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21054887 2022-01-01 2022-12-31 cmn:ConsolidatedMember 2 21054887 2022-01-01 2022-12-31 cmn:ConsolidatedMember 0 iso4217:DKK xbrli:pure 2022-01-01 2022-12-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>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">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><tr><td colspan="1">Indledning</td></tr><tr><td colspan="1">Året 2022 stod i transformationens tegn for M2 Group A/S, og det blev et år fyldt med både udfordringer og triumfer. Trods visse udfordringer har vi holdt fast i vores forpligtelse til innovation, kvalitet og global vækst, samtidig med at vi har justeret vores forretningsmodel for at kunne servicere et bredere udvalg af kunder.</td></tr><tr><td colspan="1">En af de mest betydningsfulde ændringer i 2022 var etableringen af M2 Animation Group A/S. Vi har valgt at øge vores fokus på animationsbranchen, som indtil 2022 var en del af M2 Film A/S. Dette resulterede i oprettelsen af M2 Animation Group A/S, hvor vi har flyttet alle vores animationsaktiviteter. Dette inkluderer også vores datterselskaber i USA, Thailand og Indien.</td></tr><tr><td colspan="1">Denne ændring er blevet foretaget for at styrke vores position i animationsindustrien og for at sikre, at vi har de rette strukturer og ressourcer på plads til at understøtte vores vækst og udvikling i denne sektor. Ved at oprette M2 Animation Group A/S har vi skabt en dedikeret platform for vores animationsaktiviteter, hvilket giver os større fleksibilitet og fokus på at drive disse forretninger fremad.</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><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>Introduction</td></tr><tr><td /><td /><td /><td>The year 2022 was a year of transformation for M2 Group A/S, filled with both challenges and triumphs. Despite certain difficulties, we have remained committed to innovation, quality, and global growth, whilst adjusting our business model to cater to a broader range of customers.</td></tr><tr><td /><td /><td /><td>One of the most significant changes in 2022 was the establishment of M2 Animation Group A/S. We decided to increase our focus on the animation industry, which until 2022 was a part of M2 Film A/S. This led to the creation of M2 Animation Group A/S, where we moved all our animation activities. This includes our subsidiaries in the USA, Thailand, and India.</td></tr><tr><td /><td /><td /><td>This change was made to strengthen our position in the animation industry and ensure we have the right structures and resources in place to support our growth and development in this sector. By establishing M2 Animation Group A/S, we have created a dedicated platform for our animation activities, providing us with greater flexibility and focus on advancing these businesses.</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> <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>The development in the Groups during the past 5 years can be described as follows</td></tr><tr><td /><td>Key figures</td></tr></table> 89796000 -13092000 -669000 -19112000 3507000 403 0.285 89796000 100100000 2788000 0 -3400000 4327000 4996000 -17161000 1951000 1332000 -17780000 -808000 40000 3038000 4100000 9303000 7615000 -2013000 1250000 1788000 1678000 -4229000 1508000 3507000 0 0 1533000 3077000 -850000 -1255000 4100000 -3377000 -683000 -6167000 <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>Vederlag til koncernens ledelse udgør samlet 1.824 t.DKK (2021: 2.428 t.DKK).</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>Personaleomkostninger i moderselskabet skal i sin helhed henføres til ledelsen.</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 er opgjort således</td></tr></table> 89103000 0 5173000 902000 4922000 0 3077000 1250000 0 600000 4396000 <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 width="100%" colspan="5" align="left" valign="middle" ><b>Tax for the year</b></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Beregnet skat af årets skattepligtige indkomst</td><td width="20%" align="left" valign="middle" >-820</td><td width="15%" align="left" valign="middle" >-1.235</td><td width="26%" ></td><td width="7%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Estimated tax charge for the year</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Årets regulering af udskudt skat</td><td width="20%" align="left" valign="middle" >-1.131</td><td width="15%" align="left" valign="middle" >464</td><td width="26%" ></td><td width="7%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax adjustments in the year</td></tr><tr><td colspan="5"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Skat i alt</td><td width="20%" align="left" valign="middle" >-1.951</td><td width="15%" align="left" valign="middle" >-771</td><td width="26%" ></td><td width="7%" ></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="71%" colspan="3" align="left" valign="middle" >Periodeafgrænsningsposter omfatter periodise­ring af omkostninger, der først vedrører efter­følgende år, herunder husleje og forsikringer.