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    shipfinance.dk CVR NO. 27 49 26 49 Annual Report 2023
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     Management report 04 Danish Ship Finance at a glance 05 Letter to our stakeholders 07 Highlights 08 The year in summa... Table of contents Financial statements 63 Income statement 64 Balance sheet 65 Statement of changes in equity 66 Notes Statements 106 S... ABOUT THIS REPORT In this Annual Report for 2023, we have for the first time integrated Danish Ship Finance’s approac...
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    Danish Ship Finance Annual Report 2023
  • Our reporting in compliance with section 135 of the Executive Order on corporate responsibility can be found on pages... Reader's guide The legally required reporting on sustainability matters has been integrated into the “Management Review” of the 2023... In addition to the above references to regulatory requirements, please see pages 34 35 for references to how the info...
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    Danish Ship Finance Annual Report 2023
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    Danish Ship Finance at a glance Danish Ship Finance is a dedicated provider of financing to reputable shipowners. We are focused on supporting the sh... 1. The loan book comprises loans and guarantees (nominal debt). See note 17 for further details. Oval
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    On average, our Senior Client Executives have ~15 years of shipping industry experience We are domiciled in Copenhagen, and are able to tap into strong shipping competencies Our lean credit organisation enables quick decision making to the benefit of clients We have in house shipping research, as well as technical survey, marine legal and marine insurance expertise We have a loan book of DKK 32.0 billion1, collateralised by 596 vessels Management report
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    4 Danish Ship Finance Annual Report 2023 Danish Ship Finance at a glance
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  • Rectangle Rectangle As 2023 draws to a close, we look back at another year of buoyant shipping markets. Seaborne trade volumes and voyage... Letter to our stakeholders been affecting the shipping industry mirrored in our loan book, in a “game of two halves”. On the one hand, new lendi...
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    5 Danish Ship Finance Annual Report 2023 Letter to our stakeholders Management report
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    eration of interest rates. The new interest rate environment has greatly benefited our investment portfolio of mostly... Eivind Kolding Chairman Erik I. Lassen Chief Executive Officer “Danish Ship Finance was able to raise its net profit guidance twice during the year, ultimately delivering a full ye... ratio of 23.6% demonstrates the robustness of our business model and is an excellent position from which to accommoda... to finally reach net zero emissions. That does not, however, mean that the industry is taking a passive stance on low... Reporting Directive (CSRD), we have this year integrated our sustainability reporting into the Annual Report for the ... Polygon Polygon
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    Management report 6 Danish Ship Finance Annual Report 2023 Letter to our stakeholders
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    Highlights During a year that had the shipping industry riding a long wave of demand and still high freight rates, while financi... Our annual dividend contribution to the Danish Maritime Fund for 2023 will, for only the third time since inception o... ,Reached the third highest net profit in Danish Ship Finance’s history, of DKK 818 million,,Maintained very strong cr... Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Management report
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    7 Danish Ship Finance Annual Report 2023 Highlights
  • A very satisfactory net profit of DKK 818 million for the financial year 2023 represents an increase of 23% on the re... The year in summary DKK million,2023,2022,Lending,435,554,Funding,12,(31),Investments,347,(87),Income,794,436 Income by business area1 again, from an already robust level. A full 92% of the loan book was within 40% loan to value at year end 2023. We su... DKK 4.4 billion. We are particularly pleased to have been able to reverse DKK 506 million of loan impairment charges ... mate alignment (based on 2022 data) was +12.0% against the “minimum” trajectory and +16.2% against the “striving” tra... 1) The link between income according to the income statement and the business areas can be seen in note 3.
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    Management report The year in summary 8 Danish Ship Finance Annual Report 2023
  • Detailed shot of a thick nautical rope.
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    We strive to continuously strengthen our engagement with clients and be the obvious choice in ship finance. We are committed to shipping for the long run and our unique competitive position is built on repeated application of... Vision
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    Management report 9 Danish Ship Finance Annual Report 2023 Vision
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    Vision Clients Supporting reputable shipowners across shipping cycles Employees Retaining, attracting and developing talented employees in a learning organisation Owners Leveraging our unique business model to provide an attractive return Society Working with the shipping industry in its environmental and digital transition Investors Utilising our strong shipping expertise to create a stable investment for bondholders
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    Rectangle The obvious choice in ship finance Management report
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    10 Danish Ship Finance Annual Report 2023 Vision
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    Financing the transition It is imperative that the shipping industry transitions towards a net zero future. Being a business fully dedicated t...
     
    Financing the transition The obvious choice in ship finance Generating attractive shareholder returns Supporting the transition to a net zero shipping industry
     
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    tices and to propel our organisation in an even more sustainable direction. To ensure we stay on course towards 2050,...
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    Management report 11 Danish Ship Finance Annual Report 2023 Financing the transition
  • Sustainable finance We have three shorter term targets related to how we provide financing. Firstly, by 2025 we will ... loans to be sustainability linked. Our standard framework for sustainability linked loans draws upon the Poseidon Pri... have increased the use of virtual meetings, we find that meeting our clients and prospective clients in person adds s... TextFrame Sustainable finance targets,,,2024, 50% of new lending is sustainability linked and/or supports the sustainable trans... Our direct impact targets,,,2024,Reduce our own direct climate impact by at least 5% annually,,,2024,12.5% of board m...
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    Danish Ship Finance Annual Report 2023 12 Management report Financing the transition
  • . Status on our targets Sustainable finance We are committed to supporting the shipping industry in its sustainable transition by targeting a... Our direct impact We are committed to being a responsible employer with a diverse and inclusive culture and a strong ...
