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2021-01-01 fsa:OtherReceivablesMember cmn:ConsolidatedMember 21054887 2021-01-01 2021-12-31 fsa:OtherReceivablesMember cmn:ConsolidatedMember 21054887 2021-12-31 fsa:OtherReceivablesMember cmn:ConsolidatedMember 21054887 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 21054887 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 21054887 2021-01-01 2021-12-31 cmn:ConsolidatedMember 1 21054887 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 21054887 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 <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 /><td>Ledelsesberetning</td></tr><tr><td /><td>Hoved‑ og nøgletal</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">Ledelsesberetning</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Beretning</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>Operating 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 /><td>Koncernens udvikling i de seneste 5 år kan beskrives således</td></tr></table> 76477000 855000 517000 -2694000 3148000 276 0.529 76477000 72740000 2882000 0 -3295000 2339000 1822000 -1923000 771000 -208000 -2902000 1427000 2000000 4811000 4519000 6636000 1877000 685000 956000 6872000 1396000 3148000 3053000 61000 3000000 -4536000 2000000 -2000000 336000 68205000 1377000 712000 3271000 0 2339000 0 1822000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Skat af årets resultat</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="23%" align="right" valign="middle" ><b>2021</b></td><td width="12%" align="right" valign="middle" ><b>2020</b></td><td width="16%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Beregnet skat af årets skattepligtige indkomst</td><td width="23%" align="right" valign="middle" >-1.235</td><td width="12%" align="right" valign="middle" >-1.367</td><td width="16%" ></td><td width="17%" ></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Årets regulering af udskudt skat</td><td width="23%" align="right" valign="middle" >464</td><td width="12%" align="right" valign="middle" >256</td><td width="16%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Skat i alt</td><td width="23%" align="right" valign="middle" >-771</td><td width="12%" align="right" valign="middle" >-1.111</td><td width="16%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Periodeafgrænsningsposter</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="80%" colspan="3" align="left" valign="middle" >Periodeafgrænsningsposter omfatter periodise­ring af omkostninger, der først vedrører efter­følgende år, herunder husleje og forsikringer.</td><td width="20%" colspan="1" align="left" valign="middle" >Prepayments include accrual of expenses relating to subsequent financial years, including rent and insurance policies.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Note Udskudt skat</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="23%" align="right" valign="middle" ><b>2021</b></td><td width="12%" align="right" valign="middle" ><b>2020</b></td><td width="16%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" ><b>Udskudt skat 1. januar</b></td><td width="23%" align="right" valign="middle" >1.060</td><td width="12%" align="right" valign="middle" >1.316</td><td width="16%" ></td><td width="17%" ></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >.Årets regulering af udskudt skat</td><td width="23%" align="right" valign="middle" >-464</td><td width="12%" align="right" valign="middle" >-256</td><td width="16%" ></td><td width="17%" ></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Udskudt skat på egenkapitalbevægelser</td><td width="23%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" ><b>Udskudt skat 31. december</b></td><td width="23%" align="right" valign="middle" >596</td><td width="12%" align="right" valign="middle" >1.060</td><td width="16%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Sikkerhedsstillelser</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="80%" colspan="3" align="left" valign="middle" >Til sikkerhed for gæld til Sydbank er af­givet virk­somhedspant på nom. 9.500 t.DKK i aktiver med en samlet regnskabsmæssig værdi pr. 31. december 2021 på 11.390 t.DKK.</td><td width="20%" colspan="1" align="left" valign="middle" >A company charge of a nominal amount of DKK 9,500 thousand secured on assets with a carrying amount of DKK 11,390 thousand at 31 December 2021 has been provided as collateral for debt to Sydbank.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Eventualforpligtelser og andre økonomiske forpligtelser</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Contingent liabilities and other financial obligations</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Group</td></tr><tr><td width="80%" colspan="3" align="left" valign="middle" >M2 Group A/S, M2Film A/S og Duckling&Sonne ApS har stillet selvskyldnerkaution for bankgæld i selskaberne. Kautionen omfatter alt mellemvæ­rende mellem selskaberne og Sydbank. Bank­gælden til Sydbank i selskaberne udgør</td><td width="20%" colspan="1" align="left" valign="middle" >M2 Group A/S, M2Film A/S and Duckling&Sonne ApS have assumed guarantee of payment for the companies' bank debt. The guarantee comprises all balances between the companies and Sydbank. The companies' bank debt to Sydbank totalled DKK 228 thousand at 31 December 2021.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >228 t.DKK pr. 31. december 2021.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Andre økonomiske forpligtelser</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Other financial obligations</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Group</td></tr><tr><td width="80%" colspan="3" align="left" valign="middle" >Koncernen har indgået huslejeaftaler, som kan opsiges med op til 16 måneders varsel. Summen af de resterende huslejeforpligtelser i opsigel­sesperioden udgør 2.652 t.DKK.</td><td width="20%" colspan="1" align="left" valign="middle" >The Group has entered into lease agreements for offices, which are terminable with up to 16 months' notice. The sum of the remaining rent obligations in the termination period totals DKK 2,652 thousand.</td></tr><tr><td width="38%" ></td><td width="28%" ></td><td width="14%" ></td><td width="20%" colspan="1" align="left" valign="middle" >In addition to these, the Group has entered into lease agreement for operating equipment with a remaining duration of 11 months. De sum of the remaining lease obligation for these totals DKK 129 thousand.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Herudover har koncernen indgået operationelle leasingaftaler med en resterende løbetid på op til 11 måneder. Der samlede kontraktlige for­pligtelse for disse udgør 129 t.kr.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Information om ejerskab</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Related parties</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Nærtstående parter med bestemmende indflydelse</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Information about related parties with a controlling interest</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Nærtstående part</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>Bopæl/Hjemsted</b></td><td width="19%" colspan="1" align="left" valign="middle" ><b>Grundlag for bestemmende indflydelse</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Related party</td><td width="34%" colspan="1" align="left" valign="middle" >Domicile</td><td width="19%" colspan="1" align="left" valign="middle" >Basis for control</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Aktionær Mads Munk</td><td width="34%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="19%" colspan="1" align="left" valign="middle" >Kapitalbesiddelse</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Shareholder Mads Munk</td><td width="34%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="19%" colspan="1" align="left" valign="middle" >Participating interest</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Ud over udlodning af udbytte og løn har der ikke været transaktioner med kapitalejeren eller bestyrelsesmedlemmer.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The company does not have transactions with the shareholder apart from distributed dividend and salaries.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Transaktioner med øvrige nærtstående parter omfatter</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Transactions with other related parties includes</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="34%" align="right" valign="middle" ><b>2021</b></td><td width="19%" ></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Køb af ydelser fra øvrige nærtstående parter</td><td width="34%" align="right" valign="middle" >320</td><td width="19%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Purchase of services from other related parties</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="34%" align="right" valign="middle" ><b>2021</b></td><td width="19%" ></td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Reguleringer, pengestrømsopgørelsen</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="34%" align="right" valign="middle" >2021</td><td width="19%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Adjustments – Cash flow statement</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Af‑ og nedskrivninger</td><td width="34%" align="right" valign="middle" >2.882</td><td width="19%" align="right" valign="middle" >3.126</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Amortisation/depreciation and impairment losses</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Indtægter af kapitalandele i associerede virk­somheder</td><td width="34%" align="right" valign="middle" >3.295</td><td width="19%" align="right" valign="middle" >1.730</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Income from investments in associates</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Finansielle indtægter</td><td width="34%" align="right" valign="middle" >-2.339</td><td width="19%" align="right" valign="middle" >-4.653</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Finansielle omkostninger</td><td width="34%" align="right" valign="middle" >1.822</td><td width="19%" align="right" valign="middle" >2.921</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial expenses</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Skat af årets resultat</td><td width="34%" align="right" valign="middle" >771</td><td width="19%" align="right" valign="middle" >1.111</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Tax for the year</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Øvrige reguleringer</td><td width="34%" align="right" valign="middle" >-1.620</td><td width="19%" align="right" valign="middle" >899</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other adjustments</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="34%" align="right" valign="middle" >4.811</td><td width="19%" align="right" valign="middle" >5.134</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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Ændring i arbejdskapital, pengestrømsopgørelsen</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="34%" align="right" valign="middle" >2021</td><td width="19%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Changes in working capital, cash flow statement</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Ændringer i omsætningsaktiver m.v.</td><td width="34%" align="right" valign="middle" >-8.992</td><td width="19%" align="right" valign="middle" >12.220</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in current assets</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Ændringer i gæld til leverandører m.v.