42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 0 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 1 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 2 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 0 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 0 42435430 2021-12-31 cmn:ConsolidatedMember 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 1 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 2 42435430 2021-06-01 2021-12-31 42435430 2021-12-31 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 0 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 1 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 0 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 1 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 0 42435430 2021-06-01 cmn:ConsolidatedMember 42435430 2021-06-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 42435430 2021-06-01 2021-12-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 42435430 2021-06-01 2021-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 42435430 2021-06-01 2021-12-31 fsa:RetainedEarningsMember 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 0 42435430 2021-06-01 2021-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure Regnskabsklasse C, mellemstor virksomhed 2021-06-01 2021-12-31 REF IVV TopCo ApS Åboulevarden 22, 2. sal 8000 Aarhus C Denmark 42435430 +45 8676 2288 +45 8620 2975 2021-06-01 Aarhus 2022-05-09 Karsten Langer <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 by the Executive Board and Board of Directors</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 Executive Board and Board of Directors have today discussed and approved the annual report of REF IW TopCo ApS for the financial year 1 June — 31 December 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 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">It is our opinion that the financial statements give a true and fair view of the company's assets, liabilities and financial position at 31 December 2021 and of the results of the company's operations for the financial year 1 June — 31 December 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 colspan="1">Further, in our opinion, the Management's review gives a fair review of the issues included.</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> Aarhus 2022-05-09 <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 REF IVV TopCo 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">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 2021, 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 June - 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of REF IVV TopCo ApS for the financial year 1 June - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a sunnmary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows ("financial statements").</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 the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the 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. 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">Statement on Management's Review</td></tr><tr><td colspan="1">Management is responsible for Management's Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover 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 Management's Review and, in doing so, consider whether Management's Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management's Review provides the information required under the Danish Financials Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management's Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management's Review.</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 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 anse 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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</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 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> Aarhus 2022-05-09 <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 review</td></tr><tr><td colspan="1">Group principal activities</td></tr><tr><td colspan="1">The Group's activity primarily consists of development, sale and maintenance of software in relation to e-security. The Group's customers are mainly banks, telecommunication companies and governments.</td></tr><tr><td colspan="1">Development in the activities and financial affairs</td></tr><tr><td colspan="1">Profit for the group before tax is DKK -51.7 million. Tax on profit for the period is DKK 5.2 million. After this, loss for the period is DKK 46.5 million. Equity comprises DKK 768.4 million at year-end.</td></tr><tr><td colspan="1">We expect growing investments and activities in 2022.</td></tr><tr><td colspan="1">Uncertainties and estimates</td></tr><tr><td colspan="1">Certain items include by nature certain uncertainties and estimates. We have mainly used estimates in the accounting for intangible assets, where we have estimated the expected useful life for the identified assets.</td></tr><tr><td colspan="1">Risk</td></tr><tr><td colspan="1">The Group's operational risks are related to continuously provide services of high quality. Based on the Group's operations hereunder investments and financing it's exposed to changes in the exchange rate primarily the exchange rate for USD and GBP. It's a policy within the Group not to speculate in relation to financial risks.</td></tr><tr><td colspan="1">Knowledge resources, environmental impact and development</td></tr><tr><td colspan="1">Within the Group there's a high knowledge which means that we can react at high speed in relation to development in the market. The Group has no significant impact on the external environment.</td></tr><tr><td colspan="1">It's important to continuously develop products and solutions that touch-base with the development in the market.</td></tr><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No events of any significance affecting the financial position of the company occurred after the end of the financial year.</td></tr></table> 17874000 -43294000 -8448000 -46534000 -8785000 -935445000 1034608000 0.646 78 <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 of REF IW TopCo ApS has been prepared in accordance with the provisions applying to medium-sized reporting class C enterprises under 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">The Consolidated and Parent Company Financial Statements for 2021 are presented in tDKK.</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">Recognition and measurement</td></tr><tr><td colspan="1">Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</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">Group financial statement</td></tr><tr><td colspan="1">The consolidated financial statement includes the parent company REF IW TopCo ApS and subsidiaries in which REF IW TopCo ApS directly or indirectly owns more than 50% of the share capital or otherwise have controlling influence.