dublin

EUR

200

DFDS Seaways Ireland Ltd.\u00b2

Ireland

Dublin

EUR

100

Lucey Transport Logistics Ltd.2

Ireland

Dublin

EUR

3,000

McBurney Refrigeration (Ireland) Ltd.2

Ireland

Dublin

EUR

100

Ekol Logistics SRL

Italy

Novara

EUR

400,001

Samer Seaports & Terminals SRL

60.00

Italy

Trieste

EUR

2,800,000

DFDS SIA

Latvia

Liepaja

EUR

113,886

AB DFDS Seaways2

99.30

Lithuania

Klaipeda

EUR

95,251,735

UAB DFDS Trucking

Lithuania

Klaipeda

EUR

89,782

DFDS Maroc S.A.R.L.A.U.

Morocco

Tangier

MAD

24,162,000

Red fish Speedlines SARL2

Morocco

Tangier

MAD

6,600,000

Alphatrans International Trucking B.V.

Netherlands

Brielle

EUR

18,000

EU Trucking Service B.V.7

Netherlands

Eindhoven

EUR

270,000

DFDS Logistics Nijmegen B.V.

Netherlands

Nijmegen

EUR

40,840

DFDS Warehousing Rotterdam B.V.

Netherlands

Rotterdam

EUR

18,000

DFDS Holding B.V.\u00b2

Netherlands

Vlaardingen

EUR

40,000,000

DFDS Logistics B.V.

Netherlands

Vlaardingen

EUR

455,000

DFDS NewCo B.V.

Netherlands

Vlaardingen

EUR

1

DFDS Seaways B.V.

Netherlands

Vlaardingen

EUR

18,400

DFDS Logistics Wijchen B.V.

Netherlands

Wijchen

EUR

20,000

DFDS Trucking Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Warehousing Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Distri Holding B.V.

Netherlands

Winterswijk

EUR

18,000

1

Unless otherwise indicated, the companies are 100% owned by the DFDS Group.

2

The Company is directly owned by the Parent Company DFDS A/S

3

Relief in accordance with Sec. 264b German Commercial Code (HGB).

4

Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.

5

Includes Belgian branch, Dutch branch, Estonian branch, French branch, Lithuanian branch, Norwegian branch, Swedish branch and UK branch of DFDS A/S

6

Relief in accordance with Sec.264 para. 3 German Commercial Code (HGB)

7

Includes Belgian branch

5.10\tCompany overview(continued)

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

DFDS Logistics Winterswijk B.V.

Netherlands

Winterswijk

EUR

18,151

DFDS Property and Equipment B.V.

Netherlands

Winterswijk

EUR

20,000

DFDS Property Nijmegen B.V.

Netherlands

Winterswijk

EUR

18,000

NorthSea Terminal AS

Norway

Brevik

NOK

1,000,000

DFDS Logistics AS2

Norway

Lysaker

NOK

20,538,000

DFDS Seaways AS2

Norway

Oslo

NOK

12,000,000

Ekol Logistics Sp. z o.o.

Poland

Koninko

PLN

500,000

DFDS Polska Sp. z o.o.2

Poland

Poznan

PLN

10,005,000

DFDS Investments Sp. z o.o.

80.00

Poland

Szubin

PLN

5,000

DFDS Logistics Polska Sp. z o.o.

80.00

Poland

Szubin

PLN

50,000

Ekol International Logistics SRL

Romania

Bucharest

RON

64,060

EU Trucking Service SRL

Romania

Bucharest

RON

230,630

DFDS Logistics Solutions Romania SRL

Romania

Bucharest

RON

147,050

Romania Transport Group SRL

Romania

Tibod

RON

1,000

Ekol Logistika D.O.O

Slovenia

Ljubljana

EUR

40,000

Ekol Spain Logistics S.L.U.

Spain

Barcelona

EUR

1,603,100

DFDS Destination Morocco S.L.U.

Spain

Tarifa

EUR

60,102

DFDS Iberia S.L.U.\u00b2

Spain

Tarifa

EUR

8,700,000

N&K Spedition Spain S.L.

