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2019-01-01 2019-12-31 fsa:ContributedCapitalMember 37407097 2019-01-01 2019-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 37407097 2019-01-01 2019-12-31 fsa:RetainedEarningsMember 37407097 2020-01-01 2020-12-31 fsa:ContributedCapitalMember 37407097 2020-01-01 2020-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 37407097 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 37407097 2019-12-31 fsa:ContributedCapitalMember 37407097 2019-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 37407097 2019-12-31 fsa:RetainedEarningsMember 37407097 2020-12-31 fsa:ContributedCapitalMember 37407097 2020-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 37407097 2020-12-31 fsa:RetainedEarningsMember 37407097 2020-01-01 2020-12-31 cmn:ConsolidatedMember 0 37407097 2020-01-01 2020-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure 2020-01-01 2020-12-31 <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 colspan="1">Statement by Management</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">The Board of Directors and the Executive Board have today discussed and approved the annual report of BB Electronics Holding ApS for the financial year 1 January – 31 December 2020.</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">The annual report has been 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">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 2020 and of the results of their operations and consolidated cash flows for the financial year 1 January – 31 December 2020.</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">Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's operations and financial matters, the results for the year and the Group's and the Parent Company's financial position.</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">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Horsens 2021-03-15 <table xmlns="http://www.w3.org/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">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of BB Electronics Holding ApS</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">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of BB Electronics Holding ApS for the financial year 1 January – 31 December 2020, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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 December2020 and of the results of the Group's and the Parent Company's operations as well as consolidated cash flows for the financial year 1 January – 31 December 2020 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">Basis for opinion</td></tr><tr><td colspan="1">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">Independence</td></tr><tr><td colspan="1">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.</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">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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 colspan="1">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">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">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 colspan="1">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 colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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 colspan="1">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 colspan="1">Obtain sufficient and 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 colspan="1">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">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">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 colspan="1">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 colspan="1">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 colspan="1">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 2021-03-15 BB Electronics Holding ApS 8700 Horsens Ane Staunings Vej 21 37407097 2016-01-28 Horsens 4576251000 4576251010 Dirigent 2021-03-15 664917000 -5844000 15081000 -23761000 637.000 <table xmlns="http://www.w3.org/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">2019 includes the acquired Wendell Holding a.s., including subsidiary, from 14 February 2019.</td></tr><tr><td colspan="1">The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td colspan="1">EBITDA margin: EBITDA before special items*100 /Revenue</td></tr><tr><td colspan="1">EBIT margin: EBIT*100 / Revenue</td></tr><tr><td colspan="1">Return on equity: Profit/loss for the year*100 / Average equity</td></tr><tr><td colspan="1">Equity ratio: Equity at year end*100 / Total equity and liabilities at year-end</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">Report</td></tr><tr><td colspan="1">BB Electronics Group is a provider of full range Electronics Manufacturing Services (EMS) which comprise development, production and sales of electronics and EMS solutions. The parent company, BB Electronics A/S is headquartered in Horsens, Denmark, where production also takes place. Furthermore, the Group has two subsidiaries – one in China, BB Electronics (Suzhou) Co. Ltd., and another in the Czech Republic, Wendell Electronics, a.s., part of BB Electronics A/S – both are production sites.</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">Financial development – Group</td></tr><tr><td colspan="1">Sales for 2020 totalled DKK 665 million, which is a decrease of 7% compared to 2019 (DKK 717 million). The decrease can be attributed to the effects of COVID-19.</td></tr><tr><td colspan="1">DKK 665 million (8% decrease) in revenue</td></tr><tr><td colspan="1">In 2020, the Group realised total earnings (EBITDA) before special items of DKK 51 million (2019: DKK 61 million) and a profit after tax of DKK 15 million (2019: DKK 30 million).</td></tr><tr><td colspan="1">The lower EBITDA before special items compared to last year is primarily due to the decrease in total sales impacted by COVID-19 as mentioned above. However, declining costs have partly off set the impact from decrease in sales.</td></tr><tr><td colspan="1">The decrease in EBITDA was not considered satisfactory.</td></tr><tr><td colspan="1">The balance sheet total for the Group at the end of the financial year was DKK 481 million compared to DKK 478 million last year.</td></tr><tr><td colspan="1">.Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities in 2020 amounted to DKK 65 million (2019: DKK 70 million), which was below budget, but still considered satisfactory due to the effects of COVID-19.</td></tr><tr><td colspan="1">DKK 65 million (7% decrease) in positive cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from investing and financing activities, and net interest-bearing debt</td></tr><tr><td colspan="1">The total investment cost was DKK 28 million (2019: DKK -76 million).</td></tr><tr><td colspan="1">As of 31 December 2020, net interest-bearing debt was DKK 11.5 million, while 2019 ended with DKK 45 million.</td></tr><tr><td colspan="1">The current capital structure provides the flexibility required to fully support the future strategy of the company.</td></tr><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">To strengthen BB Electronics worldwide capabilities the production facility in China was moved to a larger and more modern site in China. At the new site an additional and faster production line has been installed.</td></tr><tr><td colspan="1">Dividends</td></tr><tr><td colspan="1">The Board proposes that no dividends be paid for the financial year 2020.</td></tr><tr><td colspan="1">Recognition and measurement uncertainties</td></tr><tr><td colspan="1">No recognition and measurement uncertainties have been identified in the annual report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the completion of the financial statements</td></tr><tr><td colspan="1">After the completion of the financial statements and until today, no events have occurred that would serve to significantly change the Group’s financial position and thereby affect the evaluation of the annual report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook for 2021</td></tr><tr><td colspan="1">It is expected that the impact from COVID-19 will influence business at least during the 1st haft year of 2021. The growth in 2021 on revenue is expected to end to 10–12%.</td></tr><tr><td colspan="1">As the turnover is expected to increase in 2021 compared to 2020 an impact on earnings (EBITDA) are expected in the level of an increase of 15% to 20%.</td></tr><tr><td colspan="1">The expected higher earnings (EBITDA) for 2021 will also impact the cash flow and reduce the Net Interest Bearing Debt.</td></tr><tr><td colspan="1">Financial development</td></tr><tr><td colspan="1">In 2020, revenue totalled DKK 0 million (2019: DKK 0 million). Profit after tax was DKK 15 million (2019: DKK 30 million). At the end of the financial year, the balance sheet total amounted to DKK 180 million (2019: DKK 169 million). Equity as of 31 December 2020 amounted to DKK 157 million (2019: DKK 146 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">Risk conditions</td></tr><tr><td colspan="1">Business risks</td></tr><tr><td colspan="1">The primary business risk faced by the Group is the continued ability to deliver good service and produce quality at competitive prices.</td></tr><tr><td colspan="1">Management regularly evaluates whether BB Electronics has an ample capital structure, and the Board regularly evaluates whether the capital basis is in keeping with the company’s interests and those of its stakeholders. The overall goal is to ensure a capital structure that will support long-term financial growth.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">The parent company centrally manages the Group’s financial risks and coordinates the Group’s liquidity management, including funding and placement of surplus liquidity. The Group operates with a low risk profile, meaning that currency, interest rate and credit risks only occur based on commercial factors.</td></tr><tr><td colspan="1">In addition, the majority of customers as well as inventory are guaranteed via external credit insurance, however some large groups are not insured via external credit insurance due to their risk profile.</td></tr><tr><td colspan="1">Where deemed appropriate to reduce financial risk, financial instruments in the form of forward contracts and interest rate swaps are included.</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">Knowledge resources</td></tr><tr><td colspan="1">In 2020, the Company maintained its focus on the competitive situation.</td></tr><tr><td colspan="1">The staff of the full-time employees is allocated as follows</td></tr><tr><td colspan="1">Denmark: 18%</td></tr><tr><td colspan="1">China: 61%</td></tr><tr><td colspan="1">The Czech Republic: 21%</td></tr><tr><td colspan="1">To continuously be able to deliver and develop competitive products and solutions, it is paramount that the Group is able to retain and develop employees so that they have the best possible skill set for performing in their job.</td></tr><tr><td colspan="1">Consequently, our HR department works with a strategic perspective focusing on goal-oriented work with attraction, development, and job satisfaction amongst the staff.