xbrli:pureiso4217:DKK346963492021-01-012021-12-31cmn:ConsolidatedMember346963492021-01-012021-12-311cmn:ConsolidatedMember346963492021-01-012021-12-311cmn:ConsolidatedMember346963492021-01-012021-12-312cmn:ConsolidatedMember346963492021-01-012021-12-311346963492021-01-012021-12-312346963492021-01-012021-12-313346963492021-01-012021-12-312cmn:ConsolidatedMember346963492021-01-012021-12-31346963492020-01-012020-12-31cmn:ConsolidatedMember346963492020-01-012020-12-31346963492021-01-012021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember346963492021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember346963492021-01-012021-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember346963492021-01-012021-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember346963492021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember346963492020-01-012020-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember346963492021-01-012021-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember346963492020-01-012020-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember346963492021-01-012021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492021-01-012021-12-31fsa:RetainedEarningsMember346963492021-01-012021-12-31fsa:RetainedEarningsMember346963492020-01-012020-12-31fsa:RetainedEarningsMember346963492021-12-31cmn:ConsolidatedMember346963492020-12-31cmn:ConsolidatedMember346963492021-12-31346963492020-12-31346963492021-01-01cmn:ConsolidatedMember346963492020-01-01cmn:ConsolidatedMember346963492021-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember346963492021-01-01fsa:SharePremiumMembercmn:ConsolidatedMember346963492021-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember346963492021-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember346963492021-01-01fsa:EquityAttributableToParentMembercmn:ConsolidatedMember346963492021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember346963492021-12-31fsa:SharePremiumMembercmn:ConsolidatedMember346963492021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember346963492021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember346963492021-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember346963492021-01-01fsa:MinorityInterestsMembercmn:ConsolidatedMember346963492021-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember346963492021-01-01fsa:ContributedCapitalMember346963492021-01-01fsa:SharePremiumMember346963492021-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492021-01-01fsa:RetainedEarningsMember346963492021-01-01346963492021-12-31fsa:ContributedCapitalMember346963492021-12-31fsa:SharePremiumMember346963492021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492021-12-31fsa:RetainedEarningsMember346963492021-01-012021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember346963492021-01-012021-12-31fsa:SharePremiumMembercmn:ConsolidatedMember346963492021-01-012021-12-31fsa:ContributedCapitalMember346963492021-01-012021-12-31fsa:SharePremiumMember346963492021-01-012021-12-311cmn:ConsolidatedMember346963492020-01-012020-12-311cmn:ConsolidatedMember346963492021-01-012021-12-31fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMemberGrundlag for konklusionKonklusion2022-07-062022-07-0633963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2020-12-312020-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2021-12-312021-01-01Bjergsø Holding ApS34696349ÅrsrapportKøbenhavn S23006WeidekampsgadeKøbenhavnKøbenhavn V17993<br /><br />27HumletorvetThe Board of Directors and the Executive Board have today considered and approved the annual report of Bjergsø Holding ApS 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 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 31.12.2021 and of the results of their operations and the consolidated cash flows 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.CopenhagenMikkel BjergsøKenneth Bundgaard MadsenMikkel BjergsøKenneth Bundgaard MadsenDitte Kristine Lassen-KahlkeTo the shareholders of Bjergsø Holding ApSWe have audited the consolidated financial statements and the parent financial statements of Bjergsø Holding ApS for the financial year 01.01.2021 - 31.12.2021, 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 31.12.2021 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2021 - 31.12.2021 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 under the Danish Financial Statements Act.<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 of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.CopenhagenBjørn Winkler JakobsenHans Taubymne32127mne44339State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2021
DKK'0002020
DKK'0002019
DKK'0002018
DKK'0002017
DKK'000Key figuresRevenue237,065212,856293,442249,234199,867Gross profit/loss56,62149,63983,84278,62265,221EBITDA(32,610)(38,087)(10,837)6,18416,025Operating profit/loss(51,719)(64,826)(30,994)(8,652)4805Net financials1,246(5,244)454(528)(1,014)Profit/loss for the year(52,541)(72,101)(30,100)(11,563)2,300Profit for the year excl
.
