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cmn:ConsolidatedMember 4 33952252 2021-01-01 2021-12-31 cmn:ConsolidatedMember 5 33952252 2022-01-01 2022-12-31 cmn:ConsolidatedMember 6 33952252 2021-01-01 2021-12-31 cmn:ConsolidatedMember 7 33952252 2022-01-01 2022-12-31 cmn:ConsolidatedMember 8 33952252 2021-01-01 2021-12-31 cmn:ConsolidatedMember 9 33952252 2022-01-01 2022-12-31 cmn:ConsolidatedMember 10 33952252 2021-01-01 2021-12-31 cmn:ConsolidatedMember 11 33952252 2022-01-01 2022-12-31 cmn:ConsolidatedMember 12 33952252 2021-01-01 2021-12-31 cmn:ConsolidatedMember 13 33952252 2022-01-01 2022-12-31 cmn:ConsolidatedMember 0 33952252 2021-01-01 2021-12-31 cmn:ConsolidatedMember 1 33952252 2021-01-01 cmn:ConsolidatedMember 33952252 2022-01-01 2022-12-31 cmn:ConsolidatedMember 0 33952252 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 iso4217:USD xbrli:pure 2022-01-01 2022-12-31 99000 95000 0 4000 305000 87000 392000 0 225000 225000 97000 0 97000 78000 109000 37000 856000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Depreciated over</td><td>4 years</td><td>3-4 years</td><td>2-4 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Amortisation for the year are allocated in the income statement as follows</td></tr><tr><td /><td /><td>.Administrative expenses</td><td>377</td><td>230</td><td>248</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Debt to credit institutions</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Analysis of liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Credit institutions</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >USD'000</td><td width="12%" align="right" valign="middle" >2022</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Long-term</td><td width="12%" align="right" valign="middle" >484</td><td width="12%" align="right" valign="middle" >10</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Short-term</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >484</td><td width="12%" align="right" valign="middle" >10</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" ><b>Total liabilities</b></td><td width="12%" align="right" valign="middle" >484</td><td width="12%" align="right" valign="middle" >10</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The liabilities are recognised in the balance sheet as follows</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Non-current liabilities</td><td width="12%" align="right" valign="middle" >484</td><td width="12%" align="right" valign="middle" >10</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Current liabilities</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >484</td><td width="12%" align="right" valign="middle" >10</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Income taxes payable</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >USD'000</td><td width="12%" align="right" valign="middle" >2022</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Income taxes payable at 1 January</td><td width="12%" align="right" valign="middle" >28</td><td width="12%" align="right" valign="middle" >23</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Current tax charge for the year, including jointly taxed subsidiaries</td><td width="12%" align="right" valign="middle" >97</td><td width="12%" align="right" valign="middle" >132</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Income taxes paid during the year</td><td width="12%" align="right" valign="middle" >-48</td><td width="12%" align="right" valign="middle" >-127</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Corporation tax deferred</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" ><b>Income taxes payable at 31 December</b></td><td width="12%" align="right" valign="middle" >77</td><td width="12%" align="right" valign="middle" >28</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> 1862000 0 -84000 50000 1828000 40000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has provided bank guarantees to customers and suppliers at a total value of USD 1,9 million.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As collateral for the Group's bank balances, shares in the subsidiary AMS FZ LLC worth AED 1,000,000 are deposited in the bank at a carrying amount of USD 3.8 million.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Section 98c(7) of the Danish Financial Statements Act is applied regarding related party transactions.</td></tr><tr><td colspan="1"></td></tr></table> 16333000 -8811000 167000 -9376000 6287000 -1377000 17000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial ratios</td></tr></table> -0.54 -0.14 -0.69 0.32 183 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial ratios are calculated in accordance with the recommendations of the Danish Finance Society.</td></tr><tr><td /><td>The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td /><td>Profit margin = Operating profit (EBIT) x 100 / Revenue</td></tr><tr><td /><td>Return on investment = NProfit/loss for the year excl. non-controlling interests x 100 / Average Assets</td></tr><tr><td /><td>Return on equity = Profit/loss for the year excl. non-controlling interests x 100 / Average equity excl. non-controlling interests</td></tr><tr><td /><td>Solvency ratio = Equity at year end x 100 / Total equity and liabilities at year end</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by Management on the annual report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the Board of Directors and the Executive Board have discussed and approved the annual report of No Lemon Invest A/S for the financial year 1 January - 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 31 December 2022 and of the results of the Group's and the Parent Company's operations and the consolidated cash flows for the financial year 1 January – 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's operations and financial matters and the results of the Group's and the Parent Company's operations and financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Copenhagen 2023-07-19 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of No Lemon Invest A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of No Lemon Invest A/S for the financial year 1 January – 31 December 2022 which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for both 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.