FABRICIUS MARINE A/S (REDERIET FABRICIUS A/S)

FABRICIUS MARINE A/S (REDERIET FABRICIUS A/S) ÅRSRAPPORT ANNUAL REPORT 2005

INDHOLDSFORTEGNELSE / CONTENTS Selskabsoplysninger / Company details.......................................... 2 Ledelsespåtegning / Statement by Management on the annual report................. 3 Revisionspåtegning / Auditors report........................................... 4 Ledelsesberetning / Management s review...................................... 6 Anvendt regnskabspraksis / Accounting policies........................................ 20 Resultatopgørelse for 2005 - moderselskab / Income statement for 2005 - Parent........................... 37 Balance pr. 31.12.2005 - moderselskab / Balance sheet at 31.12.2005 - Parent......................... 38 Resultatopgørelse for 2005 - koncern / Consolidated income statement for 2005....................... 41 Balance pr. 31.12.2005 - koncern / Consolidated balance sheet at 31.12.2005..................... 42 Pengestrømsopgørelse for 2005 - koncern / Consolidated cash flow statement for 2005..................... 44 Egenkapitalopgørelse for 2005 - moderselskab / Statement of changes in equity for 2005 - Parent................ 45 Egenkapitalopgørelse for 2005 - koncern / Consolidated Statement of changes in equity for 2005 - Group..... 46 Noter/ Notes................................................... 48 The English text in this document is an unauthorised translation of the Danish original. In the event of any inconsistencies the Danish version shall apply. Please note that Danish decimal and digit grouping symbols have been used in the financial statements. 1

SELSKABSOPLYSNINGER COMPANY DETAILS SELSKAB Fabricius Marine A/S (Rederiet Fabricius A/S) CVR-nr.: 15 30 05 74 Hjemstedskommune: Marstal Telefon: 62533181 Telefax: 62531471 Internet: www.fabricius-marine.com Email: henrik@fabricius-marine.com BESTYRELSE Kaare Vagner (formand) Jan Fabricius (næstformand) C. C. Nielsen Carsten Dencker Nielsen Jan Erlund Mikael Konnerup DIREKTION Administerende direktør Henrik N. Andersen REVISION Deloitte Statsautoriseret Revisionsaktieselskab COMPANY Fabricius Marine A/S (Rederiet Fabricius A/S) Central Business Registration No: 15 30 05 74 Registered in: Marstal Phone: +45 62533181 Fax: +45 62531471 Internet: www.fabricius-marine.com Email: henrik@fabricius-marine.com SUPERVISORY BOARD Kaare Vagner (Chairman) Jan Fabricius (Deputy Chairman) C. C. Nielsen Carsten Dencker Nielsen Jan Erlund Mikael Konnerup EXECUTIVE BOARD Chief Executive Officer Henrik N. Andersen COMPANY AUDITORS Deloitte Statsautoriseret Revisionsaktieselskab Godkendt på selskabets generalforsamling, den 21. april 2006 The Annual General Meeting adopted the annual report on 21 April 2006 Dirigent Chairman of the General Meeting ÅRSRAPPORT ANNUAL REPORT 2005

LEDELSESPÅTEGNING Vi har dags dato behandlet og godkendt årsrapporten for 2005 for Fabricius Marine A/S (Rederiet Fabricius A/S). Årsrapporten er aflagt i overensstemmelse med International Financial Reporting Standards som godkendt af EU og yderligere danske oplysningskrav til årsrapporter. Vi anser den valgte regnskabspraksis for hensigtsmæssig, således at årsrapporten giver et retvisende billede af koncernens og moderselskabets aktiver og passiver, finansielle stilling, resultatet samt pengestrømme for regnskabsåret 2005. Årsrapporten indstilles til generalforsamlingens godkendelse. STATEMENT BY MANAGEMENT ON THE ANNUAL REPORT We have today presented the annual report of Fabricius Marine A/S (Rederiet Fabricius A/S) for 2005. The annual report has been presented under the International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for annual reports. We consider the applied accounting policies appropriate for the annual report to provide a true and fair view of the Group s and the Parent s financial position, results and cash flows for the financial year 2005. We recommend the annual report for adoption at the Annual General Meeting. Marstal, den 17. marts 2006 Marstal, 17 March 2006 Direktion Executive Board HENRIK N. ANDERSEN administrerende direktør Chief Executive Officer Bestyrelse Supervisory Board KAARE VAGNER JAN FABRICIUS C. C. NIELSEN formand næstformand Chairman Deputy Chairman CARSTEN DENCKER NIELSEN JAN ERLUND MIKAEL KONNERUP 3

REVISIONSPÅTEGNING TIL AKTIONÆRERNE I FABRICIUS MARINE A/S (REDERIET FABRICIUS A/S) Vi har revideret årsrapporten for Fabricius Marine A/S (Rederiet Fabricius A/S) for regnskabsåret 2005, der aflægges efter International Financial Reporting Standards som godkendt af EU og yderligere danske oplysningskrav til årsrapporter for børsnoterede virksomheder. Selskabets ledelse har ansvaret for årsrapporten. Vores ansvar er på grundlag af vores revision at udtrykke en konklusion om årsrapporten. DEN UDFØRTE REVISION Vi har udført vores revision i overensstemmelse med danske revisionsstandarder. Disse standarder kræver, at vi tilrettelægger og udfører revisionen med henblik på at opnå høj grad af sikkerhed for, at årsrapporten ikke indeholder væsentlig fejlinformation. Revisionen omfatter stikprøvevis undersøgelse af information, der understøtter de i årsrapporten anførte beløb og oplysninger. Revisionen omfatter endvidere stillingtagen til den af ledelsen anvendte regnskabspraksis og til de væsentlige skøn, som ledelsen har udøvet, samt vurdering af den samlede præsentation af årsrapporten. Det er vores opfattelse, at den udførte revision giver et tilstrækkeligt grundlag for vores konklusion. AUDITORS REPORT TO THE SHAREHOLDERS OF FABRICIUS MARINE A/S (REDERIET FABRICIUS A/S) We have audited the annual report of Fabricius Marine A/S (Rederiet Fabricius A/S) for the financial year 2005, prepared in accordance with the International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. The annual report is the responsibility of the Company s Management. Our responsibility is to express an opinion on the annual report based on our audit. BASIS OF OPINION We conducted our audit in accordance with Danish Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual report is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the annual report. An audit also includes assessing the accounting policies used and significant estimates made by Management, as well as evaluating the overall annual report presentation. We believe that our audit provides a reasonable basis for our opinion. Revisionen har ikke givet anledning til forbehold. Our audit has not resulted in any qualification. ÅRSRAPPORT ANNUAL REPORT 2005