minority interests(50,786)(69,372)(28,218)(9,490)1,719Balance sheet total198,703190,893195,149165,830166,463Investments in property, plant and equipment24,66614,97026,08823,23919,304Equity131,075139,98495,883123,065136,323Equity excl. minority interests132,387140,17794,739122,428133,315Average number of
employees239244250198130RatiosGross margin (%)23.8823.3228.5731.5532.63Net margin (%)(22.16)(33.87)(10.26)(4.64)1.15Return on equity (%)(37.27)(59.06)(25.99)(7.42)1.33Equity ratio (%)66.6373.4348.5573.8380.09Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100
RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year excl. minority interests * 100
Average equity excl. minority interestsEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet totalPrimary activitiesThe Group's activities comprise of the development, manufacturing and sale of high-quality craft beers under the "Mikkeller" and “WarPigs” brands but also through various partnerships such as “Ramen To Biiru”, “La Neta” and “Selma”. The Group operates both own bars and restaurants as well as partner/licensed establishments (referred to as retail activities). The production of beer takes place at the Group's own breweries and in cooperation with leading breweries primarily in Europe.
The Group has continued its expansion in existing and new markets for wholesale and retail including the opening of 3 own retail locations and 1 partner location. As of 31 December 2021, the Group operates 15 fully owned locations, 27 locations owned in partnerships and 3 licensed locations bringing our total footprint to 45 bars and restaurants worldwide. Development in activities and financesIn 2021 the Group recorded a total revenue of TDKK 258,247 corresponding to an increase in revenue of 21% compared to 2020. The income statement for the period 01.01.21 - 31.12.21 shows a net loss of TDKK 52,540 and the balance sheet shows a total equity of TDKK 132,387.
The net loss in 2021 is primarily a result of COVID-19 related restrictions and closedowns in the markets where the group operates, which have affected the Group more negatively than anticipated going into the year. The restrictions affected the retail sales as well as wholesales with lockdown and social distancing restrictions either forcing complete, periodic close-downs or significantly lower levels of activity in bars, restaurants, etc.
Despite the difficult market situation the Group has continued investments in growth centered around the following areas:
• Ongoing transition of distribution network into more long-term sustainable business partnerships that can form the basis for future growth. The effect of these transitions is a temporary slowdown in revenue from wholesale overall and in some cases inventory write down. The Group experienced continued growth in selected focus markets and sales channels.
• Talent development and recruitment for the Mikkeller headquarter and selected focus markets including sales force, admin and other related functions will help position Mikkeller for future growth.
• E-commerce where the Group has invested in continued expansion of the digital platforms and customer base.
• Expanded marketing activities, including additional investments in trade marketing, paid social advertising and other e-commerce related activities.
• Investments in new retail establishment in Denmark
Management considers the net loss for the year to be unsatisfactory and heavily impacted by external factors especially related to COVID-19. Based on the investments in future growth and positive trends in focus markets, Management believes this has not negatively affected the Group’s ability to execute the long-term strategy for continued growth in the coming years. However, 2022 will be impacted by 1-2 months of lockdown in Europe and the United States and 3-6+ months in Japan and China.
During the year the Group has become aware of a number of employees who has had negative and unacceptable experiences during their employment. The Group takes its responsibility very seriously and has made an action plan to make sure the workplace remains safe, positive and inspiring for our team. Further, the Group has focused on reconciling with the past by implementing The Mikkeller Reconciliation Program.
The Group continues to initiate and participate in global industry cooperation with other industry leaders in order to strengthen the awareness and focus on creating safer work environments in the beer industry by educating the industry in leadership, guest behavior, diversity and inclusion. The cooperation includes industry leaders from fellow breweries and production units globally as well as members of the Brewers Association in the US.
Profit/loss for the year in relation to expected developmentsGuidance for the year was an expected revenue increase of +25% and an EBITDA of between TDKK 0 to 5,000. Management finds the performance to be unsatisfactory. The lower-than-expected performance is related to lower than expected performance in key markets and a shift in consumer behavior in craft specialty beer market. Moreover, provisions for expected losses have been considerably higher than expected.
In December 2021 the owners have made a capital contribution of DKK 40m to support the continued execution of the Group’s strategy plan and to strengthen the Group’s capital position coming out of the Covid-19 period which has had a strong negative impact on Group earnings due to lock-downs and restrictions.
Uncertainty relating to recognition and measurementAfter the balance sheet date, Management has made an updated assessment of collectability of receivables and have not identified any need of write-down as of 31 December 2021. Management has also assessed the valuation of the closed retail locations, which has led to impairments in 2021. The recognition and measurement in the financial statements are not subject to any material uncertainty.
