Beta. Registrerede ejere og personsøgning kommer snart.
Udlejning og leasing af luftfartøjer
ReklamebeskyttetCVR 22 76 53 10AktieselskabKøbenhavn KStiftet 1969
A/S Maersk Aviation Holding is the Parent Company of the Maersk Aviation Group. The main activity for this entity is ownership and leasing out aircraft, and ownership of Maersk Air Crew & Training Company A/S and Star Air A/S.
Oplysningerne er hentet 10. november 2026.
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| Post | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Ændring2024-2025 |
|---|---|---|---|---|---|---|---|---|
| Resultat | ||||||||
| 68,4 mio. | 37,2 mio. | 36,8 mio. | 4,1 mio. | 2,5 mio. | 2,5 mio. | - | +84,1% | |
Alle de penge, virksomheden har fået ind ved at sælge varer og ydelser i løbet af året. Der er endnu ikke trukket nogen udgifter fra. | ||||||||
| 10,7 mio. | 11,7 mio. | 15,2 mio. | 675.000 | 539.000 | 633.000 | 619.000 | −8,8% | |
| Results from net financials | -15,7 mio. | -12,3 mio. | -37,3 mio. | 7,3 mio. | 26,6 mio. | - | - | - |
| -30,8 mio. | -17,3 mio. | -23,8 mio. | 9,5 mio. | 26,2 mio. | 25,4 mio. | 26,5 mio. | - | |
| Investment in property plant and equipment | 10,3 mio. | 101 mio. | 46,6 mio. | 340 mio. | 283 mio. | - | - | −89,8% |
| Andre eksterne omkostninger | 111.000 | 101.000 | 172.000 | 322.000 | 146.000 | - | - | +9,9% |
| 68,3 mio. | 37,1 mio. | 36,6 mio. | 3,3 mio. | 2,4 mio. | 2,4 mio. | 2,5 mio. | +84,3% | |
| Personaleomkostninger | -20.000 | 529.000 | 545.000 | 429.000 | 0 | - | - | - |
| Af- og nedskrivninger af materielle og immaterielle anlægsaktiver | 57,7 mio. | 24,9 mio. | 20,9 mio. | 2,7 mio. | 1,8 mio. | 1,8 mio. | 1,9 mio. | +132,0% |
| Resultat før værdireguleringer | 10,7 mio. | 11,7 mio. | 15,2 mio. | 675.000 | - | - | - | −8,8% |
| Indtægter af kapitalandele i tilknyttede virksomheder | -25,1 mio. | -22,1 mio. | -29,6 mio. | 15,3 mio. | 26,9 mio. | 25,2 mio. | 26,1 mio. | - |
| Andre finansielle indtægter | 267.000 | 35.000 | 0 | 3.000 | 0 | 32.000 | 17.000 | +662,9% |
| Andre finansielle omkostninger | 15,9 mio. | 12,4 mio. | 7,7 mio. | 7,9 mio. | 338.000 | 38.000 | 20.000 | +29,0% |
| -30,1 mio. | -22,8 mio. | -22,1 mio. | 8,0 mio. | 27,1 mio. | 25,8 mio. | 26,7 mio. | - | |
| Skat af årets resultat | 726.000 | -5,5 mio. | 1,7 mio. | -1,5 mio. | 939.000 | 452.000 | 193.000 | - |
| Value adjustments of equity | 0 | - | - | - | - | - | - | - |
| Dissolution of previous years revaluations | 0 | - | - | - | - | - | - | - |
| Other adjustments of equity | 0 | - | - | - | - | - | - | - |
| Distributed dividends from group enterprises | 0 | - | - | - | - | - | - | - |
| Overført til overført resultat | -30,8 mio. | -17,3 mio. | -23,8 mio. | -5,8 mio. | 26,1 mio. | - | - | - |
| Increase decrease of investments through net exchange differences equity | - | 0 | 0 | 0 | - | - | - | - |
| Contribution from group | - | 175 mio. | - | 323 mio. | - | - | - | - |
| Overført til reserve for nettoopskrivning | - | - | -29,6 mio. | 15,3 mio. | 29.000 | - | - | - |
| Eksterne omkostninger | - | - | - | - | 146.000 | 8.000 | - | - |
| Balance | ||||||||