</td></tr><tr><td colspan="1">In relation to consolidating inter-group income and expenses, investments in subsidiaries and internal balances and dividends are eliminated.</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 combinations</td></tr><tr><td colspan="1">Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.</td></tr><tr><td colspan="1">The time of acquisition is the time when the Group obtains control of the entity acquired.</td></tr><tr><td colspan="1">The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.</td></tr><tr><td colspan="1">Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Amortisation of goodwill is allocated in the Consolidated Financial Statements to the operations to which goodwill is related. Where the differences are negative, they are recognised immediately in the income statement.</td></tr><tr><td colspan="1">Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.</td></tr><tr><td colspan="1">Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.</td></tr><tr><td colspan="1">In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the 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">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.</td></tr><tr><td colspan="1">Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date.</td></tr><tr><td colspan="1">Foreign exchange differences are recognized in the income statement as interest income or expense and similar items.</td></tr><tr><td colspan="1">Non-current assets acquired in foreign currency are measured at the exchange rate at the transaction date.</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">In accordance with §32 of the Danish Financial Statements Act the company has aggregated the items revenue, cost of sales and other operating income and instead added the item gross profit.</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 sales is recognized in net sales when transition of the main benefits and risks to the buyer has taken place, the income can be calculated reliably and payment is expected to be received. The time of transition of the main benefits and risks is based on standard delivery terms based on IncotermsC) 2020. Net sales are measured at the fair value of the agreed consideration exc. VAT and taxes charged on behalf of third parties. All forms of discounts are recognized in net sales.</td></tr><tr><td colspan="1">Contract work in progress is recognized as gross profit by reference to the stage of completion. Accordingly, gross profit reflects the selling price of work performed 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 colspan="1">Cost of sales</td></tr><tr><td colspan="1">Cost of sales comprise costs incurred in generating revenue for the year. Such costs include costs of raw materials and consumables.</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 external cost</td></tr><tr><td colspan="1">Other external cost includes sales and marketing cost, Cost related to IP rights and administration cost.</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 cost</td></tr><tr><td colspan="1">Staff cost include cost related to wages, pensions, holidays, social security and other cost related to the employees 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 colspan="1">Profits/losses from investments on subsidiaries</td></tr><tr><td colspan="1">The proportionate share of the results after tax of the individual enterprises after full elimination of intra-group profits/losses, amortization of goodwill and gain/loss on disposal of shares is recognized in the income statement of 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 colspan="1">Financial income and cost</td></tr><tr><td colspan="1">Financial income and cost and similar items comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortization 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 on profit/loss for the year</td></tr><tr><td colspan="1">The company is as parent company covered by the Danish regulations concerning compulsory joint taxation with its Danish parent companies. The current Danish corporation tax is apportioned through payment of joint tax contribution between the jointly taxed companies in relation to their taxable incomes.</td></tr><tr><td colspan="1">Tax for the year, which comprises the year's joint tax contribution and changes in deferred tax, is included in the income statement with the proportion that is attributable to the year's result and directly in the equity with the proportion that is attributable to the items directly in the equity. The recognized tax relating to the extraordinary profit/loss for the year is allocated to this item whereas the remaining tax is allocated to the profit/loss for the year from ordinary 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">Intangible assets</td></tr><tr><td colspan="1">Acquired intangible assets including Customer relations, Technology and Brand are measured at cost and are amortised on a straight-line basis over the estimated useful life of up to twenty years.</td></tr><tr><td colspan="1">The amortization period and the residual value are determined at the acquisition date and are reviewed annually. If the residual value exceeds the carrying amount of the asset, depreciation ceases. Changes in the amortization period or residual value include the effect on depreciation for the future as a change in accounting estimates.</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">Goodwill</td></tr><tr><td colspan="1">Goodwill is amortized on a straight-line basis over the estimated economic life, which is determined on the basis of an assessment of e.g. the nature of the company, market position, industry, stability and dependence on key employees. The depreciation period is up to 20 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">Development costs</td></tr><tr><td colspan="1">Development costs include salaries and other costs directly and indirectly attributed to the company's development activities. Only development projects that are clearly defined and identifiable, where the degree of technical utilization, sufficient resources and a potential future market are recognized as development costs under assets.</td></tr><tr><td colspan="1">Development projects that do not meet the criteria for recognition in the balance sheet are recognized as costs in the income statement, as the costs are incurred.</td></tr><tr><td colspan="1">Capitalized development costs are measured at cost less accumulated amortization and impairment losses or recoverable amount if lower.</td></tr><tr><td colspan="1">An amount corresponding to the recognized development costs is reserved in the item "Reserve for development costs" under equity. The reserve is continuously reduced with depreciation and write-downs on the development projects.</td></tr><tr><td colspan="1">Capitalized development costs are depreciated from the time of completion on a straight&#x2;line basis over the period in which the development work is expected to generate economic benefits. However, the depreciation period is a maximum of five years.