KONKLUSION Det er vores opfattelse, at årsrapporten giver et retvisende billede af koncernens og moderselskabets aktiver, passiver og finansielle stilling pr. 31.12.2005 samt af resultatet af koncernens og moderselskabets aktiviteter og pengestrømme for regnskabsåret 2005 i overensstemmelse med International Financial Reporting Standards som godkendt af EU og yderligere danske oplysningskrav til årsrapporter for børsnoterede virksomheder. OPINION In our opinion, the annual report gives a true and fair view of the Company s financial position at 31.12.2005 as well as of the results of its operations and its cash flows for the financial year 2005 in accordance International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. Odense, den 17. marts 2006 Odense, 17 March 2006 DELOITTE Statsautoriseret Revisionsaktieselskab FL. HEDEN KNUDSEN statsautoriseret revisor State Authorised Public Accountant P. SCHAK LARSEN statsautoriseret revisor State Authorised Public Accountant 5

LEDELSESBERETNING / MANAGEMENT S REVIEW MODERSELSKAB / PARENT Hoved- og nøgletal / 2005* 2004* 2003 2002 2001 Financial highlights DKK 000 DKK 000 DKK 000 DKK 000 DKK 000 HOVEDTAL KEY FIGURES Nettoomsætning /................... 15.486 13.602 9.154 1.065 10.094 Revenue Drift af skibe mv., netto** /............. 15.781 3.828 4.311 (953) (1.370) Operation of vessels, etc, net Resultat af primær drift /.............. 14.616 5.081 4.991 1.841 24 Profit/loss from primary operations Årets resultat /...................... 10.770 3.792 1.246 1.871 15 Net profit / loss for the year Egenkapital /....................... 88.086 38.616 33.318 27.569 15.835 Equity Balancesum /....................... 114.719 105.563 53.892 38.956 23.812 Balance sheet total NØGLETAL RATIOS Overskudsgrad (%) /................. 94 37 55 18 0 Profit margin (%) Afkastningsgrad (%) /................ 13 5 9 5 0 Return on assets (%) Egenkapitalens forrentning (%) /........ 17 11 4 9 Return on equity (%) Egenkapitalandel (%) /............... 77 37 62 72 67 Equity ratio (%) Indtjening pr. aktie (kr.) /.............. 84 33 11 20 0 Earnings per share (DKK) ÅRSRAPPORT ANNUAL REPORT 2005

* Hoved- og nøgletal for 2004 og 2005 er udarbejdet i overensstemmelse med IFRS, jf. beskrivelsen i afsnittet om anvendt regnskabspraksis. Sammenligningstal for 2003, 2002 og 2001 er ikke tilpasset den ændrede regnskabspraksis ved overgangen til regnskabsaflæggelse efter IFRS, men opgjort i overensstemmelse med den hidtidige regnskabspraksis baseret på bestemmelserne i årsregnskabsloven. ** Resultatandele i tilknyttede og assoicerede virksomheder indregnes i resultatopgørelsen under»drift af skibe mv., netto«og indgår i hovedtallet»resultat af primær drift«. Resultatandelene blev i regnskabsåret 2004 og tidligere indregnet under»resultat i tilknyttede og assoicerede virksomheder«og indgik derfor ikke i hovedtallet»resultat af primær drift«. Der er i ovenstående hoved- og nøgletal foretaget korrektion i overensstemmelse med ændringen. * The financial highlights for 2004 and 2005 have been presented in accordance with IFRS, see the description under Accounting Policies. The comparative figures for 2003, 2002 and 2001 have not been restated to reflect the change in accounting policies on the transition to financial reporting according to IFRS but have been prepared in accordance with the former accounting policies based on the provisions of the Danish Financial Statements Act. ** Profit shares in group enterprises and associates are recognised in the income statement under»operation of vessels, etc, net«and are included in the key figure»profit/loss from primary operations«. In the financial year 2004 and before 2004, profit shares were recognised under»profit/loss in group enterprises and associates«and were therefore not included in the key figure»profit/loss from primary operations«. The above financial highlights have been adjusted accordingly. 7

LEDELSESBERETNING / MANAGEMENT S REVIEW KONCERN / GROUP Hoved- og nøgletal / 2005* 2004* 2003 2002 2001 Financial highlights DKK 000 DKK 000 DKK 000 DKK 000 DKK 000 HOVEDTAL / KEY FIGURES Nettoomsætning /................... 46.353 79.942 47.160 40.179 41.856 Revenue Resultat af primær drift /.............. 15.077 16.628 3.702 204 (4.486) Profit/loss from primary activities Årets resultat /...................... 9.260** 12.359** 1.246 1.871 15 Net profit/loss for the year Egenkapital /....................... 91.306 100.773 33.318 27.569 15.836 Equity Balancesum /....................... 181.895 273.004 109.399 104.286 76.122 Balance sheet total NØGLETAL / RATIOS Overskudsgrad (%) /................. 33 21 8 1 (11) Profit margin (%) Afkastningsgrad (%) /................ 8 6 3 0 (6) Return on assets (%) Egenkapitalens forrentning (%) /........ 10 18 4 9 0 Return on equity (%) Egenkapitalandel inkl. minoriteter 2001-2003 (%) /..................... 50 38 39 29 24 Equity ratio incl. minorities 2001-2003 (%) Indtjening pr. aktie (kr.) /.............. 84 33 11 20 0 Earnings per share (DKK) ÅRSRAPPORT ANNUAL REPORT 2005

* Hoved- og nøgletal for 2004 og 2005 er udarbejdet i overensstemmelse med IFRS, jf. beskrivelsen i afsnittet om anvendt regnskabspraksis. Sammenligningstal for 2003, 2002 og 2001 er ikke tilpasset den ændrede regnskabspraksis ved overgangen til regnskabsaflæggelse efter IFRS, men opgjort i overensstemmelse med den hidtidige regnskabspraksis baseret på bestemmelserne i årsregnskabsloven. * The financial highlights for 2004 and 2005 have been presented in accordance with IFRS, see the description under Accounting Policies. The comparative figures for 2003, 2002 and 2001 have not been restated to reflect the change in accounting policies on the transition to financial reporting according to IFRS but have been prepared in accordance with the former accounting policies based on the provisions of the Danish Financial Statements Act. 2005 2004 DKK 000 DKK 000 ** Årets resultat fordeles således: / ** Net profit for the year is distributed as follows: Fabricius Marine A/S (Rederiet Fabricius A/S) /......................... 10.770 3.792 Fabricius Marine A/S (Rederiet Fabricius A/S) Minoritetsaktionærer /.............................................. (1.510) 8.567 Minority shareholders 9.260 12.359 9

