xbrli:pureiso4217:EUR261831622022-01-012022-12-31261831622022-01-012022-12-311261831622022-01-012022-12-311261831622022-01-012022-12-312261831622022-01-012022-12-311261831622022-01-012022-12-312261831622022-01-012022-12-313261831622022-01-012022-12-314261831622022-01-012022-12-315261831622022-01-012022-12-31261831622021-01-012021-12-31261831622022-01-012022-12-31fsa:RetainedEarningsMember261831622022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember261831622022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember261831622021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember261831622022-01-012022-12-31fsa:RetainedEarningsMember261831622021-01-012021-12-31fsa:RetainedEarningsMember261831622022-12-31261831622021-12-31261831622022-01-01fsa:ContributedCapitalMember261831622022-01-01fsa:SharePremiumMember261831622022-01-01fsa:RetainedEarningsMember261831622022-01-01fsa:ProposedDividendRecognisedInEquityMember261831622022-01-01261831622022-12-31fsa:ContributedCapitalMember261831622022-12-31fsa:SharePremiumMember261831622022-12-31fsa:RetainedEarningsMember261831622022-12-31fsa:ProposedDividendRecognisedInEquityMember261831622022-01-012022-12-31fsa:ContributedCapitalMember261831622022-01-012022-12-31fsa:SharePremiumMemberGrundlag for konklusionKonklusionRegnskabsklasse C, stor virksomhed2021-01-012021-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabHøje TaastrupTaastrup2630Revisionspåtegning2022-12-312022-01-011<br /><br />3Oldenburg AlleExperis A/S26183162339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Experis A/S for the financial year 01.01.2022 - 31.12.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.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.Copenhagen2023-06-30Heidi Brock RubækSøren BoserupCEOCFODonald Olvis MondanoNiels Vahman BangSøren BoserupHeidi Brock RubækAnett KristensenChairmanTo the shareholder of Experis A/SWe have audited the financial statements of Experis A/S for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. <br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. Copenhagen2023-06-30Martin Piepermne44063State Authorised Public AccountantFinancial highlights2022 EUR'0002021 EUR'0002020 EUR'0002019 EUR'0002018 EUR'000Key figuresRevenue15,95173,61070,69112,28915,508Gross profit/loss4,2123,7572,6841,529925Operating profit/loss239(22)(665)(70)(1,403)Net financials(64,584)(3,497)(2,119)(11,704)(1)Profit/loss for the year357,414378,397(2,762)36,982(1.404)Total assets2,210,9752,260,9612,074,2771,976,9614,617Investments in property, plant and equipment1831200Equity1,350,6061,286,8621,515,0271,972,241(454)Average number of employees31201478RatiosGross margin (%)26.415.103.8012.445.96EBIT margin (%)1.50(0.03)(0.94)(0.57)(9.05)Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%) :Gross profit/loss * 100 RevenueEBIT margin (%):Operating profit/loss * 100 RevenuePrimary activitiesExperis A/S is a contingent staffing agency who provides temporary workers, consultants and manages the temporary workers in other entities by contract. ​ ​Our vision is to be known as the best provider of solutions within our field. This vision will be supported ​by our strategy to deliver better services and offer competitive prices and improved provision of consultants ​and permanent staff. ​ ​In addition, the Company acts as holding company for a number of the European countries as well as Canada within the Manpower GroupDevelopment in activities and financesUp until the end of September 2021, approximately 80% of the total revenue was generated from a specific contract. However, following a contract modification to this contract, the accounting treatment has been modified resulting in reduced revenue to be recognized. This has had an impact on the revenue and the cost for 2022, but not it has not materially impacted the result for the year. In the current year, an impairment of EUR 64.139 million have been recognized relating to the dutch subsidiary. Several amendments have been introduced for the dutch entity to be able to turn around for the comming year, however, the impairment contributes to a more fair view on the investments in group enterprises as of 31.12.2022. Other group enterprises have been deemed to be valued at a higher recoverable amount than the net book value. Profit/loss for the year in relation to