TITAN Containers International A/S

Litauen Alle 9, 2630 Taastrup

CVR no. 81 72 54 11

This document has esignatur Agreement-ID: 2acc8aJNgmJ250190252

Annual report for 2022

Adopted at the annual general meeting on 12 June

2023

Juliana Ingstrup
chairman
Table of contents
Page
Statements
Statement by management on the annual report 1
Independent auditor's report 2

Management´s review
Company details 5
Management's review 6

Financial statements
Income statement 1 January - 31 December 7
Balance sheet 31 December 8

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Statement of changes in equity 10
Notes 11
Accounting policies 14
 TITAN Containers International A/S

Statement by management on the annual report

The supervisory board and executive board have today discussed and approved the annual report of
TITAN Containers International A/S for the financial year 1 January - 31 December 2022.

The annual report is prepared in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the company's financial position at 31
December 2022 and of the results of the company's operations for the financial year 1 January - 31
December 2022.

In our opinion, management's review includes a fair review of the matters dealt with in the management's
review.

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Management recommends that the annual report should be approved by the company in general
meeting.

Høje Taastrup, 12 June 2023

Executive board

John Layland Barker

Supervisory board

John Layland Barker Juliana Wagner Saad Ingstrup Mette Louisa Barker

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 TITAN Containers International A/S

Independent auditor's report

To the shareholder of TITAN Containers International A/S

Opinion

We have audited the financial statements of TITAN Containers International A/S for the financial year 1
January - 31 December 2022, which comprise a summary of significant accounting policies, income
statement, balance sheet, statement of changes in equity and notes. The financial statements are
prepared under the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the company's financial position at 31
December 2022 and of the results of the company's operations for the financial year 1 January - 31
December 2022 in accordance with the Danish Financial Statements Act.

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Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional
requirements applicable in Denmark. Our responsibilities under those standards and requirements are
further described in the “Auditor's responsibilities for the audit of the financial statements” section of our
report. We are independent of the company in accordance with the International Ethics Standards Board
for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and IESBA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Management's responsibilities for the financial statements

Management is responsible for the preparation of financial statements, that give a true and fair view in
accordance with the Danish Financial Statements Act and for such internal control as management
determines is necessary to enable the preparation of the financial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting in preparing the financial statements unless management either
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

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 TITAN Containers International A/S

Independent auditor's report

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in
Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit.
We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures

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that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting in
preparing the financial statements and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the company's
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and contents of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that gives a true and fair view.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

Statement on management's review

Management is responsible for management's review.

Our opinion on the financial statements does not cover management's review, and we do not express any
form of assurance conclusion thereon.

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 TITAN Containers International A/S

Independent auditor's report

In connection with our audit of the financial statements, our responsibility is to read management's review
and, in doing so, consider whether management's review is materially inconsistent with the financial
statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether management's review provides the information
required under the Danish Financial Statements Act.

Based on the work we have performed, we conclude that management's review is in accordance with the
financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of management's review.

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Copenhagen, 12 June 2023

Mazars
Statsautoriseret Revisionpartnerselskab
CVR no. 31 06 17 41

Dennis Herholdt Rasmussen

State Authorised Public Accountant
MNE no. mne43413

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 TITAN Containers International A/S

Company details

The company TITAN Containers International A/S

Litauen Alle 9
2630 Taastrup

Telephone: 70 23 17 18

Website: www.titancontainers.com

CVR no.: 81 72 54 11

Reporting period: 1 January - 31 December 2022

Incorporated: 17 May 1976

Domicile: Høje Taastrup

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Supervisory board John Layland Barker
Juliana Wagner Saad Ingstrup
Mette Louisa Barker

Executive board John Layland Barker

Auditors Mazars
Statsautoriseret Revisionpartnerselskab
Midtermolen 1, 2.tv.
2100 København Ø

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 TITAN Containers International A/S

Management's review

Business review

The Company's aim is to drive trade and management of containers and related activity following the
board of directors. The company's activity is holding of the container fleet for administration purpose.

