xbrli:pureiso4217:DKK285098392022-07-012023-06-30cmn:ConsolidatedMember285098392022-07-012023-06-301cmn:ConsolidatedMember285098392022-07-012023-06-301cmn:ConsolidatedMember285098392022-07-012023-06-301285098392022-07-012023-06-302285098392022-07-012023-06-303285098392022-07-012023-06-302cmn:ConsolidatedMember285098392021-07-012022-06-30cmn:ConsolidatedMember285098392022-07-012023-06-30285098392021-07-012022-06-30285098392022-07-012023-06-30fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember285098392022-07-012023-06-30fsa:RetainedEarningsMembercmn:ConsolidatedMember285098392022-07-012023-06-30fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember285098392022-07-012023-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember285098392022-07-012023-06-30fsa:RetainedEarningsMember285098392022-07-012023-06-30fsa:ProposedDividendRecognisedInEquityMember285098392023-06-30cmn:ConsolidatedMember285098392022-06-30cmn:ConsolidatedMember285098392023-06-30285098392022-06-30285098392022-07-01cmn:ConsolidatedMember285098392021-07-01cmn:ConsolidatedMember285098392022-07-01fsa:ContributedCapitalMembercmn:ConsolidatedMember285098392022-07-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember285098392022-07-01fsa:RetainedEarningsMembercmn:ConsolidatedMember285098392022-07-01fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember285098392023-06-30fsa:ContributedCapitalMembercmn:ConsolidatedMember285098392023-06-30fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember285098392023-06-30fsa:RetainedEarningsMembercmn:ConsolidatedMember285098392023-06-30fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember285098392022-07-01fsa:ContributedCapitalMember285098392022-07-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember285098392022-07-01fsa:RetainedEarningsMember285098392022-07-01fsa:ProposedDividendRecognisedInEquityMember285098392022-07-01285098392023-06-30fsa:ContributedCapitalMember285098392023-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember285098392023-06-30fsa:RetainedEarningsMember285098392023-06-30fsa:ProposedDividendRecognisedInEquityMember285098392022-07-012023-06-301cmn:ConsolidatedMember285098392021-07-012022-06-301cmn:ConsolidatedMember285098392022-07-012023-06-30fsa:OtherShorttermPayablesMembercmn:ConsolidatedMember285098392022-07-012023-06-30fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2023-12-132023-12-1333963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2022-06-302021-07-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2023-06-302022-07-01Dalux ApS28509839ÅrsrapportKøbenhavn S23006WeidekampsgadeCopenhagenCopenhagen2100<br /><br />2LyngbyvejThe Board of Directors and the Executive Board have today considered and approved the annual report of Dalux ApS for the financial year 01.07.2022 - 30.06.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.06.2023 and of the results of their operations and the consolidated cash flows for the financial year
01.07.2022 - 30.06.2023.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.CopenhagenTorben DalgaardBent Larsen DalgaardTorben DalgaardTorben RyttTo the shareholders of Dalux ApSWe have audited the consolidated financial statements and the parent financial statements of Dalux ApS for the financial year 01.07.2022 - 30.06.2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.06.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.07.2022 - 30.06.2023 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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 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 consolidated financial statements and the parent 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 Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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.Copenhagen Claus Jorch AndersenFrederik Juhl Hestbækmne33712mne47807State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2022/23
DKK'0002021/22
DKK'0002020/21
DKK'0002019/20
DKK'000Key figuresGross profit/loss219,089173,749116,74468,955Operating profit/loss29,68139,45336,74712,571Net financials2,188(1,273)1,859161Profit/loss for the year25,45026,56529,4209,824Balance sheet total152,526131,37394,23352,457Investments in property, plant and equipment39127910829Equity73,80157,67137,52813,927Cash flows from operating activities12,39435,08539,36022,507Cash flows from investing activities(1,993)(1,016)(1,156)(143)Cash flows from financing activities(8,000)(6,000)(6,042)379RatiosEquity ratio (%)48.3943.9039.8226.55Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Equity ratio (%)
:Equity * 100
Balance sheet totalPrimary activitiesThe activities of the Company' are development, production and sale of software as well as other related business.Development in activities and financesToday, Dalux is internationally recognised for its user-friendly programmes for the construction and subsequent operation of buildings. This year, Dalux accelerated product development within Software as a service product (Saas). Management is satisfied with the progress of this development, and sales in both Denmark and abroad show good progress. In addition, the Group established subsidiaries in another six countries during the financial year, thus representing the Group through its subsidiaries in 16 countries. The expansion is expected to continue in the next few years. Profit/loss for the year in relation to expected developmentsIn the current year, the Dalux Group realised a total profit of DKK 25,450 thousand. The Group's assets amounted to DKK
162,321 thousand on 30 June 2023, while its equity amounted to DKK 73,801 thousand.