</td></tr><tr><td colspan="1">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 31 December 2022 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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 company financial statements" (hereinafter 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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.</td></tr></table> Odense 2023-07-19 No Lemon Invest A/S 1123 Copenhagen K Gothersgade 175, 2. tv. Denmark 33952252 2007-10-16 Copenhagen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsesberetning</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating review</td></tr><tr><td colspan="1">Principal activity</td></tr><tr><td colspan="1">The business foundation for No Lemon Invest A/S is, through subsidiaries, to offer Integrated Solutions to support Governments, Aid Agencies, and Commercial Organizations across Africa, the Middle East and Europe. The Group’s international portfolio provides Maintenance, Repair &amp; Overhaul (MRO), Supply Chain and Integrated Facilities Management services in the world’s remote and challenging environments.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial position</td></tr><tr><td colspan="1">Performance for the year</td></tr><tr><td colspan="1">In 2022, the Group realised revenue of USD 22.8 million from operations in Somalia, Nigeria, UAE, USA as well as global sales of refuellers against USD 117.7 million in 2021.</td></tr><tr><td colspan="1">In 2022, operating loss for the year/EBIT in No Lemon Invest amounted to USD –9.7 million against loss of USD -8.0 million in 2021.</td></tr><tr><td colspan="1">During 2021, the Group has stopped activities under its main contract in Afghanistan with the withdrawal of US Troops from Afghanistan and subsequent change in political and security situation in the country. In 2022, the Group has decided to discontinue all its operations in Afghanistan and wider Asia region.</td></tr><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">The Group has invested USD 1.1 million in a new Joint Venture company Fresh Bite Catering, through its existing Joint Venture with Bin Hilal Enterprises LLC (BHE). The investment was fully financed by a loan provided by BHE. No significant investments were made to property, plant and equipment during 2022.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liquidity and capital resources</td></tr><tr><td colspan="1">At 31 December 2022, the Group’s equity amounted to USD 9.2 million, representing 31.9% of the balance sheet total.</td></tr><tr><td colspan="1">Based on the annual report for 2022, the budget for 2023 and the forecast for the coming years and continued close cooperation with the Group's bank, it is the Management's view that the Group will have sufficient credit facilities to finance its operations. The Group targets to completely settle the existing banking facility to the Group’s bank during 2023, and self-finance its main operations in the 2nd half of the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">The year 2023 is budgeted with a positive operating profit through adjusted cost base and new contracts.</td></tr><tr><td colspan="1">The Group is currently actively working to secure new contracts across Europe and Africa regions.</td></tr><tr><td colspan="1">The Group is actively pursuing a claim against its main customer for Afghanistan with the view of securing a compensation for assets lost due to rushed demobilization of the program and its failure to provide guidance on removal of the Group’s owned property.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred since the end of the financial year, which, in our opinion, will have a negative impact on the evaluation of the annual report.</td></tr><tr><td colspan="1">Special risks</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">General risks</td></tr><tr><td colspan="1">The Group is exposed to the political and operational risks that are involved when operating in parts of the world, which are often subject to unrest.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">As the Group primarily buys and sells in USD or AED (which is pegged to USD), the above exposure is considered immaterial. Together with the launch of new operations in Europe the Group will start to have limited number of transactions dealing in EUR and GBP. The group targets to hedge the currency exposure risk via natural hedging by balancing receivables and payables in same currency.</td></tr><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">Credit risk refers the risk arising on account of a default by counterparty on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Credit exposure is controlled by counterparty limits that are reviewed and approved by the Group annually. The Group uses its own trading records to rate its major customers.</td></tr><tr><td colspan="1">The Group is exposed to credit risk from its operating activities primarily from trade and other receivables, deposits with banks and other financial instruments. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The Group does not hold collateral as security.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Corporate Social Responsibility</td></tr><tr><td colspan="1">The Group’s business model is to offer Integrated Solutions to support Governments, Aid Agencies, and Commercial Organizations across Africa, the Middle East and Europe. The Group’s international portfolio provides Maintenance, Repair &amp; Overhaul (MRO), Supply Chain and Integrated Facilities Management services in the world’s remote and challenging environments.</td></tr><tr><td colspan="1">The Group reaffirmed its commitment to the United Nations Global Compact (UNGC), in accordance with the ten principles with respect to human rights, labor, environment and anticorruption.</td></tr><tr><td colspan="1">The Group is committed to the implementation of universal sustainability principles in support of the UN goals. OMNI and its subsidiaries have incorporated the ten principles of the UNGC into its business strategy, policies, and procedures. The Group will meet the essential requirements involving human rights, labor, and environment and anti-corruption norms, and in addition to upholding its basic responsibilities to people and the planet it will strive to set the stage for the long-term success of its stakeholders and communities.