Spain

Tarragona

EUR

60,000

DFDS Seaways Hispania S.L.

Spain

Valencia

EUR

3,000

DFDS AB

Sweden

Gothenburg

SEK

500,000

DFDS Logistics Contracts AB

Sweden

Gothenburg

SEK

50,000

DFDS Logistics Partners AB

85.00

Sweden

Gothenburg

SEK

1,000,000

DFDS Logistics Services AB

Sweden

Gothenburg

SEK

1,100,000

DFDS Professionals AB2

87.50

Sweden

Gothenburg

SEK

25,000

DFDS Denizcilik ve Tasimacilik A.\u015e.

98.80

T\u00fcrkiye

Istanbul

EUR

369,967,159

DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.

T\u00fcrkiye

Istanbul

EUR

342,000,000

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Ekol Lojistik Ltd.

T\u00fcrkiye

Istanbul

EUR

2,872,747

Ekol Transport A.\u015e.

T\u00fcrkiye

Istanbul

EUR

47,210,796

LLC DFDS

Ukraine

Kiev

UAH

357,644

Bondelivery NI Ltd.2

United Kingdom

Ballymena

GBP

260,110

McBurney Transport Group Ltd.2

United Kingdom

Ballymena

GBP

947,934

DFDS Warehousing Corby Ltd.

United Kingdom

Corby

GBP

100

DFDS Logistics Contracts Ltd.

United Kingdom

Immingham

GBP

2,571,495

DFDS Logistics Ltd.2

United Kingdom

Immingham

GBP

15,150,000

DFDS Logistics Services Ltd.2

United Kingdom

Immingham

GBP

100

DFDS Seaways Holding Ltd.2

United Kingdom

Immingham

GBP

250,000

DFDS Seaways Plc.2

United Kingdom

Immingham

GBP

40,250,000

Associates and joint ventures:

Euro Asia cold Chain Logistic

52.04

China

Shanghai

CNY

22,100,000

DeaL Energy A/S2

50.00

Denmark

Hellerup

DKK

500,000

Bohus Terminal Holding AB4

65.00

Sweden

Gothenburg

SEK

50,000

Gothenburg RO/RO Terminal AB

65.00

Sweden

Gothenburg

SEK

5,000,000

25 Dormant entities

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__181": { "value": "

5.10\tCompany overview

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Parent Company

DFDS A/S5

Denmark

Copenhagen

DKK

1,159,391,940

Subsidiaries:

DFDS Belgium N.V.2

Belgium

Gent

EUR

2,355,976

N&K Cold Chain Logistics (Shanghai) Co., Ltd.

China

Shanghai

CNY

2,901,420

Nifesos shipping company Ltd\u00b2

Cyprus

Limassol

EUR

1,000

Paschamo shipping company Ltd\u00b2

Cyprus

Limassol

EUR

1,000

DFDS Logistics s.r.o.2

Czech Republic

Prague

CZK

1,100,000

DFDS Logistics A/S

Denmark

Esbjerg

DKK

600,000

DFDS Logistics Denmark A/S2

Denmark

Herning

DKK

500,000

DFDS K\u00f8letransport A/S2

Denmark

Hobro

DKK

500,000

Dronningens Kvarter 1 ApS2

Denmark

Copenhagen

DKK

500,000

Lundvej 15 ApS2

Denmark

Copenhagen

DKK

100.000

DFDS Logistics O\u00dc2

Estonia

Tallinn

EUR

3,000

DFDS Logistics OY2

Finland

Turku

EUR

2,520

DFDS Seaways S.A.S.2

France

Dieppe

EUR

37,000

Ekol Logistiques SARL

France

S\u00e8te

EUR

2,045,000

DFDS Germany ApS & Co. KG2, 3

Germany

Hamburg

EUR

25,000

Ekol Logistik GmbH

Germany

Gernsheim

EUR

435,621

EU Trucking Service GmbH

Germany

Lingenfeld

EUR

50,000

DFDS Grundst\u00fccksverwal-tungs GmbH & Co KG.

