xbrli:pureiso4217:DKK132356862021-01-012021-12-31132356862021-01-012021-12-311132356862021-01-012021-12-311132356862021-01-012021-12-311132356862021-01-012021-12-312132356862021-01-012021-12-313132356862021-01-012021-12-314132356862021-01-012021-12-315132356862021-01-012021-12-312132356862021-01-012021-12-31132356862020-01-012020-12-31132356862021-01-012021-12-31fsa:RetainedEarningsMember132356862020-01-012020-12-31fsa:RetainedEarningsMember132356862021-01-012021-12-31fsa:RetainedEarningsMember132356862021-12-31132356862020-12-31132356862021-01-01fsa:ContributedCapitalMember132356862021-01-01fsa:RetainedEarningsMember132356862021-01-01132356862021-12-31fsa:ContributedCapitalMember132356862021-12-31fsa:RetainedEarningsMember132356862021-01-012021-12-31fsa:ShorttermContractWorkInProgressLiabilitiesMember132356862021-01-012021-12-31fsa:ShorttermDeferredIncomeMemberGrundlag for konklusionKonklusiontrue2020-01-012020-12-31VallensbækVallensbæk Strand2665Regnskabsklasse BRevisionspåtegning2021-12-312021-01-013<br /><br />46Delta ParkAscom Danmark A/S13235686339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportNordea Bank Danmark A/SVestergade 138600 SilkeborgPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 4433771231The Board of Directors and the Executive Board have today considered and approved the annual report of Ascom Danmark A/S for the financial year 01.01.2021 - 31.12.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Vallensbæk2022-05-03Jens AndersenAdrian Livingston WilliamsJens AndersenKim Brun SørensenChristophe ScheideggerAnja Schmidt EdvardsenChairmanTo the Shareholders of Ascom Danmark A/SIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021, and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Ascom Danmark A/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Inter-national 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. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. 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 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: <br />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 over-ride 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 Company’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 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. <br />Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<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. Hellerup2022-05-03Kaare von CappelnThomas Lauritsenmne11629mne34342State-Authorised Public AccountantState-Authorised Public AccountantPrimary activitiesAscom is a global solutions provider focused on healthcare ICT and mobile workflow solutions. The vision of Ascom is to close digital information gaps allowing for the best possible decisions – anytime and anywhere. Ascom Danmark A/S’ main activities are sales, installation and servicing of our solutions primarily in the healthcare sector (regions and municipalities) and the security sector. The solutions from Ascom Danmark A/S are sold in Denmark as well as Greenland, the Faroe Islands and Iceland. Development in activities and financesThe company’s revenue in 2021 ended at TDKK 95.260 which is a decrease compared to the extraordinary high level in 2020 also with an impact from the pandemic and world-wide component shortage, but still the company continues on a growth path in a longer-term perspective. We are seeing growth in projects within the Healthcare segment, and we are also successful in growing solution lifecycle plans. The Hospital segment is our key market with 63% of revenue in 2021. Result for the year amounts to TDKK 2.590, which is a significant improvement over the lower results in previous years. The improvement is a result of the high level of revenue, combined with better control of the deliveries of our projects and services. The interest in sophisticated state-of-the-art digital workflow, communication and collaboration solutions is increasing substantially. Ascom is in the unique position to offer a broad solutions portfolio combining devices, software and services to tangibly address these quickly evolving customer needs in an efficient manner. We continue to invest in solutions for digitalization of workflows especially in Hospitals and Nursing homes. We have been monitoring the corona/covid-19 situation and taking the measures deemed appropriate. We have taken proactive measures to avoid large scale outbreaks between our employees. ESG (environmental, social and governance) issues are becoming more relevant in employer branding and in Ascom’s daily business, as customers are increasingly evaluating their suppliers’ strategic approach to ESG criteria as part of their tendering and procurement processes. Events after the balance sheet dateNo other events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.9526000010013800049761000557660004549900044372000422090004306300014100021700001800003149000912000-4000-5000485000540000266000036700070000-36300025900007300002590000730000259000023400010900076600032800010000004370004400001011000440000101100014400001448000554000488000554000488000224620002220700037453000409060009000132700013490001419000230003000300001000006132600065962000173680001087300079248000773230008068800078771000120000012000007883000529300090830006493000120000052930006493000120000078830009190001117000919000111700092800008900000928000089000002075200013803000238300028480006623000159710002344600024946000820200046930006140600062261000706860007116100080688000787710001 Staff costs2021 DKK'0002020 DKK'000Wages and salaries39,10639,828Pension costs2,7282,505Other social security costs121565Other staff costs25416542,20943,063Average number of full-time employees524952492 