</td></tr><tr><td colspan="1">The Group is dedicated to building an organization that demonstrates the highest levels of honesty, integrity, ethics, and best practice.</td></tr><tr><td colspan="1">The strategy remains aligned to the United Nations’ Sustainable Development Goals, focusing on increasing economic growth, access to quality education and fair employment, and taking steps to promote good health and well-being.</td></tr><tr><td colspan="1">The Group and its main subsidiary, AMS are committed to the rights of our workers as well as cognizant of the rights of personnel employed by other organizations in our supply chain.</td></tr><tr><td colspan="1">No Lemon Invest endeavors to create a safe job environment for its employees, knowing that working conditions in conflict and other harsh environments can be uncertain and carry additional risk. The key risk that Group faces when trying to secure a healthy and safe working environment and at the same time assure physical and mental wellbeing of the staff.</td></tr><tr><td colspan="1">The Group recognized the importance and value of hiring and developing local talent. The due to the discontinuation of operations in Asia average percentage of full-time workers employed in their country of origin over the course of 2022 has drooped and was at an average of 12%. However, during the last quarter of 2022 and in early 2023, following an active recruitment campaign in Africa for newly awarded projects the percentage has significantly improved and as at the end of May 2023 represents 64%.</td></tr><tr><td colspan="1">The aim is to maintain a high ratio of local to international staff.</td></tr><tr><td colspan="1">Special considerations were given to the health and wellbeing of not only our staff but to their extended family members. The team is regularly invited to attend webinars and events covering various health and wellbeing topics. All deploying employees are provided with extensive medical insurance ensuring illnesses, disease, and ailments are treated with proper care.</td></tr><tr><td colspan="1">The Group and its subsidiaries remain fully committed to the 2030 Sustainability Strategy. We plan to work together to set goals, define target indicators, and develop medium to long term initiative programs.</td></tr><tr><td colspan="1">The Group has assessed that there are risks of corruption within the environments that they operate, and it is for that reason that the Group has implemented robust policies with a zero-tolerance approach to failure.</td></tr><tr><td colspan="1">The Group has also developed an anti-corruption policy which is applicable to all Group employees and partners. This policy clearly states that the Group does not accept any form of bribery or corruption. Further, the group continually communicate and enforces the anti-corruption policy with all employees and partners. In 2022, there was no reported breaches to the anti-corruption policy.</td></tr><tr><td colspan="1">This has enabled the Group to be confident in its adherence to laws and regulations in the geographies and stakeholder parameters within which it operates.</td></tr><tr><td colspan="1">The Group works to establish a way to safely dispose, recycle, and minimize the waste it produces. By minimizing the amount of waste produced, the Group is reducing costs and more importantly, its carbon footprint. The Company goals are</td></tr><tr><td colspan="1">To reduce waste generation.</td></tr><tr><td colspan="1">To increase the amount of waste composted and recycled</td></tr><tr><td colspan="1">In order to mitigate our impact on marine life, the Group not only use multi-modal transportation, but we have also centralized the procurement department to promote sustainable procurement practices. The company uses local suppliers whenever possible as long as the quality of goods and services are not compromised. In such cases, the company transport goods internationally if the quality is not sufficient and they are not available competitively in the local market. This reduces our carbon footprint, helps us build local relationships within the communities we operate, and supports the local economy.</td></tr><tr><td colspan="1">Human Rights risks</td></tr><tr><td colspan="1">The Group is well aware of the potential human rights risks especially in remote and challenging environments where it operates. The risks associated with human rights are labour rights, inadequate health and safety measures leading to sickness, injury or death, issues relating to gender rights, and child labour.</td></tr><tr><td colspan="1">No Lemon Invest is aware of the risks of breaches to human rights in connection with its activities and the geographies in which it operates, and it implements all practically possible actions to avoid and mitigate such risks.</td></tr><tr><td colspan="1">One of the examples of such actions taken during financial year is continuous in-depth screening and due diligence of all local suppliers used, understanding they ways of operations, and making sure they adhere to ethical rules and respect human rights.</td></tr><tr><td colspan="1">During the financial year the Group has not identified any occurrence of human rights violation within its organization or with partners, suppliers and other stakeholders that it is dealing with.</td></tr><tr><td colspan="1">Due to the continuous tough economic, social and security situation in Group’s countries operation the group management targets to increase the awareness among its staff and its operating partners about potential human rights risks and ways to identify and report them. Human rights risks will be one of the key areas in the Groups 2023-2030 Sustainability strategy.</td></tr><tr><td colspan="1">Environmental &amp; Climate issues</td></tr><tr><td colspan="1">The material risks the company faces regarding environmental and climate issues are its negative impact on the marine life, waste generation and CO2 emissions stemming from our activities.