</td></tr><tr><td colspan="1">Statutory Declaration of Corporate Social Responsibility</td></tr><tr><td colspan="1">BB Electronics Holding ApS is the parent company of the BB Electronics Group, consisting of BB Electronics A/S in Denmark, BB Electronics (Suzhou) Co. Ltd in China, and Wendell Electronics a.s. in the Czech Republic.</td></tr><tr><td colspan="1">BB Electronics Holding ApS has assessed that the main impacts on social and environmental conditions relate to the business activities of the subsidiary BB Electronics A/S, which is why the Group's reporting on corporate social responsibility, cf. the statutory requirements of FSA §99a focuses on BB Electronics A/S’ efforts within the areas of corporate social responsibility. BB Electronics A/S joined the UN Global Compact in 2010. The progress report for the year has been published.</td></tr><tr><td colspan="1">Business model</td></tr><tr><td colspan="1">BB Electronics A/S provides a comprehensive range of specialist EMS services focused on design for manufacturing, sourcing, production, assembly, testing, box build, and system integration, along with distribution and after-sales services.</td></tr><tr><td colspan="1">Human Rights &amp; Anti-Corruption</td></tr><tr><td colspan="1">BB Electronics supports the universally declared human rights and have a zero-tolerance of any bribery or corruption. Suppliers in the BB Electronics value chain might constitute a risk in relation to human rights and anti-corruption. When entering a contract, BB Electronics ensures that critical suppliers must commit their company to comply with the Code of Conduct. In 2020, 100 suppliers signed the Code of Conduct.</td></tr><tr><td colspan="1">Environment &amp; Climate</td></tr><tr><td colspan="1">BB Electronics takes the climate responsibility seriously and aims to continuously minimize the environmental impact of products and production. The main risks for the environment and climate relate to the buildings and the production processes, including risks regarding energy consumption, waste generation and paper consumption. At the production plant in Horsens, Denmark, the existing natural gas boiler was in 2020 replaced by district energy from the local grid, which will reduce the carbon footprint by up to 20%.</td></tr><tr><td colspan="1">Furthermore, focus on waste management in both administration and production has kept the recycling rate at a high level and in 2020 it was 74% in the Danish factory.</td></tr><tr><td colspan="1">Social and Employee matters</td></tr><tr><td colspan="1">In general, BB Electronics is committed to providing its people with a healthy and safe workplace. The goal is to instill a strong safety culture at every level of the organization. Health issues represent the largest risk to the general well-being of the employees, especially in the light of the Corona pandemic. Workplace assessments are made for all employees. In this way, a continuous evaluation of the working environment is made. Furthermore, BB Electronics has continuously issued guidelines related to Covid-19 based on the governments' recommendations and has thereby avoided infection among the employees. In 2020, only one work-related injury was registered in the Danish subsidiary, where the sickness absence was 3.20% during the year.</td></tr><tr><td colspan="1">Whistle blowers</td></tr><tr><td colspan="1">Employees at BB Electronics have the ability to contact an external company anonymously if there should be events that they wish to report. There were no such contacts made under this arrangement in 2020.</td></tr><tr><td colspan="1">Goals and policies for gender composition of the Board of directors</td></tr><tr><td colspan="1">BB Electronics has goals for recruitment of women for management positions. BB Electronics wants to make the goal of more women in management quantifiable – both in terms of the process leading to the goal and in relation to the concrete results.</td></tr><tr><td colspan="1">Targets have been set for the ratio of female senior managers</td></tr><tr><td colspan="1">The current proportion of females at the senior management level (the Board) is currently 0%, and the target is at least 25% in 5 years from now. There were no actual replacements on the Board in 2020.</td></tr><tr><td colspan="1">The proportion of female senior managers in daily management (Executive Board) is currently 25%, and the target here is also not less than 25%.</td></tr><tr><td colspan="1">The goal is for at least one of each gender to be amongst the final three candidates in the recruitment process.</td></tr></table> 588323000 76594000 16624000 36851000 5916000 2884000 26151000 0 2239000 8083000 20307000 5226000 28764000 24377000 68222000 2981000 65241000 4865000 23761000 0 20000 -22474000 14326000 -956000 Regnskabsklasse C, stor 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">Accounting policies</td></tr><tr><td colspan="1">The consolidated financial statements and the parent company financial statements of BB Electronics Holding ApS for 2020 have been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting Class C entities.</td></tr><tr><td colspan="1">Effective from the financial year 2020, the Company has implemented amending act no. 1716 of 27 December 2018 to the Danish Financial Statements Act. The implementation of the amending act has not affected the Company's / Group’s accounting policies on recognition and measurement of assets and liabilities but has solely entailed a requirement for further disclosures. The accounting policies used in the preparation of the financial statements are consistent with those of last year.</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">Consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements comprise the parent company, BB Electronics Holding ApS and subsidiaries in which the parent - directly or indirectly - owns the majority of voting rights or in which the parent company via share ownership or otherwise holds a controlling interest.</td></tr><tr><td colspan="1">The consolidated financial statements are presented as a consolidation of the financial statements of the parent company and subsidiaries, all of which are prepared in accordance with the accounting policies of the BB Electronics Holding Group.</td></tr><tr><td colspan="1">On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends as well as realised and unrealised gains on intra-group transactions are eliminated. Unrealised losses are eliminated in the same way as unrealised gains unless they do reflect impairment.</td></tr><tr><td colspan="1">The equity investments held by the parent company in consolidated subsidiaries are netted against the parent company's share of the subsidiaries' net asset value as recorded at the time of establishment of the group relationship.</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">Business combinations</td></tr><tr><td colspan="1">Newly acquired entities are recognised in the consolidated financial statements from the acquisition date. Entities sold or otherwise disposed of are recognised in the consolidated financial statements up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities.</td></tr><tr><td colspan="1">The acquisition date is the date when the Group actually obtains control of the acquired entity.</td></tr><tr><td colspan="1">The purchase method is applied to acquisitions of new businesses over which the Group obtains control. The acquired businesses' identified assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations is recognised.</td></tr><tr><td colspan="1">Positive differences (goodwill) between, on the one hand, the consideration for the acquired entity and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill in intangible assets. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.</td></tr><tr><td colspan="1">Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the Group's presentation currency are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.</td></tr><tr><td colspan="1">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 contingent on future events or compliance with agreed terms, such part of the purchase consideration is recognised at fair value at the acquisition date. Subsequent adjustments of contingent purchase considerations are recognised in the income statement.</td></tr><tr><td colspan="1">Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.</td></tr><tr><td colspan="1">If uncertainties regarding the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the purchase consideration exist at the acquisition date, initial recognition will take place on the basis of provisional values. If it turns out subsequently that the identification or measurement of the purchase consideration, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Subsequently, any adjustments are recognised as errors.</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">Foreign currency translation</td></tr><tr><td colspan="1">Foreign currency transactions throughout the year have been converted to the rate in force on the transaction date. Gains and losses arising between rates on transaction and payment days are recognised in the income statement under financial items.</td></tr><tr><td colspan="1">Receivables, liabilities and other monetary items in foreign currencies are converted to the rate on the reporting date.</td></tr><tr><td colspan="1">The exchange rate difference between the reporting date and transaction date is included in the income statement under financial items.</td></tr><tr><td colspan="1">The Group’s foreign subsidiaries are independent entities. The income statements are converted to an average exchange rate, while items in the balance sheet are converted to the rate on the reporting date. Exchange rate adjustments arising from the conversion of subsidiaries’ equity at the opening of the year and exchange rate adjustments arising from the conversion of the income statement from an average conversion rate to the rate on the reporting date are entered directly in equity.</td></tr><tr><td colspan="1">Derivative financial instruments</td></tr><tr><td colspan="1">Derivative financial instruments are initially recognised in the balance sheet at cost and subsequently at fair value. Positive and negative fair values of derived financial instruments are recognised as other receivables and other liabilities, respectively.</td></tr><tr><td colspan="1">Changes in fair value of derived financial instruments classified as and which satisfy the conditions for securing the fair value of an included asset or an included liability are recognised in the income statement together with any changes in the fair value of the secured asset or the secured liability. Changes in fair value of derivative financial instruments classified as and which satisfy the conditions for securing expected future transactions regarding purchases and sales in foreign currencies are included under other receivables or other liabilities and in equity. If the expected future transaction leads to recognition of assets or liabilities, amounts deferred under equity are transferred from equity and recognised in the cost of the asset or liability. Amounts deferred under equity are transferred to the income statement for the period in which the secured item affects the income statement.