Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2021-09-01 2020-09-01 2021-09-30 2021-08-31 37304239 JT3H ApS Krumtappen 4 2500 Valby 2015-12-15 Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Danmark 2022-02-01 Peter Schäfer Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of JT3H ApS for the financial year 1 September - 30 September 2021. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 30 September 2021 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2021. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. Valby 2022-02-01 Lars Thuesen To the Shareholder of JT3H ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 September 2021 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 September - 30 September 2021 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of JT3H ApS for the financial year 1 September - 30 September 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the 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. We draw attention to note 1 in the Financial Statements, which indicates that the Group is dependent on active operation in a substantial part of 2021/22 in order to have sufficient liquidity available to perform repayment of loans in July 2022. Due to Covid-19 there is an increased inherent risk of additional travel restrictions impacting the Group’s operation. This fact, along with other matters as set forth in note 1, indicate that a material uncertainty exist that may cast significant doubt upon the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group’s and the 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 Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the 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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2022-02-01 Hellerup 2022-02-01 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jacob F Christiansen statsautoriseret revisor mne18628 Jakob Thisted Binder statsautoriseret revisor mne42816 Seen over a five-year period, the development of the Group is described by the following financial highlights: The financial highlights from 2018/19 and prior are including the former subsidiary Jet Time A/S which filed for bankruptcy as at 21 July 2020. Due to lack of information from Jet Time A/S (Luftfartsselskabet af 21. juli 2020 A/S under konkurs) the financial highlights for 2019/20 only includes information about the Group i.e JT3H ApS and Jettime A/S. The financial highlights for 2021 only consist of 1 month (1 September - 30 September 2021).The financial highlights from 2018/19 and prior are including the former subsidiary Jet Time A/S which filed for bankruptcy as at 21 July 2020. Due to lack of information from Jet Time A/S (Luftfartsselskabet af 21. juli 2020 A/S under konkurs) the financial highlights for 2019/20 only includes information about the Group i.e JT3H ApS and Jettime A/S. The financial highlights for 2021 only consist of 1 month (1 September - 30 September 2021). 0 1444000000 1130000000 -11000000 286000000 218000000 -17000000 39000000 773000000 0 22000000 182000000 -7000000 -5000000 164000000 30000000 3000000 189000000 415000000 189000000 -18000000 -270000000 -434000000 -15000000 113000000 -37000000 -20000000 -20000000 16000000 0 0 -18000000 -1000000 7000000 37000000 -20000000 -4000000 -13000000 17000000 74000000 73000000 -25000000 Årets forskydning i likvider Årets forskydning i likvider Årets forskydning i likvider Årets forskydning i likvider Årets forskydning i likvider 29 397 373 15 -1.2 0 19.8 19.3 -5 -60.5 0 2.7 0.7 -0.8 -18.3 -9 9.4 4.2 -18.5 -16.4 -9.5 -65.1 -229.6 6.7 90.3 -113.9 -8.5 -0.7 Key activities The Group is solely engaged in the Business-to-Business market offering air transport solutions. Development in activities and financial matters The Group has decided to change the financial year going forward to 1 October - 30 September. As such this Annual Report consist of the transition period from 1 September - 30 September 2021 ("2021"). The Group's activity is only performed through the subsidary Jettime A/S ("Jettime"). Jettime was formed with an ambition to start operating from fall 2020 but due the prolonged pandemic and travel restrictions operations didn’t start until July 2021, hence during the 1 month accounting year, Jettime was only operating 2 aircraft. The total flight production in 2021 amounted to 824 block hours. The average number of employees was 155 during 2021 and at the end of 2021, the Group had 155 