</td><td width="34%" align="right" valign="middle" >13.511</td><td width="19%" align="right" valign="middle" >-5.971</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in trade payables, etc.</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="34%" align="right" valign="middle" >4.519</td><td width="19%" align="right" valign="middle" >6.249</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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Likvide beholdninger, pengestrømsopgørelsen</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="34%" align="right" valign="middle" >2021</td><td width="19%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Cash and cash equivalents, cash flow statement</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Likvide beholdninger ifølge balancen</td><td width="34%" align="right" valign="middle" >12.178</td><td width="19%" align="right" valign="middle" >11.492</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Cash and cash equivalents according to the balance sheet</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Kortfristet gæld til banker</td><td width="34%" align="right" valign="middle" >-228</td><td width="19%" align="right" valign="middle" >-55</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Short‑term debt to banks</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="34%" align="right" valign="middle" >11.950</td><td width="19%" align="right" valign="middle" >11.437</td></tr></table> M2 Group A/S 8240 Risskov Strandmarksvej 9 21054887 1998-08-05 Aarhus www.m2film.dk kontakt@m2film.dk 4570214020 Dirigent 2022-05-24 <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">Koncernens væsentligste aktiviteter</td></tr><tr><td colspan="1">M2-koncernen producerer animerede tv-serier, reklamefilm, branding film, marketingsrådgivning og relaterede produktioner, experience design (til museer og udstillinger), animationsproduktioner, global distribution og versionering m.m.</td></tr><tr><td colspan="1">Forretningsområderne drives gennem datterselskaber i Danmark, USA og Thailand.</td></tr><tr><td colspan="1">M2 Film-Studiet i Danmark beskæftiger sig med alle aspekter af forretningen og er HQ for koncernen og servicerer reklamebureauer, større annoncører samt kunder i alle størrelser med fokus på full-service og langsigtede kundeforhold.</td></tr><tr><td colspan="1">M2-Studiet i Thailand og Indien (M2 Animation) fokuserer på produktion af animerede trailers, film og globale animerede tv-serier.</td></tr><tr><td colspan="1">M2-kontoret i USA (M2 Entertainment) er et udviklings- og salgskontor hovedsageligt for animation.</td></tr><tr><td colspan="1">Det danske selskab Duckling&amp;Sonne ApS beskæftiger sig med post-produktion/efterarbejde på reklamefilm, lyd og optagelser.</td></tr><tr><td colspan="1">Endvidere investerer M2 Group i forskellige startups, IP-udviklingsselskaber m.m. primært indenfor animation og spilindustrien. M2 Group foretager også passive investeringer i værdipapirer, bl.a. via et medejerskab i selskabet Trade Ahead.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>The Group's business review</td></tr><tr><td /><td /><td /><td>The M2 Group produces animated TV series, commercials, branding films, content-marketing products, experience design (for museums and exhibitions), animation products, global distribution /mastering, etc.</td></tr><tr><td /><td /><td /><td>The business is conducted through subsidiaries in Denmark, USA and Thailand.</td></tr><tr><td /><td /><td /><td>The M2 Film studio in Denmark deals with all aspects of the business and is HQ for the Group and serves advertising agencies, major advertisers and customers in all sizes focusing on full-service and long-term customer relationships.</td></tr><tr><td /><td /><td /><td>The M2 studios in Thailand and India (M2 Animation) focus on the production of animated trailers, movies and global animated TV series.</td></tr><tr><td /><td /><td /><td>The M2 office in the United States (M2 Entertainment) is a development and sales office mainly for animation.</td></tr><tr><td /><td /><td /><td>The Danish company Duckling&amp;Sonne ApS is a post-production company with focusing on commercials, audio and recordings.</td></tr><tr><td /><td /><td /><td>Furthermore, the M2 Group invests in various start-ups, IP development companies, etc. primarily within the animation and gaming industry. The M2 Group also makes passive investments in securities i.a. through co-ownership in the company Trade Ahead.</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">Udvikling i aktiviteter og økonomiske forhold</td></tr><tr><td colspan="1">Resultatet i 2021 afspejler et år, hvor mange af de initiativer og forretningstiltag, der er implementeret gennem de sidste par år, nu viser sine resultater. På trods af COVID-19 pandemien i starten af året, har 2021 været et meget aktivt og udviklende år, hvor vi har set travlhed og øget interesse for M2’s forskellige produkter. 2021-resultatet for de tre driftsselskaber – M2 Film, M2 Animation og Duckling&amp;Sonne – anses således af ledelsen for tilfredsstillende og pegende i den rigtige retning for hele M2-koncernens videre udvikling og vækst.</td></tr><tr><td colspan="1">Koncernen har fortsat i årets løb investeret mange ressourcer i at engagere sig i flere forskellige animationsprojekter, og derved sikret en bredde både forretningsmæssigt og animationsfagligt.</td></tr><tr><td colspan="1">Tiltrækningen af nye kunder er afgørende for den positive udvikling, ligesom investeringerne i bl.a. et nyt animationsstudie i Mumbai, Indien, er udtryk for den positive udvikling. Ligeledes har forretningen i M2 Film i Danmark udviklet sig positivt med større fokus på mangfoldighed i kunder og projekter, og med øget fokus på at servicere kunden helt fra ide til færdigt produkt.</td></tr><tr><td colspan="1">Udviklingen i M2 StoryLab og M2 Entertainment (US) bygger på en langsigtet udviklingsstrategi og er således investeringer i et flerårigt perspektiv.</td></tr><tr><td colspan="1">M2 Animation Ltd, Bangkok (tidligere Picture This Studio) har 250 ansatte og er et moderne og højeffektivt CGI-studie, som primært producerer animerede tv-serier for globale M2-kunder.</td></tr><tr><td colspan="1">M2 Entertainment Inc. (Los Angeles) har intensiveret såvel forretningsudvikling som salgsfokus. De første stærke resultater heraf ses i form af nye store internationale ordrer til M2 Animation studiet i Bangkok, såvel som indgåelse af samarbejder omkring mere langsigtede udviklingsprojekter.</td></tr><tr><td colspan="1">M2 Entertainment Ltd., London, er i store træk i dvale, og der ventes ikke større aktivitet her i den nærmere fremtid.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Financial review</td></tr><tr><td /><td /><td /><td>The results of operation in 2021 reflect a year in which many of the initiatives and business approaches implemented within the past couple of years start to give results. Despite the COVID-19 pandemic at the beginning of the year, 2021 has been a very active and developing year, where we have seen bustle and increased interest in M2's various products. Thus, Management considers the 2021 result for the three operating companies - M2 Film, M2 Animation and Duckling &amp; Sonne to be satisfactory and pointing in the right direction for the entire M2 Group's further development and growth.</td></tr><tr><td /><td /><td /><td>During the year, the Group has continued to invest many resources in engaging in several different animation projects, thereby ensuring diversity both business and animation wise.</td></tr><tr><td /><td /><td /><td>The attraction of new customers is crucial for the positive development, just as the investments in e.g. a new animation studio in Mumbai, India, is seen as an expression of the positive development. The business in M2 Film in Denmark has also developed positively with a greater focus on diversity in customers and projects, and with an increased focus on servicing the customer from idea to finished product.</td></tr><tr><td /><td /><td /><td>The development in M2 StoryLab and M2 Entertainment (US) is based on a long-term development strategy and is thus an investment in a multi-year perspective.</td></tr><tr><td /><td /><td /><td>M2 Animation Ltd, Bangkok (formerly Picture This Studio) has 250 employees and is a modern and highly efficient CGI studio that primarily produces animated TV series for global M2 customers.</td></tr><tr><td /><td /><td /><td>M2 Entertainment Inc. (Los Angeles) has intensified both business development and sales focus. The first strong results of this are seen in the form of new large international orders for the M2 Animation studio in Bangkok as well as the conclusion of collaborations on more long-term development projects.</td></tr><tr><td /><td /><td /><td>M2 Entertainment Ltd., London, is largely dormant and no major activity is expected here in the near future.</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">Særlige risici</td></tr><tr><td colspan="1">Koncernen har løbende fokus på at identificere og reducere væsentlige finansielle risici, herunder risici for udsving i valutakurser.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Special risks</td></tr><tr><td /><td /><td /><td>It is an ongoing focal point for the Group to identify and reduce significant risks, including risks of foreign exchange fluctuations.</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">Begivenheder efter balancedagen</td></tr><tr><td colspan="1">Der er efter regnskabsårets afslutning ikke indtruffet hændelser, der forrykker vurdering af årsrapporten.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Post balance sheet events</td></tr><tr><td /><td /><td /><td>No events have occurred after the balance sheet date significantly affecting the evaluation of the annual report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Forventet udvikling</td></tr><tr><td colspan="1">Mens COVID-19 pandemien påvirkede 2020-resultatet kraftigt, og på trods af at pandemien er fortsat ind i 2021, ser det ud til, at M2-koncernen samlet set er igennem de mest udfordrende perioder og nu igen ser ud på et blomstrende behov hos kunder og samarbejdspartnere i den traditionelle reklamefilmproduktion samt i de større animationsproduktioner. Der opleves således en stigende efterspørgsel efter både reklamefilm og content bredt, samt efter små og store animationsprojekter. I såvel Los Angeles, Bangkok og i Danmark opleves således en markant stigning i ordrer og kundeaktivitet.</td></tr><tr><td colspan="1">Resultaterne heraf ses tydeligt på resultatet i driftsselskaberne (under M2 Film), og antallet af projekter er stigende og betyder, at animationsstudiet i Thailand i årets slutning og her i 2022’s begyndelse er fuldt booket. For at imødekomme det stigende behov og for at øge skalleringsmulighederne er der i løbet af 2021 etableret en udvidelse i Mumbai i Indien, hvor yderligere 150 animatorer vil være fastansatte på vores kontor i Mumbai i løbet af 2022.</td></tr><tr><td colspan="1">Igennem 2021 er der i både Thailand og Danmark gennemført en række effektiviseringer og tilpasninger, som har ført til øget profitabilitet og indtjening gennem året. Denne udvikling forventes at fortsætte, hvor både øget ordreindtag, samt et større fokus på rentabel projektgennemførelse, forventes at føre til et positivt koncernresultat for 2022 og efterfølgende. Hele M2-koncernen har således brugt et Covid-udfordret 2020 og et bedre 2021 til at gennemføre en række markante udviklingstiltag, som stiller M2-koncernen stærkt til de kommende år i både Danmark, Thailand, Indien og USA.</td></tr><tr><td colspan="1">M2 Groups investeringsaktiviteter udvikler sig meget fornuftigt, hvilket endnu ikke kan ses på regnskabstallene, idet mange af investeringerne er langsigtede. I 2022 forventes de første synlige tegn at vise sig også regnskabsmæssigt.