</td><td width="29%" colspan="1" align="left" valign="middle" >Prepayments include accrual of expenses relating to subsequent financial years, including rent and insurance policies.</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="20%" align="left" valign="middle" ><b>2022</b></td><td width="15%" align="left" valign="middle" ><b>2021</b></td><td width="26%" ></td><td width="7%" ></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="20%" align="left" valign="middle" >596</td><td width="15%" align="left" valign="middle" >1.060</td><td width="26%" ></td><td width="7%" ></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >.Årets regulering af udskudt skat</td><td width="20%" align="left" valign="middle" >1.131</td><td width="15%" align="left" valign="middle" >-464</td><td width="26%" ></td><td width="7%" ></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="20%" align="left" valign="middle" >1.727</td><td width="15%" align="left" valign="middle" >596</td><td width="26%" ></td><td width="7%" ></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="71%" 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 2022 på 13.814 t.DKK.</td><td width="29%" 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 13.814 thousand at 31 December 2022 has been provided as collateral for debt to Sydbank.</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="71%" 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="29%" 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 3.605 thousand at 31 December 2022.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >3.605 t.DKK pr. 31. december 2022.</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" ><b>Other financial obligations</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Koncernen har indgået huslejeaftaler, som kan opsiges med op til 60 måneders varsel. Summen af huslejeforpligtelserne i opsigel­sesperioden udgør 11.521 t.DKK.</td><td width="29%" colspan="1" align="left" valign="middle" >The Group has entered into lease agreements for offices, which are terminable with up to 60 months' notice. The sum of the remaining rent obligations in the termination period totals DKK 11,521 thousand.</td></tr><tr><td width="34%" ></td><td width="21%" ></td><td width="16%" ></td><td width="29%" colspan="1" align="left" valign="middle" >In addition to these, the Group has entered into lease agreements for operating equipment with a remaining duration of up till 1 year. The sum of the remaining lease obligation for these totals DKK 112 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 1 år. Den samlede kontraktlige for­pligtelse for disse udgør 112 t.DKK.</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" ><b>Related parties</b></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" ><b>Information about related parties with a controlling interest</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Nærtstående part</b></td><td width="30%" colspan="1" align="left" valign="middle" ><b>Bopæl/Hjemsted</b></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Grundlag for bestemmende indflydelse</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Related party</b></td><td width="30%" colspan="1" align="left" valign="middle" ><b>Domicile</b></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Basis for control</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Aktionær Mads Munk</td><td width="30%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="23%" 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="30%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="23%" 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" ><b>Transactions with other related parties includes</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>t.DKK/DKK’000</b></td><td width="30%" align="left" valign="middle" ><b>2022</b></td><td width="23%" ></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="30%" align="left" valign="middle" >160</td><td width="23%" ></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 ass. virksomheder</td><td width="30%" align="left" valign="middle" >1.711</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Receivables from associates</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Modtaget udbytte fra associerede virksomheder</td><td width="30%" align="left" valign="middle" >1.533</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Dividend revcieved from associates</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%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="30%" align="left" valign="middle" ><b>2022</b></td><td width="23%" align="left" valign="middle" ><b>2021</b></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="30%" align="left" valign="middle" >2.788</td><td width="23%" align="left" valign="middle" >2.882</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="30%" align="left" valign="middle" >3.219</td><td width="23%" align="left" valign="middle" >3.295</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="30%" align="left" valign="middle" >-4.327</td><td width="23%" align="left" valign="middle" >-2.339</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="30%" align="left" valign="middle" >4.996</td><td