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2022-05-01 2022-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure 2022-05-01 2022-12-31 AE2017 Bidco ApS 8783 Hornsyld Bjørnkærvej 3 42462594 2021-06-04 Hedensted 2023-06-14 Benny Zakrisson 28517000 7510000 13574000 7433000 0 777000 3674000 4536000 2140000 2396000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Amortisation, depreciation and impairment losses</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="14%" align="left" valign="middle" ><b>2022</b></td><td width="14%" align="left" valign="middle" ><b>2021</b></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>(8 months)</b></td><td width="44%" colspan="3" align="left" valign="middle" ><b>(11 months)</b></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="14%" align="left" valign="middle" >6.354</td><td width="14%" align="left" valign="middle" >12.375</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="14%" align="left" valign="middle" >2.381</td><td width="14%" align="left" valign="middle" >3.443</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="14%" align="left" valign="middle" >8.735</td><td width="14%" align="left" valign="middle" >15.818</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Amortisation, depreciation and impairment losses are recognised in the consolidated financial statements and the parent company financial statements as follows</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Production</td><td width="14%" align="left" valign="middle" >2.381</td><td width="14%" align="left" valign="middle" >3.443</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Administration</td><td width="14%" align="left" valign="middle" >6.355</td><td width="14%" align="left" valign="middle" >12.375</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Shares of profit/loss after tax in subsidiaries</td><td width="14%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="14%" align="left" valign="middle" >8.736</td><td width="14%" align="left" valign="middle" >15.818</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> 0 733000 44000 439000 3235000 2196000 -56000 1783000 0 0 6108000 0 1439000 32000 0 2381000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Depreciated over</td><td>5-15 years</td><td>3-10 years</td><td>5-15 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments primarily relate to rent and IT licences paid in advance.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Financial liabilities</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Total liabilities at 30/4 2022</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Repayment first year</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Outstanding debt after 5 years</b></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Bank Debt</td><td width="16%" align="left" valign="middle" >105000</td><td width="16%" align="left" valign="middle" >12.500</td><td width="18%" align="left" valign="middle" >35000</td></tr><tr><td colspan="4"></td></tr><tr><td width="50%" ></td><td width="16%" align="left" valign="middle" >105000</td><td width="16%" align="left" valign="middle" >12.500</td><td width="18%" align="left" valign="middle" >35000</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>..Deferred tax</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="14%" align="left" valign="middle" ><b>2022</b></td><td width="14%" align="left" valign="middle" ><b>2021</b></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>(8 months)</b></td><td width="44%" colspan="3" align="left" valign="middle" ><b>(11 months)</b></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Deferred tax at 1 May 2022</td><td width="14%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Deferred tax adjustment for the year</td><td width="14%" align="left" valign="middle" >1.232</td><td width="14%" align="left" valign="middle" >1.288</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December 2022</b></td><td width="14%" align="left" valign="middle" >1.232</td><td width="14%" align="left" valign="middle" >1.288</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> 28160000 2258000 632000 1021000 15504000 16567000 88 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contractual assets, obligations and contingencies, etc.</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="14%" align="left" valign="middle" ><b>2022</b></td><td width="14%" align="left" valign="middle" ><b>2021</b></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>(8 months)</b></td><td width="44%" colspan="3" align="left" valign="middle" ><b>(11 months)</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Contingent liabilities</td><td width="14%" align="left" valign="middle" >1.630</td><td width="14%" align="left" valign="middle" >1.630</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company is jointly taxed with the Danish subsidiary. EAST Holding ApS is the administration company in the Danish joint taxation. The Company has unlimited joint and several liability, together with the subsidiary and parent company, for payment of Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation group.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group's Danish entities are jointly and severally liable for joint VAT registration.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Other financial obligations</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Rent and lease liabilities include a rent obligation totalling DKK 16,010 thousand in interminable rent agreements with remaining contract terms of 1-7 years. Furthermore, Triarca has liabilities under operating leases, totalling DKK 1,307 thousand, with remaining contract terms of 1-5 years.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Triarca has entered into contractual commitments regarding purchase of inventory of a total of DKK 31,883 thousand.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >As security for the Group’s total bank debt to Jyske Bank A/S, the Parent Company has provided collateral secured on the Company’s shares in Triarca Holding ApS.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Furthermore, the Parent Company guarantees all outstanding accounts with Triarca A/S.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Changes in working capital</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="60%" ></td><td width="19%" align="left" valign="middle" ><b>2022</b></td><td width="21%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="19%" colspan="1" align="left" valign="middle" ><b>(8 months)</b></td><td width="21%" colspan="1" align="left" valign="middle" ><b>(11 months)</b></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Changes in inventories</td><td width="19%" align="left" valign="middle" >-5.273</td><td width="21%" align="left" valign="middle" >-12.623</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Changes in receivables</td><td width="19%" align="left" valign="middle" >27.357</td><td width="21%" align="left" valign="middle" >-15.565</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Changes in trade and other payables</td><td width="19%" align="left" valign="middle" >-11.681</td><td width="21%" align="left" valign="middle" >7.271</td></tr><tr><td colspan="3"></td></tr><tr><td width="60%" ></td><td width="19%" align="left" valign="middle" >10.403</td><td width="21%" align="left" valign="middle" >-20.917</td></tr></table> 8735000 4041000 10403000 44000 2478000 5689000 22488000 1080000 1439000 0 0 0 -2519000 0 -10000000 9969000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of AE2017 Bidco ApS for the financial year 1 May 2022 – 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022 and of the results of their operations and consolidated cash flows for the financial year 1 May 2022 – 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's operations and financial matters, the results for the year and the Group's and the Parent Company's financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Hornsyld 2023-05-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of AE2017 Bidco ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of AE2017 Bidco ApS for the financial year 1 May 2022 – 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 May 2022 – 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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 consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company 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.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to 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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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 Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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 Group's and the Parent 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 Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Aarhus 2023-05-30 -3000000 10000000 0.39 0.03 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial ratios are calculated in accordance with the Danish Finance Society’s recommendations. For terms and definitions, please see the accounting policies.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial highlights</td></tr></table> www.accentequity.com. <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Governance</td></tr><tr><td colspan="1">AE2017 Bidco ApS was established in June 2021 and acquired 100% of Triarca Holding ApS in July 2021. The majority owner of AE2017 Bidco ApS is Accent Equity 2017 AB. For additional information regarding Accent Equity 2017 AB go to www.accentequity.com.</td></tr><tr><td colspan="1">Some management members are also shareholders of AE2017 Bidco ApS.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The board consists of</td></tr><tr><td colspan="1">Benny Zakrisson, Chairman</td></tr><tr><td colspan="1">Caroline Brandt Lilja</td></tr><tr><td colspan="1">Hans Simon Joel Ahlin</td></tr><tr><td colspan="1">Lars Prisak</td></tr><tr><td colspan="1">Jacob Klein, Employee representive</td></tr><tr><td colspan="1">Susanne Helmer Nielsen, Employee representive.</td></tr><tr><td colspan="1">Benny Zakrisson, Caroline Brandt Lilja, Hans Simon Joel Ahlin and Lars Prisak have been appointed to the board by the General Assembly. Jacob Klein and Susanne Helmer Nielsen have been appointed to the board as employee representatives.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business review</td></tr><tr><td colspan="1">AE2017 Bidco’s business is since July 2021, the ownership of Triarca Holding ApS which only business today is to own Triarca A/S.</td></tr><tr><td colspan="1">Triarca’s business is manufacturing and selling of fuse lists, circuit breakers and enclosure products primarily for low voltage electrical distribution, e-mobility, communication, and parcel lockers, but also for other segments where outdoor climate enclosures are needed, in mainly Denmark, Sweden, Norway, Finland, Germany and France.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Unusual matters having affected the financial statements</td></tr><tr><td colspan="1">The financial year 2022 was only 8 months long to change the future financial year to follow calendar year.</td></tr><tr><td colspan="1">The activities during the financial year have been affected by the Covid-19 pandemic, supply chain disruptions and the war in Ukraine for both customers and suppliers.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial review</td></tr><tr><td colspan="1">The income statement for 2022 8M shows a profit of DKK 2,396 thousand and the balance sheet on December 31st, 2022, shows equity of DKK 95,526 thousand.</td></tr><tr><td colspan="1">Focus has been on securing deliveries from our suppliers in order to meet our customers’ needs in due time.</td></tr><tr><td colspan="1">The number of employees in the group has increased over the period due to higher production and new investments and was at YE 90 employees and expected to increase further.</td></tr><tr><td colspan="1">The financial development has to some extent been affected by the COVID-19 pandemic and the war in Ukraine and the result is below expectations.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Knowledge resources</td></tr><tr><td colspan="1">The Group has focus on being attractive to key employees and has at the moment no challenges with intellectual capital resources.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business risks</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board determine and approve overall policies, procedures, and controls of important areas in the day-to-day operation of the Group. The foundation for this is a clear organizational structure, clear guidelines, authorization and certification procedures and separation of persons.</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board regularly (at least annually) assess significant risks and internal controls in connection with the Group’s activities. On this basis, ongoing actions are evaluated and adopted to eliminate and/or reduce risks, including business and financial risks.</td></tr><tr><td colspan="1">The most important business risks include the ability to be strongly positioned in the markets the Group operates in. It is important for the Group to be at the forefront of technological development to maintain the Group’s market shares.</td></tr><tr><td colspan="1">As part of the risk assessment, the Board of Directors and the Executive Board annually assess the risk of fraud and the measures taken to reduce and/or eliminate these risks.</td></tr><tr><td colspan="1">The Group is exposed to several financial risks, including market risks (currency and interest rate risks) as well as liquidity and financing risks. During Covid-19 the dependencies on good supplier relations and exposure to raw material prices have been emphasized. Triarca’s production relies on sufficient available energy, mainly natural gas and electricity.</td></tr><tr><td colspan="1">Financial exposure</td></tr><tr><td colspan="1">As the main markets are Denmark and the Nordic Countries the Group’s main currency exposure is towards NOK and SEK with some exposure also to USD and CNY due to non-EU suppliers.</td></tr><tr><td colspan="1">It is the Group’s policy not to engage in speculation of financial risks. The Group’s financial policy focuses only on the management and reduction of the financial risks that are a direct consequence of the Group’s operations, investments and financing.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impact on the external environment</td></tr><tr><td colspan="1">The wholly owned subsidiary Triarca A/S holds an ISO14001 certificate and is concerning environmental issues yearly approved by the local authorities. The audits during the period have resulted in no special activities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Sustainability</td></tr><tr><td colspan="1">We believe that the incorporation of environmental, social, and corporate governance (ESG) aspects into our business model and a focus on sustainability issues are significant components to build lasting values and mitigating risks. Hence, we strive to incorporate ESG factors in our business activities and incorporate responsible investment aspects into our investment practices and business processes.</td></tr><tr><td colspan="1">Research and development activities</td></tr><tr><td colspan="1">The activities have been increased during the period and new products and services have been offered with success to the market.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date to this date which would influence the evaluation of the annual report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">The activity level for the coming period is expected to be relatively stable compared to the end of 2022 as the economy in our core markets experience some headwinds but remain strong. The Company will continue to be focused on executing internal process improvements and increase activities to ensure profitability and growth in the coming years.</td></tr></table> Regnskabsklasse C, mellemstor virksomhed <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report of AE2017 Bidco ApS for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Consolidated financial statements</td></tr><tr><td colspan="1">Control</td></tr><tr><td colspan="1">The consolidated financial statements comprise the Parent Company AE2017 Bidco ApS and subsidiaries controlled by AE2017 Bidco ApS.</td></tr><tr><td colspan="1">Control means the power to exercise decisive influence over a subsidiary's financial and operating decisions. Moreover, the possibility of yielding a return from the investment is required.</td></tr><tr><td colspan="1">In assessing whether the Parent Company controls an entity, de facto control is also taken into consideration.</td></tr><tr><td colspan="1">The existence of potential voting rights that may currently be exercised or converted into additional voting rights is considered when assessing whether an entity may become empowered to exercise decisive influence over another entity's financial and operating decisions.</td></tr><tr><td colspan="1">The Management's review includes a group chart.</td></tr><tr><td colspan="1">Preparation of consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements are prepared as a consolidation of the Parent Company's and the individual subsidiaries' financial statements, which are prepared according to the Group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends as well as realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the Group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains unless they do not reflect impairment.</td></tr><tr><td colspan="1">The subsidiaries' financial statement items are included 100% in the consolidated financial statements. Non-controlling interests' share of the profit/loss for the year and of the equity of subsidiaries that are not wholly-owned are included in the Group's profit/loss and equity, respectively, but are presented separately.</td></tr><tr><td colspan="1">Intra-group business combinations</td></tr><tr><td colspan="1">The book value method is applied to business combinations such as acquisition and disposal of equity investments, mergers, demergers, additions of assets and share conversions, etc., in which entities controlled by the Parent Company are involved, provided that the combination is considered completed at the acquisition date without any restatement of comparative figures. Differences between the agreed consideration and the carrying amount of the acquiree are recognised directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of goods</td></tr><tr><td colspan="1">Income from the sale of goods for resale and finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer, the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2010.</td></tr><tr><td colspan="1">Revenue from the sale of services</td></tr><tr><td colspan="1">Revenue from the sale of services, which include service contracts and extended warranty commitments relating to products and services sold, is recognised on a straight-line basis as the services are rendered.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross profit</td></tr><tr><td colspan="1">The items revenue, production costs and other operating income have been aggregated into one item called gross profit in accordance with section 32 of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Production costs</td></tr><tr><td colspan="1">Production costs comprise costs, including depreciation, amortisation and salaries, incurred in generating revenue for the year. Commercial entities recognise their cost of sales, and manufacturing entities recognise their production costs incurred in generating the revenue for the year. Such costs include direct and indirect costs of raw materials and consumables, wages and salaries, rent and leases as well as impairment losses on production plant. Production costs also comprise research and development costs that do not qualify for capitalisation as well as amortisation of capitalised development costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Distribution costs</td></tr><tr><td colspan="1">Distribution costs comprise costs related to the distribution of goods sold in the year and to sales campaigns, etc., carried out in the year, including costs related to sales staff, advertising, exhibitions as well as amortisation and depreciation. Sales and marketing costs are recognised in the income statement when the Company obtains control of the sales or marketing product.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Administrative expenses</td></tr><tr><td colspan="1">Administrative expenses comprise costs incurred in the year to manage and administer the Group, including expenses related to administrative staff, management, office premises, office expenses and amortisation/depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating expenses</td></tr><tr><td colspan="1">Other operating expenses comprise items secondary to the entities' activities, including losses on disposal of intangible assets and property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Amortisation/depreciation</td></tr><tr><td colspan="2">The item comprises amortisation/depreciation of intangible assets and property, plant and equipment. The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives of the assets are as follows</td></tr><tr><td>Goodwill</td><td>20 years</td></tr><tr><td>Plant and machinery</td><td>5-15 years</td></tr><tr><td>Fixtures and fittings, other plant and equipment</td><td>3-10 years</td></tr><tr><td>Leasehold improvements</td><td>5-15 years</td></tr><tr><td>Other financial assets</td><td>3-7 years</td></tr><tr><td colspan="2">Depreciation is recognised in the income statement as production costs, distribution costs and administrative expenses, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Profit/loss from equity investments in subsidiaries and associates</td></tr><tr><td colspan="1">A proportionate share of the underlying entities' profit/loss after tax is recognised in the income statement according to the equity method. Shares of profit/loss after tax in subsidiaries and associates are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made for equity investments in subsidiaries. Only proportionate elimination of intra-group gains/losses is made for equity investments in associates.</td></tr><tr><td colspan="1">The proportionate share of the results after tax of the individual subsidiaries is recognised in the income statement of the Parent Company after full elimination of intra-group profits/losses.</td></tr><tr><td colspan="1">The proportionate share of the results after tax of the associates is recognised in both the consolidated and the parent company income statement after elimination of the proportionate share of intra-group profits/gains.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expenses, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax for the year</td></tr><tr><td colspan="1">Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.</td></tr><tr><td colspan="1">The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).</td></tr><tr><td colspan="1">Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">Goodwill</td></tr><tr><td colspan="1">Goodwill is amortised over the expected economic life of the asset, measured by reference to Management's experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is 20 years. The amortisation period is fixed on the basis of the expected repayment horizon and is longest for strategically acquired entities with strong market positions and long-term earnings profiles.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Property, plant and equipment</td></tr><tr><td colspan="1">Land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.</td></tr><tr><td colspan="1">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries as well as borrowing costs relating to specific and general borrowing directly attributable to the construction of the individual asset.</td></tr><tr><td colspan="1">Individual components of property, plant and equipment that have different useful lives are accounted for as separate items, which are depreciated separately.</td></tr><tr><td colspan="1">Gains and losses on the disposal of items of property, plant and equipment are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating expenses, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity investments in subsidiaries and associates in the parent company financial statements</td></tr><tr><td colspan="1">Equity investments in subsidiaries and associates are measured according to the equity method in the parent company financial statements. The Parent Company has chosen to consider the equity method a measurement method.</td></tr><tr><td colspan="1">On initial recognition, equity investments in subsidiaries and associates are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding the consolidated financial statements above.</td></tr><tr><td colspan="1">The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.</td></tr><tr><td colspan="1">Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies in the consolidated financial statements. Negative goodwill is recognised in the income statement.</td></tr><tr><td colspan="1">Dividend received is deducted from the carrying amount.</td></tr><tr><td colspan="1">Equity investments in subsidiaries and associates measured at net asset value are subject to impairment test requirements if there is any indication of impairment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets, property, plant and equipment and equity investments in subsidiaries and associates is tested annually for indication of impairment other than the decrease in value reflected by amortisation/depreciation.</td></tr><tr><td colspan="1">Impairment tests are conducted on individual assets or groups of assets when there is indication of impairment. Write-down is made to the lower of the carrying amount and the recoverable amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr><tr><td colspan="1">Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value.</td></tr><tr><td colspan="1">Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs.</td></tr><tr><td colspan="1">Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries as well as indirect production overheads. Production overheads comprise costs of material and labour as well as maintenance of and depreciation on production machinery, buildings and equipment as well as costs relating to plant administration and management.</td></tr><tr><td colspan="1">The net realisable value of inventories is determined as the selling price less costs of completion and costs incurred to effect the sale, taking into account marketability, obsolescence and developments in the expected selling price.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.</td></tr><tr><td colspan="1">Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr><tr><td colspan="1">Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the country of domicile and credit ratings of the debtors in accordance with the credit risk management policy of the Parent Company and the Group. The objective evidence applied to portfolios is determined based on historical loss experience.</td></tr><tr><td colspan="1">Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate of the individual receivable or portfolio is used as discount rate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise costs incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr><tr><td colspan="1">Net revaluation reserve according to the equity method</td></tr><tr><td colspan="1">Net revaluation of equity investments in subsidiaries and associates is recognised at cost in the net revaluation reserve according to the equity method.</td></tr><tr><td colspan="1">The reserve can be eliminated in case of losses, realisation of equity investments or changes in accounting estimates.</td></tr><tr><td colspan="1">The reserve cannot be recognised at a negative amount.</td></tr><tr><td colspan="1">Reserve for development costs</td></tr><tr><td colspan="1">The reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Dividend</td></tr><tr><td colspan="1">Proposed dividend is recognised as a liability at the date when it is adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the year is presented as a separate line item in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on taxable income in previous years and tax paid on account.</td></tr><tr><td colspan="1">Joint taxation contributions payable and receivable are recognised in the balance sheet as corporation tax receivable or corporation tax payable.</td></tr><tr><td colspan="1">Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to non-deductible goodwill and on office premises and other items where temporary differences – apart from acquisitions – arise at the acquisition date without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.</td></tr><tr><td colspan="1">Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Provisions</td></tr><tr><td colspan="1">Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts, restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.</td></tr><tr><td colspan="1">Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td colspan="1">The cash flow effect of acquisitions and disposals of entities is shown separately in cash flows from investing activities. Cash flows from acquisitions of entities are recognised in the cash flow statement from the date of acquisition. Cash flows from disposals of entities are recognised up until the date of disposal.</td></tr><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as the Group's share of the profit/loss adjusted for non-cash operating items, changes in working capital and corporation tax paid.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities, activities and intangible assets, property, plant and equipment and investments.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise changes in the size or composition of the Group's share capital and related costs as well as the raising of loans, repayment of interest-bearing debt and payment of dividend to shareholders.</td></tr><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less that are subject to only minor risks of changes in value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Financial ratios</td></tr><tr><td colspan="2">The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td colspan="2">Operating profit/loss</td></tr><tr><td colspan="2">Profit/loss before financial items adjusted for other operating income and other operating expenses</td></tr><tr><td>Return on assets</td><td>Profit/loss from operation activities x 100 / average assets</td></tr><tr><td>Equity ratio</td><td>Equity at year end x 100 / Total equity and liabilities at year end</td></tr><tr><td>Return on equity</td><td>Profit/loss for the year after tax x 100 / Average equity</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1211.0, by EasyX Aps. www.easyx.eu 2021-06-01 2022-04-30 Revisionspåtegning Grundlag for konklusion Konklusion 41815000 9952000 25923000 5940000 0 368000 4884000 1424000 4000000 -2576000 0 332000 36000 1044000 3840000 4111000 -111000 40405000 3022000 481000 1913000 23388000 22433000 83 15818000 0 -20917000 36000 3840000 0 -2963000 2623000 939000 191542000 0 0 -195104000 87666000 202666000 4599000 0 0 190000 -190000 4892000 1000 3011000 1692000 -704000 2396000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >noter</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Special items</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Profit before tax in the consolidated income statement is affected by an extraordinary provision of DKK 3.962 thousand regarding write-down on inventory. The write-down is presented under gross profit in the consolidated income statement, inventories in the consolidated balance sheet and Other adjustments of non-cash operating items in the consolidated cash flow statement.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Amortisation, depreciation and impairment losses</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="left" valign="middle" ><b>2022</b></td><td width="16%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>(8 months)</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>(11 months)</b></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Intangible assets</td><td width="14%" align="left" valign="middle" >3.202</td><td width="16%" align="left" valign="middle" >7.907</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td><td width="14%" align="left" valign="middle" >0</td><td width="16%" align="left" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="left" valign="middle" >3.202</td><td width="16%" align="left" valign="middle" >7.907</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Amortisation, depreciation and impairment losses are recognised in the consolidated financial statements and the parent company financial statements as follows</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Production</td><td width="14%" align="left" valign="middle" >0</td><td width="16%" align="left" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Administration</td><td width="14%" align="left" valign="middle" >0</td><td width="16%" align="left" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Shares of profit/loss after tax in subsidiaries</td><td width="14%" align="left" valign="middle" >3.202</td><td width="16%" align="left" valign="middle" >7.907</td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="left" valign="middle" >3.202</td><td width="16%" align="left" valign="middle" >7.907</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income</td></tr></table> 0 0 1000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expenses</td></tr></table> 0 3011000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax for the year</td></tr></table> -704000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>.Intangible assets</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>.Property, plant and equipment</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other non-current assets</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Hereof carrying amount of goodwill</td><td>81.932</td><td>0</td><td>0</td></tr></table> 0 7845000 2953000 -250000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>.nærtstående parter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments primarily relate to rent and IT licences paid in advance.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Share capital (parent)</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="19%" align="left" valign="middle" ><b>2022</b></td><td width="21%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="60%" ></td><td width="19%" colspan="1" align="left" valign="middle" ><b>(8 months)</b></td><td width="21%" colspan="1" align="left" valign="middle" ><b>(11 months)</b></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="19%" align="left" valign="middle" >10.001</td><td width="21%" align="left" valign="middle" >10.001</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>..Deferred tax</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="14%" align="left" valign="middle" ><b>2022</b></td><td width="16%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>(8 months)</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>(11 months)</b></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Deferred tax at 1 May 2022</td><td width="14%" align="left" valign="middle" >0</td><td width="16%" align="left" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Deferred tax adjustment for the year</td><td width="14%" align="left" valign="middle" >0</td><td width="16%" align="left" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" ><b>Deferred tax at 31 December 2022</b></td><td width="14%" align="left" valign="middle" >0</td><td width="16%" align="left" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs are recognised in the consolidated financial statements and the parent company financial statements as follows</td></tr><tr><td /><td>.Production</td><td>6.893</td><td>8.461</td><td>0</td><td>0</td></tr><tr><td /><td>.Distribution</td><td>5.384</td><td>8.175</td><td>0</td><td>0</td></tr><tr><td /><td>.Administration</td><td>4.290</td><td>5.798</td><td>-140</td><td>-192</td></tr><tr><td /><td /><td>16.567</td><td>22.434</td><td>-140</td><td>-192</td></tr></table> -472000 310000 47000 -25000 0 -140000 9 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Total remuneration to the Board and Management: DKK 1,414 thousand (2021: By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is not disclosed for 2021.)</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contractual assets, obligations and contingencies, etc.</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="14%" align="left" valign="middle" ><b>2022</b></td><td width="16%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>(8 months)</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>(11 months)</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Contingent liabilities</td><td width="14%" align="left" valign="middle" >0</td><td width="16%" align="left" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company is jointly taxed with the Danish subsidiary. EAST Holding ApS is the administration company in the Danish joint taxation. The Company has unlimited joint and several liability, together with the subsidiary and parent company, for payment of Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation group.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group's Danish entities are jointly and severally liable for joint VAT registration.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>.Related parties</td></tr><tr><td /><td>AE2017 Bidco ApS' related parties comprise the following</td></tr><tr><td /><td>Control</td></tr><tr><td /><td>Triarca A/S, Hornsyld, Denmark</td></tr><tr><td /><td>Triarca Holding ApS, Hornsyld, Denmark</td></tr><tr><td /><td>Accent Equity 2017 AB holds the majority of the share capital in the Company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Related party transactions</td></tr><tr><td /><td>The Company solely discloses related party transactions that have not been carried out on an arm's length basis, cf. section 98c(7) of the Danish Financial Statements Act.</td></tr><tr><td /><td>All transactions in 2022 have been carried out on an arm's length basis.</td></tr><tr><td /><td>AE2017 Bidco ApS has sold services of employees to group companies for DKK 4,391 thousand. There have been no other related party transactions.</td></tr><tr><td /><td>No transactions with shareholders were carried out during the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Distribution of profit/loss</td></tr></table> 0 38000 11101000 1000 1960000 0 8990000 0 0 0 0 0 0 0 -10000000 -1010000 Ledelsespåtegning 0 0 4623000 -4623000 4683000 0 3475000 -3415000 -839000 -2576000 0 0 0 0 3475000 -839000 0 -406000 217000 12000 -15000 0 -192000 8 7907000 0 -9745000 0 3475000 0 -9936000 0 0 191542000 0 0 -191542000 87666000 202666000 1188000 10001000 81849000 1280000 93130000 180904000 26758000 21315000 12551000 4599000 0 1936000 460000 10001000 83785000 1740000 95526000 182687000 32866000 149821000 22786000 14932000 10449000 144236000 2988000 2597000 6644000 1497000 2198000 110000 0 1251000 1251000 161521000 27201000 0 13281000 40482000 25509000 0 770000 286000 847000 27412000 14568000 82462000 243983000 10001000 1740000 0 83785000 92500000 1232000 0 3385000 97117000 12500000 25603000 0 1243000 11994000 51340000 243983000 14568000 10001000 4683000 78446000 93130000 191542000 4353000 1188000 0 0 -2952000 7845000 2952000 -5449000 10001000 9576000 75949000 95526000 191542000 8995000 200537000 0 0 0 0 0 0 0 0 0 199286000 1251000 200537000 0 0 0 0 0 1478000 706000 0 9000 2193000 178000 2371000 202908000 10001000 0 9575000 75950000 92500000 0 0 386000 92886000 12500000 20000 0 0 1976000 14496000 202908000 178000 2240000 240000 176537000 26518000 2127000 0 0 1313000 0 325000 0 0 0 0 5783000 0 1783000 -1313000 0 0 0 3553000 565000 2988000 176537000 32301000 144236000 2597000 0 2597000 16903000 10006000 2659000 955000 4089000 159000 291000 0 0 1620000 0 1873000 0 0 0 0 207000 0 0 0 0 301000 0 1439000 -1620000 0 0 0 18523000 11879000 6644000 2659000 1162000 1497000 4089000 1891000 2198000 110000 0 110000 189711000 4683000 1831000 -330000 0 7845000 2953000 0 0 0 0 0 -250000 0 189711000 9575000 199286000 1831000 -580000 1251000 Triarca Holding ApS Hornsyld, Denmark 7845000 0 117354000 0 0 4893000 12260000 460000 1280000 0 0 1936000 -3856000 -2497000 -14836000 150019000 2000000 2127000 154146000 6897000 1704000 2499000 291000 11391000 0 1501000 1501000 167038000 25014000 221000 9974000 35209000 39832000 0 12963000 286000 1688000 54769000 4599000 94577000 261615000 10001000 1280000 0 81849000 93130000 105000000 1288000 0 3336000 109624000 10000000 31573000 0 5693000 11595000 58861000 261615000 4599000 0 0 0 0 0 0 0 0 0 194394000 1501000 195895000 195895000 0 0 0 0 0 0 12839000 0 0 12839000 1188000 14027000 209922000 10001000 0 4683000 78446000 93130000 105000000 0 0 381000 105381000 10000000 0 0 0 1411000 11411000 209922000 1188000 Profit/loss before net financials 7432000 Profit/loss before net financials 5940000 Profit/loss before net financials -190000 Profit/loss before net financials -4623000 Disposals of subsidiaries and operations 0 Disposals of subsidiaries and operations 0 Disposals of subsidiaries and operations 0 Disposals of subsidiaries and operations 0 Disposals of investments 0 Disposals of investments 0 Disposals of investments 0 Disposals of investments 0 Acquisition of subsidiaries and activities 0 Acquisition of subsidiaries and activities 0 Acquisition of subsidiaries and activities 0 Acquisition of subsidiaries and activities 0 Repayment of non-current liabilities -10000000 Repayment of non-current liabilities 0 Repayment of non-current liabilities -10000000 Repayment of non-current liabilities 0 Increase in payables to credit institutions 0 Increase in payables to credit institutions 115000000 Increase in payables to credit institutions 0 Increase in payables to credit institutions 115000000 0 0 Disposals of subsidiaries and operations 0 Disposals of subsidiaries and operations 0 Disposals of subsidiaries and operations 0 Lars Prisak CEO Benny Zakrisson Chairman Lars Prisak Caroline Brandt Lilja Hans Simon Joel Ahlin Jacob Klein Employee representive Susanne Helmer Nielsen Employee representive 42000000 -5000000 -3000000 11000000 0.36 -0.06 83 Earnings before interests, taxes, depreciation and amortisation (EBITDA) 16000000 Earnings before interests, taxes, depreciation and amortisation (EBITDA) 22000000 Ordinary operating profit/loss 7000000 Ordinary operating profit/loss 6000000 262000000 Equity 96000000 Equity 93000000 Cash flows from operating activities 22000000 Cash flows from operating activities -3000000 Cash flows from investing activities -2000000 Cash flows from investing activities -195000000 Cash flows from financing activities -10000000 Cash flows from financing activities 203000000 Total cash flows 10000000 Total cash flows 5000000 Return on assets 0.01 Return on assets -0.02 .EY Godkendt Revisionspartnerselskab 30700228 Claus Hammer-Pedersen State Authorised Public Accountant mne21334 Jonas Busk State Authorised Public Accountant mne42771 30700228 .EY Godkendt Revisionspartnerselskab