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<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" >Notes</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Events after the balance sheet date</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No events materially affecting the Group’s financial position have occurred subsequent to the financial 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 width="100%" colspan="5" align="left" valign="middle" >Special items</td></tr><tr><td colspan="5"></td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="5%" align="right" valign="middle" >2022</td><td width="5%" align="right" valign="middle" >2021</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Expenses</td></tr><tr><td width="95%" colspan="4" align="left" valign="middle" >Transaction cost</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Expenses total</td><td width="5%" align="right" valign="middle" >0</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Special items are recognised in the below line items</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Other external expenses</td><td width="5%" align="right" valign="middle" >0</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Net profit/loss before tax from special items</td><td width="5%" align="right" valign="middle" >0</td><td width="5%" 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>Staff costs</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>Staff costs include remuneration to the Parent Company’s Executive Board and Board of Directors totaling DKK 0 thousand (2021: DKK 0 thousand).</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 /><td>Financial income</td></tr></table> 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>Financial expenses</td></tr></table> 0 -7000 -7000 <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="5" align="left" valign="middle" >Tax for the year</td></tr><tr><td colspan="5"></td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="5%" align="right" valign="middle" >2022</td><td width="5%" align="right" valign="middle" >2021</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Estimated tax charge for the year</td><td width="5%" align="right" valign="middle" >0</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Deferred tax adjustments for the year</td><td width="5%" align="right" valign="middle" >-249</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Tax for the year total</td><td width="5%" align="right" valign="middle" >-249</td><td width="5%" 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>Intangible assets</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></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>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 width="100%" colspan="2" align="left" valign="middle" >Nærtstående parter</td></tr><tr><td colspan="2"></td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Name and registered office</td><td width="15%" colspan="1" align="left" valign="middle" >Voting rights and ownership</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Esoft HoldCo A/S, Denmark</td><td width="15%" align="right" valign="middle" >80,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Esoft BidCo A/S, Denmark</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Esoft Systems A/S, Denmark</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Esoft Danmark A/S, Denmark</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Esoft Shine ApS, Denmark</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Esoft International A/S, Denmark</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Pro-Plan Interaktiv A/S, Denmark</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Esoft Sverige AB, Sweden</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Inviso AS, Norway</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="85%" colspan="1" align="left" valign="middle" >Esoft Vietnam Co., Ltd., Vietnam</td><td width="15%" align="right" valign="middle" >100,00%</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >All subsidiaries are considered separate 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 width="100%" colspan="5" align="left" valign="middle" >.Deferred tax</td></tr><tr><td colspan="5"></td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="5%" align="right" valign="middle" >2022</td><td width="5%" align="right" valign="middle" >2021</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Deferred tax at 1 January</td><td width="5%" align="right" valign="middle" >0</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Changes during the year</td><td width="5%" align="right" valign="middle" >-249</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Deferred tax assets at 31 December</td><td width="5%" align="right" valign="middle" >-249</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Intangible assets</td><td width="5%" align="right" valign="middle" >0</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td><td width="5%" align="right" valign="middle" >0</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Tax loss carryforwards</td><td width="5%" align="right" valign="middle" >-249</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Deferred tax total</td><td width="5%" align="right" valign="middle" >-249</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Analysis of the deferred tax</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Deferred tax assets</td><td width="5%" align="right" valign="middle" >249</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Deferred tax liabilities</td><td width="5%" align="right" valign="middle" >0</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="71%" ></td><td width="12%" ></td><td width="7%" ></td><td width="5%" align="right" valign="middle" >0</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group has recognized net tax liability of a total of DKK 26.257 thousand at 31 December 2022. The tax liabilities consists of recognized tax loss carryforwards of DKK 14.735 thousand and time differences of DKK 40.992 thousand. The total tax loss carryforwards can be attributed to Danish group entities.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Management considers it likely that there will be future taxable income against which tax deductions can be offset on the basis of expected future results.</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="5" align="left" valign="middle" >.Share capital</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital has developed as follows during the last 2 years</td></tr><tr><td colspan="5"></td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >DKK’000</td><td width="5%" align="right" valign="middle" >2022</td><td width="5%" align="right" valign="middle" >2021</td></tr><tr><td colspan="5"></td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >946.539.180 A shares of DKK 0,01 nominal value each</td><td width="5%" align="right" valign="middle" >9465</td><td width="5%" align="right" valign="middle" >1009</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >468.390.522 B1 shares of DKK 0,01 nominal value each</td><td width="5%" align="right" valign="middle" >4684</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >468.390.522 B2 shares of DKK 0,01 nominal value each</td><td width="5%" align="right" valign="middle" >4684</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >4.879.067 B3 shares of DKK 0,01 nominal value each</td><td width="5%" align="right" valign="middle" >49</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >4.879.067 B4 shares of DKK 0,01 nominal value each</td><td width="5%" align="right" valign="middle" >49</td><td width="5%" align="right" valign="middle" >0</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Share capital, end of period</td><td width="5%" align="right" valign="middle" >18931</td><td width="5%" align="right" valign="middle" >1009</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Each A, B1 and B3 share carries one voting right and each B2 and B4 share carries ten voting rights.</td></tr><tr><td colspan="5"></td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >DKK’000</td><td width="5%" align="right" valign="middle" >2022</td><td width="5%" align="right" valign="middle" >2021</td></tr><tr><td colspan="5"></td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Share capital, beginning of period</td><td width="5%" align="right" valign="middle" >1009</td><td width="5%" align="right" valign="middle" >500</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Capital increases</td><td width="5%" align="right" valign="middle" >17922</td><td width="5%" align="right" valign="middle" >509</td></tr><tr><td width="90%" colspan="3" align="left" valign="middle" >Share capital, end of period</td><td width="5%" align="right" valign="middle" >18931</td><td width="5%" align="right" valign="middle" >1009</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 width="100%" colspan="1" align="left" valign="middle" >Other payables</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" >Contractual obligations and contingencies, etc.