MBEB Holding ApS  
Midtermolen 1, 2100 Copenhagen  
CVR no. 44 49 17 96  
Annual report 2025  
The annual report was submitted and approved by the general meeting on 15 April 2026  
Chair of the meeting:  
........................................................  
Anders Hald  
 
MBEB Holding ApS  
Annual report 2025  
Contents  
Statement by Management  
Independent auditor's report  
2
3
Management’s review  
Company details  
6
6
6
7
Financial highlights  
Operating review  
Consolidated financial statements  
10  
10  
11  
12  
13  
14  
Consolidated statement of comprehensive income  
Consolidated statement of financial position  
Consolidated statement of changes in equity  
Consolidated statement of cash flows  
Notes to the financial statements  
Parent company financial statements  
Parent company statement of comprehensive income  
Parent company statement of financial position  
Parent company statement of changes in equity  
Parent company statement of cash flows  
Notes to the financial statements  
30  
30  
31  
32  
33  
34  
1
 
MBEB Holding ApS  
Annual report 2025  
Statement by Management
The Board of Directors and the Executive Board have today discussed and approved the annual report of  
MBEB Holding ApS for the financial year 1 January - 31 December 2025.  
The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as  
adopted by the EU and additional requirements of the Danish Financial Statements Act, and the parent  
company financial statements are prepared in accordance with the Danish Financial Statements Act.  
In our opinion, the consolidated financial statements and the parent company financial statements give a  
true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and  
of the results of their operations and cash flows for the financial year 1 January – 31 December 2025.  
Further, in our opinion, the Management's review gives a fair review of the development in the Group's and  
the Parent Company's operations and financial matters, the results for the year and the Group's and the  
Parent Company's financial position.  
We recommend that the annual report be approved at the general meeting.
Copenhagen, 14 April 2026
Executive Board:  
Anne Brown Pade
CEO
Board of Directors:  
Anders Hald
Chair
Anne Brown Pade
Claes Devantier
Henrik Franck
2
 
MBEB Holding ApS  
Annual report 2025  
Independent auditor's report
To the shareholders of MBEB Holding ApS
Opinion  
We have audited the consolidated financial statements and the parent company financial statements of  
MBEB Holding ApS for the financial year 1 January – 31 December 2025, which comprise income statement,  
balance sheet, statement of changes in equity and notes, including material accounting policy information,  
for the Group and the Parent Company, and a consolidated statement of comprehensive income and a  
consolidated cash flow statement. The consolidated financial statements are prepared in accordance with  
IFRS Accounting Standards (IFRS®) as adopted by the EU and additional requirements of the Danish  
Financial Statements Act, and the parent company financial statements are prepared in accordance with the  
Danish Financial Statements Act.  
In our opinion, the consolidated financial statements give a true and fair view of the financial position of the  
Group at 31 December 2025 and of the results of the Group's operations and cash flows for the financial  
year 1 January – 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU  
and additional requirements of the Danish Financial Statements Act.  
Further, in our opinion, the parent company financial statements give a true and fair view of the financial  
position of the Parent Company at 31 December 2025 and of the results of the Parent Company's operations  
for the financial year 1 January – 31 December 2025 in accordance with the Danish Financial Statements  
Act.  
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional  
requirements applicable in Denmark. Our responsibilities under those standards and requirements are  
further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and  
the parent company financial statements" (hereinafter collectively referred to as "the financial statements")  
section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to  
provide a basis for our opinion.  
Independence  
We are independent of the Group in accordance with the International Ethics Standards Board for  
Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional  
ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in  
accordance with these requirements and the IESBA Code.  
Statement on the Management's review  
Management is responsible for the Management's review.  
Our opinion on the financial statements does not cover the Management's review, and we do not express  
any assurance conclusion thereon.  
In connection with our audit of the financial statements, our responsibility is to read the Management's review  
and, in doing so, consider whether the Management's review is materially inconsistent with the financial  
statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated.  
Moreover, it is our responsibility to consider whether the Management's review provides the information  
required under the Danish Financial Statements Act.  
Based on our procedures, we conclude that the Management's review is in accordance with the financial  
statements and has been prepared in accordance with the requirements of the Danish Financial Statements  
Act. We did not identify any material misstatement of the Management's review.  
3
 
MBEB Holding ApS  
Annual report 2025  
Independent auditor's report  
Management's responsibilities for the financial statements  
Management is responsible for the preparation of consolidated financial statements that give a true and fair  
view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of  
the Danish Financial Statements Act and for the preparation of parent company financial statements that  
give a true and fair view in accordance with the Danish Financial Statements Act.  
Moreover, Management is responsible for such internal control as Management determines is necessary to  
enable the preparation of financial statements that are free from material misstatement, whether due to fraud  
or error.  
In preparing the financial statements, Management is responsible for assessing the Group's and the Parent  
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern  
and using the going concern basis of accounting in preparing the financial statements unless Management  
either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic  
alternative but to do so.  
Auditor's responsibilities for the audit of the financial statements  
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are  
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes  
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit  
conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a  
material misstatement when it exists. Misstatements can arise from fraud or error and are considered  
material if, individually or in the aggregate, they could reasonably be expected to influence the economic  
decisions of users taken on the basis of the financial statements.  
As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark,  
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:  
►
►
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud  
or error, design and perform audit procedures responsive to those risks and obtain audit evidence that  
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material  
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve  
collusion, forgery, intentional omissions, misrepresentations or the override of internal control.  
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that  
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the  
effectiveness of the Group's and the Parent Company's internal control.  
►
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting  
estimates and related disclosures made by Management.  
Conclude on the appropriateness of Management's use of the going concern basis of accounting in  
preparing the financial statements and, based on the audit evidence obtained, whether a material  
uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the  
Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty  
exists, we are required to draw attention in our auditor's report to the related disclosures in the financial  
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on  
the audit evidence obtained up to the date of our auditor's report. However, future events or conditions  
may cause the Group and the Parent Company to cease to continue as a going concern.  
4
 
MBEB Holding ApS  
Annual report 2025  
Independent auditor's report
►
Evaluate the overall presentation, structure and contents of the financial statements, including the note  
disclosures, and whether the financial statements represent the underlying transactions and events in  
a manner that gives a true and fair view.  
►
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial  
information of the entities or business units within the group as a basis for forming an opinion on the  
group financial statements. We are responsible for the direction, supervision and review of the audit  
work performed for purposes of the group audit. We remain solely responsible for our audit opinion.  
We communicate with those charged with governance regarding, among other matters, the planned scope  
and timing of the audit and significant audit findings, including any significant deficiencies in internal control  
that we identify during our audit.  
Copenhagen, 14 April 2026
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Mikkel Sthyr
Ole Becker
State Authorised
Public Accountant
mne26693
State Authorised
Public Accountant
mne33732
5
 
MBEB Holding ApS  
Annual report 2025  
Management’s review  
Company details  
Name  
MBEB Holding ApS  
Address, postal code, city  
CVR no.  
Midtermolen 1, 2100 Copenhagen Ø  
44 49 17 96  
Established  
13 December 2023  
Registered office  
Financial year  
Executive Board  
Board of Directors  
Copenhagen, Denmark  
1 January – 31 December  
Anne Brown Pade, CEO  
Anders Hald, Chair  
Anne Brown Pade  
Claes Devantier  
Henrik Franck  
Auditors  
EY Godkendt Revisionspartnerselskab  
Dirch Passers Allé 36, DK-2000 Frederiksberg  
Financial highlights  
13 December to  
31 December 2023  
(with activity from  
29 December to  
31 December  
DKK’000  
2025  
2024  
2023)  
Key figures  
Revenue  
543,315  
41,380  
22,304  
6,078  
604,483  
56,537  
39,228  
24,347  
3,289  
(6,056)  
(6,373)  
(6,433)  
Operating profit/loss  
Profit/loss after net financials  
Profit/loss for the year  
Balance sheet  
Balance sheet total  
Investments in property, plant and equipment  
Equity  
639,312  
51,173  
124,838  
665,965  
-
119,880  
872,014  
-
43,840  
Financial ratios  
Current ratio  
Equity ratio  
93%  
20%  
5%  
76%  
18%  
20%  
106%  
5%  
(15%)  
Return on equity  
Average number of full-time employees  
241
221
2
The financial ratios have been calculated as follows:  
Current ratio:  
Equity ratio:  
Current assets  
Current liabilities  
Total equity  
Total assets  
Return on equity:  
Profit (loss) for the year  
Total Equity  
6
 
