iso4217:DKKxbrli:pure264284242022-01-012022-12-31264284242022-01-012022-12-311264284242022-01-012022-12-312264284242022-01-012022-12-31cmn:PreviousYearMember264284242022-01-012022-12-31cmn:TwoYearsAgoMember264284242022-01-012022-12-31cmn:ThreeYearsAgoMember264284242022-01-012022-12-31cmn:FourYearsAgoMember264284242022-01-012022-12-311264284242022-01-012022-12-312264284242022-01-012022-12-311264284242022-01-012022-12-312264284242022-01-012022-12-313264284242022-01-012022-12-31cmn:PreviousYearMember245264284242022-01-012022-12-31cmn:TwoYearsAgoMember245264284242022-01-012022-12-31cmn:ThreeYearsAgoMember245264284242022-01-012022-12-31cmn:FourYearsAgoMember245264284242022-01-012022-12-31cmn:PreviousYearMember246264284242022-01-012022-12-31cmn:TwoYearsAgoMember246264284242022-01-012022-12-31cmn:ThreeYearsAgoMember246264284242022-01-012022-12-31cmn:FourYearsAgoMember246264284242022-01-012022-12-31cmn:PreviousYearMember247264284242022-01-012022-12-31cmn:TwoYearsAgoMember247264284242022-01-012022-12-31cmn:ThreeYearsAgoMember247264284242022-01-012022-12-31cmn:FourYearsAgoMember247264284242021-01-012021-12-31264284242022-01-012022-12-31fsa:ContributedCapitalMember264284242022-01-012022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember264284242022-01-012022-12-31fsa:RetainedEarningsMember264284242022-01-012022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember264284242021-01-012021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember264284242022-01-012022-12-31fsa:RetainedEarningsMember264284242021-01-012021-12-31fsa:RetainedEarningsMember264284242022-12-31cmn:PreviousYearMember264284242022-12-31cmn:TwoYearsAgoMember264284242022-12-31cmn:ThreeYearsAgoMember264284242022-12-31cmn:FourYearsAgoMember264284242022-12-31264284242021-12-31264284242022-01-01fsa:ContributedCapitalMember264284242022-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember264284242022-01-01fsa:RetainedEarningsMember264284242022-01-01264284242022-12-31fsa:ContributedCapitalMember264284242022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember264284242022-12-31fsa:RetainedEarningsMemberAnnual reportAuditor's report on audited financial statementstruefalse2022-01-012022-12-312021-01-012021-12-31212023-05-122023-05-12Trige2023-04-14AarhusSteen Hager NielsenJacob Nørmark Jacob Tækker NørgaardState Authorised Public AccountantState Authorised Public Accountantmne30176mne400493396355633963556Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret RevisionspartnerselskabVærkmestergade Værkmestergade 2, 18.2, 18.80008000Aarhus CAarhus CDanmarkDanmarkDKDK33963556Deloitte Statsautoriseret Revisionspartnerselskab Værkmestergade 2, 18.8000 Aarhus CReporting class C, large enterprisefalse26428424ZÜBLIN A/SHæstvej 46D8380 TrigeDanmarkDK91179249265276Steen Hager NielsenAnders Medin FeldbækJens-Henrik Stilhoff NicolaisenSteen Hager NielsenJens Michael BorgschulteChairmanThe Board of Directors and Executive Board have today considered and approved the annual report of ZÜBLIN A/S for the financial year 1 January - 31 December 2022. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022. We believe that the management report contains a fair review of the affairs and conditions referred to therein. Management recommends that the annual report should be approved at the annual general meeting.To the shareholder of ZÜBLIN A/SWe have audited the financial statements of ZÜBLIN 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 Company'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 Company 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's responsibilities for the financial statements 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 Company'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 Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:<table class="richtext-table"><thead><tr><th style="width:3.28515625px"></th><th style="width:5.7109375px"></th></tr></thead><tbody><tr><td>●</td><td>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></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td>●</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.</td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td>●</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr></tbody></table>Independent auditor´s report<table class="richtext-table"><thead><tr><th style="width:3.28515625px"></th><th style="width:5.7109375px"></th></tr></thead><tbody><tr><td>●</td><td>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 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 Company to cease to continue as a going concern.</td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td>●</td><td>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.</td></tr></tbody></table>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's review. Our opinon on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read 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 in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. 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.For definitions, see the summary of significant accounting policies.