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Danish entities of P-Esoft 2022 A/S Group is jointly taxed with the Parent Company acting as the administration company in the joint taxation group. The Danish entities of P-Esoft 2022 A/S Group has unlimited joint and several liability, for payment of Danish corporation taxes for the income year 2022 as well as withholding taxes on dividends, interest and royalties within the joint taxation group.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Operating lease commitments</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has entered into operating leases with a total remaining nominal lease commitment of DKK 900 thousand as of 31 December 2022.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The group has entered rent agreements which can be terminated within 3-61 months and the total obligation as of 31 December 2022 amounts to DKK 7,213 thousand.</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" >Collateral</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group’s loan agreement with Nykredit A/S is furthermore based on a negative pledge that prohibits the Group from creating a security interest on a number of the Danish entities’ assets (goodwill, intellectual property rights, motor vehicles, other plant, fixtures and fittings, tools and equipment, inventories and trade receivables).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Danish entities of Esoft Systems A/S Group are jointly and severally liable for the Group’s net debt to Nykredit A/S which amounts to DKK 116.400 thousand.</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" >Related parties</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Parties exercising control</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Polaris Private Equity V K/S, Axeltorv 2, 1609 København V</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Subsidiaries</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Esoft HoldCo A/S, Esoft BidCo A/S, Esoft Systems A/S, Esoft Danmark A/S, Esoft Shine ApS, Esoft International A/S, Pro-Plan Interaktiv A/S, Esoft Sverige AB, Inviso AS and Esoft Vietnam Co., Ltd.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Remuneration of the Parent Company's Executive Board and the Board of Directors is disclosed in note 4.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following shareholders are registered in the Company's register of shareholders as holding minimum 5% of the votes or minimum 5% of the share capital</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Polaris Private Equity V K/S, Axeltorv 2, 1609 København V.</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>Distribution of profit/loss</td></tr></table> Ledelsespåtegning 2022-01-01 2022-12-31 <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 Board of Directors and the Executive Board have today discussed and approved the annual report of P-Esoft 2022 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 their operations and 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, the results for the year and the Group's and the Parent Company's 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> Odense 2023-05-15 <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 P-Esoft 2022 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 P-Esoft 2022 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 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’ 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.</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 2023-05-15 P-Esoft 2022 A/S Højbyvej 50 5260 Odense S 41241454 2020-03-09 Odense Martin Adrian Møller 2023-05-15 <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 review</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">Financial highlights for the Group</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="2">The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td>EBITDA</td><td>Earnings before interest, taxes, depreciation and amortization</td></tr><tr><td>Operating margin</td><td>Operating profit/loss (EBIT) * 100 / revenue</td></tr><tr><td>Gross margin</td><td>Gross profit/loss * 100 / Revenue</td></tr><tr><td>Equity ratio</td><td>Equity at year end * 100 / Total equity and liabilities at year end</td></tr><tr><td>Return on equity</td><td>Profit/loss for the year after tax * 100 / Average equity</td></tr></table> 961 <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">P-Esoft 2022 A/S and its subsidiaries represent one of the leading players in real estate marketing. The principal activities of the Group are to market real estate, primarily for realtors and photographers. The Group also offers a full-service concept based on a tech platform that handles photography, film and text production, AI-based digital marketing, and other related business in most of the world.</td></tr><tr><td colspan="1">Polaris acquired the majority stake in Esoft Systems A/S on May 31st , and since then, the Group has undertaken two acquisitions in the Nordics; Pro-Plan Interaktiv A/S per July 7th 2022, and Inviso AS (incl. Sikt Bolig AS; hereafter only referred to as Inviso AS) per September 30th 2022.</td></tr><tr><td colspan="1">The Group is headquartered in Odense, and following the Polaris acquisition three distinct business units were carved out by the end of 2022; Retail, Wholesale and Production. Retail is located in Denmark, Sweden and Norway; Wholesale has been relocated from Dubai to Denmark in 2022, and Production is located in Hanoi, Vietnam.</td></tr><tr><td colspan="1">Retail</td></tr><tr><td colspan="1">The Retail business is a commercial entity that focuses on delivering end-to-end digital marketing solutions for real estate agents in Denmark, Sweden and Norway. This includes the entire value chain with regards to real estate marketing: Photography, film, floorplans and copywriting for real estate (listings); editing and refining of raw materials, seamless integration to real estate agents’ case systems, activation of content via an automated data management platform (called “Shine”), and tailored branding and media activation in digital channels.</td></tr><tr><td colspan="1">The acquisitions of Pro-Plan Interaktiv A/S and Inviso AS have strengthened the Nordic footprint significantly and lay the foundation for future growth. Both companies operate within the same vertical, with potential for complementary product offerings going forward.</td></tr><tr><td colspan="1">Wholesale</td></tr><tr><td colspan="1">The Wholesale business is a commercial entity and focuses on real estate photographer networks and independent photographers around the world (outside the Nordics). The Wholesale business sells products and solutions that offer efficiency, seamlessness, quality and consistency to customers. The business unit functions as “one-stop-shop” for Wholesale customers and can support them in scaling their businesses. In the Wholesale business unit, inspiration for new product development is taken from the Group’s own Retail business; learning from the most digitally mature real estate markets in the world.</td></tr><tr><td colspan="1">In 2022, focus has been on creating several key partnerships with trendsetting stakeholders in the vertical. Also, focus has been on supporting Esoft’s current Wholesale customers to remain competitive in their segment by product and solution development. Finally, the organisation has been set up for horizontal diversification as the Group wants to further leverage learnings from the Retail business among wholesale clients.</td></tr><tr><td colspan="1">Production</td></tr><tr><td colspan="1">The Production business unit is the backbone of the Group’s Retail and Wholesale business and focuses on the refinement of content delivered by the Retail business and Wholesale customers. The Production unit delivers seamless, high quality, high consistency and on time content.</td></tr><tr><td colspan="1">The Production services are delivered by both internal and external part-time employees. To secure robustness in Production, there has been a strong focus on developing a sustainable part-timer (so-called “vendors”) model in 2022; enabling scalability and a more agile capacity arrangement. This set-up will be strengthened further in coming years via the implementation of an e-learning platform.</td></tr><tr><td colspan="1">During 2022, the Group further cemented its focus on AI development and implementation regarding production efficiency and image enhancement. The AI development team has been moved even closer to Production and is now fully integrated into the Production business unit.