LEDELSESBERETNING / MANAGEMENT S REVIEW FORRETNINGSOMRÅDER Fabricius Marine A/S (Rederiet Fabricius A/S) aktivitetsområder er shippingaktiviteter world wide, hvor det er selskabets hensigt på nicheområder at opnå en stor ekspertise og herigennem at kunne opnå en gunstig markedsposition. Selskabet har hovedsageligt beskæftiget sig med shippingaktiviteter inden for tørlast- og container-feederskibe. Med overtagelsen af BR Marine A/S råder selskabet nu også over en betydelig ekspertise i segmentet for mindre tankskibe. En væsentlig del af strategien for Fabricius Marine A/S (Rederiet Fabricius A/S) er, at selskabet skal opnå en ship-management ekspertise på en række driftsområder, der kan supplere hinanden, således at det er muligt for selskabet at kunne tilbyde sine samarbejdspartnere en samlet servicepakke. Selskabet har følgende hovedforretningsområder: * Container/tørlast * Kemikalier * Consulting - ikke fordelt I forretningsområder har man ekspertise indenfor følgende områder: * Rederidrift og investering i tonnage * Teknisk management * Bemanding * Befragtning * Supply management * Udvikling af nybygningsprojekter * Shipdesign og consulting * Køb og salg af andele i skibe BUSINESS AREAS Fabricius Marine A/S s (Rederiet Fabricius A/S) activities consist of worldwide shipping activities. It is the Company s objective to gain great expertise in niche areas and through this to obtain a favourable market position. The Company has primarily been engaged in shipping activities with dry cargo and container feeder vessels. With the take-over of BR Marine A/S, the Company has also obtained considerable expertise in the segment of minor tankers. A substantial part of the strategy of Fabricius Marine A/S (Rederiet Fabricius A/S) is that the Company is to gain a ship-management expertise in a number of complementary operating areas, enabling the Company to offer its cooperative partners a total service package. The Company has the following main business areas: * Container/dry cargo * Chemicals * Consulting - not distributed The business areas are specialised as follows: * Shipping and investment in tonnage * Technical management * Crew management * Chartering * Supply management * Development of newbuilding projects * Ship design and consulting * Purchase and sale of shares in vessels ÅRSRAPPORT ANNUAL REPORT 2005

FORRETNINGSGRUNDLAG Fabricius Marine A/S (Rederiet Fabricius A/S) er en»one stop shop«- et rederi som internationalt kan tilbyde services fra geografisk placerede kontorer world wide, hvor de lokale kompetencer og ressourcer udnyttes optimalt til at sikre en dynamisk organisation indenfor følgende områder: teknisk management herunder skibsadministration og bemanding - skibsteknisk rådgivning og nybygningstilsyn - befragtning - skibsinvestering - indkøb og forsyning samt et internationalt repair team. BUSINESS FOUNDATION Fabricius Marine A/S (Rederiet Fabricius A/S) is a»one stop shop«- a shipping company offering services from worldwide offices with optimal use of local competencies and resources to ensure a dynamic organisation within the following areas: technical management including administrative ship management and crew management - technical consultancy and newbuilding supervision - chartering - ship investment - purchase and procurement as well as an international repair team. ÅRETS RESULTAT Moderselskab: Årets resultat efter skat blev 10.770 t.kr., hvilket er på linie med de udmeldte forventninger til 2005. Dette skyldes stigende fragtrater og gennemførelsen af planlagte køb og salg. Årets resultat betragtes som tilfredsstillende. Resultatet påvirkes positivt med 15.781 t.kr. af drift af rederiets skibe, hvilket er en væsentlig forbedring i forhold til tidligere år. Egenkapital tilhørende moderselskabsaktionærer udgjorde ultimo 88.086 t.kr. mod 38.616 t.kr. primo. Koncern: Koncernens resultat efter skat blev 9.260 t.kr. Koncernens egenkapital udgjorde ultimo 91.306 t.kr. mod 100.773 t.kr. primo. Koncernen beskæftigede ved regnskabsårets afslutning 56 medarbejdere på kontorer i Danmark og i udlandet og ca. 600 søfolk. NET PROFIT FOR THE YEAR Parent: Profit after tax for the year amounted to DKK 10,770k which is in line with the expectations announced for 2005. This is due to increasing freight rates and the completion of planned purchase and sales transactions. Net profit for the year is considered satisfactory. The profit is positively affected by DKK 15,781k from operation of the Company s vessels which is a significant improvement compared to previous years. Parent shareholders equity amounted to DKK 88,086k at year-end compared to DKK 38,616k at the beginning of the year. Group: Group profit after tax amounted to DKK 9,260k. Group equity amounted to DKK 91,306k at yearend compared to DKK 100,773k at the beginning of the year. At year-end, the Group employed 56 people in offices in Denmark and abroad and approx. 600 seamen. 11

LEDELSESBERETNING / MANAGEMENT S REVIEW SÆRLIGE BEGIVENHEDER I 2005 Året blev præget af en stigende aktivitet og ikke mindst de 2 kapitalforhøjelser på henholdsvis nominelt 6 mio.kr., handlet på Dansk AMP og nominelt 1,5 mio.kr. udstedt i forbindelse med erhvervelsen af BR Marine A/S. Med erhvervelsen af tankskibsrederiet BR Marine A/S blev den strategiske målsætning om at blive aktiv indenfor tankskibsfart effektueret. Rederiet er endvidere tilført betydelig ekspertise inden for consulting og nybygningsprojekter. Der drives fra kontoret i København 11 skibe i teknisk management og fra nybygningskontorerne i Tyrkiet, Bulgarien og Vietnam varetages tilsyn med 13 nybygninger. I november måned kontraherede Rederiet sin første nybygning siden 1992. Der er tale om 2900 DWT container feeder bestilt i Vietnam til levering primo 2007. Anvendelse af IFRS Selskabet er overgået til anvendelse af IFRS for moderselskab og koncern. Ændringerne er beskrevet i anvendt regnskabspraksis samt i note 15. Datterselskaberne Rederiets Joint-venture i Vietnam»Sea Saigon Shipping Ltd.«med 12 ansatte på kontoret er det eneste internationale Rederi, der kan betjene vietnamesiske havne i kysttrafik. Selskabet opererer med samme service udbud som Fabricius Marine A/S (Rederiet Fabricius A/S, hvilket vil sige såvel teknisk management, bemanding og befragtning samt rederidrift og investering i tonnage. Rederiet opererer i dag 5 coasters, 1 containerskib samt 2 slæbebåde. SPECIAL EVENTS IN 2005 The year was characterised by increased activity and especially by the two capital increases of a nominal value of DKK 6m traded on the stock exchange Dansk AMP (Danish Authorised Marketplace) and a nominal value of DKK 1.5m issued on the acquisition of BR Marine A/S. With the acquisition of the tanker shipping company BR Marine A/S, the strategic object of becoming active within tanker shipping was reached. The shipping company has also been strengthened by considerable expertise within consulting and newbuilding projects. The Copenhagen office runs 11 vessels in technical management and from the newbuilding offices in Turkey, Bulgaria and Vietnam, 13 newbuildings are supervised. In November, the shipping company contracted its first newbuilding since 1992, a 2900 DWT container feeder ordered in Vietnam for delivery at the beginning of 2007. IFRS application The Company now applies IFRS for the Parent and the Group. The changes have been described under Accounting Policies as well as in note 15. Subsidiaries The shipping company s joint venture in Vietnam, Sea Saigon Shipping Ltd., with 12 employees at the office is the only international shipping company which can serve Vietnam harbours in coast traffics. The company operates with the same service supply as Fabricius Marine (Rederiet Fabricius A/S) such as technical management, crew management and chartering as well as shipping business and investment in tonnage. Today, the shipping company runs five coasters, 1 container vessel and 2 tug boats. ÅRSRAPPORT ANNUAL REPORT 2005