expected developmentsAnticipated for 2022 was a decline in revenue due to contract modifications, while a boost in gross profit and operating results was projected. Despite this, the reduction is deemed acceptable due to the renegotiation of specific contracts. Furthermore, there has been an improvement in gross profit and operating results, which can be attributed to better margins.Uncertainty relating to recognition and measurementManagement believes that the income statement for the year gives a fair presentation of the Company's financial performance and that no uncertainty exists which has impacted the basis for the financial development and performance.OutlookLooking ahead to 2023, there are positive expectations for revenue growth, direct cost reduction, and an increase in gross profit. It is anticipated that revenue will increase by 5-10%. This will impact gross profit positively, as the expenses are also estimated to decrease. Environmental performanceAt Experis A/S we are part of making the world greener, as we are trying to create a better environment for the present and for the future generations. We further follow the same policies on environmental performance as stated in the reporting of ManpowerGroup Inc. on their ESG reporting. We therefore refer to the report at https://go.manpowergroup.com/hubfs/MPG%20Sustainability/MPG_2022_ESG_FINAL_0908.pdf?_gl=1*15d8whk*_ga*NDQwMTczNDk3LjE2ODM3OTAyOTA.*_ga_RXTCZ8Y550*MTY4Mzc5MDI4OS4xLjEuMTY4Mzc5MDkyMi4wLjAuMA..&_ga=2.196087333.848288936.1683790290-440173497.1683790290Statutory report on distribution policyWe follow the same policies on anti-corruption and anti-bribery as stated in the reporting of ManpowerGroup Inc. on their ESG reporting. We therefore refer to the report at https://go.manpowergroup.com/hubfs/MPG%20Sustainability/MPG_2022_ESG_FINAL_0908.pdf?_gl=1*15d8whk*_ga*NDQwMTczNDk3LjE2ODM3OTAyOTA.*_ga_RXTCZ8Y550*MTY4Mzc5MDI4OS4xLjEuMTY4Mzc5MDkyMi4wLjAuMA..&_ga=2.196087333.848288936.1683790290-440173497.1683790290Statutory report on corporate social responsibilityCorporate social responsibility is an important priority for the Company. We believe businesses have a responsibility to be a positive contributor to societal change. Our commitment to social responsibility extends to human capital, diversity and inclusion, human rights and fair employment, worker health & safety, and climate change. We follow the same policies on corporate social responsibility as stated in the reporting of ManpowerGroup Inc. on their ESG reporting. We therefore refer to the report at https://go.manpowergroup.com/hubfs/MPG%20Sustainability/MPG_2022_ESG_FINAL_0908.pdf?_gl=1*15d8whk*_ga*NDQwMTczNDk3LjE2ODM3OTAyOTA.*_ga_RXTCZ8Y550*MTY4Mzc5MDI4OS4xLjEuMTY4Mzc5MDkyMi4wLjAuMA..&_ga=2.196087333.848288936.1683790290-440173497.1683790290Statutory report on the underrepresented genderExperis A/S has a gender-balanced executive board, with an equal representation of 50% female and 50% male members of the executive board. We furhter refer to the reporting of ManpowerGroup, where we follow the policies on the underrepresented gender, which is found at https://go.manpowergroup.com/hubfs/MPG%20Sustainability/MPG_2022_ESG_FINAL_0908.pdf?_gl=1*15d8whk*_ga*NDQwMTczNDk3LjE2ODM3OTAyOTA.*_ga_RXTCZ8Y550*MTY4Mzc5MDI4OS4xLjEuMTY4Mzc5MDkyMi4wLjAuMA..&_ga=2.196087333.848288936.1683790290-440173497.1683790290Statutory report on diversityWe follow the same policies on human rights as stated in the reporting of ManpowerGroup Inc. on their ESG reporting. We therefore refer to the report at https://go.manpowergroup.com/hubfs/MPG%20Sustainability/MPG_2022_ESG_FINAL_0908.pdf?_gl=1*15d8whk*_ga*NDQwMTczNDk3LjE2ODM3OTAyOTA.*_ga_RXTCZ8Y550*MTY4Mzc5MDI4OS4xLjEuMTY4Mzc5MDkyMi4wLjAuMA..&_ga=2.196087333.848288936.1683790290-440173497.1683790290 Statutory report on data ethics policyWe follow the same policies as the ManpowerGroup and we thrive on keeping data safe.We refer to the description of the data ethics in the proxy statement of ManpowerGroup Inc. at https://go.manpowergroup.com/hubfs/MPG%20Sustainability/MPG_2022_ESG_FINAL_0908.pdf?_gl=1*15d8whk*_ga*NDQwMTczNDk3LjE2ODM3OTAyOTA.*_ga_RXTCZ8Y550*MTY4Mzc5MDI4OS4xLjEuMTY4Mzc5MDkyMi4wLjAuMA..