</td></tr><tr><td colspan="1">By the end of 2022, the majority of images passing through the Group’s Production unit was touched by our AI-fueled services and solutions, resulting in even higher quality, consistency and shortened delivery times, while also allowing our employees to focus on higher value-add tasks in Production.</td></tr><tr><td colspan="1">Going forward, the main focus will be to further strengthen and refine the already available AI-solutions, but also extend the knowledge, learning and expertise to other areas in Production further fueling automation and efficiency.</td></tr><tr><td colspan="1">Our ability to turn AI-solutions and services into the best possible service and solutions for our customer, as well as turn it into commercial value for the Group is one of the key focus areas in the years to come.</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">Financial Highlights</td></tr><tr><td colspan="1">In 2022, the group reported a revenue of DKK 138.8 million. The income statement for 2022 shows a loss of DKK -36.8 million, and the balance sheet of 31 December 2022 shows an equity of DKK 196.4 million. Management considers the group's financial performance for 2022 satisfactory. This being the first financial year of the Company.</td></tr><tr><td colspan="1">During 2022, the Group acquired 100% of the shares of one Danish player, Pro-Plan Interaktiv A/S, and one Norwegian player, Inviso AS in the Retail business. The integration of the Danish player was executed in Q3 and Q4 2022. The integration of the Norwegian player has been planned in Q4 2022, with integration execution in 2023.</td></tr><tr><td colspan="1">Shareholders’ equity amounted to DKK 196.4 million (31 December 2021: DKK 894 thousand), and consolidated assets to DKK 453.4 million (31 December 2021: DKK 954 thousand).</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">Financial Resources</td></tr><tr><td colspan="1">At year-end 2022, cash and non-utilized credit facilities amounted to approx. DKK 41.2 million.</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">2022 turned out to be a turbulent year for real estate markets around the world. Driven by the war in Ukraine, high energy prices, high inflation and the resulting rise in interest rates, the global housing markets slowed down significantly from August 2022. Coming out of an extraordinary COVID-19 period, these macro-economic developments affected consumer confidence, and thus also our customers and customers’ customers in both the Retail and Wholesale business.</td></tr><tr><td colspan="1">While Q3 and Q4 2022 have been challenging with significantly fewer listings in some of the key markets compared to previous years, economists expect stabilization in real estate markets around the world in 2023. Coming from a low activity level, the need to sell and buy real estate never entirely disappears, and while many sellers and buyers may have been hesitant in the last few months of 2023, the mindset shift from a sellers’ to a buyers’ market with generally lower prices has started to settle in consumers’ minds. Despite these slightly positive expectations towards the market development, the Group is still operating under uncertain conditions.</td></tr><tr><td colspan="1">In 2023, the focus will be on hosting the synergies from the acquired targets in the Retail business and strengthening the Nordic organization; while in the Wholesale business, focus will be on winning new clients and securing recurring business. In the Production business, focus will be on harvesting efficiency gains from our AI-fueled services and solutions, as well as further building out the vendor set-up.</td></tr><tr><td colspan="1">Despite the potentially challenging market the Group expects a double-digit growth in revenue in 2023.</td></tr><tr><td colspan="1">As part of the strategy, the Group is constantly in dialogue with potential acquisition candidates, which will also be a focus area in 2023.</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">Compliance</td></tr><tr><td colspan="1">It is a priority for the Group to offer customers the highest level of security and contingency as well as proper and ethical usage of data protecting both customers, vendors and the Group itself. Since the acquisition of the Company in May’22, organizational changes have taken place to ensure compliance, thus moving the Wholesale business to HQ location in Denmark.</td></tr><tr><td colspan="1">To further strengthen the Group’s focus on quality, security and compliance, the Group has started the process for certifications to be obtained in 2023 of ISO 27001.</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">Number of Employees</td></tr><tr><td colspan="1">At year-end 2022, the Group had 948 employees / headcounts. We entered the year with 855 employees in the Group, which represents an increase of 3,4 % excluding the acquisitions. The 2022 average for the Group ended at 961 employees.</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">New Group CEO</td></tr><tr><td colspan="1">In June 2022, Ian Holmgaard has been appointed as the new Group CEO following the acquisition by Polaris in May 2022. He has been part of the organization since 2020, revitalized the Danish retail business and has played a major part in the development of the 2025 Group strategy.</td></tr><tr><td colspan="1">Prior to joining the Group, Ian Holmgaard has been working within B2B Sales &amp; Services in several C-level positions.</td></tr><tr><td colspan="1">Having led the sale to Polaris, Ian Holmgaard has now taken the first important steps in creating the future organization and carved out Retail, Wholesale and Production as separate business units.</td></tr><tr><td colspan="1">With Ian on board as the new Group CEO, the Group has strengthened its Nordic and global capacity and competences.</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">Remuneration to Management and the Board of Directors</td></tr><tr><td colspan="1">To attract and retain the Group’s management competencies, the remuneration of Management, senior employees and the Board of Directors is based on tasks, value creation and conditions in comparable companies. An incentive program has been implemented in the form of bonus schemes and share and warrant-based incentive programs for key employees.</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">Risks</td></tr><tr><td colspan="1">Market Risks</td></tr><tr><td colspan="1">As stated under the Market Outlook section above, the Group is vulnerable in uncertain market conditions and low activity on real estate markets around the world. Should interest rates increase to even higher levels and consumer confidence further plummet in its core markets, resulting in significantly fewer real estate listing than expected, the financial results of the Group are potentially affected.</td></tr><tr><td colspan="1">Currency Risks</td></tr><tr><td colspan="1">Foreign activities mean that profit, cash flow and equity are affected by the exchange rate development between DKK, SEK, NOK, USD, VND and EUR. Exchange rate fluctuations related to the translation of the result and inter Group balance of foreign subsidiaries at the balance sheet date constitute a risk. No hedging is performed to meet fluctuations unless the risk is considered substantial.</td></tr><tr><td colspan="1">Interest Rate Risks</td></tr><tr><td colspan="1">As the net interest-bearing debt has not represented a substantial amount historically, moderate fluctuations in the interest rate level will not have a significant impact on the profit. For the year 2022, there was significant development in short term interest rates around the world. Currently no hedging is performed, however, Management will continuously assess the risk and to the extent of the assessed risk perform relevant hedging.</td></tr><tr><td colspan="1">Credit Risks</td></tr><tr><td colspan="1">The Group’s credit risks related to trade receivables are included in the balance sheet. Management has at year-end assessed the risks related to trade receivables and has made relevant provision for losses.</td></tr><tr><td colspan="1">Employee Risks</td></tr><tr><td colspan="1">Having the right competencies with adequate experience is vital. Therefore, it is important that the Group continues to attract, retain and develop skilled employees. Failure to do so has the potential to negatively impact the expected development of the Group.</td></tr><tr><td colspan="1">Supplier Risks</td></tr><tr><td colspan="1">The Group is not dependent on individual suppliers, and the supplier risk is assessed as limited.</td></tr><tr><td colspan="1">IT Risks</td></tr><tr><td colspan="1">The Group depends on Information Technology to manage critical business processes, ranging from sales, production, to administrative and financial functions. The Group uses IT systems for internal purposes and externally for its customers. Extensive disruption of IT systems could have a negative effect on the Group.