Financial review

The company's income statement for the year ended 31 December 2022 shows a profit of USD 125,798,
and the balance sheet at 31 December 2022 shows equity of USD 6,222,397.

The result of the company is as forecasted.

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In order to strengthen the company's capital base, the parent company decided to make a capital
contribution of DKK 6 million. The grant was granted by converting the debt to the parent company.

Significant events occurring after the end of the financial year

No events have occurred after the balance sheet date which could significantly affect the company's
financial position.

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 TITAN Containers International A/S

Income statement 1 January - 31 December

Note 2022 2021

USD USD
Gross Profit 2,672,774 1,919,549

Depreciation of property, plant and

equipment -1,056,623 -979,067
Profit/loss before net financials 1,616,151 940,482

Financial income 1 0 22,803

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Financial costs 2 -1,519,432 -1,035,273
Profit/loss before tax 96,719 -71,988

Tax on profit/loss for the year 3 459 51,767

Profit/loss for the year 96,260 -20,221

Recommended appropriation of profit/loss 96,260 -20,221

Retained earnings 96,260 -20,221

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 TITAN Containers International A/S

Balance sheet 31 December

Note 2022 2021

USD USD
ASSETS
Operating equipment 30,029,899 30,640,980
Leased operating equipment 4,484,170 5,085,564
Tangible Assets 4 34,514,069 35,726,544

Total non-current assets 34,514,069 35,726,544

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Deferred tax asset 232,776 638,499
Receivable from subsidiaries 978,641 0
Receivables 1,211,417 638,499

Cash at bank and in hand 2,648 2,346

Total current assets 1,214,065 640,845

Total assets 35,728,134 36,367,389

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Balance sheet 31 December

Note 2022 2021

USD USD
EQUITY AND LIABILITIES
Share capital 81,681 81,681
Retained earnings 6,111,178 14,918

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Equity 5 6,192,859 96,599

Banks 28,566,236 0
Lease obligations 3,568 645,575
Total non-current liabilities 6 28,569,804 645,575

Short-term part of long-term debt 6 817,096 1,006,336

Banks 0 28,310,780
Trade payables 148,375 171,311
Payables to subsidiaries 0 6,136,788
Total current liabilities 965,471 35,625,215

Total liabilities 29,535,275 36,270,790

Total equity and liabilities 35,728,134 36,367,389

Contingent liabilities 7
Mortgages and collateral 8
Related parties and ownership structure 9
 TITAN Containers International A/S

Statement of changes in equity

Share Retained
capital earnings Total
Equity at 1 January 2022 81,681 14,918 96,599
Capital contribution 6,000,000 6,000,000
Net profit/loss for the year 0 96,260 96,260
Equity at 31 December 2022 81,681 6,111,178 6,192,859

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 TITAN Containers International A/S

Notes

2022 2021
USD USD
1 FINANCIAL INCOME
Exchange gains 0 22,803
0 22,803

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2 FINANCIAL COSTS
Interest paid to group enterprises 216,681 185,661
Other financial costs 1,302,422 849,052
Exchange adjustments costs 0 560
Exchange loss 329 0
1,519,432 1,035,273

3 Tax on profit/loss for the year

Deferred tax for the year -459 -51,767
-459 -51,767

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 TITAN Containers International A/S

Notes

4 Tangible assets
Leased
Operating operating
Equipment equipment
USD USD

Cost at 1 January 36,741,161 5,729,442

Additions for the year 0 59,403
Disposals for the year -257,847 0
Transfers for the year 593,994 -593,994

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Cost at 31 December 37,077,308 5,194,851

Impairment losses and amortisation at 1

January 6,100,181 643,878
Depreciation for the year 915,648 140,974
Reversal of impairment and depreciation of
sold assets -42,591 0
Transfers for the year 74,171 -74,171
Impairment losses and amortisation at 31
December 7,047,409 710,681