Germany

Neuenkirchen-V\u00f6rden

EUR

20,000

DFDS Logistics GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Logistics Deutschland GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Rail GmbH2, 6

Germany

Troisdorf

EUR

98,000

Ekol Logistics LTD

Greece

Thessaloniki

EUR

1,900,500

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Ekol Logistics Kft

Hungary

Budapest

HUF

720,000,000

Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Kft.

Hungary

Gyula

HUF

3,000,000

Bond Delivery Ireland Ltd.2

Ireland

Dublin

DKK

100

DFDS Logistics Contracts (Ireland) Ltd.2

Ireland

Dublin

EUR

200

DFDS Seaways Ireland Ltd.\u00b2

Ireland

Dublin

EUR

100

Lucey Transport Logistics Ltd.2

Ireland

Dublin

EUR

3,000

McBurney Refrigeration (Ireland) Ltd.2

Ireland

Dublin

EUR

100

Ekol Logistics SRL

Italy

Novara

EUR

400,001

Samer Seaports & Terminals SRL

60.00

Italy

Trieste

EUR

2,800,000

DFDS SIA

Latvia

Liepaja

EUR

113,886

AB DFDS Seaways2

99.30

Lithuania

Klaipeda

EUR

95,251,735

UAB DFDS Trucking

Lithuania

Klaipeda

EUR

89,782

DFDS Maroc S.A.R.L.A.U.

Morocco

Tangier

MAD

24,162,000

Red fish Speedlines SARL2

Morocco

Tangier

MAD

6,600,000

Alphatrans International Trucking B.V.

Netherlands

Brielle

EUR

18,000

EU Trucking Service B.V.7

Netherlands

Eindhoven

EUR

270,000

DFDS Logistics Nijmegen B.V.

Netherlands

Nijmegen

EUR

40,840

DFDS Warehousing Rotterdam B.V.

Netherlands

Rotterdam

EUR

18,000

DFDS Holding B.V.\u00b2

Netherlands

Vlaardingen

EUR

40,000,000

DFDS Logistics B.V.

Netherlands

Vlaardingen

EUR

455,000

DFDS NewCo B.V.

Netherlands

Vlaardingen

EUR

1

DFDS Seaways B.V.

Netherlands

Vlaardingen

EUR

18,400

DFDS Logistics Wijchen B.V.

Netherlands

Wijchen

EUR

20,000

DFDS Trucking Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Warehousing Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Distri Holding B.V.

Netherlands

Winterswijk

EUR

18,000

1

Unless otherwise indicated, the companies are 100% owned by the DFDS Group.

2

The Company is directly owned by the Parent Company DFDS A/S

3

Relief in accordance with Sec. 264b German Commercial Code (HGB).

4

Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.

5

Includes Belgian branch, Dutch branch, Estonian branch, French branch, Lithuanian branch, Norwegian branch, Swedish branch and UK branch of DFDS A/S

6

Relief in accordance with Sec.264 para. 3 German Commercial Code (HGB)

7

Includes Belgian branch

5.10\tCompany overview(continued)

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

DFDS Logistics Winterswijk B.V.

Netherlands

Winterswijk

EUR

18,151

DFDS Property and Equipment B.V.

Netherlands

Winterswijk

EUR

20,000

DFDS Property Nijmegen B.V.

Netherlands

Winterswijk

EUR

18,000

NorthSea Terminal AS

Norway

Brevik

NOK

1,000,000

DFDS Logistics AS2

Norway

Lysaker

NOK

20,538,000

DFDS Seaways AS2

Norway

Oslo

NOK

12,000,000

Ekol Logistics Sp. z o.o.

Poland

Koninko

PLN

500,000

DFDS Polska Sp. z o.o.2

Poland

Poznan

PLN

10,005,000

DFDS Investments Sp. z o.o.

80.00

Poland

Szubin

PLN

5,000

DFDS Logistics Polska Sp. z o.o.

