24The executive board has today discussed and approved the annual report of Hilarius ApS for the financial year 1 January - 31 December 2021.The annual report is prepared in accordance with the Danish Financial Statements Act.In my opinion, the consolidated financial statements and parent financial statements give a true and fair view of the company and the group financial position at 31 December 2021 and of the results of the group and the company operations and consolidated cash flows for the financial year 1 January - 31 December 2021.In my opinion, management's review includes a fair review of the matters dealt with in the management's review.Management recommends that the annual report should be approved by the company in general meeting.Jesper KalkoDirectorTo the shareholder of Hilarius ApSWe have audited the consolidated financial statements and the parent company financial statements of Hilarius ApS for the financial year 1 January - 31 December 2021, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for both the group and the parent company as well as consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the group and the parent company's financial position at 31 December 2021 and of the results of the group and the parent company's operations and consolidated cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 parent company ” section of our report. 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 the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of 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 the consolidated financial statements and the parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and parent company 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 consolidated financial statements and parent company financial statements unless management either intends to liquidate the group or the company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and parent company 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. 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. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the consolidated financial statements and parent company 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 consolidated financial statements and parent company 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 company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and parent company financial statements, including the disclosures, and whether the consolidated financial statements and parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient and appropriate audit evidence regarding the financial information for the group's entities or business activities to express an opinion on the consolidated financial statements. We are responsible for directing, supervising and conducting the audit of the group. We alone are responsible for our audit opinion. 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.Statement on management's review Management is responsible for management's review. Our opinion on the consolidated financial statements and parent company financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and parent company financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the consolidated financial statements and parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that management's review is in accordance with the consolidated financial statements and parent company 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 management's review.Hellerup2022-06-30Søren JonassenStatsautoriseret revisormne18488Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights: The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and guidelines. For definitions, see the summary of significant accounting policies. 63702600051474900041144800021087700018922300017383000030216000221080002370600011869000182860007523000-5770001143200017651000966600019204000415460000319696000287847000-4273000-3072000-6505000-741000-1527500021295500018612500015069400031.934.333.136.842.28.68.64.74.35.814.915.38.27.38.647.85951.358.252.41116.18.85.713.5In connection with the change in accounting policies, there has been no change in the years 2017, 2018 and 2019 for adaptation to the new accounting policies. Business review NTI Group (“NTI”) with a revenue of more than DKK 1.075 million, is one of the largest Autodesk Platinum partners in Europe with close to 600 employees. The headquarter is located outside Copenhagen, Denmark. NTI has subsidiaries in Denmark, Sweden, Norway, Iceland, Germany, The Netherlands, Italy and Spain. Hilarius Group also invest in forestry, land and buildings and securities.Financial review The group's income statement for the year ended 31 December 2021 shows a profit of TDKK 35.625, and the balance sheet at 31 December 2021 shows equity of TDKK 360.068. The NTI Group has navigated well through the two global pandemic years. 2021 marks the year with the highest revenue ever - crossing a historical milestone of more than one billion in DKK in revenue. This represents a revenue growth of 34,5%. The Good to Great strategy launched in 2019 is resulting in a continued profitable growth, with an EBITDA margin increasing from 5,9% (2019) to 10,1% (2021). NTI completed three acquisitions in 2021 that contributed to the financial result. In January, NTI CWSM acquired Systemhaus Maraite-Kratzenberg GmbH & Co KG (Germany), in August technopart CAx Systeme GmbH (Germany) and finally NKE | Negroni Key Engineering Srl in September were acquired by NTI Group. The latter marking the biggest acquisition in the history of NTI adding more than EUR 60 Million in revenue. The total revenue impact of the three acquisitions was DKK 116,3 Million (~EUR 15,6 Million).Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the the group's financial position.Expected development of the company, including specific prerequisites and uncertainties The first 5 months of 2022 have demonstrated a good, continued momentum and a very satisfactory increasing profit year-on-year. After the society as a whole is opening again after the pandemic we have also seen an increase in the demand for onsite training courses and consultancy projects. With new markets included in the NTI Group we expect to expand the footprint of our own developed digital solutions into these markets, which will have a positive impact on the financial bottom line. The world, however, is going through an uncertain time at the moment due to the war in Ukraine. Until now we have not seen a financial impact on the NTI Group, but the war affects the economic situation through e.g. rising interest rates and inflation and that might affect our customers and therefore us. While the Covid pandemic had negative consequences for many, it has also pushed the digitalization agenda in general, which means that we foresee an increased demand for our digital solutions. Generally, our customer base is relatively diversified across most countries NTI is present in, which ensures that we are not overly dependent on individual trends in specific industries. An acquisition, CINTEG Design Solutions was done in the beginning of the year and was followed by the acquisition of Swedish Cadcraft in the beginning of June. The growth journey of the NTI Group is expected to continue and with a proven track record of M&A (20+ acquisitions) we have the experience to successfully incorporate new members into the Group. Acquisitions are a key element of our growth strategy and are instrumental in strengthening our presence, services and offerings. We continue to see good acquisition opportunities that will strengthen our offering in local markets.Knowledge resources As NTI is one of Europe’s largest Autodesk Platinum partners, we work directly with Autodesk and have access to support from them globally. Such close partnership enables NTI to give our customers maximum return on their investment in software from Autodesk. With the ambition to stay within the absolute top of Autodesk partners and to have a strong portfolio of own IP, NTI invests significantly in staying on the forefront of technological development. The product offerings from Autodesk combined with supporting software from a variety of other suppliers, including our own software solutions developed by our R&D department, qualify NTI as one of the strongest partners in the industry. NTI continues investing heavily in own software solutions, creating and enhancing solutions, that complement the Autodesk product portfolio. As a complete solution provider to the design, construction and manufacturing industries in Europe, our offerings include products, training courses (onsite and virtual) and various consultancy services to support the customers in achieving their most optimal solution for their respective businesses. Apart from having leading technology suppliers, it is imperative for NTI to be able to recruit, retain and develop the best people within our industries. NTI drives several initiatives designed to promote job satisfaction and continuous development capabilities of our employees. The group's operational risk is related to the ability to service our customers at a continued high professional level, which depends on our skilled and competent staff and is hence related to our ability to attract and retain personnel with the necessary skills.Statutory corporate governance report Environmental measures As a software and services company our impact on the environment is limited, and thus mainly is about wisely use of our natural resources, including the use of electronics in the form of computers and peripherals, office supplies, telephones etc. We try to avoid unnecessary travel by car or by airplane, using virtual meetings to the greatest extent possible. Suppliers in high-risk countries NTI Group primarily operates/conducts business in countries where we have office locations (NTI key territories), i.e. Denmark, Germany, Iceland, Italy, Norway, Spain, Sweden and The Netherlands. Our customers are mainly domiciled within the EU and the EEA and not in countries representing a high risk with respect to sanctions, noting that some of our customers operate worldwide and hence limited number of customers/prospects are found on locations outside of key NTI territories. We generally do not have any suppliers or partners in what are designated high-risk countries, where there is often little control by the authorities over social and environmental issues. NTI has prioritized to keep software development within NTI’s European entities, thereby securing compliance with our CSR policy. Anti-corruption and bribery Acting as a responsible business is anchored in our NTI values, vision, mission and promise to our clients as well as respect for the ten UN Global Compact Principles on human rights, the environment and anti- corruption.Statutory corporate social responsibility report As a company, we are highly dedicated to our corporate social responsibility. We have strong corporate