width="23%" align="left" valign="middle" >1.822</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="30%" align="left" valign="middle" >1.951</td><td width="23%" align="left" valign="middle" >771</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="30%" align="left" valign="middle" >676</td><td width="23%" align="left" valign="middle" >-1.663</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="30%" align="left" valign="middle" >9.303</td><td width="23%" align="left" valign="middle" >4.768</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 width="100%" colspan="3" align="left" valign="middle" ><b>Changes in working capital, cash flow statement</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="30%" align="left" valign="middle" >2022</td><td width="23%" align="left" valign="middle" >2021</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Ændringer i omsætningsaktiver m.v.</td><td width="30%" align="left" valign="middle" >-7.129</td><td width="23%" align="left" valign="middle" >-8.992</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in current assets, etc.</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Ændringer i gæld til leverandører m.v.</td><td width="30%" align="left" valign="middle" >14.744</td><td width="23%" align="left" valign="middle" >13.511</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="30%" align="left" valign="middle" >7.615</td><td width="23%" align="left" valign="middle" >4.519</td></tr></table> M2 Group A/S 8240 <p xmlns="http://www.w3.org/1999/xhtml">Risskov, Denmark</p><p xmlns="http://www.w3.org/1999/xhtml">Aarhus</p> Strandmarksvej 9 21054887 Johan Blach Petersen 2023-06-30 <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 hovedaktiviteter</td></tr><tr><td colspan="1">M2 Group A/S er aktør inden for medie- og underholdningsindustrien, med kerneaktiviteter inden for filmproduktion, animation og content produktion. Koncernen består af datterselskaber i Danmark, USA, Thailand og Indien, der dækker et bredt spektrum af tjenester lige fra rådgivning og kreativ udvikling til produktion og distribution af kommercielt indhold. Vi opererer gennem vores datterselskaber: M2 Film A/S, M2 Animation Group A/S og Duckling&amp;Sonne ApS, der hver især bidrager med unikke kompetencer og tjenester.</td></tr><tr><td colspan="1">Endvidere investerer M2 Group i forskellige startups, IP-udviklingsselskaber m.m. primært inden for 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>Group's Main Activities</td></tr><tr><td /><td /><td /><td>M2 Group A/S is a player in the media and entertainment industry, with core activities in film production, animation, and content production. The group consists of subsidiaries in Denmark, the USA, Thailand, and India, providing a broad spectrum of services from consulting and creative development to the production and distribution of commercial content. We operate through our subsidiaries: M2 Film A/S, M2 Animation Group A/S, and Duckling&amp;Sonne ApS, each contributing unique skills and services.</td></tr><tr><td /><td /><td /><td>Furthermore, M2 Group invests in various startups, IP development companies, and more, primarily within the animation and gaming industry. M2 Group also makes passive investments in securities, partly through a 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">Økonomisk og aktivitetsmæssig udvikling</td></tr><tr><td colspan="1">2022 var et år med mange udfordringer og forandringer for koncernen. Mens M2 Film A/S har oplevet en betydelig vækst og forbedring i driftsresultatet, har M2 Animation Group A/S haft nogle udfordringer med hensyn til drift og finanser, primært relateret til operationelle udfordringer og etableringen af et nyt studie i Mumbai, Indien. Udvidelse af produktion og den øgede tilgang af de internationale kunder har krævet længere betalingbetingelser, som koncernen har løst med øget kredit og lån til etableringen i Mumbai. På trods af disse udfordringer, er vi overbeviste om, at de strategiske tiltag, vi har iværksat i begge selskaber, herunder betydelige ledelsesændringer, besparelser og forbedret ressourcestyring, vil føre til forbedret ydeevne og økonomiske resultater i det kommende år.</td></tr><tr><td colspan="1">M2 Animation Group A/S’ salgsindsats har også haft en positiv indvirkning på ordretilgang for 2023/24; salgspipelinen ligger over forventning i antal projekter og tilbud. Der er flere forhandlinger i gang om længerevarende kontrakter af både 2 og 3 års varighed, og samarbejde med større internationale studier og gaming-virksomheder er blevet styrket. Efter mange af vores produktioner nu er frigivet og bliver vist globalt med succes, er interessen for os øget.</td></tr><tr><td colspan="1">Fremtidige initiativer og strategier</td></tr><tr><td colspan="1">Både M2 Film og M2 Animation er forpligtet til at være på forkant med innovation og teknologiske fremskridt. Vi har særligt fokus på bred anvendelse af AI, Unreal Engine og virtual production i vores forretningsprocesser, som vi mener vil være katalysatorer for effektivitet og kreativitet i vores arbejde.</td></tr><tr><td colspan="1">På animationsområdet har vi et stærkt fokus på globale IP-produktioner, transmedia-opgaver, gaming IPs, film og tv-serier. Vores strategi er at udnytte vores ekspertise og kapacitet til at levere højkvalitetsanimation til disse sektorer, som alle oplever betydelig vækst.