MBEB Holding ApS  
Annual report 2025  
Operating review  
Principal activities  
MBEB Holding ApS (the Parent Company) hold shares in the MB Shipbrokers Invest ApS (MB Shipbrokers  
or the Group) which principally operates in shipbroking activities.  
Development in activities and financial matters  
In 2025, the Group realized revenue was in line with expectations. The operating profit was lower than  
expected in the annual report for 2024, but satisfying.  
Outlook  
For 2026, the revenue is expected to be in line with 2025 in the range of DKK 500 - 550 million, the operating  
profit is expected to be higher than 2025 in the range of DKK 50 - 75 million.  
Business model and risk analysis  
MB Shipbrokers operates as an intermediary, facilitating connections between parties - typically those with  
maritime assets (e.g., tankers) available and those requiring access to such assets. These transactions may  
involve buyers and sellers, owners and charterers, or similar parties. For successfully facilitating such  
transactions, MB Shipbrokers earns a commission calculated as a percentage of the transaction value.  
With over a century of commercial operations, MB Shipbrokers remains committed to conducting business  
in a financially and socially responsible manner, in full compliance with applicable laws. These principles  
have long been the cornerstone of the Group’s operations, and MB Shipbrokers seeks to extend these  
values to its relationships with clients, suppliers, and business partners.  
MB Shipbrokers upholds high standards in key areas, including employee and leadership practices, anti-  
corruption measures, and ethical conduct. These principles are integral to the company’s business model.  
The primary business risks identified include the potential loss of top-performing brokers/key employees and  
unethical business practices. Accordingly, the retention of key personnel and the maintenance of an ethically  
responsible business framework remain of utmost importance to MB Shipbrokers.  
The Group’s impact on the environment, climate, and human rights is assessed to be minimal.  
Employees and management  
As a responsible employer, MB Shipbrokers is committed to ensuring that all employees are treated in  
accordance with applicable laws and labour agreements. The Group strives to be an attractive workplace  
and regularly conducts employee surveys to identify how best to support and engage staff, ensuring they  
have the optimal conditions to thrive and perform at their best. Employee surveys are conducted  
approximately every 18 months.  
The most recent employee survey was carried out between May and June 2025. A total of 214 employees  
participated in the survey, corresponding to a very impressive response rate of 91%. This year, our overall  
score has increased by 3 points, with the key takeaways highlighted in the attached. Importantly, the  
improvement is spread across multiple areas rather than being driven by a single factor, indicating that we  
are moving forward together and making broad, positive changes across the organisation. Among the top  
three highest scores is the item ‘I am proud to tell others that I am employed by MB Shipbrokers.’ We are  
especially happy about this result, as it shows the pride and positive spirit that you all help create and carry  
forward in our workplace.  
MB Shipbrokers does not employ minors and requires the same compliance from its suppliers. Furthermore,  
the company does not tolerate the use of forced or involuntary labour under any circumstances.  
Anti-corruption and ethics  
The risk of MB Shipbrokers being involved in corruption will be detrimental to our name/brand and result in  
loss of customers. We will also risk incurring fines under both English and US anti-corruption laws.  
Our policy requires that no employee – directly or indirectly through third party – becomes involved in corrupt  
practices, including bribery, extortion and fraud as defined in relevant anti-corruption legislation. No  
employee shall offer and/or give (or receive) anything of value, directly or indirectly, to (or from) any person,  
agent, or employee of a client for the undue benefit to themselves, family members, friends, business  
associates and/or MB Shipbrokers.  
7
 
MBEB Holding ApS  
Annual report 2025  
Our anti-corruption rules are described in our internal business directives and the "Code of Conduct" and all  
employees must confirm once a year that they are familiar with the content of both directives and the "Code  
of Conduct".  
When entering transactions involving the payment of commissions to co-brokers, it is required that they  
complete and sign a "Pledge of Anti-corruption Compliance".  
In 2025, strict checks have been conducted on whether any bribes have been paid. It has also been checked  
that commissions have only been paid to co-brokers who have signed the Pledge of Anti-corruption  
Compliance.  
In 2025, there have been no cases of or suspected corruption.  
Going forward, there will continue to be a very strong focus on this area. Information and communication to  
our employees will be intensified and there will be unabated control of all payments to third parties.  
Environment and climate  
MB Shipbrokers is considered to have minimal risks of affecting environmental and climatic conditions.  
Conversely, environmental and climatic conditions may affect MB Shipbrokers’ business. For example, the  
reduced volume of water in the Panama Canal impacts rates positively, as the ships will have longer sailing  
routes. Conversely, melting of the ice extending the season for usage of the Northern Sea Route, shortens  
the distance on certain shipping routes, and thereby potentially impacts rates negatively.  
Although MB Shipbrokers’ own impact on environmental and climatic conditions is minimal, MB Shipbrokers  
assumes its share of responsibility by trying to influence and help our customers to reduce emissions from  
ships as much as possible.  
While we are taking steps to enhance CO2 efficiency in our office locations, our primary impact lies in our  
Advisory Services. Through these services, we can influence decarbonization efforts by recommending  
more sustainable and profitable options, focusing on regulations, alternative fuels, and the costs and impact  
associated with retrofitting and newbuilding to the maritime industry.  
Human rights  
MB Shipbrokers respects international human rights conventions and works to ensure that we are not  
complicit in their breaches in connection with our global business. However, MB Shipbrokers only uses  
external suppliers and partners to a limited extent. Thus, it is the Group's assessment that there is no need  
for a human rights policy. The Group will continuously assess whether a policy is necessary.  
Data ethics  
Our business is about trust, also when it comes to the ethical aspects of using data. Combining data and  
technology creates opportunities to develop products and services that improve both our customers' and our  
own business. MB Shipbrokers' business is increasingly based on data and technology, and we recognise  
that the technological development, together with the risks and opportunities created by the use of large  
amounts of data, requires special care. To ensure the ethical aspect of our handling and processing of data,  
MB Shipbrokers has implemented the following principles based on the company's values of trust, attention  
and security.  
Our data ethics principles:  
MB Shipbrokers’ top management invites open and honest communication throughout the organisation  
regarding error correction and evaluation of lessons learned.  
We strengthen the ethical decision-making by considering the different aspects of data use and data  
management in teams based on diversity and broad professionalism.  
We offer our employees IT tools and systems that support the secure and respectful handling, storage  
and processing of both internal and external data.  
MB Shipbrokers restricts employees' access to data based on a "need to know" principle. Responsible  
handling of personnel data, business-critical data, customer data, etc. is a requirement in employment  
contracts under the section on general confidentiality.  
8
 
MBEB Holding ApS  
Annual report 2025  
Financial risk and governance  
Foreign currency risk  
The Group’s foreign currency exposure is mainly arising from revenue denominated in US dollars. The Group  
hedges only the currency exposure through foreign currency exchange forward contracts of a specific portion  
of US dollar revenues to fix the revenue in Danish Kroner for operations within Denmark.  
Interest rate risk  
The Group is exposed to risks related to changes in market interest rates primarily related to the Group’s  
interest-bearing long-term loans with floating interest rates. The Group manages its interest rate risk by using  
derivative contracts to hedge the variability in interest rates.  
Subsequent events  
No events have occurred after the balance sheet date that materially affect the assessment of the financial  
statements.  
9
 
MBEB Holding ApS  
Annual report 2025  
Consolidated financial statements  
Consolidated statement of profit or loss and other comprehensive income  
For the year ended 31 December 2025  
(In DKK'000)  
Notes  
2025  
543,315
(502,447)
512
2024  
Revenue  
4
5
604,483
(548,135)
189
Administrative expenses  
Other operating income  
Operating profit  
Finance expense  
Finance income  
Profit before tax  
Tax on profit for the year  
Profit for the year  
41,380
(52,441)
33,365
22,304
(16,226)
6,078
56,537
(57,607)
40,298
39,228
(14,881)
24,347
6
7
11  
Other comprehensive income  
Other comprehensive income (loss) that may be  
reclassified to profit or loss in subsequent  
period (net of tax):  
Value adjustments from cash flow hedge  
Exchange differences on translation of  
foreign operations  
Total other comprehensive income  
Total comprehensive income for the year,  
net of tax  
3,078
(1,983)
(6,290)
(3,212)
1,815
(168)
2,866
24,179
Profit attributable to:  
Equity holders of the parent  
Non-controlling interests  
Profit for the year  
3,004
3,074
6,078
17,282
7,065
24,347
Comprehensive income attributable to:  
Equity holders of the parent  
Non-controlling interests  
1,410
1,456
17,162
7,017
Total comprehensive income for the year,  
net of tax  
2,866
24,179
The accompanying notes are an integral part of these consolidated financial statements.  
10  
 