Det har taget længere end forventet at få de sproglige og operationelle standarder op på det ønskede niveau. Samtidig har de ældre coastere vist sig at være i en ringere stand end forventet. Disse forhold er nu bragt i orden, og fra januar 2006 er alle skibe i tilfredsstillende drift. Rederiet bistår»ho Chi Minh City University of Transport«med opkvalificering af vietnamesiske søfolks maritime kundskaber. Første kursus afvikles i marts 2006 i samarbejde med Marstal Navigationsskole og EUC Syd. Saigon Shipping Company: Rederiet har som første trin erhvervet 20% af det privatiserede statsrederi J/S Saigon Shipping Company, som udover rederidrift har betydelige aktiviteter indenfor landtransport, havne- og fly klarering samt gods- og distributionsterminaler. Det er hensigten, at øge Fabricius Marine A/S s (Rederiet Fabricius A/S) involvering yderligere på såvel management - som den financielle side i de kommende år. Rederiets polske joint-venture»dano«med 8 ansatte på kontoret blev i 2005 certificeret af Germanischer Lloyd: ISO 9001-2000 - ISM & ISPS, og driver i dag 3 coastere i Teknisk Management på lige fod med kontorerne i Marstal, København og Saigon. Selskabet og dets indkøbsfunktion har været til stor gavn for Fabricius Marine A/S (Rederiet Fabricius A/S) samt de skibe selskabet har i Teknisk Management. Skibene Rederiet har i et fælles selskab med Industrialiserings Fonden for Udviklingslande (IFU) erhvervet containerskibet Mekong Venture, nu Sea Master One, som efter en større renovering drives i teknisk manangement af Sea Saigon Shipping Ltd. It has taken longer than expected to bring the language and operational standards up to the desired level. Moreover, the older coasters have appeared to be in a much poorer condition than expected. These matters have now been settled and from January 2006, all vessels are operating satisfactorily. The shipping company assists Ho Chi Minh City University of Transport with upgrading the Vietnamese seamen s nautical skills. The first course will be held in March 2006 in cooperation with Marstal Navigationsskole and EUC South. Saigon Shipping Company: As the first step, the shipping company has acquired 20% of the privatised state-owned shipping company J/S Saigon Shipping Company which, apart from the shipping business, has considerable activitites within land transport, harbour and air clearance as well as cargo and distribution terminals. It is the intention to further increase Fabricius Marine A/S s (Rederiet Fabricius A/S) involvement in management as well as financials over the coming years. The shipping company s Polish joint venture, DANO, with 8 employees in the office was certified in 2005 by Germanischer Lloyd: ISO 9001-2000 - ISM & ISPS, and today DANO runs three coasters in Technical Management on equal terms with the offices in Marstal, Copenhagen and Saigon. The company and its purchasing department have been of great benefit to Fabricius Marine A/S (Rederiet Fabricius A/S) as well as the vesssels in Technical Management. Vessels In cooperation with the Danish Industrialization Fund for Developing Countries, the shipping company has now acquired the container vessel Mekong Venture, now Sea Master One, which is in Technical Management by Sea Saigon Shipping Ltd. after major repair work. 13

LEDELSESBERETNING / MANAGEMENT S REVIEW Der er i 2005 købt og solgt ejerandele i følgende skibe, som Fabricius Marine A/S (Rederiet Fabricius A/S) er medejer af sammen med Rederiet Hansen & Lange I/S: M/V Monte Verde, container feeder 7733 DWT - M/V MSC Carmargue, container feeder 7300 DWT, M/V Lykes Hunter, RO-LO 17850 DWT - M/V Margrethe, container feeder, 12200 DWT Der er i 2005 købt ejerandele i følgende skibe: Rederiet har købt 20% af M/V Delmas Luanda, container feeder 7150 DWT. Rederiet har udnyttet købsoption og erhvervet 100% af M/V Sea Lion, container feeder 4080 DWT. SÆRLIGE BEGIVENHEDER EFTER REGNSKABSÅRETS UDLØB Rederiet har indgået management aftaler om teknisk drift af 3 skibe i 2006. Rederiet har i 2006 solgt M/V Laola 2902 DWT og M/T Elbe Double 1782 DWT. UDSIGTER FOR 2006 Rederiet forventer en stigende investeringstakt i skibe og datterselskaber og et resultat på linie med 2005. En mindre del af flåden forventes at blive påvirket af det stagnerende marked for containertransport. Denne nedgang vil dog blive opvejet af nytilført tonnage, og den fulde effekt af synergierne ved sammenlægningen af Rederiet Fabricius A/S og BR Marine A/S. In 2005, ownership shares in the following vessels have been purchased and sold of which Fabricius Marine A/S (Rederiet Fabricius A/S) is a co-owner together with Rederiet Hansen & Lange I/S: M/V Monte Verde, container feeder 7733 DWT - M/V MSC Carmargue, container feeder 7300 DWT, M/V Lykes Hunter, RO-LO 17850 DWT - M/V Margrethe, container feeder, 12200 DWT The following ownership shares in vessels were acquired in 2005: The shipping company purchased 20% of M/V Delmas Luanda, container feeder 7150 DWT. The shipping company has exercised the option to purchase and acquired 100% of M/V Sea Lion, container feeder 4080 DWT. EVENTS AFTER THE BALANCE SHEET DATE The shipping company has entered into management agreements on technical operation of three vessels in 2006. The shipping company sold M/V Laola 2902 DWT and M/T Elbe Double 1782 DWT in 2006. OUTLOOK FOR 2006 The shipping company expects an increase in investments in vessels and subsidiaries and a profit at the level of 2005. A minor share of the fleet is expected to be affected by the stagnant market for container transport. However, the new tonnage and the full effect of the synergies from the merger of Rederiet Fabricius A/S and BR Marine A/S will compensate for this decrease. ÅRSRAPPORT ANNUAL REPORT 2005