</td></tr><tr><td colspan="1">Vi har foretaget betydelige ledelsesændringer og skærpet vores ressourcestyring for at forbedre vores operationelle effektivitet og finansielle performance. Disse ændringer er nøgleelementer i vores plan om at sikre vores position i en hurtigt skiftende industri.</td></tr><tr><td colspan="1">Derudover fortsætter vi vores investeringer i udviklingen af vores globale tilstedeværelse. Vi mener, at det er afgørende at have en stærk international tilstedeværelse for at kunne imødekomme vores kunders behov, udnytte nye markedsopportuniteter og tiltrække og fastholde talent fra hele verden.</td></tr><tr><td colspan="1">Vi ser frem til de muligheder og udfordringer, fremtiden bringer, og er begejstrede for at fortsætte vores rejse med innovation og vækst. Vi vil fortsætte med at investere i vores medarbejdere, teknologi og forretningsprocesser for at sikre, at vi er godt rustet til at håndtere de kommende udfordringer og udnytte de muligheder, som disse ændringer vil bringe.</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>Economic and Activity Development</td></tr><tr><td /><td /><td /><td>2022 was a year of many challenges and changes for the group. While M2 Film A/S experienced significant growth and improvement in operating results, M2 Animation Group A/S faced some challenges regarding operations and finances, primarily related to operational difficulties and the establishment of a new studio in Mumbai, India. Expansion of production and an increased inflow of international customers required longer payment terms which the group solved with increased credit and loans for the establishment in Mumbai. Despite these challenges, we are confident that the strategic measures we have implemented in both companies, including significant management changes, savings, and improved resource management, will lead to improved performance and financial results in the coming year.</td></tr><tr><td /><td /><td /><td>The sales efforts of M2 Animation Group A/S have also positively impacted the order intake for 2023/24. The sales pipeline is above expectations in the number of projects and offers. There are several ongoing negotiations for long-term contracts of both 2 and 3 years duration, and collaborations with larger international studios and gaming companies have been strengthened after many of our productions have been released and are being successfully showcased globally, the interest in us has increased.</td></tr><tr><td /><td /><td /><td>Future Initiatives and Strategies</td></tr><tr><td /><td /><td /><td>Both M2 Film and M2 Animation are committed to being at the forefront of innovation and technological advancement. We particularly focus on the widespread use of AI, Unreal Engine, and virtual production in our business processes, which we believe will be catalysts for efficiency and creativity in our work.</td></tr><tr><td /><td /><td /><td>In the animation area, we have a strong focus on global IP productions, transmedia tasks, gaming IPs, films, and TV series. Our strategy is to utilize our expertise and capacity to deliver high-quality animation to these sectors, which are all experiencing significant growth.</td></tr><tr><td /><td /><td /><td>We have made significant management changes and sharpened our resource management to improve our operational efficiency and financial performance. These changes are key elements in our plan to secure our position in a rapidly changing industry.</td></tr><tr><td /><td /><td /><td>Furthermore, we continue our investments in developing our global presence. We believe it is crucial to have a strong international presence to meet our customer's needs, exploit new market opportunities, and attract and retain talent from all over the world.</td></tr><tr><td /><td /><td /><td>We look forward to the opportunities and challenges that the future brings, and are excited to continue our journey of innovation and growth. We will continue to invest in our employees, technology, and business processes to ensure that we are well-equipped to handle the upcoming challenges and seize the opportunities that these changes will bring.</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">M2 Group prioriterer effektiv risikostyring højt for at beskytte vores virksomhed og vores interessenter. Vi har en løbende proces til identifikation og reduktion af væsentlige finansielle risici, herunder risici forbundet med udsving i valutakurser. Vi har også truffet skridt til at beskytte vores digitale systemer og data mod potentielle cybersikkerhedstrusler.</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>Specific Risks</td></tr><tr><td /><td /><td /><td>M2 Group prioritizes effective risk management to protect our business and our stakeholders. We have an ongoing process for identifying and reducing significant financial risks, including risks associated with currency fluctuations. We have also taken steps to protect our digital systems and data from potential cyber threats.