37081442 2021-01-01 2021-12-31 37081442 2021-01-01 2021-12-31 1 37081442 2021-01-01 2021-12-31 2 37081442 2020-01-01 2020-12-31 37081442 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 37081442 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 37081442 2021-12-31 37081442 2020-12-31 iso4217:DKK Annual report 2022-06-15 Jakob Vallentin-Hansen MBG Nordic ApS Ved Klædebo 9 2970 Hørsholm vallentin@mbg-online.net 37081442 2021-01-01 2021-12-31 Revisionsfirmaet Erik Hultquist Blokken 13, 1 3460 Birkerød DK Danmark 15396105 1000916331 The independent auditor's report on financial statements To the shareholders of MBG Nordic ApS Opinion We have audited the Financial Statements of Company B for the financial year 1 January - 31 December 201x, which comprise income statement, balance sheet and notes, including a summary of significant accounting policies, for the Company. The Financial Statements are 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 201x and of the results of the Company’s operations for the financial year 1 January - 31 December 201x in accordance with the Danish Financial Statements Act. 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 rules and requirements. 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 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. 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 of accounting information 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: 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 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 State-ments, 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. 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. 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 Statement Act. We did not identify any material misstatement of Management’s Review. Birkerød 2022-06-15 Revisionsfirmaet Erik Hultquist 15396105 Erik Halfdan Hultquist mne453 Registreret revisor HD/CAND.MERC.AUD <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Main Activities</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">MBG Nordic ApS main activities are to sale and market MBG Global assortment in Denmark, Sweden, Norway, Finland, Iceland, Faroe Islands and Baltic Area within Alcoholic and non-Alcoholic beverages.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Development in activities and economic conditions</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">MBG Nordic ApS were establishing 1 ^st September 2015. The company activated all possible accounts in the region to be able to enlarge the sales and distribution of MBG assortment.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">MBG Global assortment availability was extremely limited only minor sales in Latvia and Finland, 2 SKU/Brands. In 2020 more than 18 SKU/Brands were activated in the sales area in combination with sales at Duty Free/Travel retail accounts in the region.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">In December 2020, a full brand and budget plan 2021 were approved by MBG Global and MBG Nordic, as from 1 ^st January 2021.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">MBG Nordic Aps sales have had a massive negative impact due to CV19, in all 2021. Most of the sales been focusing on On-Trade sector, which were closed.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">It is expected that the company continues its market expansion and distribution of MBG Global products, with focus on sales and distribution, but lower it marketing investments until supplied markets can be secure again.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Results of MBG Nordic 2021, results of kr. – 137.641. MBG Nordic consider 2021 as positive, as more than 90% of sales gone due to CV19.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Going Concern</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">To the best of MBG Holding GmbH and JV Holding ApS knowledges, MBG Nordic ApS will operate to generate positive operating results prospectively, as MBG Holding GmbH and JV Holding ApS, also in the future will provide the necessary funding, if necessary. </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Events after closing the accounts</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">There is after the end of the financial year, no events, or matters, occurred that could have material affect towards the company's financial position stated.</p> <div xmlns="http://www.w3.org/1999/xhtml"> </div> The Annual General Meeting has decided that the annual accounts for the coming financial year will not be audited. The annual report has been prepared in accordance with the regulation applying to Reporting class B. Reporting class B <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Conversion of foreign currencies</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Transactions in foreign currencies are converted on the transaction date. Exchange rate differences that</p> <p xmlns="http://www.w3.org/1999/xhtml">occur in the period between the exchange rate on the transaction date and the exchange rate on the payment</p> <p xmlns="http://www.w3.org/1999/xhtml">date are included in the profit and loss accounts as a financial entry.</p> <p xmlns="http://www.w3.org/1999/xhtml">Accounts receivable, debts and other monetary items in foreign currency that are not settled on the balance</p> <p xmlns="http://www.w3.org/1999/xhtml">sheet date, are converted at the exchange rate on the balance sheet date. The difference between the closing</p> <p xmlns="http://www.w3.org/1999/xhtml">rate and the exchange rate on the date the receivable or debt arose is recognized in the income statement</p> <p xmlns="http://www.w3.org/1999/xhtml">under financial income and costs.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>INCOME STATEMENT</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Gross profit/loss</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Gross profit/loss is recognized in the income statement as net revenue less direct costs and other external</p> <p xmlns="http://www.w3.org/1999/xhtml">costs.