</td></tr><tr><td colspan="1">Segment information</td></tr><tr><td colspan="1">Sales are specified in geographic markets. Information about geographic markets is based on revenue and risk as well as internal financial management.</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">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">Revenue</td></tr><tr><td colspan="1">Net sales from the sale of goods and manufactured products is recognised in the income statement, provided delivery and risk transferral to the buyer has taken place before the end of the year. Net sales are recognised exclusive of value added tax, other taxes and sales-related discounts.</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">Production costs</td></tr><tr><td colspan="1">Production costs include costs incurred to achieve the net sales for the year, including direct and indirect raw materials and consumables, salaries and wages, rents and leasing, and depreciation on production plants.</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">Distribution costs</td></tr><tr><td colspan="1">Costs recognised under distribution costs include costs related to the distribution of goods sold throughout the year and any sales campaigns, etc. This includes costs related to sales staff, advertising and exhibition costs, and depreciation.</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">Other operating income/expenses</td></tr><tr><td colspan="1">Other operating income and expenses include accounting items of a secondary nature in relation to the main activities of the group companies, such as profits and losses in regard to sales of intangible assets, property, plant and equipment and financial assets.</td></tr><tr><td colspan="1">Profit or loss from equity investments in subsidiaries and associated companies</td></tr><tr><td colspan="1">The parent company’s income statement is recognised in profit after tax of the subsidiary after full elimination of internal profit/loss, and amortisation/depreciation on PPA-adjustments and goodwill.</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">Financial entries</td></tr><tr><td colspan="1">Financial income and expenses include interest income and expenses, realised and unrealised exchange gains and losses regarding obligations and transactions in foreign currencies, amortisation of financial assets and obligations, and increases and compensations under the tax on account scheme etc. Financial income and expenses are recognised at the amounts concerning the financial year.</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">Tax on profit or loss for the year</td></tr><tr><td colspan="1">BB Electronics Holding ApS is covered by the Danish rules for compulsory joint taxation. Danish subsidiaries are included in the joint taxation from the time they are included in the consolidated financial statements until the time when they are excluded from the consolidation.</td></tr><tr><td colspan="1">The parent company is the management company for the joint taxation and consequently settles all payments of corporation tax with the tax authorities.</td></tr><tr><td colspan="1">The current Danish corporate tax is allocated by settlement of joint taxation contributions between the jointly taxed companies in proportion to their taxable income. In connection with this, companies with tax deficits receive joint tax contributions from companies that have been able to use these deficits for the reduction of their own taxable profits.</td></tr><tr><td colspan="1">The tax for the year consists of the current corporate tax and changes in deferred tax for the year due to changes in the tax rate and is recognised in the income statement as the part directly associated with the profit or loss for the year, while tax directly relating can be attributed to items recognised directly in equity.</td></tr><tr><td colspan="1">No withholding tax on profit in subsidiaries is recognised in the income statement as there is no policy for or intension to distribute dividends from subsidiaries. In Denmark, gain on the sale of shares in subsidiaries is tax-free income. Withholding tax on the accumulated profit in subsidiaries is disclosed in notes 9 and 12.</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">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">Intangible assets</td></tr><tr><td colspan="1">Goodwill</td></tr><tr><td colspan="1">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 20 years. The amortisation period is fixed on the basis of the expected repayment horizon and is longest for strategically acquired entities with strong market positions and long-term earnings profiles.</td></tr><tr><td colspan="1">Software</td></tr><tr><td colspan="1">Software is calculated at cost less accumulated amortisation. Software is amortised over the estimated useful life, but not more than 5 years.</td></tr><tr><td colspan="1">Other intangible assets</td></tr><tr><td colspan="1">Other intangible assets include the value of the customer list and are calculated at cost less accumulated amortisation. Customer lists are amortised over 5-10 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="2">Property, plant and equipment</td></tr><tr><td colspan="2">Furnishing of rented premises, technical plant and machinery and other fixtures and fittings are calculated at cost less accumulated depreciation.</td></tr><tr><td colspan="2">The depreciation base is cost less expected residual value at the end of the useful life.</td></tr><tr><td colspan="2">Cost includes purchase price and costs directly related to the purchase up until the time when the asset is ready to be put into use. For proprietary assets, the cost includes cost of materials, components, subcontractors, direct wages and indirect production costs.</td></tr><tr><td colspan="2">Linear depreciation is performed on the basis of the following evaluation of the expected useful life of the asset</td></tr><tr><td>Leasehold improvements</td><td>5 years</td></tr><tr><td>Buildings</td><td>25 years</td></tr><tr><td>Plant and machinery</td><td>5-8 years</td></tr><tr><td>Other fixtures and fittings</td><td>3-8 years</td></tr><tr><td colspan="2">The depreciation base is calculated based on the asset’s residual value at the end of its useful life less any write-downs. The depreciation period and the residual value are determined on the date of acquisition and reassessed annually. The depreciation period ends if the residual value exceeds the carrying amount.</td></tr><tr><td colspan="2">The effect of the depreciation is recognised as a change in accounting estimates if there are changes in the depreciation period or residual value.</td></tr><tr><td colspan="2">Depreciation is recognised in the income statement under production, distribution and administrative costs.</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">Leasing contracts</td></tr><tr><td colspan="1">Leasing contracts related to assets, where the company holds all material risks and advantages in connection with ownership (financial leasing), are calculated through initial recognition in the balance sheet at the lower of fair value and the present value of future lease payments. The lease’s internal interest rate or the alternative borrowing rate, such as the discount factor, is used when calculating the present value. Assets held under finance lease are hereinafter accounted for as the Company’s other assets.</td></tr><tr><td colspan="1">The capitalised residual leasing liability is recognised in the balance sheet as a liability and the interest element of the leasing payment is recognised throughout the term of the contract in the income statement.</td></tr><tr><td colspan="1">All other leasing contracts are classified as operating leases. Services connected with operating leases and other leasing contracts are recognised in the income statement over the term of the contract. The Company’s total liabilities relating to operating leases are included in contingencies, 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">Financial assets</td></tr><tr><td colspan="1">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are recognised in the balance sheet as the proportional share of the companies’ net asset value and calculated based on the accounting policies for the parent company while subtracting or adding unrealised profits and losses in the Group and including not yet amortised/depreciated PPA adjustments and goodwill.</td></tr><tr><td colspan="1">Net revaluation of equity investments in subsidiaries are transferred under equity as a reserve for net revaluations using the equity method to the extent the carrying amount exceeds the cost.</td></tr><tr><td colspan="1">No withholding tax on profit in subsidiaries is recognised in the income statement as there is no policy for or intension to distribute dividends from subsidiaries. In Denmark, gain on the sale of shares in subsidiaries is tax-free income. Withholding tax on the accumulated profit in subsidiaries is disclosed in notes 9 and 12.</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">Impairment of assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment, as well as investments in subsidiaries, are assessed annually for indications of impairment other than those expressed by depreciation.</td></tr><tr><td colspan="1">If there are indications of impairment, an impairment test of the asset or group of assets is made. Write-down is made to the recoverable amount if this is lower than the carrying amount.</td></tr><tr><td colspan="1">The higher of net sales price and net asset value is used for the recoverable amount. The net asset value is calculated at the present value of expected net cash flows from an asset or asset group and expected net cash flows from the sale of assets or asset groups at the end of their useful life.</td></tr><tr><td colspan="1">Previously calculated impairment losses are reversed if the reasons for impairment are no longer valid. Impairment of goodwill is not reversed.</td></tr><tr><td colspan="1">Current 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">Inventories</td></tr><tr><td colspan="1">Inventories are calculated at cost based on the FIFO principle. Where cost is higher than the fair value less costs to sell, the value is written down.</td></tr><tr><td colspan="1">Cost for goods, raw materials and consumables are recognised at the purchase price plus delivery costs.</td></tr><tr><td colspan="1">Cost for finished goods and goods-in-process include cost for raw materials, consumables, direct salaries and indirect production costs. Indirect production costs include indirect materials and salaries, maintenance of and depreciation on machines and equipment used in production, and factory administration and management costs.</td></tr><tr><td colspan="1">The fair value less costs to sell for inventories is calculated as the sales price excluding costs of completion and costs related to achieving sales, and is established with due consideration of merchantability, obsolescence and development in expected sales 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">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost and reduced by depreciation for bad debt risk of expected losses according to an individual assessment.