&_ga=2.196087333.848288936.1683790290-440173497.1683790290Events 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.159510007361000011739000698530004212000375700039730003779000239000-220004217590003819160003322000109200064139000037670004589000357414000378397000357414000004450000035741400033389700012000130001200013000218164200022344690002181642000223446900021816540002234482000630400028750000520001251100016789000270007380001884200020454000104790006025000293210002647900022109750002260961000466540005110000011556390001400363000148313000-20910100004450000013506060001286862000511000001400363000-2091010004450000012868620004665400011556390001483130000422815000439119000189200015300004326970005312030002965000224700086036900097409900086036900097409900022109750002260961000-4446000-2447240000-2491700000-44500000-445000001 Events 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. 2 RevenueWith reference to Article 96 of the Danish Financial Statement Act, Experis A/S does not disclose segment information, due to competitive considerations. 3 Fees to the auditor appointed by the Annual General MeetingWith reference to the Danish Financial Statements Act Article 96 (3), Experis A/S will not disclose the fee to the auditor, as this is included in the consolidated financial statements of the parent entity of Experis A/S, Manpower Group Inc. 4 Staff costs2022 EUR'0002021 EUR'000Wages and salaries2,3161,876Pension costs181168Other social security costs140912,6372,135Average number of full-time employees3120Staff costs include wages and salaries to management and permanent staff only, which are presented as part of administrative expenses. Costs to temporary workers are presented as productions costs. Remuneration to the executive board The total remuneration of the executive board, amounts to EUR 286 thousand and pension amounted to EUR 15 thousand for the year for the period of which they have served as executives for the entity. 31205 Other financial income2022 EUR'0002021 EUR'000Financial income from group enterprises1,260868Other interest income1,09331Exchange rate adjustments9691933,3221,0926 Other financial expenses2022 EUR'0002021 EUR'000Financial expenses from group enterprises3,3491,780Other interest expenses4182,541Exchange rate adjustments02683,7674,589<br />2022 EUR'0002021 EUR'000Financial expenses from group enterprises3,3491,780Other interest expenses4182,541Exchange rate adjustments02683,7674,5897 Proposed distribution of profit and loss2022 EUR'0002021 EUR'000Ordinary dividend for the financial year044,500Retained earnings 357,414333,897 357,414378,3978 Property, plant and equipmentOther fixtures and fittings, tools and equipment EUR'000Cost beginning of year15Additions18Cost end of year33Depreciation and impairment losses beginning of year(5)Depreciation for the year(8)Depreciation and impairment losses end of year(13)Carrying amount end of year209 Financial assetsInvestments in group enterprises EUR'000Cost beginning of year2,272,469Additions11,312Cost end of year2,283,781Impairment losses beginning of year(38,000)Impairment losses for the year(64,139)Impairment losses end of year(102,139)Carrying amount end of year2,181,642Since the underlying equity values of the subsidiaries are lower than the cost of the investments, the Company has performed an impairment test of the investments. The impairment test concludes that the recoverable amounts of the investments exceeds the cost of the individual investments for all investments other than the investment in the Netherlands. Therefore, the group enterprise in the Netherlands has been impaired to its recoverable amount. Investments in subsidiariesRegistered inCorporate formEquity interest %Equity EUR'000Profit/loss EUR'000Manpower France Holding SASFranceS.A100.00411,340319,659Manpower Italia S.R.L. ItalyS.R.L99.00153,14345,627ManpowerGroup Netherlands B.V.NetherlandsB.V.100.0080,725(14,288)ManpowerGroup AS NorwayAS100.0039,3535,924Manpower Services Canada Ltd.CanadaLtd,100.0034,3706,101ManpowerGroup ABSwedenAB100.0024,330(171)S.A. Manpower (Belgium) N.VBelgiumS.A.100.0023,7343,445Manpower Group Oy FinlandOy100.0010,362642ManpowerGroup Solutions Belgium SA/NV BelgiumS.A.100.003,1201,245ManpowerGroup Deutschland Verwaltungs GmbH Germany GmbH100.00(181,462)(34,410)<br />Investments in group enterprises EUR'000Cost beginning of year2,272,469Additions11,312Cost end of year2,283,781Impairment losses beginning of year(38,000)Impairment