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    Danish Ship Finance Annual Report 2023 13 Management report Financing the transition
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    Danish Ship Finance Annual Report 2023
  • Lending Maintaining a competitive lending business able to meet the needs of our clients is a key value driver. Led by our hi... that many shipowners have built up over the last few years. However, 2023 was atypical from a shipping perspective: i... DKK million,2023,2022,Net interest income,421,540,Net fees and commission,15,14,Net income,435,554 Income, lending
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    OUR business model is focused and transparent Our areas of activity are as follows: Conservatively investing our own funds Lending to our shipowning clients Issuing bonds and hedging financial risks Rectangle Rectangle Rectangle
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    Danish Ship Finance Annual Report 2023 15 Management report Financial review by business area
  • 32.0 35.0 DKK billion DKK billion 2023 2022 Polygon Polygon Loan book development at year end 2023 continue to provide adequate protec tion for future credit losses. Competition Shipowners muted financing needs ...
    ,2023,2022,Loan impairment charges as % of average loan book (Annual loan impairment ratio),(1.5),(1.6),Net write off... Key ratios, lending
    swing in shipping markets has benefited credit quality, which is now at its strongest for more than 15 years. Key cre...
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    Management report 16 Danish Ship Finance Annual Report 2023 Financial review by business area
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    We use the methodology developed by Finance Denmark (FIDA) in its sector guidelines for CO₂ disclosures, since the Pa... Emissions from financed vessels account for by far the bulk of the indirect climate impact of our activities. It ther... Financed emissions from lending Financed emissions from lending Rectangle Development in financed emissions from lending (illustrative) Reporting year,2023,2022,2021,2020,Absolute emissions (million tonnes CO2e),16,19,19,19, Capital Centre Institute in ...
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    Management report 17 Danish Ship Finance Annual Report 2023 Financial review by business area
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    Rectangle Macro trends Geopolitical tensions continued to leave their mark in 2023. Russia’s aggression towards Ukraine persist... contribution to reducing emissions of the global economy is also gaining prominence. Notably, improvements in energy ...
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    Management report 18 Danish Ship Finance Annual Report 2023 Financial review by business area
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    The shipping industry is volatile and shipowners are used to adjusting accordingly. During 2023, Container shipowners... Global regulations are supplemented by regional initiatives. The European Union has included the shipping industry in... Timecharter rates USD PER DAY Ship prices by segment USD MILLION USuusf Rectangle Rectangle Management report
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    19 Danish Ship Finance Annual Report 2023 Financial review by business area
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    Dry bulk Market fundamentals in the Dry Bulk market weakened during 2023, as a reduction of port congestion increased... Oil tankers The Oil Tanker market remained consistently firm in 2023. Increased global oil demand, mainly attributabl... Polygon Polygon
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    Offshore The Offshore market remained in a strong position throughout 2023. Day rates across multiple subsegments ros... Polygon
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    20 Danish Ship Finance Annual Report 2023 Financial review by business area
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    Ro ro/ferries A lack of available tonnage in the Ro Ro market kept earnings and secondhand prices high during 2023. H... Polygon
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    “The climate agenda is front and centre in the shipping industry. No silver bullets exist, but the maritime sector is... Car carriers Global car sales continued their strong performance in 2023, partly driven by a demand overhang from the... Polygon
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    21 Danish Ship Finance Annual Report 2023 Financial review by business area
  • Funding We base our funding model on regular issuance of ship covered bonds and ship mortgage bonds. We maintain ongoing acce...
    DKK million,2023,2022,Funding costs not covered 1 ,9,(16),Warehousing,(40),(19),Non business activities,42,4,Net inco... Income, funding
    want to see this evidenced by hard data, which fortunately is becoming increasingly available in shipping. 2023 in br... issued bonds at amortised cost with an average maturity of three years, of which 20% were denominated in EUR. All bon... 1) Funding costs not covered are defined as the net costs of external funding costs incurred minus the initial fundin... ities. As the volume of non accrual loans decreased further during 2023 and all were solved at year end, the cost of ...
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    Management report 22 Danish Ship Finance Annual Report 2023 Financial review by business area
  • Our investments consists of own funds, invested in high grade fixed income instruments, comprising Danish AAA rated g...
    DKK million,2023,2022,Net interest income,189,65,Market value adjustments,158,(152),Net income investments,347,(87) Income, investments
    creased mostly on the back of policy action from the ECB. Inflation fell to the point where the central banks felt co... Investments
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    Management report 23 Danish Ship Finance Annual Report 2023 Financial review by business area
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    Danish Ship Finance Annual Report 2023
  • Financial trends Key figures, DKK million,2023,2022,2021,2020,2019,Net interest income from lending1,413,562,541,501,516,Net interest ... Financial highlights 1) The link between income in the income statement and the business areas can be seen in note 3 2) The link between l...
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    Management report 25 Danish Ship Finance Annual Report 2023 Summary of performance
  • Unless otherwise indicated, the key ratios have been calculated in accordance with requirements stipulated in the Da... Key ratios,2023,2022,2021,2020,2019,Return on equity after tax (%),8.1,7.0,2.7,1.3,2.5,Return on investment activitie... Financial highlights
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    Management report 26 Danish Ship Finance Annual Report 2023 Summary of performance
  • Income Net interest income from lending, including fee income of DKK 15 million, was DKK 435 million in 2023, a decre... Rectangle
     
     
     
     
    • Net profit for the year amounted to DKK 818 million, an increase of DKK 155 million compared to 2022, representing ... trends Langebrogade 5 is progressing and we expect to move into our new premises in 2024, at which time we will vacate our c... loans to three clients were non performing. Tax The tax expense for the year was DKK 278 million, compared to DKK 166...