MBEB Holding ApS  
Annual report 2025  
Consolidated statement of financial position  
As of 31 December  
(In DKK'000)  
Notes  
2025  
2024  
Assets  
Non-current assets  
Intangible assets  
Property and equipment  
Deferred tax asset  
Other non-current assets  
Total non-current assets  
9
8
11  
291,426
320,324
16,680
22,972
1,095
52,883
18,978
983
364,270
361,071
Current assets  
Trade receivables  
Other receivables  
Other current assets  
Cash  
Total current assets  
Total assets  
12  
95,709
12,332
8,976
158,025
275,042
639,312
113,573
9,443
6,475
175,403
304,894
665,965
Liabilities  
Equity  
Share capital  
Retained earnings  
Cash flow hedge reserve  
Reserve for foreign operation translation  
Equity attributable to equity holders of  
the parent  
100
67,112
555
(2,268)
65,499
100
62,847
(1,416)
1,296
62,827
Non-controlling interests  
Total Equity  
59,339
124,838
57,053
119,880
Non-current liabilities  
Loans and borrowings, net of current portion  
Lease liabilities, net of current portion  
Deferred tax liabilities  
14, 17  
10, 17  
11, 17  
17  
88,916
44,855
6,798
127,037
4,724
10,422
1,543
Other long-term liabilities  
77,639
Total non-current liabilities  
218,208
143,726
Current liabilities  
Loans and borrowings, current portion  
Lease liabilities, current portion  
Trade payables  
Income tax payable  
Other payables  
14, 17  
10, 17  
15, 17  
37,832
6,539
20,702
12,543
218,650
296,266
48,512
9,460
12,716
12,545
319,126
402,359
15, 17  
Total current liabilities  
Total liabilities  
514,474
639,312
546,085
665,965
Total liabilities and shareholders' equity  
The accompanying notes are an integral part of these consolidated financial statements.  
11  
 
MBEB Holding ApS  
Annual report 2025  
Consolidated statement of changes in equity  
For the year ended 31 December 2025  
(In DKK’000)  
Reserve for  
effect  
Reserve for  
Equity attributable  
Share  
capital  
Retained  
earnings  
of hedging  
transactions  
foreign operation  
translation  
to equity holders  
of the parent  
Non-controlling  
interest  
Total  
equity  
Balance as at 1 January 2024  
100
43,561
-
-
43,661
179
43,840
Acquisition of noncontrolling interest  
Sale of investment in subsidiaries  
-
-
(1,788)
3,792
-
-
-
-
(1,788)
3,792
(179)
50,036
(1,967)
53,828
Profit for the year  
Other comprehensive income (loss)  
Total comprehensive income (loss)  
-
-
-
17,282
-
17,282
-
-
1,296
1,296
17,282
(120)
17,162
7,065
(48)
7,017
24,347
(168)
24,179
(1,416)
(1,416)
Balance as at 31 December 2024  
100
62,847
(1,416)
1,296
62,827
57,053
119,880
Change in ownership interest without  
loss of control  
-
1,261
14
(13)
1,262
830
2,092
Profit for the year  
Other comprehensive income (loss)  
Total comprehensive income (loss)  
-
-
-
3,004
-
3,004
-
1,957
1,957
-
(3,551)
(3,551)
3,004
(1,594)
1,410
3,074
(1,618)
1,456
6,078
(3,212)
2,866
Balance as at 31 December 2025  
100
67,112
555
(2,268)
65,499
59,339
124,838
The accompanying notes are an integral part of these consolidated financial statements.  
12  
 
MBEB Holding ApS  
Annual report 2025  
Consolidated statement of cash flows  
For the year ended 31 December 2025  
(In DKK’000)  
Notes  
2025  
22,304
2024  
Cash flow from operating activities  
Profit before tax  
Adjustments:  
39,228
Depreciation and amortization  
Interest expenses  
Interest income  
Net reversal of provision for expected credit losses  
Others  
5, 8, 9  
6
7
41,502
13,155
(2,876)
(182)
-
50,580
29,710
(6,858)
(5,818)
622
12  
Cash generated from operation before  
working capital  
73,903
107,464
Changes in working capital  
Cash generated from operation  
Interest received  
16  
(3,320)
70,583
2,876
12,867
120,331
6,858
Interest paid  
Income taxes paid  
Net cash generated from operating activities  
(10,820)
(16,167)
46,472
(20,873)
(12,852)
93,464
Cash flow from investing activities  
Proceeds from sale of investment in subsidiaries  
Purchase of:  
2,092
53,828
Property and equipment  
Intangible assets  
Redemption of non-controlling interest  
Net cash generated from (used in)  
investing activities  
8
9
(943)
(1,339)
-
-
(1,710)
(1.967)
(190)
50,151
Cash flow from financing activities  
Payment of principal portion of loans and borrowings  
Payment of lease liabilities  
Net cash generated used in financing activities  
(48,800)
(14,860)
(63,660)
(325,582)
(14,520)
(340,102)
10  
Net decrease in cash  
(17,378)
(196,487)
Cash at the beginning of the year  
175,403
371,890
Cash at ending balance  
158,025
175,403
The accompanying notes are an integral part of these consolidated financial statements.  
13  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Notes to the financial statements  
1.  
Corporate information  
MBEB Holding ApS, (the Parent Company) was established on 13 December 2023. The Parent Company  
is a private limited company incorporated and domiciled in Denmark. Its registered office is located at  
Midtermolen 1, 2100 Copenhagen.  
On 14 April 2026, the Board of Directors and Executive Board discussed and approved the annual report for  
MBEB Holding ApS for 2025. The annual report will be presented to the shareholders of MBEB Holding ApS  
for adoption at the annual general meeting on 15 April 2026.  
Group information  
The consolidated financial statements of the Group include the following subsidiaries:  
Equity interest  
Country of  
incorporation  
Name  
Principal activities  
2025  
2024  
MB Shipbrokers Invest ApS  
MB Shipbrokers A/S  
Holding  
Denmark  
50.3%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
51.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
Shipbroking services  
Shipbroking services  
Holding  
Denmark  
MB Shipbrokers Korea Limited  
MB Shipbrokers Holding A/S  
MB Shipbrokers Asia Limited  
Kennedy Marr Group Ltd.  
Kennedy Marr Ltd  
Korea  
Denmark  
Shipbroking services  
Shipbroking services  
Shipbroking services  
Shipbroking services  
Shipbroking services  
Hong Kong  
United Kingdom  
United Kingdom  
China  
MB Shipbrokers (Shanghai) Limited  
MB Shipbrokers Bulk Chartering Asia  
Ltd.  
Hong Kong  
Kennedy Marr Offshore (Singapore)  
Shipbroking services  
Singapore  
-
100.0%  
Pte. Ltd. [1]  
MB Shipbrokers (UK) Ltd.  
Shipbroking services  
Consultancy  
United Kingdom  
Denmark  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
–
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
100.0%  
MB Shipbrokers Advisory Services A/S  
MB Shipbrokers Hellas Ltd.  
Shipbroking services  
Shipbroking services  
Shipbroking services  
Shipbroking services  
Shipbroking services  
Shipbroking services  
Shipbroking services  
Greece  
MB Shipbrokers Norway AS  
Norway  
MB Shipbrokers Middle East - FZE  
MB Shipbrokers Bulk Chartering A/S  
MB Shipbrokers America Inc.  
Wonsild Dry ApS [2]  
United Arab Emirates  
Denmark  
United States  
Denmark  
MB Shipbrokers Bulk Chartering Inc.  
United States  
100.0%  
2.  
Material accounting policies  
2.1 Basis of preparation  
Application of IFRS  
The consolidated financial statements have been prepared and are being presented in accordance with the  
IFRS Accounting Standards, as adopted by the EU, and additional disclosure requirements of the Danish  
Financial Statements Act applicable to class C (large) entities (Danish GAAP). The Group has adopted all  
new, amended, or revised accounting standards and interpretations as endorsed by the EU effective  
beginning 1 January 2025.  
The consolidated financial statements were prepared based on the historical cost except for derivative  
financial instruments that are measured at fair value.  
[1] Kennedy Marr Offshore (Singapore) Pte. Ltd. ceased operating on 1 January 2025.  
[2] Wonslid Dry ApS was liquidated on 28 January 2025 through a voluntary solvent liquidation.  
14  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
The consolidated financial statements are presented in Danish Krone (DKK) and all values are rounded to  
the nearest thousand (DKK’000), except when otherwise indicated.  
The Group has prepared the financial statements on the basis that it will continue to operate as a going  
concern.  
The consolidated financial statements provide comparative information in respect of the previous period.  
2.2 Basis of consolidation  
Control  
The consolidated financial statements comprise the financial statements of the Parent Company and group  
entities controlled by the Parent Company.  
Control means the power to exercise decisive influence over a group entity's financial and operating  
decisions. Moreover, the possibility of yielding a return from the investment is required.  
In assessing whether the Parent Company controls an entity, de facto control is also taken into consideration.  
The existence of potential voting rights that may currently be exercised or converted into additional voting  
rights is considered when assessing whether an entity may become empowered to exercise decisive  
influence over another entity's financial and operating decisions.  
Preparation of consolidated financial statements  
The consolidated financial statements are prepared as a consolidation of the Parent Company's and the  
individual group entities' financial statements, which are prepared according to the Group's accounting  
policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and  
dividends as well as realised and unrealised gains on intra-group transactions are eliminated. Unrealised  
gains on transactions with associates and equity interests are eliminated in proportion to the Group's  
ownership interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains unless  
they do not reflect impairment.  
The group entities' financial statement items are included 100% in the consolidated financial statements.  
Non-controlling interests' share of the profit/loss for the year and of the equity of group entities that are not  
wholly-owned are included in the Group's profit/loss and equity, respectively, but are presented separately.  
Acquisitions and disposals of non-controlling interests that are still controlled are recognised directly in equity  
as a transaction between shareholders.  
2.3 Summary of material accounting policies  
2.3.1 Business combinations and goodwill  
Newly acquired entities are recognised in the consolidated financial statements from the acquisition date.  
Entities sold or otherwise disposed of are recognised in the consolidated financial statements up to the date  
of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinuing operations  
are presented separately.  
The acquisition date is the date when the Group obtains control of the acquiree. The acquisitions of new  
businesses, over which the Group obtains control, are accounted for at the acquisition method. The acquired  
businesses' identified assets, liabilities and contingent liabilities are measured at fair value at the acquisition  
date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right.  
Deferred tax on revaluations is recognised. Acquisition-related costs are expensed as incurred.  
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and  
the amount recognised for non-controlling interests and any previous interest held over the net identifiable  
assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the  
aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the  
assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts  
to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net  
assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.  
15  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the  
purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date,  
allocated to each of the Group’s cash-generating units that are expected to benefit from the combination,  
irrespective of whether other assets or liabilities of the acquiree are assigned to those units.  
If uncertainties regarding the identification or measurement of acquired assets, liabilities or contingent  
liabilities or the determination of the purchase consideration exist at the acquisition date, initial recognition  
will take place on the basis of provisional values. If it turns out subsequently that the identification or  
measurement of the purchase consideration, acquired assets, liabilities or contingent liabilities was incorrect  
on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after  
the acquisition, and comparative figures will be restated. Subsequently, any adjustments are recognised as  
errors.  
2.3.2 Foreign currencies  
On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates  
at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction  
date and the date of payment are recognised in the income statement as financial income or financial  
expenses.  
Receivables, payables and other monetary items denominated in foreign currencies are translated at the  
exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet  
date and the date at which the receivable or payable arose or was recognised in the latest financial  
statements is recognised in the income statement as financial income or financial expenses.  
2.3.3 Fair value measurement  
The Group measures financial instruments such as derivatives at fair value at each balance sheet date.  
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly  
transaction between market participants at the measurement date. The Group categorizes inputs used in  
the valuation techniques as follows: (a) Level 1: quoted prices for identical items, (b) Level 2: directly or  
indirectly observable market inputs, other than Level 1 inputs; and (c) Level 3: inputs which are not based  
on observable market data. The Group’s derivative contracts are measured using Level 2 inputs.  
2.5.4 Revenue from contracts with customers  
The Group recognises revenue when, or as control over distinct goods or services is transferred to the  
customer; i.e., when the customer is able to direct the use of the transferred goods or services and obtains  
substantially all of the remaining benefits, provided a contract with enforceable rights and obligations exists  
and amongst others collectability of consideration is probable taking our customer’s creditworthiness into  
account. Revenue is the transaction price the Group expects to be entitled to.  
Commission revenue  
Revenue from commission fees is recognized when the Group has operated as a broker. Revenue is  
measured at the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All  
discounts and rebates granted considered in the revenue recognition.  
Majority of commission revenue is recognised at a point in time when the underlying parties to the transaction  
have completed their respective obligations and successfully fulfilled the contract between them as brokered  
and overseen by the Group. Time charter commission revenue is recognized over time in line with the period  
of time for which the underlying vessel is being chartered. Revenue recognized is the same as with the  
invoice amount.  
Newbuilding commission revenue are mostly arising from contracts containing multiple performance  
obligations. The transaction price is allocated with reference to the agreed stages of completion in the  
underlying contract. The price or such stages is agreed between the underlying counterparties. The Group’s  
commission is derived as a percentage of these agreed amounts. The stage of completion is deemed a  
reasonable proxy for the allocation of the total consideration transaction price to performance obligations in  
the contract considering that the Group is entitled to such portion as the stage or milestone is completed.  
16  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
2.3.6 Finance income and expense  
Financial income and expenses are recognised in the income statement at the amounts relating to the  
financial year. Financial income and expenses comprise interest income and expense applying the effect  
interest rate method, interest expenses in respect of lease liabilities, and effects of transactions denominated  
in foreign currencies.  
2.3.7 Income taxes  
Current income tax  
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid  
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted  
or substantively enacted at the reporting date in the country where the companies of the Group operate and  
generate taxable income.  
The entity is jointly taxed with other Group entities. The total Danish income tax charge is allocated between  
profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities  
entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest  
allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates  
applicable to interest surcharges to the management company. Current income tax relating to items  
recognised directly in equity is recognised in equity and not in the statement of profit or loss.  
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid  
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted  
or substantively enacted at the reporting date in the country where the companies of the group operate and  
generate taxable income.  
Deferred tax  
Deferred taxes are measured using the balance sheet liability method and comprises all temporary  
differences between the carrying amount and tax base of assets and liabilities.  
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when  
they reverse, using tax rates enacted or substantially enacted at the reporting date.  
When the computation of the tax base may be performed according to different tax rules, deferred tax is  
measured on the basis of Management’s intended use of the asset or settlement of the liability.  
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable  
right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax  
liabilities relate to income taxes levied by the same taxation authority on the entity which intends either to  
settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities  
simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are  
expected to be settled or recovered.  
2.3.8 Property and equipment  
Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and  
impairment losses. The basis of depreciation is cost less any expected residual value at the end of the useful  
life.  
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when  
the asset is available for use.  
Depreciation is provided on a straight-line basis over the expected useful lives of the assets and any residual  
value. The expected useful lives are usually estimated at 3 to 5 years.  
Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The  
depreciation period and the residual value are determined at the acquisition date and are reassessed  
annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation  
charges are recognised. In case of changes in the depreciation period or the residual value, the effect on  
the depreciation charges is recognised prospectively as a change in accounting estimates. Gains and losses  