<table class="richtext-table"><thead><tr><th style="width:3.28515625px"></th><th style="width:5.7109375px"></th><th style="width:13.5703125px"></th><th style="width:0.85546875px"></th><th style="width:3.42578125px"></th><th style="width:8.7109375px"></th><th style="width:0.85546875px"></th><th style="width:12.5703125px"></th><th style="width:0.85546875px"></th><th style="width:12.5703125px"></th><th style="width:0.85546875px"></th><th style="width:12.5703125px"></th><th style="width:0.85546875px"></th></tr></thead><tbody><tr><td>ZÜBLIN A/S (the Company) is a wholly owned subsidiary of the Austrian group, STRABAG SE (the Group), which is a European-based technology partner, listed in Austria.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The consolidated financial statements may be obtained on the Group's website, www.strabag.com. </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>3403</td><td></td><td>3181</td></tr><tr><td>Together with the Group, the Company has a huge capacity and is a professional contractor and a competent partner on appropriate projects. The Company covers all areas of ground engineering, civil engineering, infrastructure and building construction with focus on complex ground engineering projects and standalone buildings as well as major construction projects carried out in cooperation with the Group or other partners.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The Company’s revenue in 2022 was almost similar to 2021. Volume of orders at the end of 2022 amounted to approx. DKK 113 million (compared to DKK 1.2 billion at the end of 2021).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The Company has in 2022 been operating in two segments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>●</td><td>Ground engineering</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>●</td><td>Building construction and civil engineering</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>Revenue for 2022 for the segments: Ground engineering DKK 50,016 thousand (2021: DKK 227,703 thousand) Building construction and civil engineering DKK 551,053 thousand (2021: DKK 422,857 thousand) In May 2022 a major turnkey contract was cancelled by the client and the termination have had an effect on the backlog. ZÜBLIN A/S is of the opinion that the events that have led to the termination are caused by the client. The financial effect is still not clarified.Recognition and measurement uncertainties In connection with presentation of the annual report for 2022, the recognition and measurement of items in the financial statement are not subject to any significant uncertainties beyond what is considered usual for the sector, refer to note 2. Knowledge resources The Company's most important knowledge resources are its employees and the Group's know-how. The Company works independently but in close cooperation with the Group regarding project planning and design, development and adjustment of materials and execution of the Company's projects. The Company also has close contact to affiliated companies in Sweden.Financial risks The Company's projects involve a number of commercial and financial risks that may affect its development, operations and financial position. Commercial and financial risks are not deemed to vary significantly from other risks related to the business. The Group is managing the financial risks centrally with coordination of the groups cash management. Reference is made to the Group´s report and information regarding risk management at www.strabag.com (Strategy / Strategic Approach / Economic Responsibility). Price risks Through its business foundation and policies laid down, Management at all levels actively addresses the risks deemed to be material to the business, including price fluctuations on significant materials. Foreign currency risks Due to the Company's activities, profit/loss, cash flows and equity are affected by the exchange rate and interest rate development of a number of currencies. It is company policy to hedge commercial foreign currency risks. The Company does not engage in any speculative currency transactions. Interest rate risks As net interest bearing debt is immaterial, moderate changes in the interest rate level will not directly affect earnings. Interest positions to hedge interest rate risks are therefore not entered.Statutory CSR report The Company's business strategy actively involves the environment and society and sets up targets for these areas. The Company has not prepared its own policies for CSR, including climate and human rights, but work based on overall group guidelines and policies for the area. Reference is made to the Group's annual report with information regarding CSR at www.strabag.com (Investor relations / Reports / Annual reports / 2022).Data ethics ZÜBLIN A/S has not established a policy for data ethics. Reason is that ZÜBLIN A/S is part of the listed STRABAG SE Group, that has an Ethics Business Compliance System also valid for handling of data. The Group policy is valid for all companies within the Group and can be found on www.strabag.com.Account of the gender composition of Management The Company's goal is to have at least 25% of both genders represented as board members appointed by the general meeting. In 2022, the goal has not been reached with 3 men and no woman on the board of directors. It is the objective for the under-represented gender to reach a 25% share at board level no later than 31 December 2024. The Company is working to achieve and maintain gender balance in the organisation and to increase the percentage of the under-represented gender at other management levels. It is company policy to fill these positions with the best candidates and at the same time to upgrade women's leadership