Carrying amount at 31 December 30,029,899 4,484,170

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 TITAN Containers International A/S

5 EQUITY
The share capital consists of:
Nominal
value
20 A Shares of USD 163,362 3,267
480 B Shares of USD 163,362 78,414
81,681

6 LONG TERM DEBT Debt

Debt at 31 Debt
at 1
Group January December Instalment outstanding
after 5
next year years
Lease obligations 1,651,911 820,664 817,096 0
1,651,911 820,664 817,096 0

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7 Contingent liabilities
The company is jointly taxed with the other Danish companies in the TITAN Group. The Danish
companies of the Group are jointly and severally liable to tax of the Group's jointly taxed income etc. The
total payable corporate tax is shown in Barker Holding ApS' annual report, registration no. 41 01 00 37,
who is managing company in relation to the joint taxation. Furthermore, the Danish companies of the
Group are jointly and severally liable to the Danish withholding taxes in form of dividend tax, royalty tax
and interest tax. Any future corrections to corporate taxes and withholding taxes can result in a larger
amount of company's liability.

8 Mortgages and collateral

As security for bank debts, the Company has granted charges on existing and future acquisitions of
operating equipment and claims arised from sales, under the rules on company charges (floating charge)
amounted to USD'000 28.566. The carrying amount of assets comprised by the company charge is
USD'000 30.030 at 31 December 2022.

The company is surely debtor for the group enterprise bank engagements.

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 TITAN Containers International A/S

9 Related parties and ownership structure

Consolidated financial statements

The company is reflected in the group report as the parent company TITAN Containers A/S.

Controlling interest

Name and registered office of the Parent preparing consolidated financial statements for the largest
entities within the group:

Barker Holding ApS

Vis på kort Græstedvej 36, 3200 Helsinge
CVR 41010037

The share capital is ultimately owned 70 % by: Barker Holding ApS, Litauen Alle 9, Høje Taastrup

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With reference to section 98c(3) of the Danish Financial statement Act, transactions with related parties
have been conducted between the company and its fully owned subsidiaries and parent company.

Transactions

With reference to section 98c(3) of the Danish Financial statement Act, transactions with related parties
have
been conducted between the company and its fully owned subsidiaries and parent company.

Transactions with the parent company have been conducted at arms-length.

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 TITAN Containers International A/S

Accounting policies

The annual report of TITAN Containers International A/S for 2022 has been prepared in accordance with
the provisions of the Danish Financial Statements Act applying to reporting class B entities, as well as
provisions applying to reporting class C entities.

The accounting policies applied are consistent with those of last year.

The annual report for 2022 is presented in USD as the Company's most significant transactions are
settled in USD. At the balance sheet date, the DKK/USD exchange rate was 6.9722 (2020: 6.5612).

Basis of recognition and measurement

Income is recognised in the income statement as earned, including value adjustments of financial assets

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and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also
recognised in the income statement.

Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to
the company and the value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow
from the company and the value of the liability can be measured reliably.

On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and
liabilities are measured as described below for each individual accounting item.

Certain financial assets and liabilities are measured at amortised cost using the effective interest method.
Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated
amortisation of the difference between the cost and the nominal amount.

On recognition and measurement, allowance is made for predictable losses and risks which occur before
the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.

Income statement
Gross profit

In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its
revenue.

Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and other
operating income less costs of raw materials and consumables and other external expenses.

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 TITAN Containers International A/S

Accounting policies

Revenue

Revenue divided in lease and from the sale of goods and services is recognised in the income statement,
provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income
can be measured reliably and is expected to be received.

Revenue is measured at fair value of the agreed consideration excluding VAT and taxes charged on
behalf of third parties. Revenue is net of all types of discounts granted.

Other external expenses

Other external expenses include expenses related to administration etc.

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Financial income and expenses

Financial income and expenses are recognised in the income statement at the amounts relating to the
financial year. Net financials include interest income and expenses, financial expenses relating to finance
leases, realised and unrealised capital/exchange gains and losses on securities and foreign currency
transactions, amortisation of mortgage loans and surcharges etc.