</td></tr><tr><td colspan="1">Patents and licenses are measured at cost less accumulated amortization and impairment losses or at recoverable amounts, whichever is lower. Patents are written off over the remaining patent period or a shorter economic life.</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">Property, plant and equipment is measured at initial recognition at cost.</td></tr><tr><td colspan="1">Fixtures and fittings, tools and equipment are subsequently measured at cost less accumulated depreciation. The depreciation basis is calculated taking into account the residual value of the asset after completion of the useful life and reduced by any write&#x2;downs. The amortization period and the residual value are determined at the acquisition date and are reviewed annually. If the residual value exceeds the carrying amount of the asset, depreciation ceases. Changes in the amortization period or residual value include the effect on depreciation for the future as a change in accounting estimates.</td></tr><tr><td colspan="1">The cost includes the acquisition price and costs directly related to the acquisition until the date of completion of the asset. Ind irect production costs and borrowing costs are not included in the cost. The cost of an aggregate asset is divided into separate components, which are depreciated separately if the useful life of the individual components is different.</td></tr><tr><td colspan="1">Linear depreciation is made over the expected useful life of fixtures and fittings, tools and equipment for 3-5 years.</td></tr><tr><td colspan="1">Profits and losses on disposal of property, plant and equipment are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. Profits or losses are recognized in the income statement under other operating income and other operating expenses.are measured at cost less accumulated depreciation or the recoverable amount if this is lower than the carrying amount.</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 property, plant and equipment and investments in subsidiaries is assessed annually for indications of impairment, in addition to that expressed by depreciation.</td></tr><tr><td colspan="1">If there are indications of impairment, impairment tests of each asset or group of assets are carried out. Write-downs are made at the recoverable amount if this is lower than the carrying 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 asset or the group of assets. Previously recognized impairment losses are reversed when the reason for recognition no longer exists.</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">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are measured according to the equity method.</td></tr><tr><td colspan="1">The investments are measured in the balance sheet at the proportionate share of the enterprises' net asset values calculated in accordance with the parent company's accounting policies minus or plus unrealized intra-group profits and losses and with the addition of the carrying amount of goodwill.</td></tr><tr><td colspan="1">Subsidiaries with negative net asset values are measured at DKK 0 (nil), and any amounts owed by such enterprises are written down by the parent company's share of the negative net asset value. Where the negative net asset value exceeds the amount owed, the remaining amount is recognized under provisions.</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries is transferred to the reserve for net revaluation according to the equity method in equity to the extent that the carrying amount exceeds cost.</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">Investments in associates</td></tr><tr><td colspan="1">Investments in associates are measured at cost. Dividends received that exceed the accumulated earnings in the subsidiary or the associate during the period of ownership are treated as a reduction in the cost of acquisition.</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 amortized cost.</td></tr><tr><td colspan="1">Receivables from the parent company are calculated as initial amount plus the cumulative amortization of the difference between the initial amount and the maturity amount using a constant effective interest rate.</td></tr><tr><td colspan="1">Regarding other receivables amortized cost corresponds in all material respects to nominal value. Write-down is made for bad debt losses.</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">Contract work in progress</td></tr><tr><td colspan="1">Contract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and total expected income from the contract work. Individual contract work in progress is recognized in the balance sheet under either receivables or liabilities, depending on whether the net amount of the selling price less progress billings and prepayments is positive or negative.</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">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents include bank deposits.</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">Proposed dividend</td></tr><tr><td colspan="1">Dividend proposed for the year is recognized as a liability at the date when it is adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the financial year is presented as a separate line item 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">Net revaluation reserve according to the equity method</td></tr><tr><td colspan="1">Net revaluation of equity investments in subsidiaries is recognised at cost in the net revaluation reserve according to the equity method. The reserve can be eliminated in case of losses, realisation of equity investments or changes in accounting estimates. The reserve cannot be recognised at a negative amount.</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">Joint tax contribution liabilities and receivables calculated on the taxable income for the year, adjusted for any tax from previous years' taxable income as well as prepaid on&#x2;account taxes, are recognized in the balance sheet as corporation tax liability or corporation tax receivable.</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. Deferred tax assets, including the tax base of tax loss carryforwards, are recognized at the expected value of their utilization; 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. Changes in deferred tax assets resulting from a change in the tax rate are recognized in the 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">Financial debt</td></tr><tr><td colspan="1">Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.</td></tr><tr><td colspan="1">Other debts are measured at amortised cost, corresponding to nominal 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">Deferred income</td></tr><tr><td colspan="1">Deferred income comprise payments received for services delivered in 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">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the group's cash flows divided into cash flows from operations, investments and financing activity for the year, the year's change in cash and from the beginning and to the end of the year. No cash flow statement has been prepared for the parent company, as the parent company's cash flows are included in the cash flow statement for the group.