</td></tr><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments recognised under assets include costs relating to subsequent financial 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">Equity</td></tr><tr><td colspan="1">Expected dividends for the year are shown as a separate item under equity. Dividends are recognised as a liability at the time they are approved by the general meeting.</td></tr><tr><td colspan="1">Reserve for net revaluation according to book value includes net revaluation of equity investments in subsidiaries in relation to 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">Income tax and deferred tax</td></tr><tr><td colspan="1">Current tax payables and current tax receivables are recognised in the balance sheet as estimated tax on the taxable income for the year, adjusted for tax from the previous year’s taxable income and tax paid on account.</td></tr><tr><td colspan="1">Payable and receivable joint tax contributions are recognised as “Income tax receivable” or “Income tax payable”.</td></tr><tr><td colspan="1">Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities.</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">Provisions</td></tr><tr><td colspan="1">Provisions include expected costs for warranty obligations and other unknown circumstances.</td></tr><tr><td colspan="1">Provisions are recognised when the Group/Company has a legal or constructive obligation as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.</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">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the proceeds received less transaction costs paid. In subsequent periods, financial liabilities are recognised at amortised cost corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds received and the nominal value is recognised in the income statement throughout the loan period.</td></tr><tr><td colspan="1">The capitalised residual lease liability on financial leasing contracts is also recognised in financial liabilities.</td></tr><tr><td colspan="1">Other liabilities, including payables to suppliers, group entities and other payables are calculated 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="2">Fair value</td></tr><tr><td colspan="2">The fair value measurement is based on the principal market. If a primary market does not exist, it is based on the most advantageous market, which is the market that maximises the price of the asset or liability less transactions and/or transportation costs.</td></tr><tr><td colspan="2">All assets and liabilities that are measured at fair value or whose fair value has been disclosed are classified based on the fair value hierarchy as described below</td></tr><tr><td>Level 1</td><td>Value calculated based on the fair value of similar assets/liabilities in an active market.</td></tr><tr><td>Level 2</td><td>Value calculated based on generally accepted valuation methods based on observable market information.</td></tr><tr><td>Level 3</td><td>Value calculated on generally accepted valuation methods and reasonable estimates based on non-observable market information.</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 of cash flows</td></tr><tr><td colspan="1">The statement of cash flows shows the Group’s cash flows for the year divided into operating activities, investing activities and financing activities for the year, cash transfers for the year and liquid assets at the opening and closing of the year.</td></tr><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities are recognised as the profit or loss for the year adjusted for non-cash operating items, changes in working capital and corporate tax paid.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities include payments related to the acquisition and sale of companies and assets as well as acquisitions and sales of intangible assets, property, plant and equipment and financial assets.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities include payments to and from shareholders, borrowing, and interest and capital repayment on interest-bearing debts.</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">Cash</td></tr><tr><td colspan="1">Liquid assets include cash and bank deposits.</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" >Notes</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Revenue</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Distribution of business areas is as follows</td></tr><tr><td colspan="3"></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="8%" align="right" valign="middle" >2020</td><td width="20%" align="right" valign="middle" >2019</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Denmark</td><td width="8%" align="right" valign="middle" >375982</td><td width="20%" align="right" valign="middle" >335811</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Other countries</td><td width="8%" align="right" valign="middle" >288935</td><td width="20%" align="right" valign="middle" >381380</td></tr><tr><td width="72%" ></td><td width="8%" align="right" valign="middle" >664917</td><td width="20%" align="right" valign="middle" >717191</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" >Special items</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Special items include significant income and expenses of a special nature relative to the Group’s revenue-generating operating activities. Special items also include other significant amounts of a non-recurring nature that Management does not consider part of the Group's ordinary operations.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Profit or loss for the year was affected by special items relating to acquisition cost regarding Wendell Group, COVID-19 pandemic, movement to new facilities in China and additional VAT costs regarding inventory without duty, which Management considers not to be part of the ordinary operations.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Special items for the year are specified below, including the line items in which they are recognised in the income statement.</td></tr><tr><td colspan="3"></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="8%" align="right" valign="middle" >2020</td><td width="20%" align="right" valign="middle" >2019</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Costs</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Costs, exploring establishment and acquisition of subsidiary in Eastern Europe and new factory in China (2018: including customs case)</td><td width="8%" align="right" valign="middle" >-4061</td><td width="20%" align="right" valign="middle" >-8042</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >VAT cost regarding inventory without duty in China</td><td width="8%" align="right" valign="middle" >-2079</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >COVID-19 compensation</td><td width="8%" align="right" valign="middle" >5014</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >COVID-19 cost</td><td width="8%" align="right" valign="middle" >-5014</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Other</td><td width="8%" align="right" valign="middle" >-1069</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="72%" ></td><td width="8%" align="right" valign="middle" >-7209</td><td width="20%" align="right" valign="middle" >-8042</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Special items are included in the consolidated financial statements in the following line items</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Production costs</td><td width="8%" align="right" valign="middle" >-8034</td><td width="20%" align="right" valign="middle" >-1934</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Distribution costs</td><td width="8%" align="right" valign="middle" >-250</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Administrative coast</td><td width="8%" align="right" valign="middle" >-1860</td><td width="20%" align="right" valign="middle" >-6108</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Other operating income</td><td width="8%" align="right" valign="middle" >5014</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Other operating expenses</td><td width="8%" align="right" valign="middle" >-2079</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="72%" ></td><td width="8%" align="right" valign="middle" >-7209</td><td width="20%" align="right" valign="middle" >-8042</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The parent company recognised DKK -7,209 thousand as part of the result in the subsidiary.</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" >Staff costs and incentive plans</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Incentive programmes</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >In 2016, a warrant programme was established for the benefit of Management and certain key employees. The programme allows the Board of the parent company to issue up to 12,470 warrants to be allocated over a period of 5 years with a grant of 20% yearly. In case of an Exit or at 1 May 2021, at the latest, the rest of the warrants will be granted to the employees. 7,579 warrants were granted to key employees at the end of 2019 and 2,135 were granted in 2020, a total of 9,714. Exercising warrants is only an option by an Exit (sale of BB Electronics Holding ApS or BB Electronics A/S), the owner is entitled to subscribe shares in BB Electronics Holding ApS at a cost of DKK 2,000 plus a hurdle rate of 8 % p.a. (after 1 January 2020) per share with a nominal value of DKK 1. The warrants must be exercised by 1 May 2023, otherwise they will be void unless special circumstances according to the warrants agreement are fulfilled</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There has not been any recognition of cost related to the incentive programme in the income statement.