Particular risks
The Group is subject to usual risks within the wholesale and retail industry including cyclical fluctuations, consumer behavior, sourcing of raw materials, currency exposure, etc. The Group operates worldwide and is naturally exposed to currency risks, mainly in USD. Unusual circumstances affecting recognition and measurementThe Group's financial position at 31 December 2021 and the results of its operations for the financial year ended 31 December 2021 are not affected by any unusual matters other than the ongoing COVID-19 outbreak and government restrictions regarding public gatherings and restaurant shut-downs. During 2021 the Group has received relieve packages related to Covid-19 of approx. TDKK 6,156, which are one-off extraordinary income, which is not to be expected going forward. OutlookThe Group’s outlook for 2022 is expected to be better than for 2021, however Management expects the ongoing high inflation environment to negatively affect financial performance. See subsequent events section “Events after the balance sheet date” below. Despite COVID-19 negatively affecting the results, the Group expects to continue to invest in the future development of Mikkeller including but not limited to a) expanded wholesale distribution, and b) 1-2 new e-com stores outside of Denmark. The Group will continuously review brew capacity and select retail opportunities.
The Group expects the operating profit (EBITDA) to be improved in 2022 in the range between negative TDKK 1,000 and positive TDKK 5,000. Key assumptions on external factors behind the outlook is that the Group will not be negatively affected by further Covid-19 related lock-downs and that the volatile inflationary pressure will not worsen through remainder of the year. Consumer confidence is at very low levels historically and it is yet to be seen if this will result in a recession and/or a major shift in consumer behavior, which can negatively affect the Groups financial performance.
Knowledge resourcesThe Group continues focusing and investing in work environment development of all the workplaces within the Group. The Group has begun a group-wide project, which is focusing on development and maintenance of healthy work environments. The project focuses on both the physical and psychological wellbeing of all employees at all the Groups locations.
The Group continues prioritization of expanding the education- and training opportunities for employees in the Group in order to include extended opportunities for leadership-, management-, diversity & inclusion training. It is essential for the Group’s continued growth to attract and maintain talented employees. Through branding, working environment policies, employee benefits, education and development of employees, the Group strives to be an attractive, inclusive and safe workplace.
Environmental performanceThe Group’s growth means a continued responsibility to run the businesses in a sustainable way. The Group considers the environmental footprint throughout its various activities and continues to improve efforts. For example, to reduce the carbon footprint, the Group has initiated a carbon neutral program for the Group’s restaurants establishments which are now fully implemented in Denmark and California locations. Research and development activitiesThe Group is constantly developing its concepts and products to maintain its position as one of the trendsetters in the market. In 2022, the Group will continue to invest in the development of existing and new concepts and products. The focus is to expand the number of owned and licensed bars via the “Mikkeller” and “WarPigs” brands primarily in Europe and Asia. An increased footprint and local brand activation is expected to drive significant brand value. Product innovation will continue to be a core part of the Group DNA with research and tests being conducted out of own breweries in the United States and Denmark as well as our key contract partner in Belgium. Nonalcoholic craft beers remain a high priority and the Group will continue to invest in both product development and brand activation in this category.Foreign branchesThe Group has a foreign branch in United Kingdom and Sweden. Events after the balance sheet dateAlthough the COVID-19 outbreak and associated restrictions has eased it has continued to impact the Groups performance in the first half of 2022. Europe and US have generally recovered faster than Asia but increased uncertainty caused by the war in Ukraine, increased prices in the value chain and declining consumer confidence has had a negative effect on the Groups wholesale performance overall. Despite the headwind the group continue to see promising growth in selected priority markets. Retail activities has re bounded strongly and is trading on par or above with 2019. The full combined effect for the Group is not yet known but the Management has taken reasonable measures to secure the Group’s performance throughout the global crisis.
In the light of the current situation in Ukraine, Management has considered potential impacts on the Group. Based on the development so far, Management expects the group to be impacted by the volatile inflationary situation but are taking measures in order to secure margins.
In March 2022 the Group’s shareholder have contributed DKK 38m in capital to support the continued execution of the Group’s strategy plan and to strengthen the Group’s capital position coming out of the Covid-19 period which has had a strong negative impact on Group earnings due to lock-downs and restrictions.
Other than the above, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.