</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as the Group's share of the result adjusted for non-cash operating items, changes in working capital and corporate tax paid.</td></tr><tr><td colspan="1">Cash flows from investments include payments in connection with the purchase and sale of intangible, tangible and financial fixed assets.</td></tr><tr><td colspan="1">Cash flows from financing activities include changes in the size or composition of the Group's share capital, as well as raising loans, repayments on interest-bearing debt and payment of dividends to company participants.</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash and cash equivalents and credit institutions.</td></tr></table> 17874000 30674000 30674000 0 206000 8654000 -51742000 -5208000 <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="6" align="left" valign="middle" >Equity statement</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" >Tdkk</td><td width="16%" colspan="1" align="left" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" >Share capital.</td><td width="16%" colspan="1" align="right" valign="middle" >Reserve for exchange rate adjustments.</td><td width="16%" colspan="1" align="right" valign="middle" >Retained earnings.</td><td width="20%" colspan="1" align="right" valign="middle" >Total.</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Equity at 1 June</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Cash payment concerning formation of entity</td><td width="16%" align="right" valign="middle" >40</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >40</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Capital increase</td><td width="16%" align="right" valign="middle" >74.960</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >738.458</td><td width="20%" align="right" valign="middle" >813.418</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Foreign exchange adjustments, foreing subsidiaries</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >1.431</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >1.431</td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="16%" align="right" valign="middle" >16</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >-46.534</td><td width="20%" align="right" valign="middle" >-46.534</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Equity at 31 December</td><td width="16%" align="right" valign="middle" >75.000</td><td width="16%" align="right" valign="middle" >1.431</td><td width="16%" align="right" valign="middle" >691.924</td><td width="20%" align="right" valign="middle" >768.355</td></tr><tr><td colspan="6"></td></tr></table> 30494000 2988000 -11658000 2215000 -16751000 1000 8071000 4621000 0 813458000 216622000 90378000 1431000 <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="2" align="left" valign="middle" ></td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Staff costs</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Wages and salaries.</td><td width="50%" align="right" valign="middle" >26.628</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Pensions</td><td width="50%" align="right" valign="middle" >1.333</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Social security costs</td><td width="50%" align="right" valign="middle" >2.010</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other staff costs</td><td width="50%" align="right" valign="middle" >704</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >30.674</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Average number of employees (FTEs)</td><td width="50%" align="right" valign="middle" >78</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >There hasn't been paid any salaries to executive board members.</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Financial income</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Interest income and capital gains from group enterprises</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Interest income</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="50%" align="right" valign="middle" >205</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="50%" align="right" valign="middle" >1</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >206</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Financial cost</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Interest expenses and capital gains on group enterprises</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Foreign exchange losses</td><td width="50%" align="right" valign="middle" >583</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="50%" align="right" valign="middle" >8.071</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >8.654</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Tax on profit for the year</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Current tax of the year</td><td width="50%" align="right" valign="middle" >-931</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Changes in deferred tax for the year</td><td width="50%" align="right" valign="middle" >4.350</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Changes in tax of the year from previous years</td><td width="50%" align="right" valign="middle" >1.789</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >5.208</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Intangible assets</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Goodwill.</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Net effect from merger and acquisition</td><td width="50%" align="right" valign="middle" >454.738</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="50%" align="right" valign="middle" >454.738</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="50%" align="right" valign="middle" >13.408</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 31 December</td><td width="50%" align="right" valign="middle" >13.408</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="50%" align="right" valign="middle" >441.330</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Customer relationships</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Net effect from merger and acquisition</td><td width="50%" align="right" valign="middle" >194.445</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="50%" align="right" valign="middle" >194.445</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="50%" align="right" valign="middle" >4.861</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 31 December</td><td width="50%" align="right" valign="middle" >4.861</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="50%" align="right" valign="middle" >189.584</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Technology</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Net