</td></tr><tr><td colspan="1">Our main goals in upcoming year with regards to environmental &amp; climate issues are</td></tr><tr><td colspan="1">To improve efficiency in water usage</td></tr><tr><td colspan="1">To increase the percentage of recycled water</td></tr><tr><td colspan="1">To foster behavior that reduces the use of water.</td></tr><tr><td colspan="1">We achieve this through upgrades in our water and sanitation facilities as well as increasing awareness and changing behaviors around water usage among staff, clients, and guests.</td></tr><tr><td colspan="1">Many of our operations are in locations without water infrastructure and many are also in arid landscapes. Providing water and maximizing the efficiency of its use is critical to our operations. We use borehole water in locations where there is no mains supply, where necessary borehole water is treated, for example for excess salinity in our Somalia operation. We provide our workforce with clean water for kitchens, laundry, showers and toilets and potable water.</td></tr><tr><td colspan="1">We also use water in construction, for irrigation and for operations such as car washing. We aim to maximize the use of treated grey water for operational requirements, for example the dirty water from our car washing operation in Somalia is processed through a sediment separation tank and cleaned through a threestage osmosis process. The cleaned water is either reused for car washing or is used to irrigate banana plants. We follow strict operating procedures and use only WHO approved chemicals. All sewage water is treated and what is not being recycled, is drained into soakaways, which pose no risk to the environment.</td></tr><tr><td colspan="1">Another initiative taken by the group is Responsible Production and Consumption.</td></tr><tr><td colspan="1">In each of our locations, the Group works to establish a way to safely dispose, recycle, and minimize the waste we produce. By minimizing the amount of waste we produce, we are reducing costs and more importantly, our carbon footprint.</td></tr><tr><td colspan="1">Our goals are</td></tr><tr><td colspan="1">To reduce waste generation.</td></tr><tr><td colspan="1">To increase the amount of waste composted and recycled.</td></tr><tr><td colspan="1">Typical solutions from across our operations include</td></tr><tr><td colspan="1">Donating plastics waste to be recycled into clothing and accessories.</td></tr><tr><td colspan="1">Procuring food locally to reduce food waste.</td></tr><tr><td colspan="1">Supporting local organizations with donations of excess food.</td></tr><tr><td colspan="1">Similar initiatives are expected to be implemented in the coming years.</td></tr><tr><td colspan="1">We recognize the importance of maintaining an environmental focus no matter the location. The onus rests on the company to continue to reduce, recycle and reuse. In the UAE, our water bottles used by the staff are collected and recycled into sustainable products such as clothing and accessories. We operate out of shared coworking spaces to minimize our environmental footprint in our US, Uganda, and Kenya offices. Plans for next year include to move the UAE office to a similar coworking space.</td></tr></table> 21277000 -4944000 10000 3857000 50000 919000 0 98000 -9415000 136000 -4603000 640000 97000 -3319000 686000 409000 13000 0 1364000 0 17000 -2741000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accounting policies</td></tr></table> Regnskabsklasse C, stor virksomhed <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The annual report of No Lemon Invest A/S for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The Company operates with USD as its operational functional currency as the subsidiary presents its annual report in USD. Accordingly, this annual report has been presented in USD.</td></tr><tr><td /><td>The DKK/USD exchange rate applied was 6.9722 at 31 December 2022 and 6.5612 at 1 January 2022.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Consolidated financial statements</td></tr><tr><td /><td>Control</td></tr><tr><td /><td>The consolidated financial statements comprise the Parent Company No Lemon Invest A/S and subsidiaries controlled by No Lemon Invest A/S.</td></tr><tr><td /><td>Control means the power to exercise decisive influence over a subsidiary’s financial and operating decisions. Moreover, the possibility of yielding a return from the investment is required.</td></tr><tr><td /><td>In assessing if the Parent Company controls an entity, de facto control is taken into consideration as well.</td></tr><tr><td /><td>The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity may become empowered to exercise decisive influence over another entity’s financial and operating decisions.</td></tr><tr><td /><td>Significant influence</td></tr><tr><td /><td>Entities over whose financial and operating decisions the group exercises significant influence are classified as associates. Significant influence is assumed to exist if the Parent Company directly or indirectly holds or controls 20% or more of the voting power of the investee but does not control the investee.</td></tr><tr><td /><td>The existence of potential voting rights which may currently be exercised or converted into voting rights is considered when assessing if significant influence exists.</td></tr><tr><td /><td>Joint arrangements</td></tr><tr><td /><td>Joint arrangements are activities or entities of which the group and one or more other parties have joint control based on cooperation agreements. Joint control implies that decisions on relevant activities require unanimous consent among the parties jointly controlling the arrangement.</td></tr><tr><td /><td>Jointly controlled arrangements are classified either as joint operations or joint ventures. Joint operations are activities where the participants have direct rights over assets and are subject to direct liability, whereas joint ventures are activities where the participants solely have rights over the net assets.</td></tr><tr><td /><td>The Management’s review includes a group chart.</td></tr><tr><td /><td>Preparation of consolidated financial statements</td></tr><tr><td /><td>The consolidated financial statements have been prepared as a consolidation of the Parent Company's and the individual subsidiaries' financial statements, which are prepared according to the Group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the Group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains unless they do not reflect impairment.