| 878 mio. | 941 mio. | 791 mio. | 811 mio. | 469 mio. | 184 mio. | 187 mio. | −6,6% | |
| 619 mio. | 650 mio. | 492 mio. | 516 mio. | 183 mio. | 182 mio. | 183 mio. | −4,7% | |
| Other investment assets | 629 mio. | 676 mio. | 351 mio. | 314 mio. | - | - | - | −7,0% |
| Materielle anlægsaktiver | 629 mio. | 676 mio. | 667 mio. | 641 mio. | 304 mio. | 23,1 mio. | 24,9 mio. | −7,0% |
| Kapitalandele i tilknyttede virksomheder | 18,6 mio. | 99,3 mio. | 121 mio. | 151 mio. | 163 mio. | 161 mio. | 162 mio. | −81,3% |
| Finansielle anlægsaktiver | 18,6 mio. | 99,3 mio. | 121 mio. | 151 mio. | 163 mio. | 161 mio. | 162 mio. | −81,3% |
| Anlægsaktiver | 647 mio. | 776 mio. | 788 mio. | 793 mio. | 467 mio. | 184 mio. | 187 mio. | −16,5% |
| Tilgodehavender fra salg og tjenesteydelser | 881.000 | 882.000 | 883.000 | 382.000 | 0 | - | - | −0,1% |
| Tilgodehavender hos tilknyttede virksomheder | 218 mio. | 160 mio. | 1,3 mio. | 14,3 mio. | 2,2 mio. | 85.000 | 14.000 | +36,7% |
| Udskudte skatteaktiver | 12,0 mio. | 4,7 mio. | 0 | - | - | - | - | +154,8% |
| Andre tilgodehavender | 2.000 | 0 | - | - | - | - | - | - |
| Tilgodehavender | 231 mio. | 165 mio. | 2,7 mio. | 18,3 mio. | 2,2 mio. | 85.000 | 14.000 | +39,9% |
| 231 mio. | 165 mio. | 2,7 mio. | 18,3 mio. | 2,2 mio. | 85.000 | 14.000 | +39,9% | |
| Virksomhedskapital | 7,9 mio. | 7,0 mio. | 7,4 mio. | 7,2 mio. | 7,6 mio. | 8,3 mio. | 7,5 mio. | +12,4% |
| Reserve for nettoopskrivning efter indre værdis metode | 8,9 mio. | 97,7 mio. | 120 mio. | 150 mio. | 134 mio. | 134 mio. | 134 mio. | −90,9% |
| Overført resultat | 602 mio. | 545 mio. | 365 mio. | 359 mio. | 41,5 mio. | 14,7 mio. | 15,2 mio. | +10,5% |
| Gæld til tilknyttede virksomheder, langfristet | 212 mio. | 200 mio. | 196 mio. | 224 mio. | 253 mio. | 0 | - | +6,0% |
| Langfristede gældsforpligtelser | 212 mio. | 200 mio. | 196 mio. | 224 mio. | 253 mio. | 0 | - | +6,0% |
| Kortfristet del af langfristet gæld | 43,0 mio. | 85,0 mio. | 57,0 mio. | 56,0 mio. | 27,0 mio. | - | - | −49,4% |
| Leverandører af varer og tjenesteydelser | 30.000 | 206.000 | 0 | - | 5.000 | 5.000 | 5.000 | −85,4% |
| Gæld til tilknyttede virksomheder | 1,9 mio. | 3,6 mio. | 41,4 mio. | 10,2 mio. | 2,8 mio. | 0 | 2,6 mio. | −47,0% |
| Skyldig selskabsskat | 2,7 mio. | 2,0 mio. | 0 | - | - | - | - | +33,9% |
| Anden gæld, kortfristet | 0 | 261.000 | 50.000 | 31.000 | 5.000 | - | - | −100,0% |
| 47,6 mio. | 91,1 mio. | 98,5 mio. | 66,3 mio. | 3,3 mio. | 9.000 | - | −47,7% | |
| 260 mio. | 291 mio. | 294 mio. | 290 mio. | 283 mio. | 9.000 | 2,8 mio. | −10,8% | |
| Passiver i alt | 878 mio. | 941 mio. | 791 mio. | 811 mio. | 469 mio. | 184 mio. | 187 mio. | −6,6% |
| Buildings | - | 0 | 0 | - | 0 | 0 | 0 | - |
| Property plant and equipment in progress | - | 0 | 316 mio. | 328 mio. | 283 mio. | 0 | - | - |
| Tilgodehavende sambeskatningsbidrag | - | 0 | 505.000 | 3,6 mio. | 0 | - | - | - |
| Hensættelse til udskudt skat | - | 0 | 4,5 mio. | 4,7 mio. | 2,3 mio. | 1,8 mio. | 941.000 | - |
| Hensatte forpligtelser | - | 0 | 4,5 mio. | 4,7 mio. | 2,3 mio. | 1,8 mio. | 941.000 | - |
| Planes | - | - | - | 314 mio. | 21,3 mio. | 23,1 mio. | 24,9 mio. | - |