23706455621285619348736524764386119073521185520512339506811353552368956102615367351215944302118556620738496391403657708174320189231301862835217459890762716719005862281817901020750-51718500-64826171-3802182-5883966-266022-790582541159530204170133614561056311028543946639364919430155680334485-50738401-70148849-50786228-69051416180218919522900320109-52540590-721011390-50786228-50786228-1754362-50786228-69371525-1754362-2729614-50786228-693715250-50786228-50786228-6937152552210756839786003228001666632554387585064188789239774628414702866146606322944945231039393529415575344630903141220446533781612227615131022575181612221262034111121427811998431566646654745730681112142781199843159393801568438166478615739585158566433470588106561174801155255441373609951532657414263773144668679664274745071072936389511944333339183508646064241572078249043179507227077441110978310306194500552451881418518814182006868821482041220322691320560371163198542259182423062888198702691190892922133806102143047203123043116920123043116920-2582118-3439080-2582118-3439080134846328143499045134846328143499045132387253140176885-1311919-1930651310753341399838201169200-34390801434990451401768851230430-2582118134846328132387253-193065139983820-13119191323872531401768851169200-34390801434990451401768851230430-258211813484632842489602100000025248960011920104534093561419828317255614198748501921698634209289591237059522699773114030021468247237031112802352452321643326320642524673653661711358626799485740015594882634342408314188492870318651024615090910214188492870318198702691190892922133806102143047203612339359865039365988039365988612339359865039365988-3935986539359865000-39359865393598650008569620856962085696200856962085696200063550863550800277364627736460277364600190058622818179021000000-509487910289796-35707517-263545852541159530204-663936-6748419-405482-2040936-34235776-34613736-808751-3242890294582-11913265-1496982605511528Net payment of loans to associates and group enterprises1905933496066-12531423-5991939-46767199-40605675525317-47224041393659881529613620-332012720-1176443989130572418405-68758943181273045005524518814181 Events after the balance sheet dateAlthough the COVID-19 outbreak and associated restrictions has eased it has continued to impact the Groups
performance in the first half of 2022. Europe and US have generally recovered faster than Asia but increased
uncertainty caused by the war in Ukraine, increased prices in the value chain and declining consumer confidence
has had a negative effect on the Groups wholesale performance overall. Despite the headwind the group
continue to see promising growth in selected priority markets. Retail activities has rebounded strongly and is
trading on par or above with 2019. The full combined effect for the Group is not yet known but the Management
has taken reasonable measures to secure the Group’s performance throughout the global crisis.
In the light of the current situation in Ukraine, Management has considered potential impacts on the Group.
Based on the development so far, Management expects the group to be impacted by the volatile inflationary
situation but are taking measures in order to secure margins.
In March 2022 the Group’s shareholder have contributed DKK 38m in capital to support the continued execution
of the Group’s strategy plan and to strengthen the Group’s capital position coming out of the Covid-19 period
which has had a strong negative impact on Group earnings due to lock-downs and restrictions. Management
assess that the Group’s financial position and cash resources are sufficient to get through the current market
situation and continue its investments in growth.
Other than the above, no events have occurred after the balance sheet date to this date, which would influence
the evaluation of this annual report. 1 Events after the balance sheet dateAlthough the COVID-19 outbreak and associated restrictions has eased it has continued to impact the Groups
performance in the first half of 2022. Europe and US have generally recovered faster than Asia but increased
uncertainty caused by the war in Ukraine, increased prices in the value chain and declining consumer confidence
has had a negative effect on the Groups wholesale performance overall. Despite the headwind the group
continue to see promising growth in selected priority markets. Retail activities has rebounded strongly and is
trading on par or above with 2019. The full combined effect for the Group is not yet known but the Management
has taken reasonable measures to secure the Group’s performance throughout the global crisis.
In the light of the current situation in Ukraine, Management has considered potential impacts on the Group.
Based on the development so far, Management expects the group to be impacted by the volatile inflationary
situation but are taking measures in order to secure margins.
In March 2022 the Group’s shareholder have contributed DKK 38m in capital to support the continued execution
of the Group’s strategy plan and to strengthen the Group’s capital position coming out of the Covid-19 period
which has had a strong negative impact on Group earnings due to lock-downs and restrictions. Management
assess that the Group’s financial position and cash resources are sufficient to get through the current market
situation and continue its investments in growth.
