xbrli:pureiso4217:DKK873770162022-01-012022-12-31873770162022-01-012022-12-311873770162022-01-012022-12-311873770162022-01-012022-12-312873770162022-01-012022-12-311873770162022-01-012022-12-312873770162022-01-012022-12-313873770162022-01-012022-12-31873770162021-01-012021-12-31873770162022-01-012022-12-31fsa:RetainedEarningsMember873770162022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember873770162022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember873770162021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember873770162022-01-012022-12-31fsa:RetainedEarningsMember873770162021-01-012021-12-31fsa:RetainedEarningsMember873770162022-12-31873770162021-12-31873770162022-01-01fsa:ContributedCapitalMember873770162022-01-01fsa:RetainedEarningsMember873770162022-01-01fsa:ProposedDividendRecognisedInEquityMember873770162022-01-01873770162022-12-31fsa:ContributedCapitalMember873770162022-12-31fsa:RetainedEarningsMember873770162022-12-31fsa:ProposedDividendRecognisedInEquityMember873770162022-01-012022-12-31fsa:ShorttermDeferredIncomeMemberGrundlag for konklusionKonklusion2023-06-232023-06-23Regnskabsklasse C, mellemstor virksomhed2021-01-012021-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabRudersdalVirum2830Revisionspåtegning2022-12-312022-01-01<br /><br />1TeknikerbyenMarsh A/S87377016339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Marsh A/S for the financial year 01.01.2022 - 31.12.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.VirumLars Henrik MathiasenDorothee Carolin GnädingerNicholas John HolmesPalle Stegelmann KensøCarl Henrik Samuel RydénTo the shareholders of Marsh A/SWe have audited the financial statements of Marsh A/S for the financial year 01.01.2022 -
31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including a
summary of significant accounting policies. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s
report. We are independent of the Entity in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the 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
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />
Based on the work we have performed, we conclude that the management commentary is in accordance with
the financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.CopenhagenTim Kjær-Hansenmne23295State Authorised Public AccountantFinancial highlights2022
DKK'0002021
DKK'0002020
DKK'0002019
DKK'0002018
DKK'000Key figuresGross profit/loss108,181107,82389,24882,90084,825Operating profit/loss13,59519,07311,8725,3361,529Net financials347(466)(1,222)(314)(7)Profit/loss for the year17,60226,99522,26318,0449,045Total assets222,707207,631188,865152,603157,247Equity20,19819,3962,4018,87215,628RatiosReturn on equity (%)88.91247.69394.98147.3046.94Solvency ratio (%)9.079.341.275.819.94Risk Adjusted Equity ratio*30.5440.427.1730.7176.83Figures for 2019 have been adjusted for the merger with JLT Specialty Insurance Brokers A/S.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year * 100
Average equitySolvency ratio (%):
Equity * 100
Total assetsRisk adjusted Equity ratio (%):
Equity * 100
(Total assets less risk free assets)
Risk free assets consist of both cash and receivables regarding insurance premiums not settled with the insurance companies at the balance sheet date.
*The calculation method has been adjusted from 2018.Primary activitiesMarsh A/S is part of Marsh & McLennan Companies,
Inc. (MMC) a global professional services
firm with business in risk and insurance services,
investment management, and consulting. MMC is
listed on the New York stock exchange.
The Company’s activities comprise management of
insurance arrangements and risk management
consulting.
A considerable part of the consulting is development
and delivery of risk strategies and services,
and in cooperation with clients to establish the
known insurable risks as well as the strategic,
commercial, market-related, operational, and other
risks that may threaten the values and objectives
of a company.
As member of Forsikringsmæglerforeningen i
Danmark (The Insurance Broker Association in
Denmark) the company upholds seperate fiduciary
accounts for the securing of premium recieved
from clients, which premium is subsequently paid
to Insurers.Development in activities and financesThe development in the entity's activities has been stable. Profit/loss for the year in relation to expected developmentsThe net result was DKK ‘000 17,602 compared to DKK ‘000 26,995 the year before. This is in accordance with the expectation for the year and the financial result is satisfactory.
The company have had an increasing demand for the company’s services resulting an increase in turnover, but also extra cost as the company have recruited additional employees to meet the increasing demand.
The development in the group enterprises have been satisfactory although the contribution to the result af been less than the year before.
OutlookThe increase demand of the company’s services expected to continue in 2023, but the continuing competition on management of insurance arrangements and risk management services does affect the pricing and the cost to employees.
Gross profit and Profit for the year are expected at same level as for 2022.