</td></tr><tr><td /><td>In the consolidated financial statements, the items of subsidiaries are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of subsidiaries which are not wholly owned are included in the Group's profit/loss and equity but are disclosed separately.</td></tr><tr><td /><td>Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders.</td></tr><tr><td /><td>Equity investments in associates and joint ventures are recognised in the consolidated financial statements using the equity method.</td></tr><tr><td /><td>The Group’s activities in joint operations are recognised in the consolidated financial statements on a line-by-line basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Business combinations</td></tr><tr><td /><td>Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities.</td></tr><tr><td /><td>The date of acquisition is the date when the Group actually obtains control of the acquiree.</td></tr><tr><td /><td>The purchase method is applied to acquisitions of new businesses over which the Group obtains control. The acquired businesses' identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.</td></tr><tr><td /><td>Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under "Intangible assets". Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.</td></tr><tr><td /><td>Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.</td></tr><tr><td /><td>Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.</td></tr><tr><td /><td>The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed, and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement.</td></tr><tr><td /><td>Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.</td></tr><tr><td /><td>Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities, contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional values. If it turns out subsequently that the identification or measurement of the purchase consideration, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements.</td></tr><tr><td /><td>Gains or losses from divestment or winding-up of subsidiaries which imply that control is no longer maintained are calculated as the difference between, on the one hand, the selling price less selling expenses and, on the other hand, the proportionate share of the carrying amount of net assets. If the entity still holds equity investments in the divested entity, the remaining proportionate share of the carrying amount forms the basis for the measurement of equity investments in associates or securities and equity investments.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Non-controlling interests</td></tr><tr><td /><td>On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' ownership share or at the non-controlling interests' proportionate share of the fair value of the acquired entity's identifiable assets, liabilities and contingent liabilities.</td></tr><tr><td /><td>In the former scenario, goodwill relating to the non-controlling interests' share in the acquired entity is thus recognised, while, in the latter scenario, goodwill relating to the non-controlling interests' share is not recognised. Measurement of non-controlling interests is chosen on a transaction-by-transaction basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Foreign currency translation</td></tr><tr><td /><td>On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rate at the transaction date and the rate at the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td /><td>Receivables and payables and other monetary items denominated in foreign currencies are translated at closing rates. 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 latest financial statements is recognised in the income statement as financial income or financial expenses.</td></tr><tr><td /><td>Foreign subsidiaries and associates are considered separate entities. Items in such entities' income statements are translated at average exchange rates for the month, and balance sheet items are translated at closing rates. Foreign exchange differences arising on translation of the opening equity of foreign entities to closing rates and on translation of the income statements from average exchange rates to closing rates are taken directly to equity.</td></tr><tr><td /><td>Foreign exchange adjustments of balances with separate foreign subsidiaries which are considered part of the total investment in the subsidiary are taken directly to equity. Foreign exchange gains and losses on loans and derivative financial instruments designated as hedges of foreign subsidiaries are also recognised directly in equity.</td></tr><tr><td /><td>On recognition of foreign subsidiaries which are integral entities, monetary items are translated at closing rates. Non-monetary items are translated at the exchange rates at the acquisition date or at the date of any subsequent revaluation or impairment of the asset. Income statement items are translated at the exchange rates at the transaction date, although items derived from non-monetary items are translated at the historical exchange rates applying to the non-monetary items.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Revenue</td></tr><tr><td /><td>Income from the sale of spare parts is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received.</td></tr><tr><td /><td>Income from the sale of services, which include service contracts is recognised on a straight-line basis as the services are rendered.</td></tr><tr><td /><td>Revenue is measured at fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Direct costs</td></tr><tr><td /><td>Direct costs comprise costs, including salaries, incurred in generating the year's revenue. Such costs include direct and indirect costs related to raw materials and consumables, wages and salaries, rent and leases.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Sales and distribution costs</td></tr><tr><td /><td>Sales and distribution costs comprise costs related to the distribution of goods sold in the year and to sales campaigns, etc. carried out in the year, including costs related to sales staff, advertising, and exhibitions.