talent. The percentage of women with management responsibility is 27% by the end of 2022. The objective to reach a 25% share at other management levels for the under-represented gender is fulfilled. The initiatives taken for this include focus on having both genders from the Company present at job fairs and presentations of the Company in university forums and focus on the under-represented gender when recruitments are implemented. Within the Group the "Potential Management" program also gives an opportunity to focus on the under-represented gender when choosing candidates. Outlook The turnover in 2023 will be affected by the cancellation of one contract and a very small backlog and is expected to be much lower than the turnover in 2022. The result in 2023 is expected to be around zero or slighlty negative. ZÜBLIN A/S is like the rest of the construction industry affected by the change in both prices and delivery times due to the Ukraine crisis. Therefore, it is not possible to carry out a specification in monetary terms of the economic consequences of this for ZÜBLIN A/S at present. As a consequence Management is not able to more precisely foresee the level of activity or result in 2023.Output volumeOutput volumeOutput volumeOutput volumeShare capitalShare capitalShare capitalShare capitalCurrent ratioCurrent ratioCurrent ratioCurrent ratio6500860005141260006995150006423640001000000100000010000001000000650560000485443000638773000536533000601069000650560000-537348000-44873000127720000914000-130553000-537348000-676148000-229157000-68816000-186012000-205947000-676148000-494000-614000-544000-16709000-674429000-227510000-85889000-191448000-203695000-67442900000-2036950000-1639000-203695000-672790000596744000650052000466895000373608000552244000596744000-18707210014408000819260004302800036951700-187072000100000090415000-278487000-187072100100000090414700-54463000-0.826-0.0920.2000.002-1.039-0.472-0.108-0.3471.3561.1971.3761.326-0.3130.0220.1750.1150.000-4.723-1.375-3.003152040002014900069907500011458350000-2000477510006222000074135000137303000140002800011250003080001147000802000-205969000-676642000-2274000-22130000000122000167000407900049060001540002200004355000529300090415000904150009041500090415000273484000430290004380500018922000331300018724700002690004986000146480003940001327300032598200027738800012999600019633000045747400050103600010000001000000-54463000-278487000904147009041500032266200041422200098431000170731000200009408400023780001533000885160008850700032850001473900019263000036959400055224400059674400000427719000427719000The annual report of ZÜBLIN A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The accounting policies applied by the Company are consistent with those of last year. The annual report for 2022 is presented in DKK thousands. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and 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. Income statement Revenue Income from construction contracts where the purchaser has significantly influenced the construction of the asset is recognised as revenue as the production activities are carried out, implying that revenue corresponds to the market value of the contract work performed (production method). This method is used where the total income and expenses and the degree of completion of the contract can be made up reliably. Where the income from a construction contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty. Income from the sale of services is recognised in revenue on a straight-line basis as the services are provided. Revenue is recognised net of VAT, duties and sales discount and is measured at fair value of the consideration fixed. Other operating income Other operating income comprises items of a secondary nature in relation to the Company's main activity, including profits on the sale of intangible assets and tangible fixed assets. Construction materials, consumables and services used Expenses for construction materials, consumables and services used include both direct and indirect costs incurred to generate revenue for the year as well as expected losses on ongoing construction work. Net income from investment in joint ventures The proportionate share of the profit or loss of the individual joint venture is recognised as operating result in the income statement under the item "Net income from investments in joint ventures". Other external expenses Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc., including profits on the sale of intangible assets and tangible fixed assets. Notes Staff costs Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities. Amortisation, depreciation and impairment losses Amortisation, depreciation and impairment losses comprise the year's amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating expenses Other operating expenses comprises items of a secondary nature in relation to the Company's main activity, including losses on the sale and retirements of intangible assets and tangible fixed assets. Financial income and expenses Financial income and expenses are recognised in the income statement at the amount relating to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on securities and foreign currency transactions, and surcharges and allowances under the advance-payment-of-tax scheme, etc. Tax Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. Balance sheet Intangible assets Intangible assets including software are measured at cost less accumulated amortisation and impairment losses. Software is amortised on a straght-line basis over 3 years. The depreciable amount is cost during the useful life. Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less costs to sell and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as other operating income or other operating costs, respectively. Tangible assets Items of plant and machinery, other fixtures and fittings, tools and equipment, and 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 assets until the item is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets: <table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Plant and machinery</td><td></td><td></td><td></td><td></td><td></td><td></td><td>3 - 5 years</td></tr><tr><td>Other fixtures and fittings, tools and equipment</td><td></td><td></td><td></td><td></td><td></td><td></td><td>3 - 10 years</td></tr><tr><td>Leasehold improvements</td><td></td><td></td><td></td><td></td><td></td><td></td><td>2 - 3 years</td></tr></tbody></table>Estimated useful lives and residual values are reassessed annually. Gains and losses from the sale of the tangible assets are calculated as the difference between selling price less selling costs and carrying amount at the time of sale. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Notes Joint arrangements Joint arrangements are entities over which the company exercises joint control together with one or more companies. Joint control exists when the determination of the financial and operating policies requires the unanimous consent of all parties to the joint control. Joint arrangements are classified as either joint ventures or joint operations. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Investments in joint ventures are recognised and measured using the equity method. The proportionate share of the profit or loss of the individual joint venture is recognised as operating result in the income statement. In the balance sheet investments in joint ventures are measured at the proportionate share of the net asset value of joint ventures, calculated on the basis of the Company's accounting policies, less or plus unrealised intra-group gains or losses. Investments in joint ventures 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 Company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised. Net revaluations of investments in joint ventures are taken to the net revaluation reserve according to the equity method to the extent that the carrying amount exceeds the cost. Joint operations are recognized and measured according to the interest in the arrangement. In accordance with the contractual share of assets, liabilities, revenue and expenses joint operations are accounted for as an integrated part of the financial statement (line by line). Referring to section 5 of the Danish Financial Statements Act the joint arrangements, including the joint ventures in note 11 and the joint operation Lindø Port of Odense I/S, did not submit an annual report. Stocks Stocks are measured using the FIFO-method. Where the net realisable value is lower than the cost, inventories are recognised at this lower value. Raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Impairment of fixed assets Intangible assets, property, plant and equipment are subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted in respect of indvidual assets or groups of assets generating separate cash flows when there are indications of impairment. The assets are written down to the higher of the value in use net realisable value (recoverable amount) of the asset or group of assets if this is lower than the carrying amount. As for group of assets, impairment losses are first recognised in respect of goodwill and thereafter proportionately in respect of the other assets. Receivables Receivables are measured at amortised cost. An impairment loss is recognised if there is objective indication that a receivable is impaired, which is measured on an indvidual basis. Contract work in progress Contract work in progress is measured at the market value of the work performed. The market value is measured based on the percentage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The percentage of completion is determined as the share of the costs incurred relative to the expected total costs for the individual work in progress. Notes Where the market value of work in progress cannot be reliably determined, the market value is measured at the lower of costs incurred and net realisable value. Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement. The individual work in progress is recognised in the balance sheet under receivables or payables. Net assets comprise the sum of work in progress where the selling price of the work performed exceeds payments on account. Net liabilities comprise the sum of work in progress where payments on account exceeds the selling price. Prepayments Prepayments comprise costs incurred concerning subsequent financial years. Cash Cash comprises bank deposits. Provisions Provisions comprise expected expenses relating to guarantee commitments, losses on work in progress, rebuildings, claims etc. Provisions are recognised when the Company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at net realisable value or at fair value if the obligation concerned is expected to be settled far into the future. Warranties comprise obligations to repair any defects within the warranty period of one to five years. Provisions for warranties are measured at net realisable value and recognised based on past experience. If it is likely that total costs will exceed total income from contract work in progress, a provision is made for the total loss anticipated on the contract. Income tax and deferred tax Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Financial liabilities Financial liabilities are measured at net realisable value. Segment information Reference is made to the Management's review, page 6 and 7, where segment information is disclosed. Notes Financial Highlights Definitions of financial ratios.