80.00

Poland

Szubin

PLN

50,000

Ekol International Logistics SRL

Romania

Bucharest

RON

64,060

EU Trucking Service SRL

Romania

Bucharest

RON

230,630

DFDS Logistics Solutions Romania SRL

Romania

Bucharest

RON

147,050

Romania Transport Group SRL

Romania

Tibod

RON

1,000

Ekol Logistika D.O.O

Slovenia

Ljubljana

EUR

40,000

Ekol Spain Logistics S.L.U.

Spain

Barcelona

EUR

1,603,100

DFDS Destination Morocco S.L.U.

Spain

Tarifa

EUR

60,102

DFDS Iberia S.L.U.\u00b2

Spain

Tarifa

EUR

8,700,000

N&K Spedition Spain S.L.

Spain

Tarragona

EUR

60,000

DFDS Seaways Hispania S.L.

Spain

Valencia

EUR

3,000

DFDS AB

Sweden

Gothenburg

SEK

500,000

DFDS Logistics Contracts AB

Sweden

Gothenburg

SEK

50,000

DFDS Logistics Partners AB

85.00

Sweden

Gothenburg

SEK

1,000,000

DFDS Logistics Services AB

Sweden

Gothenburg

SEK

1,100,000

DFDS Professionals AB2

87.50

Sweden

Gothenburg

SEK

25,000

DFDS Denizcilik ve Tasimacilik A.\u015e.

98.80

T\u00fcrkiye

Istanbul

EUR

369,967,159

DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.

T\u00fcrkiye

Istanbul

EUR

342,000,000

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Ekol Lojistik Ltd.

T\u00fcrkiye

Istanbul

EUR

2,872,747

Ekol Transport A.\u015e.

T\u00fcrkiye

Istanbul

EUR

47,210,796

LLC DFDS

Ukraine

Kiev

UAH

357,644

Bondelivery NI Ltd.2

United Kingdom

Ballymena

GBP

260,110

McBurney Transport Group Ltd.2

United Kingdom

Ballymena

GBP

947,934

DFDS Warehousing Corby Ltd.

United Kingdom

Corby

GBP

100

DFDS Logistics Contracts Ltd.

United Kingdom

Immingham

GBP

2,571,495

DFDS Logistics Ltd.2

United Kingdom

Immingham

GBP

15,150,000

DFDS Logistics Services Ltd.2

United Kingdom

Immingham

GBP

100

DFDS Seaways Holding Ltd.2

United Kingdom

Immingham

GBP

250,000

DFDS Seaways Plc.2

United Kingdom

Immingham

GBP

40,250,000

Associates and joint ventures:

Euro Asia cold Chain Logistic

52.04

China

Shanghai

CNY

22,100,000

DeaL Energy A/S2

50.00

Denmark

Hellerup

DKK

500,000

Bohus Terminal Holding AB4

65.00

Sweden

Gothenburg

SEK

50,000

Gothenburg RO/RO Terminal AB

65.00

Sweden

Gothenburg

SEK

5,000,000

25 Dormant entities

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300JZVW1Y1UZ5UK38", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s8__8__182": { "value": "

5.10\tCompany overview

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Parent Company

DFDS A/S5

Denmark

Copenhagen

DKK

1,159,391,940

Subsidiaries:

DFDS Belgium N.V.2

Belgium

Gent

EUR

2,355,976

N&K Cold Chain Logistics (Shanghai) Co., Ltd.

