25573730 2020-12-31 cmn:TwoYearsAgoMember 25573730 2019-12-31 cmn:ThreeYearsAgoMember 25573730 2018-12-31 cmn:FourYearsAgoMember 25573730 2022-12-31 25573730 2021-12-31 25573730 2022-01-01 fsa:ContributedCapitalMember 25573730 2022-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25573730 2022-01-01 fsa:RetainedEarningsMember 25573730 2022-12-31 fsa:ContributedCapitalMember 25573730 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25573730 2022-12-31 fsa:RetainedEarningsMember 25573730 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25573730 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25573730 2022-01-01 fsa:InvestmentsInGroupEnterprisesMember 25573730 2021-01-01 fsa:InvestmentsInGroupEnterprisesMember 25573730 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 25573730 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 25573730 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:SubsidiaryMember 25573730 2022-12-31 relatedEntityIdentifier_asso_list_2 fsa:SubsidiaryMember 25573730 2022-12-31 relatedEntityIdentifier_asso_list_3 fsa:SubsidiaryMember 25573730 2022-12-31 relatedEntityIdentifier_asso_list_4 fsa:SubsidiaryMember 25573730 2022-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25573730 2022-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25573730 2022-01-01 2022-12-31 25573730 2022-01-01 2022-12-31 1 25573730 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 25573730 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_1 25573730 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_2 25573730 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_3 25573730 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 25573730 2019-01-01 2019-12-31 cmn:ThreeYearsAgoMember 25573730 2018-01-01 2018-12-31 cmn:FourYearsAgoMember 25573730 2021-01-01 2021-12-31 25573730 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25573730 2021-01-01 2021-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25573730 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 25573730 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 25573730 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 25573730 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25573730 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 25573730 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25573730 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 25573730 2021-01-01 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 25573730 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:SubsidiaryMember 25573730 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_2 fsa:SubsidiaryMember 25573730 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_3 fsa:SubsidiaryMember 25573730 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_4 fsa:SubsidiaryMember 25573730 2022-01-01 2022-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 25573730 Techedge ApS Dampfærgevej 3, 4. 2100 Copenhagen Ø København Deloitte 33963556 Weidekampsgade 6 2300 Copenhagen S Denmark 2023-06-30 Søren Holmberg Andersen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Financial Statements of Techedge ApS for the financial year 1 January - 31 December 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Financial Statements be adopted at the Annual General Meeting. 2023-06-30 Copenhagen Søren Holmberg Andersen CEO Keld Lunda Nielsen Chairman Søren Holmberg Andersen Manish Bhatia To the shareholders of Techedge ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company´s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Techedge ApS for the financial year 1 January - 31 December 2022, which comprise 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. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company 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 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 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 Company 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: 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. 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 Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the 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 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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. 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 Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, 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 in Management’s Review. Copenhagen 2023-06-30 Deloitte Nikolaj Thomsen State Authorised Public Accountant mne33276 88051000 82576000 76466000 59950000 58468000 55287000 47875000 46827000 31521000 95091000 91810000 73966000 362689000 268552000 254598000 383103000 285016000 265852000 -1488000 -4685000 -2259000 22 22 22 8.4 10.1 15.6 20.5 20.6 87.5 87.3 94.7 94.2 95.8 32.8 33.6 30.1 35.1 58.1 The company's primary activity is development of software and related activities. Key activities The company's primary activity is development of software and related activities. Development in the year The income statement of the Company for 2022 shows a profit of TDKK 120,066, and at 31 December 2022 the balance sheet of the Company shows positive equity of TDKK 425,754. The Company finds the growth and profit for the year to be satisfying and is in line with expectations for the year. The positive development is attributed to growth attributed to previous years investments in non-linear data reporting and diligent. Intellectual capital resources The Company possesses knowledge of the industry- and the market which enables