values in terms of how we collaborate in an inclusive and safe way - both internally and with our customers and partners. Naturally, we condemn any form of abuse of human rights and any form of corruption. We are generally aware of setting standards for our suppliers and sub-suppliers to ensure that they, in turn, are aware of their own social responsibility. Being an Autodesk Platinum partner we are also held accountable for living up to their Code of Conduct for Partners. Autodesk Inc. (our main supplier by far) with strong values and dedicated to working towards a more sustainable world. Autodesk launched their first sustainability report more than a decade ago and has sharpened their impact strategy to accelerate positive outcomes. Please refer to the latest Autodesk Impact Report for more details. It is NTI's mission to help our customers develop profitable, better, and more sustainable designs and constructions in an increasingly challenging world. Our digital solutions provide the foundation for designing and constructing in a sustainable way. A few specific examples are: Supporting waste free construction sites based on digitized processes across design, engineering, production, prefabrication, building materials logistics and assembly Using clash detection during design to reduce waste in construction Improving materials efficiency, creating lighter products and reducing waste with generative design 3D printing (additive manufacturing) prevents material being discarded as waste Planning and validating factory layouts to maximize production performance and resource use Generally, the digitalization of our customers' workflow reduces the need for e.g. printing significantly. Together with Autodesk, our other partners and our own digital solutions we are continuously looking into new and innovative ways to support sustainable solutions. NTI bears a social responsibility, which includes ethics, working environment as well as environmental protection. Consistently we seek to adapt and improve the working environment to ensure maximum employee satisfaction and full compliance with national standards. Our employees make up the foundation of NTI. It is their engagement and competences that allow us to create sustainable designs and constructions and provide value to our clients. With both people and businesses impacted by the Covid-19 pandemic in 2021, we have continued to focus on supporting our employees during this period and help them stay engaged in the hybrid working environment and feel connected to NTI and their colleagues. We expect that a hybrid working model (working remotely a part of the time) will be an integral part of our way of working going forward. We continue to focus on a career development, flexible working and creating a good work-life balance. NTI believes that all people must have equal opportunities. We do not tolerate any discrimination in our company, whether sexual, gender related, freedom of organization, religious or ethnic. We consider our employees our core strength. We have a very wide range of personnel and believe that diversity in the composition of our work force is a major strength. High ethical standards and behaving responsibly towards each other, our clients, collaborators, and society are central to who we are. We all have a shared responsibility in creating an inclusive organisational culture at NTI. We are mindful that acting on EDI is an ongoing journey that requires contributions from all employees and leaders. We do not operate any form of proactive policy of quotas for employee groups, as we are convinced that the best person for the job should be offered the job. The same applies in relation to ethnicity and religious beliefs. Policies on the underrepresented genderDescription of policies for the underrepresented genderPolicies for the underrepresented gender NTI believes that all people must have equal opportunities. We do not tolerate any discrimination in our company, whether sexual, gender related, freedom of organization, religious or ethnic. We consider our employees our core strength. We have a very wide range of personnel and believe that diversity in the composition of our work force is a major strength. High ethical standards and behaving responsibly towards each other, our clients, collaborators, and society are central to who we are. We all have a shared responsibility in creating an inclusive organisational culture at NTI. We are mindful that acting on EDI is an ongoing journey that requires contributions from all employees and leaders. We do not operate any form of proactive policy of quotas for employee groups, as we are convinced that the best person for the job should be offered the job. The same applies in relation to ethnicity and religious beliefs. The gender distribution amongst employees in the NTI Group was 26% women and 74% men (end of 2021 numbers) which is the same level as in 2020 where the corresponding numbers were 25% and 75%. The gender composition in senior management (defined as the 'c-level') across all companies (end of 2021) was 24% women and 76% men (so approximately reflecting the distribution amongst all employees). In 2021, the NTI Group management consisted of one woman and four men. The gender distribution on intermediate level (e.g. including team leaders) has not been captured in reporting, but it is planned to look more into this in relation to possible succession management. The talent availability differs across