China

Shanghai

CNY

2,901,420

Nifesos shipping company Ltd\u00b2

Cyprus

Limassol

EUR

1,000

Paschamo shipping company Ltd\u00b2

Cyprus

Limassol

EUR

1,000

DFDS Logistics s.r.o.2

Czech Republic

Prague

CZK

1,100,000

DFDS Logistics A/S

Denmark

Esbjerg

DKK

600,000

DFDS Logistics Denmark A/S2

Denmark

Herning

DKK

500,000

DFDS K\u00f8letransport A/S2

Denmark

Hobro

DKK

500,000

Dronningens Kvarter 1 ApS2

Denmark

Copenhagen

DKK

500,000

Lundvej 15 ApS2

Denmark

Copenhagen

DKK

100.000

DFDS Logistics O\u00dc2

Estonia

Tallinn

EUR

3,000

DFDS Logistics OY2

Finland

Turku

EUR

2,520

DFDS Seaways S.A.S.2

France

Dieppe

EUR

37,000

Ekol Logistiques SARL

France

S\u00e8te

EUR

2,045,000

DFDS Germany ApS & Co. KG2, 3

Germany

Hamburg

EUR

25,000

Ekol Logistik GmbH

Germany

Gernsheim

EUR

435,621

EU Trucking Service GmbH

Germany

Lingenfeld

EUR

50,000

DFDS Grundst\u00fccksverwal-tungs GmbH & Co KG.

Germany

Neuenkirchen-V\u00f6rden

EUR

20,000

DFDS Logistics GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Logistics Deutschland GmbH

Germany

Neuenkirchen-V\u00f6rden

EUR

25,000

DFDS Rail GmbH2, 6

Germany

Troisdorf

EUR

98,000

Ekol Logistics LTD

Greece

Thessaloniki

EUR

1,900,500

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Ekol Logistics Kft

Hungary

Budapest

HUF

720,000,000

Alphatrans-Sz\u00e1ll\u00edt\u00e1s Szolg\u00e1ltat\u00f3 Kft.

Hungary

Gyula

HUF

3,000,000

Bond Delivery Ireland Ltd.2

Ireland

Dublin

DKK

100

DFDS Logistics Contracts (Ireland) Ltd.2

Ireland

Dublin

EUR

200

DFDS Seaways Ireland Ltd.\u00b2

Ireland

Dublin

EUR

100

Lucey Transport Logistics Ltd.2

Ireland

Dublin

EUR

3,000

McBurney Refrigeration (Ireland) Ltd.2

Ireland

Dublin

EUR

100

Ekol Logistics SRL

Italy

Novara

EUR

400,001

Samer Seaports & Terminals SRL

60.00

Italy

Trieste

EUR

2,800,000

DFDS SIA

Latvia

Liepaja

EUR

113,886

AB DFDS Seaways2

99.30

Lithuania

Klaipeda

EUR

95,251,735

UAB DFDS Trucking

Lithuania

Klaipeda

EUR

89,782

DFDS Maroc S.A.R.L.A.U.

Morocco

Tangier

MAD

24,162,000

Red fish Speedlines SARL2

Morocco

Tangier

MAD

6,600,000

Alphatrans International Trucking B.V.

Netherlands

Brielle

EUR

18,000

EU Trucking Service B.V.7

Netherlands

Eindhoven

EUR

270,000

DFDS Logistics Nijmegen B.V.

Netherlands

Nijmegen

EUR

40,840

DFDS Warehousing Rotterdam B.V.

Netherlands

Rotterdam

EUR

18,000

DFDS Holding B.V.\u00b2

Netherlands

Vlaardingen

EUR

40,000,000

DFDS Logistics B.V.

Netherlands

Vlaardingen

EUR

455,000

DFDS NewCo B.V.

Netherlands

Vlaardingen

EUR

1

DFDS Seaways B.V.

Netherlands

Vlaardingen

EUR

18,400

DFDS Logistics Wijchen B.V.

Netherlands

Wijchen

EUR

20,000

DFDS Trucking Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Warehousing Wijchen B.V.

Netherlands

Wijchen

EUR

18,152

DFDS Distri Holding B.V.

Netherlands

Winterswijk

EUR

18,000

1

Unless otherwise indicated, the companies are 100% owned by the DFDS Group.

2

The Company is directly owned by the Parent Company DFDS A/S

3

Relief in accordance with Sec. 264b German Commercial Code (HGB).

4

Due to minority protection in the shareholders\u2019 agreements the DFDS Group does not have a controlling interest.

5

Includes Belgian branch, Dutch branch, Estonian branch, French branch, Lithuanian branch, Norwegian branch, Swedish branch and UK branch of DFDS A/S

6

Relief in accordance with Sec.264 para. 3 German Commercial Code (HGB)

7

Includes Belgian branch

5.10\tCompany overview(continued)

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

DFDS Logistics Winterswijk B.V.