Both gross profit and performance have exceeded Management's expectations and are considered very
satisfying.Uncertainty relating to recognition and measurementManagement assesses that material uncertainty is not relating to recognition and measurement of income,
expenses, assets and liabilities.
OutlookThe Company expects to continue its growth next year and expand its activities in more countries, and to make further investments.
Consequently, Management expects that next year's results will be in line with 2022/23.
Use of financial instrumentsAs a result of the Dalux Group's operations and investments abroad, the Group is exposed to changes in
exchange rates. Dalux ApS manages the financial risks of the Group centrally and coordinates the Group's cash
management, including capital generation for growth and placement of surplus liquidity. The Dalux Group
operates with a low risk profile so that currency and credit risks only occur to a limited extent and only arise
based on commercial conditions.
Knowledge resourcesAs a software developer, the Group is hugely dependent on highly qualified and knowledgeable staff. As part of
the Group's growth strategy and expansion abroad, several skilled employees were engaged during the financial
year, thus reaching a total of 285 employees in the Group. Onboarding of new employees and retention of
existing staff have top priority. In addition, the Group strives towards constantly offering employees a market
conforming salary level.
Environmental performanceAs a software developer and software vendor, the Group is not subject to strict legislative requirements
regarding environmental issues. However, the Group strives, at any time, to meet all relevant statutory
requirements in Denmark and the EU when it comes to environmental protection.
Group relationsEvents after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 2190889711737493781498164281418978791891568131342606431272671289957173325125235726296809063945300922549300423261462786611839403332308513374385981822112676489613199010731869335381797363104027135737195641927411614913559021091723722545006126564823017450061800000025450061265648235657499117925628000000491371351761491371351761407704824858493265284229799110000013400010000013400041770482619849206510481603113646684192971610206510481603113636336381259051861652605910544739738847388457554830479775035178906323608122276057762252055556048367529020154679342873178484814793011716684438922601716457520888726286175208887262861752088872628617520888726286191855324910212509828411170808520103231522068676514785769112840127710228296288121271152526110131372887122934010104152407138889138889138889138889-1639903-3199036730179349851732605007764870821480000008000000800000080000007380077957670718138889-31990349851732800000057670718138889-163990367301793800000073800779576707181388898236154870821480000005767071813888951611146050077680000004733210757591547332107575915473321075759154733210757591541692282285952432718134617963789846217213725526415192783775043481482383766731810311102610801979256973992121661262544440002138905774787253317370216949133231464816891525261101313728871229340101041524070-8000000-80000000-8000000-8000000-13200000-132000025125235726-4094742617233125837416456610662786611839403-598182-2112676-15631683-93023771239416235085416-390862-278863Change of deposits-1601909-736749-1992771-10156121040139134069804-8000000-6000000-8000000-6000000240139128069804-1309290-5942139937621298284111752088872628611 Events after the balance sheet dateThere have been no events after the balance sheet data that change the assessment of the annual report.1 Events after the balance sheet dateThere have been no events after the balance sheet data that change the assessment of the annual report.2 Staff costs2022/23
DKK2021/22
DKKWages and salaries167,912,135125,863,006Pension costs11,513,9374,227,038Other social security costs7,696,5373,729,226Other staff costs2,034,204441,373189,156,813134,260,643Average number of full-time employees2851822 Staff costs2022/23
DKK2021/22
DKKWages and salaries117,377,25595,698,339Pension costs9,311,7903,517,097Other social security costs472,019306,407Other staff costs106,06449,890127,267,12899,571,733Average number of full-time employees1951362851821951363 Depreciation, amortisation and impairment losses2022/23
DKK2021/22
