iso4217:EURxbrli:pure261831622023-01-012023-12-31261831622023-01-012023-12-311261831622023-01-012023-12-311261831622023-01-012023-12-312261831622023-01-012023-12-311261831622023-01-012023-12-312261831622023-01-012023-12-313261831622023-01-012023-12-314261831622023-01-012023-12-315261831622023-01-012023-12-312261831622023-12-31261831622023-01-012023-12-31261831622022-01-012022-12-31261831622023-01-012023-12-31fsa:RetainedEarningsMember261831622022-12-31261831622023-01-01fsa:ContributedCapitalMember261831622023-01-01fsa:SharePremiumMember261831622023-01-01fsa:RetainedEarningsMember261831622023-01-01261831622023-12-31fsa:ContributedCapitalMember261831622023-12-31fsa:SharePremiumMember261831622023-12-31fsa:RetainedEarningsMember261831622023-01-012023-12-31fsa:ContributedCapitalMember261831622023-01-012023-12-31fsa:SharePremiumMemberGrundlag for konklusionKonklusionRegnskabsklasse C, stor virksomhed2022-01-012022-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabHøje TaastrupTaastrup2630Revisionspåtegning2023-12-312023-01-011 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 01.01.2023 - 31.12.2023.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 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023.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.Copenhagen2024-06-14Heidi Brock RubækSøren BoserupCEOCFODarren Matthew KozikNiels 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 01.01.2023 - 31.12.2023, 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 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023 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 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: 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 Entity’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 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. 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. 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 by relevant law and regulations. 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. Copenhagen2024-06-14Martin PieperVincent Mendel Tranmne44063mne50739State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2023 EUR'0002022 EUR'0002021 EUR'0002020 EUR'0002019 EUR'000Key figuresRevenue21,18815,95173,61070,69112,289Gross profit/loss4,9274,2123,7542,6841,529Operating profit/loss428239(25)(665)(70)Net financials(116,864)(64,584)(3,497)(2,119)(11,704)Profit/loss for the year118,164357,414378,394(2,762)36,982Total assets2,167,8842,202,8502,260,9582,074,2771,976,961Investments in property, plant and equipment093120Equity1,417,5311,350,6061,286,8621,515,0271,972,241Average number of employees343120147RatiosGross margin (%)23.2526.415.103.8012.44EBIT margin (%)2.021.50(0.03)(0.94)(0.57)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 financesA capital contribution of EUR 25 million was provided to the Dutch subsidiary during 2023, however, after several amendments, the Dutch subsidiary has been impaired in full, i.e., an impairment of EUR 83 million related to the Dutch subsidiary has been recognized. Also, the Finish subsidiary has been impaired by EUR 10 million during the year, totaling an impairment of EUR 93 million in 2023. Other group enterprises have been valued at a higher recoverable amount than the net book value. Profit/loss for the year in relation to expected developmentsRevenue and gross profit amounts to EUR 21 million (2022: EUR 16 million) and EUR 5 million (2022: EUR 4 million), respectively, which is considered positive and above expectations set in the Annual Report 2022. Overall, Management expresses satisfaction with the set of results.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 2024, there are positive expectations for revenue growth, direct cost reduction, and an increase in gross profit. It is anticipated that revenue will increase by 3-5%. 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://www.manpowergroup.com/en/sustainability/reportsStatutory 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://www.manpowergroup.com/en/sustainability/reportsStatutory 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://www.manpowergroup.com/en/sustainability/reportsStatutory report on the underrepresented gender2023Supreme management bodyTotal number of members5Underrepresented gender (%)40.00The Company concluded the year with an equal share of male (60 %) and female (40 %) representing the suprement management body.2023Other management levelsTotal number of members2Underrepresented gender (%)50.00The Company is exempted from including a target for the composition of other management levels as the Company has less than 50 employees. Though, the Company concluded the year with an equal share of male (50 %) and female (50 %) representing the other management levels.50.4The Company concluded the year with an equal share of male (60 %) and female (40 %) representing the suprement management body.20.5The Company is exempted from including a target for the composition of other management levels as the Company has less than 50 employees. Though, the Company concluded the year with an equal share of male (50 %) and female (50 %) representing the other management levels.Statutory 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://www.manpowergroup.com/en/sustainability/reportsStatutory 