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Outlook</td></tr><tr><td /><td /><td /><td>While the COVID-19 pandemic strongly affected the results of operation in 2020, and despite the fact that the pandemic has continued into 2021, it seems that the M2 Group as a whole has overcome the most challenging periods, and now again looks at a flourishing need among customers and collaborators in the traditional commercial film production as well as in the larger animation productions. There is thus an increasing demand for both commercials and content widely, as well as for small and large animation projects. In Los Angeles, Bangkok and in Denmark, there is thus a marked increase in orders and customer activity.</td></tr><tr><td /><td /><td /><td>The result of this is clearly seen in the results of the operating companies (under M2 Film), and the number of projects is increasing and means that the animation studio in Thailand at the end of the year and here at the beginning of 2022 is fully booked. To meet the growing demand and to increase the scaling opportunities, an expansion was established in Mumbai, India during 2021, with a further 150 animators to be permanently employed at our office in Mumbai during 2022.</td></tr><tr><td /><td /><td /><td>Throughout 2021, a number of efficiency improvements and adjustments have been implemented in both Thailand and Denmark, which have led to increased profitability and earnings throughout the year. This development is expected to continue, where both increased order intake and a greater focus on profitable project implementation are expected to lead to a positive group result for 2022 and beyond. The entire M2 Group has thus used a Covid-challenged 2020 and a better 2021, to implement a number of significant development initiatives, which will put the M2 Group in a strong position in the coming years in Denmark, Thailand, India and the USA.</td></tr><tr><td /><td /><td /><td>M2 Group’s investment activities develop very reasonably, which has not yet flown through in the financial figures as many of the initiatives are long-term investments. In 2022, the first signs are expected to materialize also in terms of the financial figures.</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">Bestyrelse og direktion har dags dato behandlet og godkendt årsrapporten for regnskabsåret 1. januar - 31. december 2021 for M2 Group 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 /><td /><td /><td colspan="2">The Board of Directors and the Executive Board have today discussed and approved the annual report of M2 Group A/S for the financial year 1 January - 31 December 2021.</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">Årsrapporten aflægges i overensstemmelse med årsregnskabsloven.</td></tr><tr><td colspan="1">Det er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af koncernens og selskabets aktiver, passiver og finansielle stilling pr. 31. december 2021 samt af resultatet af koncernens og selskabets aktiviteter samt af koncernens pengestrømme for regnskabsåret 1. januar - 31. december 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td colspan="2">The annual report is prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td /><td /><td /><td colspan="2">In our opinion, the consolidated financial statements and the parent Company financial statements give a true and fair view of the Group's and the Company's financial position at 31 December 2021 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2021.</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">Det er endvidere vores opfattelse, at ledelsesberetningen indeholder en retvisende redegørelse for de forhold, beretningen omhandler.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td colspan="2">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the 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">Årsrapporten indstilles til generalforsamlingens godkendelse.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td colspan="2">We recommend the adoption of the annual report at the annual general meeting.</td></tr></table> Aarhus Aarhus 2022-05-24 <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">Til kapitalejeren i M2 Group 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 /><td /><td /><td>To the shareholder of M2 Group 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">Konklusion</td></tr><tr><td colspan="1">Vi har revideret koncernregnskabet og årsregnskabet for M2 Group A/S for regnskabsåret 1. januar – 31. december 2021, der omfatter resultatopgørelse, balance, egenkapitalopgørelse og noter, herunder anvendt regnskabspraksis, for såvel koncernen som selskabet samt pengestrømsopgørelse for koncernen. Koncernregnskabet og årsregnskabet udarbejdes efter årsregnskabsloven.</td></tr><tr><td colspan="1">Det er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af koncernens og selskabets aktiver, passiver og finansielle stilling pr. 31. december 2021 samt af resultatet af koncernens og selskabets aktiviteter og koncernens pengestrømme for regnskabsåret 1. januar – 31. december 2021 i overensstemmelse med årsregnskabsloven.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Opinion</td></tr><tr><td /><td /><td /><td>We have audited the consolidated financial statements and the parent company financial statements of M2 Group A/S for the financial year 1 January – 31 December 2021, which comprise an income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as a consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td /><td /><td /><td>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 2021 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 2021 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">Grundlag for konklusion</td></tr><tr><td colspan="1">Vi har udført vores revision i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark. Vores ansvar ifølge disse standarder og krav er nærmere beskrevet i revisionspåtegningens afsnit "Revisors ansvar for revisionen af koncernregnskabet og årsregnskabet" (herefter benævnt "regnskaberne"). Det er vores opfattelse, at det opnåede revisionsbevis er tilstrækkeligt og egnet som grundlag for vores konklusion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Basis for opinion</td></tr><tr><td /><td /><td /><td>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">Uafhængighed</td></tr><tr><td colspan="1">Vi er uafhængige af koncernen i overensstemmelse med International Ethics Standards Board for Accountants’ internationale retningslinjer for revisorers etiske adfærd (IESBA code) og de yderligere krav, der er gældende i Danmark, ligesom vi har opfyldt vores øvrige etiske forpligtelser i henhold til disse regler og krav og 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 /><td /><td /><td>Independence</td></tr><tr><td /><td /><td /><td>We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements and 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">Ledelsens ansvar for koncernregnskabet og årsregnskabet</td></tr><tr><td colspan="1">Ledelsen har ansvaret for udarbejdelsen af et koncernregnskab og et årsregnskab, der giver et retvisende billede i overensstemmelse med årsregnskabsloven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser for nødvendig for at udarbejde regnskaberne uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl.</td></tr><tr><td colspan="1">Ved udarbejdelsen af regnskaberne er ledelsen ansvarlig for at vurdere koncernens og selskabets evne til at fortsætte driften; at oplyse om forhold vedrørende fortsat drift, hvor dette er relevant; samt at udarbejde regnskaberne på grundlag af regnskabsprincippet om fortsat drift, medmindre ledelsen enten har til hensigt at likvidere koncernen eller selskabet, indstille driften eller ikke har andet realistisk alternativ end at gøre dette.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Management's responsibilities for the consolidated financial statements and the parent company financial statements</td></tr><tr><td /><td /><td /><td>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 /><td /><td /><td>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">Revisors ansvar for revisionen af koncernregnskabet og årsregnskabet</td></tr><tr><td colspan="1">Vores mål er at opnå høj grad af sikkerhed for, om regnskaberne som helhed er uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl, og at afgive en revisionspåtegning med en konklusion. Høj grad af sikkerhed er et højt niveau af sikkerhed, men er ikke en garanti for, at en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, altid vil afdække væsentlig fejlinformation, når sådan findes. Fejlinformationer kan opstå som følge af besvigelser eller fejl og kan betragtes som væsentlige, hvis det med rimelighed kan forventes, at de enkeltvis eller samlet har indflydelse på de økonomiske beslutninger, som regnskabsbrugerne træffer på grundlag af regnskaberne.</td></tr><tr><td colspan="1">Som led i en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, foretager vi faglige vurderinger og opretholder professionel skepsis under revisionen. Herudover</td></tr><tr><td colspan="1">Identificerer og vurderer vi risikoen for væsentlig fejlinformation i regnskaberne, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisionshandlinger som reaktion på disse risici samt opnår revisionsbevis, der er tilstrækkeligt og egnet til at danne grundlag for vores konklusion. Risikoen for ikke at opdage væsentlig fejlinformation forårsaget af besvigelser er højere end ved væsentlig fejlinformation forårsaget af fejl, idet besvigelser kan omfatte sammensværgelser, dokumentfalsk, bevidste udeladelser, vildledning eller tilsidesættelse af intern kontrol.</td></tr><tr><td colspan="1">Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne udforme revisionshandlinger, der er passende efter omstændighederne, men ikke for at kunne udtrykke en konklusion om effektiviteten af koncernens og selskabets interne kontrol.</td></tr><tr><td colspan="1">Tager vi stilling til, om den regnskabspraksis, som er anvendt af ledelsen, er passende, samt om de regnskabsmæssige skøn og tilknyttede oplysninger, som ledelsen har udarbejdet, er rimelige. </td></tr><tr><td colspan="1">Konkluderer vi, om ledelsens udarbejdelse af regnskaberne på grundlag af regnskabsprincippet om fortsat drift er passende, samt om der på grundlag af det opnåede revisionsbevis er væsentlig usikkerhed forbundet med begivenheder eller forhold, der kan skabe betydelig tvivl om koncernens og selskabets evne til at fortsætte driften. Hvis vi konkluderer, at der er en væsentlig usikkerhed, skal vi i vores revisionspåtegning gøre opmærksom på oplysninger herom i regnskaberne eller, hvis sådanne oplysninger ikke er tilstrækkelige, modificere vores konklusion. Vores konklusion er baseret på det revisionsbevis, der er opnået frem til datoen for vores revisionspåtegning. Fremtidige begivenheder eller forhold kan dog medføre, at koncernen og selskabet ikke længere kan fortsætte driften.</td></tr><tr><td colspan="1">Tager vi stilling til den samlede præsentation, struktur og indhold af regnskaberne, herunder noteoplysningerne, samt om regnskaberne afspejler de underliggende transaktioner og begivenheder på en sådan måde, at der gives et retvisende billede heraf.</td></tr><tr><td colspan="1">Opnår vi tilstrækkeligt og egnet revisionsbevis for de finansielle oplysninger for virksomhederne eller forretningsaktiviteterne i koncernen til brug for at udtrykke en konklusion om koncernregnskabet. Vi er ansvarlige for at lede, føre tilsyn med og udføre koncernrevisionen. Vi er eneansvarlige for vores revisionskonklusion.</td></tr><tr><td colspan="1">Vi kommunikerer med den øverste ledelse om bl.a. det planlagte omfang og den tidsmæssige placering af revisionen samt betydelige revisionsmæssige observationer, herunder eventuelle betydelige mangler i intern kontrol, som vi identificerer under revisionen.