<table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Gross margin</td><td></td><td></td><td></td><td>Gross Profit x 100</td></tr><tr><td></td><td></td><td></td><td></td><td>Revenue</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Operating margin</td><td></td><td></td><td></td><td>Operating profit/loss x 100</td></tr><tr><td></td><td></td><td></td><td></td><td>Revenue</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Current ratio</td><td></td><td></td><td></td><td>Current assets total x 100</td></tr><tr><td></td><td></td><td></td><td></td><td>Current liabilities</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Solvency ratio</td><td></td><td></td><td></td><td>Equity at year end x 100</td></tr><tr><td></td><td></td><td></td><td></td><td>Total assets</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Return on equity</td><td></td><td></td><td></td><td>Net profit/loss for the year x 100</td></tr><tr><td></td><td></td><td></td><td></td><td>Average equity</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Output volume</td><td></td><td></td><td></td><td>Revenue including the proportional revenue of joint ventures.</td></tr></tbody></table>Omission to present a cash flow statement ZÜBLIN A/S is recognised in the consolidated financial statements of STRABAG SE. Referring to section 86(4) of the Danish Financial Statements Act, ZÜBLIN A/S has decided not to prepare any cash flow statement for the Company, as the Group´s total cash flows have been consolidated into the group STRABAG SE.Uncertainty in the recognition and measurement The measurement of the net asset value of certain assets and liabilities requires an estimate of the effect of future events on these assets and liabilities on the balance sheet date. The applied estimates are based on conditions considered reasonable by Management; however, these estimates will inherently be uncertain and unpredictable. The conditions might be incomplete or inaccurate, or unexpected events or circumstances might occur. Furthermore, the Company is subject to risks and uncertainties that could lead to the actual results deviating from these estimates. Estimates, which are important to the presentation of the annual report, relate mainly to measurement of the market value of contract work in progress, which among other things are assessed on the basis of anticipated remaining costs and income. Changes to the assumptions regarding time schedule, prices and deliveries could have a material impact. Furthermore, it depends on the outcome of disputes concerning claims for additional payment, etc., which is determined among other things by the stage of negotiations with the counterpart as well as by an assessment of the probability of the outcome.<table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Revenue</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Geographic markets </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denmark </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>601.069</td><td></td><td>650.560</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>601.069</td><td></td><td>650.560</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Activities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ground engineering </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>50.016</td><td></td><td>227.703</td></tr><tr><td>Building construction and civil engineering</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>551.053</td><td></td><td>422.857</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>601.069</td><td></td><td>650.560</td></tr></tbody></table>Staff costs<table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Wages and salaries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>67.259</td><td>186.560</td><td>123.261</td></tr><tr><td>Pensions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4.442</td><td></td><td>9.295</td></tr><tr><td>Other social security costs</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>905</td><td></td><td>1.957</td></tr><tr><td>Other staff costs</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1.529</td><td></td><td>2.790</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>74.135</td><td></td><td>137.303</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2022</td><td></td><td>2021</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>TDKK</td><td></td><td>TDKK</td></tr><tr><td>Remuneration to members of management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Executive Board</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr><tr><td>Board of Directors</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>0</td><td></td><td>0</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Average number of