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    Management report 27 Danish Ship Finance Annual Report 2023 Summary of performance
  • ital (see note 30). CET1 capital totalled DKK 9,952 million at year end 2023, compared to DKK 9,263 million at year e... partly as a consequence of geopolitical events affecting supply patterns. On the other hand, market activity and earn... the present security situation in the Red Sea to provide a short term uptick in freight rates, particularly in the Co... kets at favourable terms that will underpin our ability to offer attractive loan financing to our clients. Our very r... “Our expectation, in the current market environment, is for a robust operating performance in 2024 and net profit in ...
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    Management report 28 Danish Ship Finance Annual Report 2023 Summary of performance
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    The previously announced review of the ownership of Danish Ship Finance Holding remains ongoing. The business outlook... expected to remain high at 5.8% in 2024 and 4.4% in 2025. The balance of risks to global growth remains tilted to the...
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    Management report 29 Danish Ship Finance Annual Report 2023 Summary of performance
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    The net profit of DKK 818 million for 2023 significantly exceeds our original expectations. We upgraded our net profi... Financial results relative to outlook
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    Management report 30 Danish Ship Finance Annual Report 2023 Summary of performance
  • ESG key figures Sustainable finance,Unit,2023,2022,2021,2020,2019,Definition,Sustainability linked lending, share of new lending,%,24... Sustainability trends 1) Energy consumption currently covers our current domicile on Sank Ann Plads and our new domicile on Langebrogade. ...
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    Management report 31 Danish Ship Finance Annual Report 2023 Summary of performance
  • ESG key figures continued Social data,Unit,2023,,2022,2021,2020,2019,Definition,Employees,FTE,81,,80,75,76,78,Total FTEs employeed at year end ...
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    Management report 32 Danish Ship Finance Annual Report 2023 Summary of performance
  • Reporting principles During 2023, we started optimising our internal processes and systems regarding our emission bas... Rectangle
     
     
     
     
    Sustainable finance • We have restated financed emissions for all years due to updated emissions factors – they now r... restatements of published data from previous years and additions DSF’s climate accounting currently covers the following categories: leased company cars (Scope 1), purchased electric... 1) The 0 Mission offers a way for smaller companies to contribute to the expansion of the renewable power grid in Den...
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    Management report 33 Danish Ship Finance Annual Report 2023 Summary of performance
  • Task force on climate related Financial Disclosures The task Force on Climate Related Financial Disclosures is established by The Financial Stability Board, setting fort... Task Force on Climate related Financial Disclosures Governance,,References,page,a. Describe the board’s oversight of climate related risks and opportunities ,,Letter to ...
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    Management report 34 Danish Ship Finance Annual Report 2023 Summary of performance
  • Task Force on Climate related Financial Disclosures continued ,,,,Risk Management,,,,a. Describe the organisation’s processes for identifying and assessing climate related risks,,...
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    Management report 35 Danish Ship Finance Annual Report 2023 Summary of performance
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    Danish Ship Finance Annual Report 2023
  • We provide financing to large, reputable shipowners in Denmark and internationally. We offer our clients ship financi... Credit risk from lending (DKK million),2023,2022,Five largest credit exposures,10,444,9,156,Loan book,31,980,35,005 Movements in five largest credit exposures Loan book broken down by mortgaged vessel type as of 31.12.2023 DKK 31,980 million Diversification of risk on a client level also encompasses diversification across vessel types within each credit exp... Diversification The composition of the loan book adheres to a set of diversification requirements. The purpose of the... Ongoing credit risk monitoring A central part of managing our credit risk is monitoring all credit exposures on an on... Rectangle
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    Management report 37 Danish Ship Finance Annual Report 2023 Credit risk from lending
  • Rectangle We assess the credit exposures based on the most recent financial information on clients, such as financial statement... we may assess the market values of the financed vessels internally, typically based on a recent sales price for a spe... The chart illustrates how MVC stabilise our portfolio LTV ratio even with significant changes in the market values of... Net LTV vs price index for all vessel types The stage migration for the purpose of calculating loan impairment charges for ECL is closely linked to the developme...
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    Management report 38 Danish Ship Finance Annual Report 2023 Credit risk from lending
  • At year end 2023, DKK 75 million in management judgments, relating to uncertainties associated with the restructuring... Stage,Recognition,ECL,Stage 1,No increase in credit risk since initial recognition,12 month PD,Stage 2,The credit ris... Stages of credit exposure Loans subject to forbearance measures We focus on having a credit risk management framework that ensures consistency ... The Risk Report 2023 provides more detailed information on our credit risk management. Non performing loans NPL encom... TextFrame
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    Management report 39 Danish Ship Finance Annual Report 2023 Credit risk from lending
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    Danish Ship Finance Annual Report 2023
  • Financial institutions determine to whom and to what activities they channel their capital. This is why sustainabilit... Sustainability in lending Rectangle measures allow us to ensure that we only enter into business with the most prudent, reputable shipowners. Most of our... In person meetings with management teams Requirements for flag state and class society Know your customer controls Internal sustainability ratings Physical inspections of vessels Track record of management Prudent governance structures Energy efficiency and design specification of vessels Checks and balances for client relationships
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    Management report 41 Danish Ship Finance Annual Report 2023 Sustainability in lending
  • goal of making our sustainability ratings more data driven as more data becomes available. Since our framework is sig... Poseidon Principles In 2019, we were one of the founding signatories of the Poseidon Principles initiative, a global ... Sustainability rating framework We assess all clients' documented levels of engagement, accountability and future planning on the following material ... Rectangle Poseidon Principles portfolio climate alignment results 1) An evaluation of whether our clients have policies related to human rights (at least addressing human rights in ge...