</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">Matters affecting the Financial Statement</td></tr><tr><td colspan="1">There have been no unusual circumstances which should be referred to in relation to the accounts.</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">Research and development activities</td></tr><tr><td colspan="1">Research and development activities primarily include own software development with focus on AI and state-of-the-art infrastructure. In the financial year, software development corresponding to DKK 4.7 million is capitalized.</td></tr><tr><td colspan="1">The Group continuously invests in the development of its central IT infrastructure and AI, which is a key lever in the continued successful development of the Group.</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 which affect the financial statement for 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">Our Commitment</td></tr><tr><td colspan="1">The Group’s commitment to corporate social responsibility is founded on respect for internationally recognized principles for sustainable development, human rights (including labor rights), the environment, business ethics and the UN Global Compact principles as expressed in the UNGPs/OECD Guidelines. This commitment is integrated into the Group’s strategy and business operations.</td></tr><tr><td colspan="1">In Q4 2022, the Group performed an impact assessment (risk assessment) and updated its ESG Strategy accordingly. This included the formulation of a Sustainability Statement, as well as selection of ESG and sustainability KPIs relevant for the Group, both of which have been approved by the Board of Directors. Being in the early stages with regards to the ESG strategy, there is not yet a baseline available for the chosen KPIs.</td></tr><tr><td colspan="1">For the 2023 financial year, there will be a separate ESG report.</td></tr><tr><td colspan="1">Sustainability Statement</td></tr><tr><td colspan="1">In Esoft, we are a passionate, action-oriented team that purposefully help real estate agents to market and sell properties. With over 20 years of experience delivering media solutions and effective marketing tools to brokers around the world, we know what we are talking about. We are working diligently to set tomorrow’s global standards for how we conduct our business including IT security, system reliability and customer service. We live our values of quality, credibility, openness, innovation, care and passion every day, in our engagement with our customers, suppliers, and, most importantly, with each other.</td></tr><tr><td colspan="1">Our presence in the Nordics and Vietnam influence how we perceive our responsibility towards our employees and communities.</td></tr><tr><td colspan="1">For Esoft, sustainability means</td></tr><tr><td colspan="1">Ensuring that we have a diverse and skilled workforce: Our strong focus on always delivering high and consistent quality means that we prioritize development of the right competences. We have a strong focus on training and upskilling of our employees and ensuring that we have a diverse organization in terms of gender and people with determination.</td></tr><tr><td colspan="1">Ensuring a good work environment for our employees: A good work environment and strong sense of community is an important value proposition across our organization. Across the entire organisation, we build on our Nordic values and tradition for employee benefits (such as private health insurance and subsidised canteen), and thereby provide above standard work environment for our employees outside the Nordics. The main risk that Esoft faces when trying to secure a healthy and safe working environment while ensuring our employee´s well-being is their physical and mental well-being.</td></tr><tr><td colspan="1">To strengthen our work environment, especially in Vietnam, we have had a number of workshops focusing on how to improve this. In 2023 we will continue doing workshops focusing on work environment and employee conditions.</td></tr><tr><td colspan="1">Reducing the environmental impact of our operations: The environmental footprint of our operations is mainly related to emissions from our car fleet when driving out to customers, our IT hardware setup and our business travel. In 2022 the Group established our CO2 baseline and are continuously working on reducing the footprint from our operations. Our overall ambition is to run operations as environmentally friendly as possible.</td></tr><tr><td colspan="1">In 2023, we are going to invest money in electrical vehicles and energy efficient technology.</td></tr><tr><td colspan="1">Ensuring that we have good governance in place: We have a strong focus on running our business responsibly and ensuring that we have good governance in place and respect human rights. The main risk in terms of respecting human rights is first and foremost data privacy and security due to our business handling large amounts of data on behalf of our customers. As a large part of our operation is located in Vietnam, which generally ranks low on Transparency International’s Corruption Perception Index, this has been of specific importance throughout Esoft’s history.</td></tr><tr><td colspan="1">In 2022, the Group held a number of sessions regarding data privacy and security to strengthen the focus on human rights. No human rights violations have been registered in 2022. For 2023 the Group will continue to train regarding data privacy and other human rights aspects.</td></tr><tr><td colspan="1">In 2022, we have informed all our current and in-scope business partners about our anti-corruption policy. In 2022, there has not been identified any cases of corruption or bribery. In the future, we will communicate our guidelines and expectations regarding anticorruption to employees and business relations through of our code of conducts.</td></tr><tr><td colspan="1">Support local community in Vietnam: Over the past 15 years we have built a sustainable model around training and employing disadvantaged people in the community here under people with determination. We do this in collaboration with local NGOs and educational institutions in our community. We are satisfied with our efforts regarding our work with social and employee condition in 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">Governance</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board work constantly to ensure that appropriate and sufficient control systems are in place, managed by a robust management team structure. The Board of Directors and the Executive Board have a number of duties that are defined by the Companies Act, the Danish Financial Statements Act and the Articles of Association and Rules of Procedure for the Board of Directors, among other regulations and policies. On this basis, the necessary internal procedures are continually being developed, refined, and maintained to ensure active, reliable and profitable management of the Group.</td></tr><tr><td colspan="1">The Board of Directors ensures that the Executive Board complies with the approved objectives, strategies, business procedures and rules of procedure for the Executive Board. The information presented to the Board of Directors is provided systematically before and during meetings, as well as in written and verbal reports.</td></tr><tr><td colspan="1">The topics of these reports include market development and the Group’s development and profitability. The Board of Directors and the Executive Management have overall responsibility for risk management and internal controls related to financial reporting.</td></tr><tr><td colspan="1">The Board of Directors of the Group meet at least six times a year. Furthermore, information about the Group, results and financial position is shared with the Board of Directors on a regular basis (monthly). If relevant, extraordinary meetings are held.</td></tr><tr><td colspan="1">Audit and risk committee</td></tr><tr><td colspan="1">The board and management have discussed the need for an audit and risk committee and have assessed that it is not relevant at this time given the size of the company.</td></tr><tr><td colspan="1">Board of Directors and Executive Board</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">Ownership &amp; Capital Structure</td></tr><tr><td colspan="1">The P-Esoft 2022 A/S share capital is divided into share classes. Management regularly assesses whether Esoft has a capital structure that corresponds to the Company’s need for the financing of working capital.</td></tr><tr><td colspan="1">Together with the Group’s owners and Board of Directors, the Executive Board assesses the combination of equity and loans from shareholders and external financing on a recurring basis.