Thorco Projects ApS

The primary activities of the Company going forward are to invest in assets such as real estate and securities, besides partial or whole acquisition of operating companies outside the shipping industry. As of this date the Company has not commenced any new activities.

No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.

The Entity participates in a Danish joint taxation arrangement where Thornico Holding A/Sserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.