Endeavour Invest Aps

Ledelsesberetning

Founder & CEO statementKeeping a steady course We must remain a close and personal shipping partner and never start losing sight of our industry role and true strengths.Looking at the nancial results, we concluded 2024 with a 4% increase in total volume to 6.8m metric tonnes (2023: 6.5m mts) of marine fuels supplied to shipowners and operators worldwide. With a net result of USD 52m (2023: USD 113m), this led to an improved consolidated Group equity of USD 471m (2023: USD 437m).Focusing on Monjasa Holding A/S, we continued to see a strong demand for Monjasa’s services throughout the year, conrming our ability to observe and navigate risks and opportunities around us while maintaining a strong focus on our core business.Continued positive developmentsSeveral internal and external factors contributed to the nancial results. First of all, we are pleased to see our world-wide organisation responding positively to whatever challenges the day may bring. This is a true Monjasa strength and made possible by keeping a close eye on our overall cost base throughout the years.We saw an example of this type of response unfolding as the Red Sea security crisis erupted and caused a massive shift in trade ows as shipping routes diverted south of Africa. For Monjasa, this new situa-tion meant accommodating new marine fuels demands within a very short time frame and led to higher activity levels in our West Africa operation throughout 2024.Another factor contributing positively to the 2024 nancial perfor-mance was our continued investments in our global eet and logistics and fully integrating these with our marine fuels activities.People as our foundationWe are condent that having the right people onboard is what propels Monjasa forward in times of great uncertainties.Our colleagues and personal business is the foundation of everything we do. From hosting local events for our partners in Panama, Singa-pore or Athens to having the most qualied crew onboard our vessels. It therefore continues to be a priority to attract new talent and devel-op and retain existing colleagues in our oces as well as onboard our vessels.Following the alternative fuels marketsShipping’s journey to decarbonisation remained one of the larger industry topics during the year, and in Monjasa, we have an ambition to support customers looking to decarbonise their eet. Our role is to enable the logistics to do this, and during 2024, we remained commit-ted to this approach by introducing the rst LNG Bunker Vessel (LBV), Green Zeebrugge, to our Middle East eet and establish new biofuels supply chains in Latin America.Looking at our eet of owned tankers, we also initiated a eet transi-tion plan to carefully map our own journey towards meeting reduction targets."Altogether, we remain condent about the course we have set. Several years of solid performances leave us in a very strong nancial position to face future challenges."Investing in oshore wind logistics In 2024, we also invested further in oshore wind logistics as CBED took ownership of the two new sister CSOVs, Wind Evolution and Wind Creation, sending the total eet size up from one to three vessels. With immediate market demand for both newcomers, CBED’s overall per-formance ended up exceeding expectations. Looking ahead, we continue to see a strong demand for CBED’s ser-vices with all three vessels on charter contracts for the vast majority of 2025.Multiple Holding investmentsMultiple Holding ApS experienced another year of steady develop-ments in activities spanning across rst musical production to extend-ed stem cells treatment research. As such, AHA Creations successfully premiered its rst large-scale musical production, the hit musical Wicked, in Fredericia and Copen-hagen during autumn 2024.Cell2Cure completed treatment of its rst planned participants in the Autism I study to show safety of the treatments and indications of clinical eects of its stem cell treatments. At the same time, the company secured its Good Manufacturing Procedure (GMP) license issued by the Danish Medicines Agency and required to produce stem cell treatment products.The Cell2Cure organisation developed from ve to 12 colleagues, signicantly strengthening the backbone of the company. Expectations for 2025Altogether, we remain condent about the course we have set. Several years of solid performances leave us in a very strong nancial position to face future challenges. No matter what, we will continue to evolve our business by observing and navigating the markets and world around us, day by day.In 2025, we expect a high degree of global trade volatility and a contin-uous slow-down of recent years’ historically strong shipping markets. However, by keeping this steady course, we expect 2025 to be another positive nancial year for the Group with a net result in the range of USD 20-50m. Thank you for your trust and partnershipsWe are proud of each and everyone in Monjasa and Endeavour Invest and of what we have accomplished together this past year. Our people and values are the cornerstones of everything we do we and would like to extend our heartfelt thanks to all our extraordinary colleagues on land and at sea.Equally so, we are lled with gratitude for the continued trust and service demand from our partners in every port.Anders ØstergaardEndeavour Invest Numbers for 2024Financial highlightsTotal group revenue ended at 4.5bn (2023: USD 4.4bn) with a net result of 52m (2023: USD 113m), which is on par with the expectations set out in 2023. The Endeavour Invest Group is subject to a global minimum tax under Pillar II, negatively aecting result for the year and presented as part of current tax for the year. In 2024, the Danish shipowning companies within the Endeavour Invest Group also entered the Danish tonnage tax regime for a binding 10-year period, positively aecting the net result.617Employees56Dierent