</td></tr><tr><td colspan="1">Management maintains an ongoing dialogue with the Group’s most important lenders and shareholders, who show a high level of confidence in the Group. Management assesses that the Group’s current capital structure and resources are adequate and sufficient to carry through the activities planned for the financial year 2023.</td></tr><tr><td colspan="1">Polaris is a member of Active Owners Denmark and is thus obliged to ensure that its portfolio companies operate in compliance with the Active Owners Denmark guidelines. Please see https://aktiveejere.dk/. As a private equity-owned Group, the Group’s practices and policies are in accordance with these recommendations.</td></tr><tr><td colspan="1">The Company’s shares are owned by Polaris Private Equity V K/S (99%) and other investors (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="1">The Board of Directors is comprised of the following members</td></tr><tr><td colspan="1">Chairman: Allan Bach Pedersen</td></tr><tr><td colspan="1">Member: Jan Johan Kühl</td></tr><tr><td colspan="1">Member: Rune Lillie Gornitzka</td></tr><tr><td colspan="1">The Executive Board is comprised of the following member</td></tr><tr><td colspan="1">CEO: Henrik Bonnerup</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board are the ultimate owners of approx. 99% of the shares.</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">Reporting on gender distribution in management</td></tr><tr><td colspan="1">The underrepresented gender, Board of Directors</td></tr><tr><td colspan="1">In 2022 the gender split on the Board of Directors was 0 females and 3 males. The Board of Directors has the goal of having at least 25% of the underrepresented gender by 2026. This target was approved at Board level in February 2023. We have not reached this goal, since it is our first year having a target figure.</td></tr><tr><td colspan="1">The underrepresented gender, Management</td></tr><tr><td colspan="1">The Group’s overall policy is to employ and promote the most qualified people, regardless of gender, and to give equal access to leadership positions to all qualified candidates. To facilitate this, at least one female applicant must be invited to all job interviews, assuming qualified female applicants are available. The representation of women in leadership positions and with personnel management responsibility was 39% as of 1. January 2022. This rate has decreased to 33% by the end of 2022. By 2025, the Group’s goal is to increase this to 40%.</td></tr><tr><td colspan="1">The main activities behind the goal of increased female representation at management level are centered around internal and external recruiting as well as making sure that all female internal talents get the needed attention and support in their leadership development to compete for leadership positions.</td></tr><tr><td colspan="1">We pursue a general policy for the Group that states everyone should have equal opportunities, regardless of gender. We believe that having diverse management strengthens our business and brings value for development and innovation. Esoft believes that diversity among employees and management, including gender distribution, contributes positively to the working environment and strengthens Esoft’s performance and competitiveness.</td></tr></table> 138841000 40579000 0 43991000 54271000 70256000 15996000 -31981000 0 3708000 9235000 -37508000 -710000 -36798000 14425000 232317000 3755000 400146000 -405894000 232317000 421693000 19554000 <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">Accounting policies</td></tr></table> Regnskabsklasse C, mellemstor 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 colspan="1">The annual report of P-Esoft 2022 A/S for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium reporting class C entities.</td></tr><tr><td colspan="1">The accounting policies used in the preparation of the financial statements are consistent with those of last 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">Consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements comprise the Parent Company P-Esoft 2022 A/S and subsidiaries in which the parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest.</td></tr><tr><td colspan="1">The consolidated financial statements are prepared as a consolidation of the parent company's and subsidiaries' financial statements by aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated.</td></tr><tr><td colspan="1">Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date.</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">Foreign currency translation</td></tr><tr><td colspan="1">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 rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Foreign subsidiaries and associates are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of the opening equity of foreign entities at the exchange rates at the balance sheet date and on translation of the income statements from average exchange rates to the exchange rates at the balance sheet date are recognised directly in equity.</td></tr><tr><td colspan="1">Foreign exchange adjustments of balances with foreign subsidiaries that are considered part of the total net investment in the subsidiary are recognised directly in the reserve for currency exchange under equity</td></tr><tr><td colspan="1">On translation of foreign subsidiaries that are integral entities, monetary items are recognised at the exchange rates at the balance sheet date. Non-monetary items are recognised 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 colspan="1">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 colspan="1">Revenue</td></tr><tr><td colspan="1">The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.</td></tr><tr><td colspan="1">Income from the sale is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.</td></tr><tr><td colspan="1">Revenue is measured at the 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 colspan="1">Cost of goods sold</td></tr><tr><td colspan="1">Cost of goods sold comprises the consumption of finished goods used in generating net revenue 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">Other external costs</td></tr><tr><td colspan="1">Other external expenses comprise expenses relating to distribution, sale, advertising, administration, premises, bad debts, operating leases, 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 colspan="1">Other operating income and expenses</td></tr><tr><td colspan="1">Other operating income and expenses comprises items secondary to the Company’s activities, including gains on disposal of intangible assets and 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 colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company’s employees. Refunds received from public authorities are deducted from staff costs.</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">Profit/loss from equity investments in subsidiaries</td></tr><tr><td colspan="1">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 are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made for equity investments in subsidiaries.</td></tr><tr><td colspan="1">The proportionate share of the results after tax of the individual subsidiaries is recognised in the income statement of the Parent Company after full elimination of intra-group profits/losses.</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">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expenses and gains and losses on payables and transactions denominated in foreign currencies.</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">Tax for the year</td></tr><tr><td colspan="1">The Parent Company is subject to the Danish rules on compulsory 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 excluded from the consolidation.</td></tr><tr><td colspan="1">The Parent Company acts as administration company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.</td></tr><tr><td colspan="1">On payment of joint taxation contributions, the Danish corporation 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 colspan="1">Tax for the year comprises current income tax, joint taxation contribution and changes in deferred tax for the year due to changes in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts recognised directly in equity is recognised 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 colspan="1">Balance sheet</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">Intangible assets</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">Development projects, patents and licences</td></tr><tr><td colspan="1">Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period.</td></tr><tr><td colspan="1">Development costs comprise expenses, salaries and amortisation charges directly attributable to development activities.</td></tr><tr><td colspan="1">Development projects that are clearly defined and identifiable and where the technical feasibility, sufficient resources and a potential future market or development potential are evidenced, and where the Parent Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses as well as development costs. Other development costs are recognised in the income statement as incurred.