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://www.manpowergroup.com/en/sustainability/reportsEvents 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.21188000159510001626100011739000492700042120004499000397300042800023900023460000042175900061970003322000927200006413900030341000376700011816400035741400000118164000357414000118164000110001200011000120002113922000218164200021139220002181642000211393300021816540006410000630400022307000125110001400027000287310001884200025220000235400053951000211960002167884000220285000045638000466540001105417000115563900026647600014831300014175310001350606000466540001155639000148312000135060500045638000110541700026647600045545600040183900030370001892000284385000445548000345300004022000296500075035300085224400075035300085224400021678840002202850000-1016000-502220000-512380001 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 costs2023 EUR'0002022 EUR'000Wages and salaries2,4692,316Pension costs228181Other social security costs1691402,8662,637Average number of full-time employees3431Staff 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 548 thousand (2022: EUR 286 thousand) and pension amounted to EUR 24 thousand (2022: EUR 15 thousand) for the year for the period of which they have served as executives for the entity. 34315 Other financial income2023 EUR'0002022 EUR'000Financial income from group enterprises3,4261,260Other interest income2,7711,093Exchange rate adjustments09696,1973,3226 Other financial expenses2023 EUR'0002022 EUR'000Financial expenses from group enterprises12,2653,349Other interest expenses17,345418Exchange rate adjustments731030,3413,767 2023 EUR'0002022 EUR'000Financial expenses from group enterprises12,2653,349Other interest expenses17,345418Exchange rate adjustments731030,3413,7677 Proposed distribution of profit and loss2023 EUR'0002022 EUR'000Retained earnings118,164357,414 118,164357,4141181640003574140008 Property, plant and equipmentOther fixtures and fittings, tools and equipment EUR'000Cost beginning of year34Cost end of year34Depreciation and impairment losses beginning of year(13)Depreciation for the year(10)Depreciation and impairment losses end of year(23)Carrying amount end of year119 Financial assetsInvestments in group enterprises EUR'000Cost beginning of year2,283,781Additions25,000Cost end of year2,308,781Impairment losses beginning of year(102,139)Impairment losses for the year(92,720)Impairment losses end of year(194,859)Carrying amount end of year2,113,922Since the underlying equity values in some of the subsidiaries are lower than the cost of the investments, the Company has performed an impairment test of the investments. The impairment tests conclude that the recoverable amounts of the investments exceed the cost of the individual investments for all investments other than the investment in Finland, the Netherlands and Germany. Therefore, the investment in Finland has been partially impaired by EUR 10 million during 2023, and the Netherlands has been impaired in full by EUR 83 million in 2023. Investments in subsidiariesRegistered inCorporate formEquity interest %Manpower France Holding SASFranceS.A100.00Manpower Italia S.R.L. ItalyS.R.L99.00ManpowerGroup Netherlands B.V.NetherlandsB.V.100.00ManpowerGroup AS NorwayAS100.00Manpower Services Canada Ltd.CanadaLtd,100.00ManpowerGroup ABSwedenAB100.00S.A. Manpower (Belgium) N.VBelgiumS.A.100.00Manpower Group Oy FinlandOy100.00ManpowerGroup Solutions Belgium SA/NV BelgiumS.A.100.00ManpowerGroup Deutschland Verwaltungs GmbH Germany GmbH100.00 Investments in group enterprises EUR'000Cost beginning of year2,283,781Additions25,000Cost end of year2,308,781Impairment losses beginning of year(102,139)Impairment losses for the year(92,720)Impairment losses end of year(194,859)Carrying amount end of year2,113,92210 PrepaymentsThe prepayments relates to various prepaid expenses, such as insurance and other cost.11 Contingent assetsThe Company has a non-recognised deferred tax asset relating to tax loss carryforwards of EUR 40.8 million (2022: EUR 38.4 million).12 Contingent liabilitiesThe Company has a termination notice period relating to leasehold agreements representing a minimum commitment of EUR 14 thousand (2022: EUR 13 million).13 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year.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 2022, where Cash, Bank loan and Payables to group enterprises were incorrectly classified and presented in the financial statements. The misstatement has resulted in the following changes for 2022: Cash has decreased from EUR 10,479 thousand to EUR 2,354 thousand, Bank loan has decreased from EUR 422,815 thousand to EUR 401,839 thousand, and Payables to group enterprises has increased from EUR 432,697 thousand to EUR 445,548 thousand. The adjustment has not impacted equity or result.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 fixed.Production 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.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 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 investments, 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.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.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 instead reference is made to the cash flow statement included in the Annual Report of ManpowerGroup Inc.2024-06-14Niels Vahman Bang