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Administrative expenses</td></tr><tr><td /><td>Administrative expenses comprise costs incurred in the year to manage and administer the Company, including expenses related to administrative staff, management, office premises, office expenses and amortisation/depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other operating expenses</td></tr><tr><td /><td>Other operating expenses comprise items secondary to the entities' activities, including losses on disposal of intangible assets and items of property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Profit/loss from equity investments in subsidiaries and associates</td></tr><tr><td /><td>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. One proportionate elimination of intra-group gains/losses is made for equity investments in associates.</td></tr><tr><td /><td>Shares of profit/loss after tax in associates are recognised in the consolidated income statement after elimination of a proportionate share of unrealised intra-group gains/losses. Consolidated financial statements and parent company financial statements 1 January – 31 December</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income and expenses</td></tr><tr><td /><td>Financial income and expenses comprise interest income and expenses, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax for the year</td></tr><tr><td /><td>The Parent Company is subject to the Danish rules on mandatory joint taxation of the Group's Danish subsidiaries. Subsidiaries are included in the joint taxation arrangement from the date when they are included in the consolidated financial statements and up to the date when they are no longer consolidated.</td></tr><tr><td /><td>The Parent Company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>The tax expense for the year, which comprises the year's current tax charge, joint taxation contributions and changes in the deferred tax charge – including changes 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td></tr><tr><td /><td>Leasehold improvements, hire equipment, technical equipment and machines as well as fixtures and fittings are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td /><td>Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, and wages and salaries.</td></tr><tr><td /><td>Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.</td></tr><tr><td /><td>Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are as follows</td></tr><tr><td /><td>Leasehold improvements</td><td>4 years</td></tr><tr><td /><td>Technical equipment and fixtures</td><td>3-4 years</td></tr><tr><td /><td>Company cars</td><td>4 years</td></tr><tr><td /><td>The basis of depreciation is based on the residual value of the asset at the end of its useful life and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td /><td>In case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td /><td>Depreciation is recognised in the income statement as administrative costs.</td></tr><tr><td /><td>Gains and losses on the disposal of items of property, plant and equipment are calculated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as other operating income or other operating expenses, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Equity investments in subsidiaries and associates</td></tr><tr><td /><td>Equity investments in subsidiaries and associates are measured according to the equity method in the parent company financial statements. Equity investments in associates are also measured according to the equity method in the consolidated financial statements.</td></tr><tr><td /><td>On initial recognition, equity investments in subsidiaries and associates are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding the consolidated financial statements above.</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>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 in the consolidated financial statements. Negative goodwill is recognised in the income statement.</td></tr><tr><td /><td>Dividend received is deduced from the carrying amount.</td></tr><tr><td /><td>Equity investments in subsidiaries and associates measured at net asset value are subject to impairment test requirements if there is any indication of impairment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Impairment of non-current assets</td></tr><tr><td /><td>The carrying amount of intangible assets, property, plant and equipment and equity investments in subsidiaries and associates is tested annually for impairment.</td></tr><tr><td /><td>Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. Assets are written down to the lower of the carrying amount and the recoverable amount.</td></tr><tr><td /><td>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 net 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.</td></tr><tr><td /><td>Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Inventories</td></tr><tr><td /><td>Inventories comprise goods for resale. Inventories are measured at cost, comprising the basic purchase price of the goods with the addition of cost directly related to the acquisition. Inventories are measured at cost in accordance with the weighted average cost method.</td></tr><tr><td /><td>Where the net realisable value is lower than cost, inventories are written down to this lower value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Receivables</td></tr><tr><td /><td>Receivables are measured at amortised cost.</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>Receivables in respect of which there is no objective evidence of individual impairment are assessed for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the country of domicile and credit ratings of the debtors in accordance with the Group's credit risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.</td></tr><tr><td /><td>Impairment losses are calculated as the difference between the carrying amount of the receivables and the net present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Prepayments</td></tr><tr><td /><td>Prepayments recognised under "Current assets" comprise expenses incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Equity</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Reserve for net revaluation according to the equity method</td></tr><tr><td /><td>Net revaluation of equity investments in subsidiaries and associates is recognised at cost in the reserve for net revaluation according to the equity method.