</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">Efter afslutningen af regnskabsåret har koncernen indgået en ny finansieringsaftale med udvidede kreditrammer hos koncernens kreditinstitut og andre långivere. I denne sammenhæng har M2 Group stillet sikkerhed i form af virksomhedspant i tilgodehavender på 7 mio. kr. samt pant i yderligere kapitalandele, hvis bogførte værdi pr. 31. december 2022 er 2,0 mio. kr. En del af disse lån forventes at være afviklet inden udgangen af 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Post balance sheet events</td></tr><tr><td /><td /><td /><td>Following the close of the fiscal year, the group has entered into a new financing agreement with expanded credit facilities with the group's credit institution and other lenders. In this context, M2 Group has provided security in the form of a floating charge on receivables of 7 million DKK, as well as a mortgage on additional equity shares, the book value of which was 2.0 million DKK as of December 31, 2022. A portion of these loans is expected to be settled by the end of 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Fremtidsudsigter</td></tr><tr><td colspan="1">M2 Group A/S forudser en positiv vækstkurve i branchen generelt, og vi er overbeviste om, at vores koncern er strategisk placeret til at kapitalisere på denne udvikling. Vores fremadrettede planer omfatter en vedholdende forpligtelse til teknologisk innovation og forbedret driftseffektivitet. Vi er optimistiske vedrørende vores koncerns fremtid samt vores interessenters udsigter.</td></tr><tr><td colspan="1">I forhold til det forventede regnskab for 2023 forudser vi et resultat før skat på 4,5 mio. kr. for M2 Film, hvilket ligger 4 mio. kr. under vores forventede resultat for 2024. For M2 Animation forventes et resultat før skat på 1 mio. kr. Dette er 14 mio. kr. under vores forventninger til 2024-resultatet. Selvom disse resultater ikke opfylder vores forventninger, er vi tilfredse med den generelle udvikling og forudser en betydelig forbedring i vores økonomiske resultater i fremtiden.</td></tr><tr><td colspan="1">Det samlede resultat for M2 Group i 2023 forventes dermed at ligge i niveauet 5,5 mio. kr. før skat.</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>Future Prospects</td></tr><tr><td /><td /><td /><td>M2 Group A/S anticipates positive growth trends in the industry at large, and we are confident that our group is strategically positioned to capitalize on this development. Our forward-looking plans include a continued commitment to technological innovation and improved operational efficiency. We are optimistic about the future prospects of our group and our stakeholders.</td></tr><tr><td /><td /><td /><td>With respect to the anticipated accounts for 2023, we forecast a pre-tax result of 4.5 million DKK for M2 Film, which is 4 million DKK below our expected result for 2024. For M2 Animation, a pre-tax result of 1 million DKK is expected. This is 14 million DKK below our expectations for the 2024 results. While these results do not meet our expectations, we are pleased with the overall development and foresee a significant improvement in our financial performance in the future.</td></tr><tr><td /><td /><td /><td>The total profit before tax for M2 Group i 2023 is expected in the level DKK 5.5 million.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Selskabets Bæredygtighed og Samfundsansvar</td></tr><tr><td colspan="1">Vi værdsætter mangfoldighed og inklusion i vores globalt orienterede arbejdsplads. Vi er engagerede i bæredygtig forretning, inklusive initiativer for energieffektivitet og affaldshåndtering, samtidig med at vi fremmer etisk forretningspraksis.</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>Company's Sustainability and Social Responsibility</td></tr><tr><td /><td /><td /><td>We value diversity and inclusion within our globally-oriented workspace. We are committed to sustainable business practices, including energy efficiency initiatives and waste management, while promoting ethical business conduct.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Bestyrelse og direktion har dags dato behandlet og godkendt årsrapporten for regnskabsåret 1. januar - 31. december 2022 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 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Årsrapporten aflægges 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 colspan="2">The annual report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Det er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af koncernens og selskabets aktiver, passiver og finansielle stilling pr. 31. december 2022 samt af resultatet af koncernens og selskabets aktiviteter samt af koncernens pengestrømme for regnskabsåret 1. januar - 31. december 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><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 2022 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 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 2023-06-30 <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 2022, 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 2022 samt af resultatet af koncernens og selskabets aktiviteter og koncernens pengestrømme for regnskabsåret 