employees</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>91</td><td></td><td>179</td></tr></tbody></table>Referring to section 98b (3) of the Danish Financial Statements Act, remuneration to the Executive Board are not disclosed since the management category has only one member per 31.12.2022. The second member has joined the Executive Board in 2023.Financial income <table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Financial income, group </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td>186.560</td><td>220</td></tr><tr><td>Other financial income </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>891</td><td></td><td>7</td></tr><tr><td>Exchage rate differences</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>234</td><td></td><td>81</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>1.125</td><td></td><td>308</td></tr></tbody></table>Financial costs <table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Financial costs, group</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>548</td><td></td><td>113</td></tr><tr><td>Other financial costs </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>503</td><td>186.560</td><td>487</td></tr><tr><td>Exchage rate differences</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>96</td><td></td><td>202</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>1.147</td><td></td><td>802</td></tr></tbody></table>Tax on profit/loss for the year<table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Current tax for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-2.273</td><td></td><td>-2.214</td></tr><tr><td>Deferred tax for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr><tr><td>Adjustment of tax concerning previous years</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-1</td><td></td><td>1</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>-2.274</td><td></td><td>-2.213</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Paid company tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr></tbody></table>Intangible assets Software<table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Cost at 1 January</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>698</td></tr><tr><td>Additions for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td></tr><tr><td>Disposals for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-81</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost at 31 December</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>617</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation at 1 January </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>698</td></tr><tr><td>Amortisation for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td></tr><tr><td>Disposals for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-81</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation at 31 December</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>617</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Carrying amount at 31 December </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Tangible assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Plant and machinery</td><td></td><td>Other fixtures and fittings, tools and equipment</td><td></td><td>Leasehold improvements</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Cost at 1 January</td><td></td><td></td><td></td><td></td><td></td><td></td><td>850</td><td></td><td>11.520</td><td></td><td>1.114</td></tr><tr><td>Additions for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>320</td><td></td><td>0</td></tr><tr><td>Disposals for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-571</td><td></td><td>-58</td><td></td><td>0</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost at 31 December</td><td></td><td></td><td></td><td></td><td></td><td></td><td>279</td><td></td><td>11.782</td><td></td><td>1.114</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation at 1 January</td><td></td><td></td><td></td><td></td><td></td><td></td><td>683</td><td></td><td>6.614</td><td></td><td>894</td></tr><tr><td>Depreciation for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td>32</td><td></td><td>1.147</td><td>0</td><td>66</td></tr><tr><td>Disposals for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-558</td><td></td><td>-58</td><td></td><td>0</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation at 31 December </td><td></td><td></td><td></td><td></td><td></td><td></td><td>157</td><td></td><td>7.703</td><td></td><td>960</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Carrying amount at 31 December </td><td></td><td></td><td></td><td></td><td></td><td></td><td>122</td><td></td><td>4.079</td><td></td><td>154</td></tr></tbody></table>Investments in joint ventures<table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Cost at 1 January </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr><tr><td>Additions for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost at 31 December</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revaluations at 1 January </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>90.415</td><td></td><td>92.054</td></tr><tr><td>Revaluations disposals</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>-1.639</td></tr><tr><td>Net profit/loss for the year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr><tr><td>Received dividend </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revaluations at 31 December </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>90.415</td><td></td><td>90.415</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Carrying amount at 31 December</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>90.415</td><td></td><td>90.415</td></tr></tbody></table>Investments in joint ventures are specified as follows:<table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Name</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Place of registered office</td><td></td><td>Ownership/Votes</td></tr><tr><td>MetNord JV I/S</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Copenhagen</td><td></td><td>60%/50%</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Contract work in progress</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Work in progress, selling price</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>182.027</td><td></td><td>1.249.986</td></tr><tr><td>Work in progress, payments received on account</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-138.242</td><td></td><td>-1.325.148</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>43.785</td><td></td><td>-75.162</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Recognised in the balance sheet as follows:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Contract work in progress under assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>43.805</td><td></td><td>18.922</td></tr><tr><td>Contract work in progress under liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-20</td><td></td><td>-94.084</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>43.785</td><td></td><td>-75.162</td></tr></tbody></table>Prepayments Prepayments consists primarily of prepaid services, insurances and lease costs. Equity The share capital comprise 1,000 shares of a nominal value of DKK 1,000. No shares carry any special rights. There have been no changes in the share capital during the last 5 years.Provisions Provisions comprise provision for warranty commitment, totalling DKK 116,204 thousand (2021: DKK 53,662 thousand), provisions for losses on construction contracts in progress totalling DKK 143.408 thousand (2021: DKK 349,000 thousand). Other provisions totalling DKK 63,050 thousand (2021: DKK 11,560 thousand). Provisions are expected to mature with DKK 197,768 thousand within 1 year, DKK 104,087 thousand within 1-5 years and DKK 20.807 after 5 years.<table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:3.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>Rental agreements and lease commitments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Rental and lease commitments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1.573</td><td></td><td>1.782</td></tr><tr><td>Between 1 and 5 years</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>0</td><td></td><td>0</td></tr></tbody></table><table class="richtext-table"><thead><tr><th style="width:12.28515625px"></th><th style="width:0.85546875px"></th><th style="width:12.28515625px"></th></tr></thead><tbody><tr><td>1.573</td><td></td><td>1.782</td></tr></tbody></table>In addition, the Company also have rental and lease commitments of machinery and equipment related to contract work in progress.Contingent assets, liabilities and other financial obligations The Company is jointly taxed with the other Danish enterprises in the STRABAG Group. As administrative company, the Company has joint and several unlimited liability together with the other enterprises for Danish coorporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation unit. The jointly taxed enterprises' total known net liability for coorporation taxes and withholding taxes on dividends, interest and royalties amounted to DKK 0 at 31 December 2022. Any subsequent corrections to the joint taxation income or withholding taxes, etc. may entail the Company's liability will increase. The Company is part of various legal and arbitration cases, which are not expected to adversely affect the Company's financial position. For contract works the Company has provided collateral by bank guarantees totalling DKK 465 million (2021: DKK 553 million). The Company participates in joint ventures with joint and several liability, where collateral is also provided by bank guarantees totalling DKK 26 million (2021: DKK 41 million). Related parties and ownership Züblins A/S' related parties comprise the following: Controlling interest Züblin Spezialtiefbau GmbH, Albstadtweg 1, D-70567 Stuttgart, Germany Transactions Transactions with related parties comprise transactions with companies within the STRABAG SE group including joint ventures in Denmark. Work and services performed DKK 45,605 thousand (2021: DKK 164,264 thousand) Work and services received DKK 48,710 thousand (2021: DKK 64,309 thousand) Receivables as at 31 December 2022 DKK 3,313 thousand (2021: DKK 187,516 thousand) Liabilities as at 31 December 2022 DKK 90,894 thousand (2021: 90,040 thousand) Remuneration/fees to members of the Executive Board and the Board of Directors are reflected in note 4. Consolidated financial statements The Company is included in the group annual report of STRABAG SE, Austria. The group annual report of STRABAG SE, Austria, may be obtained at the following address: www.strabag.com.Fee to auditors appointed at the general meeting ZÜBLIN A/S is recognised in the consolidated financial statements of STRABAG SE in which information about fee to auditors is provided for the group.