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements</td></tr><tr><td /><td /><td /><td>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 /><td /><td /><td>As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional skepticism throughout the audit. We also</td></tr><tr><td /><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>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 /><td /><td /><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td /><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 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 /><td /><td /><td>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 /><td /><td /><td>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 /><td /><td /><td>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">Udtalelse om ledelsesberetningen</td></tr><tr><td colspan="1">Ledelsen er ansvarlig for ledelsesberetningen.</td></tr><tr><td colspan="1">Vores konklusion om regnskaberne omfatter ikke ledelsesberetningen, og vi udtrykker ingen form for konklusion med sikkerhed om ledelsesberetningen.</td></tr><tr><td colspan="1">I tilknytning til vores revision af regnskaberne er det vores ansvar at læse ledelsesberetningen og i den forbindelse overveje, om ledelsesberetningen er væsentligt inkonsistent med regnskaberne eller vores viden opnået ved revisionen eller på anden måde synes at indeholde væsentlig fejlinformation.</td></tr><tr><td colspan="1">Vores ansvar er derudover at overveje, om ledelsesberetningen indeholder krævede oplysninger i henhold til årsregnskabsloven.</td></tr><tr><td colspan="1">Baseret på det udførte arbejde er det vores opfattelse, at ledelsesberetningen er i overensstemmelse med regnskaberne og er udarbejdet i overensstemmelse med årsregnskabslovens krav. Vi har ikke fundet væsentlig fejlinformation i ledelsesberetningen.</td></tr><tr><td colspan="1">Aarhus, den 24. maj 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 /><td /><td /><td>Statement on the Management's review</td></tr><tr><td /><td /><td /><td>Management is responsible for the Management's review.</td></tr><tr><td /><td /><td /><td>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 /><td /><td /><td>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 /><td /><td /><td>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 /><td /><td /><td>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> Aarhus 2022-05-24 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">Anvendt regnskabspraksis</td></tr><tr><td colspan="1">Årsrapporten for M2 Group A/S for 2021 er aflagt i overensstemmelse med årsregnskabslovens bestemmelser for en mellemstor klasse C-virksomhed.</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>Accounting policies</td></tr><tr><td /><td /><td /><td>The annual report of M2 Group A/S for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized reporting class C enterprises.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Rapporteringsvaluta</td></tr><tr><td colspan="1">Årsregnskabet er aflagt i danske kroner.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Reporting currency</td></tr><tr><td /><td /><td /><td>The financial statements are presented in Danish kroner.</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">Konsolidering</td></tr><tr><td colspan="1">Koncernregnskabet omfatter modervirksomheden M2 Group A/S og virksomheder, hvori modervirksomheden har bestemmende indflydelse. Bestemmende indflydelse antages at foreligge, når modervirksomheden direkte eller indirekte besidder mere end halvdelen af stemmerettighederne. Bestemmende indflydelse kan tillige foreligge via aftale eller vedtægter, eller fordi modervirksomheden på anden måde har eller faktisk udøver bestemmende indflydelse i dattervirksomheden.</td></tr><tr><td colspan="1">Eksistensen og virkningen af potentielle stemmerettigheder, der aktuelt kan udnyttes eller konverteres, medtages ved vurderingen af, om bestemmende indflydelse foreligger.</td></tr><tr><td colspan="1">De konsoliderede virksomheders regnskaber udarbejdes efter den samme regnskabspraksis, som er benyttet i modervirksomheden. Koncernregnskabet udarbejdes ved at sammendrage regnskaber i de konsoliderede virksomheder ved sammenlægning af regnskabsposter med ensartet indhold. Koncerninterne indtægter, omkostninger, avancer, tab, ejerandele, udbytter og mellemværender elimineres. Kapitalandele i konsoliderede virksomheder udlignes med den forholdsmæssige andel af den konsoliderede virksomheds dagsværdi af aktiver og forpligtelser på anskaffelsestidspunktet.</td></tr><tr><td colspan="1">Nyerhvervede og solgte dattervirksomheder medtages i koncernresultatopgørelsen for den periode, hvor bestemmende indflydelse foreligger. Sammenligningstallene korrigeres ikke for nyerhvervede eller frasolgte virksomheder.</td></tr><tr><td colspan="1">Ved køb af dattervirksomheder anvendes overtagelsesmetoden. Anskaffelsessummen opgøres til nutidsværdien af det aftalte vederlag med tillæg af direkte henførbare omkostninger. Betingede betalinger indregnes med det beløb, der forventes betalt. Identificerbare aktiver og forpligtelser i de overtagne virksomheder indregnes til dagsværdien på anskaffelsestidspunktet. I opgørelsen indregnes omstruktureringshensættelser relateret til den overtagne virksomhed, såfremt omstruktureringen er besluttet på overtagelsestidspunktet. Der tages hensyn til skaffeeffekten af de foretagne omvurderinger af aktiver og forpligtelser. En resterende forskel mellem kostprisen og koncernens andel af dagsværdien af de identificerbare aktiver og forpligtelser indregnes som goodwill eller negativ goodwill.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Consolidation</td></tr><tr><td /><td /><td /><td>The consolidated financial statements comprise the parent, M2 Group A/S, and entities controlled by the parent. Control is presumed to exist when the parent owns, directly or indirectly, more than half of the voting power of an entity. Control may also exist by virtue of an agreement or articles of association or when the parent otherwise has a controlling interest in the subsidiary or actually exercises controlling influence over it.</td></tr><tr><td /><td /><td /><td>The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether control exists.</td></tr><tr><td /><td /><td /><td>The consolidated entities' financial statements are prepared in accordance with the accounting policies applied by the parent. The consolidated financial statements are prepared on the basis of the financial statements of the consolidated entities by adding together like items. Intra-group income, expenses, gains, losses, investments, dividends and balances are eliminated. Investments in consolidated entities are set off by the parent's proportionate share of the consolidated entity's fair value of assets and liabilities at the time of acquisition.</td></tr><tr><td /><td /><td /><td>Recently acquired or sold subsidiaries are recognised in the consolidated income statement for the period in which the parent controls such entities. Comparative figures are not restated for recently acquired or sold entities.</td></tr><tr><td /><td /><td /><td>The purchase method of accounting is applied to the acquisition of subsidiaries. The cost is made up at the net present value of the consideration agreed plus directly attributable expenses. Conditional payments are recognised at the amount expected to be paid. Identifiable assets and liabilities in the acquired entities are recognised at the fair value at the time of acquisition. Provisions for restructuring expenses relating to the acquired entity are recognised if the restructuring has been decided at the time of acquisition. Allowance is made for the tax effect of revaluations of assets and liabilities. Any residual difference between the cost and the group’s share of the fair value of the identifiable assets and liabilities is recognised as goodwill or negative goodwill.</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">Minoritetsinteresser</td></tr><tr><td colspan="1">I koncernregnskabet indregnes dattervirksomhedernes regnskabsposter 100 %. Minoritetsinteressernes forholdsmæssige andel af dattervirksomheders resultat og egenkapital indregnes som særskilte poster i resultatopgørelsen og balancen.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Minority interests</td></tr><tr><td /><td /><td /><td>Accounting items attributable to subsidiaries are recognised in full in the consolidated financial statements. Minority interests' share of subsidiaries' profit or loss for the year and equity is recognised as separate items in the income statement and the 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">Virksomhedsovertagelse</td></tr><tr><td colspan="1">Ved køb af nye dattervirksomheder eller aktiviteter, som er selvstændige virksomheder, anvendes overtagelsesmetoden. Kostprisen opgøres til nutidsværdien af det aftalte vederlag med tillæg af direkte henførbare omkostninger. Betingede betalinger indregnes med det beløb, der forventes betalt. Identificerbare aktiver og forpligtelser i de overtagne virksomheder indregnes til dagsværdien på anskaffelsestidspunktet. I opgørelsen indregnes omstruktureringshensættelser relateret til den overtagne virksomhed, såfremt omstruktureringen er besluttet på overtagelsestidspunktet og forventes gennemført. Der tages hensyn til skatteeffekten af de foretagne omvurderinger af aktiver og forpligtelser. En resterende forskel mellem kostprisen og koncernens andel af dagsværdien af de identificerbare aktiver og forpligtelser indregnes som goodwill eller negativ goodwill.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Corporate acquisitions</td></tr><tr><td /><td /><td /><td>The takeover method is applied to the acquisition of new subsidiaries or activities which are separate businesses. The cost is made up at the net present value of the consideration agreed plus directly attributable expenses. Conditional payments are recognised at the amount expected to be paid. Identifiable assets and liabilities in the acquired entities are recognised at the fair value at the time of acquisition. Provisions for restructuring costs relating to the acquired entity are recognised if the restructuring has been decided at the time of acquisition and is expected to be carried through. Allowance is made for the tax effect of revaluations of assets and liabilities. Any residual difference between the cost and the group's share of the fair value of the identifiable assets and liabilities is recognised as goodwill or negative goodwill.</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">Valutaomregning</td></tr><tr><td colspan="1">Transaktioner i fremmed valuta omregnes til danske kroner efter transaktionsdagens kurs.</td></tr><tr><td colspan="1">Tilgodehavender, gæld og andre monetære aktiver og forpligtelser i fremmed valuta omregnes til danske kroner efter balancedagens valutakurser. Realiserede og urealiserede valutakursgevinster og -tab indregnes i resultatopgørelsen under finansielle indtægter og omkostninger.</td></tr><tr><td colspan="1">Udenlandske tilknyttede virksomheder</td></tr><tr><td colspan="1">Selvstændige udenlandske virksomheder omregnes efter følgende principper</td></tr><tr><td colspan="1">Balancen omregnes til valutakursen på balancedagen.</td></tr><tr><td colspan="1">Resultatopgørelsen omregnes til transaktionsdagens kurs.</td></tr><tr><td colspan="1">Den kursdifference, der opstår ved omregning af egenkapitalen ved regnskabsårets begyndelse til valutakursen på balancedagen samt ved omregning af resultatopgørelsen fra transaktionsdagens kurs til kursen på balancedagen, indregnes direkte på egenkapitalen.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Currency translation</td></tr><tr><td /><td /><td /><td>Transactions denominated in foreign currencies are translated into Danish kroner at the exchange rate at the date of the transaction.