DKKDepreciation on property, plant and equipment251,25235,726251,25235,7264 Other financial income2022/23
DKK2021/22
DKKExchange rate adjustments2,477,495382,280Fair value adjustments258,0270Other financial income51,089457,1232,786,611839,4033 Other financial income2022/23
DKK2021/22
DKKFinancial income from group enterprises587,563480,594Exchange rate adjustments2,477,495382,280Fair value adjustments258,0270Other financial income0474,5643,323,0851,337,4385 Other financial expenses2022/23
DKK2021/22
DKKOther interest expenses0240,095Exchange rate adjustments598,182583,181Fair value adjustments01,289,400598,1822,112,6762022/23
DKK2021/22
DKKOther interest expenses0240,095Exchange rate adjustments598,182583,181Fair value adjustments01,289,400598,1822,112,676<br />4 Other financial expenses2022/23
DKK2021/22
DKKOther interest expenses39,010117,526Exchange rate adjustments450,603583,181Fair value adjustments01,289,400489,6131,990,107<br />2022/23
DKK2021/22
DKKOther interest expenses39,010117,526Exchange rate adjustments450,603583,181Fair value adjustments01,289,400489,6131,990,1076 Tax on profit/loss for the year2022/23
DKK2021/22
DKKCurrent tax6,385,27411,324,078Change in deferred tax34,000290,8356,419,27411,614,9135 Tax on profit/loss for the year2022/23
DKK2021/22
DKKCurrent tax5,556,2109,203,372Change in deferred tax34,000(31,000)5,590,2109,172,3727 Proposed distribution of profit/loss2022/23
DKK2021/22
DKKOrdinary dividend for the financial year8,000,0008,000,000Retained earnings17,450,06118,564,82325,450,06126,564,8236 Proposed distribution of profit and loss2022/23
DKK2021/22
DKKOrdinary dividend for the financial year8,000,0008,000,000Retained earnings17,450,06118,564,82325,450,06126,564,823174500611856482317450061185648238 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKCost beginning of year436,737Additions390,862Cost end of year827,599Depreciation and impairment losses beginning of year(84,976)Depreciation for the year(251,252)Depreciation and impairment losses end of year(336,228)Carrying amount end of year491,3719 Financial assetsDeposits
DKKDeferred tax
DKKCost beginning of year2,485,849134,000Additions1,596,5540Disposals(5,355)(34,000)Cost end of year4,077,048100,000Carrying amount end of year4,077,048100,0007 Financial assetsInvestments in group enterprises
DKKDeposits
DKKDeferred tax
DKKCost beginning of year1,942,4382,297,991134,000Additions2,602,588972,6480Disposals0(5,355)(34,000)Cost end of year4,545,0263,265,284100,000Revaluations beginning of year11,656,70700Exchange rate adjustments(1,320,000)00Share of profit/loss for the year5,657,49900Investments with negative equity value depreciated over receivables (3,253,468)00Revaluations end of year12,740,73800Carrying amount end of year17,285,7643,265,284100,000A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.10 Deferred tax
Changes during the year2022/23
DKK2021/22
DKKBeginning of year134,000424,835Recognised in the income statement(34,000)(290,835)End of year100,000134,000Deferred tax assetsDeferred tax relates to plant and equipment.8 Deferred tax
Changes during the year2022/23
DKK2021/22
DKKBeginning of year134,000103,000Recognised in the income statement(34,000)31,000End of year100,000134,000Deferred tax assetsDeferred tax relates to plant and equipment.11 PrepaymentsPrepayments consists of prepaid invoices regarding rent etc.9 PrepaymentsPrepayments consists of prepaid invoices regarding rent etc.12 Contributed capitalThe contributed capital consists of one class of shares equalling a nominel value of 138,889.13 Non-current liabilities other than provisionsDue after
more than 12
months
2022/23
DKKJoint taxation contribution payable4,733,2104,733,21010 Non-current liabilities other than provisionsDue after
more than 12
months
2022/23
DKKJoint taxation contribution payable4,733,2104,733,21014 Other payables2022/23
DKK2021/22
DKKVAT and duties9,993,3968,406,984Wages and salaries, personal income taxes, social security costs, etc. payable1,671,26511,173,321Holiday pay obligation8,851,4767,625,377Other costs payable3,321,5304,604,62923,837,66731,810,31111 Other payables2022/23
DKK2021/22
DKKVAT and duties944,1001,322,558Wages and salaries, personal income taxes, social security costs, etc. payable450,58010,468,382Holiday pay obligation7,354,3516,723,449Other costs payable1,512,0491,278,18010,261,08019,792,56915 Changes in working capital2022/23