markets, and women unfortunately continue to be underrepresented in the industries that NTI is operating in, but we will continue to look into what is possible. Statement of policy for data ethicsDescription of the entity's work with and policy for data ethical questions In the NTI Group, we are committed to using and processing data in an ethical acceptable way in all aspects of our business. We comply with statutory regulations regarding data and privacy protection. Technological advances, however, require responsible decision-making where existing laws and regulations do not necessarily suffice. It is an overarching principle for us that the software and algorithms that we use are purely aimed at optimizing our own decision-making processes and to support our clients in the most appropriate way.Below are our four main principles that, together with NTI's corporate values, work as our data ethical compass: Trust & integrity A trustful relationship with our clients, employees and other stakeholders is essential to NTI and we strive for building and maintaining the trust of the people and companies whose data we use and process by adhering strictly to our commitments stated in our data ethics principles. When using or processing data we will never compromise the fundamental rights of an indvidual. Transparency NTI will provide transparency around the principles of storage, use, and processing of data to our employees, customers, and other stakeholders to ensure their continued confidence in NTI Group. Security Data in NTI's possession is processed and stored in a secure manner. NTI is in the process of adopting and implementing a number of policies of relevance to support this data ethics policy, including a personal data protection policy and an IT security policy. Accountability We hold all our employees accountable for ensuring that they comply with our data ethical compass. We encourage raising data ethical concerns and have introduced the first local whistleblower system in the NTI Group.The annual report of Hilarius ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C . The accounting policies are identical for both the parent company financial statements and the consolidated financial statements. The annual report for 2021 is presented in TDKKIn accordance with the interpretation of IFRS 15, the Group has changed its accounting principle for revenue recognition of 3 year contracts of Autodesk products. To give a more accurate picture of earnings, the accounting principle has been changed for the recognition of income from these contracts so that the income is included when the performance obligation to the customers has been reached by the Group, which will correspond to the time the license is delivered and invoiced.The Group has made an overall change in accounting estimates for the life of goodwill. This is in the accounts changed from 5 years to 10 years corresponding to the most recent assessments the Group has made around the life of the acquired goodwill.Equity primo is increased by t.kr. 18.546. The accounting policies are otherwise consistent with those of last year.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the group's and the parent company's and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the group's and the parent company's and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.Recently acquired entities are recognised in the financial statements from the date of acquisition. Sold entities are recognised in the financial statements until the date of disposal. Comparative figures are not restated in respect of recently acquired entities. Discontinued operations are presented separately, see below. The date of acquisition is the time when the company actually gains control over the acquiree. The acquisition method is applied to the acquisition of new entities where the company gains control over the acquiree. The acquirees' identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or emanate from a contractual right. Deferred tax on the revaluations made is recognised. Positive differences (goodwill) between, on the one side, the purchase consideration, the value of non-controlling interests in the acquiree and the fair value of any previously acquired investments and, on the other side, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under ‘Intangible assets’. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of its useful life. Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition. On acquisition, goodwill is ascribed to / classed with the cash-generating unit, which subsequently forms a basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the group's presentation currency are accounted for as assets and liabilities belonging to the foreign entity and are translated on initial recognition into the foreign entity's functional currency using the exchange rate at the date of the transaction. The purchase consideration for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase consideration is conditional upon future events or the fulfilment of agreed conditions, this part of the purchase consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of conditional purchase consideration are recognised in the income statement. Expenses defrayed in connection with acquisitions are recognised in the income statement in the year in which they are defrayed. If, at the date of acquisition, the identification or measurement of acquired assets, liabilities and/or contingent liabilities