</td></tr><tr><td /><td /><td /><td>Receivables, payables and other monetary items denominated in foreign currencies are translated into Danish kroner at the exchange rate at the balance sheet date. Realised and unrealised exchange gains and losses are recognised in the income statement as financial income/expenses.</td></tr><tr><td /><td /><td /><td>Foreign group entities</td></tr><tr><td /><td /><td /><td>As regards integral foreign operations, the items in their financial statements are translated using the following principles</td></tr><tr><td /><td /><td /><td>Balance sheet items are translated at the closing rate.</td></tr><tr><td /><td /><td /><td>Items in the income statement are translated at the rate at the date of the transaction.</td></tr><tr><td /><td /><td /><td>Any exchange differences resulting from the translation of the opening equity at the closing rate and the exchange adjustment of the items in the income statement from the rate at the date of the transaction to the closing rate are taken directly to 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">Leasingaftaler</td></tr><tr><td colspan="1">Leasingaftaler, hvor virksomheden ikke har alle væsentlige fordele og risici forbundet med ejendomsretten, er operationel leasing. Ydelser på operationelle leasingaftaler indregnes i resultatopgørelsen over kontraktens løbetid.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Leases</td></tr><tr><td /><td /><td /><td>Leases in respect of which the entity does not bear all significant risks and enjoy all significant benefits associated with the title to the assets are considered operating leases. Payments under operating leases are recognised in the income statement over the term of the lease.</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">Resultatopgørelsen</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Nettoomsætning</td></tr><tr><td colspan="1">Koncernens nettoomsætning består af indtægter fra salg af animeret underholdning, kommercielle film og kreativt indhold til andre platforme. Indtægter fra salg indregnes i nettoomsætning på tidspunktet for levering og risikoens overgang, såfremt indtægten kan opgøres pålideligt og forventes modtaget.</td></tr><tr><td colspan="1">Indtægter fra igangværende arbejder, hvor køber har haft væsentlig indflydelse på udformningen af aktivet indregnes som nettoomsætning, i takt med at produktionen udføres, hvorved nettoomsætningen svarer til salgsværdien af årets udførte entreprisearbejder (produktionsmetoden). Metoden anvendes, når de samlede indtægter og omkostninger på kontrakten og færdiggørelsesgraden kan måles pålideligt.</td></tr><tr><td colspan="1">Når indtægter fra en igangværende arbejder ikke kan skønnes pålideligt, indregnes kun omsætning svarende til de medgåede omkostninger i det omfang, det er sandsynligt, at de vil blive betalt af modparten.</td></tr><tr><td colspan="1">Nettoomsætning måles efter fradrag af alle former for afgivne rabatter. Ligeledes fratrækkes moms og afgifter m.v. opkrævet på vegne af tredjemand.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Revenue</td></tr><tr><td /><td /><td /><td>The Group’s revenue consists of income from production of animated entertainment, commercial films and creative content for other platforms. Income from sales activities is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably and is expected to be received.</td></tr><tr><td /><td /><td /><td>Income from work in progress where the purchaser has significantly influenced the construction of the asset is recognised as revenue as the production activities are carried on, 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.</td></tr><tr><td /><td /><td /><td>Where the income from work in progress cannot be estimated reliably, 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.</td></tr><tr><td /><td /><td /><td>Revenue is measured net of all types of discounts/rebates granted. Also, revenue is measured net of VAT and other indirect taxes charged on behalf of third parties.</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">Bruttoresultat</td></tr><tr><td colspan="1">Posterne nettoomsætning, vareforbrug, andre eksterne omkostninger og andre driftsindtægter er med henvisning til årsregnskabslovens § 32 sammendraget til en regnskabspost benævnt bruttoresultat.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Gross profit/loss</td></tr><tr><td /><td /><td /><td>With reference to section 32 of the Danish Financial Statements Act, the items 'Revenue', 'Cost of sale', 'Other external expenses' and 'Other operating income' are consolidated into one item designated 'Gross profit/loss'.</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">Andre driftsindtægter</td></tr><tr><td colspan="1">Andre driftsindtægter og -omkostninger indeholder regnskabsposter af sekundær karakter i forhold til virksomhedens hovedaktiviteter, herunder fortjeneste eller tab ved salg af anlægsaktiver.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Other operating income</td></tr><tr><td /><td /><td /><td>Other operating income and operating expenses comprise items of a secondary nature relative to the entity's core activities, including gains or losses on the sale of fixed 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 colspan="1">Vareforbrug</td></tr><tr><td colspan="1">Vareforbrug omfatter de omkostninger til varer og hjælpematerialer, der er medgået til at opnå årets omsætning.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Cost of sale</td></tr><tr><td /><td /><td /><td>Cost of sale include expenses relating to cost of materials and consumables used in generating the year's 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">Andre eksterne omkostninger</td></tr><tr><td colspan="1">Andre eksterne omkostninger omfatter omkostninger vedrørende virksomhedens primære aktivitet, der er afholdt i årets løb, herunder omkostninger til distribution, salg, reklame, administration, lokaler, tab på debitorer, ydelser på operationelle leasingkontrakter m.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 /><td /><td>Other external expenses</td></tr><tr><td /><td /><td /><td>Other external expenses include the year's expenses relating to the entity's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under 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">Personaleomkostninger</td></tr><tr><td colspan="1">Personaleomkostninger omfatter løn og gager, inklusive feriepenge og pensioner, samt andre omkostninger til social sikring m.v. til selskabets medarbejdere. I personaleomkostninger er fratrukket modtagne godtgørelser fra offentlige myndigheder.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Staff costs</td></tr><tr><td /><td /><td /><td>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.</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">Af- og nedskrivninger på immaterielle og materielle anlægsaktiver</td></tr><tr><td colspan="1">Af- og nedskrivninger omfatter af- og nedskrivninger på immaterielle og materielle anlægsaktiver.</td></tr><tr><td colspan="1">Goodwill afskrives lineært over den vurderede økonomiske levetid, der fastsættes på baggrund af en vurdering af bl.a. den overtagne virksomheds karakter, indtjening, markedsposition, branchens stabilitet og afhængighed af nøglemedarbejdere.</td></tr><tr><td colspan="1">Kostprisen for erhvervede immaterielle rettigheder og øvrige immaterielle rettigheder afskrives lineært over den forventede brugstid. Erhvervede immaterielle rettigheder omfatter patenter, rettigheder og licenser, mens øvrige immaterielle rettigheder omfatter egne oparbejdede rettigheder, f.eks. filmrettigheder.</td></tr><tr><td colspan="1">Den vurderede brugstid for immaterielle anlægsaktiver udgør</td></tr><tr><td colspan="1">Brugstid (år)</td></tr><tr><td colspan="1">Useful life (year)</td></tr><tr><td colspan="1">Erhvervede immaterielle rettigheder3-5</td></tr><tr><td colspan="1">Øvrige immaterielle rettigheder3-5</td></tr><tr><td colspan="1">Goodwill 5</td></tr><tr><td colspan="1">Materielle anlægsaktiver afskrives lineært over de enkelte aktivers forventede brugstid.</td></tr><tr><td colspan="1">Afskrivningsgrundlaget opgøres under hensyntagen til aktivets restværdi og reduceres med eventuelle nedskrivninger. Afskrivningsperioden og restværdien fastsættes på anskaffelsestidspunktet og revurderes årligt. Overstiger restværdien aktivets regnskabsmæssige værdi, ophører afskrivning.</td></tr><tr><td colspan="1">Ved ændring i afskrivningsperioden eller restværdien indregnes virkningen for afskrivninger fremadrettet som en ændring i regnskabsmæssigt skøn.</td></tr><tr><td colspan="1">Aktivernes forventede brugstid udgør</td></tr><tr><td colspan="1">Brugstid (år)</td></tr><tr><td colspan="1">Useful life (year)</td></tr><tr><td colspan="1">Andre anlæg, driftsmateriel og inventar2-7</td></tr><tr><td colspan="1">Indtægter af kapitalandele i tilknyttede og kapitalinteresser i associerede virksomheder</td></tr><tr><td colspan="1">Posten omfatter den forholdsmæssige andel af resultat efter skat i dattervirksomheder og associerede virksomheder efter eliminering af interne avancer eller tab og fratrukket af- og nedskrivning på goodwill og andre merværdier på erhvervelsestidspunktet.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Amortisation/depreciation and impairment of intangible assets and property, plant and equipment</td></tr><tr><td /><td /><td /><td>The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment.</td></tr><tr><td /><td /><td /><td>Goodwill is amortised over the expected economic life, measured by reference to an assessment of, among other factors, the nature, earnings and market position of the acquired entity as well as the stability of the industry and the dependence on key staff.</td></tr><tr><td /><td /><td /><td>The cost for acquired IP rights and other rights is amortised over the expected useful life. Acquired IP rights include patents, rights and licences, whereas other rights includes own accrued rights, e.g. film rights.</td></tr><tr><td /><td /><td /><td>The estimated useful lives for intangible assets are as follows</td></tr><tr><td colspan="4">Acquired IP rights</td></tr><tr><td colspan="4">Other rights</td></tr><tr><td colspan="4">Goodwill</td></tr><tr><td /><td /><td /><td>Property, plant and equipment are depreciated on a straight-line basis over the expected useful life of each individual asset</td></tr><tr><td /><td /><td /><td>The basis of depreciation is based on the residual value of the asset at the end of its useful life and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td /><td /><td /><td>In case of changes in the depreciation period or the residual value, the effect on the amortisation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td /><td /><td /><td>The expected useful lives of the assets are as follows</td></tr><tr><td colspan="4">Other fixtures and fittings, tools and equipment</td></tr><tr><td /><td /><td /><td>Income from investments in subsidiaries and associates</td></tr><tr><td /><td /><td /><td>The item includes the entity's proportionate share of the profit/loss for the year in subsidiaries and associates after elimination of intra-group income or losses and net of amortisation and impairment of goodwill and other excess values at the time of acquisition.</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">Finansielle indtægter og omkostninger</td></tr><tr><td colspan="1">Finansielle indtægter og omkostninger indregnes i resultatopgørelsen med de beløb, der vedrører regnskabsåret. Finansielle poster omfatter renteindtægter og -omkostninger, kursgevinster- og tab vedrørende værdipapirer, gæld og transaktioner i fremmed valuta samt tillæg og godtgørelse under acontoskatteordningen m.