Knowledge resourcesAs an intellectual capital ressource the employees
in particular are important for the future earnings
of the company. This involves especially the experience
of the employees, professional competence
and the interface to all of the different interest
groups around the company.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of
this annual report.108181000107823000928690008698100017170001769000135950001907300068510001297800066600059000319000525000207930003158500031910004590000176020002699500010802000680000000100000006800000100000001080200069950001318000263700013180002637000899000996000300006400092900010600005597000559700035200035200081900081000081000086700075780007626000982500011323000940070009549600033397000298400012700014100013020000061900012883300099240000840490009706800021288200019630800022270700020763100096500096500019233000843100001000000020198000193960009650008431000010000000193960009650001923300000140646000130994000104410001126900002110004175000036900000967200088610002025090001882350002025090001882350002227070002076310000-10000000-100000000-6800000-68000001 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.2 Staff costs2022
DKK'0002021
DKK'000Wages and salaries81,63377,483Pension costs9,9008,496Other social security costs1,3361,00292,86986,981Average number of full-time employees10194Remuneration of Management2022
DKK'000Remuneration of Management
2021
DKK'000Total amount for management categories6,6296,0346,6296,03410194Remuneration of Management2022
DKK'000Remuneration of Management
2021
DKK'000Total amount for management categories6,6296,0346,6296,034662900060340003 Income from investments in group enterprisesIncome from investments in group enterprises comprise received dividends of DKK'000 6.851.4 Other financial expenses2022
DKK'0002021
DKK'000Financial expenses from group enterprises294435Other interest expenses20Exchange rate adjustments2390319525<br />2022
DKK'0002021
DKK'000Financial expenses from group enterprises294435Other interest expenses20Exchange rate adjustments23903195255 Tax on profit/loss for the year2022
DKK'0002021
DKK'000Current tax3,1344,597Change in deferred tax57(7)3,1914,5906 Proposed distribution of profit and loss2022
DKK'0002021
DKK'000Ordinary dividend for the financial year010,000Extraordinary dividend distributed in the financial year6,80010,000Retained earnings 10,8026,995 17,60226,9957 Intangible assetsGoodwill
DKK'000Cost beginning of year9,224Cost end of year9,224Amortisation and impairment losses beginning of year(6,588)Amortisation for the year(1,318)Amortisation and impairment losses end of year(7,906)Carrying amount end of year1,3188 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Cost beginning of year6,162268Additions2690Disposals(43)0Cost end of year6,388268Depreciation and impairment losses beginning of year(5,183)(204)Depreciation for the year(322)(34)Reversal regarding disposals160Depreciation and impairment losses end of year(5,489)(238)Carrying amount end of year899309 Financial assetsInvestments in group enterprises
DKK'000Other investments
DKK'000Deposits
DKK'000Deferred tax
DKK'000Cost beginning of year5,597352810867Additions0090Disposals000(57)Cost end of year5,597352819810Carrying amount end of year5,597352819810Investments in subsidiariesRegistered inCorporate formEquity
interest
%Equity
DKK'000Profit/loss
DKK'000Marsh Kindlustusmaakler
ASEstoniaAS1007,5924,037Marsh Lietuva UADBBLithuaniaUADBB1006,0083,850Marsh & McLennan Agency
A/SRudersdalA/S1007,0434,779<br />Investments in group enterprises
DKK'000Other investments
DKK'000Deposits
DKK'000Deferred tax
DKK'000Cost beginning of year5,597352810867Additions0090Disposals000(57)Cost end of year5,597352819810Carrying amount end of year5,59735281981010 Deferred tax 2022
DKK'0002021
DKK'000Intangible assets518608Property, plant and equipment292259Deferred tax810867
Changes during the year2022
DKK'0002021
DKK'000Beginning of year867860Recognised in the income statement(57)7End of year810867Deferred tax assetsDeferred tax realizes for future tax deductions, which management estimates may be used to reduce future tax payable.11 Trade receivablesIn the item unpaid premiums due to Insurance Companies, which relates to premiums not paid by policyholders, is included with DKK'000 72,527 (2021: DKK ’000 62,574).12 PrepaymentsPrepayments include prepayments of insurance and other expenses.13 Share capitalNumberPar value
DKK'000Nominal
value
DKK'000A-Shares9001,000900B-Shares651,0006596596514 Deferred incomeDeferred income include accrued revenue relating to insurance offerings sold.15 Unrecognised rental and lease commitments2022
DKK'0002021
DKK'000Liabilities under rental or lease agreements until maturity in total2,9662,46316 Contingent liabilitiesThe Entity is the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation
Tax Act, the Entity is therefore liable from the financial year 2013 for income taxes etc for the jointly taxed companies and from 1 July 2012 also for
obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies.17 Related parties with controlling interest18 Transactions with related partiesOther related parties
DKK'000Sale of services27,604Purchase of services12,093Purchase of administrative services14,936Receivables33,397Liabilities other than provisions3,79819 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Marsh & McLennan Companies, Inc., 1166 Avenue of Americas, NY 10036 New York, USA.Copies of the consolidated financial statements of Marsh & McLennan Companies, Inc. may be ordered at the following address:
Marsh & McLennan Companies, Inc., 1166 Avenue of Americas, NY 10036 New York, USA
This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.falseConsolidated financial statementsReferring to 112(2) of the Danish Financial Statements
Act, no consolidated financial statements
have been prepared.Business combinationsThe uniting-of-interests method is applied on acquisition of enterprises, mergers, demergers, contributions
of assets and exchanges of shares, etc where the enterprises concerned are controlled by the Parent.