17  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
on the disposal of items of property, plant and equipment are calculated as the difference between the selling  
price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in  
the income statement as other operating income or other operating expenses, respectively. The basis of  
depreciation is cost less any expected residual value at the end of the useful life.  
2.3.9 Intangible assets  
Intangible assets consist of development projects, software, goodwill, customer relationships, and order  
backlog. On initial recognition, intangible assets are measured at cost. Cost comprises the purchase price  
and any costs directly attributable to the acquisition until the date when the asset is available for use.  
Intangible assets acquired through business combination follow the measurement requirements in Note  
2.5.1.  
Amortisation is made over the estimated economic life without the consideration of a residual value. Goodwill  
is not amortised.  
Intangible assets are measured at the lower of cost less accumulated amortisation and recoverable amount.  
Gains and losses are recognised in the income statement as other operating income or other operating  
expenses, respectively. Gains and losses on the disposal of development projects, patents and licences are  
determined as the difference between the selling price less selling costs and the carrying amount at the date  
of disposal.  
The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight-line  
basis over the expected useful life. The expected useful lives of the assets are as follows:  
Intangible asset  
Software  
Useful lives  
3-5 years  
7 years  
Customer relationship  
Order backlog  
3-15 years  
2.3.10 Impairment of non-financial assets  
Except for goodwill, the carrying amount of intangible assets and property and equipment is evaluated  
annually for indication of impairment other than the decrease in value reflected by amortisation/depreciation  
made. Goodwill is tested for impairment once a year and in the case of impairment indicators.  
Impairment tests are conducted on individual assets or cash-generating units when there is indication of  
impairment. Write-down is made to the lower of the recoverable amount and carrying amount. The  
recoverable amount of the asset is the higher of the fair value less cost to sell and its value in use. The value  
in use is calculated as the present value of the expected net cash flows from the use of the asset or the  
Group of assets and the expected net cash flows from the disposal of the asset or the Group of assets after  
the end of the useful life.  
Previously recognised impairment losses are reversed when the reason for recognition no longer exists.  
impairment other than the decrease in value reflected by amortisation/depreciation made. after the end of  
the useful life.  
2.3.11 Financial instruments  
A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability  
or equity instrument in another entity.  
Financial assets  
Recognition and measurement  
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value  
through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL).  
With the exception of trade receivables that do not contain a significant financing component, the Group  
initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value  
through profit or loss, transaction costs. Trade receivables that do not contain a significant financing  
18  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
component is recognised at the transaction price if an amount of consideration that is unconditional is due  
from the customer (i.e., only the passage of time is required before payment of the consideration is due).  
For purposes of subsequent measurement, financial assets are classified in four categories: (1) financial  
assets at amortised cost (debt instruments) which includes trade receivables; (2) financial assets at fair value  
through OCI with recycling of cumulative gains and losses (debt instruments); (3) financial assets designated  
at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity  
instruments) and (4) financial assets at fair value through profit or loss which includes derivatives unless  
designated for hedge accounting.  
Financial liabilities  
Recognition and measurement  
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,  
loans and borrowings or payables, as appropriate.  
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and  
payables, net of directly attributable transaction costs.  
For purposes of subsequent measurement, financial liabilities are classified in two categories:  
Financial liabilities at fair value through profit or loss including derivatives unless designated for  
hedge accounting.  
Financial liabilities at amortised cost (loans and borrowings).  
Financial liabilities at amortised cost (loans and borrowings)  
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost  
using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised  
as well as through the effective interest rate (EIR) amortisation process. Amortised cost is calculated by  
taking into account any discount or premium on acquisition and fees or costs that are an integral part of the  
EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category  
generally applies to interest-bearing loans and borrowings.  
2.3.12 Hedging activities and derivatives  
The Group uses derivative financial instruments in the form of forward currency contracts and interest rate  
swaps to hedge its foreign currency risks and interest rate risks, respectively. Such derivative financial  
instruments are initially recognised at fair value on the date on which a derivative contract is entered into  
and are subsequently re-measured at fair value.  
Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the  
fair value is negative. Gains or losses arising from changes in the fair values related to effective hedges are  
recognized through “Value adjustments from cashflow hedges”.  
2.3.13 Leases  
Leases in which the Group is a lessee:  
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. That is, if the  
contract conveys the right to control the use of an identified asset for a period of time in exchange for  
consideration. The Group determines this using the definition of a lease per IFRS 16, and applies this to all  
contracts entered into, or changed, during the period.  
That is, if the contract conveys the right to control the use of an identified asset for a period of time in  
exchange for consideration. The Group determines this using the definition of a lease per IFRS 16, and  
applies this to all contracts entered into, or changed, during the period.  
19  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
i) Right-of-use assets  
The Group recognises a right-of-use assets and a lease liability at the lease commencement date. The right-  
of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for  
any lease payments made at or before the commencement date, plus any initial direct costs incurred and  
an estimate of costs to restore the underlying asset or the site on which it is located, less any lease incentives  
received.  
The right-of-use asset is subsequently depreciated using the straight-line method from commencement date  
to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses,  
if any, and adjusted for certain remeasurement of the lease liability. Lease payments included in the  
measurement of the lease liability comprise the following:  
Fixed payments, including in-substance fixed payments;  
Variable lease payments that depend on an index or rate, initially measured using the index or rate  
at commencement date; and the exercise price under a purchase option that the Group is  
reasonably certain to exercise, lease payments in an optional renewal period if the Group is  
reasonably certain to exercise an extension option, and penalties for early termination of a lease  
unless the Group is reasonably certain not to terminate early.  
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability  
adjusted for any lease payments made at or before the commencement date, plus any initial direct costs  
incurred and an estimate of costs to restore the underlying asset or the site on which it is located, less any  
lease incentives received.  
ii) Lease liabilities  
The lease liability is initially measured at the present value of the lease payments that are not paid at the  
commencement date, discounted using the interest rate implicit in the lease or, if the rate cannot be readily  
determined, the Group's incremental borrowing rate. The Group's incremental borrowing rate has been  
determined by the Group, with reference to external benchmark interest rates and credit margin of the Group  
based on its current financing sources.  
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when  
there is a change in future lease payments arising from a change in an index or rate, or if the Group changes  
its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised  
in-substance fixed lease payment.  
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying  
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use  
asset has been reduced to zero.on its current financing sources.  
Short term leases and leases of low-value assets  
The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets  
and short-term leases (i.e., those leases that have a lease term of 12 months or less from the  
commencement date and do not contain a purchase option). The Group recognizes the lease payments  
associated with these leases as an expense on a straight-line bases over the lease term.  
Capitalization of leased assets and liabilities  
The Group has applied the fixed assets capitalization when evaluating if a lease is eligible for capitalization.  
2.3.14 Provisions  
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a  
past event, it is probable that an outflow of resources embodying economic benefits will be required to settle  
the obligation and a reliable estimate can be made of the amount of the obligation.  
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that  
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the  
provision due to the passage of time is recognised as a finance cost.  
20  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
2.5.15 IFRS standards adopted in EU  
The new and amended standards and interpretations that are issued, adopted in EU and effective in 2025  
and in future periods are as follows:  
Effective as of 1 January 2025 – for which there are no known impact upon adoption by the Group  
IAS 21 – Amendments related to “Lack of exchangeability”  
Effective in future periods beginning of 1 January 2026 – for which there are no known impact upon adoption  
IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7 – Annual Improvements Volume 11  
IFRS 9, and IFRS 7 – Amendments related to “Classification and Measurement of Financial  
Instruments”  
IFRS 9, and IFRS 7 – Amendments related to “Contracts Referencing Nature-dependent Electricity”  
Effective in future periods beginning of 1 January 2027 – impact for which is currently being assessed  
IFRS 18, Presentation and Disclosure in Financial Statements  
There are new and amended standards issued by the International Accounting Standards Board (IASB) for  
which effective date is known but has not been adopted yet in EU. The Group will assess those changes as  
they are adopted in EU. The Group intends to adopt these new and amended standards and interpretations,  
if applicable, when they become effective.  
3.  
Key accounting judgements, estimates and assumptions  
The preparation of the Group’s financial statements requires management to make judgements, estimates  
and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the  
accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions  
and estimates could result in outcomes that require a material adjustment to the carrying amount of assets  
or liabilities affected in future periods.  
In the process of applying the Group's accounting policies, management has made the following judgements,  
estimates and assumptions, which have effect on the amounts recognized in the financial statements:  
3.1. Determining the lease term of contracts with renewal and termination options – Group as lessee  
The Group determines the lease term as the non-cancellable term of the lease, together with any periods  
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered  
by an option to terminate the lease, if it is reasonably certain not to be exercised.  
The Group has several lease contracts that include extension and termination options. The Group applies  
judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or  
terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to  
exercise either the renewal or termination. After the commencement date, the Group reassesses the lease  
term if there is a significant event or change in circumstances that is within its control and affects its ability  
to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold  
improvements or significant customization to the leased asset).determines the lease term as the non-  
cancellable term of the lease, together with any periods covered by an option to extend the lease if it is  
reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is  
reasonably certain not to be exercised.  
3.2. Impairment testing of goodwill  
Determining whether goodwill is impaired requires an estimation of the value-in-use of the cash-generating  
unit. The value-in-use calculation requires estimation of future cash flows expected to arise for the cash-  
generating unit, the selection of suitable discount rates and the estimation of future growth rates. Reference  
made to note 9 for further details of the goodwill impairment testing.  
21  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
4.  
Revenue  
4.1 Disaggregation of Revenue  
Type of goods or services  
2025  
2024  
Commission on chartering  
Commission on new building activity  
Commission on buying and selling activity  
280,160  
119,218  
143,937  
543,315  
306,681  
106,941  
190,861  
604,483  
The Group generates revenue primarily from the sale of its products and services through following  
geographies:  
Geographic region  
Europe  
Asia  
2025  
2024  
268,667  
264,053  
10,595  
543,315  
297,204  
297,779  
9,500  
Other Markets  
604,483  
The Group have entered into standard forward exchange contracts to hedge and secure revenue in USD for  
the Group. The effective portion of the foreign currency cashflow hedge was recognized under ‘Revenue’.  
5.  
Administrative expenses  
2025  
2024  
Staff costs  
378,656  
41,502  
20,278  
62,011  
502,447  
420,093  
50,580  
24,573  
52,889  
548,135  
Depreciation and amortisation  
Professional services and IT costs  
Other external expenses  
5.1 Professional fees to auditors appointed by shareholders  
2025  
1,130  
226  
2024  
1,724  
1,359  
2,351  
5,434  
Fee for statutory audit  
Tax advisory services  
Other services  
619  
1,975  
5.2 Staff costs  
2025  
2024  
Salaries and wages  
Pension costs  
Other costs for social security  
356,675  
16,157  
5,824  
398,445  
16,200  
5,448  
378,656  
420,093  
Average number of full-time employees  
241  
221  
6.  
Finance expense  
2025  
2024  
Foreign exchange losses  
37,075  
10,820  
2,335  
2,211  
52,441  
27,897  
20,608  
1,118  
7,984  
57,607  
Interest expense from debts  
Interest expense from lease liabilities  
Arrangement fee amortisation  
22  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
7.  
Finance income  
2025  
30,489  
2,876  
33,365  
2024  
Foreign exchange gains  
Interest income  
33,440  
6,858  
40,298  
8.  
Property and equipment  
Right of use  
assets  
(premises)  
Operating  
equipment  
Total  
Cost  
