Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2021-05-01 2022-04-30 2020-05-01 2021-04-30 2022-07-08 25800680 Prolog Development Center Holding A/S H. J. Holst Vej 3-5 C 2605 Brøndby Brøndby EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg Danmark +45 73 23 30 00 2022-07-08 Leo Schou-Jensen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2022-07-08 2022-07-08 CaseWare Working Papers Brøndby Finn Grønskov Leo Schou-Jensen Chair Finn Grønskov Bente Torp Grønskov Vibeke Konggaard Schou-Jensen Copenhagen Robert Christensen Allan Nørgaard State Authorised Public Accountant mne16653 State Authorised Public Accountant mne35501 103569000 101301000 100003000 2359000 3147000 4427000 66146000 64812000 58515000 -663000 -1487000 -2605000 -1083000 -1349000 36008000 34954000 33943000 8.2 7.6 4.1 4 6.8 79.6 81.1 75.4 78.1 78 10.8 7.4 2.8 3 7.1 59.5 60.9 54.1 53.8 57.8 25.8 14.8 7.1 9.3 13.2 110 109 110 127993000 108146000 0 0 11645000 7002000 0 0 2749000 3392000 0 0 17170000 16800000 49000 39000 101927000 87736000 -49000 -39000 90132000 77669000 0 0 1324000 1828000 0 0 10471000 8239000 -49000 -39000 0 0 11168000 5636000 0 -18000 0 -18000 3365000 1613000 0 3000 1309000 2605000 0 0 12527000 7229000 11119000 5582000 1360000 1417000 -15000 -7000 11167000 5812000 11134000 5589000 -33000 -223000 5812000 65000 230000 0 0 232000 319000 0 0 297000 549000 0 0 1154000 1142000 0 0 1146000 2017000 0 0 2300000 3159000 0 0 0 0 46966000 39490000 181000 181000 181000 181000 831000 543000 21000 10000 1012000 724000 47168000 39681000 3609000 4432000 47168000 39681000 36610000 29575000 0 0 6240000 6004000 0 0 0 0 95000 759000 804000 107000 810000 2570000 921000 1164000 0 0 0 21000 0 0 44575000 36871000 905000 3329000 30237000 23633000 428000 0 74812000 60504000 1333000 3329000 78421000 64936000 48501000 43010000 510000 510000 510000 510000 0 0 32342000 32366000 155000 157000 155000 157000 41005000 34871000 8663000 2505000 5000000 4000000 5000000 4000000 304000 271000 0 0 46974000 39809000 46670000 39538000 0 0 1009000 639000 0 0 781000 2795000 3059000 1474000 0 0 3059000 1474000 1790000 3434000 0 58000 0 0 6223000 6654000 0 0 3639000 1238000 41000 38000 385000 384000 0 0 10633000 11088000 0 0 7508000 4231000 0 0 28388000 23653000 41000 38000 78421000 64936000 48501000 43010000 510000 157000 34871000 4000000 271000 0 6134000 5000000 33000 0 2000 0 0 0 0 4000000 0 510000 155000 41005000 5000000 46670000 304000 510000 32366000 157000 2505000 4000000 -24000 0 6158000 5000000 0 0 -2000 0 0 0 4000000 510000 32342000 155000 8663000 5000000 11167000 5812000 628000 4219000 -2030000 -4216000 9765000 5815000 3365000 1613000 1309000 2605000 484000 2260000 11337000 2563000 663000 1487000 42000 14000 -621000 -1473000 4000000 2000000 0 -98000 -4000000 -2098000 6716000 -1008000 23633000 24641000 30349000 23633000 77553000 67064000 0 0 9270000 8009000 0 0 1086000 1423000 0 0 2223000 1173000 0 0 90132000 77669000 0 0 123 113 0 0 252000 252000 0 0 1072000 1576000 0 0 1324000 1828000 0 0 1648000 1611000 -4000 2000 -288000 -194000 -11000 -9000 1360000 1417000 -15000 -7000 495000 435000 495000 435000 265000 116000 165000 87000 430000 203000 65000 232000 1737000 7177000 365000 298000 514000 3016000 1588000 4459000 595000 5160000 222000 1170000 -383000 -3017000 434000 3313000 1154000 1146000 PDC-Argos ApS Danmark 80 Dictus ApS Danmark 80 PDC A/S Danmark 100 PDC Aviation Ltd. Storbritanien 100 PDC Solutions Canada Ltd. Canada 100 Prolog Development Center Asia Pacific Pte. Ltd. Singapore 100 PDC-Solutions Columbia SAS Columbia 100 LPT IT ApS Danmark 100 6991000 314000 6991000 314000 32499000 -133000 -2000 0 4000000 0 11478000 0 -133000 46966000 181000 6223000 10190000 0 0 3059000 0 3059000 0 -543000 -349000 -10000 -1000 5000000 4000000 -24000 2467000 6158000 -878000 1324000 1828000 0 18000 -3365000 -1613000 -1309000 -2605000 1360000 1417000 -6895000 -372000 -4891000 3956000 -26000 112000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Prolog Development Center Holding A/S for the financial year 1 May 2021 - 30 April 2022. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 30 April 2022 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 May 2021 - 30 April 2022. Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Company's operations and financial matters and the results of the Group's and the Company's operations and financial position. We recommend that the annual report be approved at the annual general meeting. To the shareholders of Prolog Development Center Holding A/S We have audited the consolidated financial statements and the parent company financial statements of Prolog Development Center Holding A/S for the financial year 1 May 2021 - 30 April 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 30 April 2022, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 May 2021 - 30 April 2022 in accordance with the Danish Financial Statements Act. 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 consolidated financial statements and the parent Company financial statements" (herinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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. Management is responsible for the preparation of consolidated financial statements and parent company 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to 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 the 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: 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 Group's and the Parent 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 Group's and the Parent 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 Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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's review. Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the 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 the Management's review. For terms and definitions, please see the accounting policies. The Company's main activities are to develop and sell software and related activities. The income statement for 2021/22 shows a profit of DKK 11,167 thousand against a profit of DKK 5,812 thousand last year, and the group's balance sheet at 30 April 2022 shows equity of DKK 46,974 thousand. Group experienced a moderate overall growth in 2021/2022. A decrease in the revenue within the Aviation field due to the effect of the Covid-19 pandemic have been balanced by growth in other areas – reaching a revenue of DKK 128 mio and a profit of 11 mio. Management considers this satisfactory. The main activities within the key areas of the company includes: AIRLINES Delivery of PDCs integrated flight suite for Airlines Resource Management, including Operations Control, Commercial Schedules Planning and Crew management to airlines. Despite the covid-19 crisis six new airlines entered into agreements for PDC Flight Suite. Our new Automated scheduling engine using Mathematical Optimization and AI technologies is continuously being improved - and it is being adopted by more of our Airline customers. AIRPORTS The PDC SCORE system for Airport Slot Coordination have been delivered to a new airport in Brazil. Next generation of Online Coordination System (www.online-coordination.com) is successfully released. PDC have extended our Airport Suite with new modules, including Business Intelligence - module, which we have started to deploy. RESOURCE MANAGEMENT SYSTEMER Implementation of PDC’s work force management and production planning solution to the public and private sectors. PDC’s cooperation with one of the largest regions in Denmark and other public entities have been in focus in 2021/2022. TECHNOLOGIES Establishing a state of the art Cloud environment, and cloud management tools. Continued development of Mathematical Optimizers, Dashboards and Compiler. No events affecting the 2021/22 annual report has occurred after the balance sheet date. Further growth is expected for 2022/2023, It is expected that the Turnover for the financial year 2022/2023 will be between DKK 132 - 144 million and the profit will be between DKK 5 - 10 million. The annual report of Prolog Development Center Holding A/S for 2021/22 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK'000). On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest. Goodwill relating to the non-controlling interests' share of the acquiree is recognised. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. Foreign group entities Foreign subsidiaries and associates are considered separate entities. Items in such entities' income statements are translated at an average exchange rate for the month, and balance sheet items are translated at closing rates. Foreign exchange differences arising on translation of the opening equity of foreign subsidiaries to closing rates and on translation of the income statements from average exchange rates to closing rates are taken directly to equity. Income from the sale of goods and finished goods is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably and is expected to be received. Income from the sale of services is recognised once the outcome of the transaction can be estimated reliably with reference to the stage of completion. Licence income is recognised as revenue at the time of transfer of the risk to the buyer when, in reality, the agreement is comparable with a sale of software licences. In assessing the reality of the individual agreement on the delivery of licences, the Company's obligations in connection with additional deliverances, term of contract, payment period, interminability of the contract, rights to the licence and other relevant factors are taken into consideration. For sales with a long credit period, the debtor's ability to pay is included in the assessment as to whether the economic benefits connected with the sales transaction will flow to the Company and whether revenue can be measured reliably. Sales with long interest-free credit are discounted and recognised at fair value. The related interest income is recognised over the term of the credit arrangement under net financials. Other operating income comprise items of a secondary nature relative to the Company's core activities, including gains on the sale of non-current assets. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. A proportionate share of the underlying entities' profit/loss after tax is recognised in the income statement according to the equity method. Shares of profit/loss after tax in subsidiaries and associates are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made for equity investments in subsidiaries. Only proportionate elimination of intra-group gains/losses is made for equity investments in associates. The proportionate share of the individual subsidiaries' profit/loss after tax after full elimination of internal gains/losses are recognised in the parent company's income statement. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish subsidiaries. Subsidiaries are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated. The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities. On payment of joint taxation contributions, the Danish corporate income tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income. Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, 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. Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is 5 years. Other intangible assets include development projects and other acquired intangible rights, including software licences, distribution rights and development projects. Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of the future lease payments. In calculating the net present value, 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 accounted for in the same way as the Company's other assets. The capitalised residual lease liability 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. On initial recognition, investments in subsidiaries and associates are measured at cost and subsequently at the proportionate share of the entities' net asset values calculated in accordance with the parent company's accounting policies minus or plus any residual value of positive or negative goodwill calculated in accordance with the purchase method of accounting. Subsidiaries and associates with a negative net asset value are measured at DKK 0 (nil), and any amounts owed by such entities are written down by the parent company's share of the net asset value if the amount owed is deemed irrecoverable. If the negative net asset value exceeds the amounts owed, the remaining amount is recognised under provisions if the parent company has a legal or a constructive obligation to cover the entity's deficit. Net revaluations of investments in subsidiaries and associates are transferred to the net revaluation reserve according to the equity method where the carrying amount exceeds the acquisition cost. On initial recognition, equity investments in subsidiaries and participating interests are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses. Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement. Dividend received is deduced from the carrying amount. Equity investments in subsidiaries and participating interests measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Service supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on the expenses incurred relative to the expected total expenses relating to the relevant contract. Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser. Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement. The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in subsidiaries and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount. Dividends from subsidiaries that are expected to be adopted before approval of the annual report of Prolog Development Center Holding A/S are not tied to the reserve for net revaluation according to the equity method. Translation reserve The translation reserve comprises the share of foreign exchange differences arising on translation of financial statements of entities that have a functional currency other than DKK, foreign exchange adjustments of assets and liabilities considered part of the Company's net investments in such entities and foreign exchange adjustments regarding hedging transactions that hedge the Company's net investments in such entities. The reserve is dissolved on the sale of foreign entities or if the conditions for effective hedging no longer exist. When equity investments in subsidiaries and associates in the parent company financial statements are subject to the limitation requirement in the net revaluation reserve according to the equity method, foreign exchange adjustments will be included in this equity reserve instead. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Other payables Other payables are measured at net realisable value. Lease liabilities Lease liabilities are measured at the net present value of the remaining lease payments including any guaranteed residual value based on the interest rate implicit in the lease. Deferred income Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year. Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax. Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments. Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The financial ratios stated under "Financial highlights" have been calculated as follows: Operating profit/loss Profit/loss before financial items adjusted for other operating income and other operating expenses Operating margin Operating profit (EBIT) x 100 Revenue Gross margin Gross profit/loss x 100 Revenue Return on assets Profit/loss from operating activites x 100 Average assets Equity ratio Equity excl. non-controlling interests, year-end x 100 Total equity and liabilities, year-end Return on equity Profit/loss for the year after tax ex. non-controlling interests x 100 Average equity excl. non-controlling interests Total remuneration to group Management : DKK 1,998 thousand (2019/20: DKK 2,251 thousand) The parent company did not pay any remuneration to Management during the financial year. Remuneration paid in the year of comparison is DKK 0. Of receivables totalling DKK 36,498 thousand, DKK 6,710 thousand fall due for payment after more than one year after the balance sheet date. Deferred income comprises payments relating to the sale of licences and support & maintenance contracts, which will not be recognised as income until in the subsequent financial year once the recognition criteria are satisfied. Other rent and lease liabilities: Group Parent company DKK'000 2021/22 2020/21 2021/22 2020/21 Rent and lease liabilities 862 845 0 0 As management company, the Company is jointly taxed with other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes the income years 2012/13 and withholding taxes falling due for payment on or after 1 July 2012 in the group of jointly taxed entities. The group has not provided any security or other collateral in assets at 30 April 2022. The parent Company has not placed any assets or other as security for loans at 30 April 2022. Related party transactions The Company solely discloses related party transactions that have not been carried out on an arm's length basis, cf. section 98c(7) of the Danish Financial Statements Act. All transactions have been carried out on an arm's length basis. Information on the remuneration to management Information on the remuneration to Management appears from note 2, "Staff costs". Transactions with related parties Transactions with wholly owned subsidiaries are not disclosed, cf Article 98c, section 3 of the Danish Financial Statements Act. Regarding other related parties, the Company solely discloses related party transactions that have not been carried out on an arm's length basis, cf. section 98c(7) of the Danish Financial Statements Act. 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