</td></tr><tr><td /><td>The reserve can be eliminated in case of losses, realisation of equity investments or a change in accounting estimates.</td></tr><tr><td /><td>The reserve cannot be recognised at a negative amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Dividend</td></tr><tr><td /><td>Dividend proposed for the year is recognised as a liability at the date when it is adopted at the general meeting (declaration date). Dividend expected to be distributed for the year is disclosed as a separate item under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income tax and deferred tax</td></tr><tr><td /><td>Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on prior-year taxable income and tax paid on account.</td></tr><tr><td /><td>Joint taxation contribution payable and receivable is recognised in the balance sheet as "Income tax receivable" or "Income tax payable".</td></tr><tr><td /><td>Deferred tax is measured using the balance sheet 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 or on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting neither the profit/loss for the year nor the 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.</td></tr><tr><td /><td>Deferred tax assets, including the tax base of tax loss carry-forwards, 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 and jurisdiction.</td></tr><tr><td /><td>Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.</td></tr><tr><td /><td>Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Liabilities</td></tr><tr><td /><td>Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td /><td>Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash flow statement</td></tr><tr><td /><td>The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td /><td>The cash flow effect of acquisitions and disposals of entities is shown separately in cash flows from investing activities. Cash flows from corporate acquisitions are recognised in the cash flow statement from the date of acquisition. Cash flows from disposals of entities are recognised up until the date of disposal.</td></tr><tr><td /><td>Cash flows from operating activities</td></tr><tr><td /><td>Cash flows from operating activities are calculated as the Group's share of the profit/loss adjusted for non-cash operating items, changes in working capital and income taxes paid.</td></tr><tr><td /><td>Cash flows from investing activities</td></tr><tr><td /><td>Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities, activities and intangible assets, property, plant and equipment and financial assets.</td></tr><tr><td /><td>Cash flows from financing activities</td></tr><tr><td /><td>Cash flows from financing activities comprise changes in the size or composition of the Group's share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, and payment of dividend to shareholders.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash and cash equivalents</td></tr><tr><td /><td>Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less which are subject to only minor risks of changes in value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Segment information</td></tr><tr><td /><td>Segment information is excluded for competitive reasons.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1217.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 2023-07-19 Lars Blavnsfeldt <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Fees paid to auditors appointed at the annual general meeting</td></tr></table> 7000 7000 0 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Financial income</td></tr></table> 0 11000 11000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Financial expenses</td></tr></table> 0 0 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Tax for the year</td></tr></table> 0 0 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Property, plant and equipment</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Investments</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Investments</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Nærtstående parter</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Nærtstående parter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >AMS BHE Mission Sustainment General Trading LLC</td><td width="14%" align="right" valign="middle" >49%</td><td width="14%" align="right" valign="middle" >196</td><td width="17%" align="right" valign="middle" >2009</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Receivables from service contracts etc.</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Disputes</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Due to the nature of the Company's business activities, it is party to some disputes, sometimes of an unusual nature. Based on Management's experience and legal assessments, these disputes are usually unjustified and unfounded. However, the disputes regularly result in legal costs, etc., which strains the Company's operations. The Company is currently party to a dispute with a business partner in which a ruling is expected soon that will either result in additional legal costs or a minor reduction of the business partners' receivable, which has been recognised in the financial statements.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The outcome of the dispute is difficult to assess and may deviate both positively and negatively from the accounting estimates made by the Company.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >It is assessed that, generally, there are no significant risks associated with disputes.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments comprise payments in advance for rent of operating facility, offices, insurance, etc.