employees. And finally, at the end of 2021 the Group had a fleet of 5 Boeing 737 NG aircraft. The Group’s revenue in 2021 was DKK 40.0 million and the Group showed a result before tax of DKK -2.8 million in 2021. At year end 2021, the Company showed negative equity of DKK 46.4 million. Cash at bank and in hand was DKK 3.8 million at year end 2021. The result for 2021 is in light of the ongoing pandemic and such limited operation as expected, however considered unsatisfactory. Capital resources Equity in the Group at 30 September 2021 was negative in the Group by DKK 46.2 million. The equity in the parent company amounts to DKK 0 million. During the previous financial year 2020/21, DKK 2 million was injected as equity, however as a result of the pandemic and the travel restrictions, the Company had only been in operating flights for 2 out of 12 months, hence the negative result in the previous financial year resulted in a negative equity. The Group has realized a minor negative result in the short financial year of 2021 (1 month). The Group obtained new loans during the previous year, and the framework of agreements on financing comprises the following at 30 September 2021: - Other drawn short term loans, DKK 37 million Of the above loans DKK 25 million (excl. interests) are maturing in July 2022. The remaining loan is maturing in July 2024. All loans carry an interest rate of 10% p.a. In Management’s assessment, the liquidity contributed by the above financing agreements is sufficient to finance the Group's and Company’s operation and it is Management’s expectation that all loan terms also will be complied with in the financial year 2021/22. Moreover, in Management’s assessment the above financing agreements are providing the basis required to ensure the Group the liquidity resources required to restore a sound business and positive earnings going forward. The Group’s capital resources, and liquidity is further described in note 1. Risks Price risks The Group's use of jet fuel implies a particular risk due to the significant fluctuations to which the market for jet fuel is subject to. The Group aims at hedging the fuel prices by entering into hedging contracts corresponding to more than 90% of its consumption. As a main rule, the Group enters into long-term flight agreements with charter companies. Hedging of fuel prices is made either by the Group at the time of contracting with the charter companies and in general at their expense - or by the charter companies where they carry the full price risk on fuel. Foreign currency risks Purchase of jet fuel as well as lease- and aircraft related expenses are mainly settled in USD. This means that profit/loss for the year, cash flows and equity are influenced by the USD exchange rate development. It is Group policy to hedge commercial currency risks. Hedging is primarily performed by natural hedge (balancing the Company’s USD costs with USD income and/or assets). Credit risks The Group's credit risks relate primarily to financial assets recognized in the balance sheet. The Group does not have significant credit risks relating to one single customer or liaison as trading conditions request prepayment from the customer before operating flights. Outlook The Group expects a profit before tax of DKK 20 - 30 million in 2021/22 and further profit the following year. It is Management's assessment that the Group will reestablish a positive equity position and make it net debt free without further capital injections. Uncertainty regarding recognition and measurement Refer to note 2. Subsequent events Refer to note 3 for details regarding subsequent events. 40028000 80834000 0 0 0 21105000 0 0 29065000 75126000 0 0 5055000 27693000 0 101000 5908000 -880000 0 -101000 8185000 45652000 0 0 217000 2597000 0 0 -2494000 -49129000 0 -101000 0 0 0 -8804000 178000 25113000 111000 26437000 459000 3497000 105000 1469000 -2775000 -27513000 6000 16063000 0 0 0 0 -2775000 -27513000 6000 16063000 332000 348000 0 0 207000 210000 0 0 539000 558000 0 0 12851000 12929000 0 0 2587000 2708000 0 0 364000 122000 0 0 15802000 15759000 0 0 0 0 0 0 0 0 13485000 13374000 3236000 3117000 0 0 173390000 165777000 0 0 176626000 168894000 13485000 13374000 192967000 185211000 13485000 13374000 3471000 3363000 0 0 8655000 23212000 0 0 25174000 24051000 0 0 12176000 13467000 0 0 46005000 60730000 0 0 5927000 18544000 2080000 2085000 55403000 82637000 2080000 2085000 248370000 267848000 15565000 