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    Management report 42 Danish Ship Finance Annual Report 2023 Sustainability in lending
  • Sustainability linked loans In 2023, we continued to push for new loans to be sustainability linked. To support clien... Ship recycling The scrapping and recycling of ships is a core sustainability issue in shipping and can be associated ... cling and incorporate these into new loan documentation. Since joining the initiative, we are pleased to see that clo... TextFrame
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    The IMO’s revised GHG strategy includes an enhanced common ambition to reach net zero GHG emissions from internationa... IMO GHG STRATEGY
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    Management report 43 Danish Ship Finance Annual Report 2023 Sustainability in lending
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    Danish Ship Finance Annual Report 2023
  • Capital, funding and liquidity DKK million / %,2023,2022,Own funds after deductions,9,952,9,263,Total risk exposure amount,42,093,42,389,Total capit... Calculation of total capital ratio Own funds, total capital ratio and capital requirements Regulatory own funds after deductions were DKK 9,952 million ... Tier II regulatory capital held in Danish Ship Finance Holding A/S, and associated minority shareholder dividends. Fo... The calculation is shown in the table 'Adequate own funds and internal capital adequacy requirement' on the following...
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    It has been proposed that the A shareholders receive a dividend of DKK 237 million, and that the B shareholder, the D... Dividend proposal
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    Management report 45 Danish Ship Finance Annual Report 2023 Capital, funding and liquidity
  • Risk Report The combined capital buffer requirement The combined capital buffer requirement consists of the following elements fo... DKK million,2023,2022,Total risk exposure amount,42,093,42,389,Pillar 1 requirement (8% of total risk exposure amount... Adequate own funds and internal capital adequacy requirement which contains a catalogue of possible courses of action to strengthen the capital position in a critical situation. ...
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    Management report 46 Danish Ship Finance Annual Report 2023 Capital, funding and liquidity
  • Credit rating Our covered bonds have been assigned a rating of A by S&P Global Ratings, with a Stable outlook, based ... In our internal policies, we have set stricter requirements for any liquidity deficits between issued bonds and disbu... mortgage bonds. In respect of loans funded by ship mortgage bonds, compliance with loan to value limits is only requi... Issuing EUR ship covered bonds is a strategic priority for us in order to diversify our investor base. For this purpo...
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    Management report 47 Danish Ship Finance Annual Report 2023 Capital, funding and liquidity
  • Rectangle Subordinated debt We did not issue any subordinated debt in 2023 and none is outstanding. Bail in able senior debt an... Liquidity Liquidity management and the statutory liquidity requirements are aimed at maintaining liquidity risks at v...
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    position but could lead to a different level of funding costs for new loans. The average maturity of our issued bonds... “The liquidity coverage ratio (LCR) as of 31 December 2023 was 498%” Our securities portfolio represents a significant part of our assets. The securities portfolio consists primarily of ...
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    Management report 48 Danish Ship Finance Annual Report 2023 Capital, funding and liquidity
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    Rectangle The LCR fluctuates above the 100% requirement
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    Mortgage bonds 89.9% Government and Local Government bonds (KommuneKredit) 9.4% Bonds issued by commercial banks 0.7% Polygon Polygon Polygon
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    Management report 49 Danish Ship Finance Annual Report 2023 Capital, funding and liquidity
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    Danish Ship Finance Annual Report 2023
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    Rectangle Active Owners Denmark’s corporate governance corporate governance As our shares are not listed for trading on Nasdaq Copenhagen, we are not subject to corporate governance rules. Howe... Corporate governance
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    Danish Ship Finance Annual Report 2023 Management report 51 Employees
  • Rectangle Share capital Our ambition is to deliver an absolute and risk weighted return that is satisfactory to our shareholder... Ownership The ownership of DSH is as follows: • 97.7% of DSH is owned by a consortium consisting of Axcel, PFA and PKA • The re... • The State Registered Nurses’ and Medical Secretaries’ Pension Fund (PKA) • PFA A/S AX HoldCo P/S (Axcel) 32.5% The Danish Maritime Fund 10% PKA A/S 32.6% PFA A/S 32.6% Danish Ship Finance Holding A/S 86.6% Danish Ship Finance A/S Members of the Board of Directors, the Executive Board and employees 2.3% Minority shareholders 3.4% Polygon GraphicLine GraphicLine Polygon GraphicLine GraphicLine The previously announced review of the ownership of Danish Ship Finance Holding remains ongoing. Ownership structure
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    Management report 52 Danish Ship Finance Annual Report 2023 Corporate governance
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    Through our contribution of 15% of our annual net profit to the Danish Maritime Fund, we indirectly fund initiatives ... The danish maritime fund Rectangle
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    Management report 53 Danish Ship Finance Annual Report 2023 Corporate governance
  • General meeting Our highest decision making authority is the general meeting. In 2023, the annual general meeting was... Organisation and responsibilities by and among the employees serve on the Board of Directors for a four year term. An election was held in January 2024... The Executive Order on Management and Control of Banks, etc. requires the board members’ experience and competencies ... board, including in terms of diversity. Evaluation of the Board of Directors The Board of Directors carried out an ev...
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    Management report 54 Danish Ship Finance Annual Report 2023 Corporate governance
  • the Audit Com-mittee the Audit Com-mittee Committee, it has ensured that the Chairman of the Board of Directors does not act as the Chairman of the Audit Commi... Rectangle Remuneration Committee The Remuneration Committee consists of members of the Board of Directors and undertakes prepar... Remuneration Committee Remuneration Committee The Executive Board and senior management The Executive Board reports to the Board of Directors and together with sen...
