Kristian Engkjær Sørensen
Chairman
CC (Indonesia) 2 ApS
CVR-nr. 26 32 58 38
Nybrogade 12
DK-1203 København K
Annual Report for 2024
The Annual Report was presented and adopted at the Annual
General Meeting of the Company on 30 June 2025
Contents
Page
Management's Statement and Auditor's Report
Management's Statement on the Annual Report 1
Independent Auditor’s Report 2
Management's Review
Company Information 5
Management's Review 6
Financial Statements
Accounting Policies 7
Income Statement 1 January 2024 - 31 December 2024 11
Balance sheet 31 December 2024 12
Statement of Changes in Equity 14
Notes to the Annual Report 15
Executive Board
Ole Meier Sørensen
Board of Directors
Ole Meier Sørensen John Patrick Ching Simon John Owens
(Chairman)
We recommend that the Annual Report be adopted at the Annual General Meeting.
Copenhagen, 30 June 2025
In our opinion, Management’s Review includes a true and fair account of the matters addressed in the review.
Management’s Statement on the Annual Report
The Executive Board and the Board of Directors have today considered and adopted the Annual Report of CC
(Indonesia) 2 ApS for the period 1 January - 31 December 2024.
In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2024 of the
Company and of the results of the Company operations for 2024.
The Annual Report is prepared in accordance with the Danish Financial Statements Act.
1
Opinion
Basis for Opinion
Statement on Management’s Review
Independent Auditor’s Report
In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31
December 2024, and of the results of the Company’s operations for the financial year 1 January - 31 December 2024
in accordance with the Danish Financial Statements Act.
We have audited the Financial Statements of CC (Indonesia) 2 ApS for the financial year 1 January - 31 December
2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary
of significant accounting policies (“the Financial Statements”).
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’ International 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 the IESBA Code. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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, in our view, 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 in Management’s Review.
To the Shareholder of CC (Indonesia) 2 ApS
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.
2
Management’s Responsibilities for the Financial Statements
Auditor’s Responsibilities for the Audit of 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 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.
Independent Auditor’s Report
Obtain an understanding of internal control relevant to the audit in order to design audit procedures 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.
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.
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.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we
exercise professional judgment and maintain professional skepticism throughout the audit. We also:
3
•
•
•
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR-nr. 33 77 12 31
Kim Danstrup Daniel Sitch
State Authorised Public Accountant State Authorised Public Accountant
mne32201 mne47889
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.
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.
Copenhagen, 30 June 2025
Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial
information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are
responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for
our audit opinion.
Independent Auditor’s Report
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.
4
Company CC (Indonesia) 2 ApS
Nybrogade 12
DK-1203 København K
CVR -no. 26 32 58 38
Financial period: 1 January - 31 December
Incorporated: 8 November 2001
Financial year: 23rd financial year
Municipality of reg. office: Copenhagen
Board of Directors Ole Meier Sørensen
John Patrick Ching
Simon John Owens
Executive Board Ole Meier Sørensen
Lawyers Accura Advokatpartnerselskab
Alexandriagade 8
DK-2150 Copenhagen
Auditors PricewaterhouseCoopers
Statsautoriseret revisionspartnerselskab
Strandvejen 44
DK-2900 Hellerup
Bankers Citibank
Vesterbrogade 1 L
DK-1620 København
Company Information
5
The financial position at 31 December 2024 of the Company and the results of the activities of the Company for the
financial year for 2024 have not been affected by any significant events.
Significant Events
Management’s Review
Main Activity
The Company’s main activities are worldwide to grant and obtain loans within the group, to invest group funds, to act
as holding company for investments in other group companies and to provide services to other group companies.
Development in activities and financial circumstances
The profit for 2024 amounted to DKK 30,505k after tax which is an decrease of DKK 29,514k compared to 2023.
Profit before tax amounts to 33,402k and is not in line with expectations and Management considered as
unsatisfactory. The investment in PT Chevron Pacific Indonesia amounts to DKK 1,414,647k per 31 December 2024.
Subsequent Events
There have been no significant events affecting the Company subsequent to the year end.
6
Accounting Policies
Basis of preparation
The accounting policies applied remain unchanged from last years.
The Annual Report for 2024 is presented in DKK 1,000.
Recognition and measurement
Revenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets and
liabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to achieve the
earnings for the year are recognized in the income statement, including depreciation, amortization, impairment losses
and provisions as well as reversals due to changed accounting estimates of amounts previously recognized in the
income statement.
The Annual Report of CC (Indonesia) 2 ApS for 2024 has been prepared in accordance with the provisions of the
Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to
reporting class C.
Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for
each item below.
Recognition and measurement take into account predictable losses and risks occurring before the presentation of the
Annual Report which confirm to invalidate affairs and conditions existing at the balance sheet date.
Consolidated Financial Statements
In accordance with Danish Financial Statements Act section 112(2), a consolidated Financial Statements has not been
prepared. The Annual Report of CC (Indonesia) 2 ApS is included in the Consolidated Financial Statements of
Chevron Corporation, USA.