Other than the above, no events have occurred after the balance sheet date to this date, which would influence
the evaluation of this annual report. 2 Other operating incomeThe Group has for the financial year received a total compensation of DKK 6,156 thousand from the COVID-19
compensation packages in Denmark.
The compensation comprise compensation of fixed cost of DKK 3,229 thousand in Denmark and compensation of salary of DKK 2,927 thousand in Denmark. The received compensation is recognised under other operating
income.3 Staff costs2021
DKK2020
DKKWages and salaries82,309,31178,632,762Pension costs3,691,1983,101,024Other social security costs1,047,5052,071,207Other staff costs2,183,2872,478,52889,231,30186,283,521Average number of full-time employees239244Remuneration
of manage- ment
2021
DKKRemuneration
of manage- ment
2020
DKKTotal amount for management categories6,899,4925,437,9476,899,4925,437,947The Board of Directors and the Executive Board consists of the same persons.
Average number of employees in pro rate-consolidated enterprises
Average number of employees above contains an average number of employees in prorate consolidated
enterprises: 11 in 2021 and 25 in 2020.2 Staff costs2021
DKK2020
DKKWages and salaries6,901,1036,877,304Pension costs538,500724,950Other social security costs20,28724,9137,459,8907,627,167Average number of full-time employees55Remuneration
of
Manage- ment
2021
DKKRemuneration
of Manage- ment
2020
DKKTotal amount for management categories6,899,4925,437,9476,899,4925,437,947The Board of Directors and the Executive Board consists of the same persons. 23924455Remuneration
of manage- ment
2021
DKKRemuneration
of manage- ment
2020
DKKTotal amount for management categories6,899,4925,437,9476,899,4925,437,947Remuneration
of
Manage- ment
2021
DKKRemuneration
of Manage- ment
2020
DKKTotal amount for management categories6,899,4925,437,9476,899,4925,437,94768994925437947689949254379474 Depreciation, amortisation and impairment losses2021
DKK2020
DKKAmortisation of intangible assets2,490,9444,023,847Impairment losses on intangible assets07,353,440Depreciation on property, plant and equipment16,551,41414,788,053Impairment losses on property, plant and equipment(36,496)138,508Profit/loss from sale of intangible assets and property, plant and equipment01,877,94219,005,86228,181,7905 Other financial income2021
DKK2020
DKKOther interest income1,692,76935,647Exchange rate adjustments846,418494,557Other financial income1,97202,541,159530,2043 Other financial income2021
DKK2020
DKKFinancial income from group enterprises1,701,3361,453,852Other interest income02,2531,701,3361,456,1056 Other financial expenses2021
DKK2020
DKKFinancial expenses from associates014,122Other interest expenses544,8832,747,805Exchange rate adjustments106,1931,571,413Other financial expenses12,860586,090663,9364,919,4302021
DKK2020
DKKFinancial expenses from associates014,122Other interest expenses544,8832,747,805Exchange rate adjustments106,1931,571,413Other financial expenses12,860586,090663,9364,919,430<br />4 Other financial expenses2021
DKK2020
DKKOther interest expenses49,487259,431Exchange rate adjustments106,19375,054155,680334,485<br />2021
DKK2020
DKKOther interest expenses49,487259,431Exchange rate adjustments106,19375,054155,680334,4857 Tax on profit/loss for the year2021
DKK2020
DKKCurrent tax2,452,836465,552Change in deferred tax(650,647)1,842,914Adjustment concerning previous years0(356,176)1,802,1891,952,2905 Tax on profit/loss for the year2021
DKK2020
DKKChange in deferred tax0323,271Adjustment concerning previous years01,723Refund in joint taxation arrangement0(4,885)0320,1098 Proposed distribution of profit/loss2021
DKK2020
DKKRetained earnings(50,786,228)(69,371,525)Minority interests' share of profit/loss(1,754,362)(2,729,614)(52,540,590)(72,101,139)6 Proposed distribution of profit and loss2021
DKK2020
DKKRetained earnings(50,786,228)(69,371,525)(50,786,228)(69,371,525)9 Intangible assetsAcquired intangible assets
DKKAcquired rights
DKKGoodwill