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    Management report 55 Danish Ship Finance Annual Report 2023 Corporate governance
  • The primary responsibility for risk management and internal controls in relation to the financial reporting process r... Internal control and risk management “The key component of our control environment is an appropriate organisation, including adequate segregation of funct... Overall control environment The key component of our control environment is an appropriate organisation, including ad... controls, segregation of functions, IT usage and IT security, including measures taken to reduce cyber risk. As part ... The purpose of the control activities is to prevent, detect and correct any errors or omissions. In the context of ou...
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    Management report 56 Danish Ship Finance Annual Report 2023 Corporate governance
  • Rectangle bles employees to report any instance of non compliance with financial legislation, economic crime, suspected corrupt... Data ethics We have adopted a personal data protection policy which describes the principles for how we work with per... Rectangle
     
     
     
     
     
    Sustainability policy Main principles in Danish Ship Finance’s Sustainability policy: We are responsible for the impa... Risk Report 2023 Corporate governance Relevant policies
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    Management report 57 Danish Ship Finance Annual Report 2023 Corporate governance
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    Rectangle Our employees are our greatest asset, and we strive to support their wellbeing and satisfaction in the workplace. One... Employees
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    Danish Ship Finance Annual Report 2023 Management report 58 Employees
  • contributing to an increase in job satisfaction. Modernising our digital capabilities will also help safeguard agains... fessionalism and deep knowledge of the industry, as well as an average seniority of nine years. We seek to have a div... Targets and policies for the underrepresented gender and diversity in management We value the diversity of our employ... es of the company. The target is for at least 12.5% of the Board of Directors to be of the underrepresented gender (e... ,,2023,2022,2021,2020,2019,Board of Directors (only AGM elected members) ,AGM elected members of the Board of Directo... Targets and policies for the underrepresented gender and diversity in management 1) Before 2021 the target for the underrepresented gender on the Board of Directors was formulated in the relevant po...
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    Management report 59 Danish Ship Finance Annual Report 2023 Employees
  • emuneration policy emuneration policy Remuneration Report 202 Targets and policies for the underrepresented gender and diversity in management Targets and policies for the underrepresented gender and diversity in management of the leadership team being women up from 27% in 2022. We define leadership as the Executive Board and employees wit...
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    Both members of the Executive Board received total compensation in excess of EUR 1 million for the financial year. Se...
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    Management report 60 Danish Ship Finance Annual Report 2023 Employees
  • our website Material risk takers At year end 2023, a total of 21 risk takers were identified: • Members of the Board of Directors...
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    Management report 61 Danish Ship Finance Annual Report 2023 Employees
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    Danish Ship Finance Annual Report 2023
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    Danish Ship Finance Annual Report 2023 Income statement 63 NOTE,1 January 31 December DKK million,2023,2022,4,Interest income,5,023,2,314,5,Interest expenses,(4,421),(1,687),6,... ,1 January 31 December DKK million,2023,2022,,,,,,AMOUNT AVAILABLE FOR DISTRIBUTION,,,,,,,,Distributable reserves,842... Income statement
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    Danish Ship Finance Annual Report 2023 Balance sheet 64 NOTE,At 31 December DKK million,2023,2022,,,,,,ASSETS,,,,,,,12,Due from credit institutions and central banks,2,818,2... NOTE,At 31 December DKK million,2023,2022,,,,,,Provisions,,,,Other provisions,47,9,,Total provisions,47,9,,,,,29,Equi... Balance sheet
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    Danish Ship Finance Annual Report 2023 Statement of changes in equity 65 Statement of changes in equity ,,,,,,
     
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    Danish Ship Finance Annual Report 2023 List of notes 66 1,Accounting policies,2,Key figures,3,Reconciliation of business areas,4,Interest income,5,Interest expenses,6,Net in... List of notes 22,Land and buildings,23,Other tangible assets,24,Other assets,25,Due to credit institutions and central banks,26,Iss...
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    Notes Danish Ship Finance Annual Report 2023 67 ACCOUNTING POLICIES General The Annual Report has been prepared in accordance with the Danish Financial Business Act ... Note 1 Measurement of expected credit losses The measurement of expected credit losses (ECL) on loans, guarantees and credit...
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    Notes Danish Ship Finance Annual Report 2023 68 On initial recognition, transactions in foreign currencies are translated into the functional currency at the exchang... Note 1 continued The trading portfolio, which is measured at fair value, comprises the following financial assets and liabilities: • B...
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    Notes Danish Ship Finance Annual Report 2023 69 INCOME STATEMENT Interest income and expenses Interest income and expenses in respect of interest bearing financial i... Note 1 continued Loan impairment charges This item includes write offs on loans, recovery on loans previously written off and loan im...
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    Notes Danish Ship Finance Annual Report 2023 70 the loan impairment charge equals the lifetime ECL (Stage 2). If the credit exposure is in default (e.g., a loan is m... Note 1 continued The shares are measured on initial recognition at fair value excluding transaction costs and subsequently at fair val...
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    Notes Danish Ship Finance Annual Report 2023 71 Issued bonds at amortised cost Issued bonds comprise ship mortgage bonds, ship covered bonds and debenture bonds issu... Note 1 continued Proposed dividends The Board of Directors’ proposal for dividends for the year submitted to the general meeting is r...
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    Notes Danish Ship Finance Annual Report 2023 72 ,DKK million,2023,2022,2021,2020,2019,,,,,,,,note 2,KEY FIGURES,,,,,,,,,,,,,,Net interest income from lending,413,562... ,DKK million,2023,2022,2021,2020,2019,,,,,,,, ,KEY RATIOS,,,,,,, Common Equity Tier 1 capital ratio (%),23.6,21.9,20....