15459000 250000 250000 250000 250000 250000 250000 250000 250000 -46557000 -43782000 -200000 -206000 -46307000 -43532000 50000 44000 181393000 173520000 0 0 181393000 173520000 0 0 13473000 13373000 13473000 13373000 2189000 2189000 0 0 15662000 15562000 13473000 13373000 26763000 26471000 0 0 23353000 46958000 0 0 26783000 28907000 352000 352000 1525000 1525000 1525000 1525000 19198000 18437000 165000 165000 97622000 122298000 2042000 2042000 113284000 137860000 15515000 15415000 248370000 267848000 15565000 15459000 250000 -43782000 -2775000 250000 -46557000 250000 -206000 6000 250000 -200000 -2775000 -27513000 430000 -19595000 -10087000 38668000 -12432000 -8440000 178000 113000 3000 0 -12257000 -8327000 241000 281000 119000 1765000 -360000 -2046000 0 24985000 0 2000000 0 26985000 -12617000 16612000 18544000 1932000 5927000 18544000 5927000 18544000 The realized loss after tax in 2021 (1 month) amounts to DKK 2.8 million resulting in the equity being negative with DKK 46.3 million 30 September 2021. The Group has been heavily impacted by the travel restrictions during the previous financial years. Due to ongoing travel restrictions as a result of Covid-19 no active operation in the newly established subsidiary Jettime A/S has been in place before 1 July 2021. The activity is as such impacted by the limited operation however still with an organizational setup in order to maintain the AOC. The costs are only partly mitigated by received government support schemes. The Group has been in active operation since July 2021 and expects continuesly increasing activity over the coming months with a total of 7 aircraft in operation in the summer 2022. During the period with no operation the Group has partly been funded by the by another entity wholly owned by the ultimate shareholder (Jet Nordic Group A/S) and partly by an external third party. In total the Group has obtained external funding of approximately DKK 37 million of which DKK 25 million (before interests) are due 31 July 2022. The Group has prepared a budget for 2021/22 and forecasts for coming years showing positive results and increasing liquidity available. The budget and forecasts are based on the assumption that the Group only to a limited extent will be impacted by travel restrictions going forward. The Group expects to have sufficient liquidity available to perform the repayment of loans with expiry date in July 2022. In worse case scenarios where a lockdown, as seen in the winter 2021, took place, the Group would probably need additional funding. This potential additional funding is at the time of signing the annual report not in place. However, based on the current situation with only limited restrictions in the winter 2021/22 Management finds the risk for a lockdown for very limited. In general the impact of Covid-19 continues to create considerable uncertainty for the aviation industry. The need for additional funding if additional travel restrictions occur indicates the existence of a material uncertainty that may cast significant doubt about the Group’s ability to adopt a going concern basis of preparation for the financial statements. Management assesses that the Group will maintain sufficient liquidity over the next 12 months and that is accordingly appropriate to adopt a going concern basis for the preparation of these financial statements. In connection with the preparation of the financial statements, management applies accounting estimates and judgements. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company accrues for future aircraft maintenance. The future costs for aircraft maintenance is subject to accounting estimates. Such accounting estimates are subject to more uncertainty due to i.e. changes in pricing for the separate events. The Company has recognized a receivable regarding future maintenance (prepayments) which is expected to offset future aircraft maintenance costs. The utilization of the receivable is subject to uncertainty due to the expected share of future maintenance costs to be covered by the receivable etc. The parent company has recognized a receivable against the subsidiary Jettime A/S of DKK 13.4 million. The repayment of the receivable is dependent on positive operations and cash flows in the future. Due to the inherent risk in the aviation industry as described in note 1. The travel restrictions as a result of Covid-19 have partly continued into 2021/22, especially after the outbreak of the