| Foreslået udbytte | - | - | - | 0 | 0 | 25,0 mio. | 26,0 mio. | - |
| Skyldigt sambeskatningsbidrag | - | - | - | 0 | 478.000 | 4.000 | 267.000 | - |
| Andre tal | ||||||||
| 0 | 1 | 2 | 2 | 0 | - | - | −100,0% | |
| Return on invested capital | 0,01 | 0,01 | 0,03 | 0 | 0 | - | - | - |
| Return on equity | -0,05 | -0,03 | 0,05 | 0,02 | 0,14 | - | - | - |
| Solvency ratio | - | - | 0,62 | 0,64 | 0,39 | - | - | - |
| Nøgleforhold (beregnet af Tjekker) | ||||||||
| -45,1% | -46,6% | -64,5% | 232,5% | 1.044,8% | 1.033,7% | - | +1,5 pp | |
| 99,8% | 99,7% | 99,5% | 81,6% | 94,2% | 99,7% | - | +0,1 pp | |
| 70,4% | 69,1% | 62,2% | 63,6% | 39,1% | 99,0% | 98,0% | +1,4 pp | |
| -4,9% | -3,0% | -4,7% | 2,7% | 14,3% | 13,9% | - | −1,8 pp | |
Kilde: årsrapporterne hos Erhvervsstyrelsen. Poster uden dansk navn står, som de hedder i indberetningen. Tal, der er fordelt på fx egenkapitalens kolonner, står i selve årsrapporten.
Regnskabsårene 2019-2025
| Post | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Omsætning | Ikke offentl. | 2.456.000 | 2.505.000 | 4.086.000 | 36.815.000 | 37.180.000 | 68.441.000 |
| Bruttofortjeneste | 2.473.000 | 2.448.000 | 2.359.000 | 3.335.000 | 36.643.000 | 37.079.000 | 68.330.000 |
| Årets resultat | 26.490.000 | 25.387.000 | 26.172.000 | 9.499.000 | -23.759.000 | -17.312.000 | -30.848.000 |
Beløb i USD som indberettet
Fra årsrapporten for 2025, i virksomhedens egne ord
Management commentaryDevelopment in activities and financesMaersk Aviation Group realised a loss for the year of USD 30,848, compared to a loss in 2024 of USD 17,312k. Maersk Air Cargo A/S, a subsidiary of Maersk Aviation Group, continued the operation of cargo aircraft on behalf of United Parcel Services (UPS) in Eur ope and operations on behalf of the Maersk Group. The result in Maersk Air Cargo A/S has been unsatisfactory. The two crewing companies, Maersk Air Crew & Training Company A/S and Star Air Crew & Training Company A/S, leasing out pilots have shown satisfactory results for 2025. Profit/loss for the year in relation to expected developmentsThe result is unsatisfactory and below the expectations, as set out in the Annual Report 2024 of USD 15-20 million. The reason for the lower result is the result from Maersk Air Cargo A/S, where there have been major impacts from lower freight rates, and continued investments in operations for the Maersk Group. OutlookManagement expects the result of the Company's activities in 2026 to be better than 2025, mainly due to expected increase in number of aircrafts and flight hours. The expectation for the financial year 2026 is a net profit of USD 10-15 million.Environmental performanceDifferent laws and regulations impose requirements for reduced climate and environmental impact, including through restrictions on noise levels and greenhouse gas emissions. All laws and regulations concerning the environment and the climate are adhered to by A/S Maersk Aviation Holding. A/S Maersk Aviation Holding has no activities impacting the environment.Group relationsIn connection with the Board of Directors and Management's assessment of the assumption of going concern which forms