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    Notes Danish Ship Finance Annual Report 2023 73 ,,,,,,Note 2 continued,DEFINITIONS,,,Financial ratios,,,Return on equity before tax (%),Profit (loss) before tax for ... 2022,2021,2020,2019,2018 , ,
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    Notes Danish Ship Finance Annual Report 2023 74 ,2023,,,,,,,,,,DKK million,,,,,,,,,,,,,note 3 ,RECONCILIATION OF BUSINESS AREAS,,,,,,,Business areas,,Net interest in...
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    Notes Danish Ship Finance Annual Report 2023 75 ,2022,,,,,,,,,,DKK million,,,,,,,,Note 3 continued,RECONCILIATION OF BUSINESS AREAS,,,,,,,Business areas,,Net interes...
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    Notes Danish Ship Finance Annual Report 2023 76 ,DKK million,2023,2022,,,,,note 5,INTEREST EXPENSES,,,,,,,,Credit institutions and central banks,(172),(14),,Bonds,0,... ,DKK million,2023,2022,,,,,note 4,INTEREST INCOME,,,,,,,,Due from credit institutions and central banks,114,7,,Loans ... 1) A DKK 0.3 million component of interest income reflects negative interest rates in 2023 (2022: DKK 0.4 million). 1) A DKK 0.1 million component of interest expenses reflects negative interest rates in 2023 (2022: DKK 0.7 million).
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    Notes Danish Ship Finance Annual Report 2023 77 ,DKK million,2023,2022,,,,,note 6,NET INTEREST INCOME,,,,,,,,Net interest income from lending,,,,Loans and other rece... ,DKK million,2023,2022,,,,,note 7,FEE AND COMMISSION INCOME,,,,,,,,Guarantee commission,0,1,,Fee and other commission...
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    Notes 78 Danish Ship Finance Annual Report 2023 ,DKK million,2023,2022,,,,,note 9,STAFF COSTS AND ADMINISTRATIVE EXPENSES,,,,,,,,Remuneration of Board of Directors a... ,, note 9 continued, INFORMATION ON REMUNERATION POLICY,,Information about remuneration policy and practice for the B...
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    Notes Danish Ship Finance Annual Report 2023 79 ,DKK million,,,, note 9 continued,,, ,,,,,,,,,1) Michael Frisch resigned from the Executive Board with effect from 31... ,DKK million,2023,2022,,,,,note 10,AUDIT FEES,,,,,,,,Fees for statutory audit of financial statements,(0.8),(0.8),,Fe... Fees for non audit services provided by EY Godkendt Revisionspartnerselskab to Danish Ship Finance A/S cover accounti...
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    Notes 80 Danish Ship Finance Annual Report 2023 ,DKK million,2023,2022,,,,,note 11,TAX,,,,,,,,Tax on profit for the year,,,,Estimated tax on profit for the year,(308... Rectangle ,DKK million,2023,2022,,,,,note 12,DUE FROM CREDIT INSTITUTIONS AND CENTRAL BANKS,,,,,,Genuine purchase and resale tr... The company cannot have term deposits with central banks.
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    Notes Danish Ship Finance Annual Report 2023 81 ,DKK million,2023,2022,,,,,note 13,LOANS AT AMORTISED COST,,,,,,,,As of 1 January,34,029,36,293,,Additions,9,240,6,57... ,DKK million,2023,2022,,,,,note 14,LOANS AT AMORTISED COST BROKEN DOWN BY DUE DATE,,,,,,,,Gross loans at exchange rat... Loans at fair value are assessed using the market value of fixed rate loans.
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    Notes Danish Ship Finance Annual Report 2023 82 ,DKK million,2023,2022,,,,,note 15,NON PERFORMING LOANS,,,,,,,,Impaired loans (DSF Rating 11),,,,Loans subject to for... See note 2 for definitions on NPL ratios. Note 17 provides detailed information on loan to value intervals for the to... ,DKK million,2023,2022,,,,,note 16,LOAN IMPAIRMENT CHARGES,,,,,,,,The following loan impairment charges/loss allowanc...
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    Notes 83 Danish Ship Finance Annual Report 2023 ,DKK million,2023,2022,,,,,note 17,CREDIT RISK,,,,,,,,Reconciliation of loans and guarantees (loan book),,,,Balance s... ,DKK million,,,,,,,Note 17 continued,RATING CATEGORY BREAKDOWN The internal DSF Rating scale consists of 12 rating ca...
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    Notes Danish Ship Finance Annual Report 2023 84 ,DKK million,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Loan book before loan impairment cha... ,DKK million,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Credit commitments broken down by ra...
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    Notes Danish Ship Finance Annual Report 2023 85 ,DKK million,,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Loan book before loan impairment ch... ,DKK million,,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Credit commitments broken down by r...
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    Notes Danish Ship Finance Annual Report 2023 86 ,DKK million,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Changes in total ECL allowance account ... ,DKK million,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Changes in total ECL allowance account ...
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    Notes Danish Ship Finance Annual Report 2023 87 ,, Note 17 continued, Classification, stage migration and loan impairment charges ,, Note 17 continued, Arrears/past due loans Loans in arrears/past due for 30 days or more (but less than 90 days) ar...
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    Notes Danish Ship Finance Annual Report 2023 88 The table above shows that at year end 2023, 100% (2022: 100%) of all loans were secured within 60% of the market val... The table above shows that at year end 2023, 100% (2022: 100%) of non performing loans were secured within 60% of the... ,, Note 17 continued,Loan book after loan impairment charges broken down by loan to value interval,,,,,, ,, ,, Note 17 continued,Non performing loans after loan impairment charges broken down by loan to value interval,,,,,,Lo...