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Net revenue</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Net revenue from the sale of services, merchandise and finished goods are recognized in the income</p> <p xmlns="http://www.w3.org/1999/xhtml">statement, so long as the delivery and risk transfer to the buyer take place before the end of the year. Net</p> <p xmlns="http://www.w3.org/1999/xhtml">revenue is recognized excl. VAT and net of discounts relating to the sale.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Tax on the profit for the year</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Tax for the year including current annual tax and changes in deferred tax are recognised in the income</p> <p xmlns="http://www.w3.org/1999/xhtml">statement with the part recognised in the net profit for the year and directly in equity with the part</p> <p xmlns="http://www.w3.org/1999/xhtml">recognised in items directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>BALANCE SHEET</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Accounts receivable</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Accounts receivable are measured at amortised cost price, which usually corresponds to nominal value.</p> <p xmlns="http://www.w3.org/1999/xhtml">The value is reduced with writedowns to counter expected losses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Equity</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">The proposed yield for the financial year is shown as a separate item under equity. Yield is included as a</p> <p xmlns="http://www.w3.org/1999/xhtml">debt liability at the time of approval by the AGM.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Corporation tax and deferred tax</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">The current tax liabilities and current outstanding tax are included on the balance sheet as calculated tax on</p> <p xmlns="http://www.w3.org/1999/xhtml">the annual taxable income, adjusted for tax on previous years’ taxable income, plus on account taxes already</p> <p xmlns="http://www.w3.org/1999/xhtml">paid.</p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax is measured in accordance with the balance-oriented liability method of all temporary</p> <p xmlns="http://www.w3.org/1999/xhtml">differences arising between accounting values and tax values of assets and liabilities.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax assets, including the taxable value of tax deficits that can be carried over, are included in the</p> <p xmlns="http://www.w3.org/1999/xhtml">balance with the value that the assets are expected to realise, either by being set-off against deferred tax</p> <p xmlns="http://www.w3.org/1999/xhtml">liabilities or as net tax assets.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax is calculated on the basis of the tax regulations and tax rates in force under the legislation on</p> <p xmlns="http://www.w3.org/1999/xhtml">the date of the balance sheet, when the deferred tax is expected to be redeemed as current tax. Deferred tax</p> <p xmlns="http://www.w3.org/1999/xhtml">changes as a result of changed tax rates are assessed in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Liabilities</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">Liabilities are measured at amortised cost price, which usually corresponds to nominal value.</p> 219395 252098 356621 397699 -137226 -145601 0 415 2721 -137641 -148322 0 0 -137641 -148322 -137641 -148322 -137641 -148322 14903 15467 14903 15467 14903 15467 0 1348 0 940 25241 9732 0 77074 25241 89094 2076 2795 27317 91889 42220 107356 50000 50000 -273400 -135759 -223400 -85759 24684 27178 26301 66959 96545 0 118090 98978 265620 193115 265620 193115 42220 107356 <table xmlns="http://www.w3.org/1999/xhtml" style="border-bottom: 0.0px;border-collapse: collapse;border-left: 0.0px;border-right: 0.0px;border-top: 0.0px;width: 650.0px;"> <tbody> <tr> <th style="border-bottom: 0.0px;border-left: 0.0px;border-right: 0.0px;border-top: 0.0px;width: 60.0%;"> </th> <th style="border-bottom: 0.0px;border-left: 0.0px;border-right: 0.0px;border-top: 0.0px;font-weight: bold;text-align: right;width: 25.0%;">2021</th> <th style="border-bottom: 0.0px;border-left: 0.0px;border-right: 0.0px;border-top: 0.0px;font-weight: bold;text-align: right;width: 15.0%;">2020</th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;"> <p>DKK</p> <p>thousand</p> </th> </tr> <tr> <td>Salaries</td> <td style="text-align: right;">279.488</td> <td style="text-align: right;">366</td> </tr> <tr> <td>Social costs</td> <td style="text-align: right;">6.141</td> <td style="text-align: right;">7</td> </tr> <tr> <td>Pensions</td> <td style="text-align: right;">37.500</td> <td style="text-align: right;">0</td> </tr> <tr> <td>Employee costs</td> <td style="text-align: right;">33.492</td> <td style="text-align: right;">24</td> </tr> <tr> <td> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;">356.621</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;">397</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml">The gross profit includes compensation received from the state's aid packages due to Covid-19 with DKK 217,789.</p> <table xmlns="http://www.w3.org/1999/xhtml" class="incomeStatement" style="border:0; margin-bottom: 20px;"> <thead> <tr class="header1"> <th class="col1"/> <th class="col2"/> <th class="col3">2021</th> </tr> </thead> <tbody> <tr> <td class="col1 dotted"> <span> Average number of employees </span> </td> <td class="col2"> </td> <td class="col3"> 1 </td> <td class="col4 lastyear"> </td> </tr> </tbody> </table> 1 true false false true Erhvervsstyrelsen Regnskab Basis 2020-12-31 2020-01-01 Auditor's report on audited financial statements false false false false Erik Hultquist Blokken 13 3460 Birkerød