the basis of the preparation of the Annual Report of A/S Maersk Aviation Holding for 2025, the Maersk Group have confirmed that they will support A/S Maersk Aviation Holding to the extent necessary to finance the Company's operating activities and to settle its financial obligations as they fall due until the date of publishing of the Annual Report for 2026. Based on this, the Annual Report of A/S Maersk Aviation Holding A/S is prepared on the assumption of going concern.
Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on invested capital (%):Profit before financials * 100 Average operational assets(Operational assets = Total assets minus receivables from Group entities and deferred tax assets)Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets
De originale dokumenter hos Erhvervsstyrelsen
Årsrapport 2025
Offentliggjort 01.06.2026
Årsrapport 2024
Offentliggjort 30.06.2025
Årsrapport 2023
Offentliggjort 08.07.2024
Årsrapport 2022
Offentliggjort 26.06.2023
Årsrapport 2021
Offentliggjort 08.06.2022
Årsrapport 2020
Offentliggjort 29.06.2021
Årsrapport 2019
| Omsætning | 68,4 mio. USD |
|---|---|
| Bruttofortjeneste | 68,3 mio. USD |
| Driftsresultat | 10,7 mio. USD |
| Resultat før skat | -30,1 mio. USD |
| Årets resultat | -30,8 mio. USD |
Af hver 100 USD, virksomheden ejer, er 70 USD betalt af ejerne selv og 30 USD lånt eller skyldt til andre.
| Aktiver i alt | 878 mio. USD |
|---|---|
| Egenkapital | 619 mio. USD |
| Gæld og forpligtelser | 260 mio. USD |
Primary activitiesA/S Maersk Aviation Holding is the Parent Company of the Maersk Aviation Group. The main activity for this entity is ownership and leasing out aircraft, and ownership of Maersk Air Crew & Training Company A/S and Star Air A/S. Star Air A/S was voluntary liquidated and dissolved in March 2025, leaving direct owner ship of Maersk Air Cargo A/S and Star Air Crew & Training Company A/S to Maersk Aviation Holding. Maersk Aviation Holding entered into a sales agreement for the 3 Boeing 767-300 in October 2025 with a financial loss of USD 19,527k.
1 Uncertainty related to going concernIn connection with the Board of Directors and Management's assessment of the assumption of going concern which forms the basis of the preparation of the annual report of A/S Maersk Aviation Holding for 2025, the parent company A.P. Møller - Mærsk A/S have confirmed that they will support A/S Maersk Aviation Holding to the extent necessary to finance the Company's operating activities and to settle its financial obligations as they fall due until the date of publishing of the annual report for 2026. Based on this, the Annual Report of A/S Maersk Aviation Holding is prepared on the assumption of going concern.
2 Events after the balance sheet dateSubsequent to the balance sheet date, on 31 March, the Company sold 3 B767-300. There are no change to the agreed sales price of the aircrafts sold, which formed the basis of the carrying amount as of 31st of Dec as per agreement as of sales agreement date 7th October 20205. The sale is not expected to significantly impact the company’s financial position and performance in the subsequent reporting period.