SÆRLIGE RISICI Valutarisiko Rederiets skibe modtager primært betaling for sejlads i USD. Det skal dog bemærkes at for den størrelse skibe, som rederiet opererer, er der en sammenhæng mellem valutakurser og fragtrater, således at hvis USD falder meget, vil fragtraterne benævnt i USD samtidigt stige og delvist udligne faldet i USD. Renterisiko Størstedelen af koncernens gæld er variabel og en sikring heraf vurderes løbende. En del af gælden er således i 2006 afdækket ved fast forrentet lån. Kreditrisiko Det vurderes ikke, at der er væsentlige kreditrisici i balancen. VIDENRESSOURCER Selskabet har ambitioner om at være på forkant med udvikling indenfor transport og logistik. De kritiske forretningsprocesser er kvalitet, service og individuelle løsninger. Til sikring af, at kunden får den aftalte ydelse, stilles der krav om, at de enkelte metoder og procedurer dokumenteres. For til stadighed at kunne levere og udvikle konkurrencedygtige produkter og løsninger er det afgørende, at selskabet fortsat kan rekruttere og fastholde medarbejdere med et højt uddannelsesniveau. PARTICULAR RISKS Currency risks The shipping company s vessels primarily receive payment for maritime traffic in USD. However, it should be noted that with the size of vessels operated by the shipping company, currency rates and freight rates are connected so that if the USD rate of exchange declines heavily, the freight rates designated in USD will increase and partly compensate for the decline in the USD rate. Interest rate risk Most of the Group s debt carries a floating rate and hedging of the debt is therefore currently assessed. Part of the debt has therefore been hedged in 2006 by a fixed-rate loan. Credit risk It is assessed that there are no material credit risks in the balance sheet. INTELLECTUAL CAPITAL RESOURCES It is the Company s ambition to be at the leading edge of development within transport and logistics. The critical business processes are quality, service and tailor-made solutions. To ensure that the customer obtains the service agreed, the individual methods and procedures are required to be documented. To be able to continue supplying and developing competitive products and solutions, it is decisive that the Company continues to recruit and retain employees with a high educational level. 15

LEDELSESBERETNING / MANAGEMENT S REVIEW BESTYRELSE Efter generalforsamlingen i selskabet den 21.04.2005 sammensatte bestyrelsen i Fabricius Marine A/S (Rederiet Fabricius A/S) sig således: KAARE VAGNER JENSEN (formand), Rungsted Strandvej 298, 2970 Hørsholm, født 1946 og tiltrådt bestyrelsen i 1999 - direktør i N & V Holding ApS. Bestyrelsesformand i Fabricius Marine A/S, Sea Invest Chartering A/S, BR Marine A/S, Strandøre Invest A/S, Strandøre Management A/S, Skygate Holding A/S Skygate International A/S, LKE Electric Europe A/S, Riegens A/S, Riegens Holding ApS, Mekong Shipping ApS. Bestyrelsesnæstformand i Banedanmark og Mekong Shipping ApS, Bestyrelsesmedlem i Silvatec Skovmaskiner A/S, Silvatec A/S, Odense Congress Center A/S, A/S Det Østasiatiske Kompagni,, J/S Saigon Shipping Company, Nunaminerals A/S, K/S Margrethe, K/S Monte Verde, K/S Ville de Mijo, K/S Global Spirit og K/S Gemini J. SUPERVISORY BOARD After the general meeting in the Company on 21st. of April 2005, the Supervisory Board of Fabricius Marine A/S (Rederiet Fabricius A/S) constituted itself as follows: KAARE VAGNER JENSEN (Chairman), Rungsted Strandvej 298, 2970 Hørsholm, born in 1946 and joined the Supervisory Board in 1999 - Director of N & V Holding ApS. Chairman of the Supervisory Board of Fabricius Marine A/S, Sea Invest Chartering A/S, BR Marine A/S, Strandøre Invest A/S, Strandøre Management A/S, Skygate Holding A/S Skygate International A/S, LKE Electric Europe A/S, Riegens A/S, Riegens Holding ApS, Mekong Shipping ApS. Deputy Chairman of the Supervisory Board of Banedanmark and Mekong Shipping ApS, Member of the Supervisory Board of Silvatec Skovmaskiner A/S, Silvatec A/S, Odense Congress Center A/S, A/S Det Østasiatiske Kompagni,, J/S Saigon Shipping Company, Nunaminerals A/S, K/S Margrethe, K/S Monte Verde, K/S Ville de Mijo, K/S Global Spirit and K/S Gemini J. JAN FABRICIUS (næstformand), Østersøvej 4, 5960 Marstal, født 1957 og tiltrådt bestyrelsen i 1992 - adm. direktør i Sea Consult ApS. Derudover direktør i Nørregade ApS, Holdingselskabet af 18. august 2004 ApS, Komplementarselskabet Nina ApS. Bestyrelsesformand i CS&P Skibsinvest P/S, K/S Nina. Bestyrelsesnæstformand i Fabricius Marine A/S. Bestyrelsesmedlem i Marstal Dok A/S, Marstal Yacht K/S, K/S Nina Shipping, Sea Saigon Shipping Ltd. JAN FABRICIUS (Deputy Chairman), Østersøvej 4, 5960 Marstal, born in 1957 and joined the Supervisory Board in 1992 - CEO of Sea Consult ApS. In addition, Director of Nørregade ApS, Holdingselskabet af 18. august 2004 ApS, Komplementarselskabet Nina ApS. Chairman of the Supervisory Board of CS&P Skibsinvest P/S, K/S Nina. Deputy Chairman of the Supervisory Board of Fabricius Marine A/S. Member of the Supervisory Board of Marstal Dok A/S, Marstal Yacht K/S, K/S Nina Shipping, Sea Saigon Shipping Ltd. ÅRSRAPPORT ANNUAL REPORT 2005