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    Notes Danish Ship Finance Annual Report 2023 89 ,DKK million,2023,2022,,,,,Note 18,BONDS,,,,,,,,Bond portfolio,,,,Own non callable bonds (amortised cost),2,710,1,925... ,DKK million,2023,2022,,,,,note 19,BONDS BY TIME TO MATURITY,,,,,,,,Bond portfolio,,,,Bonds with a maturity up to and... 1) The calculated ECL as of 31 December 2023 for hold to maturity bonds was zero. 2) Fair value of mortgage bonds, ho...
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    Notes Danish Ship Finance Annual Report 2023 90 ,DKK million,2023,2022,,,,,Note 21,SHARES, ETC.,,,,,,,,Listed shares,0,75,,Total shares, etc.,0,75,,,,,,,,,Note 22,LA... ,,,,note 22 continued,The domicile properties are the office properties at Sankt Ann Plads 3, Copenhagen (public pro...
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    Notes Danish Ship Finance Annual Report 2023 91 ,DKK million,2023,2022,,,,,Note 23,OTHER TANGIBLE ASSETS,,,,,,,,Cost, as of 1 January,13,13,,Additions during the yea... ,DKK million,2023,2022,,,,,note 25,DUE TO CREDIT INSTITUTIONS AND CENTRAL BANKS,,,,,,,,Repo transactions,6,249,2,786,...
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    Notes Danish Ship Finance Annual Report 2023 92 ,DKK million,2023,2022,,,,,Note 26,ISSUED BONDS AT AMORTISED COST,,,,,,,,As of 1 January,41,402,43,228,,Additions in ... ,DKK million,2023,2022,,,,,note 26 continued,Broken down by term to maturity,,,,Up to 3 months,769,1,428,,From 3 mont...
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    Notes Danish Ship Finance Annual Report 2023 93 ,DKK million,2023,2022,,,,,Note 27,OTHER LIABILITIES,,,,,,,,Interest payable,676,242,,Derivatives,2,802,4,225,,Other ... ,DKK million,2023,2022,,,,,note 28,DEFERRED TAX,,,,,,,,Deferred tax, as of 1 January,48,(108),,Estimated deferred tax...
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    Notes Danish Ship Finance Annual Report 2023 94 ,DKK million,2023,2022,,,,,Note 29,EQUITY,,,,,,,,Share capital,,,,A shares,300,300,,B shares,33,33,,Total share capit... ,DKK million,2023,2022,,,,,note 30,CAPITAL ADEQUACY,,,,,,,,Common Equity Tier 1 capital,,,,Share capital A shares,300...
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    Notes Danish Ship Finance Annual Report 2023 95 ,DKK million,2023,2022,,,,,Note 30 continued,Risk exposure amount,,,,Assets outside the trading book,32,842,34,414,,O... ,DKK million,2023,2022,,,,,note 31,CONTINGENT LIABILITIES,,,,,,,, ,,85,,Total contingent liabilities, ,85,,,,,,,,,not...
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    Notes Danish Ship Finance Annual Report 2023 96 ,DKK million,2022,2021,,,,,note 33,RELATED PARTIES Related parties comprise members of the company’s Executive Board ... ,DKK million,,,,,,,note 34,CONSOLIDATED FINANCIAL STATEMENTS The financial statements of DSF are consolidated into th...
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    Notes Danish Ship Finance Annual Report 2023 97 ,DKK million,,,,,,,,,note 35,HEDGE ACCOUNTING,,,,,,,,,,The company in part hedges the interest rate risk on fixed rat... ,DKK million,,2023,2022,,,,,,note 36,NOTIONAL PRINCIPALS OF OUTSTANDING DERIVATIVES,,,,,,,Swap agreements Swap agreem...
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    Notes Danish Ship Finance Annual Report 2023 98 ,DKK million,2023 Positive,2023 Negative,2022 Positive,2022 Negative,,,,,,,note 37,FAIR VALUES OF OUTSTANDING DERIVAT... ,DKK million,2023 Positive,2022 Positive,,,,,note 37 CONTINUED,Netting of exposure value The positive gross fair valu...
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    Notes Danish Ship Finance Annual Report 2023 99 ,DKK million,,,,,,,,,,,,,note 38,FOREIGN EXCHANGE RISK AND USE OF DERIVATIVES,,,,,,,,,,,,,,Our total unhedged foreign...
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    Notes Danish Ship Finance Annual Report 2023 100 ,DKK million,2023,2022,,,,,note 39,MARKET RISK SENSITIVITY,,,,,,,,Interest rate risk Our equity is invested primarily... note 39 continued, ,DKK million,2023,2022, ,,,,,An appreciation of the USD exchange rate against the DKK,,,,Change in net profit for the...
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    Notes Danish Ship Finance Annual Report 2023 101 , ,,,,,,,note 40,FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST,,,,,,,,Financial instruments are meas...
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    Notes Danish Ship Finance Annual Report 2023 102 ,, note 41, SUPPLEMENTARY NOTES WITHOUT REFERENCE FINANCIAL RISKS AND POLICIES FOR FINANCIAL RISK MANAGEMENT,,,,RISK ... ,, note 41 continued, MARKET RISK Market risk is the risk of loss following movements in the financial markets, inclu...