Balance as at 1 January 2025  
Additions  
Retirements  
Rate of exchange adjustments  
Balance as at 31 December 2025  
4,165  
943  
27,662  
50,230  
(6,236)  
(1,104)  
70,552  
31,827  
51,173  
(6,236)  
(1,937)  
74,827  
-
(833)  
4,275  
Accumulated depreciation and amortisation  
Balance as at 1 January 2025  
Depreciation charge for the year  
Retirements  
Rate of exchange adjustments  
Balance as at 31 December 2025  
1,491  
1,163  
-
(645)  
2,009  
13,656  
13,060  
(6,236)  
(545)  
15,147  
14,223  
(6,236)  
(1,190)  
21,944  
19,935  
Carrying amount at 31 December 2025  
2,266  
50,617  
52,883  
Right of use  
assets  
(premises)  
Operating  
equipment  
Total  
Cost  
Balance as at 1 January 2024  
Additions  
4,689  
-
27,662  
32,351  
-
-
Retirements  
Rate of exchange adjustments  
(664)  
140  
-
-
(664)  
140  
Balance as at 31 December 2024  
4,165  
27,662  
31,827  
Accumulated depreciation and amortisation  
Balance as at 1 January 2024  
Depreciation charge for the year  
Rate of exchange adjustments  
4
1,377  
110  
-
13,642  
14  
4
15,019  
124  
Balance as at 31 December 2024  
1,491  
13,656  
15,147  
Carrying amount at 31 December 2024  
2,674  
14,006  
16,680  
9.  
Intangible assets  
Customer  
Order  
relationships  
backlogs  
Software  
Goodwill  
Total  
Cost  
Balance as at 1 January 2025  
Additions  
Retirements  
45,630  
34,748  
22,086  
1,339  
(4,795)  
243,341  
345,805  
1,339  
(4,795)  
-
-
-
-
-
-
Balance as at 31 December 2025  
45,630  
34,748  
18,630  
243,341  
342,349  
Accumulated depreciation  
and amortisation  
Balance as at 1 January 2025  
Depreciation charge for the year  
Retirements  
6,564  
6,519  
-
17,659  
9,410  
-
1,258  
11,350  
(1,837)  
10,771  
-
-
-
-
25,481  
27,279  
(1,837)  
50,923  
Balance as at 31 December 2025  
13,083  
27,069  
Carrying amount at  
31 December 2025  
32,547  
7,679  
7,859  
243,341  
291,426  
23  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Customer  
Order  
relationships  
backlogs  
Software  
Goodwill  
Total  
Cost  
Balance as at 1 January 2024  
Additions  
Retirements  
45,630  
34,748  
30,679  
1,710  
(10,303)  
243,341  
354,398  
1,710  
(10,303)  
-
-
-
-
-
-
Balance as at 31 December 2024  
45,630  
34,748  
22,086  
243,341  
345,805  
Accumulated depreciation  
and amortisation  
Balance as at 1 January 2024  
Depreciation charge for the year  
Retirements  
45  
6,519  
-
-
17,659  
-
92  
11,383  
(10,217)  
1,258  
-
-
-
-
137  
35,561  
(10,217)  
25,481  
Balance as at 31 December 2024  
6,564  
17,659  
Carrying amount at  
31 December 2024  
39,066  
17,089  
20,828  
243,341  
320,324  
Goodwill  
Goodwill is tested for impairment once a year and in the case of impairment indicators. Impairment test  
performed as of 31 December 2025 indicates headroom in excess of DKK 140 million.  
The recoverable amount is based on the value in use, which is calculated by means of expected free cash  
flows based on forecasts for 2026 to 2030. The revenue has been forecasted with an average growth ranging  
from -15.2% to 2.0% per year until the terminal period.  
The impairment test estimates the present value of goodwill (value-in-use principle) by discounting expected  
free cash flows using an estimated discount rate to assess the CGU’s recoverable value including goodwill,  
which is subsequently compared with the carrying amount recognized in the Group’s consolidated financial  
statements. The rate of growth post the forecast period, the so-called terminal growth, is based on general  
long-term growth forecasts for the individual markets. The expected terminal growth rate used is 2.0%.  
The capitalized goodwill has arisen in connection with the acquisition of MB Shipbrokers K/S in 2023.  
The key assumptions underlying the calculation of recoverable amounts and the tolerable sensitivities are:  
2025  
2.0%  
2024  
2.0%  
Growth rate in terminal period  
WACC after tax  
11.9%  
10.9%  
Ceiling on WACC after tax  
4.5% increase  
42.7% increase  
The ceiling and floor rates are the maximum and lowest rates before an impairment occurs, holding the other  
rates constant.  
Software  
Software includes completed development projects which relates to development of IT platforms and  
software. In management’s opinion, the development progressed as planned. The completed development  
projects consist of several IT platforms and software which is mainly used internally.  
10. Leases  
Group as a lessee  
The Group has lease contracts for various office spaces. Leases of office spaces generally have lease terms  
between 2 and 10 years.  
The Group also has certain leases with lease terms of 12 months or less and leases with low value. The  
Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.  
Information about leases for which the Group is a lessee is presented below:  
24  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
a) Right-of-use (ROU) assets  
Reference made to note 8 for a detailed specification of Right-of-use (ROU) assets.  
b) Lease liabilities  
2025  
2024  
Current  
Non-current  
Total  
6,539  
44,855  
51,394  
9,460  
4,724  
14,184  
c) Amounts recognised in profit or loss  
2025  
2024  
Depreciation on ROU assets  
Interest from lease liabilities  
Expenses relating to short-term leases and leases of  
low value assets  
13,060  
2,335  
13,642  
1,118  
1,583  
1,468  
Total  
16,978  
16,228  
d) Amounts recognised in statement of cash flows  
The total cash outflow relating to lease liabilities amounted to DKK 14.9 million in 2025 (2024: DKK 14.5  
million).  
11. Income tax expense  
The major components of income tax expense are:  
2025  
16,741  
2024  
21,137  
(6,256)  
Current income tax  
Deferred income tax  
(515)  
16,226  
14,881  
Reconciliation of tax expense and the accounting profit multiplied by statutory tax rate of 22% are as follows:  
2025  
4,907  
18,507  
(4,505)  
(2,683)  
16,226  
2024  
8,630  
5,872  
562  
(183)  
14,881  
Profit before income tax at tax rate of 22%  
Non-deductible expenses  
Effect of different tax rates on overseas income  
Other  
Tax expense for the period  
Details of deferred taxes are as follows:  
2025  
2024  
Other payables  
Lease liabilities  
Tax loss carry forward  
Intangibles  
ROA assets  
Others  
18,939  
9,732  
707  
(7,250)  
(9,547)  
(401)  
16,374  
3,120  
444  
(5,981)  
(3,081)  
1,674  
12,550  
Deferred tax assets (liabilities)  
12,180  
25  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Rollforward of deferred tax assets (liabilities) are as follows:  
2025  
12,550  
2024  
6,169  
6,256  
Balance at beginning of period  
Taxes recognized in profit or loss  
Taxes recognized in other comprehensive income  
Others  
515  
(309)  
(576)  
125  
Balances at end of the year  
12,180  
12,550  
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current  
tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income  
taxes levied by the same tax authority. Based on the expected earnings, the Group expects to be able to  
utilise the deferred tax assets against future taxable income over the coming 1 to 3 years.  
12. Trade receivables  
2025  
96,583  
(874)  
95,709  
2024  
Trade receivables  
Allowance for expected credit losses  
114,629  
(1,056)  
113,573  
Trade receivables are measured at amortised cost. Trade receivables are non-interest bearing. Receivables  
are generally due on invoice date.  
Movements in allowance for expected credit losses are as follows:  
2025  
(1,056)  
2024  
(6,874)  
Balances at beginning of the year  
Provision for the year  
Reversal for the year  
(463)  
645  
(345)  
6,163  
(874)  
(1,056)  
Balances at end of the year  
13. Capital management  
For the purpose of the Group’s capital management, capital includes issued capital and equity reserves. The  
primary objective of the Group’s capital management is to maximise the shareholder value.  
In order to achieve this overall objective, the Group's capital management, among other things, aims to  
ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define  
capital structure requirements.  
Financial covenants include maintenance of adequate leverage ratio and interest coverage.  
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings.  
There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the  
current period.  
14. Interest-bearing loans and borrowings  
Secured bank loan, including overdraft  
Current  
2025  
37,832  
2024  
48,512  
Non-current  
88,916  
127,037  
126,748  
175,549  
The Group’s bank loan matures in 2027 and bears interest at a margin of 2.5% to 3.1% above CIBOR. The  
outstanding principal amounted to DKK 130.0 million as of 31 December 2025 (2024: DKK 170.0 million).  
26  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
15. Trade and other payables  
2025  
20,702  
218,650  
2024  
Trade payables  
Other payables  
Total  
12,716  
319,126  
331,842  
239,352  
Trade payables are measured at amortized cost. The carrying amounts of trade and other payables are  
substantially the same as their fair values, due to their short-term nature.  
16. Changes in working capital  
2025  
18,046  
7,986  
(29,352)  
(3,320)  
2024  
Decrease (increase) in trade receivables  
Increase in trade payables and other payables  
Change in other assets and liabilities  
(43,080)  
44,536  
11,411  
12,867  
17. Financial risk management  
The Group is exposed to financial risk, consisting of foreign currency risks, interest rate risk, liquidity risk  
and credit risk that affect its earnings. Group Management oversees the management of these risks,  
including overseeing that the Group’s financial risk activities are governed by the policies and procedures  
outlined by Management and that financial risks are identified, measured and managed in accordance with  
the Group’s policies and risk objectives.  
Foreign currency risk  
The Group has transactional foreign currency exposures arising from revenues and expenses in currencies  
other than its functional currency, which can significantly impact results and cash flows. The Group’s revenue  
is mainly denominated in US dollars. The Group also has balance sheet exposures, either at the local entity  
level where monetary assets and liabilities are held in currencies other than the functional currency, or at a  
Group level on the revaluation of non-Danish Kroner balances into the Group’s functional currency.  
Our aim is to manage this risk by reducing the impact of any fluctuations. The Group hedges only the  
currency exposure through foreign currency exchange forward contracts of a specific portion of US dollar  
revenues to fix the revenue in Danish Kroner for operations within Denmark.  
The Group is most sensitive to changes in the US dollar exchange rates. The sensitivity analysis assumes  
an instantaneous 5% change in the US dollar exchange rates from their levels on balance sheet date, with  
all other variables held constant. The following table demonstrates the sensitivity to a reasonably possible  
change in this rate, with all other variables held constant, of the Group’s profit before taxation and equity.  
Impact to profit or loss  
Sensitivity  
2025  
+5%  
Cash  
5,346  
Receivables  
Payables  
Net  
4,058  
(174)  
9,230  
-5%  
(5,346)  
(4,058)  
174  
(9,230)  
2024  
+5%  
-5%  
686  
(686)  
742  
(742)  
(5)  
5
1,423  
(1,423)  
Interest rate risk  
The Group is exposed to risks related to changes in market interest rates primarily related to the Group’s  
interest-bearing long-term loans with floating interest rates.  
The Group manages its interest rate risk by using derivative contracts to hedge the variability in interest  
rates.  
27  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Liquidity risk  
The purpose of the Group’s cash management procedures is to ensure that the Group at all times has  
sufficient and flexible financial resources at its disposal and is able to honour its obligations when due.  
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual  
undiscounted payments:  
2025  
Maturity  
From 1 to 5  
years  
More than 5  
years  
1,136  
Contractual  
cash flow  
316,991  
Carrying  
amount  
Up to 1 year  
Trade and other payables  
Lease liabilities  
Loans and borrowings  
239,352  
10,587  
44,853  
294,792  
76,503  
41,336  
93,360  
211,199  
316,991  
25,933  
-
27,069  
77,856  
138,213  
533,060  
51,394  
126,748  
495,133  
2024  
Maturity  
From 1 to 5  
years  
More than 5  
Contractual  
cash flow  
331,842  
Carrying  
amount  
331,842  
Up to 1 year  
years  
Trade and other payables  
Lease liabilities  
Loans and borrowings  
331,842  
9,922  
50,703  
-
-
-
-
-
5,057  
130,000  
135,057  
14,979  
180,703  
527,524  
14,184  
175,549  
521,575  
392,467  
Credit risk and expected credit loss  
The Group is exposed to credit risk arising from debtors failing to pay their obligations. In general, the Group  
transacts only with recognized and creditworthy third parties. Receivable balances are monitored on an  
ongoing basis and any potential bad debts identified at an early stage.  
The maximum exposure is the carrying amounts as disclosed in note 12. Based on experience and ongoing  
review of creditworthiness of counterparties, we reasonably expect to collect all amounts with no expected  
credit losses provision. There are no significant concentrations of credit risk within the Group, due to the  
large number of customers comprising the Group’s customer base.  
Trade receivables are written off when there is no reasonable expectation of recovery, such as the  
commencement of legal proceedings, or financial difficulties of the counterparty. Impairment losses  
(including the write-off) on trade receivables are presented within “Administrative expenses”. Subsequent  
recoveries of amounts previously written off are credited against the same line item.  
An impairment analysis is performed at each reporting date using a provision matrix to measure expected  
credit losses. The provision rates are based on days past due for groupings of various customer segments  
with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage  
by letters of credit or other forms of credit insurance).  
The credit risk arising from cash in banks are considered low as the financial institutions used are closely  
monitored by the Group to ensure they are held with creditworthy institutions and to ensure there is no over  
exposure to any one institution.  
For all other financial assets held, the Group’s exposure to credit risk arises from default of the counterparty,  
with a maximum exposure equal to the carrying amount of these instruments.  
The carrying amounts of other financial assets and contract assets represent the maximum credit exposure.  
28  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
18. Related parties  
Significant influence  
The following are the related parties with significant influence to the Group:  
C. Devantier Holding ApS, Strandvejen 188G, 2920 Charlottenlund, Denmark  
AH HoldCo ApS, Furesøvej 88, 2830 Virum, Denmark  
Claus Riis Plougmand, 21 Keppel Bay View, #05-67 Reflections at Keppel Bay, 098413 Singapore  
HELI 24 ApS, Fredericiagade 21C, 3. tv, 1310 København K, Denmark  
Anne Brown Pade, Bybjerggård 20, 3060 Espergærde, Denmark  
Compensation of key management personnel  
The total compensation of the key management personnel of the Group is as follows:  
2025  
2024  
62,703  
Short-term employee benefits  
Post-employment benefits  
Total compensation  
52,054  
2,336  
1,800  
54,390  
64,503  
19. Commitments and contingencies  
Contingent liabilities  
Shares of MB Shipbrokers Invest ApS and selected subsidiaries are pledged as security to the Group's bank  
loan.  
20. Events after reporting date  
No events have occurred after the balance sheet date that materially affect the assessment of the financial  
statements.  
29  
 