3 Staff costs2025 2024USD'000USD'000Wages and salaries (32) 500Pension costs 12 29(20) 529
The Board of Directors members are not remunerated directly for their director roles by the Company as they are internal Maersk employees. However, it is assessed that the director role remuneration for the 7 members in total amounts to USD 0.24 m, equal to approx. DKK 1.53 m.
Other financial income42025 2024USD'000USD'000Exchange rate adjustments 267 35267 35
Other financial expenses52025 2024USD'000USD'000Financial expenses from group enterprises 15,946 12,361Other financial expenses 1 015,947 12,361
Tax on profit/loss for the year62025 2024USD'000USD'000Current tax 3,729 2,033Change in deferred tax (7,269) (5,102)Adjustment concerning previous years 4,266 (2,390)726 (5,459)
Property, plant and equipment8Aeroplanes USD'000Cost beginning of year 711,750Additions 10,304Cost end of year 722,054Depreciation and impairment losses beginning of year (35,554)Impairment losses for the year (21,161)Depreciation for the year (36,591)Depreciation and impairment losses end of year (93,306)Carrying amount end of year 628,748
Financial assets9Investments in group enterprises USD'000Cost beginning of year 1,593Addition through business combinations etc 8,565Exchange rate adjustments 1,011Disposals (1,483)Cost end of year 9,686Revaluations beginning of year 97,741Addition through business combinations etc 35,121Exchange rate adjustments (678)Share of profit/loss for the year (25,096)Dividend (800)Other adjustments 117Reversal regarding disposals (97,519)Revaluations end of year 8,886Carrying amount end of year 18,572Equity interest Investments in subsidiaries Registered in%Star Air Crew & Training Company A/S Copenhagen K 100.00Maersk Air Crew & Training Company A/S Copenhagen K 100.00Maersk Air Cargo A/S Copenhagen K 100.00The additions to investment in subsidiaries represent the predecessor's (the liquidated subsidiary Star Air A/S) carrying amount of the cost price and revaluation under the equity method at the time of the transfer of the shares following the liquidation.
Receivables from group enterprises10Receivables from group enterprises consists primarily of cash at bank in a cash pool arrangement with group entities.
Deferred tax112025 2024Changes during the yearUSD'000USD'000Beginning of year 4,697 (4,543)Recognised in the income statement 7,269 5,102Adjustment of deferred tax concerning previous years 0 4,138End of year 11,966 4,697 Deferred tax assetsThe Group has recognised a tax asset as of 31 December 2025. The tax asset consists of carryforward tax lossesand unused tax deductions in the form of temporary differences between accounting and tax values. Management assesses that the tax asset will be utilised in future taxable income.
Contributed capital12The share capital consists of 5,000 shares with a nominal value of DKK 10 thousand each (Total of USD 7,874K). No shares carry special rights.
Non-current liabilities other than provisions13Due after Due within 12 Due within 12 more than 12 Outstanding months months months after 5 years 2025 2024 2025 2025USD'000USD'000USD'000USD'000Payables to group enterprises 43,000 85,000 212,000 40,00043,000 85,000 212,000 40,000
Contingent liabilities14Other contingent liabilites The Company is jointly taxed with all other Danish companies in A.P. Møller Holding A/S Group. As a consolidated entity, the Company has unlimited and joint liability together with the other companies under joint taxation for Danish corporation tax and withholding tax on dividends, interest and royalties within the jointly taxed companies.
Transactions with related parties152025 USD'000Interest expense to group enterprises (15,946)Receivables from group enterprises 218,316Payables to group enterprises(256,907)Sale of services to group enterprises 36,934Related party transactionsA/S Maersk Aviation Holding related parties comprise the following: Companies in A.P. Møller Holding A/S, Esplanaden 50, Copenhagen Denmark. A.P. Møller - Mærsk A/S exercises direct control over the Company .
Consolidated financial statements The Company is included in the Consolidated financial statements of A.P. Møller – Mærsk A/S (immediate parent company presenting consolidated financial statements). The Company is included in the Consolidated financial statements of A.P. Møller Holding A/S (ultimate controlling presenting consolidated financial statements) The consolidated annual reports are available on https://investor.maersk.com/da/financials/financial-reports
Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared.