or the size of the purchase consideration are associated with uncertainty, initial recognition will be based on preliminarily calculated amounts. If it subsequently turns out that the identification or measurement of the purchase consideration, acquired assets, liabilities and/or contingent liabilities was not correct on initial recognition, the calculation will be adjusted with retrospective effect, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Subsequently, any adjustments made will be recognised as error.The consolidated financial statements comprise the parent company Hilarius and subsidiaries in which the parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered participating interests or associates, cf. the group chart. The consolidated financial statements are prepared as a consolidation of the parent company's and subsidiaries' financial statements by aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated. Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date. Entities acquired or formed during the year are recognised in the consolidated financial statements from the date at which control is obtained. Entities sold during the year are recognised in the consolidated income statement until the date of disposal. Comparative figures are not restated for acquisitions or disposals.For business combinations such as the purchase and sale of investments, mergers, divisions, inflows of assets and share exchanges, etc. when participating in companies under the controlling influence of the parent company, the book value method is used, where the aggregation is considered to have been carried out at the time of acquisition without adjustment of comparative figures. Differences between the agreed consideration and the acquired company's carrying amount are recognized in equity.In the consolidated financial statements, the items of subsidiaries are recognised in full. The minority interests' proportionate share of subsidiaries' profit/loss and equity is presented separately under appropriation of profit and in a main item under equity.Information is provided on business segments and geographical markets. The segment information is provided in consideration of the group's accounting policies, risks and management control.Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. Sales of 1-year subscription agreements are recognized when the sale is completed or the license is renewed. The sale of 3-year subscription agreements (external products) are recognized when the sale is completed or the license becomes renewed. Sales of 3-year subscription agreements (own products) are accrued over the term of the license.Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue.Other operating income comprises items of a secondary nature relative to the company's activities, including gains on the sale of intangible assets and items of property, plant and equipment.Other operating expenses comprise items of a secondary nature relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equipment.Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.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.Value adjustments of investment property comprise the year's changes in the fair value of investment property.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on foreign currency transactions and surcharges and allowances under the advance-payment-of-tax scheme, etc.The proportionate share of the profit/loss for the year of subsidiaries is recognised in the parent company's income statement after full elimination of intra-group profits/losses. The proportionate share of the profit/loss for the year of participating interests is recognised in both the consolidated and the parent company's income statement after elimination of the proportionate share of intra-group profits/gains.The parent company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation. The parent company acts as management company for all jointly taxed entities and, in its capacity as such, pays all income taxes to the Danish tax authorities. On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Items of land and buildings and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. The depreciable amount is cost less the expected residual value at the end of the useful life. Forests and other land is not depreciated. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages. Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets: Useful life Other buildings 50 years Andre anlæg, driftsmateriel og inventar 2-3 years Indretning af lejede lokaler 3 years Assets costing less than DKK 30.700 are expensed in the year of acquisition. Gains or losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses, respectively.Investment properties Investment properties comprises investments in land and buildings for purposes of gaining a return on the invested capital in the form of regular operating income and/or capital gains on resale. Vis opsætning af investeringsaktiverOn acquisition, investment properties is measured at cost, comprising the purchase price, including purchase costs. Interest expenses on loans are not recognised in cost during erection and reconstruction periods. On subsequent recognition, investment properties are measured at fair value. Value adjustments of investment properties are recognised in the income statement. The fair value reflects the price for which the property should exchange on the balance sheet date between well-informed and willing