MBEB Holding ApS  
Annual report 2025  
Parent company financial statements  
Parent company statement of profit or loss and other comprehensive income  
For the year ended 31 December 2025  
(In DKK'000)  
Notes  
2025  
2024  
Administrative expenses  
Other operating income  
Operating profit  
(2)  
(365)  
4,853  
4,488  
28  
1,535  
1,533  
42  
Finance income  
Finance expense  
(1)  
(192)  
4,324  
144  
Profit before tax  
Income tax benefit (expense)  
Profit for the year  
1,574  
(346)  
1,228  
4
4,468  
Other comprehensive income  
-
-
Total comprehensive income for the year  
1,228  
4,468  
The accompanying notes are an integral part of these financial statements.  
30  
 
MBEB Holding ApS  
Annual report 2025  
Parent company statement of financial position  
As of 31 December  
(In DKK'000)  
Notes  
2025  
2024  
Assets  
Non-current assets  
Investment in subsidiaries  
Deferred tax asset  
Total non-current assets  
3
4
50,313  
51,025  
37  
51,062  
-
50,313  
Current assets  
Receivable from related parties  
Receivable from joint taxation  
Cash  
Total current assets  
Total assets  
5
430  
-
5,328  
5,758  
56,071  
532  
116  
3,406  
4,054  
55,116  
Liabilities and Equity  
Equity  
Share capital  
Retained earnings  
Total equity  
100  
55,538  
55,638  
100  
54,310  
54,410  
Current liabilities  
Trade and other payables  
Income tax payable  
Total liabilities  
240  
193  
433  
706  
-
706  
Total liabilities and equity  
56,071  
55,116  
The accompanying notes are an integral part of these financial statements.  
31  
 
