xbrli:pureiso4217:DKK340872882020-06-012021-05-31340872882020-06-012021-05-311340872882020-06-012021-05-311340872882020-06-012021-05-311340872882020-06-012021-05-312340872882020-06-012021-05-313340872882020-06-012021-05-314340872882020-06-012021-05-31340872882019-06-012020-05-31340872882020-06-012021-05-31fsa:RetainedEarningsMember340872882020-06-012021-05-31fsa:RetainedEarningsMember340872882019-06-012020-05-31fsa:RetainedEarningsMember340872882021-05-31340872882020-05-31340872882020-06-01fsa:ContributedCapitalMember340872882020-06-01fsa:ReserveForDevelopmentExpenditureMember340872882020-06-01fsa:RetainedEarningsMember340872882020-06-01340872882021-05-31fsa:ContributedCapitalMember340872882021-05-31fsa:ReserveForDevelopmentExpenditureMember340872882021-05-31fsa:RetainedEarningsMember340872882020-06-012021-05-31fsa:ReserveForDevelopmentExpenditureMember340872882020-06-012021-05-31fsa:ShorttermPrepaymentsOfWorkInProgressMember340872882020-06-012021-05-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2021-10-282021-10-28Regnskabsklasse C, mellemstor virksomhed2019-06-012020-05-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabCopenhagenCopenhagen S2300Revisionspåtegning2021-05-312020-06-015<br /><br />86ArtillerivejGoodiebox ApS34087288339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Goodiebox ApS for the financial year 01.06.2020 - 31.05.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.05.2021 and of the results of its operations for the financial year 01.06.2020 - 31.05.2021.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.CopenhagenRasmus SchmiegelowCEOMorten Qvist StrungeNikolaj Leonhard-HjorthRasmus SchmiegelowChristian Læsø JensenchairmanTo the shareholders of Goodiebox ApSWe have audited the financial statements of Goodiebox ApS for the financial year 01.06.2020 - 31.05.2021, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.05.2021 and of the results of its operations for the financial year 01.06.2020 - 31.05.2021 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />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. <br />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 Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.<br />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 Entity’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 Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary 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 commentary. CopenhagenClaus Jorch Andersenmne33712State Authorised Public AccountantFinancial highlights2020/21 DKK'0002019/20 DKK'0002018/19 DKK'000Key figuresGross profit/loss26,203(14,007)485Operating profit/loss(33,610)(59,829)(14,354)Net financials(4,153)(1,430)(853)Profit/loss for the year(33,763)(34,217)(22,479)Total assets139,744101,05048,350Investments in property, plant and equipment164701915Equity22,3263,08912,306RatiosEquity ratio (%)15.983.0625.45Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Equity ratio (%) :Equity * 100 Total assetsPrimary activitiesGoodiebox is a happy moments company providing its community of members with subscriptions on beauty boxes, related non-subscription based products as well as its own beauty products.Development in activities and financesThe loss after tax for the period of DKK 33,763 thousand (compared to DKK 34,217 thousand in the previous ​period) is as expected in a year where the business has grown significantly due to new investments in existing ​markets. Revenue has increased with 50% compared to the previous period. ​ ​The development of the Company is in accordance with the business plan. During the period, the Company has ​increased its gross profit with DKK 40,210 thousand compared to the previous period, which provides a strong foundation for future European growth as well as retaining the leading position in Denmark, Norway, Finland, the ​Netherlands and Belgium. ​ ​The balance sheet shows equity of DKK 22,326 thousand and at the end of the period, the cash position was DKK 14,045 thousand. ​ Profit/loss for the year in relation to expected developmentsFactoring in the effects of COVID-19 the profit/loss of the year is in line with management’s expectations and the Company’s business plan.Uncertainty relating to recognition and measurementAs the Company is a development company, there is a natural uncertainty associated with the measurement of ​the Company’s development activities and future earnings. At 31 May 2021, the Company has recognised DKK 561 thousand regarding ongoing development projects and DKK 10,051 thousand regarding completed ​developments projects. Furthermore DKK 23,277 thousand has been recognised as deferred tax assets. The value ​of the development projects and tax assets depends on the Company’s ability to develop, market and sell ​subscriptions and own beauty products at a profitable level. Management believes that the Company will realize ​the implementation of its plans within a foreseeable future. Accordingly, Management has deemed the valuation sound. If the Company’s sales and growth deviate significantly from the current plans, there may be uncertainty associated with the valuation. OutlookThe main objective for the Company in the coming period is to manifest the position as European market