DKKCost beginning of year10,941,087027,366,217Additions808,7511,600,0000Disposals(2,316,148)(1,600,000)0Cost end of year9,433,690027,366,217Amortisation and impairment losses beginning of year(4,101,301)0(25,699,585)Exchange rate adjustments1,035,79800Amortisation for the year(1,147,112)0(1,343,832)Amortisation and impairment losses end of year(4,212,615)0(27,043,417)Carrying amount end of year5,221,0750322,800Acquired intangible assets
DKKAcquired rights
DKKGoodwill
DKKCost beginning of year10,941,087027,366,217Additions808,7511,600,0000Disposals(2,316,148)(1,600,000)0Cost end of year9,433,690027,366,217Amortisation and impairment losses beginning of year(4,101,301)0(25,699,585)Exchange rate adjustments1,035,79800Amortisation for the year(1,147,112)0(1,343,832)Amortisation and impairment losses end of year(4,212,615)0(27,043,417)Carrying amount end of year5,221,0750322,80010 Property, plant and equipmentPlant and machinery
DKKOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year16,344,72627,087,34759,751,692Addition through business combinations etc1,358,8225,914,3525,479,478Exchange rate adjustments0421,707296,780Additions2,885,5373,036,5075,991,221Disposals0(977,744)0Cost end of year20,589,08535,482,16971,519,171Depreciation and impairment losses beginning of year(8,598,442)(12,426,715)(28,712,299)Addition through business combinations etc(714,834)(3,415,152)(4,341,460)Impairment losses for the year0(43,835)(70,886)Depreciation for the year(2,486,570)(5,119,770)(8,945,074)Reversal regarding disposals0226,1690Depreciation and impairment losses end of year(11,799,846)(20,779,303)(42,069,719)Carrying amount end of year8,789,23914,702,86629,449,45211 Financial assetsInvestments in associates
DKKDeposits
DKKDeferred tax
DKKCost beginning of year601,3387,615,131225,751Additions0753,3160Disposals0(207,225)(225,751)Cost end of year601,3388,161,2220Revaluations beginning of year(287,216)00Share of profit/loss for the year(266,022)00Investments with negative equity value transferred to provisions(48,100)00Revaluations end of year(601,338)00Carrying amount end of year08,161,2220
AssociatesRegistered inOwnership
%Warpigs USA Brewing, LLCIndiana, USA50.0Mexican Ranger ApSCopenhagen, Denmark50.0Open Faced ApSCopenhagen, Denmark49.0Bean Geeks Chocolate ApSCopenhagen, Denmark50.0Wine Mail ApSCopenhagen, Denmark50.0Mikkeller Bangkok Co., Ltd.Bangkok, Thailand49.0The Social Beer Shop ApSCopenhagen, Denmark50.07 Financial assetsInvestments in group enterprises
DKKReceivables from group enterprises
DKKCost beginning of year20,287,459180,505,845Additions043,492,420Disposals0(13,363,361)Cost end of year20,287,459210,634,904Adjustments on equity8,773,6460Revaluations end of year8,773,6460Impairment losses beginning of year(15,748,024)(65,060,965)Exchange rate adjustments856,9600Share of profit/loss for the year(47,599,865)0Adjustment of intra-group profits(929,837)0Impairment losses for the year0(39,480,893)Investments with negative equity value depreciated over receivables 39,480,8930Impairment losses end of year(23,939,873)(104,541,858)Carrying amount end of year5,121,232106,093,046A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Despite several reminders, Management of Bjergsø Holding ApS has not received accounting records for the recognition of the subsidiaries; Mikkeller Beer Co., Ltd. (Shanghai), Mikkeller Bar Korea and Mikkeller Bangkok Co. Ltd., as at 31 December 2021. Consequently, Management has assessed that it is not possible to recognise the companies at equity value in the parent financial statements of 2021 with reference to the Danish Financial Statements Act, S 114. At 31 December 2020, the companies total equity amounted to DKK 2 million which has been written down to DKK 0 in 2021. 12 Deferred tax
Changes during the year2021
DKK2020
DKKBeginning of year225,7511,819,523Recognised in the income statement(650,647)(1,842,914)Other changes0249,142End of year(424,896)225,751Deferred tax relates to intangible assets, property, plant and equipment, inventories and other provisions.Deferred tax assetsDeferred tax relates to differences between book values and tax values of fixed assets and tax loss carry
forward.