MBEB Holding ApS  
Annual report 2025  
Parent company statement of changes in equity  
For the year ended 31 December 2025  
(In DKK'000)  
Share  
capital  
Retained  
earnings  
Total equity  
49,942  
Balance as at 1 January 2024  
100  
49,842  
Profit for the year  
Other comprehensive income  
Total comprehensive income  
-
-
-
4,468  
-
4,468  
4,468  
-
4,468  
Balance as at 31 December 2024  
100  
54,310  
54,410  
Profit for the year  
Other comprehensive income  
Total comprehensive income  
-
-
-
1,228  
-
1,228  
1,228  
-
1,228  
Balance as at 31 December 2025  
100  
55,538  
55,638  
The accompanying notes are an integral part of these financial statements.  
32  
 
MBEB Holding ApS  
Annual report 2025  
Parent company statement of cash flows  
For the year ended 31 December 2025  
(In DKK’000)  
Notes  
2025  
1,574  
2024  
Cash flow from operating activities  
Profit before tax  
Adjustments:  
4,324  
Interest expense  
Gain on sale of investment  
Interest income  
1
(1,380)  
(42)  
192  
(4,853)  
(28)  
Cash generated from operation before changes  
in working capital  
153  
(365)  
Changes in working capital  
Cash generated from operation  
Interest received  
(364)  
(211)  
42  
107  
(258)  
28  
Interest paid  
(1)  
(192)  
Net cash used in operating activities  
(170)  
(422)  
Cash flow from investing activities  
Proceeds from sale of investment in subsidiary  
2,092  
53,828  
Net cash generated from investing activities  
2,092  
53,828  
Cash flow from financing activities  
Repayment of debt  
-
(50,000)  
Net cash generated used in financing activities  
-
(50,000)  
Increase in cash  
1,922  
3,406  
Cash at beginning of the year  
3,406  
-
Cash at end of the year  
5,328  
3,406  
The accompanying notes are an integral part of these financial statements.  
33  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Notes to the financial statements  
1. Accounting policies  
The parent company financial statements of MBEB Holding ApS (the Parent Company), are prepared in  
accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the  
Danish Financial Statements Act applicable to class B enterprises, with selection of several reporting  
requirements for medium-sized class C enterprises. The Company has adopted all new, amended, or  
revised accounting standards and interpretations as endorsed by the EU effective beginning 1 January 2025.  
To ensure uniform presentation, the terminology used in the consolidated financial statements has as far as  
possible been applied in the parent company financial statements.  
Investment in subsidiaries  
A subsidiary is an entity that is controlled by the Parent Company. Investments in subsidiaries are measured  
at cost. Cost includes the consideration measured at fair value plus direct acquisition costs.  
In case of indication of impairment, an impairment test is conducted. Investments in subsidiaries are written  
down to the lower of the carrying amount and the recoverable amount.  
2. Staff cost  
The Parent Company has no employees (2024: nil).  
3. Investment in subsidiaries  
2025  
51,025  
(712)  
50,313  
2024  
Cost at beginning of the period  
Disposal during the year  
Cost at end of the period  
100,000  
(48,975)  
51,025  
Name  
Domicile  
Interest  
50.3%  
MB Shipbrokers Invest ApS  
Denmark  
In 2025 and 2024, the Parent Company sold non-voting shares held in MB Shipbrokers Invest ApS. The  
reduction in ownership interest did not result in the loss of control over MB Shipbrokers Invest ApS.  
4. Income tax expense  
Accounting profit before income tax  
At Denmark’s statutory income tax rate of 22%  
for the current period  
2025  
2024  
Profit before income tax  
Non-taxable income  
346  
951  
-
-
(1,067)  
(28)  
Others  
Income tax expense (benefit) reported in profit or loss  
346  
(144)  
Deferred tax  
Current income tax  
Deferred income tax  
2025  
2025  
2024  
346  
-
346  
(116)  
(28)  
(144)  
2024  
Balances at beginning of the period  
Additions during the year  
Reversal  
37  
9
28  
-
-
(37)  
-
Balances at end of the period  
37  
34  
 
MBEB Holding ApS  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Deferred tax assets pertain to tax loss carry-over, which the Parent Company expects to utilise over the  
coming 1 to 3 years.  
5. Related party transactions  
Significant influence  
The following are the related parties with significant influence to the Group either by ownership or  
management positions:  
C. Devantier Holding ApS, Strandvejen 188G, 2920 Charlottenlund, Denmark  
AH HoldCo ApS, Furesøvej 88, 2830 Virum, Denmark  
Claus Riis Plougmand, 21 Keppel Bay View, #05-67 Reflections at Keppel Bay, 098413 Singapore  
HELI 24 ApS, Fredericiagade 21C, 3. tv, 1310 København K, Denmark  
Anne Brown Pade, Bybjerggård 20, 3060 Espergærde, Denmark  
As of balance sheet date, the Parent Comapny has receivable from MB Shipbrokers A/S, a subsidiary,  
amounting to DKK 430 thousand (2024: DKK 532 thousand) and a receivable from joint taxation of nil (2024:  
DKK 116 thousand). No other related party transactions occurred in 2025 and 2024.  
6. Commitments and contingencies  
Joint taxation  
The Parent Company is jointly taxed with other Danish group entities. As administration company, the  
Company has unlimited joint and several liability, together with the other group entities, for payment of  
Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation  
group. Any subsequent corrections of income subject to joint taxation and withholding taxes, etc., may entail  
that the entities' liability will increase. The Group as a whole is not liable to any third parties.  
The Group's Danish entities are jointly and severally liable for joint VAT registration.  
7. Events after reporting date  
No events have occurred after the balance sheet date that materially affect the assessment of the financial  
statements.  
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