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 /><td /><td>Financial income and expenses</td></tr><tr><td /><td /><td /><td>Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses, gains and losses on securities, payables and transactions denominated in foreign currencies, as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Skat</td></tr><tr><td colspan="1">Skat af årets resultat omfatter aktuel skat af årets forventede skattepligtige indkomst og årets regulering af udskudt skat. Årets skat indregnes i resultatopgørelsen med den del, der kan henføres til årets resultat, og i egenkapitalen med den del, som kan henføres til transaktioner indregnet i egenkapitalen.</td></tr><tr><td colspan="1">Moderselskabet og de danske tilknyttede virksomheder er sambeskattede. Den danske selskabsskat fordeles mellem overskuds- og underskudsgivende danske selskaber i forhold til disses skattepligtige indkomst (fuld fordeling). Selskabet fungerer som administrationsselskab for sambeskatningskredsen og foretager afregning af skatter m.v. til de danske skattemyndigheder.</td></tr><tr><td colspan="1">Sambeskattede selskaber med overskydende skat godtgøres som minimum i henhold til de gældende satser for rentegodtgørelser af administrationsselskabet, ligesom sambeskattede selskaber med restskat som maksimum betaler et tillæg i henhold til de gældende satser for rentetillæg til administrationsselskabet.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Tax</td></tr><tr><td /><td /><td /><td>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.</td></tr><tr><td /><td /><td /><td>The parent and all Danish group entities are jointly taxed. The Danish income tax charge is allocated between profit-making and loss-making Danish entities in proportion to their taxable income (full allocation method). The parent acts as a management company for all the entities encompassed by the joint taxation arrangement and is thus responsible for ensuring that tax charges, etc. are paid to the Danish tax authorities.</td></tr><tr><td /><td /><td /><td>Jointly taxed companies entitled to a tax refund are, as a minimum, reimbursed by the management company according to the current rates applicable to interest allowances, and jointly taxed companies having paid too little tax pay, as a maximum, a surcharge according to the current rates applicable to interest surcharges to the management company.</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">Balancen</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>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">Immaterielle anlægsaktiver</td></tr><tr><td colspan="1">Goodwill måles til kostpris med fradrag af akkumulerede af- og nedskrivninger.</td></tr><tr><td colspan="1">Andre immaterielle anlægsaktiver omfatter rettigheder og andre erhvervede immaterielle rettigheder.</td></tr><tr><td colspan="1">Andre immaterielle anlægsaktiver måles til kostpris med fradrag af akkumulerede af- og nedskrivninger.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Intangible assets</td></tr><tr><td /><td /><td /><td>Goodwill is measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td /><td /><td /><td>Other intangible assets include rights and other acquired intangible rights.</td></tr><tr><td /><td /><td /><td>Other intangible assets are measured at cost less accumulated amortisation and impairment 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">Materielle anlægsaktiver</td></tr><tr><td colspan="1">Materielle anlægsaktiver måles til kostpris med fradrag af akkumulerede af- og nedskrivninger. Kostprisen omfatter anskaffelsesprisen og omkostninger direkte knyttet til anskaffelsen indtil det tidspunkt, hvor aktivet er klar til brug.</td></tr><tr><td colspan="1">Kapitalandele i dattervirksomheder og kapitalinteresser i associerede virksomheder</td></tr><tr><td colspan="1">Kapitalandele i dattervirksomheder og associerede virksomheder måles efter den indre værdis metode til den forholdsmæssigt ejede andel af virksomhedernes egenkapital, med tillæg af koncerngoodwill og koncerninterne tab og fradrag af koncerninterne avancer og eventuel negativ goodwill. Kapitalandele i virksomheder med negativ indre værdi måles til 0 kr. Virksomhedens forholdsmæssige andel af en eventuel negativ egenkapital modregnes i tilgodehavender hos kapitalandelen i det omfang, det er uerholdeligt. Beløb herudover indregnes under posten hensatte forpligtelser i det omfang, modervirksomheden har en retlig eller faktisk forpligtelse til at dække underbalancen.</td></tr><tr><td colspan="1">Nyerhvervede og solgte kapitalandele indregnes i årsregnskabet henholdsvis fra anskaffelsestidspunktet eller frem til afståelsestidspunktet.</td></tr><tr><td colspan="1">Ved køb af virksomheder anvendes overtagelsesmetoden som beskrevet under virksomhedsovertagelser.</td></tr><tr><td colspan="1">Kapitalandele i associerede virksomheder indregnes på baggrund af seneste aflagte årsregnskab. Såfremt der endnu ikke er aflagt regnskab, måles kapitalandelene til kostpris.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Property, plant and equipment</td></tr><tr><td /><td /><td /><td>Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.</td></tr><tr><td /><td /><td /><td>Investments in subsidiaries and associates</td></tr><tr><td /><td /><td /><td>Investments in subsidiaries are measured, using the equity method, at the parent's proportionate share of such entities' equity plus goodwill on consolidation and intra-group losses and less intra-group gains and negative goodwill, if any. Investments in entities whose net asset value is negative are measured at DKK 0. The entity's proportionate share of a deficit on equity, if any, is set off against receivables from the investment in so far as the deficit is irrecoverable. Amounts in excess thereof are recognised under ‘Provisions' in so far as the parent has a legal or constructive obligation to cover the deficit.</td></tr><tr><td /><td /><td /><td>Newly acquired and sold investments are recognised in the financial statements from the time of acquisition or until the time of sale, respectively.</td></tr><tr><td /><td /><td /><td>The purchase method of accounting is applied to corporate takeovers as described under ‘Business combinations'.</td></tr><tr><td /><td /><td /><td>Investments in associates is recognized on the basis of the latest published financial statement. In situations when no financial statement has yet been published, the investment is recognized at cost price.</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">Andre værdipapirer og kapitalandele</td></tr><tr><td colspan="1">Andre værdipapirer og kapitalandele, indregnet under langfristede aktiver, består af kapitalandele i selskaber, hvor ejerandelen udgør en uvæ-sentlig andel af selskabets samlede kapital. Andre værdipapirer og kapitalandele måles til kostpris.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Other securities and investments</td></tr><tr><td /><td /><td /><td>Other securities and investments, recognised under "Non-current assets", comprise shares in entities, where the possession of shares are immaterial in proportion to the total equity of the entity. Other securities and investments are measured at cost.</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">Værdiforringelse af anlægsaktiver</td></tr><tr><td colspan="1">Immaterielle og materielle anlægsaktiver samt kapitalandele i dattervirksomheder og associerede virksomheder vurderes årligt for indikationer på værdiforringelse. Såfremt der er indikationer på værdiforringelse, foretages nedskrivningstest for hvert enkelt aktiv henholdsvis hver gruppe af aktiver, der genererer uafhængige pengestrømme. Aktiverne nedskrives til genindvindingsværdien, som udgør den højeste værdi af kapitalværdien og nettosalgsprisen (genindvindingspris), såfremt denne er lavere end den regnskabsmæssige værdi. Nedskrivning på en gruppe af aktiver fordeles således, at der først nedskrives på goodwill og derefter forholdsmæssigt på de øvrige aktiver.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Impairment of fixed assets</td></tr><tr><td /><td /><td /><td>Every year, intangible assets and property, plant and equipment as well as investments in subsidiaries and associates are reviewed for impairment. Where there is indication of impairment, an impairment test is made for each individual asset or group of assets, respectively, generating independent cash flows. The assets are written down to the higher of the value in use and the net selling price of the asset or group of assets (recoverable amount) if it is lower than the carrying amount. Where an impairment loss is recognised on a group of assets, a loss must first be allocated to goodwill and then to the other assets on a pro rata basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tilgodehavender</td></tr><tr><td colspan="1">Tilgodehavender måles til amortiseret kostpris, der sædvanligvis svarer til nominel værdi. Der foretages nedskrivning til imødegåelse af tab baseret på en objektiv indikation på, at et tilgodehavende eller en gruppe af tilgodehavender er værdiforringet. Nedskrivning foretages til nettorealisationsværdi, såfremt denne er lavere end regnskabsmæssig værdi.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Receivables</td></tr><tr><td /><td /><td /><td>Receivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable value and the carrying amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Igangværende arbejder for fremmed regning</td></tr><tr><td colspan="1">Igangværende leverancer af serviceydelser og igangværende produktioner måles til salgsværdien af det udførte arbejde fratrukket acontofaktureringer. Salgsværdien opgøres på grundlag af færdiggørelsesgraden på balancedagen og de samlede forventede indtægter på det enkelte igangværende arbejde. Færdiggørelsesgraden opgøres på grundlag af de afholdte omkostninger i forhold til de forventede samlede omkostninger på det enkelte igangværende arbejde.</td></tr><tr><td colspan="1">Når resultatet af en igangværende kontrakt ikke kan skønnes pålideligt, måles salgsværdien til de medgåede omkostninger i det omfang, disse forventes at blive dækket af køber.</td></tr><tr><td colspan="1">Hvis de samlede omkostninger på det igangværende arbejde forventes at overstige den samlede salgsværdi, indregnes det forventede tab som en tabsgivende aftale under hensatte forpligtelser og omkostningsføres i resultatopgørelsen.</td></tr><tr><td colspan="1">Værdien af de enkelte igangværende arbejder med fradrag af acontofaktureringer klassificeres som aktiver, når salgsværdien overstiger acontofaktureringer, og som forpligtelser, når acontofaktureringer overstiger salgsværdien.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Work in progress for third parties</td></tr><tr><td /><td /><td /><td>Ongoing service supplies and work in progress for third parties are measured at the market value of the work performed less advances received. The market value is calculated on the basis of the percentage of completion at the balance sheet date and the total expected income from the relevant contract. The percentage of completion is made up based on costs incurred relative to the expected, total expenses on each individual work in progress.</td></tr><tr><td /><td /><td /><td>Where the outcome of contract work in progress cannot be made up reliably, the market value is measured at the costs incurred in so far as they are expected to be paid by the purchaser.</td></tr><tr><td /><td /><td /><td>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.</td></tr><tr><td /><td /><td /><td>The value of each contract in progress less prepayments is classified as assets when the market value exceeds prepayments and as liabilities when prepayments exceed the market 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">Periodeafgrænsningsposter</td></tr><tr><td colspan="1">Periodeafgrænsningsposter indregnet under aktiver omfatter forudbetalte omkostninger vedrørende efterfølgende regnskabsår.