DKK2021/22
DKKIncrease/decrease in receivables(16,308,757)(8,977,376)Increase/decrease in trade payables etc.12,214,01515,149,707(4,094,742)6,172,33116 Unrecognised rental and lease commitments2022/23
DKK2021/22
DKKTotal liabilities under rental or lease agreements until maturity 10,693,57110,994,54612 Unrecognised rental and lease commitments2022/23
DKK2021/22
DKKTotal liabilities under rental or lease agreements until maturity 8,238,4878,914,63517 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint
taxation arrangement in which Bedala ApS serves as the administration company.
According to the joint taxation provisions
of the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore secondarily
liable for income taxes etc. for the
jointly taxed entities, limited to the equity interest by which the Entity
participates in the Group, and also secondarily liable for obligations, if any, relating to the withholding of tax on
interest, royalties and
dividends 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.13 Contingent liabilitiesThe Entity participates in a Danish joint
taxation arrangement in which Bedala ApS serves as the administration company. According to the joint taxation provisions
of the Danish Corporation Tax Act, the Entity is therefore secondarily liable for income taxes etc. for the
jointly taxed entities, limited to the equity interest by which the Entity participates in the Group, and also secondarily liable for obligations, if any, relating to the withholding of tax on interest, royalties and
dividends 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.18 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.14 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.19
Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Bedala ApS, Denmark20 SubsidiariesRegistered inCorporate
formOwnership
%Dalux Norway ASNorwayAS100.00Dalux LimitedGreat BritainLtd.100.00Dalux Netherlands BVNetherlandsBV100.00Dalux Sweden ABSwedenAB100.00Dalux France SASFranceSAS100.00Dalux Switzerland GmbHSwitzerlandGmbH100.00Dalux Germany GmbHGermanyGmbH100.00Dalux Finland OyFinlandOY100.00Dalux Lithuania UABLithuaniaUAB100.00Dalux Belgium BVBelgiumBV100.00Dalux Austria FNAustriaFN100.00Dalux US Inc.USAInc.100.00Dalux Software Spain S.L.SpainS.L.100.00Dalux Italia SRLItalySRL100.00Dalux Hungary Kft.HungaryKft.100.00Dalux Canada Ltd.CanadaLtd.100.005657499-59362821728576413599145345108605161114823615542403365641-13200000This 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 consolidated financial statements and parent 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. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. <br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Gross profit or lossGross profit or loss comprises revenue, other operating income and external expenses.RevenueRevenue from the sale of software is recognised
in the
income statement over the contract lenght. 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 normal 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 wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to plant and equipment, and comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of 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 dividends etc. received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, 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.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 life
Other fixtures and fittings, tools and equipment3-5 yearsFor 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.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to the above
section on
business combinations for more details about the accounting policies applied to acquisitions of
investments in
group enterprises.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.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.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.<br />Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.Other investments (current assets)Other current asset investments comprise listed securities measured at fair value (market price) at the
balance sheet date.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. 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 statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
2023-12-13Torben Dalgaard