leader ​within beauty subscription boxes and continue to significantly grow its revenue and gross profit. The Company will continue to focus on profitable growth as opposed to the previous focus on hypergrowth, and as part of this ambition there is a dedicated focus on international expansion and attracting top talent. ​ ​​The management expects a minor operating profit. ​ ​The management has instigated appropriate changes to the hiring, spending and marketing activities to respond ​to current events and the trajectories expect the cash runway to last well beyond this period. Due to the ​significant uncertainty related to wider global conditions, the impact on the Company’s revenue and cost base in the current markets, the above-mentioned guidance is understandably connected with material uncertainty. 26202985-14006555558722344443424139403301388300-33609579-5982909607765453031162341533211741942-37762900-53493962-4000000-19277000-33762900-34216962-33762900-33762900-34216962100506343132094561358219665110611992532874582457112245608245711224560841346821476232770001927700024118346200984763555490926651781406297103245718980607519130881486904614158807014921150104715452307764718733990285737132238131686231076664145315730635582140451992174802104188817743984541397437261010502351209311209318277354415642113927552-11886152232583730887371209314156421-118861530887371209318277354139275522762491714444546480769027094213243260717153967254806470039101374828518726480151499093215520532463831995756345799305597771839931684985282808075311174178899796149813974372610105023553000000530000004120933-41209330Goodiebox ApS has received group contribution of DKK 53,000 thousand in 2020/21 from Goodiebox Holding ApS. 1 Events after the balance sheet dateNo material events have occurred after the balance sheet date to this date, which would influence the annual report.2 Uncertainty relating to recognition and measurement As the Company is a development company, there is a natural uncertainty associated with the measurement of the Company’s development activities and future earnings. At 31 May 2021, the Company has recognised DKK 561 thousand regarding ongoing development projects and DKK 10,051 thousand regarding completed developments projects. Furthermore DKK 23,277 thousand has been recognised as deferred tax assets. ​The value of the development projects and tax assets depends on the Company’s ability to develop, market and sell subscriptions and own beauty products at a profitable level. Management believes that the Company will realize the implementation of its plans within a foreseeable future. Accordingly, Management has deemed the valuation sound. If the Company’s sales and growth deviate significantly from the current plans, there may be uncertainty associated with the valuation. 3 Staff costs2020/21 DKK2019/20 DKKWages and salaries55,646,07241,122,799Pension costs253,48636,900Other social security costs1,637,8031,108,231Other staff costs4,175,5834,248,47561,712,94446,516,405Staff costs classified as assets(5,840,710)(2,082,164)55,872,23444,434,241Average number of full-time employees10186With reference to section 98b (3)(2) of the Danish Financial Statements Act, the remuneration to Management has ​not been disclosed separately. 101864 Depreciation, amortisation and impairment losses2020/21 DKK2019/20 DKKAmortisation of intangible assets2,485,7801,022,297Impairment losses on intangible assets890,5430Depreciation of property, plant and equipment564,007366,0033,940,3301,388,3005 Other financial income2020/21 DKK2019/20 DKKOther interest income022,600Exchange rate adjustments0289,0230311,6236 Other financial expenses2020/21 DKK2019/20 DKKOther interest expenses3,732,3161,008,949Exchange rate adjustments311,690719,568Other financial expenses109,31513,4254,153,3211,741,942<br />2020/21 DKK2019/20 DKKOther interest expenses3,732,3161,008,949Exchange rate adjustments311,690719,568Other financial expenses109,31513,4254,153,3211,741,9427 Tax on profit/loss for the year2020/21 DKK2019/20 DKKChange in deferred tax(4,000,000)(19,277,000)(4,000,000)(19,277,000)8 Proposed distribution of profit and loss2020/21 DKK2019/20 DKKRetained earnings (33,762,900)(34,216,962) (33,762,900)(34,216,962)9 Intangible assetsCompleted development projects DKKDevelopment projects in progress DKKCost beginning of year5,292,6312,196,651Transfers1,894,621(1,894,621)Additions8,400,242259,328Disposals(1,186,488)0Cost end of year14,401,006561,358Amortisation and impairment losses beginning of year(2,160,537)0Impairment losses for the year(890,543)0Amortisation for the year(2,485,780)0Reversal regarding disposals1,186,4880Amortisation and impairment losses end of year(4,350,372)0Carrying amount end of year10,050,634561,35810 Development projectsCapitalized development costs include development of IT infrastructure, development and optimisation of member databases, as well as development of Webshop etc. ​There is continuous development and adjustments in order to continue the growth and expansion of the company. The projects are continuously completed and put to use, after which amortisation is commenced. ​With reference to section 83(2) of the Danish Financial Statement Act, deferred tax is set off against the ​capitalised costs for development projects in the reserve for development costs under equity. . 