1. januar – 31. december 2022 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. januar – 31 December 2022, 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 2022 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January –31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 30. juni 2023</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><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 2023-06-30 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">Accounting policies</td></tr><tr><td colspan="1">Årsrapporten for M2 Group A/S for 2022 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 /><td /><td>The annual report of M2 Group A/S for 2022 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><tr><td colspan="1">Køb og salg af minoritetsinteresser under fortsat bestemmende indflydelse indregnes direkte på egenkapitalen som en transaktion mellem kapitalejere.</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 suchentities. 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><tr><td /><td /><td /><td>Purchase and sale of minority interests under continued controlling interest is recognized in equity as a transaction between shareholders.</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">i</td></tr><tr><td colspan="1">Erhvervede immaterielle rettigheder3-5</td></tr><tr><td colspan="1">i</td></tr><tr><td colspan="1">Øvrige immaterielle rettigheder3-5</td></tr><tr><td colspan="1">i</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">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 /><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></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></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">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>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> <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> <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></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></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">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>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><tr><td colspan="1">Likvider omfatter likvide beholdninger.</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><tr><td /><td /><td /><td>Cash and cash equivalents comprise cash.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td 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 Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1211.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 76477000 855000 517000 -2694000 3148000 276 0.529 58752000 -6301000 1732000 -7410000 364000 239 0.688 83064000 245000 3356000 1510000 1723000 283 0.692 0.027 87249000 -8113000 -1517000 -8963000 2583000 304 0.666 76669000 2675000 2675000 4939000 4939000 0 641000 8400000 8184000 17225000 24839000 5000 16946000 0 1711000 0 0 10649000 8847000 38153000 7614000 6058000 51830000 500000 492000 0 18129000 0 2602000 21723000 1727000 0 1727000 3268000 3268000 3605000 5853000 0 25598000 324000 14571000 49951000 53219000 76669000 6058000 77647000 66850000 81465000 80566000 Egenkapital 21723000 Egenkapital 41049000 Egenkapital 47127000 Egenkapital 56380000 Egenkapital 53620000 76477000 72740000 2882000 855000 0 -3295000 2339000 1822000 -1923000 771000 -2694000 -208000 -2902000 4768000 4519000 6593000 1877000 685000 956000 6829000 1396000 3148000 3053000 61000 0 0 3000000 -4536000 2000000 -173000 -1784000 509000 68205000 825000 1377000 712000 3271000 276 0 0 2339000 0 0 1822000 686000 1600000 0 -914000 -13097000 -3400000 3109000 3612000 -17914000 -134000 -17780000 -731000 760000 0 0 3500000 <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> 1600000 0 0 0 0 1 0 3077000 32000 <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> 339000 600000 2673000 <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 colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Tax for the year</b></td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >Beregnet skat af årets skattepligtige indkomst</td><td width="26%" align="left" valign="middle" >134</td><td width="7%" align="left" valign="middle" >748</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Estimated tax charge for the year</td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >Årets regulering af udskudt skat</td><td width="26%" align="left" valign="middle" >0</td><td width="7%" align="left" valign="middle" >0</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax adjustments in the year</td></tr><tr><td colspan="5"></td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >Skat i alt</td><td width="26%" align="left" valign="middle" >134</td><td width="7%" align="left" valign="middle" >748</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>indre værdi finansielle anlægsaktiver</td></tr><tr><td /><td>FINA Kapitalandele med negativ indre værdi 1. januar 2022</td><td>22.637</td></tr><tr><td /><td>FINA Årets regulering</td><td>12.849</td></tr><tr><td /><td>FINA Kapitalandele med negativ indre værdi 31. december 2022</td><td>35.486</td></tr><tr><td /><td>FINA Kapitalandele i tilknyttede virksomheder 31. december 2022</td><td>38.829</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>12.304</td></tr><tr><td /><td>Overført til hensatte forpligtelser</td><td>23.182</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>indre værdi finansielle anlægsaktiver</td></tr><tr><td /><td>Kapitalinteresser med negativ indre værdi 1. januar 2022</td><td>0</td><td>0</td></tr><tr><td /><td>.