CARSTEN DENCKER NIELSEN, Strandboulevarden 6, 1. sal, 2100 København Ø, født 1940 og tiltrådt bestyrelsen i 2001 - Generalkonsul. Bestyrelsesformand i Dicon A/S, Den selvejende Institution Den Danske Sommerskole, Nationalt Hjælpe Fond for Danske i Udlandet, Asia Business Forum. Bestyrelsesmedlem i Fabricius Marine A/S, A/S S. Thygesen, Asia House Fonden, Danes Worlwide, Ø.K. s almennyttige Fond og Ebbe Munck s Mindefond. C. C. NIELSEN (Carl Christian Nielsen), Kærnehøjvej 43, Højby, 5260 Odense C, født 1946 og tiltrådt bestyrelsen 2002 - direktør i Nielsen & Nielsen Holding A/S. Derudover direktør i C.C.N. Holding A/S, N&V Holding A/S, Rousehøjvej APS, Bellingelunden ApS, Ådalslunden ApS, Jernbanegade 21-23, Fredericia ApS, Flintagergaard ApS. Bestyrelsesformand i Okholm Lighting A/S, Syddansk Venture A/S, Okholm s Maskinfabrik A/S, SAAN Holding A/S, Odense Congress Center A/S, Fonden Syddanske Forskerparker. Bestyrelsesmedlem i Fabricius Marine A/S, Odense Boldklub A/S, Ejendomsselskabet Den Fynske Forskerpark A/S, Forskerparken Syd A/S, C.C.N. Holding A/S, Tommerup Trælasthandel A/S, Selvstændighedsfonden, Gerda og Lars Christensens Familiefond, Vækstfonden, Rådet for Teknologi & Innovation, Studieskolen, Maersk Instituttet, CARSTEN DENCKER NIELSEN, Strandboulevarden 6, 1. sal, 2100 Copenhagen Ø, born in 1940 and joined the Supervisory Board in 2001 - Consul General. Chairman of the Supervisory Board of Dicon A/S, Den selvejende Institution Den Danske Sommerskole, Nationalt Hjælpe Fond for Danske i Udlandet, Asia Business Forum. Member of the Supervisory Board of Fabricius Marine A/S, A/S S. Thygesen, Asia House Fonden, Danes Worlwide, Ø.K. s almennyttige Fond og Ebbe Munck s Mindefond. C. C. NIELSEN (Carl Christian Nielsen), Kærnehøjvej 43, Højby, 5260 Odense C, born in 1946 and joined the Supervisory Board in 2002 - Director of Nielsen & Nielsen Holding A/S. In addition, Director of C.C.N. Holding A/S, N&V Holding A/S, Rousehøjvej APS, Bellingelunden ApS, Ådalslunden ApS, Jernbanegade 21-23, Fredericia ApS, Flintagergaard ApS. Chairman of the Supervisory Board of Okholm Lighting A/S, Syddansk Venture A/S, Okholm s Maskinfabrik A/S, SAAN Holding A/S, Odense Congress Center A/S, Fonden Syddanske Forskerparker. Member of the Supervisory Board of Fabricius Marine A/S, Odense Boldklub A/S, Ejendomsselskabet Den Fynske Forskerpark A/S, Forskerparken Syd A/S, C.C.N. Holding A/S, Tommerup Trælasthandel A/S, Selvstændighedsfonden, Gerda og Lars Christensens Familiefond, Vækstfonden, Rådet for Teknologi & Innovation, Studieskolen, Maersk Instituttet, 17

LEDELSESBERETNING / MANAGEMENT S REVIEW JAN ERLUND (Jan Peter Seeberg Erlund), Hegelsvej 4, 2920 Charlottenlund, født 1939 og tiltrådt bestyrelsen i 2004 - advokat. Bestyrelsesformand i Dansk Skovselskab A/S, A/S Det Østasiatiske Kompagni, Homarus Holding A/S. Bestyrelsesmedlem i Fabricius Marine A/S, Bimco Informatique A/S, Skagerak Holding A/S, Skagerak Fiskeeksport A/S, Skagerak Fiskeri A/S, Skagerak 2000 A/S, Gurli og Paul Madsens Fond, Stiftelsen Sorø Akademi, PSA International Pte Ltd., Singapore. MIKAEL KONNERUP, Mosehøjvej 3B, 2920 Charlottenlund, født 1955 og tiltrådt bestyrelsen i 2005 - Direktør i Dico A/S. Adm. dir. i Afiv A/S, direktør i Simulex A/S, Danish Auto Holding A/S, Christelco ApS, K-2003 Management ApS, Peerfab ApS, Dico Management A/S, Sat Holding A/S, C13 ApS. Bestyrelsesformand i Phase One A/S, Ini ApS. Bestyrelsesmedlem i Fabricius Marine A/S, Karin Tankers A/S, BR Marine A/S, Simulex A/S, Telebilling A/S, Telebilling Systems A/S, Skibsdrift I ApS af 11. januar 1996, K/S Ida Wonsild, Globeteam A/S, i-data International A/S under konkurs. JAN ERLUND (Jan Peter Seeberg Erlund), Hegelsvej 4, 2920 Charlottenlund, born in 1939 and joined the Supervisory Board in 2004 - attorney. Chairman of the Supervisory Board of Dansk Skovselskab A/S, A/S Det Østasiatiske Kompagni,Homarus Holding A/S. Member of the Supervisory Board of Fabricius Marine A/S, Bimco Informatique A/S, Skagerak Holding A/S, Skagerak Fiskeeksport A/S, Skagerak Fiskeri A/S, Skagerak 2000 A/S, Gurli og Paul Madsens Fond, Stiftelsen Sorø Akademi, PSA International Pte Ltd., Singapore. MIKAEL KONNERUP, Mosehøjvej 3B, 2920 Charlottenlund, born in 1955 and joined the Supervisory Board in 2005 - Director of Dico A/S. CEO of Afiv A/S, Director of Simulex A/S, Danish Auto Holding A/S, Christelco ApS, K-2003 Management ApS, Peerfab ApS, Dico Management A/S, Sat Holding A/S, C13 ApS. Chairman of the Supervisory Board of Phase One A/S, Ini ApS. Member of the Supervisory Board of Fabricius Marine A/S, Karin Tankers A/S, BR Marine A/S, Simulex A/S, Telebilling A/S, Telebilling Systems A/S, Skibsdrift I ApS af 11. januar 1996, K/S Ida Wonsild, Globeteam A/S, i-data International A/S in liquidation. ÅRSRAPPORT ANNUAL REPORT 2005