Cash flow statementPursuant to Section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The cash flow statement of the Company is included in the Consolidated financial statements of A.P. Møller - Mærsk A/S
Statement by ManagementThe Board of Directors and the Executive Board have today considered and approved the annual report of A/S Maersk Aviation Holding 01.01.2025 31.12.2025 for the financial year - .The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025.We recommend the annual report for adoption at the Annual General Meeting.
Independent Auditor's Report
OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of A/S Maersk Aviation Holding for the financial year 1 January - December 2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies ("Financial Statement").
Basis for opinionWe 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 Financial Statements" section of this auditor’s report. We are independent of the Entity 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Statement on the Management CommentaryManagement is responsible for the Management Commentary. Our opinion on the Financial Statements does not cover the Management Commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read the Management Commentary and, in doing so, consider whether the Management Commentary is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management Commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the Management Commentary is in accordance with the Financial Statements and has been prepared in accordance with the requirements the Danish Financial Statements Act. We did not identify any material misstatement of the Management Commentary.
Management's responsibilities for the Financial StatementsManagement is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about 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 the 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 these Financial Statements. As part of an audit conducted in accordance with ISAs and the 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 Entity’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 Entity’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 Entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures in the notes, 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 audit of the Financial Statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Accounting policiesBasis for financial statementsThis annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The financial statements for 2025 are presented in USD. The exchange rate applied at 31 December 2025 is 6.3498 (2024: 7.138). Average exchange rate applied in 2025 is 6.6106 (2024: 6.8926). Omission of fee to auditors appointed at the general meeting Pursuant to Section 96(3) of the Danish Financial Statements Act, no fee to auditors appointed at the General Meeting has been presented. The fee to auditors appointed at the General Meeting is included in the Consolidated financial statements of A.P. Møller - Mærsk A/S.Recognition and measurementRevenue is recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the assets will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, the value adjustments are taken directly to equity. Receivables and 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. Fixed assets acquired in foreign currencies are measured at the transaction date rates.Income statementRevenueRevenue from leasing of aircraft is recognised when the risks and rewards relating to the services sold have been transferred to the purchaser, the revenue can be measured reliably, and it is probable that the economic benefits related to the sale will flow to the Company. Revenue is measured at the consideration received and is recognised excluding VAT and net of discounts relating to sales.Other external expensesOther external expenses comprise expenses related to administration, premises, bad debt losses, etc.Staff costsStaff expenses comprise wages and salaries.Depreciation, amortisation and impairment lossesDepreciation and impairment losses comprise the year's depreciation and impairment of property, plant and equipment.Income from investments in group enterprisesThe item ‘Income from investment in group enterprises’ in the income statement includes the proportional share of the profit for the year.Other financial incomeFinancial income are recognised in the income statement at the amounts relating to the financial year.Other financial expensesFinancial expenses are recognised in the income statement at the amounts relating to the financial year.Tax on profit/loss for the yearTax on profit/loss for the year comprises the amount that is expected to be paid for the year together with deferred tax. The Company is jointly taxed with other Danish companies in the A.P. Møller Holding A/S Group. The current Danish corporation tax is allocated between the jointly taxed companies in proportion to their taxable income (full absorption with refunds).Balance sheetProperty, plant and equipmentBuildings on leasehold land as well as aircraft and components are measured at cost, less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. The cost of components is divided into separate parts, which are depreciated separately if the useful life of the individual parts varies. Depreciation is provided on a straight-line basis over the following expected useful lives of the assets:Useful life Buildings 10 yearsAircraft and components 18 yearsWrite-downs apart from the above are made when considered necessary. The useful lives and residual values are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price fewer 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 costs, respectively.Investments in group enterprisesInvestments in subsidiaries are recognised and measured under the equity method. The item ‘Investments in group enterprises‘ in the balance sheet include the proportionate ownership share of the net asset value of the enterprise calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses. The total net revaluation of investments in subsidiaries is transferred upon d …
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