</td></tr><tr><td colspan="1">Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td colspan="1">On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years, however not exceeding 20 years.</td></tr><tr><td colspan="1">Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining term of the patent, and licences are amortised over the term of the licence, however not exceeding 8 years.</td></tr><tr><td colspan="1">Gains and losses on the disposal of development projects, patents and licences are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and 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 colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="2">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td colspan="2">Depreciation is provided on a straight-line basis over the expected useful lives of the assets, which are as follows</td></tr><tr><td>Fixtures and fittings, tools and equipment</td><td>3-5 years</td></tr><tr><td>Leasehold improvements</td><td>5 years</td></tr><tr><td colspan="2">Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td colspan="2">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 colspan="2">Gains and losses on the disposal of items of property, plant and equipment are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and 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 colspan="1">Leases</td></tr><tr><td colspan="1">The Company has chosen IAS 17 as interpretation for classification and recognition of leases.</td></tr><tr><td colspan="1">All leases are considered operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The Company's total liabilities relating to operating leases and other leases are disclosed under contingencies, 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 colspan="1">Equity investments in subsidiaries in the parent company financial statements</td></tr><tr><td colspan="1">Equity investments in subsidiaries are measured according to the equity method in the parent company financial statements. The Parent Company has chosen to consider the equity method a measurement method.</td></tr><tr><td colspan="1">Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealitied intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method.</td></tr><tr><td colspan="1">Investments in subsidiaries with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable the balance is recognised under provisions.</td></tr><tr><td colspan="1">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 colspan="1">Dividend received is deducted from the carrying amount.</td></tr><tr><td colspan="1">Equity investments in subsidiaries 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 colspan="1">Impairment of non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets, property, plant and equipment and equity investments in subsidiaries is tested annually for indication of impairment other than the decrease in perform IT audit review made in reflected by amortisation/depreciation made.</td></tr><tr><td colspan="1">An impairment test is conducted on individual assets or cash-generating units when there is indication of impairment. Write-down is made to the lower of the recoverable amount and carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr><tr><td colspan="1">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 colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a portfolio of receivables has been 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 colspan="1">Receivables in respect of which there is no objective evidence of individual impairment are tested 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 credit risk management policy of the Parent Company and the Group. The objective evidence applied to portfolios is determined based on historical loss experience.</td></tr><tr><td colspan="1">Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate of 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 colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise costs 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 colspan="1">Equity</td></tr><tr><td colspan="1">Reserve for net revaluation under the equity method</td></tr><tr><td colspan="1">Net revaluation of equity investments in subsidiaries and associates is recognised at cost in the reserve for net revaluation under the equity method.</td></tr><tr><td colspan="1">The reserve can be eliminated in case of losses, realisation of equity investments or changes in accounting estimates.</td></tr><tr><td colspan="1">The reserve cannot be recognised at a negative amount.</td></tr><tr><td colspan="1">Reserve for development costs</td></tr><tr><td colspan="1">The reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity.</td></tr><tr><td colspan="1">Reserve for currency exchange</td></tr><tr><td colspan="1">The reserve for currency exchange comprises of the share of foreign exchange differences arising on translation of financial statements of entities that have a functional currency other than DKK and foreign exchange adjustments of assets and liabilities considered part of the Company's net investments in such entities. The reserve is dissolved on the sale of foreign entities or if the conditions for effective hedging no longer exist. When equity investments in subsidiaries in the parent company financial statements are subject to the limitation requirement in the reserve for net revaluation under the equity method, foreign exchange adjustments will be included in this equity reserve instead.</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">Dividend</td></tr><tr><td colspan="1">Proposed dividend is recognised as a liability at the date when it is adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the year is presented as a separate line item 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 colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">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 taxable income in previous years and tax paid on account.</td></tr><tr><td colspan="1">Joint taxation contributions payable and receivable are recognised in the balance sheet as corporation tax receivable or corporation tax payable.</td></tr><tr><td colspan="1">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 non-deductible goodwill and on office premises and other items where temporary differences – apart from acquisitions – arise at the acquisition date without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carryforwards, 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 colspan="1">Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.</td></tr><tr><td colspan="1">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 colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the 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 colspan="1">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 colspan="1">Cash flow statement</td></tr><tr><td colspan="1">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 colspan="1">The cash flow effect of acquisitions and disposals of entities is shown separately in cash flows from investing activities. Cash flows from acquisitions of entities 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 colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">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, interest received and paid as well as corporation tax paid.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities, activities and intangible assets, property, plant and equipment and investments. Dividends received regarding securities are also considered investing activities.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">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><tr><td colspan="1">.Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise of cash.</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="5" align="left" valign="middle" >Special items</td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="12%" align="right" valign="middle" >2022</td><td width="7%" align="right" valign="middle" >2021</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Expenses</td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Transaction cost</td><td width="12%" align="right" valign="middle" >17887</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Expenses total</td><td width="12%" align="right" valign="middle" >17887</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Special items are recognised in the below line items</td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Other external expenses</td><td width="12%" align="right" valign="middle" >17887</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Net profit/loss before tax from special items</td><td width="12%" align="right" valign="middle" >17887</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >During 2022 P-Esoft 2022 A/S Group has incurred transaction costs totalling DKK 17.887 thousand during the acquisition of Inviso AS, Pro-Plan Interaktiv A/S and Esoft Systems A/S.