xbrli:pureiso4217:DKK100312652023-01-012023-12-31cmn:ConsolidatedMember100312652023-01-012023-12-311cmn:ConsolidatedMember100312652023-01-012023-12-31fsa:LiquidationAccountMembercmn:ConsolidatedMember100312652023-01-012023-12-311cmn:ConsolidatedMember100312652023-01-012023-12-312cmn:ConsolidatedMember100312652023-01-012023-12-31100312652022-01-012022-12-31cmn:ConsolidatedMember100312652023-01-012023-12-31100312652022-01-012022-12-31100312652023-01-012023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMembercmn:ConsolidatedMember100312652023-01-012023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember100312652023-01-012023-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember100312652023-01-012023-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember100312652023-01-012023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember100312652023-01-012023-12-31fsa:RetainedEarningsMember100312652023-12-31cmn:ConsolidatedMember100312652022-12-31cmn:ConsolidatedMember100312652023-12-31100312652022-12-31100312652023-01-01cmn:ConsolidatedMember100312652022-01-01cmn:ConsolidatedMember100312652023-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember100312652023-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMembercmn:ConsolidatedMember100312652023-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember100312652023-01-01fsa:EquityAttributableToParentMembercmn:ConsolidatedMember100312652023-01-01fsa:MinorityInterestsMembercmn:ConsolidatedMember100312652023-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember100312652023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMembercmn:ConsolidatedMember100312652023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember100312652023-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember100312652023-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember100312652023-01-01fsa:ContributedCapitalMember100312652023-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember100312652023-01-01fsa:RetainedEarningsMember100312652023-01-01100312652023-12-31fsa:ContributedCapitalMember100312652023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember100312652023-12-31fsa:RetainedEarningsMember100312652023-01-012023-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember100312652023-01-012023-12-31fsa:ContributedCapitalMember100312652023-01-012023-12-311cmn:ConsolidatedMember100312652022-01-012022-12-311cmn:ConsolidatedMember100312652023-01-012023-12-311cmn:ConsolidatedMember100312652023-01-012023-12-313cmn:ConsolidatedMember100312652022-01-012022-12-311cmn:ConsolidatedMember100312652022-01-012022-12-313cmn:ConsolidatedMember100312652023-01-012023-12-311cmn:ConsolidatedMember100312652022-01-012022-12-311cmn:ConsolidatedMember100312652023-01-012023-12-31fsa:OtherShorttermPayablesMembercmn:ConsolidatedMember100312652023-01-012023-12-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion33963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed2022-12-312022-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2023-12-312023-01-01Clausen Engineering ApS10031265ÅrsrapportKøbenhavn S23006WeidekampsgadeCopenhagenCopenhagen14112<br /><br />3Langebrogade0The Executive Board has today considered and approved the annual report of Clausen Engineering ApS for the financial year 01.01.2023 - 31.12.2023. The annual report is presented in accordance with the Danish Financial Statements Act.In my opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2023 - 31.12.2023.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.I recommend the annual report for adoption at the Annual General Meeting.Copenhagen2024-05-02Tais ClausenTo the shareholder of Clausen Engineering ApSWe have audited the consolidated financial statements and the parent financial statements of Clausen Engineering ApS for the financial year 01.01.2023 - 31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2023 - 31.12.2023 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical 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.Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent financial statements.
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:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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.
<br />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 Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />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.
Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.Copenhagen2024-05-02Thomas Rosquist AndersenKasper Ørtoftmne31482mne49073State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'0002019
DKK'000Key figuresRevenue6130000Gross profit/loss(19,644)(7,811)(1,884)(1,537)(1,418)Operating profit/loss(28,754)(12,175)(3,993)(3,111)(2,462)Net financials236,138(69,304)147,17742,27390,871Profit/loss for the year518,979328,2223,057,815113,130120,801Balance sheet total4,475,0923,916,9843,879,9171,075,134969,7820Investments in property, plant and equipment1,679234,699000Equity4,284,0433,763,4473,512,8471,072,909967,574Equity excl. minority interests4,278,6963,763,4473,512,8471,072,909967,574Cash flows from operating activities(39,499)2,317,190(614,239)00Cash flows from investing activities(544,771)(579,865)000Cash flows from financing activities3,842(75,000)000RatiosReturn on equity (%)12.917.42133.3611.0913.35Equity ratio (%)95.6696.0890.5499.7999.77Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year excl. minority interests * 100
Average equity excl. minority interestsOptional ratio (%):Equity excl. minority interests * 100
Balance sheet totalPrimary activitiesThe company's main activity is to hold equity shares in group & associated companies, as well as to own and manage other investments.Development in activities and financesThe income statement for the period 01.01.23 - 31.12.23 shows a profit of DKKt 518,979 compared to DKKt 328,222 for the period 01.01.22 - 31.12.22. The balance sheet shows equity of DKKt 4,284,043.
The management considers the year's result satisfactory. Profit/loss for the year in relation to expected developmentsThe company's result shows a profit of DKK 518,979 mainly due to income from equity shares in associated companies, realised profit and fair value adjustments in listed and unlisted investments.
The result is in line with expectations and is considered satisfactory.Uncertainty relating to recognition and measurementThere is uncertainty regarding the recognition and measurement of other securities and equity shares, which are measured at fair value. Please refer to the accounting policies for a description of recognition and measurement.OutlookThe company expects a positive profit before tax at the same level as the current financial year. The company has
significant investments in listed and unlisted securities, and therefore the expectations for the company's financial performance in 2024 will be affected around 8-12% of equity even though we expect
financial markets to be as volatile or worse than 2022-2023, contrary to the current market consensus.
The overall expectations are therefore affected by uncertainties and risks beyond the company's control, which may significantly affect the result compared to expectations.
Use of financial instrumentsAs a consequence of its investments, the company is generally exposed to financial risks, primarily share price
exposure, interest rate risks and currency risks. The company also uses financial instruments to obtain exposure
towards different asset classes. It is an integral part of the companys business model to
assume financial risks in its investments, and limits for and monitoring of such limits form part of the company's
portfolio and risk models.
Knowledge resourcesThe company's employees are a key resource for the company. As part of the overall business strategy, key employees will be hired in the coming financial year to continuously develop and ensure a strong work environment and job satisfaction.Statutory report on corporate social responsibilityThe Business model of Clausen Engineering ApS invest in passive financial investments in listed and unlisted securities and equity shares, as well as lending to related parties.
Information of significant risks related to social responsibility
The company's significant risks related to environmental and climate impact, social conditions, personnel matters, and respect for human rights, as well as combating corruption and bribery, are considered to be extremely limited.
The assessment has included an analysis of selected areas to identify the potential negative impact of risks on daily operations. The identified risks are reported in connection with the following review of policies and activities
for each area where it is deemed relevant and proportional.
Policy and activities
Given the business model's focus on passive financial investments and the company's extremely limited organization and operational activities, the management has assessed that the company's risks related to environmental and climate impact, social conditions, personnel matters, and respect for human rights, as well as combating corruption and bribery, are insignificant.
On that basis, the company has not found it necessary to establish policies for social responsibility in the mentioned areas.
Statutory report on the underrepresented genderThe company has fewer than 50 employees and is therefore exempt from the obligation to establish targets and report on a policy to achieve them.The company has fewer than 50 employees and is therefore exempt from the obligation to establish targets and report on a policy to achieve them.Statutory report on data ethics policyClausen Engineering ApS is an investment company with passive financial investments in listed and unlisted securities and equity shares, as well as lending to related parties. Therefore, the company only processes data to a very limited extent, and data is not made available to third parties.