11 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKCost beginning of year1,897,349Additions164,018Cost end of year2,061,367Depreciation and impairment losses beginning of year(672,789)Depreciation for the year(564,007)Depreciation and impairment losses end of year(1,236,796)Carrying amount end of year824,57112 Financial assetsDeposits DKKDeferred tax DKKCost beginning of year821,47619,277,000Additions19,8704,000,000Cost end of year841,34623,277,000Carrying amount end of year841,34623,277,000<br />Deposits DKKDeferred tax DKKCost beginning of year821,47619,277,000Additions19,8704,000,000Cost end of year841,34623,277,000Carrying amount end of year841,34623,277,00013 Deferred tax 2020/21 DKKIntangible assets(2,335,000)Property, plant and equipment(54,000)Tax losses carried forward25,578,000Other deductible temporary differences88,000Deferred tax23,277,000 Changes during the year2020/21 DKKBeginning of year19,277,000Recognised in the income statement4,000,000End of year23,277,000The value of the tax assets depends on the Company’s ability to develop, market and sell subscriptions and own beauty products at a profitable level. Management believes that the Company will realize the implementation of its plans within a foreseeable future. Accordingly, Management has deemed the valuation sound. If the Company’s sales and growth deviate significantly from the current plans, there may be uncertainty associated with the valuation. The Company has DKK 4,362 thousand in contingent asset, which is related to tax losses carried forward.14 PrepaymentsPrepayments comprise incurred cost relating to subsequent financial years such as subscriptions, membership fees, service agreements and insurance15 Non-current liabilities other than provisionsDue within 12 months 2020/21 DKKDue within 12 months 2019/20 DKKDue after more than 12 months 2020/21 DKKOutstanding after 5 years 2020/21 DKKDebt to other credit institutions2,548,064700,39127,624,9172,832,488Other payables004,807,69002,548,064700,39132,432,6072,832,48816 Prepayments received from customersPrepayments received from customers comprises received income for recognition in subsequent financial year and Goodiepoints. 17 Other payables2020/21 DKK2019/20 DKKVAT and duties20,627,35411,266,728Wages and salaries, personal income taxes, social security costs, etc payable2,067,9692,811,985Holiday pay obligation2,854,968859,962Other costs payable5,009,4863,460,64130,559,77718,399,31618 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Goodiebox Holding ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.19 Assets charged and collateralAs security for debt obtained from Vækstfonden, there is a registered corporate mortgage amounting to DKK 15,500 thousand, and as security for debt obtained from Danske Bank, there is a registered corporate mortgage amounting to DKK 15,000 thousand. The security includes goodwill, intangible assets, operating equipment and fixtures, inventories and trade receivables. ​ ​The carrying amount is DKK 76,175 thousand (2019/20: 70,656 thousand) .20 Related parties with controlling interestGoodiebox Holding ApS, CVR-nr. 41104651, Copenhagen owns all shares in the Entity, thus exercising control. 21 Non-arm’s length related party transactionsGoodiebox ApS has recieved group contribution of DKK 53,000 thousand from Goodiebox Holding ApS. Other than the group contribution no other related party transactions have been conducted on a non-arm’s length basis in the financial year.22 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: Goodiebox Holding ApS, CVR-nr. 41104651, Copenhagen.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. When recognising foreign subsidiaries and associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in translation reserve in equity. Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the subsidiary in question, are recognised directly in translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the income statement are translated at the average rates of the months; however, items deriving from non-monetary assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own work capitalised, other operating income, cost of raw materials and consumables and external expenses.RevenueRevenue from the sale of goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.Other financial incomeOther financial income comprises, interest income, net capital or exchange gains on securities, payables and transactions in foreign currencies.Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down. ​ The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects. ​​ ​​Indirect production costs in the form of indirectly attributable staff costs used in the development process are recognised in cost based on time spent on each project. ​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-5 years. ​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​ ​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5 years0 %For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.Cash flow statementWith reference to section 86 (4) of the Danish Financial Statements Act, the cash flow statement has not been prepared. 2021-10-28Rasmus Schmiegelow