</td></tr></table> 62672000 1067000 5111000 4081000 2675000 0 3708000 0 -9235000 -9235000 <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="5" align="left" valign="middle" >Tax for the year</td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="12%" align="right" valign="middle" >2022</td><td width="7%" align="right" valign="middle" >2021</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Estimated tax charge for the year</td><td width="12%" align="right" valign="middle" >2752</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Deferred tax adjustments for the year</td><td width="12%" align="right" valign="middle" >-2042</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Tax for the year total</td><td width="12%" align="right" valign="middle" >710</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td colspan="5"></td></tr></table> -318000 54993000 407047000 0 263000 -48336000 14287000 <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>iAmortised over</td><td>5 years</td><td>15 years</td><td>15 years</td><td>20 years</td><td>-</td></tr><tr><td /><td>Development Projects</td></tr><tr><td /><td>Development projects is primarily related to the development of artificial intelligence solutions. Management has assessed that there are substantial savings potentials associated with the AI solutions and that the projects proceed as planned.</td></tr><tr><td /><td>The relating expenses primarily consist of internal expenses in the form of payroll costs</td></tr><tr><td /><td>The depreciation period on completed development projects is usually 5 years and does not exceed 20 years. Depreciation on completed projects is started, when the project is considered completed and revenue or saving can be recognized reliably.</td></tr><tr><td /><td>Management has assessed that there are no indications of impairment in relation to the carrying amount.</td></tr></table> 286000 27628000 1506000 28000 -21835000 1709000 183000 2555000 45000 647000 <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="5" align="left" valign="middle" >.Deferred tax</td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="12%" align="right" valign="middle" >2022</td><td width="7%" align="right" valign="middle" >2021</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January</td><td width="12%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Changes during the year</td><td width="12%" align="right" valign="middle" >26257</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Deferred tax assets at 31 December</td><td width="12%" align="right" valign="middle" >26257</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="12%" align="right" valign="middle" >41282</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="12%" align="right" valign="middle" >-290</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Tax loss carryforwards</td><td width="12%" align="right" valign="middle" >-14735</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Deferred tax total</td><td width="12%" align="right" valign="middle" >26257</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Analysis of the deferred tax</td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Deferred tax assets</td><td width="12%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Deferred tax liabilities</td><td width="12%" align="right" valign="middle" >-26257</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td width="71%" ></td><td width="12%" align="right" valign="middle" >-26257</td><td width="7%" align="right" valign="middle" >0</td><td width="5%" ></td><td width="5%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group has recognized net tax liability of a total of DKK 26.257 thousand at 31 December 2022. The tax liabilities consists of recognized tax loss carryforwards of DKK 14.735 thousand and time differences of DKK 40.992 thousand. The total tax loss carryforwards can be attributed to Danish group entities.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Management considers it likely that there will be future taxable income against which tax deductions can be offset on the basis of expected future results.</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="7" align="left" valign="middle" >Non-current liabilities other than provisions</td></tr><tr><td colspan="7"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="11%" colspan="1" align="left" valign="middle" >Total debt at 31/12 2022</td><td width="10%" colspan="2" align="left" valign="middle" >Repayment, next year</td><td width="10%" colspan="2" align="left" valign="middle" >Long-term portion</td><td width="6%" colspan="1" align="left" valign="middle" >Outstanding debt after 5 years</td></tr><tr><td colspan="7"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other credit institutions</td><td width="11%" align="right" valign="middle" >113589</td><td width="6%" align="right" valign="middle" >18400</td><td width="4%" ></td><td width="2%" align="right" valign="middle" >95189</td><td width="8%" ></td><td width="6%" align="right" valign="middle" >18400</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Payables to shareholders and Management</td><td width="11%" align="right" valign="middle" >62101</td><td width="6%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="2%" align="right" valign="middle" >62101</td><td width="8%" ></td><td width="6%" align="right" valign="middle" >62101</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Non-current liabilities other than provisions total</td><td width="11%" align="right" valign="middle" >175690</td><td width="6%" align="right" valign="middle" >18400</td><td width="4%" ></td><td width="2%" align="right" valign="middle" >157290</td><td width="8%" ></td><td width="6%" align="right" valign="middle" >80501</td></tr><tr><td colspan="7"></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" >Other payables</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other payables, recognized under liabilities, primarily comprise items related to payroll and payable VAT.</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" >Contractual obligations and contingencies, etc.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Danish entities of P-Esoft 2022 A/S Group is jointly taxed with the Parent Company acting as the administration company in the joint taxation group. The Danish entities of P-Esoft 2022 A/S Group has unlimited joint and several liability, for payment of Danish corporation taxes for the income year 2022 as well as withholding taxes on dividends, interest and royalties within the joint taxation group.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Operating lease commitments</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has entered into operating leases with a total remaining nominal lease commitment of DKK 900 thousand as of 31 December 2022.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The group has entered rent agreements which can be terminated within 3-61 months and the total obligation as of 31 December 2022 amounts to DKK 7,213 thousand.</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" >Collateral</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for the Group’s debt to the Danish bank Nykredit A/S a receivables charge of DKK 500 thousand has been issued.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group’s loan agreement with Nykredit A/S is furthermore based on a negative pledge that prohibits the Group from creating a security interest on a number of the Danish entities’ assets (goodwill, intellectual property rights, motor vehicles, other plant, fixtures and fittings, tools and equipment, inventories and trade receivables).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Danish entities of Esoft Systems A/S Group are jointly and severally liable for the Group’s net debt to Nykredit A/S which amounts to DKK 116.400 thousand.</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" >Related parties</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >P-Esoft 2022 A/S' related parties comprise the following</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Parties exercising control</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Polaris Private Equity V K/S, Axeltorv 2, 1609 København V</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Subsidiaries</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Esoft HoldCo A/S, Esoft BidCo A/S, Esoft Systems A/S, Esoft Danmark A/S, Esoft Shine ApS, Esoft International A/S, Pro-Plan Interaktiv A/S, Esoft Sverige AB, Inviso AS and Esoft Vietnam Co., Ltd.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Related party transactions</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company solely discloses related party transactions that have not been carried out on an arm's length basis, cf. section 98c of the Danish Financial Statements Act.