Chevron Corporation 1400 Smith Street, Houston, TX 77002, USA
The Consolidated Financial Statements may be obtained at the following address:
Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset
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 out of the
Company, and the value of the liability can be measured reliably.
7
Accounting Policies
Income from investments in associates
The item "Income from investments in associates" in the income statement includes the proportionate share of the
profit after tax less goodwill amortization.
Retained withholding tax on dividend from foreign associates is recognized under "Tax on profit/loss for the year".
Financial income and expenses
Financial income and expenses comprise interests and realized and unrealized exchange adjustments.
Other external expenses comprise expenses for administration, Management, office premises as well as office
expenses, etc.
Translation policies
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences
arising due to differences between the transaction date rates and the rates at the dates of payment are recognized in
financial income and expenses in the income statement.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet
date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the
balance sheet date and the transaction date rates are recognized in financial income and expenses in the income
statement.
Income statement
Income statements of foreign subsidiaries that are separate legal entities are translated at transaction date rates or
approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet
date.
Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the
translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.
Basis of preparation (continued)
Other external expenses
8
Accounting Policies
Balance sheet
Basis of preparation (continued)
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for
the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly
in equity.
Receivables are measured in the balance sheet at the lower of amortized cost and net realizable value, which
corresponds to nominal value less provisions for bad debts.
Receivables
Prepayments
Current tax is calculated on the basis of the tax rate in force for the year.
Any changes in deferred tax due to changes to tax rates are recognised in the income statement.
The tax effect of the joint taxation is allocated to enterprises showing profits or losses in proportion to their taxable
incomes (full allocation with credit for tax losses). The jointly taxed enterprises have adopted the on-account taxation
scheme.
Investment in associates
Investments in associates are recognized and measured under the equity method.
The item "Investments in associates" in the balance sheet include the proportionate ownership share of the net asset
value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with
deduction or addition of unrealized intercompany profits or losses and with addition of any remaining value of positive
differences (goodwill) and deduction of any remaining value of negative differences (negative goodwill). Positive
differences are amortized in proportion to the oil production for the year of the associates stated in proportion to the oil
reserves stated at the time of acquisition of the associates.
The total net revaluation of investments in associates is transferred upon distribution of profit to "Reserve for net
revaluation under the equity method" under equity. The reserve is reduced by dividend distributed to the Parent
Company and adjusted for other equity movements in associates.
Associates with a negative net asset value are recognized at DKK 0. Any legal or constructive obligation of the Parent
Company to cover the negative balance of the enterprise is recognized in provisions.
Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.
9
Accounting Policies
Dividend equalisation fund is formed as per shareholder's discretion for potential dividend payments of the Company.
Dividend equalisation fund
Other debt is measured at amortized cost which substantially corresponds to nominal value.
Dividend distribution proposed by Management for the year is disclosed as a separate equity item.
Current tax receivables and liabilities are recognized in the balance sheet at the amount calculated on the basis of the
expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities
are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.
Dividend
Deferred tax is recognized in respect of all temporary differences between the carrying amount and the tax base of
assets and liabilities. However, deferred tax is not recognized in respect of temporary differences concerning goodwill
not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have
arisen at the time of acquisition without affecting the profit for the year or the taxable income.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the
balance sheet date when the deferred tax is expected to be triggered as current tax.
Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is
expected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.
Deferred tax assets and liabilities
Current tax receivables and liabilities
Equity
Deferred tax assets and liabilities are offset within the same legal tax entity.
Balance sheet (continued)
Current liabilities
10
Note 2024 2023
DKK 1,000 DKK 1,000
1
20,027
39,641
Other external expenses (3,095) (5,992)
Profit/loss before financial income and expenses
16,932
33,649
Financial income
2
68,650
45,597
Financial expenses
3
(52,180) (18,880)
Profit/loss before tax
33,402
60,366
Tax on profit/loss for the year 4 (2,897) (347)
Net profit/loss for the year
30,505
60,019
Distribution of profit
Amount available for distribution:
Retained earnings from prior year
1,003,943
988,218
Reserve for net revaluation under the equity method
68,102 (44,294)
Net profit/loss for the year
30,505
60,019
Available for distribution
1,102,550
1,003,943
Porposed distribution of profit
Dividend equalisation fund 14,915
14,915
Retained earnings
1,087,635
989,028
1,102,550
1,003,943
Income Statement for the period 1 January 2024 - 31 December 2024
11
Note 2024 2023
DKK 1,000 DKK 1,000
Investments in associates 5 1,414,647
1,326,673
Fixed asset investments
1,414,647
1,326,673
Fixed assets
1,414,647
1,326,673
Receivables from group enterprises 6 575,008
542,952
Prepayments 58
54
Receivables
575,066
543,006
Cash and Cash equivalents
51,112
24,716
Current assets
626,178
567,722
Assets
2,040,825
1,894,395
Balance Sheet 31 December 2024
Assets
12
Note 2024 2023
DKK 1,000 DKK 1,000
Share capital 7 236
236
Dividend equalisation fund 14,915
14,915
Retained earnings 1,087,635
989,028
Equity
1,102,786
1,004,179
Trade payables 221
1,353
Payables to group enterprises 937,818
888,863
Short-term debt
938,039
890,216
Debt
938,039
890,216
Liabilities and equity
2,040,825
1,894,395
Contingent liabilities
8
Related parties and ownership
9
Consolidated Financial Statements
10
Subsequent Events
11
Balance Sheet 31 December 2024
Liabilities and equity
13
Statement of Changes in Equity
Share capital
Dividend
equalisation
fund
Reserve under
equity method
Retained
earnings
Total
DKK 1,000 DKK 1,000 DKK 1,000 DKK 1,000 DKK 1,000
Equity at 1 January 2024
236 14,915 - 989,028
1,004,179
Exchange rate adjustment
concerning independent foreign
entities
- - 68,102 -
68,102
Net profit/loss for the year
- - (68,102) 98,607
30,505
Equity at 31 December 2024
236 14,915 - 1,087,635
1,102,786
We refer to note 5 in the Financial Statement for a description of the development regarding the investment in PT
Chevron Pacific Indonesia.