Omikron mutation. At the time of signing of the annual report for 2021 the Group only expects limited impact of travel restrictions. In December 2021 the Group formalised amendments to its loan arrangement with its shareholder and other third party loan arrangements including interest profile, maturity etc. Beside of the above-mentioned matters no material events have occurred after the balance sheet date. 7556000 41327000 0 0 550000 3873000 0 0 78000 435000 0 0 1000 17000 0 0 8185000 45652000 0 0 155 54 0 0 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 0 0 111000 1437000 178000 25113000 0 25000000 426000 3303000 105000 1469000 33000 194000 0 0 459000 3497000 105000 1469000 559000 250000 559000 250000 211000 40000 16000 3000 227000 43000 332000 207000 14000000 4352000 122000 0 0 242000 14000000 4352000 364000 1071000 1644000 0 78000 121000 0 1149000 1765000 0 12851000 2587000 364000 25000000 25000000 25000000 25000000 -25000000 -16196000 -2777000 -52383000 2777000 43579000 -25000000 -25000000 Jettime a/s, Amager Strandvej 390-392, DK-2770 Kastrup Denmark 100 562000 3117000 165777000 13947000 0 46000 7613000 0 -562000 0 0 -462000 0 3163000 173390000 13485000 0 73000 0 0 0 73000 0 0 Prepayments in 2021 consists of prepaid leases, fuel and other prepaid costs. Consolidated Parent Company Comprises: Provision for future aircraft maintenance 2020/21 2019/20 2020/21 2019/20 TDKK TDKK TDKK TDKK 185,929 176,127 0 0 Provision for obligation to return 4,601 4,272 0 0 190,530 180,399 0 0 Within 1 year 9,248 7,101 0 0 Between 1 and 5 years 181,282 173,298 0 0 After 5 years 0 0 0 0 190,530 180,399 0 0 Other provisions include provision for delay costs. 13473000 13373000 13473000 13373000 13473000 13373000 13473000 13373000 0 2189000 0 0 2189000 0 0 0 2189000 2189000 0 0 -2775000 -27513000 6000 16063000 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 31,672 29,787 0 0 Between 1 and 5 years 139,341 143,211 0 0 171,013 172,998 0 0 Lease obligations comprise of aircrafts, rent and other minor obligations. Other contingent liabilities The Group has issued mortgage of DKK 40 million to external third party for a debt of DKK 11.9 million (before accrued interests) secured in a building with a carrying amount of DKK 12.9 million. The Group has issued corporate mortgage of DKK 5 million for a debt of 4 million concerning other loan agreements. The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The group companies are also jointly and severally liable for Danish withholding taxes in the form of dividend tax, royalty tax and interest tax. Any subsequent corrections to corporation taxes and withholding taxes may result in the group's liability constituting a larger amount. Basis Controlling interest Lars Thuesen IC King Street St. James London SW1Y 6QG United Kingdom -178000 -25113000 459000 3497000 216000 2597000 -67000 -576000 -108000 -363000 7112000 -62262000 7873000 13642000 -24964000 87651000 -10087000 38668000 The Annual Report of JT3H ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated and Parent Company Financial Statements for 2021 are presented in TDKK. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. The Consolidated Financial Statements comprise the Parent Company, JT3H ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Amortisation of goodwill is allocated in the Consolidated Financial Statements to the operations to which goodwill is related. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. The Company has entered into agreements on operating leases of aircraft. Payments relating to operatingleases are recognized in the income statement over the term of the lease. Production costs Production costs comprise e.g. costs of fuel, charges in connection with air transport and other costs of maintenance and operation of the aircraft fleet. Other external expenses comprise rent and related costs, IT costs, travelling expenses, training and education costs, administrative expenses and marketing, etc. Staff costs comprise wages, salaries, pension and social security costs to own staff. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other income comprise income from secondary activities including government support concerningCOVID-19 related to personnel costs and other fixed costs. The proportionate share of the results after tax of the individual group entities is recognized in the income statement of the Parent Company after full elimination of intra-group profits/losses. Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies as well as extra payments and repayment under the on account tax scheme, etc. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Aircraft, modifications of aircraft as well as major maintenance work on aircraft on finance leases, buildings, leasehold improvements, fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. 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. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Buildings and installations: 15 years Other fixtures and fittings, tools and equipment: 3-5 years Modifications, leased aircraft: Remaining term of the lease, however not exceeding 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. Investments in group entities are measured at the proportionate share of the entities' net asset values calculated in accordance with the Group's accounting policies minus or plus unrealised intra-group profits and losses and plus or minus any residual value of positive or negative goodwill determined in accordance with the acquisition method. Investments in group entities with negative net asset values are measured at DKK 0 (nil), and any amounts owed are written down if the amount owed is irrecoverable. If the Parent Company has a legal or constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognized under provisions. Net revaluation of investments in group entities is recognized in the reserve for net revaluation according to the equity method in equity to the extent that the carrying amount exceeds cost. Dividends from group entities which are expected to be adopted before the approval of the Annual Report of JT3H ApS are not recognized in the reserve for net revaluation. On acquisition of enterprises, the purchase method is applied. Other fixed asset investments consist of Deposits, Receivable future maintenance og Receivables from group enterprises. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning costs incurred concerning subsequent financial years. Net revaluation of investments in subsidiaries is recognized at cost in the reserve for net revaluation according to the equity method. The reserve is eliminated in case of losses, realisation of investments or a change in accounting estimates. Provision for aircraft maintenance comprises a provision for future maintenance work on aircraft on operating leases as well as provision for the costs of returning aircraft on operating leases. Other provisions primarily comprise the costs of a few pending lawsuits, without material affect on the Annual Report or the Company’s financial position. Provisions are initially recognized at cost and are subsequently measured at net realisable value or value in use. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. The cash flow statement shows the Group´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group´s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents The cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Brands and software are measured at cost less accumulated amortisation and impairment losses. Cost comprises the acquisition price and any costs directly attributable to the acquisition until the date when the asset is available for use. Amortisation is provided on a straight-line basis over the assets' expected useful lives. The expected useful lives are 3-8 years. Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains or losses are recognized in the incomestatement as amortisation. 37304239 2021-09-01 d:ConsolidatedMember e:ContributedCapitalMember 37304239 2021-09-30 d:ConsolidatedMember e:ContributedCapitalMember 37304239 2021-09-01 d:ConsolidatedMember e:RetainedEarningsMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:RetainedEarningsMember 37304239 2021-09-30 d:ConsolidatedMember e:RetainedEarningsMember 37304239 2021-09-30 d:ConsolidatedMember e:LongtermDebtToOtherCreditInstitutionsMember 37304239 2021-09-30 d:ConsolidatedMember e:OtherLongtermPayablesMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember 37304239 2021-09-01 2021-09-30 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember 2 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember 1 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember 1 37304239 2020-09-01 2021-08-31 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:RetainedEarningsMember 37304239 2020-09-01 2021-08-31 d:ConsolidatedMember e:RetainedEarningsMember 37304239 2021-08-31 37304239 2021-09-30 