Under the uniting-of-interests method, the acquiree’s assets and liabilities are recognised at their carrying
amounts, adjusted for any differences in accounting policies. The difference between the consideration
agreed and the carrying amount of the acquiree is recognised in equity. The comparative figures are
restated.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses. Gross profit or lossGross profit or loss comprises revenue and external expenses.RevenueRevenue from the mediation of insurance services
is included in revenues when delivery and transfer
of risk to the buyer has occurred, at the earliest
when the underlying brokered insurance contract
is in force.
Revenue from other services is recognized upon
delivery.
Revenue is recognised net of VAT, duties and sales
discounts and is measured at fair value of the
consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Other external expensesOther external expenses include expenses relating
to the Entity’s ordinary activities, including expenses
for premises, stationery and office supplies,
marketing costs, etc. This item also includes
write-downs of receivables recognised in current
assets.Staff costsStaff costs comprise salaries and wages as well as
social security contributions, pension contributions,
etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses
relating to property, plant and equipment and
intangible assets comprise depreciation, amortisation
and impairment losses for the financial year,
calculated on the basis of the residual values and
useful lives of the individual assets and impairment
testing as well as gains and losses from the
sale of intangible assets as well as property, plant
and equipment.Income from investments in group enterprisesIncome from investments in group enterprises
comprises dividend etc received from the individual
group enterprises in the financial year.Other financial incomeOther financial income comprises interest income,
net capital gains on payables and foreign currency
transactions as well as tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses,
net capital losses on payables and foreign
currency transactions as well as tax surcharge
under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for
the year and changes in deferred tax, is recognised
in the income statement by the portion attributable
to the profit for the year and recognised
directly in equity by the portion attributable to
entries directly in equity.
The Entity is jointly taxed with all Danish subsidiaries.
The current Danish income tax is allocated
among the jointly taxed entities proportionally to
their taxable income (full allocation with a refund
concerning tax losses).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful lives are reassessed annually. The amortisation periods
used are 7 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment as
well as leasehold improvements are measured at
cost less accumulated depreciation and impairment
losses.
Cost comprises the acquisition price, costs directly
attributable to the acquisition and preparation
costs of the asset until the time when it is ready to
be put into operation.
The basis of depreciation is cost less estimated
residual value after the end of useful life. Straightline
depreciation is made on the basis of the following
estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements10 yearsFor leasehold improvements, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the
lower of recoverable amount and carrying amount.Other investmentsOther investments comprise unlisted securities
which are measured at cost.
Other investments are written down to the lower
of recoverable amount and carrying amount.Deferred taxDeferred tax is recognised on all temporary differences
between the carrying amount and tax-based
value of assets and liabilities, for which the taxbased
value of assets is calculated based on the
planned use of each asset.
Deferred tax assets, including the tax base of tax
loss carryforwards, are recognised in the balance
sheet at their estimated realisable value, either as
a set-off against deferred tax liabilities or as net
tax assets.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises bank deposits.DividendDividend is recognised as a liability at the time of
adoption at the general meeting. Proposed dividend
for the financial year is disclosed as a separate
item in equity. Extraordinary dividend adopted
in the financial year is recognised directly in
equity when distributed and disclosed as a separate
item in Management's proposal for distribution
of profit/loss.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementPursuant to section 86(1) of the Danish Financial
Statements Act there has not been prepared cash
flow statement.2023-06-23Lars Henrik Mathiasen