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    Notes Danish Ship Finance Annual Report 2023 103 ,, note 41 Continued, LIQUIDITY RISK Liquidity risk is the risk of loss arising from the inability to fulfil immediat... ,
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    Notes Danish Ship Finance Annual Report 2023 104 ,DKK million,Capital Centre Institute in general,Capital Centre A,Total,,,,,,note 42,CAPITAL CENTRES 2023,,,,, Pursua... ,DKK million,Capital Centre Institute in general,Capital Centre A,Total,,,,,,note 42 continued,CAPITAL CENTRES 2022,,... The financial statements of the individual capital centre are unaudited. The complete financial statements for the in... Rectangle
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    Danish Ship Finance Annual Report 2023
  • Statement by Management on the Annual Report The Board of Directors and the Executive Board have today considered and... Statement by Management Copenhagen, 28 February 2024 Executive Board Erik Ingvar Lassen Chief Executive Officer Polygon Lars Jebjerg Chief Financial Officer Polygon Eivind Drachmann Kolding (Chairman) Polygon Peter Nyegaard (Vice Chairman) Polygon Marcus Freuchen Christensen Polygon Thor J rgen Guttormsen Polygon Michael Nellemann Pedersen Polygon Henrik Rohde S gaard Polygon Anders Damgaard Polygon Ninna M ller Kristensen Polygon Christopher Rex Polygon Povl Christian L tken Frigast Polygon Jacob Balslev Meldgaard Polygon Henrik Sj green Polygon Board of Directors
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    106 Danish Ship Finance Annual Report 2023 Statements Statement by Management
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    Independent auditor’s report Report on the audit of the financial statements Opinion We have audited the financial statements of Danish Ship Finan... To the shareholders of Danish Ship Finance A/S (Danmarks Skibskredit A/S) Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those stan... addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provi...
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    107 Danish Ship Finance Annual Report 2023 Statements Independent auditor’s report
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    108 Danish Ship Finance Annual Report 2023 Statements Independent auditor’s report
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    Statement on the Management’s review Management is responsible for the Management’s review. Our opinion on the financ... as a going concern, disclosing, as applicable, matters related to going concerns and using the going concern basis of... • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appr...
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    109 Danish Ship Finance Annual Report 2023 Statements Independent auditor’s report
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    We also provide those charged with governance with a statement that we have complied with relevant ethical requiremen... In our opinion, the Annual Report for the financial year 1 January – 31 December 2023 with the file name Annual Repor... Thomas Hjortkj r Petersen State Authorised Public Accountant mne33748 Polygon Polygon Lars Rhod S ndergaard State Authorised Public Accountant mne28632
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    110 Danish Ship Finance Annual Report 2023 Statements Independent auditor’s report
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    Danish Ship Finance Annual Report 2023
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    Management and directorships etc. Directorships and executive positions – Board of Directors This section lists positions, other directorships, executi... Eivind Kolding, Chairman Chairman of the Remuneration Committee Born on 16 November 1959 Nationality: Danish Consider... Peter Nyegaard, Senior Advisor, Axcel Vice Chairman Member of the Audit Committee Born on 16 May 1963 Nationality: Da... Board of Directors
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    112 Danish Ship Finance Annual Report 2023 Management and directorships
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    Anders Damgaard, Group CFO, PFA Pension Chairman of the Audit Committee Born on 8 August 1970 Nationality: Danish Con... Christian Frigast Member of the Remuneration Committee Born on 23 November 1951 Nationality: Danish Considered to be ... Nissens A/S CBS Executive Fonden Associate professor at CBS (Copenhagen Business School) Competencies: Broad knowledg... Rectangle Michael N. Pedersen, Management Executive, PKA A/S Member of the Audit Committee Born on 8 July 1961 Nationality: Dan... Farmakonomers Ejendoms selskab PKA Herning Plus A/S IIP Venture II GP ApS IIP Private Funds V GP PKA Ejendomme P/S P/... P/S Tranders H je P/S Fredensg rd Institutional Holding P/S PKA Venture I GP ApS Falckg rden P/S PKA AIP A/S IIP Denm...
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    113 Danish Ship Finance Annual Report 2023 Management and directorships
  • Rectangle Rectangle Rectangle Thor J rgen Guttormsen Member of the Remuneration Committee Born on 5 January 1949 Nationality: Norwegian Considered ...
     
     
     
     
     
    Henrik Sj green Member of the Audit Committee Born on 30 July 1964 Nationality: Danish Considered to be an independen... Christopher Rex, Head of Sustainability and Research, Danish Ship Finance A/S Employee representative Born on 28 Janu... Ninna M ller Kristensen, Executive Assistant, Danish Ship Finance A/S Employee representative Born on 2 September 198... Rectangle Rectangle Jacob Meldgaard, CEO, TORM A/S Member of the Remuneration Committee Born on 24 June 1968 Nationality: Danish Consider...
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    114 Danish Ship Finance Annual Report 2023 Management and directorships
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    Henrik Rohde S gaard, Senior Client Executive, Danish Ship Finance A/S Employee representative Born on 9 February 195... Marcus Freuchen Christensen, Head of Client Associates / Senior Client Executive, Danish Ship Finance A/S Employee re... Rectangle Rectangle Attendance rate (%) ,Board of Directors ,Audit Committee,Remuneration Committee,Eivind Kolding,100,,100,Peter Nyegaar... Attendance at board meetings 2023 * Berit Koertz resigned from the Board of Directors on 30 June 2023. Henrik R. S gaard joined the Board of Directors ...
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    115 Danish Ship Finance Annual Report 2023 Management and directorships
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    Executive Board Erik I. Lassen, CEO Member of the Executive Board since 9 April 2008 Executive positions in other business enterprise... Lars Jebjerg, CFO Member of the Executive Board since 22 May 2018 Executive positions in other business enterprises: ... Rectangle Rectangle
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    Financial calendar for 2024 28 February Publication of the Annual Report 2023 19 March Annual general meeting of Danish Ship Finance A/S at our p... Polygon Polygon
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    117 Danish Ship Finance Annual Report 2023 Financial calendar for 2024
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    Danish Ship Finance A/S (Danmarks Skibskredit A/S) Sankt Annae Plads 3 DK 1250 Copenhagen K T. +45 3333 9333 CVR no. 27 49 26 49 danish@shipfinance.dk shipfinance.dk
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