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >All transactions have been carried out on an arm's length basis.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following shareholders are registered in the Company's register of shareholders as holding minimum 5% of the votes or minimum 5% of the share capital</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="3" align="left" valign="middle" >Adjustments</td></tr><tr><td colspan="3"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="13%" align="right" valign="middle" >2022</td><td width="9%" align="right" valign="middle" >2021</td></tr><tr><td colspan="3"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Depreciation, amortization and impairment losses</td><td width="13%" align="right" valign="middle" >15996</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Tax on profit/loss for the year</td><td width="13%" align="right" valign="middle" >212</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Other adjustments of non-cash operating items</td><td width="13%" align="right" valign="middle" >24</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Adjustments total</td><td width="13%" align="right" valign="middle" >16232</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" >Changes in working capital</td></tr><tr><td colspan="3"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="13%" align="right" valign="middle" >2022</td><td width="9%" align="right" valign="middle" >2021</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Changes in receivables</td><td width="13%" align="right" valign="middle" >9546</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Changes in trade and other payables</td><td width="13%" align="right" valign="middle" >15364</td><td width="9%" align="right" valign="middle" >8</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Changes in working capital total</td><td width="13%" align="right" valign="middle" >24910</td><td width="9%" align="right" valign="middle" >8</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" >Acquisition of enterprises and acitivities</td></tr><tr><td colspan="3"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="13%" align="right" valign="middle" >2022</td><td width="9%" align="right" valign="middle" >2021</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="13%" align="right" valign="middle" >5793</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Development projects</td><td width="13%" align="right" valign="middle" >6657</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Receivables</td><td width="13%" align="right" valign="middle" >50864</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Cash</td><td width="13%" align="right" valign="middle" >17529</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Deferred tax</td><td width="13%" align="right" valign="middle" >-29050</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Trade payables</td><td width="13%" align="right" valign="middle" >-16437</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >.Other payables</td><td width="13%" align="right" valign="middle" >-37596</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Acquistion of enterprises and activities total</td><td width="13%" align="right" valign="middle" >-2240</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Goodwill and customer relations</td><td width="13%" align="right" valign="middle" >402386</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Cost of acquisition paid in cash</td><td width="13%" align="right" valign="middle" >400146</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" >Cash and cash equivalents at year-end</td></tr><tr><td colspan="3"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="13%" align="right" valign="middle" >2022</td><td width="9%" align="right" valign="middle" >2021</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Cash according to the balance sheet</td><td width="13%" align="right" valign="middle" >20508</td><td width="9%" align="right" valign="middle" >954</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Cash and cash equivalents at year end</td><td width="13%" align="right" valign="middle" >20508</td><td width="9%" align="right" valign="middle" >954</td></tr><tr><td colspan="3"></td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1165.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Henrik Bonnerup CEO Allan Bach Pedersen Jan Johan Kühl Rune Lillie Gornitzk Chairman .Revenue 138841000 .Revenue 0 .Gross profit/loss 54271000 .Gross profit/loss -87000 .EBITDA -15985000 .EBITDA -87000 .Profit/loss before net financials -31981000 .Profit/loss before net financials -87000 .Net financials -5527000 .Net financials -14000 .Profit/loss for the year -36798000 .Profit/loss for the year -101000 .Total assets 453401000 .Total assets 954000 .Investments in property, plant and equipment 1506000 .Investments in property, plant and equipment 0 .Investments in intangible fixed assets 4661000 .Investments in intangible fixed assets 0 .Equity 196413000 .Equity 894000 .Cash flows from operating activities 3755000 .Cash flows from operating activities -93000 .Cash flows from investing activities -405894000 .Cash flows from investing activities 0 .Cash flows from financing activities 421693000 .Cash flows from financing activities 570000 .Total cash flows 19554000 .Total cash flows 477000 .Operating margin -0.23 .Operating margin 0 .Gross margin 0.391 .Gross margin 0 .Equity ratio 0.433 .Equity ratio 0.937 .Return on equity -0.374 .Return on equity -0.113 0 0 0 0 87000 -87000 0 0 -87000 0 0 14000 -101000 0 -101000 5000 -93000 0 0 556000 570000 477000 0 0 0 0 0 0 0 0 0 -14000 -14000 0 0 0 8000 -8000 0 0 -8000 -84000 0 4000 -96000 0 -96000 0 0 0 0 0 0 0 0 0 -4000 -4000 8442000 0 198640000 7920000 184360000 399362000 5626000 278000 5904000 0 1021000 1115000 2136000 407402000 17611000 0 0 0 6448000 1432000 25491000 20508000 45999000 453401000 18931000 0 0 138768000 38714000 196413000 26257000 26257000 95189000 62101000 157290000 18400000 13686000 5395000 0 451000 1004000 33010000 1495000 73441000 230731000 453401000 20508000 461722000 -62360000 29420000 -23516000 2136000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 954000 954000 954000 1009000 0 0 -157000 42000 894000 0 0 0 0 0 0 0 24000 36000 0 0 0 0 60000 60000 954000 954000 0 0 0 0 0 0 0 0 0 156811000 0 0 156811000 156811000 0 0 249000 0 0 0 249000 651000 900000 157711000 18931000 0 0 138768000 0 157699000 0 0 0 0 0 0 0 0 0 0 0 12000 0 12000 12000 157711000 0 0 0 0 0 0 0 0 0 894000 0 0 894000 894000 0 0 0 0 0 0 0 2000 2000 896000 1009000 0 0 -157000 0 852000 0 0 0 0 0 0 0 8000 36000 0 0 0 0 44000 44000 896000 1009000 -157000 42000 894000 954000 0 0 0 0 0 0 17922000 -22373000 161298000 -14425000 53097000 18931000 138768000 38714000 1009000 -157000 852000 0 0 17922000 -22373000 0 161298000 18931000 138768000 Other adjustments of non-cash operating items 16232000 Other adjustments of non-cash operating items 0 Cash generated from operations before changes in working capital -20566000 Cash generated from operations before changes in working capital -101000 Changes in working capital 24910000 Changes in working capital 8000 Cash generated from operations 4344000 Cash generated from operations -93000 Corporation tax paid -589000 Corporation tax paid 0 Acquisition of intangible assets -4661000 Acquisition of intangible assets 0 Acquisition of tangible assets -1506000 Acquisition of tangible assets 0 Disposal of tangible assets 0 Disposal of tangible assets 0 Other adjustment in investing activities 419000 Other adjustment in investing activities 0 Changes in debt to credit institutions 127275000 Changes in debt to credit institutions 0 Changes in debt to shareholders and management 62101000 Changes in debt to shareholders and management 0 Changes in receivables, group entreprises 0 Changes in receivables, group entreprises 14000 Distributed dividend 0 Distributed dividend 0 Acquisition of treasury shares 0 Acquisition of treasury shares 0 477000 0 0 0 0 0 0 0 0 0 0 -238000 53057000 2152000 4445000 262000 -48336000 2900000 -41000 0 190225000 0 1000 0 5825000 0 0 8193000 0 0 0 273000 -39000 0 203968000 0 0 0 5289000 0 1936000 2509000 -4445000 0 0 0 59416000 -50974000 8442000 190184000 -5824000 184360000 8193000 -273000 7920000 203929000 -5289000 198640000 0 0 0 0 0 0 0 290000 27314000 1441000 28000 -21813000 1634000 -4000 314000 65000 0 -22000 75000 29045000 -23419000 5626000 375000 -97000 278000 0 0 97000 1443000 0 425000 86000 1112000 45000 222000 1115000 1115000 1021000 1021000 1009000 -115000 500000 -31000 177437000 0 7287000 -28807000 509000 0 0 -84000 178446000 -21635000 156811000 1009000 -115000 894000 -22373000 -96000 EY Godkendt Revisionspartnerselskab 30700228 Søren Smedegaard Hvid State Authorised Public Accountant mne31450