Tax on profit/loss for the year

The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish
subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are
included in the consolidated financial statements and until the time when they withdraw from the
consolidation.

The Company is jointly taxed with Barker Holding ApS.

Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax
charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the
year and directly in equity as regards the portion that relates to entries directly in equity.

Balance sheet
Tangible assets

Items of tangible assets are measured at cost less accumulated depreciation and impairment losses.

The depreciable amount is cost less the expected residual value at the end of the useful life.

Cost comprises the purchase price and any costs directly attributable to the acquisition until the date
when the asset is available for use.

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 TITAN Containers International A/S

Accounting policies

Where individual parts of an item of equipment have different useful lives, the cost is divided into separate
parts, which are depreciated separately.

Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:

Useful life Residual value

Operating equipment 28 years 30 %

Gains and losses are stated as the difference between the selling prices less than selling costs and the
carrying amount at the date of sale.

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Gains or losses from the disposal of equipment are recognised in the income statement as other
operating income or other operating expenses.

Leases

The Company has chosen IAS 17 as interpretation for classification and recognition of leases.

Leases for items of property, plant and equipment that transfer substantially all the risks and rewards
incident to ownership to the company (finance leases) are recognised in the balance sheet as assets. On
initial recognition, assets are measured at estimated cost, corresponding to the lower of fair value of the
leased asset and the present value of the future lease payments. In calculating the net present value of
the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used
as the discount factor. Assets held under finance leases are subsequently depreciated as the company's
other non-current assets.

The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the
interest element of the lease payment is recognised in the income statement over the term of the lease.

All other leases are operating leases. Payments relating to operating leases and any other leases are
recognised in the income statement over the term of the lease. The company's total liabilities relating to
operating leases and other rent agreements are disclosed under 'Contingencies, etc.'.

Receivables

Receivables are measured at amortised cost, which usually corresponds, to nominel value. Bad debts are
written down to net realisable value.

Equity

Dividends

Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability
when declared by the annual general meeting of shareholders.

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 TITAN Containers International A/S

Accounting policies

Income tax and deferred tax

Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax
on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid
on account.

The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is
allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated
based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment
Scheme.

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Deferred tax is measured according to the liability method in respect of temporary differences between
the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use
of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.

Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the
value to which the asset is expected to be realised, either as a set-off against tax on future income or as a
set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are
measured at net realisable value.

Liabilities

Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction
costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost,
corresponding to the capitalised value, using the effective interest method. Accordingly, the difference
between the net proceeds and the nominal value is recognised in the income statement over the term of
the loan.

Financial liabilities also include the capitalised residual finance lease commitment.

Other liabilities, which include trade payables, payables to group entities and other payables, are
measured at amortised cost, which is usually equivalent to nominal value.

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 TITAN Containers International A/S

Accounting policies

Foreign currency translation

On initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction date. Foreign exchange differences arising between the exchange rates at the transaction
date and at the date of payment are recognised in the income statement as financial income or financial
expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value
adjustments are taken directly to a fair value reserve under ‘Equity’.

Receivables and payables and other monetary items denominated in foreign currencies are translated at
the exchange rates at the balance sheet date. The difference between the exchange rates at the balance
sheet date and the date at which the receivable or payable arose or was recognised in the latest financial
statements is recognised in the income statement as financial income or financial expenses.

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Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date.

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 Dette dokument er underskrevet af nedenstående parter, der med deres underskrift har bekræftet dokumentets indhold samt alle datoer i dokumentet.

This document is signed by the following parties with their signatures confirming the documents content and all dates in the document.

John Layland Barker John Layland Barker

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Mette Louise Barker Juliana Ingstrup

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Bestyrelsesmedlem Bestyrelsesmedlem
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Dennis Herholdt Rasmussen Juliana Ingstrup

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