14
Notes to the Financial Statements
2024 2023
DKK 1,000 DKK 1,000
1
Share in profit in associates
20,027
39,641
20,027
39,641
2
Financial income
Exchange adjustments
34,303
29,827
Interest income, group enterprises
1,610
691
Interest on loans, group enterprises
32,737
15,079
68,650
45,597
3
Exchange adjustments
(52,180) (18,880)
(52,180)
(18,880)
4
Current tax for the year
(2,742) (213)
Withholding tax
(155) (134)
(2,897)
(347)
Income from investments in associates
Financial expenses
Tax on profit/loss for the year
15
Notes to the Financial Statements
2024 2023
DKK 1,000 DKK 1,000
5
Investments in associates
Cost at 1 January 8,057,355
8,057,355
Cost at 31 December
8,057,355
8,057,355
Value adjustments at 1 January (6,730,682) (6,725,895)
Exchange adjustments at year-end exchange rate
68,102 (44,294)
Shares of profit/loss of the year 20,027
39,641
Withholding tax (155) (134)
Value adjustments at 31 December (6,642,708) (6,730,682)
Carrying amount
1,414,647
1,326,673
Name and Registered office
Share capital
Voting and
ownership
IDR 1,000
PT Chevron Pacific Indonesia, Jakarta, Indonesia
5,086,144,000
50%
6
7
Share capital
The investment in PT Chevron Pacific Indonesia amounts to DKK 1,414,647k per 31 December 2024.
The share capital, DKK 236,200 consists of 1,130 shares of a nominal value of DKK 209.03 or multiples hereof.
No shares carry any special rights.
The receivables from group entities include an amount of DKK 575,007,840 (2023: 542,952,495). This amount
pertains to an intercompany loan with Chevron Finance Holdings Ltd. The loan matures on 29 August 2025.
Receivables from group enterprises
16
Notes to the Financial Statements
8
Contingent liabilities
9
Related parties and ownership
Controlling interest
Chevron Singapore Overseas Holdings Pte. Ltd. 100% Controlling shareholder
3 Fraser Street
DUO Tower, 189352
Singapore
Chevron Corporation Ultimate controlling shareholder
1400 Smith Street
Houston, TX 77002
United States
Ownership
The following are recorded in the Company's register of holding 100 % of the capital:
Chevron Singapore Overseas Holdings Pte. Ltd.
3 Fraser Street
DUO Tower, 189352
Singapore
Basis
The Group's Danish companies are jointly and severally liable for tax on the Group's taxable income, etc.
According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable
for income taxes etc. for the jointly taxed companies and also for obligations, if any, relating to the withholding
of tax an interest, royalties and dividends for these companies.
17
Notes to the Financial Statements
10 Consolidated Financial Statements
Name Place of registered office
Chevron Corporation 1400 Smith Street
Houston, TX 77002, USA
11 Subsequent Events
There have been no significant events affecting the Company subsequent to the year end.
The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group
and can be requested on below mentioned address:
18
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-01-012024-12-312023-01-012023-12-312025-06-30Reporting class B2001-11-082025-06-3021243434Citco (Denmark) ApSNybrogade 121203 København KOpinionBasis for Opinion2025-06-3033771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen442900Hellerup263258382024-01-012024-12-31263258382024-01-012024-12-312263258382023-01-012023-12-31263258382024-12-31263258382023-12-31263258382023-12-31fsa:ContributedCapitalMember263258382024-01-012024-12-31fsa:ContributedCapitalMember263258382024-12-31fsa:ContributedCapitalMember263258382023-12-31fsa:ProposedDividendRecognisedInEquityMember263258382024-01-012024-12-31fsa:ProposedDividendRecognisedInEquityMember263258382024-12-31fsa:ProposedDividendRecognisedInEquityMember263258382023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember263258382024-01-012024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember263258382024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember263258382023-12-31fsa:RetainedEarningsMember263258382024-01-012024-12-31fsa:RetainedEarningsMember263258382024-12-31fsa:RetainedEarningsMember263258382024-01-012024-12-311263258382024-01-012024-12-311263258382024-01-012024-12-312263258382024-01-012024-12-313263258382024-01-012024-12-311iso4217:DKKxbrli:pure