On that basis, Clausen Engineering ApS has not found a basis for developing an actual data ethics policy. The company complies with applicable legislation for the processing of personal data and does not process sensitive personal data, except for employee and owner data.
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 61300003210000199360007811000125930007770000-19644000-7811000-12593000-77700008758000422800037250004228000352000136000352000136000-28754000-12175000-16670000-121340003714620003621750003765560003621750000300780000317850000-58230000-582300034109800012536200013556000125044000590460000459140001888430001282000019052900057884600031077400051385400031071800058808000-17448000-3620000-17504000105900005189790003282220003765560001409180005174740001505000517474000328222000529788000-123140001325000133700011600001337000300003900030000390002340740002331870002340740002331870002354290002345630002352640002345630006695430005958010006355900005958010008350000011072500001107250004012340002066480004260000206648000828000782000828000782000115510500091395600039933220009191560001390534000114851900042285860001153719000940000276740001447600027470000161830005793000023259000200200001794900020020000179490005694000331000275000293000065280002688200065280003890000389000011180100062543000790550001729363000168217100083490800013787000833201000168217100083490800013787000833201000129058600018710140001871014000208689000116210000200606000308455800027684650002090520002763170000447509200039169840004437638000391688900012500012500012500012500055657200048611100071126400048631100037219990003277211000356730700032770110004278696000376344700053470000428404300037634470001250004261250003278918000370516800001250005565720003721999000427869600053470003705168000427869600037634470001250004263250003278718000370516800012500071126400035673070003036000056000160689000153481000158942000153442000191049000153537000158942000153442000191049000153537000158942000153442000447509200039169840004437638000391688900059986000-17070005827900005827900059986000-1707000582790000647800006478000064780000647800006478000-6760000-1943000-87030003842000-4861000-5500000-3203000-8703000-305813000305813000000-3058130003058130000352000136000-590250002226310000Minority owners share of operating profit/loss 15040000-859230002214271000106754000122664000-35224000-12687000-25106000-7058000-394990002317190000-1218000-1512000305813000109058000Investments in associatesInvestments in other investments-10292000-29646000-7937000-61096000-831137000-596669000-544771000-579865000-58427000017373250000-75000000Capital increase from minority owners384200003842000-75000000-5804280001662325000129058600018710140001 Revenue2023
DKK'000Denmark613Total revenue by geographical market6132 Fees to the auditor appointed by the Annual General Meeting2023
DKK'0002022
DKK'000Statutory audit services295118Other assurance engagements1100Tax services155141Other services195657553243 Staff costs2023
DKK'0002022
DKK'000Wages and salaries7,6674,133Pension costs8070Other social security costs3612Other staff costs248838,7584,228Average number of full-time employees83Pursuant the the Danish Financial Statements Act § 98b, subsection 3, no information has been provided about the total remuneration to the executive board.1 Staff costs2023
DKK'0002022
DKK'000Wages and salaries3,4244,127Pension costs570Other social security costs3118Other staff costs213833,7254,228Average number of full-time employees44Pursuant the the Danish Financial Statements Act § 98b, subsection 3, no information has been provided about the total remuneration to the executive board.83444 Depreciation, amortisation and impairment losses2023
DKK'0002022
DKK'000Depreciation on property, plant and equipment3521363521362 Depreciation, amortisation and impairment losses2023
DKK'0002022
DKK'000Depreciation on property, plant and equipment3521363521365 Other financial income2023
DKK'0002022
DKK'000Financial income from associates2,121642Financial income from participating interests1,6961,737Other interest income73,31118,676Exchange rate adjustments1,96585,326Fair value adjustments233,3130Interest income from tax paid on account160Other financial income28,67618,981341,098125,3623 Other financial income2023
DKK'0002022
DKK'000Financial income from group enterprises2520Financial income from associates1,864642Financial income from participating interests01,737Other interest income9,96418,358Exchange rate adjustments1,26285,326Interest income from tax paid on account160Other financial income19818,98113,556125,0446 Other financial expenses2023
DKK'0002022
DKK'000Financial expenses from participating interests05,000Other interest expenses20Exchange rate adjustments33,59410,037Other financial expenses12,318173,80645,914188,8432023
DKK'0002022
DKK'000Financial expenses from participating interests05,000Other interest expenses20Exchange rate adjustments33,59410,037Other financial expenses12,318173,80645,914188,843<br />4 Other financial expenses2023
DKK'0002022
DKK'000Financial expenses from participating interests05,000Other interest expenses22,879Exchange rate adjustments1,87611,744Other financial expenses10,942170,90612,820190,529<br />2023
DKK'0002022
DKK'000Financial expenses from participating interests05,000Other interest expenses22,879Exchange rate adjustments1,87611,744Other financial expenses10,942170,90612,820190,5297 Tax on profit/loss for the year2023
DKK'0002022
DKK'000Current tax58,869534Change in deferred tax(739)(17,982)Adjustment concerning previous years678058,808(17,448)5 Tax on profit/loss for the year2023
DKK'0002022
DKK'000Current tax(3,559)478Change in deferred tax(739)(17,982)Adjustment concerning previous years6780(3,620)(17,504)8 Proposed distribution of profit/loss2023
DKK'0002022
DKK'000Retained earnings518,979328,222518,979328,2226 Proposed distribution of profit and loss2023
DKK'0002022
DKK'000Retained earnings517,474328,222517,474328,2225189790003282220005174740003282220009 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Prepayments for property, plant and equipment
DKK'000Cost beginning of year1,46943232,726Additions33101,348Cost end of year1,80043234,074Depreciation and impairment losses beginning of year(132)(4)0Depreciation for the year(343)(9)0Depreciation and impairment losses end of year(475)(13)0Carrying amount end of year1,32530234,0747 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Prepayments for property, plant and equipment
DKK'000Cost beginning of year1,46943232,726Additions16601,348Cost end of year1,63543234,074Depreciation and impairment losses beginning of year(132)(4)0Depreciation for the year(343)(9)0Depreciation and impairment losses end of year(475)(13)0Carrying amount end of year1,16030234,07410 Financial assetsInvestments in associates
DKK'000Investments in participating interests
DKK'000Other investments
DKK'000Deposits
DKK'000Cost beginning of year107,675110,725197,250782Additions6,8457,937226,58559Disposals000(13)Cost end of year114,520118,662423,835828Revaluations beginning of year486,11109,3980Exchange rate adjustments6,478000Adjustments on equity(9,963)000Amortisation of goodwill(25,259)000Share of profit/loss for the year401,815000Dividend(305,813)000Fair value adjustments3,20301,2830Reversal regarding disposals00(9,398)0Revaluations end of year556,57201,2830Impairment losses beginning of year2,015000Share of profit/loss for the year(5,094)000Impairment losses for the year0(35,162)(23,884)0Investments with negative equity value depreciated over receivables 1,530000Impairment losses end of year(1,549)(35,162)(23,884)0Carrying amount end of year669,54383,500401,234828
Key assumptions
Other investments consist primarly of investments in unlisted shares and investments through alternative investment funds and considered illiquid in the short term.
Other investments through mutual funds are based on valuations of net asset value provided by external portfolio managers. Management and Clausen Engineering ApS are continually monitoring the external portfolio managers and evaluating valuations.
Investments in participating companies is measured at cost and impaired to the valution of latest capital round of the companies, which management considers to be independent third party assessment of the companies.
AssociatesRegistered inOwnership
%3Shape Holding A/SCogenhagen40.03Glaecier ApSCopenhagen50.00Newton ApSCopenhagen50.00Newton 2 ApSCopenhagen50.00Investments in participating interestsRegistered inRide Awake ABStockholm8 Financial assetsInvestments in group enterprises
DKK'000Investments in associates
DKK'000Investments in participating interests
DKK'000Other investments
DKK'000Deposits
DKK'000Cost beginning of year5,000107,675110,725197,250782Additions3,192,9522,44401,26059Disposals0(34,646)(110,725)(194,250)(13)Cost end of year3,197,95275,47304,260828Revaluations beginning of year200486,11109,3980Exchange rate adjustments06,478000Adjustments on equity1,239(9,963)000Amortisation of goodwill0(25,259)000Share of profit/loss for the year153,253401,815000Dividend0(305,813)000Reversal regarding disposals03,2030(9,398)0Revaluations end of year154,692556,572000Impairment losses beginning of year02,015000Investments with negative equity value depreciated over receivables 01,530000Impairment losses end of year03,545000Carrying amount end of year3,352,644635,59004,260828A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Investments in
associatesRegistered inCorporate
formOwnership
%3Shape Holding A/SCopenhagenA/S40.03Glaecier ApSCopenhagenApS50.00Newton 2 ApSCopenhagenApS50.0011 Deferred tax2023
DKK'0002022
DKK'000Tax losses carried forward20,02017,949Deferred tax20,02017,949
Changes during the year2023
DKK'0002022
DKK'000Beginning of year17,9490Recognised in the income statement2,07117,949End of year20,02017,949Deferred tax assetsDeferred tax assets is tax loss carried forward and can be utilised in the joint taxation.9 Deferred tax2023
DKK'0002022
DKK'000Tax losses carried forward20,02017,949Deferred tax20,02017,949
Changes during the year2023
DKK'0002022
DKK'000Beginning of year17,9490Recognised in the income statement2,07117,949End of year20,02017,949Deferred tax assetsDeferred tax assets is tax loss carried forward and can be utilised in the joint taxation.12 PrepaymentsPrepayments consist of prepaid expenses.10 PrepaymentsPrepayments consist of prepaid expenses.13 Other payables2023
DKK'0002022
DKK'000VAT and duties550Wages and salaries, personal income taxes, social security costs, etc. payable783440Other costs payable159,851153,041160,689153,48111 Other payables2023
DKK'0002022
DKK'000Wages and salaries, personal income taxes, social security costs, etc. payable187440Other costs payable158,755153,002158,942153,44214 Changes in working capital2023
DKK'0002022
DKK'000Increase/decrease in receivables(55,291)2,448,729Increase/decrease in trade payables etc.(3,734)(222,419)(59,025)2,226,31015
Fair value informationListed other investments
DKK'000Unlisted other investments
DKK'000Fair value end of year 1,668,384193,314Unrealised fair value
adjustments recognised in
the income statement
230,7471,28312
Fair value informationListed other investements
DKK'000Fair value end of year13,787Unrealised fair value
adjustments recognised in
the income statement75216 Unrecognised rental and lease commitments2023
DKK'0002022
DKK'000Total liabilities under rental or lease agreements until maturity 2,0783,41213 Unrecognised rental and lease commitments2023
DKK'0002022
DKK'000Total liabilities under rental or lease agreements until maturity 2,0783,41217 Contingent liabilitiesThe company has entered into investments contract which commits the company to invest in funds where the total commitment of DKK 856,098 thousand, as of 31 December 2023, a toal of DKK 186,331 thousand has been invested. The remaining commitment amounts to DKK 669,767 thousand as of 31 December 2023.14 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint
taxation arrangement. 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 also for obligations, if any, relating to
the withholding of tax on interest, royalties and
dividends for these entities.18 Assets charged and collateralThe Company has provided liquidity commitments to secure the future operations of associated companies. The liquidity commitments which expire at the end of 2024.15 Assets charged and collateralThe Company has provided liquidity commitments to secure the future operations of affiliated- and associated companies. The liquidity commitments which expire at the end of 2024.19 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.17 Transactions with related partiesAll transactions with related parties have been conducted on an arm's lenght basis.20 SubsidiariesRegistered inCorporate
formOwnership
%Sagitta Investments ApSCopenhagenApS99.97Sagitta Ventures ApSCopenhagenApS100.003A Entreprise ApSCopenhagenApS100.00153232000200000335264400052000004019000166515100002325900016 Related parties with controlling interestTais Clausen, Copenhagen owns all shares in the Entity, thus exercising control. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (large).Changes in accounting policiesThe Group and the Parent have changed their accounting policies with regard to recognition of investements in participating interests, which in the financial year is changed from using the equity method, to cost.