Netherlands

Winterswijk

EUR

18,151

DFDS Property and Equipment B.V.

Netherlands

Winterswijk

EUR

20,000

DFDS Property Nijmegen B.V.

Netherlands

Winterswijk

EUR

18,000

NorthSea Terminal AS

Norway

Brevik

NOK

1,000,000

DFDS Logistics AS2

Norway

Lysaker

NOK

20,538,000

DFDS Seaways AS2

Norway

Oslo

NOK

12,000,000

Ekol Logistics Sp. z o.o.

Poland

Koninko

PLN

500,000

DFDS Polska Sp. z o.o.2

Poland

Poznan

PLN

10,005,000

DFDS Investments Sp. z o.o.

80.00

Poland

Szubin

PLN

5,000

DFDS Logistics Polska Sp. z o.o.

80.00

Poland

Szubin

PLN

50,000

Ekol International Logistics SRL

Romania

Bucharest

RON

64,060

EU Trucking Service SRL

Romania

Bucharest

RON

230,630

DFDS Logistics Solutions Romania SRL

Romania

Bucharest

RON

147,050

Romania Transport Group SRL

Romania

Tibod

RON

1,000

Ekol Logistika D.O.O

Slovenia

Ljubljana

EUR

40,000

Ekol Spain Logistics S.L.U.

Spain

Barcelona

EUR

1,603,100

DFDS Destination Morocco S.L.U.

Spain

Tarifa

EUR

60,102

DFDS Iberia S.L.U.\u00b2

Spain

Tarifa

EUR

8,700,000

N&K Spedition Spain S.L.

Spain

Tarragona

EUR

60,000

DFDS Seaways Hispania S.L.

Spain

Valencia

EUR

3,000

DFDS AB

Sweden

Gothenburg

SEK

500,000

DFDS Logistics Contracts AB

Sweden

Gothenburg

SEK

50,000

DFDS Logistics Partners AB

85.00

Sweden

Gothenburg

SEK

1,000,000

DFDS Logistics Services AB

Sweden

Gothenburg

SEK

1,100,000

DFDS Professionals AB2

87.50

Sweden

Gothenburg

SEK

25,000

DFDS Denizcilik ve Tasimacilik A.\u015e.

98.80

T\u00fcrkiye

Istanbul

EUR

369,967,159

DFDS Turkey Denizcilik ve Tasi Yati A.\u015e.

T\u00fcrkiye

Istanbul

EUR

342,000,000

Company

Ownership

share 2024\u00b9

Country

City

Currency

Share Capital

Ekol Lojistik Ltd.

T\u00fcrkiye

Istanbul

EUR

2,872,747

Ekol Transport A.\u015e.

T\u00fcrkiye

Istanbul

EUR

47,210,796

LLC DFDS

Ukraine

Kiev

UAH

357,644

Bondelivery NI Ltd.2

United Kingdom

Ballymena

GBP

260,110

McBurney Transport Group Ltd.2

United Kingdom

Ballymena

GBP

947,934

DFDS Warehousing Corby Ltd.

United Kingdom

Corby

GBP

100

DFDS Logistics Contracts Ltd.

United Kingdom

Immingham

GBP

2,571,495

DFDS Logistics Ltd.2

United Kingdom

Immingham

GBP

15,150,000

DFDS Logistics Services Ltd.2

United Kingdom

Immingham

GBP

100

DFDS Seaways Holding Ltd.2

United Kingdom

Immingham

GBP

250,000

DFDS Seaways Plc.2

United Kingdom

Immingham

GBP

40,250,000

Associates and joint ventures:

Euro Asia cold Chain Logistic

52.04

China

Shanghai

CNY

22,100,000

DeaL Energy A/S2

50.00

Denmark

Hellerup

DKK

500,000

Bohus Terminal Holding AB4

65.00

Sweden

Gothenburg

SEK

50,000

Gothenburg RO/RO Terminal AB

65.00

Sweden

Gothenburg

SEK

5,000,000

25 Dormant entities

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