Årets regulering</td><td>1.407</td><td>1.407</td></tr><tr><td /><td>Kapitalinteresser med negativ indre værdi 31. december 2022</td><td>1.407</td><td>1.407</td></tr><tr><td /><td>Kapitalinteresser i associerede virksomheder 31. december 2022</td><td>641</td><td>641</td></tr><tr><td /><td>Kapitalinteresser med negativ indre værdi er indregnet således</td></tr><tr><td /><td>Modregnet i tilgodehavender</td><td>1.407</td><td>1.407</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" ><b>Share capital</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Moderselskabets aktiekapital</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Parent's share capital</b></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" ><b>Recommended appropriation of the profit/loss for the year</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="30%" colspan="1" align="left" valign="middle" ><b>Parent</b></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Parent</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="30%" align="left" valign="middle" ><b>2022</b></td><td width="23%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Reserve for nettoopskrivning efter indre værdis metode</td><td width="30%" align="left" valign="middle" >-17.849</td><td width="23%" align="left" valign="middle" >-689</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="30%" align="left" valign="middle" >250</td><td width="23%" align="left" valign="middle" >-5.713</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="30%" align="left" valign="middle" >0</td><td width="23%" align="left" valign="middle" >3.500</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="30%" align="left" valign="middle" >-17.599</td><td width="23%" align="left" valign="middle" >-2.902</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="26%" align="left" valign="middle" ><b>2022</b></td><td width="7%" align="left" valign="middle" ><b>2021</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="26%" align="left" valign="middle" >0</td><td width="7%" align="left" valign="middle" >0</td></tr><tr><td width="67%" colspan="3" align="left" valign="middle" >.Årets regulering af udskudt skat</td><td width="26%" align="left" valign="middle" >0</td><td width="7%" align="left" 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="26%" align="left" valign="middle" >0</td><td width="7%" align="left" 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" ><b>Parent company</b></td></tr><tr><td width="71%" 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="29%" 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="71%" colspan="3" align="left" valign="middle" >Selskabet har afgivet en støtteerklæring over for de tilknyttede virksomheder, der fremgår af oversigten i note 8. Derudover er der afgivet støtteerklæring over for den associerede virk­somhed Tradeahead A/S. De afgivne støtteer­klæringer forpligter M2 Group A/S til på anfor­dring i perio­den indtil 31. de­cember 2023 at til­føre selskaberne den li­kviditet, som måtte være nødvendig for, at virk­somhederne kan indfri de­res forpligtelser i takt med, at de for­falder.</td><td width="29%" colspan="1" align="left" valign="middle" >The Company has issued a letter of support to the group entities mentioned in the overview in note 8. Furthermore letter of support have been issued to the associated company Tradeahead A/S. According to the issued support letter, M2 Group A/S is under obligation to inject capital into the enterprises to the extent necessary for the companies to meet their liabilities as they fall due in the period up to 31 December 2022.</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Selskabet har endvidere stillet garanti i forbin­delse med produktioner i tilknyttede virksomhe­der.</td><td width="29%" colspan="1" align="left" valign="middle" >In addition, the Company has provided guarantees in connection with productions in group entities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td 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" ><b>Related parties</b></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" ><b>Information about related parties with a controlling interest</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Nærtstående part</b></td><td width="30%" colspan="1" align="left" valign="middle" ><b>Bopæl/Hjemsted</b></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Grundlag for bestemmende indflydelse</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Related party</b></td><td width="30%" colspan="1" align="left" valign="middle" ><b>Domicile</b></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Basis for control</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Aktionær Mads Munk</td><td width="30%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="23%" 