losses for the year(64,139)Impairment losses end of year(102,139)Carrying amount end of year2,181,64210 PrepaymentsThe prepayments relates to various prepaid expenses, such as insurance and other cost.11 Contingent assetsExperis A/S has a non-recognised deferred tax asset relating to tax loss carryforwards of EUR 33.3m.12 Contingent liabilitiesExperis A/S has a termination notice period relating to leasehold agreements representing a minimum commitment of EUR 13k.13 Non-arm’s length related party transactions​With reference to the Danish Financial Statement act §98 C, the entity have had a transaction with its subsidiary in France of EUR 195m, which has not accrued interest throughout the period.14 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ManpowerGroup Inc., Milwaukee, Wisconsin, USA. The consolidated financial statements of ManpowerGroup Inc. can be obtained from https://investor.manpowergroup.com/financial-information/annual-report.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).The accounting policies applied to these financial statements are consistent with those applied last year.falseConsolidated financial statementsReferring to section 112(2) of the Danish Financial Statements Act, no consolidated financial statements have been prepared.Adjustment to prior yearThe Company has identified a misstatement for 2021, where cash and debt were incorrectly presented on a net basis. The misstatement has resulted in the following changes for 2021: cash has increased from EUR 0,00 to EUR 6,025 thousand and debt has increased from EUR 433,094 thousand to EUR 439,119 thousand.Recognition 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.RevenueRevenue from the sale of services is recognised in the income statement concurrently with delivery of services to the Company's clients. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value ​of the consideration fixedProduction costsProduction costs comprise costs to consultants, third party hired temporary workers and temporary workers employed to achieve revenue for the financial year. Administrative expensesAdministrative costs comprise expenses incurred for management and administration of the Company, including ​expenses for the selling and administrative staff and corporate costs. Income from investments in group enterprisesIncome from investments in group enterprises comprise dividends received from group enterprises in the financial year.Other financial incomeOther financial income comprises interest income, including interest from group enterprises, and exchange gains.Impairment losses on financial assetsImpairment losses on financial assets comprise impairment losses on financial assets which are not measured at fair value on a current basis.Other financial expensesOther financial expenses comprise interest expenses, including interest paid to group enterprises, and exchange losses.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 over 5 years on basis of the estimated useful lives of the assets. Gains and losses from the sale of property, plant and equipment are calculated as the difference between ​​selling price less selling costs and carrying amount at the time of sale. Gains or losses are recognised in ​​the income statement as adjustment to depreciation and impairment losses, or under other operating income ​​if selling price exceeds original cost.Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the ​lower of recoverable amount and carrying amount. Investments in group enterprises are tested for impairment triggers and a full impairment test i performed for CGU's, when potential impairment is identified. Impairment test of each group enterprise where deemed applicable, is performed based on the most realistic case scenario for the group enterprise. ReceivablesReceivables are measured at amortised cost, usually equaling nominal value less write-downs for bad and doubtful debts.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.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.Cash flow statementIn accordance with article 86 (4) of the Danish Financial Statements Act, no cash flow statement is included in the annual report, and in stead reference is made to the cash flow statement included in the Annual Report of ManpowerGroup Inc.2023-06-30Niels Vahman Bang