Nationalities23$4.5bnOces Across Time ZonesRevenueGross margin4,85,04,74,24,03,12,73,02,01,00202020212022 20232024Equity Ratio57.2%EquityMUSD500470,527 4504 3 7,10 4400350326,740300250200157, 3 71150136,498100500202320202021202220232024 concluded with a signicantly improved consolidated equity of a total USD 471m and an equity ratio of 57.2%. The Group continues to demonstrate a highly robust nancial position.Investing in oshore wind with CBED Investing in the renewable energy supply chain has been part of the Endeavour portfolio since 2008.Endeavour’s investments include oshore shipowning company, CBED, which focuses on the logistics and people who drive the day-to-day energy transformation. We invest in assets and human capital, ensur-ing that the industry workforce is equipped with modern logistics and knowledge necessary for this new era of energy production. As rst movers within the oshore wind accommodations industry, CBED oers unparalleled oshore experience to a range of the world’s leading energy companies. Sister vessels acquisitionIn 2024, CBED took ownership of the two new sister CSOVs, Wind Evolution and Wind Creation, sending the total eet size up from one to three vessels. With immediate market demand for the new CSOVs, both vessels went straight from dry-dock refurbishing to work on charter contracts running for the vast majority of the year. Through these new investments, we believe that CBED and Endeavour will remain at the forefront of the energy transition by supporting a future that is both eco-friendly and economically viable. Activities:• Oshore wind project and accommodation services• Construction and Service Operation Vessel chartering Progress in stem cell researchThe Endeavour portfolio includes cutting-edge research in the use of stem cells for future medical treatment.Endeavour Cells actively invests in the Danish biotech company, Cell2Cure, which manufactures human stem cells and is involved in stem cell innovation with several promising Phase I and II clinical trials. Advanced research which we believe will help redene our under-standing of human health at the most fundamental level – the cell. Our investment activities are deeply entrenched in exploring the potential of stem cells to address the root causes of diseases, rather than just their symptoms.Securing GMP licenseIn 2024, Cell2Cure made signicant strides in both the organisation and stem cell therapy research advancements. As such, Cell2Cure completed treatment of its rst planned partici-pants in the Autism I study to show safety of the treatments and indi-cations of clinical eects of its stem cell treatments. At the same time, the company secured its Good Manufacturing Procedure (GMP) license issued by the Danish Medicines Agency and required to produce stem cell treatment products. The Cell2Cure organisation developed from ve to 12 colleagues, signicantly strengthening the backbone of the company. Activities: • Stem cell manufacturing• Stem cell research• Phase I & Phase II clinical trials Creating AHA moments Endeavour believes in vibrations, experiences and moments that move and connect people and communities.Imagine a life without entertainment and live music? At Endeavour, we wish to promote the less tangible life components with our investment portfolio including the Fredericia-based AHA Group. Embracing the ethos of “Bringing stories to life,” the AHA Group encompasses both AHA Creations and AHA Livestage with everything from world class theatre productions to live music, with the purpose of bringing people together and celebrating culture in its myriad forms.Premiering rst hit musical AHA Creations is a Danish production company dedicated to devel-oping and producing ambitious, world-class musicals that celebrate popular culture. Together with Fredericia Musical Theatre, AHA Creations is part of a complete entertainment ecosystem that includes creation, production, distribution, licensing and marketing.In 2024, AHA Creations successfully premiered its rst large-scale musical production with the world-renowned hit musical Wicked. Following the critically acclaimed shows, the production was bought by one of Norway’s largest musical theatres to run in 2025.In 2024, AHA Creations also announced its next production to pre-miere in Autumn 2025. The “What is Love” is a new Danish musical, delivering a nostalgic journey through some of the most iconic songs and characters of the 90’s era.Activities: • Performing arts and world-class musical productions• Live music and entertainmentGroupKey gures 2024 2023 2022 2021 2020USD '000 USD '000 USD '000 USD '000 USD '000Income statementRevenue 4,493,425 4 , 37 7, 5 07 5,472,187 3,228,857 1,950,886 Gross prot 139,312 183,665 258,589 86,213 94,222 Prot before nancial income and expenses 51,477 99, 306 184,754 28,521 35,002 Net nancials 5,074 11,748 -4,097 -5,180 -4,318 Net prot for the year 51,683 112,693 169,583 20,325 29,946 Balance sheetBalance sheet total 822,130 817,439 69 7,194 495,402 333,556 Equity 470,527 4 37,10 4 326,740 15 7, 371 136,498 Cash ow from:- operating activities 91,262 114, 296 91,292 11,969 80,016 - investing activities -121,461 -64,406 -31, 4 61 -13,038 -10, 617 - nancing activities -15,631 -24,280 -60,910 34,202 -80,836 Change in cash and cash equivalents for the year -45,830 25,610 -1,079 33,133 -11,437 Average number of employees 617 635 653 571 511 RatiosGross margin 3.1% 4.2% 4.7% 2.7% 4.8%Prot margin 1.1% 2.3% 3.4% 0.9% 1.8%Return on assets 6.3% 12 .1% 26.5% 5.8% 10.5%Equity ratio 5 7. 2% 53.5% 46.9% 31.8% 40.9%Return on equity 11.4% 29.5% 70.1% 13.8% 24.7%Explanation of nancial ratios - page 48

Beskrivelse af virksomhedens væsentligste aktiviteter

Challenging the status quo, Endeavour’s journey is guided by the intangibles that dene success.From purpose to people, the right cultural t has shown time and again to be a truer indicator of success than skill alone.