Depreciation, amortisation and impairment losses2021 DKK'0002020 DKK'000Depreciation of property, plant and equipment14181Impairment losses on property, plant and equipment01361412173 Other financial expenses2021 DKK'0002020 DKK'000Financial expenses from group enterprises169210Exchange rate adjustments13Other financial expenses315327485540<br />2021 DKK'0002020 DKK'000Financial expenses from group enterprises169210Exchange rate adjustments13Other financial expenses3153274855404 Tax on profit/loss for the year2021 DKK'0002020 DKK'000Change in deferred tax70(363)70(363)5 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKK'000Leasehold improvements DKK'000Cost beginning of year583914Additions175529Cost end of year7581,443Depreciation and impairment losses beginning of year(474)(586)Depreciation for the year(50)(91)Depreciation and impairment losses end of year(524)(677)Carrying amount end of year2347666 Financial assetsOther receivables DKK'000Cost beginning of year1,011Disposals(571)Cost end of year440Carrying amount end of year4407 Deferred tax2021 DKK'0002020 DKK'000Property, plant and equipment72182Receivables6932Tax losses carried forward1,2081,205Deferred tax1,3491,419 Changes during the year2021 DKK'0002020 DKK'000Beginning of year1,4191,056Recognised in the income statement(70)363End of year1,3491,4198 PrepaymentsPrepayments concerns prepaid costs.9 Share capitalNumberPar value DKK'000Nominal value DKK'000Contributed capital1,00012001,2001,0001,20010 Other provisionsOther provisions concerns guarantee provisions.11 Non-current liabilities other than provisionsDue after more than 12 months 2021 DKK'000Payables to group enterprises9,2809,28012 Contract work in progress 2021 2020 DKK'000 DKK'000 Sales value of the periods production 52,674 49,577 Prepayments received (35.973) (22,474) 16,701 27,103 Shown in the balance as such: Contract work in progress (assets) 37,453 40,906 Received prepayments on work in progress (liabilities) (20,752) (13,803) 16,701 27,103 Uncertainty relating to recognition and measurement of contract work in progress As in any orderproducing company the statement of contract work in progress is influenced by some uncertainty, because it is difficult to compose an accurate statement on a specific date in time. The contract work in progress is therefore estimated based on the progress of each case under consideration of degree of completion and the expected endresult on the day of the estimation including an estimate of the costs related to finishing the projects. 13 Deferred incomeDefered income concerns accured revenue.14 Unrecognised rental and lease commitments2021 DKK'0002020 DKK'000Liabilities under rental or lease agreements until maturity in total15,86515,01715 Assets charged and collateralThe following assets have been provided as security for bank obligations: Letter of indemnity - a company charge of DKK 11,000 thousand granting a charge on intangible assets, property, plant and equipment, trade receivables and inventories with a total book value of DKK 24,016 thousand at 31.12.2021. Contractual obligations Upon participation in competitive bidding and conclusion of sales contracts, the usual guarantees have been provided regarding tender, advance payments and performance. The guarantees have a total value of DKK 11,675 thousand at 31.12.2021.16 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: Ascom Holding AG, Switzerland The Annual Group Report for Ascom Holding AG can be found on the following address: Zugerstrasse 32, CH-6340 Baar or the website www.ascom.comThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. The financial statements are presented in DKK.falseRecognition 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.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).Other external expensesOther external expenses include expenses relating to the Entity’s ordinary 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 salaries and wages as well as social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year.Other operating expensesOther operating expenses comprise items of a secondary nature to the main activities of the company, including gains and losses on the sale of intangible assets and property, plant and equipment.Other financial incomeOther financial income comprises 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 as well as tax relief under the Danish Tax Prepayment Scheme etc.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.Property, plant and equipmentLand and buildings, plant and machinery, and other 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. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments. 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:Other fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements8 yearsFor 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.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources. If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value. Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative. Costs of sales work and of securing contracts, and finance costs are recognised in the income statement as incurred.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. 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.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value. Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period. On acquisition of enterprises and investments in group enterprises, provisions are made for costs relating to restructuring in the acquired enterprise that were decided and published at the acquisition date at the latest. Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.2022-05-03Jens Andersen