parties in an arm's length transaction. The determination of fair value involves significant accounting estimates. In management's assessment, the fair value for the current year could not be determined based on market information. Accordingly, values have been determined based on discount models. The fair value of each individual investment properties at 31 December 2021 has been determined using a return-based valuation model. Calculations are based on the budget for the coming year, adjusted for any fluctuations characterised as non-recurring events. These normal earnings are capitalised based on an individually determined return rate. The resulting value is adjusted for any non-operating assets, such as cash and cash equivalents, deposits, etc., provided these are not separately disclosed elsewhere in the balance sheet, to arrive at the fair value. The estimates used are based on information and assumptions which management considers reasonable, but which are, inherently, uncertain and unpredictable. Actual events and circumstances are likely to be different from those assumed in the calculations, since anticipated events frequently do not occur as expected. These variations may be material.Leases for items of property, plant and equipment that transfer substantially all the risks and rewards incident to ownership to the company (finance leases) are recognised in the balance sheet as assets. On initial recognition, assets are measured at estimated cost, corresponding to the lower of fair value of the leased asset and the present value of the future lease payments. In calculating the net present value of the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the company's other non-current assets. The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease. All other leases are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are disclosed under 'Contingencies, etc.'.Investments in subsidiaries, associates and participating interests are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition. Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the contingent liabilities have been settled or no longer exist. The company has chosen to consider the equity method as a consolidation method. Investments in subsidiaries, associates and participating interests with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions. Net revaluations of investments in subsidiaries, associates and participating interests are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Dividends from subsidiaries which are expected to be declared before the annual report of Hilarius ApS is adopted are not taken to the net revaluation reserve.Other investments are measured at cost.The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation. Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount.Stocks are measured at cost using the FIFO method. Where the net realisable value is lower than the cost, inventories are recognised at this lower value. The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labour and production/production overheads. The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Securities and investments, which consist of listed shares and bonds, are measured at fair value at the balance sheet date. Non-listed securities are measured at fair value on the basis of the estimated value in use.Reserve for exchange rate adjustments The year's changes in exchange rates from translating foreign subsidiaries, participating interests and associates based on closing rates are recognised in the fair value reserve in the consolidated financial statements. Changes in exchange rates from translating foreign subsidiaries, participating interests and associates are recognised in the net reserve according to the equity method. Reserve for net revaluation according to the equity method The reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of investments in subsidiaries, participating interests and associates relative to the cost. Dividends Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders.As management company, Hilarius ApS is liable for payment of the subsidiaries' corporate income taxes to the tax authorities. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value. Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term of the loan. Mortgage debt is thus measured at amortised cost, which for cash loans corresponds to the outstanding debt. For bond loans, amortised cost corresponds to an outstanding debt calculated as the underlying cash value of the loan at the time of borrowing, adjusted by amortisation of the value adjustment of the loan at the time of borrowing. Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years.On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Foreign subsidiaries, associates and participating interests are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of such entities opening equity at closing rate and on translation of the income statements from the exchange rates at the transaction date to closing rate are taken directly to the fair value reserve under 'Equity' in the consolidated financial statements. Foreign exchange adjustments of balances with separate entities which are considered part of the investment in the subsidiary are taken directly to the fair value reserve under 'Equity'. Correspondingly, foreign exchange gains and losses on loans and derivative financial instruments entered into to hedge net investments in such entities are taken directly to equity.The