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Staff costs are broken down as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="7%" align="right" valign="middle" >2020</td><td width="15%" align="right" valign="middle" >2019</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Salaries and wages</td><td width="7%" align="right" valign="middle" >109433</td><td width="15%" align="right" valign="middle" >115635</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Pension contributions</td><td width="7%" align="right" valign="middle" >7266</td><td width="15%" align="right" valign="middle" >11747</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="7%" align="right" valign="middle" >5627</td><td width="15%" align="right" valign="middle" >6692</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" ></td><td width="7%" align="right" valign="middle" >122326</td><td width="15%" align="right" valign="middle" >134074</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >and are recognised as follows</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Production costs</td><td width="7%" align="right" valign="middle" >99288</td><td width="15%" align="right" valign="middle" >108754</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Distribution costs</td><td width="7%" align="right" valign="middle" >7286</td><td width="15%" align="right" valign="middle" >7934</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Administrative expenses</td><td width="7%" align="right" valign="middle" >15752</td><td width="15%" align="right" valign="middle" >17386</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" ></td><td width="7%" align="right" valign="middle" >122326</td><td width="15%" align="right" valign="middle" >134074</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >of which remuneration to the Board of</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Directors and the Executive Board total</td><td width="7%" align="right" valign="middle" >2195</td><td width="15%" align="right" valign="middle" >3174</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Average number of full-time employees</td><td width="7%" align="right" valign="middle" >637</td><td width="15%" align="right" valign="middle" >676</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Number of permanent employees as of 31 December</td><td width="7%" align="right" valign="middle" >622</td><td width="15%" align="right" valign="middle" >691</td><td width="9%" ></td><td width="9%" ></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="5" align="left" valign="middle" >Other operating income and other operating expenses</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other operating income</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="7%" align="right" valign="middle" >2020</td><td width="15%" align="right" valign="middle" >2019</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Profit on sale of fixed assets</td><td width="7%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >136</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >COVID-19 compensation</td><td width="7%" align="right" valign="middle" >5014</td><td width="15%" align="right" valign="middle" >0</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Other income</td><td width="7%" align="right" valign="middle" >902</td><td width="15%" align="right" valign="middle" >0</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" ></td><td width="7%" align="right" valign="middle" >5916</td><td width="15%" align="right" valign="middle" >136</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other operating expenses</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >VAT cost regarding inventory without duty in China</td><td width="7%" align="right" valign="middle" >-2079</td><td width="15%" align="right" valign="middle" >0</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Other expenses</td><td width="7%" align="right" valign="middle" >-805</td><td width="15%" align="right" valign="middle" >-3</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" ></td><td width="7%" align="right" valign="middle" >-2884</td><td width="15%" align="right" valign="middle" >-3</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr></table> 2209000 30000 3281000 4802000 <table xmlns="http://www.w3.org/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" >Income tax and deferred tax</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="7%" colspan="1" align="left" valign="middle" >Income tax liability</td><td width="17%" colspan="1" align="left" valign="middle" >Deferred tax assets</td><td width="11%" colspan="1" align="left" valign="middle" >Tax according to income statement</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 1 January 2019</td><td width="7%" align="right" valign="middle" >-651</td><td width="17%" align="right" valign="middle" >22639</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >32</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="7%" align="right" valign="middle" >1144</td><td width="17%" align="right" valign="middle" >-5805</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tax regarding equity adjustments</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >57</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-5704</td><td width="11%" align="right" valign="middle" >5704</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Income tax paid</td><td width="7%" align="right" valign="middle" >-3619</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tax related to income for the year</td><td width="7%" align="right" valign="middle" >3639</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >3639</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 31 December 2019</td><td width="7%" align="right" valign="middle" >513</td><td width="17%" align="right" valign="middle" >11162</td><td width="11%" align="right" valign="middle" >9400</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 1 January 2020</td><td width="7%" align="right" valign="middle" >513</td><td width="17%" align="right" valign="middle" >11162</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="7%" align="right" valign="middle" >10</td><td width="17%" align="right" valign="middle" >-12</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tax regarding equity adjustments</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-10</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-3612</td><td width="11%" align="right" valign="middle" >3612</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Income tax paid</td><td width="7%" align="right" valign="middle" >-2981</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tax related to income for the year</td><td width="7%" align="right" valign="middle" >1624</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >1624</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 31 December 2020</td><td width="7%" align="right" valign="middle" >-834</td><td width="17%" align="right" valign="middle" >7538</td><td width="11%" align="right" valign="middle" >5226</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Recognised as per below</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Assets</td><td width="7%" align="right" valign="middle" >-1156</td><td width="17%" align="right" valign="middle" >12589</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Liabilities</td><td width="7%" align="right" valign="middle" >322</td><td width="17%" align="right" valign="middle" >-5051</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 31 December 2020</td><td width="7%" align="right" valign="middle" >-834</td><td width="17%" align="right" valign="middle" >7538</td><td width="11%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The deferred tax asset consists of tax loss carryforwards and accelerated depreciation options. Based on budgets and projections, Management believes that it will be possible to utilise the tax asset.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Withholding tax on the accumulated profit (excl. legal reserves) in subsidiaries can be calculated to DKK 2.4 million. The amount has not been recognised in the income statement.</td></tr><tr><td colspan="4"></td></tr></table> -38000 4865000 7096000 -38000 5917000 -7096000 <table xmlns="http://www.w3.org/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>IA Amortised over</td><td>20 years</td><td>3-5 years</td><td>5-10 years</td></tr></table> -4149000 23761000 19555000 -2642000 11740000 19524000 <table xmlns="http://www.w3.org/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>PPE Property, plant and equipment include assets held under financial lease with a total carrying amount of</td><td>0</td><td>0</td><td>0</td><td>244</td><td>0</td><td>244</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>PPE Depreciated over</td><td>25 years</td><td>5 years</td><td>5-8 years</td><td>3-8 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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Financial assets</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="7%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="28%" colspan="2" align="left" valign="middle" >Other securities and investments</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Cost at 1 January 2020</td><td width="7%" align="right" valign="middle" >1363</td><td width="17%" align="right" valign="middle" >350</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Additions</td><td width="7%" align="right" valign="middle" >350</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Disposals</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Cost at 31 December 2020</td><td width="7%" align="right" valign="middle" >1713</td><td width="17%" align="right" valign="middle" >350</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Carrying amount at 31 December 2020</td><td width="7%" align="right" valign="middle" >1713</td><td width="17%" align="right" valign="middle" >350</td><td width="11%" ></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 width="100%" colspan="1" align="left" valign="middle" >Note Authorised share capital</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As of 31 December, 2020, equity consisted of 100,000 shares of DKK 1 each. The company were founded 28 January 2016 with a share capital of nominal DKK 50,000, which were increased in February 2016 with nominal DKK 50,000, after which equity consist of DKK 100,000.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Incentive programmes</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Reference is made to note 4 regarding warrant programmes.</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 width="100%" colspan="1" align="left" valign="middle" >Non-current liabilities</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Payments due within 1 year are recognised under current liabilities. As of 31 December 2020, non-current liabilities amounted to DKK 78,126 thousand (2019: DKK 95,847 thousand). The non-current liabilities mature within 5 years after the reporting date.</td></tr><tr><td colspan="1"></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 width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities and collateral</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >BB Electronics A/S’ insurance coverage of receivables from sales of goods and services has been provided as security to the Company's banks.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >A financial institution has provided a customer with a guarantee of DKK 530 thousand which expires in 2021.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group’s banker has issued a payment guarantee totalling EUR 170 thousand (DKK 1.3 million). A corresponding amount has been deposited at a cover-for-liabilities account, and the balance is recognised in cash and cash equivalents.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >A company charge security for DKK 80,000 thousand and shares in Wendell Holding a.s. and Wendell Electronics a.s. has been provided as security for payables to credit institutions.</td></tr><tr><td colspan="1"></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 width="100%" colspan="1" align="left" valign="middle" >Operating leases and rental agreements</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In addition to finance leases, the Group has acquired operating lease liabilities with payments in the non-cancellation period totalling DKK 2,574 thousand (2019: DKK 1,614 thousand). The leasing contracts have non-cancellation periods of up to 48 months.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The rental agreement in Denmark is not subject to cancellation until 30 June 2022 and 30 June 2025. The annual rent during the non-cancellation period amounts to DKK 2,226 thousand and DKK 501 thousand (2019: DKK 5,573 thousand/12 months’ notice).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The non-cancellation period for the rental agreement in China ends on 31 May 2022. The total rent during the non-cancellation period amounts to DKK 3,603 thousand (2019: DKK 6,923 thousand).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The non-cancellation period for the rental agreement in Czech Republic ends in 2021. The total rent during the non-cancellation period amounts to DKK 299 thousand (2019: DKK 178 thousand).</td></tr><tr><td colspan="1"></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" >Related parties</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >BB Electronics Holding ApS’ related parties include the following</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Controlling interest</td><td width="8%" colspan="1" align="left" valign="middle" >Background</td><td width="20%" colspan="1" align="left" valign="middle" >Transactions</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >No shareholders have majority shares</td><td width="8%" colspan="1" align="left" valign="middle" >Shareholder</td><td width="20%" colspan="1" align="left" valign="middle" >Board fee – is presented including remuneration to the CEO</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Ane Staunings Vej 21</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The following shareholder is listed in the list of owners as holding 5% or more of the share capital</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Slotsbakken Holding ApS, Vældegårdsvej 73 a, 2820 Gentofte</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Skovbitt Holding A/S, Holmboes Alle 1 A, 10., 8700 Horsens</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Per Thrane Holding ApS, Strandvejen 178, 2920 Charlottenlund</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >BB Management 2016 ApS, Ane Stauningsvej 21 C, 8700 Horsens.</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" >Currency and interest rate risks and use of derived financial instruments</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group uses hedging instruments such as forward exchange contracts and interest rate/currency swaps to hedge recognised and non-recognised transactions.</td></tr><tr><td width="60%" align="right" valign="middle" >2020</td><td width="7%" ></td><td width="15%" ></td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There are no financial contracts to hedge currency translation exposure in the income statement as of 31 December 2020. As of 31 December 2020, the Group entered into the following forward contracts to hedge product purchases</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" ></td><td width="7%" colspan="1" align="left" valign="middle" >Currency '000</td><td width="33%" colspan="3" align="left" valign="middle" >DKK'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >EUR/CNY</td><td width="7%" align="right" valign="middle" >3569</td><td width="15%" align="right" valign="middle" >40</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="60%" ></td><td width="7%" ></td><td width="15%" align="right" valign="middle" >-11</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company hedges interest rate risks using interest rate swaps, whereby variable interest payments are converted to fixed interest payments.</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="7%" colspan="1" align="left" valign="middle" >Calculation Principal</td><td width="15%" colspan="1" align="left" valign="middle" >Value adjustments recognised in equity</td><td width="9%" colspan="1" align="left" valign="middle" >Fair value</td><td width="9%" colspan="1" align="left" valign="middle" >Residual maturity</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Interest rate swaps</td><td width="7%" align="right" valign="middle" >5289</td><td width="15%" align="right" valign="middle" >-29</td><td width="9%" align="right" valign="middle" >-29</td><td width="9%" colspan="1" align="left" valign="middle" >3 years</td></tr><tr><td colspan="5"></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="5" align="left" valign="middle" >Currency and interest rate risks and use of derived financial instruments (continued)</td></tr><tr><td width="60%" align="right" valign="middle" >2019</td><td width="7%" ></td><td width="15%" ></td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There are no financial contracts to hedge currency translation exposure in the income statement as of 31 December 2019. As of 31 December 2019, the Group entered into the following forward contracts to hedge product purchases</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Currency</td><td width="7%" colspan="1" align="left" valign="middle" >Contract value</td><td width="33%" colspan="3" align="left" valign="middle" >Market value</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >EUR/USD</td><td width="7%" align="right" valign="middle" >202</td><td width="15%" align="right" valign="middle" >-13</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" ></td><td width="7%" ></td><td width="15%" align="right" valign="middle" >15</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >As of 31 December 2019, the market value of forward contracts is included as other receivables and directly in equity.</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >DKK’000</td><td width="7%" colspan="1" align="left" valign="middle" >Calculation Principal</td><td width="15%" colspan="1" align="left" valign="middle" >Value adjustments recognised in equity</td><td width="9%" colspan="1" align="left" valign="middle" >Fair value</td><td width="9%" colspan="1" align="left" valign="middle" >Residual maturity</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Interest rate swaps</td><td width="7%" align="right" valign="middle" >10577</td><td width="15%" align="right" valign="middle" >-101</td><td width="9%" align="right" valign="middle" >-101</td><td width="9%" colspan="1" align="left" valign="middle" >3 years</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >At 31 December 2019, the group companies are net exposed towards payments of USD 651 thousand.</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" >Statement of cash flows – changes in working capital</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="8%" align="right" valign="middle" >2020</td><td width="20%" align="right" valign="middle" >2019</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Change in receivables, etc.</td><td width="8%" align="right" valign="middle" >9222</td><td width="20%" align="right" valign="middle" >-9161</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Change in inventories</td><td width="8%" align="right" valign="middle" >1635</td><td width="20%" align="right" valign="middle" >-1162</td></tr><tr><td colspan="3"></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="8%" align="right" valign="middle" >-1703</td><td width="20%" align="right" valign="middle" >-280</td></tr><tr><td colspan="3"></td></tr></table> 133000 -4187000 Årsrapport 30700228 EY Englandsgade 25 5000 Odense C 2019-01-01 2019-12-31 Revisionspåtegning Carsten Christensen Sven Ruder chairman Ole Steen Andersen vice-chairman Per Thrane Folmer Rud Hansen Casper Lykke Pedersen 717191000 -751000 29826000 -12350000 676.000 560416000 -3280000 25345000 -5246000 485.000 460396000 -516000 18660000 -4078000 484.000 362362000 -1596000 15672000 -7024000 452.000 EBITDA before special items 51017000 EBITDA before special items 60696000 EBITDA before special items 42195000 EBITDA before special items 24904000 EBITDA before special items 26601000 Special items -7209000 Special items -8042000 Special items -3866000 Special items -1012000 Special items -209000 EBITDA 43808000 EBITDA 52654000 EBITDA 38309000 EBITDA 23892000 EBITDA 26392000 Operating profit / loss 23119000 Operating profit / loss 39844000 Operating profit / loss 33473000 Operating profit / loss 15862000 Operating profit / loss 18663000 EBIT 26151000 EBIT 39977000 EBIT 32520000 EBIT 15890000 EBIT 18933000 Fixed assets 113061000 Fixed assets 103280000 Fixed assets 28086000 Fixed assets 27496000 Fixed assets 28259000 Current assets 367584000 Current assets 374976000 Current assets 275518000 Current assets 228296000 Current assets 212519000 Total assets (balance sheet total) 480645000 Total assets (balance sheet total) 478256000 Total assets (balance sheet total) 303604000 Total assets (balance sheet total) 255792000 Total assets (balance sheet total) 240778000 Share capital 100000 Share capital 100000 Share capital 100000 Share capital 100000 Share capital 100000 157247000 21618000 4819000 17726000 44163000 21464000 6990000 30084000 2751000 5546000 66835000 0 1713000 350000 2063000 113061000 126957000 15992000 16938000 2286000 162173000 98679000 3223000 12589000 1156000 1477000 117124000 88287000 367584000 480645000 100000 -4054000 0 161201000 5051000 778000 5829000 70609000 101000 7416000 78126000 24819000 152302000 30602000 322000 0 31398000 239443000 317569000 480645000 66670000 22507000 234536000 167701000 146220000 115340000 90253000 77622000 Provisions 5829000 Provisions 6572000 Provisions 318000 Provisions 202000 Provisions 134000 Non-current liabilities 78126000 Non-current liabilities 95847000 Non-current liabilities 22104000 Non-current liabilities 33150000 Non-current liabilities 42105000 Current liabilities 239443000 Current liabilities 229617000 Current liabilities 165842000 Current liabilities 132187000 Current liabilities 120917000 Net interest-bearing debt 11486000 Net interest-bearing debt 44658000 Net interest-bearing debt 2079000 Net interest-bearing debt 18459000 Net interest-bearing debt 20483000 Cash flows from operating activities 65241000 Cash flows from operating activities 69551000 Cash flows from operating activities 28292000 Cash flows from operating activities 9137000 Cash flows from operating activities 43344000 Cash flows from investment activities -28441000 Cash flows from investment activities -75879000 Cash flows from investment activities -6358000 Cash flows from investment activities -7574000 Cash flows from investment activities -91987000 Cash flows from financing activities -22474000 Cash flows from financing activities 47506000 Cash flows from financing activities -13898000 Cash flows from financing activities -8264000 Cash flows from financing activities 85612000 Net cash flows 14326000 Net cash flows 41178000 Net cash flows 8036000 Net cash flows -6701000 Net cash flows 36969000 EBITDA margin before special items (%) 0.077 EBITDA margin before special items (%) 0.085 EBITDA margin before special items (%) 0.075 EBITDA margin before special items (%) 0.054 EBITDA margin before special items (%) 0.073 EBIT margin (%) 0.039 EBIT margin (%) 0.056 EBIT margin (%) 0.058 EBIT margin (%) 0.034 EBIT margin (%) 0.052 Return on equity (%) 0.099 Return on equity (%) 0.228 Return on equity (%) 0.247 Return on equity (%) 0.222 Return on equity (%) 0.227 Equity ratio (%) 0.327 Equity ratio (%) 0.306 Equity ratio (%) 0.380 Equity ratio (%) 0.353 Equity ratio (%) 0.322 717191000 619453000 97738000 16856000 41038000 136000 3000 39977000 0 4292000 5043000 39226000 9400000 29826000 23130000 20214000 73170000 3619000 69551000 2032000 12350000 62201000 151000 47506000 41178000 254000 3026000 1266000 126000 4917000 -45000 1099000 0 0 0 0 244000 0 1000 -245000 15157000 4000 161000 14755000 -326000 15081000 <table xmlns="http://www.w3.org/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" >Staff costs and incentive plans</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Incentive programmes</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >In 2016, a warrant programme was established for the benefit of Management and certain key employees. The programme allows the Board of the parent company to issue up to 12,470 warrants to be allocated over a period of 5 years with a grant of 20% yearly. In case of an Exit or at 1 May 2021, at the latest, the rest of the warrants will be granted to the employees. 