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Debt to credit institutions</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Analysis of liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Credit institutions</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >USD'000</td><td width="12%" align="right" valign="middle" >2022</td><td width="16%" align="right" valign="middle" >2021</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Long-term</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Short-term</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" ><b>Total liabilities</b></td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The liabilities are recognised in the balance sheet as follows</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Non-current liabilities</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Current liabilities</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Income taxes payable</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >USD'000</td><td width="12%" align="right" valign="middle" >2022</td><td width="16%" align="right" valign="middle" >2021</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Income taxes payable at 1 January</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Current tax charge for the year, including jointly taxed subsidiaries</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Income taxes paid during the year</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Corporation tax deferred</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" ><b>Income taxes payable at 31 December</b></td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Staff costs and incentive plans</td></tr></table> 0 0 0 0 0 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has provided guarantee for the bank debt of AMS FZ LLC.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As collateral for the Group's bank balances, shares in the subsidiary AMS FZ LLC worth AED 1,000,000 are deposited in the bank at a carrying amount of USD 3.8 million.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td>Appropriation of profit/loss</td></tr></table> -7773000 -4773000 0 0 0 0 13000 -13000 0 0 -4771000 0 -4773000 0 131000 129000 2000 0 268000 44000 312000 24000 247000 271000 132000 0 132000 22381000 0 371000 5193000 27945000 74000 117714000 -6160000 41000 -7692000 -7519000 -1229000 13000 -0.05 -0.06 -0.36 0.44 157 93215000 24499000 124000 30535000 9000 1848 0 398000 -7560000 0 -3777000 3110000 127000 -1699000 37679000 32656000 919000 -397000 -87000 0 0 -6438000 7000 7000 0 0 17000 0 17000 0 9000 9000 0 0 0 0 0 0 0 0 0 -3915000 -3915000 0 0 0 0 8000 -8000 0 0 -3915000 0 -3915000 0 2664000 1944000 2877000 2570000 3271000 2586000 8812000 7100000 17625000 7145000 0 0 0 377000 0 0 0 230000 78000 109000 37000 248000 2664000 2321000 343000 2877000 2800000 77000 3240000 2797000 443000 8781000 7919000 863000 183 28754000 8249000 3000000 343000 77000 443000 0 1009000 1009000 1872000 138000 7118000 0 10730000 2249000 20097000 6647000 26882000 384000 0 -108000 1303000 3670000 484000 484000 2243000 12145000 0 77000 137000 5419000 20021000 20505000 28754000 4404000 20475000 -11897000 20475000 -7982000 0 0 0 0 -4771000 0 0 0 0 -3915000 20475000 -16668000 3807000 20475000 -11897000 8578000 Omni Technical Solutions A/S, Copenhagen -9374000 0 7496000 24000 902000 24000 505000 0 0 0 0 1089000 -791000 313000 98000 0 0 0 397000 0 0 0 0 0 0 0 0 1113000 -104000 1009000 24000 902000 926000 0 0 0 0 0 0 76 North Group A/S -98000 0 182000 Automotive Management Services LLC 0 0 -54000 Automotive Maintenance Solutions SARL 0 0 9000 1570 40144000 0 720000 307000 685000 1712000 0 926000 926000 2638000 1983000 7725000 7171000 1245000 9829000 25970000 9553000 35523000 384000 0 -108000 9076000 8273000 17625000 10000 10000 2408000 14571000 61000 28000 0 5441000 22509000 22519000 40144000 7145000 0 3000000 4579000 0 0 0 0 3807000 0 3807000 3807000 0 0 0 0 0 0 786000 786000 4593000 384000 0 0 1195000 0 0 0 0 0 0 0 0 14000 14000 14000 4593000 0 0 0 0 0 0 8577000 0 8577000 8577000 0 0 0 0 0 0 783000 783000 9360000 384000 0 0 8969000 0 9353000 0 0 0 0 0 0 0 7000 7000 7000 9360000 223159000 2764000 -399000 1128000 4755000 -1083000 -6000 0.01 0.01 0.04 0.27 3723 203336000 -574000 -316000 820000 16332000 -1945000 -2974000 -0.03 0.05 0.03 0.27 3513 143718000 1699000 -691000 -1132000 -1079000 -791000 -8924000 0.01 0 0 0.33 3135 Non-current assets 1872000 Non-current assets 2638000 Non-current assets 11289000 Non-current assets 14960000 Non-current assets 22994000 Current assets 26882000 Current assets 35523000 Current assets 84255000 Current assets 73862000 Current assets 47176000 95544000 88822000 70170000 Equity excl. non-controlling interests 4579000 Equity excl. non-controlling interests 9352000 Equity excl. non-controlling interests 13269000 Equity excl. non-controlling interests 12687000 Equity excl. non-controlling interests 12261000 Non-current liabilities 484000 Non-current liabilities 10000 Non-current liabilities 24000 Non-current liabilities 30000 Non-current liabilities 40000 Current liabilities 19088000 Current liabilities 22509000 Current liabilities 70202000 Current liabilities 64602000 Current liabilities 46760000 Total cash flows -2741000 Total cash flows -6438000 Total cash flows 3665000 Total cash flows 11413000 Total cash flows -10794000 384000 9076000 -108000 0 8273000 384000 0 8968000 0 9352000 0 -7773000 0 3000000 -4603000 0 0 -7773000 3000000 384000 1303000 -108000 3000000 367000 384000 0 1195000 3000000 Lars Blavnsfeldt CEO Mikael Konnerup Chairman Lars Blavnsfeldt Andrew Robertson Profit/loss for the year from discontinued operations 136000 Profit/loss for the year from discontinued operations 0 Loss on disposal of property and equipment 1068000 Loss on disposal of property and equipment 286000 Impairment 0 Impairment 6588000 Funds generated from operations -7668000 Funds generated from operations 2297000 Change in receivables from and payables to subsidiaries and shareholders -102000 Change in receivables from and payables to subsidiaries and shareholders 745000 Change in other payables, prepayments/deferred income, etc. 2793000 Change in other payables, prepayments/deferred income, etc. -14986000 Net Cashflow attributed to operating activities from discontinuing operations 0 Net Cashflow attributed to operating activities from discontinuing operations 0 Net Cashflow attributed to financing activities from discontinuing operations 0 Net Cashflow attributed to financing activities from discontinuing operations 13000 13583000 EY Godkendt Revisionspartnerselskab 30700228 Søren Smedegaard Hvid State Authorised Public Accountant mne31450 Emil Overlund State Authorised Public Accountant mne47833 30700228 EY Godkendt Revisionspartnerselskab