the Company and its organization to operate efficiently in the sector for software development. This knowledge is maintained on an ongoing basis by gathering relevant information and by improving the skills and qualifications of the staff. The staff and its experience are vital to the management and further development of the Company and Management therefore makes efforts to maintain the staff by continuously organizing and developing the organization for it to be an attractive place to work. Subsequent events After the balance sheet date, the Company is engaged in the preliminary stages of a potential dispute with the Danish Tax Authorities. The potential dispute is connected to a proposed income adjustment of a significant amount raised against the Company. Management does not agree with the Danish Tax Authorities’ proposal. No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 67929000 58553000 25354000 21162000 1477000 1976000 41098000 35415000 83169000 78026000 6753000 8888000 656000 494000 130364000 121835000 10298000 9717000 120066000 112118000 83168000 78026000 36898000 34092000 3822000 2500000 3822000 2500000 5929000 4748000 1193000 93000 165987000 114070000 486520000 349879000 316023000 232641000 688000 668000 316711000 233309000 320533000 235809000 139060000 73002000 274000 321000 3603000 3649000 652000 984000 150711000 82797000 15276000 31273000 621000 621000 181207000 97826000 46469000 37602000 3337000 813000 2629000 2926000 621118 621118 243926000 207028000 425754000 305475000 6151000 1243000 2180000 1820000 60766000 44404000 60766000 44404000 486520000 349879000 621000 97825000 207028000 0 214000 0 0 83168000 36898000 621000 181207000 243926000 After the balance sheet date, the Company is engaged in the preliminary stages of a potential dispute with the Danish Tax Authorities. The potential dispute is connected to a proposed income adjustment of a significant amount raised against the Company. Management does not agree with the Danish Tax Authorities’ proposal. No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 24302000 20556000 137000 160000 915000 446000 25354000 21162000 24 24 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 1477000 1976000 6271000 8364000 85000 0 397000 524000 0 38000 131000 454000 525000 2000 656000 494000 10337000 9813000 47000 -144000 -86000 48000 10298000 9717000 10140000 2798000 12938000 7639000 1477000 9116000 3822000 Depreciated over 3-5 years 134816000 134816000 134816000 134816000 97825000 61518000 214000 667000 93209000 88066000 0 -42385000 -10041000 -10041000 181207000 97825000 Positive differences arising on initial measurement of subsidiaries at net asset value 130956000 130956000 Techedge America Inc. FL Miami 100 Techedge UK Taunton 100 Techedge Asia Pacific, Singapore Pte. Ltd. Singapore 100 Techedge Iberia S.L Barcelona 100 668000 20000 688000 Prepayments consist of prepaid expenses concerning rent, insurance, subscriptions etc. Deferred tax asset at 1 January 321,000 177,000 Amounts recognised in the income statement for the year -47,000 144,000 Deferred tax asset at 31 December 274,000 321,000 Deferred income consists of payments received in respect of income in subsequent years. Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 1,012,000 1,440,000 Between 1 and 5 years 0 909,000 1,012,000 2,349,000 Controlling interest Kantar Media Netherlands Holdings B.V., Netherlands Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Kantar Global Holdings S.à r.l. 4, rue Lou Hemmer, L-1748 Senningerberg, Luxembourg Copies of the financial statements of Kantar Global Holdings S.à r.l. are available from Kantar Global Holdings S.à r.l. at its registered office in Luxembourg, from the Luxembourg Registre de Commerce et des Sociétés(RCS) and from the investor relations section of the Kantar.com website. The Annual Report of Techedge ApS for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2022 are presented in TDKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2022 of Kantar Global Holdings S.a r.l., the Company has not prepared consolidated financial statements. 1 With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Kantar Global Holdings S.a r.l., the Company has not prepared a cash flow statement. The Financial Statements have been prepared under the historical cost method. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue from the sale licenses is recognised in the income statement based on license period. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Cost of sales comprises cost of licenses, consultants and other cost directly associated with the company's primary activities. Other 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. With reference to section 32 of the Danish Financial Statements Act, revenue has not been disclosed in the Annual Report. Gross profit or loss comprises revenue, license cost, and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses, social security contributions, pension contributions. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of property, plant and equipment. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. Estimated useful lives and residual values are reassessed annually. The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item“Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposits. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums and subscriptions. Dividend 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. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. Return on assets Profit before financials x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity