xbrli:pureiso4217:DKK352054892021-01-012021-12-31352054892021-01-012021-12-311352054892021-01-012021-12-311352054892021-01-012021-12-311352054892021-01-012021-12-312352054892021-01-012021-12-313352054892021-01-012021-12-31352054892020-01-012020-12-31352054892021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember352054892020-01-012020-12-31fsa:ProposedDividendRecognisedInEquityMember352054892021-01-012021-12-31fsa:RetainedEarningsMember352054892020-01-012020-12-31fsa:RetainedEarningsMember352054892021-01-012021-12-31fsa:RetainedEarningsMember352054892021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember352054892021-12-31352054892020-12-31352054892021-01-01352054892020-01-01352054892021-01-01fsa:ContributedCapitalMember352054892021-01-01fsa:RetainedEarningsMember352054892021-01-01fsa:ProposedDividendRecognisedInEquityMember352054892021-12-31fsa:ContributedCapitalMember352054892021-12-31fsa:RetainedEarningsMember352054892021-12-31fsa:ProposedDividendRecognisedInEquityMemberGrundlag for konklusionKonklusion2022-06-082022-06-08true339635562020-01-012020-12-31Esbjerg67018DokkenDeloitte Statsautoriseret RevisionspartnerselskabEsbjergEsbjerg Ø6705Regnskabsklasse BRevisionspåtegning2021-12-312021-01-01<br /><br />60John Tranums VejKN Helicopters A/S35205489339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of KN Helicopters A/S for the financial year 01.01.2021 - 31.12.2021.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 31.12.2021 and of the results of its operations and cash flows for the financial year 01.01.2021 - 31.12.2021.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.EsbjergNiels Peter KjeldahlClaus Søgaard-ChristensenNiels Peter KjeldahlKarin GranhøjTo the shareholders of KN Helicopters A/SWe have audited the financial statements of KN Helicopters A/S for the financial year 01.01.2021 - 31.12.2021, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement 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 31.12.2021 and of the results of its operations and cash flows for the financial year 01.01.2021 - 31.12.2021 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.EsbjergLasse Lynggaard Wolffmne35802State Authorised Public AccountantPrimary activitiesThe company’s main activity is helicopterflight and thus naturally related business.Development in activities and financesProfit for the year 2021 amounts to DKK 5,563k (2020: DKK 8,375k). In 2021 a new type of helicopter was implemented, thus cost related to training etc., has risen. Because of the new helicopter extra cost regarding old lease commitments and insurance was paid, to minimize compensation to lessor. Without these extra cost in 2021, profit before tax would have been the same level as last year. The profit for the year is considered to be satisfying. 236339812531447514602386128555941671083164478473605121081409708906620878315557771517291074758615892222372859556250783747270800000055625073747275562507023610243728663236102437286636184163172256361841631722563854518754512269774680977468011569751125685895265000610771893345274426772771668477013264799720131113239436132394361121496124863549265042353340873631955461100000010000001703003811467531080000001803003820467531100000011467531800000020467531100000017030038089700091000897000910002024665200000006888502024665268885020806811698619610115824928612523774142401245214978322224918599657461882191124570338708080144816981139693033408736319554610-8000000-8000000167108316447843959663948428942756116407309089066-208783-155577-2491859-3607437672691912733361-395944-603886925000-4461600-105000-4765044-708886196187512024475-8000000-10000000-8000000-10000000-603812520244757201311132394361 Staff costs2021 DKK2020 DKKWages and salaries13,506,29911,907,106Pension costs1,032,400897,978Other social security costs63,68750,51014,602,38612,855,594Average number of full-time employees191519152 Depreciation, amortisation and impairment losses2021 DKK2020 DKKDepreciation of property, plant and equipment1,690,4091,644,784Profit/loss from sale of intangible assets and property, plant and equipment(19,326)01,671,0831,644,7843 Other financial income 2021 DKK2020 DKKFinancial income from group enterprises049,130Other financial income039,936089,0664 Other financial expenses2021 DKK2020 DKKFinancial expenses from group enterprises75,7721,079Other interest expenses84,15972,890Exchange rate adjustments48,78781,608Other financial expenses650208,783155,577<br />2021 DKK2020 DKKFinancial expenses from group enterprises75,7721,079Other interest expenses84,15972,890Exchange rate adjustments48,78781,608Other financial expenses650208,783155,5775 Tax on profit/loss for the year2021 DKK2020 DKKCurrent tax783,2222,491,859Change in deferred tax806,000(119,000)1,589,2222,372,8596 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKCost beginning of year8,518,293Additions395,944Disposals(196,376)Cost end of year8,717,861Depreciation and impairment losses beginning of year(4,789,630)Depreciation for the year(1,690,409)Reversal regarding disposals123,202Depreciation and impairment losses end of year(6,356,837)Carrying amount end of year2,361,0247 Financial assetsDeposits DKKCost beginning of year1,722,563Additions4,461,600Cost end of year6,184,163Carrying amount end of year6,184,1638 PrepaymentsOf the total amount, DKK 3.579k is regarding 2023-2029, with 558k each year from 2022-2028 and 232k in 2029.9 Non-current liabilities other than provisionsDue after more than 12 months 2021 DKKDeposits2,024,6652,024,66510 Changes in working capital2021 DKK2020 DKKIncrease/decrease in inventories(977,468)0Increase/decrease in receivables(3,419,971)130,606Increase/decrease in trade payables etc4,793,4053,817,822395,9663,948,42811 Unrecognised rental and lease commitments2021 DKK2020 DKKLiabilities under rental or lease agreements until maturity in total29,204,9894,314,044Of this, liabilities under rental or lease agreements with group enterprises 3,751,2000The company has entered into operating leases in the period 2022-2026.12 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Kjeldahl Holding ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.13 Assets charged and collateralAs collateral for bank loans and credit limits, the company has pledged other other fixtures and fittings at nomianal value dkk 2,000k. The booked value of the assets on the 31st of december 2021 amounts to DKK 1,149k. As collateral for bank loans and credit limits, the company has issued a floating company charge at nominal value DKK 2,500k including the following assets, which on the 31st of December 2021 amounts to (DKK k): Intangible assets = 0 Property, plant and equipment = 2,365 Stock inventories = 977 Trade receivables = 11,570 Total = 14,912 The booked value of the bank loans on the 31st of december 2021 amouts to ​DKK 0.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Gross profit or lossGross profit or loss comprises revenue, other operating income, cost of sales and external expenses.RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of property, plant and equipment.Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, payables and transactions in foreign currencies etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on transactions in foreign currencies. etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with the parent company and all Danish subsidiaries of the parent company. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax 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 on the basis of the following estimated useful lives of the assets:Other fixtures and fittings, tools and equipment2-7 yearsEstimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises 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. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance leases. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing debt, purchase of treasury shares and payment of dividend. Cash and cash equivalents comprise cash less short-term bank loans.The cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance leases. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing debt, purchase of treasury shares and payment of dividend. Cash and cash equivalents comprise cash less short-term bank loans.2022-06-08Niels Peter Kjeldahl