Årsrapport Frank Winters 2023-04-21 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed Beierholm Voergaardvej 2 9200 Aalborg SV 2021-01-01 2021-12-31 2022-01-01 2022-12-31 34719381 Viessmann Refrigeration Systems ApS Farum Gydevej 77 3520 Farum Farum PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Danmark true We have on this day presented the annual report for the financial year 01.01.22 - 31.12.22 for Viessmann Refrigeration Systems ApS. The annual report is presented in accordance with the Danish Financial Statements Act (Årsregnskabsloven). In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.22 and of the results of the company's activities and cash flows for the financial year 01.01.22 - 31.12.22. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Farum 2023-04-21 Scott Lee Brewer Frank Winters Chairman Udo Laeis Micheal Luz Marcel Sieber To the capital owner of Viessmann Refrigeration Systems 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 Viessmann Refrigeration Systems ApS for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies ("Financial Statements"). 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 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 Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Acts. We did not identify any material misstatement of Management’s review. The Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act. Furthermore the Management is responsible for the internal control as the 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 judgment and maintain professional skepticism 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. Hellerup 2023-04-21 Leif Ulbæk Jensen James Liang State Authorized Public Accountant mne23327 State Authorized Public Accountant mne34549 1104000 -1991000 -7000 -9045000 -6955000 -1870000 -648000 -298628000 -110000 -9693000 -6956000 -1869000 51821000 11085000 10446000 19000 101000 1598000 312000 0 -18117000 -8424000 -1468000 -80 -57 -35 -76 -14 13 5 2 Primary activities The company's main acivitites consists in providing cooling systems for retailers of food on the Danish market and other related activities. Development in activities and financial affairs The income statement for the period 01.01.22 - 31.12.22 shows a loss before tax of DKK -19,617k and after tax of DKK -17,037k against DKK -20,700k (result before and after tax) for the period 01.01.21 - 31.12.21. The balance sheet shows equity of DKK -55,854k. We expected a profit before tax in the region of between DKK -5,000k to 0 in 2022. In 2022 Viessmann Refrigeration Systems ApS maintained its position as one of the leading actors in the Danish market for commercial refrigeration. The main customers of the company are from food retail and convenience business. Revenue 2022 was slightly higher than previous year including growing convenience business and after sales services. 2022 was characterized by challenges in material costs in follow up to Ukrainian conflict, Covid-19 and inflation impacts. Further the company was faced with higher personnel and administration expenses. The result before tax improved slightly versus prior year, however below expectations. Information on going concern The company is expecting the share capital to be restored by future earnings. The company has received a letter of support from a group company ensuring the necessary liquidity. Outlook The company expects significant improvement in performance versus actual 2022, targeting a profit before tax between DKK -9,000k to -6,000k for the coming year. Financial risks Foreign currency risks We operate primarily in DKK and to a lesser extent in EUR, and evaluate our currency risk as minimal. External environment As part of the strategy for the group's overall environmental activities, an environmental policy has been prepared setting out several environmental objectives. Focusing on environmentally sound operations, this policy forms a natural part of the company's objectives concerning product quality and production conditions. Research and development activities The company's development activities primarily comprise the earlier acquisition of a new ERP system classified as software. Subsequent events No important events have occurred after the end of the financial year. 36363360 22807000 45560867 39692000 5019747 2102000 -14217254 -18987000 2422000 0 2977263 1713000 -19616517 -20700000 -2579940 0 -17036577 -20700000 4282163 5228000 0 3655000 4282163 8883000 558508 958000 558508 958000 430657 267000 0 1670000 430657 1937000 5271328 11778000 13200575 9546000 13200575 9546000 8687738 8073000 26747099 35407000 325578 964000 2579940 0 16885 0 1057816 890000 39415056 45334000 11577771 1982000 64193402 56862000 69464730 68640000 80000 80000 -55933580 -38897000 -55853580 -38817000 4273411 8928000 4273411 8928000 66928500 29746000 33504201 26771000 1163291 1163000 101595992 57680000 0 3202000 4960271 8489000 8369721 10372000 6118915 18786000 19448907 40849000 121044899 98529000 69464730 68640000 80000 -18197277 -20699726 80000 -38897003 -17036577 80000 -55933580 1539068 3807000 -3654503 -2578000 8334777 -23871000 -3698316 2391000 -17871484 7798000 1645267 621000 -30741768 -32532000 -419857 -1704000 -31161625 -34236000 0 -295000 -19034 -101000 0 24000 -752000 0 -771034 -372000 41528582 26700000 41528582 26700000 9595923 -7908000 1981848 9890000 11577771 1982000 11577771 1982000 41270379 35803000 2966890 2795000 146185 138000 1177413 956000 62 58 2466258 2530000 2387477 1314000 589786 399000 -17036577 -20700000 6015709 4568415 6015709 4568415 -787470 -913683 -2741049 -946076 -913683 -1733546 -4568415 4282163 0 1477134 19034 1496168 -518721 -418939 -937660 558508 266671 1670000 163986 752000 430657 2422000 -2422000 0 -2422000 430657 0 0 66928500 29746000 0 33504201 26771000 1163291 1163000 5019747 2102000 2977261 1712000 -2579940 0 The annual report is presented in accordance with the provisions of the Danish Financial Statements Act (Årsregnskabsloven) for medium-sized enterprises in reporting class C with application of provisions for a higher reporting class. The company has reassesed the need for impairment and write-down of goodwill and financial assets as well as other provisions related to these items. Please refer to note 2 for description of the impact on the result for 2022. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. The annual report is presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset andthe net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets ofthe Company. The remaining lease obligation is capitalized and recognized in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognized in the income statement on a straight-line basis over the lease term. Gross profit comprises revenue, other operating income and cost of sales and other external expenses. Income from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Income from the sale of services is recognised in the income statement in line with completion of services, which means that revenue corresponds to the selling price of the work performed for the year stated on the basis of the stage of completion at the balance sheet date. Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income and gains on the sale of intangible assets and property, plant and equipment. Cost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs for obsolecense and net realisable value. Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and allowance for bad debts etc. Staff costs comprise wages and salaries as well as other staff-related costs. The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation and amortisation over the expected useful lives of the assets. Assets are depreciated and amortised according to the straight-line method based on the following expected useful lives and residual values: Goodwill is amortised over 5 years. The useful life has been determined in consideration of the expected future net earnings of the enterprise or activity to which the goodwill relates. The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Impairment losses on financial assets comprise impairment of investments at a lower recoverable amount and write-downs of financial current assets at a lower net realisable value. Interest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. The company is jointly taxed with Danish related Group enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their taxable incomes. This means that enterprises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Completed development projects Development projects comprise software. Development projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses. Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Goodwill Goodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses. Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Gains or losses on the disposal of intangible assets Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipment comprise other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation, amortisation and impairment losses' section. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed. Inventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value. The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase. The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Work in progress for third parties is determined as the value of direct material less prepayments associated with each piece of work in progress. Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years. Cash includes deposits in bank account. Other provisions comprise expected expenses incidental to warranty commitments, loss on work in progress, restructuring etc. and are recognised when the company has a legal or constructive obligation at the balance sheet date and it is probable that such obligation will draw on the financial resources of the company. Provisions are measured at net realisable value or fair value if the provision is expected to be settled over the longer term. Warranty commitments comprise the obligation to repair defective work within the warranty period. Warranty commitments are measured at net realisable value and recognised based on previous years’ experience with warranty work. Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. With subordinate loan capital, the creditor has subordinated its claim to those of all other creditors of the company. Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability. Short-term payables are measured at amortised cost, normally corresponding to the nominal value of such payables. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities comprise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital. Cash flows from investing activities comprise payments in connection with the acquisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the company's share capital and associated costs and financing from and dividends paid to shareholders as well as the arrangement and repayment of long-term payables. Cash and cash equivalents at the beginning and end of the year comprise cash. Ratios definitions Solvency ratio: Equity, end of year x 100 Total assets Figures in DKK Share capital Retained earnings Total equity Statement of changes in equity for 01.01.21 - 31.12.21 Balance as at 01.01.21 80,000 -18,197,277 -18,117,277 Net profit/loss for the year 0 -20,699,726 -20,699,726 Balance as at 31.12.21 80,000 -38,897,003 -38,817,003 Statement of changes in equity for 01.01.22 - 31.12.22 Balance as at 01.01.22 80,000 -38,897,003 -38,817,003 Net profit/loss for the year 0 -17,036,577 -17,036,577 Balance as at 31.12.22 80,000 -55,933,580 -55,853,580 The company is expecting the share capital to be restored by future earnings. The company has received a letter of support from a group company ensuring the necessary liquidity. 1. Special items Special items are income and expenses that are special due to their size and nature. The following special items were recorded in the financial year: Special items: Recognised in the income statement in: 2022 DKK 2021 DKK '000 Reversal of other provisions Gross profit 6,300,000 0 Impairment losses on intangible assets Depreciation and amortisation of and impairment losses on intangible assets and property, plant and equipment -2,741,049 0 Impairment losses on other receivables Impairment losses on financial assets -2,422,000 0 Total 1,136,951 0 Special items relates to reevaluation of financial assets as well as a related provisions. Remuneration for the management: Remuneration for the Executive Board and Board of Directors 2,466,258 2,530 The recognised development costs comprise an ERP system classified as software. Development of the system secures additional efficiency improvements to internal processes and herby contribute to the company's growth. The ERP system is completed and in use. 6. Property, plant and equipment Figures in DKK Other fixtures and fittings, tools and equipment Cost as at 01.01.22 1,477,134 Additions during the year 19,034 Cost as at 31.12.22 1,496,168 Depreciation and impairment losses as at 01.01.22 -518,721 Depreciation during the year -418,939 Depreciation and impairment losses as at 31.12.22 -937,660 Carrying amount as at 31.12.22 558,508 31.12.22 31.12.21 DKK DKK '000 8. Work in progress for third parties Work in progress for third parties 9,626,434 16,402 On-account invoicing -938,696 -11,531 Total work in progress for third parties 8,687,738 4,871 Work in progress for third parties 8,687,738 8,073 Prepayments received from work in progress for third parties, short-term payables 0 -3,202 Total 8,687,738 4,871 9. Prepayments Prepaid expenses 1,057,816 890 Total 1,057,816 890 10. Other provisions Figures in DKK Warranty commitments Other provisions Provisions as at 01.01.22 2,628,144 6,300,000 Provisions during the year 1,645,267 0 Reversed provision in respect of previous years 0 -6,300,000 Provisions as at 31.12.22 4,273,411 0 31.12.22 31.12.21 DKK DKK '000 Other provisions are expected to be distributed as follows: Non-current liabilities 0 6,300 Current liabilities 4,273,411 2,628 Total 4,273,411 8,928 The company has a deferred tax asset of DKK 9,520k, which has not been recognised in the balance sheet. The tax asset can primarily be attributed to tax losses carried forward which are not expected to be utilised within the next 3-5 years. The tax asset can be carried forward indefinitely. Lease commitments The company has concluded lease agreements with total lease payments of DKK 5,883k. Other contingent liabilities The company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. The company has registered a negativ pledge concerning trade receivables. Controlling influence Basis of influence Viessmann Refrigeration Systems Oy, Porvoo, Finland Majority of voting rights Viessmann Refrigeration Solutions GmbH, Allendorf, Germany Majority of voting rights Viessmann Werke GmbH & Co KG, Allendorf, Germany Majority of voting rights Related party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length. Remuneration for the management is specified in note 2. Staff costs. The company is included in the consolidated financial statements of the parent company Viessmann Werke GmbH & Co KG, Allendorf, Germany. 34719381 2022-01-01 2022-12-31 34719381 2021-01-01 2021-12-31 34719381 2022-01-01 2022-12-31 d:TwoYearsAgoMember 34719381 2022-12-31 d:TwoYearsAgoMember 34719381 2022-01-01 2022-12-31 d:ThreeYearsAgoMember 34719381 2022-12-31 d:ThreeYearsAgoMember 34719381 2022-01-01 2022-12-31 d:FourYearsAgoMember 34719381 2022-12-31 d:FourYearsAgoMember 34719381 2022-01-01 2022-12-31 e:RetainedEarningsMember 34719381 2021-01-01 2021-12-31 e:RetainedEarningsMember 34719381 2021-12-31 34719381 2022-12-31 34719381 2022-01-01 2022-12-31 1 34719381 2022-01-01 2022-12-31 2 34719381 2022-01-01 2022-12-31 3 34719381 2022-01-01 2022-12-31 4 34719381 2022-01-01 2022-12-31 1 34719381 2022-12-31 e:ContributedCapitalMember 34719381 2022-01-01 2022-12-31 e:RetainedEarningsMember 34719381 2022-12-31 e:RetainedEarningsMember 34719381 2022-01-01 e:CompletedDevelopmentProjectsMember 34719381 2022-01-01 e:GoodwillMember 34719381 2022-01-01 2022-12-31 e:GoodwillMember 34719381 2022-12-31 e:GoodwillMember 34719381 2022-01-01 2022-12-31 e:CompletedDevelopmentProjectsMember 34719381 2022-12-31 e:CompletedDevelopmentProjectsMember 34719381 2022-01-01 e:FixturesFittingsToolsAndEquipmentMember 34719381 2022-01-01 2022-12-31 e:FixturesFittingsToolsAndEquipmentMember 34719381 2022-12-31 e:FixturesFittingsToolsAndEquipmentMember 34719381 2022-12-31 e:LongtermEquityLoanMember 34719381 2021-12-31 e:LongtermEquityLoanMember 34719381 2022-12-31 e:LongtermPayablesToGroupEnterprisesMember 34719381 2021-12-31 e:LongtermPayablesToGroupEnterprisesMember 34719381 2022-01-01 34719381 2021-01-01 34719381 2022-01-01 e:OtherReceivablesMember 34719381 2022-01-01 2022-12-31 e:OtherReceivablesMember 34719381 2022-12-31 e:OtherReceivablesMember 34719381 2021-01-01 e:ContributedCapitalMember 34719381 2021-12-31 e:ContributedCapitalMember 34719381 2021-01-01 e:RetainedEarningsMember 34719381 2021-01-01 2021-12-31 e:RetainedEarningsMember 34719381 2021-12-31 e:RetainedEarningsMember 34719381 2022-01-01 e:DepositsLongtermInvestmentsAndReceivablesMember 34719381 2022-01-01 2022-12-31 e:DepositsLongtermInvestmentsAndReceivablesMember 34719381 2022-12-31 e:DepositsLongtermInvestmentsAndReceivablesMember 34719381 2022-01-01 2022-12-31 1 34719381 2022-01-01 2022-12-31 2 34719381 2022-12-31 e:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 34719381 2021-12-31 e:LongtermBillsOfExchangePayableMember iso4217:DKK xbrli:pure