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Prepayments</td></tr><tr><td /><td /><td /><td>Prepayments recognised under ‘Assets' comprise prepaid expenses regarding subsequent financial reporting 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">Værdipapirer</td></tr><tr><td colspan="1">Værdipapirer måles til dagsværdi på balancedagen.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Securities and investments</td></tr><tr><td /><td /><td /><td>Securities and investments consisting in listed shares and bonds are measured at fair value (market price) at the balance sheet 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">Likvider</td></tr><tr><td colspan="1">Likvide beholdninger omfatter kontante beholdninger og bankindeståender.</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">Likvider omfatter likvide beholdninger og kort-fristet bankgæld samt kortfristede værdipapirer med ubetydelig risiko for værdiændringer.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Cash and cash equivalents</td></tr><tr><td /><td /><td /><td>Cash comprises cash balances and bank balances.</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 /><td /><td /><td>Cash and cash equivalents comprise cash and short-term securities in respect of which the risk of changes in value is insignificant.</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">Egenkapital</td></tr><tr><td colspan="1">Foreslået udbytte</td></tr><tr><td colspan="1">Udbytte, som foreslås deklareret for regnskabsåret, præsenteres som en særskilt post under egenkapitalen.</td></tr><tr><td colspan="1">Reserve for nettoopskrivning efter den indre værdis metode</td></tr><tr><td colspan="1">Reserven omfatter nettoopskrivning af kapitalandele i datter- og associerede virksomheder i forhold til kostpris.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Equity</td></tr><tr><td /><td /><td /><td>Proposed dividends</td></tr><tr><td /><td /><td /><td>Dividends proposed for the financial year are presented as a separate item under ‘Equity'.</td></tr><tr><td /><td /><td /><td>Reserve for net revaluation according to the equity method</td></tr><tr><td /><td /><td /><td>The reserve comprises net revaluations of investments in subsidiaries and associates compared to the cost price.</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">Selskabsskat</td></tr><tr><td colspan="1">Aktuelle skatteforpligtelser og tilgodehavende skat indregnes i balancen som beregnet skat af årets forventede skattepligtige indkomst reguleret for skat af tidligere års skattepligtige indkomster samt betalte acontoskatter.</td></tr><tr><td colspan="1">Hensættelse til udskudt skat beregnes efter den balanceorienterede gældsmetode af alle midlertidige forskelle mellem regnskabsmæssige og skattemæssige værdier af aktiver og forpligtelser, bortset fra midlertidige forskelle, som opstår på anskaffelsestidspunktet for aktiver og forpligtelser, og som hverken påvirker resultatet eller den skattepligtige indkomst, samt midlertidige forskelle på skattemæssigt ikke-afskrivningsberettiget goodwill.</td></tr><tr><td colspan="1">Udskudt skat måles på grundlag af de skatteregler og skattesatser, der med balancedagens lovgivning vil være gældende, når den udskudte skat forventes udløst som aktuel skat. Udskudte skatteaktiver indregnes med den værdi, som de forventes at blive udnyttet med, enten ved udligning i skat af fremtidig indtjening eller ved modregning i udskudte skatteforpligtelser inden for samme jurisdiktion.</td></tr><tr><td colspan="1">Som administrationsselskab i sambeskatningskredsen overtages hæftelsen for dattervirksomhedernes selskabsskatter overfor skattemyndighederne i takt med dattervirksomhedernes betaling af sambeskatningsbidrag. Skyldige eller tilgodehavende sambeskatningsbidrag indregnes i balancen som tilgodehavende skat eller skyldig selskabsskat.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Corporation tax</td></tr><tr><td /><td /><td /><td>Current tax payable and receivable is recognised in the balance sheet as the estimated tax charge in respect of the taxable income for the year, adjusted for tax on prior years' taxable income and tax paid on account.</td></tr><tr><td /><td /><td /><td>Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with the exception of temporary differences occurring at the time of acquisition of assets and liabilities neither affecting the results of operations nor the taxable income, as well as temporary differences on non-amortisable goodwill.</td></tr><tr><td /><td /><td /><td>Deferred tax is measured according to the taxation rules and taxation rates in the respective countries applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the value at which they are expected to be utilised, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same jurisdiction.</td></tr><tr><td /><td /><td /><td>As management company for all the entities in the joint taxation arrangement, the parent is liable for the subsisidaries' income taxes vis-à-vis the tax authorities as the subsidiaries pay their joint taxation contributions. Joint taxation contributions payable or receivables are recognised in the balance sheet as income tax receivable or payable.</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">Gældsforpligtelser</td></tr><tr><td colspan="1">Finansielle gældsforpligtelser indregnes ved låneoptagelse til det modtagne provenu efter fradrag af afholdte transaktionsomkostninger. Rentebærende gæld måles efterfølgende til amortiseret kostpris opgjort på basis af den effektive rente. Låneomkostninger, herunder kurstab indregnes som finansieringsomkostninger i resultatopgørelsen over lånets løbetid.</td></tr><tr><td colspan="1">Andre gældsforpligtelser måles til nettorealisationsværdien.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Liabilities</td></tr><tr><td /><td /><td /><td>Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. Interest-bearing debt is subsequently measured at amortised cost, using the effective interest rate method. Borrowing costs, including capital losses, are recognised as financing costs in the income statement over the term of the loan.</td></tr><tr><td /><td /><td /><td>Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pengestrømsopgørelsen</td></tr><tr><td colspan="1">Pengestrømsopgørelsen viser virksomhedens pengestrømme for året fordelt på drifts-, investerings- og finansieringsaktivitet, årets forskydning i likvider samt selskabets likvider ved årets begyndelse og slutning.</td></tr><tr><td colspan="1">Pengestrømme fra driftsaktivitet præsenteres indirekte og opgøres som årets resultat reguleret for ikke-kontante driftsposter, ændring i arbejdskapitalen, betalte finansielle poster samt betalt selskabsskat.</td></tr><tr><td colspan="1">Pengestrømme fra investeringsaktivitet omfatter betalinger i forbindelse med køb og salg af anlægsaktiver, værdipapirer henført til investeringsaktivitet samt betalinger i forbindelse med køb og salg af virksomheder og aktiviteter.</td></tr><tr><td colspan="1">Pengestrømme fra finansieringsaktivitet omfatter betaling af udbytte til kapitalejere, kapitalforhøjelser og -nedsættelser samt optagelse af lån og afdrag på rentebærende gæld.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Cash flow statement</td></tr><tr><td /><td /><td /><td>The cash flow statement shows the entity's net cash flows, broken down by operating, investing and financing activities, the year's changes in cash and cash equivalents and the entity's cash and cash equivalents at the beginning and the end of the year.</td></tr><tr><td /><td /><td /><td>Cash flows from operating activities are presented using the indirect method and are made up as the profit or loss for the year, adjusted for non-cash operating items, changes in working capital, paid net financials and paid income taxes.</td></tr><tr><td /><td /><td /><td>Cash flows from investing activities comprise payments in connection with purchase and sale of fixed assets, securities which are part of investment activities and payments in connection with purchase and sale of businesses and activities.</td></tr><tr><td /><td /><td /><td>Cash flows from financing activities comprise dividends paid to shareholders, capital increases and reductions, borrowings and repayments of interest-bearing debt.</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">Nøgletal</td></tr><tr><td colspan="1">Nøgletal er beregnet således</td></tr><tr><td colspan="1">Definitioner på nøgletal</td></tr><tr><td colspan="1">Soliditetsgrad: Egenkapital ultimo / Passiver ultimo * 100</td></tr><tr><td colspan="1">Forrentning af egenkapitalen: Årets resultat / Gennemsnitlig egenkapital * 100</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Financial ratios</td></tr><tr><td /><td /><td /><td>Financial ratios are calculated as follows</td></tr><tr><td /><td /><td /><td>Definition of financial ratios</td></tr><tr><td /><td /><td /><td>Equity ratio: Closing equity / Equity &amp; liabilities at year-end * 100</td></tr><tr><td /><td /><td /><td>Return on equity: Profit/loss for the year / Average equity * 100</td></tr></table> Årsrapport 30700228 EY Godkendt Revision Cortex park 3 5230 Odense M xWizard version 1.1.1125.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 58752000 -6301000 1732000 -7410000 364000 239 0.688 -0.143 83064000 245000 3356000 1510000 1723000 283 0.692 0.027 87249000 -8113000 -1517000 -8963000 2583000 304 0.666 -0.148 87545000 8311000 -513000 7989000 3224000 272 0.698 0.123 77647000 2064000 2064000 3269000 3269000 0 4167000 9000000 12107000 20892000 26225000 10000 10000 16996000 0 3087000 936000 46000 4415000 29862000 9372000 12178000 51422000 500000 -239000 0 35149000 3500000 2139000 41049000 596000 0 596000 5089000 5089000 228000 1632000 0 14557000 1228000 13268000 30913000 36002000 77647000 11950000 66850000 81465000 80566000 96678000 Egenkapital 41049000 Egenkapital 47127000 Egenkapital 56380000 Egenkapital 53620000 Egenkapital 67459000 58752000 61927000 3126000 -6301000 0 -1730000 4653000 2921000 -6299000 1111000 -7410000 835000 -6575000 -1157000 3000000 5134000 6249000 3973000 848000 2921000 82000 1818000 2001000 364000 232000 1375000 0 -1222000 3000000 -3000000 -2404000 56965000 1533000 672000 2757000 239 0 4653000 0 2921000 -409000 1938000 0 -2347000 2606000 -3295000 634000 1248000 -3650000 -748000 -2902000 1281000 0 2000000 <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>Personaleomkostninger</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>Personaleomkostninger i moderselskabet skal i sin helhed henføres til ledelsen.</td></tr></table> 1935000 0 3000 0 1 26000 608000 <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>Finansielle omkostninger</td></tr></table> 59000 1189000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Skat af årets resultat</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="16%" align="right" valign="middle" ><b>2021</b></td><td width="17%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >Beregnet skat af årets skattepligtige indkomst</td><td width="16%" align="right" valign="middle" >748</td><td width="17%" align="right" valign="middle" >-436</td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >Årets regulering af udskudt skat</td><td width="16%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-80</td></tr><tr><td colspan="5"></td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >Skat i alt</td><td width="16%" align="right" valign="middle" >748</td><td width="17%" align="right" valign="middle" >-516</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>Immaterielle anlægsaktiver</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>Materielle anlægsaktiver</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>Finansielle anlægsaktiver</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>FI N Kapitalandele med negativ indre værdi 1. januar 2021</td><td>20.590</td></tr><tr><td /><td>FI N Årets regulering</td><td>2.047</td></tr><tr><td /><td>FI N Kapitalandele med negativ indre værdi 31. december 2021</td><td>22.637</td></tr><tr><td /><td>FI Kapitalandele i tilknyttede virksomheder 31. december 2021</td><td>42.626</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>Kapitalandele med negativ indre værdi er indregnet således</td></tr><tr><td /><td>Modregnet i tilgodehavender</td><td>2.992</td></tr><tr><td /><td>Overført til hensatte forpligtelser</td><td>19.645</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>Finansielle anlægsaktiver</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>Finansielle anlægsaktiver</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>Finansielle anlægsaktiver</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>Nærtstående parter</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>Nærtstående parter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Note Aktiekapital</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Share capital</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Moderselskabets aktiekapital</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Parent's share capital</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Aktiekapitalen består af 500 aktier a kr. 1.000.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The share capital consists of 500 shares of DKK 1,000 each.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Forslag til resultatdisponering</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Recommended appropriation of the profit/loss for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="34%" colspan="1" align="right" valign="middle" >Parent</td><td width="19%" colspan="1" align="right" valign="middle" >Parent</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="34%" align="right" valign="middle" ><b>2021</b></td><td width="19%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Reserve for nettoopskrivning efter indre værdis metode</td><td width="34%" align="right" valign="middle" >-689</td><td width="19%" align="right" valign="middle" >-9.247</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Net revaluation reserve according to the equity method</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Overført resultat</td><td width="34%" align="right" valign="middle" >-5.713</td><td width="19%" align="right" valign="middle" >672</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Retained earnings</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Foreslået udbytte</td><td width="34%" align="right" valign="middle" >3.500</td><td width="19%" align="right" valign="middle" >2.000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Proposed dividend</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="34%" align="right" valign="middle" >-2.902</td><td width="19%" align="right" valign="middle" >-6.575</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Note Udskudt skat</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="16%" align="right" valign="middle" ><b>2021</b></td><td width="17%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" ><b>Udskudt skat 1. januar</b></td><td width="16%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-80</td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >.Årets regulering af udskudt skat</td><td width="16%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >80</td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >Udskudt skat på egenkapitalbevægelser</td><td width="16%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" ><b>Udskudt skat 31. december</b></td><td width="16%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Eventualforpligtelser og andre økonomiske forpligtelser</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Contingent liabilities and other financial obligations</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Parent company</td></tr><tr><td width="80%" colspan="3" align="left" valign="middle" >Selskabet er som administrationsselskab sambe­skattet med øvrige danske tilknyttede virksom­he­der. De sambeskattede selskaber hæfter i henhold til selskabsskattelovens regler solida­risk for skat af koncernens sambeskattede ind­komst m.v. De sambeskattede selskaber hæfter endvidere solidarisk for danske kildeskatter i form af udbytteskat, royaltyskat og renteskat. De selskaber, som ikke er 100 % ejede af de sambeskattede selskaber, hæfter kun subsidiært og begrænset til deres ejerandel.</td><td width="20%" colspan="1" align="left" valign="middle" >As administration company, the Company is jointly taxed with the other Danish group enterprises. Under the provisions of the Danish Corporation Tax Act, the jointly taxed companies have joint and several liability for tax on the Group's jointly taxed income, etc. Moreover, the jointly taxed companies have joint and several liability for withholding taxes on dividends, royalties and interest. The companies included in the joint taxation that are not wholly owned have only secondary and limited liability relative to their ownership share.</td></tr><tr><td width="80%" colspan="3" align="left" valign="middle" >Selskabet har afgivet en støtteerklæring overfor de tilknyttede virksomheder By Rikkemai ApS, M2 Story Lab A/S og deres dattervirksomheder samt M2 Entertainment Ltd. og deres dattervirksomheder, hvorved M2 Group A/S i perio­den indtil 31. de­cember 2022 forpligter sig til på anfordring at tilføre selskaberne den li­kviditet, som måtte være nødvendig for, at virk­somhederne kan indfri sine forpligtelser i takt med, at de for­falder.</td><td width="20%" colspan="1" align="left" valign="middle" >The Company has issues a letter of support to the group enterprise, By Rikkemai ApS, M2 Story Lab A/S and subsidaries along with M2 Entertainment Ltd. and subsidaries, according to which M2 Group A/S in the period up to 31 December 2022 is under an obligation to inject capital into the enterprises to the extent necessary for the company to meet its liabitilites as they fall due.</td></tr><tr><td width="80%" colspan="3" align="left" valign="middle" >Selskabet har endvidere stillet garanti i forbin­delse med produktioner i tilknyttede virksomhe­der.</td><td width="20%" colspan="1" align="left" valign="middle" >In addition, the Company has provided guarantees in connection with productions in group enterprises.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Information om ejerskab</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Related parties</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Nærtstående parter med bestemmende indflydelse</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Information about related parties with a controlling interest</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Nærtstående part</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>Bopæl/Hjemsted</b></td><td width="19%" colspan="1" align="left" valign="middle" ><b>Grundlag for bestemmende indflydelse</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Related party</td><td width="34%" colspan="1" align="left" valign="middle" >Domicile</td><td width="19%" colspan="1" align="left" valign="middle" >Basis for control</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Aktionær Mads Munk</td><td width="34%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="19%" colspan="1" align="left" valign="middle" >Kapitalbesiddelse</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Shareholder Mads Munk</td><td width="34%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="19%" colspan="1" align="left" valign="middle" >Participating interest</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Ud over udlodning af udbytte og løn har der ikke været transaktioner med kapitalejeren eller bestyrelsesmedlemmer.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The company does not have transactions with the shareholder apart from distributed dividend and salaries.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Transaktioner med øvrige nærtstående parter omfatter</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Transactions with other related parties includes</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="34%" align="right" valign="middle" ><b>2021</b></td><td width="19%" ></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Køb af ydelser fra øvrige nærtstående parter</td><td width="34%" align="right" valign="middle" >320</td><td width="19%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Purchase of services from other related parties</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Tilgodehavender hos tilknyttede virksomhe­der</td><td width="34%" align="right" valign="middle" >586</td><td width="19%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Receivables from group entities</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Gæld til tilknyttede virksomheder</td><td width="34%" align="right" valign="middle" >7.953</td><td width="19%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Payables to group entities</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Tilførelse af stiftelseskapital</td><td width="34%" align="right" valign="middle" >360</td><td width="19%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Incorporation of subsidaries</td></tr><tr><td colspan="3"></td></tr></table> Ledelsespåtegning -1286000 0 0 -1286000 -7517000 -1730000 4676000 202000 -6059000 516000 -6575000 -1042000 0 2500000 0 0 0 0 0 30000 4646000 0 202000 -689000 -9247000 -5713000 672000 3500000 2000000 1928000 1928000 1832000 1832000 0 7462000 2612000 11014000 17701000 21461000 17000 17000 8459000 0 3000000 3591000 5000 2392000 20834000 13046000 11492000 45389000 66850000 500000 1042000 0 41551000 2000000 2034000 47127000 1060000 0 1060000 3451000 3451000 55000 2175000 0 3030000 908000 9044000 15212000 18663000 66850000 11437000 0 0 0 0 42626000 4167000 9000000 57000 55793000 55793000 0 0 0 586000 3087000 0 768000 0 4498000 9372000 322000 14192000 69985000 500000 0 10252000 24658000 3500000 0 38910000 0 19645000 19645000 0 0 0 0 7953000 0 0 3477000 11430000 11430000 69985000 0 0 0 0 38894000 7462000 2612000 0 48968000 48968000 0 0 0 1264000 3000000 0 0 0 4264000 13046000 643000 17953000 66921000 500000 0 12222000 30371000 2000000 0 45093000 0 17557000 17557000 0 0 0 0 2945000 0 238000 1088000 4271000 4271000 66921000 500000 52626000 0 0 3254000 56380000 14092000 -251000 500000 41551000 1042000 2000000 2034000 47127000 11437000 177000 0 0 0 0 -8575000 2500000 -1042000 0 0 0 2000000 0 -115000 -835000 500000 0 0 0 0 -6402000 0 1281000 0 0 0 3500000 2000000 146000 208000 0 500000 41551000 1042000 2000000 2034000 500000 35149000 -239000 3500000 2139000 500000 24927000 27699000 0 53126000 500000 12222000 30371000 2000000 45093000 0 0 0 0 -1042000 -9247000 -4500000 0 0 672000 4500000 2500000 0 2000000 0 0 0 0 0 0 1281000 -689000 0 0 0 -5713000 0 0 0 3500000 0 2000000 500000 12222000 30371000 2000000 500000 10252000 24658000 3500000 7830000 5902000 -1306000 1396000 -1287000 1241000 7920000 5856000 2064000 27962000 26130000 -1392000 3148000 64000 -1333000 1641000 -53000 29654000 26385000 3269000 2708000 15596000 360000 -1281000 2606000 3068000 16921000 19989000 M2Film A/S A/S Aarhus 90 Duckling&Sonne ApS ApS København 90 M2 Animation Studio, Ltd. Ltd. Thailand 90 M2 Entertainment Ltd. Ltd. England 90 M2 Film Inc. Inc. USA 90 MM Music and Entertainment Ltd. Ltd. England 90 MM Talent Ltd. Ltd. England 90 M2 Media Group Inc. Inc. USA 100 M2 Entertainment Inc. Inc. USA 100 M2 Story Lab A/S A/S Aarhus 90 M2 Tremblay Holding Inc. Inc. USA 50 M2 Tremblay Entertainment Inc. Inc. USA 50 By Rikkemai ApS ApS Aarhus 90 10837000 -3375000 10837000 -6670000 4167000 -3295000 Holdingselskabet af 1. maj 2017 ApS ApS København 33 TradeAhead A/S A/S Haderslev 50 2612000 6388000 9000000 7627000 -6000 125000 21000 7725000 Mads Munk Johan Blach Petersen Jeppe Opstrup Mads Munk EY Godkendt Revisionspartnerselskab Værkmestergade 25 8100 Aarhus C 30700228 Søren Jensen statsaut. Revisor mne34132