7,579 warrants were granted to key employees at the end of 2019 and 2,135 were granted in 2020, a total of 9,714. Exercising warrants is only an option by an Exit (sale of BB Electronics Holding ApS or BB Electronics A/S), the owner is entitled to subscribe shares in BB Electronics Holding ApS at a cost of DKK 2,000 plus a hurdle rate of 8 % p.a. (after 1 January 2020) per share with a nominal value of DKK 1. The warrants must be exercised by 1 May 2023, otherwise they will be void unless special circumstances according to the warrants agreement are fulfilled</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There has not been any recognition of cost related to the incentive programme in the income statement.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Staff costs are broken down as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="9%" align="right" valign="middle" >2020</td><td width="9%" align="right" valign="middle" >2019</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Salaries and wages</td><td width="9%" align="right" valign="middle" >139</td><td width="9%" align="right" valign="middle" >143</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Pension contributions</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Other social security costs</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="60%" ></td><td width="7%" ></td><td width="15%" ></td><td width="9%" align="right" valign="middle" >139</td><td width="9%" align="right" valign="middle" >143</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >and are recognised as follows</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Production costs</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Distribution costs</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Administrative expenses</td><td width="9%" align="right" valign="middle" >139</td><td width="9%" align="right" valign="middle" >143</td></tr><tr><td width="60%" ></td><td width="7%" ></td><td width="15%" ></td><td width="9%" align="right" valign="middle" >139</td><td width="9%" align="right" valign="middle" >143</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >of which remuneration to the Board of</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Directors and the Executive Board total</td><td width="9%" align="right" valign="middle" >139</td><td width="9%" align="right" valign="middle" >143</td></tr><tr><td colspan="5"></td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Average number of full-time employees</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Number of permanent employees as of 31 December</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Fee to the Company’s auditor appointed by the general meeting</td></tr><tr><td /><td>Total fee to EY is</td></tr></table> 677000 598000 243000 <table xmlns="http://www.w3.org/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" >Other operating income and other operating expenses</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other operating income</td></tr><tr><td colspan="5"></td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="9%" align="right" valign="middle" >2020</td><td width="9%" align="right" valign="middle" >2019</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Profit on sale of fixed assets</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >COVID-19 compensation</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Other income</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="60%" ></td><td width="7%" ></td><td width="15%" ></td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other operating expenses</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >VAT cost regarding inventory without duty in China</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="82%" colspan="3" align="left" valign="middle" >Other expenses</td><td width="9%" align="right" valign="middle" >-1</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="60%" ></td><td width="7%" ></td><td width="15%" ></td><td width="9%" align="right" valign="middle" >-1</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income</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>Interest from group entities amounts to DKK 0 thousand (2019: DK 0 thousand).</td></tr></table> 0 4000 <table xmlns="http://www.w3.org/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>Financial expenses</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>Interest to group entities amounts to DKK 0 thousand (2019: DK 243 thousand).</td></tr></table> 0 161000 <table xmlns="http://www.w3.org/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" >Income tax and deferred tax</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="7%" colspan="1" align="left" valign="middle" >Income tax liability</td><td width="17%" colspan="1" align="left" valign="middle" >Deferred tax assets</td><td width="11%" colspan="1" align="left" valign="middle" >Tax according to income statement</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 1 January 2019</td><td width="7%" align="right" valign="middle" >-152</td><td width="17%" align="right" valign="middle" >292</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Income tax paid</td><td width="7%" align="right" valign="middle" >10</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >10</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tax related to income for the year</td><td width="7%" align="right" valign="middle" >-112</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 31 December 2019</td><td width="7%" align="right" valign="middle" >-254</td><td width="17%" align="right" valign="middle" >292</td><td width="11%" align="right" valign="middle" >10</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 1 January 2020</td><td width="7%" align="right" valign="middle" >-254</td><td width="17%" align="right" valign="middle" >292</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >359</td><td width="11%" align="right" valign="middle" >-359</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tax adjustment regarding previous year</td><td width="7%" align="right" valign="middle" >33</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >33</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Income tax paid</td><td width="7%" align="right" valign="middle" >203</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tax related to income for the year</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Balance, 31 December 2020</td><td width="7%" align="right" valign="middle" >-18</td><td width="17%" align="right" valign="middle" >651</td><td width="11%" align="right" valign="middle" >-326</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Recognised in the balance sheet as follows</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Income tax payable</td><td width="7%" align="right" valign="middle" >322</td><td width="17%" ></td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Group enterprises</td><td width="7%" align="right" valign="middle" >-340</td><td width="17%" ></td><td width="11%" ></td></tr><tr><td width="65%" ></td><td width="7%" align="right" valign="middle" >-18</td><td width="17%" ></td><td width="11%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Withholding tax on the accumulated profit (excl. legal reserves) in subsidiaries can be calculated to DKK 2.4 million. The amount has not been recognised in the 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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Financial assets</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="7%" colspan="1" align="left" valign="middle" >Investments in subsidiaries</td><td width="28%" colspan="2" align="left" valign="middle" >Other securities and investments</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Cost at 1 January 2020</td><td width="7%" align="right" valign="middle" >80613</td><td width="17%" align="right" valign="middle" >350</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Additions</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Disposals</td><td width="7%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Cost at 31 December 2020</td><td width="7%" align="right" valign="middle" >80613</td><td width="17%" align="right" valign="middle" >350</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Value adjustments at 1 January 2020</td><td width="7%" align="right" valign="middle" >86806</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Profit or loss for the year after tax</td><td width="7%" align="right" valign="middle" >15157</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Exchange rate adjustments</td><td width="7%" align="right" valign="middle" >-4187</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Other</td><td width="7%" align="right" valign="middle" >135</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Revaluation at 31 December 2020</td><td width="7%" align="right" valign="middle" >97911</td><td width="17%" align="right" valign="middle" >0</td><td width="11%" ></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >FA Carrying amount at 31 December 2020</td><td width="7%" align="right" valign="middle" >178524</td><td width="17%" align="right" valign="middle" >350</td><td width="11%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Withholding tax on the accumulated profit in subsidiaries (excl. legal reserves) can be calculated to DKK 2.4 million. The amount has not been recognised in the carrying amount at 31 December 2020.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Carrying amount at 31 December 2020 of goodwill and other further values are DKK 43.8 million.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Equity investments in subsidiaries are specified as follows</td></tr><tr><td width="65%" ></td><td width="7%" colspan="1" align="left" valign="middle" >Principal place of business</td><td width="17%" colspan="1" align="left" valign="middle" >Share capital</td><td width="11%" colspan="1" align="left" valign="middle" >Vote and ownership share</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >BB Electronics A/S</td><td width="7%" colspan="1" align="left" valign="middle" >Denmark</td><td width="17%" colspan="1" align="left" valign="middle" >DKK 7,634 thousand</td><td width="11%" align="right" valign="middle" >100,00%</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >BB Electronics (Suzhou) Co. Ltd.</td><td width="7%" colspan="1" align="left" valign="middle" >China</td><td width="17%" colspan="1" align="left" valign="middle" >CNY 45,634 thousand</td><td width="11%" align="right" valign="middle" >100,00%</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >BB Trading (SIP) Co., Ltd.</td><td width="7%" colspan="1" align="left" valign="middle" >China</td><td width="17%" colspan="1" align="left" valign="middle" >CNY 93 thousand</td><td width="11%" align="right" valign="middle" >100,00%</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Wendell Holding a.s.</td><td width="7%" colspan="1" align="left" valign="middle" >Czech Republic</td><td width="17%" colspan="1" align="left" valign="middle" >CZK 2,000 thousand</td><td width="11%" align="right" valign="middle" >100,00%</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Wendell Electronics a.s.</td><td width="7%" colspan="1" align="left" valign="middle" >Czech Republic</td><td width="17%" colspan="1" align="left" valign="middle" >CZK 2,000 thousand</td><td width="11%" align="right" valign="middle" >100,00%</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 /><td>A significant proportion of inventories is customer specific components, procured in relation to agreements for which customers are liable.</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 width="100%" colspan="1" align="left" valign="middle" >Non-current liabilities</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Payments due within 1 year are recognised under current liabilities. As of 31 December 2020, long-term liabilities amounted to DKK 0 thousand (2019: DKK 3,592 thousand).</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 width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities and collateral</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company forms a tax group with BB Electronics A/S as of 13 February 2016. The Company is jointly liable with the subsidiary for Danish corporate tax within the tax group. The known net liabilities of companies in the tax group to the Danish Tax and Customs Administration are shown in the parent company’s financial statements. Any later corrections of tax group income may result in a higher tax group liability.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company has provided a deductibles bail for the subsidiary’s bank loan. Shares in BB Electronics A/S has been provided as security to the bank.</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 width="100%" colspan="1" align="left" valign="middle" >Operating leases and rental agreements</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company has no lease and rental agreements.</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 colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Controlling interest</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >No shareholders have majority shares</td></tr><tr><td colspan="3"></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >BB Electronics A/S</td><td width="8%" colspan="1" align="left" valign="middle" >Subsidiary</td><td width="20%" colspan="1" align="left" valign="middle" >Debt, DKK 18,205 thousand</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Ane Staunings Vej 21</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >8700 Horsens</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Ownership</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Aramis ApS, Knud Højgaards Vej 9, 2860 Søborg</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Sven Ruder, Nejs Bjerg 52, 6310 Broager</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 colspan="5"></td></tr><tr><td width="60%" align="right" valign="middle" >2020</td><td width="7%" ></td><td width="15%" ></td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There are no financial contracts to hedge currency translation exposure in the income statement as of 31 December 2020. As of 31 December 2020, the Group entered into the following forward contracts to hedge product purchases</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Currency</td><td width="7%" colspan="1" align="left" valign="middle" >Contract value</td><td width="33%" colspan="3" align="left" valign="middle" >Market value</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >EUR/USD</td><td width="7%" align="right" valign="middle" >182</td><td width="15%" align="right" valign="middle" >-51</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >EUR/CNY</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >As of 31 December 2020, the market value of forward contracts is included as other receivables and directly in equity.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >At 31 December 2020 the group companies are net exposed towards payments of USD 8,117 thousand and payments of JPY 29,632 thousand.</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 colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There are no financial contracts to hedge currency translation exposure in the income statement as of 31 December 2019. As of 31 December 2019, the Group entered into the following forward contracts to hedge product purchases</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Currency</td></tr><tr><td width="60%" ></td><td width="7%" colspan="1" align="left" valign="middle" >Currency '000</td><td width="33%" colspan="3" align="left" valign="middle" >DKK'000</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >EUR/USD</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >EUR/CNY</td><td width="7%" align="right" valign="middle" >4289</td><td width="15%" align="right" valign="middle" >28</td><td width="9%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company hedges interest rate risks using interest rate swaps, whereby variable interest payments are converted to fixed interest payments.</td></tr><tr><td colspan="5"></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="72%" ></td><td width="8%" ></td><td width="20%" colspan="1" align="left" valign="middle" >Paren</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="8%" align="right" valign="middle" >2020</td><td width="20%" align="right" valign="middle" >2019</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Statement of cash flows - adjustments</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Depreciation and amortisation of intangible assets and property, plant and equipment</td><td width="8%" align="right" valign="middle" >17657</td><td width="20%" align="right" valign="middle" >12677</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Profit on sale of fixed assets</td><td width="8%" align="right" valign="middle" >11</td><td width="20%" align="right" valign="middle" >-132</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Financial income</td><td width="8%" align="right" valign="middle" >-2239</td><td width="20%" align="right" valign="middle" >-4292</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Financial expenses</td><td width="8%" align="right" valign="middle" >8083</td><td width="20%" align="right" valign="middle" >5043</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Tax on profit for the year</td><td width="8%" align="right" valign="middle" >5226</td><td width="20%" align="right" valign="middle" >9400</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Changes in provisions</td><td width="8%" align="right" valign="middle" >26</td><td width="20%" align="right" valign="middle" >434</td></tr><tr><td width="72%" ></td><td width="8%" align="right" valign="middle" >28764</td><td width="20%" align="right" valign="middle" >23130</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 colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Change in receivables, etc.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Change in inventories</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Change in suppliers and other liabilities, etc.</td><td width="8%" align="right" valign="middle" >15223</td><td width="20%" align="right" valign="middle" >30817</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Exchange rate adjustments</td></tr><tr><td width="72%" ></td><td width="8%" align="right" valign="middle" >24377</td><td width="20%" align="right" valign="middle" >20214</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 /><td>Appropriation of 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 /><td>Statement of changes in equity</td></tr></table> 133000 -4187000 0 0 0 0 192000 0 0 -192000 29411000 1092000 475000 29836000 10000 29826000 663000 31000 561000 0 1092000 0 475000 -45000 1099000 22893000 2269000 20053000 45215000 23070000 1196000 24913000 690000 6483000 56352000 0 1363000 350000 1713000 103280000 124661000 18444000 20042000 661000 163808000 108286000 2972000 16982000 168000 1858000 130266000 80902000 374976000 478256000 100000 0 0 146120000 146220000 5820000 752000 6572000 93244000 257000 2346000 95847000 29713000 129745000 27267000 681000 0 42211000 229617000 325464000 478256000 0 0 0 0 0 0 0 0 0 0 178524000 0 350000 178874000 178874000 0 0 0 0 0 0 0 651000 0 0 651000 7000 658000 179532000 100000 0 97912000 59235000 157247000 0 0 0 0 0 0 0 3592000 0 0 322000 18205000 166000 22285000 22285000 179532000 0 0 0 0 0 0 0 0 0 0 167419000 0 350000 167769000 167769000 0 0 0 0 0 0 515000 292000 0 0 807000 0 807000 168576000 100000 0 86809000 59311000 146220000 0 0 0 3592000 0 0 3592000 3593000 0 0 681000 14326000 164000 18764000 22356000 168576000 Change in financial assets 165000 Change in financial assets 553000 Cash flows from investing activities -28441000 Cash flows from investing activities -75879000 Interest-bearing debt -22616000 Interest-bearing debt -23925000 Loan for Wendell Group acquisition 0 Loan for Wendell Group acquisition 80525000 Financial income, received 2239000 Financial income, received 3200000 Financial expenses, paid -8083000 Financial expenses, paid -5043000 Deposit 5986000 Deposit -7251000 80902000 68939000 23724000 234479000 178127000 146220000 32219000 115340000 25499000 2606000 20471000 18202000 22969000 2916000 0 0 0 0 1275000 0 -38000 4865000 7096000 -38000 2315000 -7096000 0 0 0 0 2327000 0 25499000 3881000 21618000 18202000 13383000 4819000 22969000 5243000 17726000 24096000 1026000 19692000 18496000 167708000 142795000 16500000 15810000 6483000 0 -674000 0 0 -13000 945000 0 -261000 7928000 12359000 -145000 2007000 12348000 -3038000 14015000 3202000 -2355000 8142000 3183000 -176000 2755000 3994000 -129000 646000 3993000 0 -937000 0 0 0 0 23422000 1958000 21464000 15000000 8010000 6990000 175483000 145399000 30084000 15085000 12334000 2751000 5546000 0 5546000 15157000 29411000 -76000 415000 100000 0 115240000 100000 0 146120000 0 0 0 0 0 0 -45000 1099000 29826000 0 0 0 133000 -4187000 0 0 0 15081000 100000 0 14612000 100000 -4054000 161201000 100000 56344000 58896000 115340000 100000 86809000 59311000 146220000 0 0 0 -45000 1099000 29411000 0 0 415000 0 0 0 133000 -4187000 15157000 0 0 -76000 100000 86809000 59311000 100000 97912000 59235000 EY Revisionspartnerselskab 30700228 Jes Lauritzen State Authorised Public Accountant mne10121 Kim R. Mortensen State AuthorisedPublic Accountant mne18513 30700228 EY Revisionspartnerselskab