cash flow statement shows the group's cash flows for the year, broken down under cash flows from operating, investing and financing activities, the year's changes in cash and cash equivalents and the group's cash and cash equivalents at the beginning and at the end of the year. The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until the date of sale. Cash flows from operating activities Cash flows from operating activities are stated as the group's profit or loss for the year, adjusted for non-cash operating items, changes in working capital and paid income taxes. Dividend income from investments is recognised under ‘Interest income and dividend received’. Cash flows from investing activities Cash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible assets, property, plant and equipment and investments. Cash flows from financing activities Cash flows from financing activities comprise changes in the size or composition of the group's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in value.107458900080677400000423400031170001845000905000681703000484509000005440600048643000205000164000342714000276739000164000074100023077300018962400000153240001718400019400030600043150001521000431500015210009230200068410000-2869000-10860009237400069052000-2869000-108600000311010003233500034480001599000001126000018435000110500007918000283900017480001020000341000104243000873380003826200038826000290130001962300026370001469000396050002741000000356250004030500035625000373570004747000000500037000001042960004453400000678900026580000011583700047229000002923000029158000002730400041113000273040004111300060440004835000400000030000062578000751090002734400041113000001011390008695600015214000717400000400010600000205180001710000205180001344000357360008990000121657000883000002141510001313280001490010001294130002262400058100000226240005810000025661700012326600011200000037153000189980007054000655700000507670003107800022801000117110000024000143000001138200070330001304000301300000315742000163914000714720003788500060404000440490006040400044049000604040004404900060404000440490001408890001493130005127000679900053965900035785700013700300088733000753810000489185000286004000218146000125000125000125000125000009802900069535000-1060000-10120000023819100020763700013910200012493300020000001000000020000001000000012081200072009000003600680002887590002392560002045930002319000906000002319000906000001756600000033970003642000339700036420000182700000020963000219120003397000364200018957000247000244000247000503970000760000200091000001535570006241800000003439000316900025836000158640001180400034480009543900069655000277880003047000254740002876700000798000566000003704600001776080004335100099110003914230001995200004674800013553000753810000489185000286004000218146000125000-10120001954790001000000065621000001215800000-48000000-1000000000-30710009198000033625000200000039605000125000-106000023819100020000001208120001250006953500012493300010000000-100000000-480000001953000007133000001945600014169000200000012500098029000139102000200000035625000403050007228600054566000-6957100013023000383400001078940001126000018435000-2839000-174800046761000124581000-27578000-1954600019183000105035000-80785000-15433000-4273000-3072000-4600000-500000010435000091980001520000-70025000-21985000-245000-262000187100000-10000000-20000008465000-2262000-4237700080788000149313000906510004404900040460000-91000-186280001932710001124830001508940001932710001408890001493130006040400044049000-50399000-910009494930007395400030043000210990001074589000693713000712180001820000023613000806744000SoftwareConsultancy & hotlineTrainingOtherGroup totalSoftwareConsultancy & hotlineTrainingOtherGroup total5682030005063860001074589000525031000281713000806744000ScandinaviaRest of the worldGroup totalScandinaviaRest of the worldGroup total1985460001680240000080530005015000002417400016585000002307730001896240000042136100According to section 98 B(3) of the Danish Financial Statements Act, renumeration to the executive board has not been disclosed.1272800015195000002596000198900019400030600015324000171840001940003060007200064200000208000320000000084400046900019700024800000108550001786700010206000744900011260000184350001105000079180000062000028390001748000958000341000283900017480001020000341000275790001954600025170001539000143500079000119000-670000-20002000-200020000001000000020000001000000000194560002313400033625000303050001416900042230002398000241000945590001031000-10000-70000285900007216800057580000-211000005256000300001667200006789000-219000-204000-50026000000220000-290000-18000-124200000019700000-509000-25000-6242400004747000500010429600067890002248900022489000666900072000674100029230000 Sensitivity in determination of fair value of investment properties Calculation of fair value is based on a normalized operating profit of TDKK. 1.777, expected rental rate of 100% and a return requirement of 6,25% (6% 2020). The return requirement is determined taking into account the location of the property, maintenance stand and occupancy rate. The property is well maintained and used for office rental with location in Risskov. The vacancy rate has historically been low. Changes in estimated required rate of return for investment properties will affect the value of investment properties recognised in the balance sheet as well as value adjustments carried in the income