DIREKTION HENRIK N. ANDERSEN, adm. direktør, 39 år. Henrik N. Andersen har i 2 år, som adm. dir. for joint venture selskabet Sea Saigon Shipping ltd, HCMC, stået for opbygningen af rederiets aktiviteter i Vietnam. Henrik N. Andersen er skibsføreruddannet og har en bred rederierfaring som bl.a. skibsinspektør og bemandingschef i danske rederier. Derudover direktør i Mekong Shipping ApS. Bestyrelsesmedlem i Sea Saigon Shipping Ltd., BR Marine A/S, K/S Margrethe, K/S Monte Verde, Sea Invest Chartering A/S, K/S Ville de Mijo, K/S Global Spirit; K/S Gemini J, Mekong Shipping Aps. Bestyrelsesnæstformand i Marstal Navigationsskole. EXECUTIVE BOARD HENRIK N. ANDERSEN, CEO, 39 years old. For two years Henrik N. Andersen has held the position as General Manager of the joint venture company Sea Saigon Shipping ltd, HCMC, been responsible for the establishment of the shippping company s activities in Vietnam. Henrik N. Andersen is trained as a master mariner and has wide experience as superintendent and crew manager in Danish shipping companies. In addition, Director of Mekong Shipping ApS. Member of the Supervisory Board of Sea Saigon Shipping Ltd., BR Marine A/S, K/S Margrethe, K/S Monte Verde, Sea Invest Chartering A/S, K/S Ville de Mijo, K/S Global Spirit; K/S Gemini J, Mekong Shipping Aps. Deputy Chairman of the Supervisory Board of Marstal Navigationsskole. ØVRIGE DIREKTØRER STIG HOLM, teknisk direktør, 43 år. Stig Holm er uddannet maskinmester. Efter en karriere til søs blev Stig Holm ansat som inspektør hos Rederiet J. Lauritzen, hvor han var i 10 år. De sidste 2 år har Stig Holm arbejdet i udlandet som teknisk chef for et cypriotisk rederi og senest som QA chef for et tyrkisk værft. TORBEN RAVN, direktør Consulting. Torben Ravn er uddannet som skibsfører og skibsingeniør og har haft ansættelse som skibsinspektør i rederier og surveyor i Det Norske Veritas, før han startede BR Marine i 1983, som leverer services indenfor skibsprojektering og nybygningstilsyn. Bestyrelsesposter: Dan Chemical Tankers A/S, Karin Tankers A/S, Skibsdrift 1 ApS af 11. januar 1996, KS Ida Wonsild. OTHER EXECUTIVES STIG HOLM, Technical Director, 43 years old. Stig Holm is trained as a marine engineer. After a seagoing career, Stig Holm was employed as inspector at the ship owner J. Lauritzen where he was employed for 10 years. For the past two years, Stig Holm has been working abroad as a technical manager for a ship owner in Cyprus and most recently as QA manager of a Turkish shipyard. TORBEN RAVN, Director Consulting. Torben Ravn is trained as a master mariner and a naval constructor and has been employed as a superintendent in shipping companies and as a surveyor in Det Norske Veritas before he started BR Marine in 1983, which offers services within ship design and new- building supervision. Directorships: Dan Chemical Tankers A/S, Karin Tankers A/S, Skibsdrift 1 ApS af 11. januar 1996, KS Ida Wonsild. 19

ANVENDT REGNSKABSPRAKSIS / ACCOUNTING POLICIES Årsrapporten for 2005 for Fabricius Marine A/S (Rederiet Fabricius A/S), der omfatter både årsrapporten for moderselskabet og koncernregnskab, aflægges i overensstemmelse med International Financial Reporting Standards som godkendt af EU og yderligere danske oplysningskrav til årsrapporter for regnskabsklasse D, jf. IFRS-bekendtgørelsen udstedt i henhold til årsregnskabsloven. Årsrapporten opfylder tillige International Financial Reporting Standards (IFRS) udstedt af IASB. Årsrapporten aflægges i danske kroner (DKK), der anses for at være den primære valuta for koncernens aktiviteter og den funktionelle valuta for moderselskabet. ÆNDRING AF ANVENDT REGNSKABSPRAKSIS SOM FØLGE AF OVERGANG TIL IFRS Årsrapporten for 2005 er den første årsrapport, der aflægges i overensstemmelse med IFRS. IFRS er valgt anvendt både i årsrapport for moderselskabet og i koncernregnskabet. Ved overgangen til IFRS er anvendt IFRS 1, Førstegangsanvendelse af IFRS. I henhold til denne er åbningsbalancen pr. 01.01.2004 og sammenligningstallene for 2004 i overensstemmelse med de standarder og fortolkningsbidrag, der er gældende pr. 31.12.2005. Åbningsbalancen pr. 01.01.2004 er udarbejdet som om disse standarder og fortolkningsbidrag altid havde været anvendt, bortset fra hvor de særlige overgangs- og ikraftstrædelsesbestemmelser i IFRS 1, der er beskrevet nedenfor, finder anvendelse. The annual report for 2005 of Fabricius Marine A/S (Rederiet Fabricius A/S), which includes the annual report of the Parent as well as the consolidated financial statements, is presented in accordance with International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for annual reports of reporting class D enterprises, see the Danish Executive Order on IFRS Adoption issued in accordance with the Danish Financial Statements Act. The annual report also complies with International Financial Reporting Standards (IFRS) issued by IASB. The annual report is presented in Danish kroner (DKK), which is regarded as the primary currency in relation to the Group s activities and the functional currency of the Parent. CHANGE IN ACCOUNTING POLICIES DUE TO TRANSITION TO IFRS The annual report for 2005 is the first being presented under IFRS. It was decided to apply IFRS both to the parent s annual report and the consolidated financial statements. IFRS 1»First-time Adoption of International Financial Reporting Standards«has been applied for the transition. This Standard requires the opening balance sheet at 1 January 2004 and the comparative figures for 2004 to be prepared in accordance with the standards and interpretations applicable at 31 December 2005. The opening balance sheet at 1 January 2004 has been prepared as if these standards and interpretations had always been applied, apart from those cases where the special transitional and commencement provisions described in IFRS apply, see below. ÅRSRAPPORT ANNUAL REPORT 2005

Overgangen til aflæggelse af årsrapport og koncernregnskab efter IFRS har nødvendiggjort ændringer af den anvendte regnskabspraksis for såvel moderselskabet som koncernen på nogle væsentlige områder med hensyn til indregning og måling: * Virksomhedssammenslutninger og goodwill * Moderselskabets måling af kapitalandele i dattervirksomheder og associerede virksomheder * Udskudt skat afsættes fuldt ud i modsætning til tidligere, hvor udskudt skat under tonnageskatteloven blev betragtet som en eventualforpligtelse Hovedreglen for regnskabsmæssig behandling af ændringer i anvendt regnskabspraksis er, at årsrapporten i ændringsåret skal aflægges med tilbagevirkende kraft som havde virksomheden altid anvendt den nye regnskabspraksis, herunder tilpasning af sammenligningstal. Ved overgang til regnskabsaflæggelse efter IFRS er der imidlertid i IFRS 1 givet en række såvel obligatoriske som valgfrie undtagelser til denne hovedregel. Selskabet har valgt at anvende følgende undtagelser: * Måling af anlægsaktiver til dagsværdi pr. åbningsbalancedatoen (01.01.2004). Dagsværdien anses herefter som tilpasset kostpris pr. denne dato i stedet for den oprindelige kostpris. * Aktiver og forpligtigelser i dattervirksomheder, associerede virksomheder og joint ventures ved deres senere overgang til IFRS sker til de regnskabsmæssige værdier som benyttet ved modervirksomhedens konsolidering af dattervirksomheden efter IFRS. Udover ændringer vedrørende indregning og måling er præsentationen og klassifikationen af regnskabs-poster ændret for følgende områder som følge af overgangen til regnskabsaflæggelse efter IFRS: The transition to presentation of annual report and consolidated financial statements under IFRS has required changes to the accounting policies applied by both the Parent and the Group in the following material areas as regards recognition and measurement: * Business combinations and goodwill * The Parent s measurement of investments in subsidiaries and associates * Deferred tax is fully provided compared to previously when deferred tax was considered a contingent liability under the Danish Act on Tonnage Tax. The general rule for accounting for changes in accounting policies is that, in the year of changing policies, the annual report is to be presented retrospectively as if the enterprise had always applied the new accounting policies, including restatement of comparative figures. When making the transition to financial statement presentation under IFRS, however, IFRS 1 provides a number of both mandatory and optional exemptions to this general rule. The Company has decided to apply the following exemptions: * Measurement of fixed assets at fair value at the opening balance sheet date (1 January 2004). The fair value is subsequently regarded as restated cost at this date instead of original cost. * On subsequent transition to IFRS, assets and liabilities in subsidiaries, associates and joint ventures are measured at the carrying amounts used at the Parent s consolidation of the subsidiaries according to IFRS. In addition to changes in recognition and measurement, disclosure and classification of financial statement items have been changed for the following elements because of the transition to IFRS financial statement presentation: 21