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="30%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="23%" 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" ><b>Transactions with other related parties includes</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Parent Company</b></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>t.DKK/DKK’000</b></td><td width="30%" align="left" valign="middle" ><b>2022</b></td><td width="23%" ></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Salg af ydelser til dattervirksomheder</td><td width="30%" align="left" valign="middle" >1.003</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Sale of services to subsidaries</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Køb af ydelser fra øvrige nærtstående parter</td><td width="30%" align="left" valign="middle" >160</td><td width="23%" ></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" >Renteomkostninger til tilknyttede virksomheder</td><td width="30%" align="left" valign="middle" >339</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Interest expenses, group entities</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Tilgodehavender hos tilknyttede virksomhe­der</td><td width="30%" align="left" valign="middle" >1.070</td><td width="23%" ></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" >Tilgodehavender hos ass. virksomheder</td><td width="30%" align="left" valign="middle" >1.711</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Receivables from associates</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Gæld til tilknyttede virksomheder</td><td width="30%" align="left" valign="middle" >16.599</td><td width="23%" ></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="30%" align="left" valign="middle" >360</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Incorporation of subsidaries</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Modtaget udbytte fra dattervirksomheder</td><td width="30%" align="left" valign="middle" >5.400</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Dividend recieved from subsidaries</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Modtaget udbytte fra associerede virksomheder</td><td width="30%" align="left" valign="middle" >1.533</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Dividend revcieved from associates</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Interne salg af kapitalandele</td><td width="30%" align="left" valign="middle" >1</td><td width="23%" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Sale of subsidiaries til subsidiaries</td></tr><tr><td colspan="3"></td></tr></table> -409000 1938000 0 -2347000 2606000 -3295000 634000 1248000 -3650000 -748000 -2902000 1935000 0 0 3000 0 1 26000 0 608000 59000 0 1189000 -16497000 -689000 -1283000 -5713000 0 3500000 2064000 2064000 3269000 3269000 0 4167000 9000000 7725000 20892000 26225000 10000 16996000 0 3087000 936000 46000 4382000 4415000 29862000 9372000 12178000 51422000 77647000 500000 -239000 0 35149000 3500000 2139000 41049000 596000 0 596000 5089000 5089000 228000 1632000 0 14557000 1228000 13268000 30913000 36002000 77647000 12178000 0 0 0 0 38829000 641000 8400000 0 47870000 47870000 0 0 1070000 1711000 0 339000 0 0 3120000 7614000 744000 11478000 59348000 500000 0 0 18621000 0 0 19121000 0 23182000 23182000 0 0 0 0 16599000 0 0 446000 17045000 17045000 59348000 0 0 0 0 42626000 4167000 9000000 0 55793000 55793000 0 0 586000 3087000 0 768000 57000 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 500000 35149000 -239000 3500000 2139000 41049000 12178000 47000 0 0 0 0 0 0 0 -17780000 760000 0 -731000 0 0 0 0 0 0 0 0 3500000 -77000 40000 -1332000 2278000 600000 500000 18129000 492000 0 2602000 500000 10252000 24658000 3500000 38910000 0 0 0 0 0 0 -731000 -16497000 760000 11506000 -5400000 0 0 -1283000 0 -11506000 5400000 0 0 0 0 0 0 3500000 500000 1352000 17269000 0 Årets resultat -18931000 Årets resultat -2694000 Minoritets andel af stiftelse af koncernsel­skaber 40000 Minoritets andel af stiftelse af koncernsel­skaber 43000 11492000 177000 7920000 5856000 202000 1508000 347000 194000 905000 347000 9283000 6608000 2675000 29654000 26385000 297000 3507000 250000 1884000 33458000 28519000 4939000 3068000 16921000 360000 731000 -13097000 5400000 760000 3428000 -85000 3343000 M2Film A/S A/S Aarhus 90 Duckling&Sonne ApS ApS København 90 M2 Animation Group A/S A/S Aarhus 90 M2 Animation A/S A/S Aarhus 90 M2 Animation Studio, Ltd. Ltd. Thailand 90 M2 Story Lab A/S A/S Aarhus 90 M2 Tremblay Holding Inc. Inc. USA 50 M2 Tremblay Entertainment Inc. Inc. USA 50 M2 Animation Mumbai Private Limited Ltd. Indien 90 M2 Media Group Inc. Inc. USA 90 M2 Entertainment Inc. Inc. USA 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 By Rikkemai ApS ApS Aarhus 90 10837000 -6670000 10837000 -6670000 10837000 -11603000 -766000 10837000 -11603000 -766000 -3400000 1533000 -3400000 1533000 Holdingselskabet af 1. maj 2017 ApS ApS København 33 TradeAhead A/S A/S Haderslev 50 9000000 9000000 -600000 -600000 8400000 8400000 7725000 9000 556000 106000 8184000 Mads Munk Johan Blach Petersen Jeppe Opstrup Mads Munk EY Godkendt Revisionspartnerselskab 30700228 Søren Jensen statsaut. Revisor mne34132