37304239 2021-09-01 d:ConsolidatedMember e:LandAndBuildingsMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:LandAndBuildingsMember 37304239 2021-09-30 d:ConsolidatedMember e:LandAndBuildingsMember 37304239 2021-09-01 d:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 37304239 2021-09-30 d:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 37304239 2021-09-01 d:ConsolidatedMember e:PropertyPlantAndEquipmentInProgressMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:PropertyPlantAndEquipmentInProgressMember 37304239 2021-09-30 d:ConsolidatedMember e:PropertyPlantAndEquipmentInProgressMember 37304239 2021-09-01 d:ConsolidatedMember e:ReceivablesFromGroupEnterprisesMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:ReceivablesFromGroupEnterprisesMember 37304239 2021-09-30 d:ConsolidatedMember e:ReceivablesFromGroupEnterprisesMember 37304239 2021-09-01 d:ConsolidatedMember e:OtherReceivablesMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:OtherReceivablesMember 37304239 2021-09-30 d:ConsolidatedMember e:OtherReceivablesMember 37304239 2021-09-01 d:ConsolidatedMember e:DepositsLongtermInvestmentsAndReceivablesMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:DepositsLongtermInvestmentsAndReceivablesMember 37304239 2021-09-30 d:ConsolidatedMember e:DepositsLongtermInvestmentsAndReceivablesMember 37304239 2021-08-31 d:ConsolidatedMember e:LongtermDebtToOtherCreditInstitutionsMember 37304239 2021-08-31 d:ConsolidatedMember e:OtherLongtermPayablesMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:SubsidiaryMember 1 37304239 2021-09-30 d:ConsolidatedMember e:SubsidiaryMember 1 37304239 2021-09-01 d:ConsolidatedMember e:AcquiredLicencesMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:AcquiredLicencesMember 37304239 2021-09-30 d:ConsolidatedMember e:AcquiredLicencesMember 37304239 2021-09-01 d:ConsolidatedMember e:AcquiredTrademarksMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember e:AcquiredTrademarksMember 37304239 2021-09-30 d:ConsolidatedMember e:AcquiredTrademarksMember 37304239 2021-09-01 d:ConsolidatedMember e:AcquiredOtherSimilarRightsMember 37304239 2021-09-01 2021-09-30 e:RetainedEarningsMember 37304239 2020-09-01 2021-08-31 e:RetainedEarningsMember 37304239 2021-09-01 2021-09-30 e:InvestmentsInGroupEnterprisesMember 37304239 2020-09-01 2021-08-31 e:InvestmentsInGroupEnterprisesMember 37304239 2020-09-01 2021-08-31 d:ConsolidatedMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember d:TwoYearsAgoMember 37304239 2021-09-30 d:ConsolidatedMember d:TwoYearsAgoMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember d:ThreeYearsAgoMember 37304239 2021-09-30 d:ConsolidatedMember d:ThreeYearsAgoMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember d:FourYearsAgoMember 37304239 2021-09-30 d:ConsolidatedMember d:FourYearsAgoMember 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember 0 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember d:PreviousYearMember 0 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember d:TwoYearsAgoMember 0 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember d:ThreeYearsAgoMember 0 37304239 2021-09-01 2021-09-30 d:ConsolidatedMember d:FourYearsAgoMember 0 37304239 2021-09-30 d:ConsolidatedMember 37304239 2021-08-31 d:ConsolidatedMember 37304239 2021-09-01 e:InvestmentsInGroupEnterprisesMember 37304239 2020-09-01 e:InvestmentsInGroupEnterprisesMember 37304239 2021-09-30 e:InvestmentsInGroupEnterprisesMember 37304239 2021-09-01 d:ConsolidatedMember 37304239 2020-09-01 d:ConsolidatedMember 37304239 2021-09-01 e:ReceivablesFromGroupEnterprisesMember 37304239 2021-09-01 2021-09-30 e:ReceivablesFromGroupEnterprisesMember 37304239 2021-09-30 e:ReceivablesFromGroupEnterprisesMember 37304239 2021-09-01 e:ContributedCapitalMember 37304239 2021-09-30 e:ContributedCapitalMember 37304239 2021-09-01 e:RetainedEarningsMember 37304239 2021-09-01 2021-09-30 e:RetainedEarningsMember 37304239 2021-09-30 e:RetainedEarningsMember 37304239 2021-08-31 e:LongtermDebtToBanksMember 37304239 2021-09-30 e:LongtermDebtToOtherCreditInstitutionsMember 37304239 2021-08-31 e:OtherLongtermPayablesMember 37304239 2021-09-30 e:OtherLongtermPayablesMember 37304239 2021-08-31 e:InvestmentsInGroupEnterprisesMember xbrli:pure iso4217:DKK Consolidated Parent Company 2020/21 2019/20 2020/21 2019/20 TDKK TDKK TDKK TDKK Within 1 year 4,240 4,069 0 0 Between 1 and 5 years 173,390 165,777 0 0 After 5 years 0 0 0 0 177,630 169,846 0 0