ANVENDT REGNSKABSPRAKSIS / ACCOUNTING POLICIES * Minoritetsinteresser, der præsenteres som en del af koncernegenkapitalen. * Hensatte forpligtigelser, der fordeles på kortog langfristede forpligtigelser. Den beløbsmæssige effekt af ændringerne i anvendt regnskabspraksis som følge af overgangen til regnskabsaflæggelse efter IFRS fremgår af note 15. * Minority interests that are disclosed as a consolidated equity component * Provisions distributed on short-term and longterm liabilities The effect in terms of value of the changes in accounting policies which follow from the transition to IFRS financial statement presentation is stated in note 15. KONCERNREGNSKABET Koncernregnskabet omfatter Fabricius Marine A/S (Rederiet Fabricius A/S) (modervirksomheden) og de virksomheder (tilknyttede virksomheder), som kontrolleres af modervirksomheden. Modervirksomheden anses for at have kontrol, når den direkte eller indirekte ejer mere end 50% af stemmerettighederne eller på anden måde kan udøve eller faktisk udøver bestemmende indflydelse. Virksomheder, hvori koncernen direkte eller indirekte besidder mellem 20% og 50% af stemmerettighederne og udøver betydelig, men ikke bestemmende indflydelse, betragtes som associerede virksomheder. Konsolideringsprincipper Koncernregnskabet udarbejdes på grundlag af regnskaber for Fabricius Marine A/S (Rederiet Fabricius A/S) og dets dattervirksomheder. Udarbejdelse af koncernregnskabet sker ved sammenlægning af regnskabsposter af ensartet karakter. Ved konsolideringen foretages eliminering af koncerninterne indtægter og omkostninger, interne mellemværender og udbytter samt fortjenester og tab ved transaktioner mellem de konsoliderede virksomheder. De regnskaber, der anvendes til brug for konsolideringen, udarbejdes i overensstemmelse med koncernens regnskabspraksis. I koncernregnskabet indregnes dattervirksomhedernes regnskabsposter 100%. Minoritetsinteressernes forholdsmæssige andel af resultatet indgår som en del af årets resultat for koncernen og som en særskilt del af koncernens egenkapital. CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements include Fabricius Marine A/S (Rederiet Fabricius A/S) (Parent) and the enterprises (group enterprises) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling influence are regarded as associates. Basis of consolidation The consolidated financial statements are prepared on the basis of the financial statements of Fabricius Marine A/S (Rederiet Fabricius A/S) and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group s accounting policies. Subsidiaries financial statement items are recognised in full in the consolidated financial statements. Minority interests pro rata share of profit/loss is disclosed as a specific item in the consolidated income statement and consolidated balance sheet, respectively. ÅRSRAPPORT ANNUAL REPORT 2005

Virksomhedssammenslutninger Nyerhvervede eller nystiftede virksomheder indregnes i koncernregnskabet fra overtagelsestidspunktet henholdsvis stiftelsestidspunktet. Solgte eller afviklede virksomheder indregnes i den konsoliderede resultatopgørelse frem til afståelsestidspunktet henholdsvis afviklingstidspunktet. Afståelsestidspunktet er det tidspunkt, hvor kontrollen over virksomheden faktisk overgår til tredjemand. Ved køb af nye virksomheder anvendes overtagelsesmetoden, hvorefter de nytilkøbte virksomheders identificerbare aktiver og forpligtelser måles til dagsværdi på overtagelsestidspunktet. Der hensættes til dækning af omkostninger ved besluttede og offentliggjorte omstruktureringer i den erhvervede virksomhed i forbindelse med overtagelsen. Der tages hensyn til skatteeffekten af de foretagne omvurderinger. Kostprisen for en virksomhed består af dagsværdien af det erlagte vederlag tillagt de omkostninger, der direkte kan henføres til virksomhedsovertagelsen. Hvis vederlagets endelige fastsættelse er betinget af en eller flere fremtidige begivenheder, indregnes disse reguleringer kun i kostprisen, såfremt den pågældende begivenhed er sandsynlig og effekten på kostprisen kan opgøres pålideligt. Positive forskelsbeløb (goodwill) mellem kostprisen for den erhvervede virksomhed og dagsværdien af de overtagne aktiver, forpligtigelser og eventualforpligtigelser indregnes som et aktiv under immaterielle aktiver og testes minimum en gang årligt for værdiforringelse. Hvis den regnskabsmæssige værdi af aktivet overstiger dets genindvindingsværdi, foretages der nedskrivning til den lavere genindvindingsværdi. Ved negative forskelsbeløb (negativ goodwill) foretages en revurdering af de opgjorte dagsværdier og den opgjorte kostpris for virksomhe- Business combinations Newly acquired or newly established enterprises are recognised in the consolidated financial statements from the time of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the consolidated income statement up to the time of their divestment or winding-up. Time of divestment is the date on which control of the enterprise actually passes to a third party. The purchase method is applied when acquiring new enterprises, under which identifiable assets and liabilities of the newly acquired enterprises are measured at fair value at the acquisition date. On acquisition of enterprises, provisions are made for costs relating to decided and published restructurings in the acquired enterprise. Allowance is made for the tax effect of the restatements. The cost of an enterprise consists of the fair value of the consideration paid plus costs which are directly attributable to the acquisition of enterprise. If the final determination of the consideration is conditional upon one or several future events, adjustments are only included in cost if the relevant event is probable and the effect on cost can be calculated reliably. Positive differences (goodwill) between cost of the enterprise acquired and the fair value of the assets, liabilities and contingent liabilities acquired are recognised as an asset under intangible assets and are tested for impairment at least once a year. If the asset s carrying amount is higher than its recoverable amount, it is written down to this lower recoverable amount. In case of negative differences in amount (negative goodwill), the calculated fair values and the cost of the enterprise are reassessed. If the fair value of the assets, liabilities and contingent liabilities taken over continue to exceed cost after 23