The management has chosen not to recognize the deferred tax asset which is mainly consisting of carryforward losses due to uncertainty of the usage period.13 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years.8 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years.14 Other provisions Other provisions comprise anticipated costs related to ongoing legal cases.15 Non-current liabilities other than provisionsDue within 12
months
2021
DKKDue within 12
months
2020
DKKDue after
more than 12
months
2021
DKKLease liabilities216,986342,0920Other payables005,614,198216,986342,0925,614,19816 Deferred incomeDeferred income comprises revenue relating to subsequent financial years.17 Changes in working capital2021
DKK2020
DKKIncrease/decrease in inventories(18,579,446)6,805,518Increase/decrease in receivables(977,850)2,935,366Increase/decrease in trade payables etc.14,462,417548,912(5,094,879)10,289,79618 Unrecognised rental and lease commitments2021
DKK2020
DKKTotal liabilities under rental or lease agreements until maturity 37,004,85245,116,75719 Contingent liabilities2021
DKKOther contingent liabilities516,575Contingent liabilities 516,575The group may have a historical exposure of VAT and taxes in certain countries outside Denmark. The company has changed setup and is no longer exposed to that risk.9 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 for obligations, if any, relating to the withholding of tax on interest, royalties
and dividend for these entities.
The Entity has issued a letter of support to the subsidiaries by which the Parent is irrevocably obligated to
support the subsidiary in fulfilling its obligations until 31 December 2021.20 Assets charged and collateralBank debt is secured by unlimited floating charge in the Company.10 Assets charged and collateralBank debt is secured by unlimited floating charge in the Company.
Collateral provided for group enterprises
The Entity has provided a guarantee whereby the guarantor assumes primary liability for group enterprises
and joint ventures' payables to credit institutions. The guarantee is unlimited.21 SubsidiariesRegistered inOwnership
%Craft Brewery Holding ApSCopenhagen, Denmark100.0Mikkeller ApSCopenhagen, Denmark100.0StellaPolly Craft Beer ApSCopenhagen, Denmark100.0Stella Polly Inc.San Diego, USA100.0Mikkeller US Holding Inc.Delaware, USA100.0Craft Beer Bar Holding ApSCopenhagen, Denmark100.0Ramen Copenhagen ApSCopenhagen, Denmark75.3Viktoriagade Bar ApSCopenhagen, Denmark100.0Stefansgade Bar ApSCopenhagen, Denmark100.0Viktoriagade Smørrebrød ApSCopenhagen, Denmark100.0Refshaleøen Barrel Room ApSCopenhagen, Denmark100.0Jægergårdsgade Bar ApSCopenhagen, Denmark100.0Mikkellerbar Årsdale ApSCopenhagen, Denmark100.0Fly High Club ApSCopenhagen, Denmark100.0Mikkeller Meatpacking ApSCopenhagen, Denmark100.0Mikkeller Taipei LtdTaipei, Taiwan51.0
Mikkeller Bar Helsinki OYHelsinki, Finland65.0Mikkeller Bar KoreaSeoul, South Korea51.0Sp/f Mikkeller TorshavnTorshavn, Faroe Islands50.5Mikkeller Beer (Shanghai) Co., Ltd.Shanghai, China84.0Mikkeller Japan KKTokyo, Japan70.0Danish Craft Beer Spain S.LMadrid, Spain75.0Mikkeller Brill Östermalm ABStockholm, Sweden80.0Mikkeller Craft Beer Germany GmbHBerlin, Germany90.0TheGoodOlDays LimitedLondon, United Kingdom80.0
You are a funny man ASOslo, Norway100.0Mikkeller Bar Paris SASParis, France100.0Bean Geeks Chocolate ApSCopenhagen, Denmark100.00Kødbyen Brygpub ApSCopenhagen, Denmark750.00Despite several reminders, Management of Bjergsø Holding ApS has not received accounting records for the recognition of the subsidiaries; Mikkeller Beer Co., Ltd (Shanghai)., and Mikkeller Bar Korea, as at 31 December 2021. Consequently, Management has assessed that it is not possible to recognise the companies in the consolidated financial statements of 2021 with reference to the Danish Financial Statements Act, S 114. At 31 December 2020, the companies total equity amounted to DKK 2 million which has been written down to DKK 0 in 2021. -48529702-64289070512123245394351060930461154448800613681048857354081010753Warrants
The Company has issued warrants to motivate the participants. As of 31 December 2021, the participants has subscribed for a number of warrants, entitling the holders to collectively buy 2,323,347 warrants of a nominal value of DKK 23,233.47 in the Group at a price agreed in advance and on the term set out in appendices 1 to 6 of the articles of association of the Company.