For the Group, the change in accounting policies has led to an increase in investements in participating interests and equity of DKK 59,986 thousands and DKK 59.986 thousands, respectively. Consequently, for the Group, the total effect of the change in accounting policies is an increase in this year’s pre-tax profit by DKK 59,986 thousands. For the Group, the change has no impact on tax for the year. The Group’s balance sheet total increases by DKK 59,986 thousands, while its equity increases by DKK 59,986 thousands at 31.12.2023.
For the Parent, the change in accounting policies has led to an increase in investements in participating interests and equity of DKK 59,986 thousands and DKK 59,986 thousands, respectively. Consequently, for the Parent, the total effect of the change in accounting policies is an increase in this year’s pre-tax profit by DKK 59,986 thousands. For the Parent, the change has no impact on tax for the year. The Parent’s balance sheet total increases by DKK 59,986 thousands, while its equity increases by DKK 59,986 thousands at 31.12.2023.
The comparative figures have been restated following the change in accounting policies.
Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistently with last year.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) 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.<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent 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 shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.RevenueRevenue from the sale of services is recognised
in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
<br />Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual
associates’
profit/loss after pro rata elimination of intra-group profits or losses.
<br />Income from investments in participating interestsIncome from investments in participating interests comprises dividends etc. received from the individual participating interests in the financial year.Income from other fixed asset investments Income from other fixed asset investments comprises gains in the form of interest, dividends, etc. on fixed
asset investments which are not investments in group enterprises or associates.Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Impairment losses on financial assetsImpairment losses on financial assets comprises impairment losses on financial assets which are not measured
at fair value on a current basis.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).Other taxesThe item includes tax amounts calculated on a basis other than income for the year, which are not refunded
to the Entity.Property, plant and equipmentOther fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses. Land is not depreciated.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment5Leasehold improvements5For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
Investments in associatesInvestments in associates are recognised and measured according to the equity method. This
means that investments are measured at the pro rata share of the associates’ equity value plus unamortised
goodwill and plus or minus unrealised pro rata intra-group profits and losses. Reference is made to the above section on
business combinations for more details about the accounting policies applied to acquisitions of investments in
associates.
Associates with negative equity value are measured at DKK 0. Any receivables from these associates are
written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive
obligation to cover the liabilities of the relevant associate, and it is probable that such obligation will involve
a loss, a provision is recognised that is measured at present value of the costs necessary to settle the
obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in associates is transferred to the reserve for
net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For goodwill it has not been
possible to estimate useful life reliably, for which reason such useful life has been set at 10 years.
Investments in associates are written down to the lower of recoverable amount and carrying amount.
<br />Investments in participating interestsInvestments in participating interests are measured at cost. Investments are written down to the
lower of recoverable amount and carrying amount.Other investmentsOther investments comprise unlisted equity investments through mutual funds, which are measured at fair value (market price) at the balance sheet date, which is considered illiquid in the short term.
Other investments also comprise unlisted equity investments measured at the lower of cost and net realisable value.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and
temporary
differences arising at the date of acquisition that do not result from a business combination and
that do not have
any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.Other investments (current assets)Other current asset investments comprise listed securities measured at fair value (market price) at the
balance sheet date.CashCash comprises cash in hand and bank deposits.Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
2024-05-17Rikkekatrine Larsen