statement.4176200015971000106900003410000043130000-14309000-34860000274530001713900010690006490001136100010660000320000019400023990003000-15700000-537000-29850000149000-1109500010690002730400060440000417620000040000-143090000274530004000064900001940000-1570000-5370000149000027304000400001730300017263000040000-1431100002992000173030006965300047159000-88730000003132900032562000-820000-92010007085000-640000-227000-227000981470006965300010113900086956000Navn Registered office Ownership interest Ejendomsselskabet Julsøvej 1 ApS Denmark 100 JHK ApS Denmark 51 NTI FM Systems AS Norway 100 NTI Kailer PLM Consulting GmbH Germany 70 NTI Group ApS Denmark 50,45 NTI Financial Services ApS Denmark 100 Kalko Industriinvest ApS Denmark 60Ejendomsselskabet Julsøvej 1 ApSDenmark100JHK ApSDenmark51NTI FM Systems ASNorway100NTI Kailer PLM Consulting GmbHGermany70NTI Group ApSDenmark50.45NTI Financial Services ApSDenmark100Kalko Industriinvest ApSDenmark60514300014300046000005000000-40000-400009735000514300020310004320003448000159900054790002031000152140007174000Other fixed asset investments Fair value of an asset or a liability that is measured at fair value, opening 106 0 Fair value adjustments recognised in the income statement -102 0 Fair value of an asset or a liability that is measured at fair value, closing 4 0 Other fixed asset investments1060-102040 The following trade receivables fall due for payment more than 1 year after year end 18.243 7.552 0 0 182430007552000Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and interest.The share capital consists of 125 shares of a nominal value of TDKK 1. No shares carry any special rights.1251Provision for deferred tax at 1 January 2021 906 796 -143 -76 Deferred tax recognised in income statement 1.435 79 119 -67 Provisions for deferred tax through mergers and business combinations -22 31 0 0 Provision for deferred tax at 31 December 2021 2.319 906 -24 -143 Provisions for deferred tax on: Intangible assets 639 227 0 0 Property, plant and equipment 1.692 552 -24 -143 Trade receivables -147 -83 0 0 Prepayments 135 210 0 0 Transferred to deferred tax asset 0 0 24 143 2.319 906 0 0 Deferred tax asset Calculated tax asset 0 0 24 143 Carrying amount 0 0 24 143 639000227000001692000552000-24000-143000-147000-8300000135000210000000267420009176000036420003641000244000242300018270000953700095370000388900036410002440002423000Deferred income consists of payments received in respect of income in subsequent financial years.Operating lease liabilities. Total future lease payments: Within 1 year 4.373 4.237 0 0 Between 1 and 5 years 3.196 4.525 0 0 7.569 8.762 0 0 Lease liabilities 16.568 3.409 0 0 The Group has assumed guarantee commitments totalling TDKK 77.704 thousand vis-à-vis third parties. As management company, the company is jointly taxed with other danish related parties and jointly and severally liable with other jointly taxed entities for payment of income taxes for income year 2013 onwards as well as for payment of withholding taxes on dividends, interest and royalties which fall due for payment on or after 1 July 2012. Contingent liabilities related to group enterprises The company has provided a guarantee for subsidiary's bank loan, maximised at TDKK 43.000.The following assets have been put up as security for for debt to mortgage credit institutions: Land and buildings 5.411 5.411 5.411 5.411 5.411 5.411 5.411 5.411 The following assets have been put up as security for the group’s and associates banks: Floating charges 980 998 Current asset investments 26.576 44.048 44.048.548 44.049 Cash at bank and in hand 12 33 Participating interests 4.600 32.168 45.079 44.048.548 44.049 Jesper Kalko, Langs Hegnet 58, 2800 Kgs. Lyngby Jesper Kalko holds the majority of the share capital in the companyAll transactions with related parties has been effected on market terms. 40700029500060000500003170002100001050009500068500091800000136900070600000-11260000-18435000283900017480001552900017254000-3440000-1603000290130001962300008569000-220430001880000-170636000-550100012310800016644000-6957100013023000Årsrapport33256876CroweRygårds Allé 1042900 Hellerup2021-01-012021-12-312020-01-012020-12-3121162000Hilarius ApSLangs Hegnet582800Kgs. LyngbyDKDanmark1998-09-24Lyngby-TaarbækCrowe33256876Søren JonassenStatsautoriseret revisorRygårds Allé1042900HellerupDKDanmark39292500info@crowe.dk2022-06-30Jesper KalkoRegnskabsklasse C, stor virksomhedRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseGoodwill Goodwill is amortised over the expected economic life of the asset, measured by reference to management's experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is 10 years. The amortisation period is based on the assessment that the entities in question are strategically acquired entities with a strong market position and a long-term earnings profile. Development projects, patents and licences Development costs comprise costs, wages/salaries and amortisation losses that are directly and indirectly attributable to the company's development activities. Developments projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually five years. Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining patent period, and licences are amortised over the term of the licence, however not more than 5 years.Gross margin ratio Gross profit x 100Revenue EBIT margin Profit/loss before financials x 100Revenue Return on assets Profit/loss before financials x 100Average assets Solvency ratio Equity, end of year x 100Total assets at year-end Return on equity Profit/loss for analysis purposes x 100Average equity excl. non-controlling 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