11 Related parties with controlling interestThe Company has not traded with, granted loans to, pledged collateral, provided recourse guarantees to or
undertaken guarantee obligations for the Board of Directors, the Executive Board or the shareholder or any
non-group enterprises in which the parties concerned have interests.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.falseConsolidated 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’ proportionate share of profit or loss is presented as a separate item in Management’s proposal for
distribution of profit or loss, and their share of subsidiaries’ net assets is presented as a separate item in
group equity.
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.
Despite several reminders, Management of Bjergsø Holding ApS has not received accounting records for the recognition of the subsidiaries; Mikkeller Beer Co., Ltd (Shanghai)., and Mikkeller Bar Korea, as at 31 December 2021. Consequently, Management has assessed that it is not possible to recognise the companies in the consolidated financial statements of 2021 with reference to the Danish Financial Statements Act, S 114. At 31 December 2020, the companies total equity amounted to DKK 2 million which has been written down to DKK 0 in 2021. 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.
When recognising foreign subsidiaries and associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly deviate from the rates at
the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date.
Goodwill is considered belonging to the independent foreign entity and is translated using the exchange rate
at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly
in equity.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.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory
writedowns.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 plant and equipment and intangible assets comprise
depreciation, amortisation and impairment losses for the financial year, as well as gains and losses from
the sale of intangible assets as well as property, plant and equipment.<br />Writedowns of non-financial current assetsWritedowns of current assets other than current financial assets comprise writedowns in addition to ordinary
writedowns.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 internal 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 elimination of internal profits or losses.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 as well as 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 as well as 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.GoodwillGoodwill is the positive difference between cost and fair value 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. Useful lives are reassessed annually. The amortisation periods
used are 10 years. Goodwill is written down to the lower of recoverable amount and carrying amount.
No residual value is used in the calculation of amortisations.<br />Intellectual property rights etc.Intellectual property rights etc comprise development projects completed and in progress with related intellectual
property rights, acquired intellectual property rights and prepayments for intangible assets.
Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised
over their remaining duration, and licences are amortised over the term of the agreement.Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.
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:Acquired rights 3-10 years
Estimated useful lives and residual values are reassessed annually. No residual value is used in the calculation
of amortisations.Property, plant and equipmentPlant and machinery as well as leasehold improvements, other fixtures and fittings, tools and equipment are
measured at cost less accumulated depreciation and impairment losses.
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:Plant and machinery7-10 yearsOther fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements3-40 yearsEstimated useful lives and residual values are reassessed annually. No residual value is used in the calculation
of amortisations.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesIn the parent financial statements, investments in group enterprises are recognised and measured 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 and 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
Reserve for net revaluation according to the equity method under equity.
Goodwill is the positive difference between cost and fair value 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. Useful lives are reassessed annually. The amortisation periods
used are 10 years.
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 enterprises' equity values plus unamortised goodwill and
plus or minus unrealised pro rata intra-group profits and losses.
Associates 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 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 Reserve for
net
revaluation according to the equity method under equity.
Investments in associates are written down to the lower of recoverable amount and carrying amount.
recoverable amount and carrying amount.Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities.
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 carry forwards, 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.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost of raw materials, manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.<br />Tax payable or receivable Current tax receivable or payable is recognised in the balance sheet, stated as tax calculated on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.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 provisionsOther provisions comprise anticipated costs related to ongoing legal cases.
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.
Lease liabilitiesLease commitments relating to assets held under finance leases are recognised in the balance sheet as
liabilities other than provisions, and, at the time of inception of the lease, measured at the present value of
future lease payments. Subsequent to initial recognition, lease commitments are measured at amortised
cost. The difference between present value and nominal amount of the lease payments is recognised in the
income statement as a financial expense over the term of the leases.
Lease payments on operating leases are recognised on a straight-line basis in the income statement over the
term of the lease.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.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities as well as 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 income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs as well as the raising of loans, inception of finance leases, instalments on interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less shortterm
bank loans.The cash flow statement shows cash flows from operating, investing and financing activities as well as 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 income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs as well as the raising of loans, inception of finance leases, instalments on interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less shortterm
bank loans.2022-07-06Kenneth Bundgaard Madsen