effect from merger and acquisition</td><td width="50%" align="right" valign="middle" >389.635</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="50%" align="right" valign="middle" >389.635</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="50%" align="right" valign="middle" >10.051</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 31 December</td><td width="50%" align="right" valign="middle" >10.051</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="50%" align="right" valign="middle" >379.584</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Brand</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Net effect from merger and acquisition</td><td width="50%" align="right" valign="middle" >35.760</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="50%" align="right" valign="middle" >35.760</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="50%" align="right" valign="middle" >1.192</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 31 December</td><td width="50%" align="right" valign="middle" >1.192</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="50%" align="right" valign="middle" >34.568</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Patents</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Additions</td><td width="50%" align="right" valign="middle" >2.493</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="50%" align="right" valign="middle" >2.493</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="50%" align="right" valign="middle" >125</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 31 December</td><td width="50%" align="right" valign="middle" >125</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="50%" align="right" valign="middle" >2.368</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Completed development projects.</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Net effect from merger and acquisition</td><td width="50%" align="right" valign="middle" >4.800</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Additions</td><td width="50%" align="right" valign="middle" >2.128</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="50%" align="right" valign="middle" >6.928</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="50%" align="right" valign="middle" >692</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 31 December</td><td width="50%" align="right" valign="middle" >692</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="50%" align="right" valign="middle" >6.236</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Group's development projects include the development on the main product lines: Key Management, Mobil Security, e-Signing and EMV. The products undergo continuous developement to meet market needs.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Intangible assets also contain positive differences arising on initial measurement of subsidiaries at net asset value. The company's investment in the subsidiaries is considered to be of strategic importance to tthe group. Taking the Group's expected plans for increasing activities and earnings into account, the useful life of the goodwill recognised on initial measurement of business acquisitions is considered to be 15-20 years.</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Tangible assets</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Additions</td><td width="50%" align="right" valign="middle" >1.401</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="50%" align="right" valign="middle" >1.401</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="50%" align="right" valign="middle" >335</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Depreciations at 31 December</td><td width="50%" align="right" valign="middle" >335</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="50%" align="right" valign="middle" >1.066</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Contract work in progress</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Contract work in progress.</td><td width="50%" align="right" valign="middle" >3.107</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Progress billings and prepayments</td><td width="50%" align="right" valign="middle" >-2.781</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >326</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Recognised as follows</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Contract work in progress (assets)</td><td width="50%" align="right" valign="middle" >2.266</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Contract work in progress (liabilities)</td><td width="50%" align="right" valign="middle" >-1.940</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >326</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Deferred tax assets</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Deferred tax 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Addition</td><td width="50%" align="right" valign="middle" >4.988</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Changes in deferred tax for the year</td><td width="50%" align="right" valign="middle" >-128</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Deferred tax 31 December</td><td width="50%" align="right" valign="middle" >4.860</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Expected utilisation</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Less than 1 year</td><td width="50%" align="right" valign="middle" >1.076</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >More than 1 year and less than 5</td><td width="50%" align="right" valign="middle" >3.784</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >4.860</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Prepayments</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Insurance</td><td width="50%" align="right" valign="middle" >69</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Software licens</td><td width="50%" align="right" valign="middle" >590</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Hardware and support expenses</td><td width="50%" align="right" valign="middle" >1.054</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Rent</td><td width="50%" align="right" valign="middle" >933</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other</td><td width="50%" align="right" valign="middle" >720</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >3.367</td></tr><tr><td colspan="2"></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="2" align="left" valign="middle" >Long term liabilities</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Debt settlement</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Less than 1 year</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >More than 1 year and less than 5 years</td><td width="50%" align="right" valign="middle" >110</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >More than 5 years</td><td width="50%" align="right" valign="middle" >219.389</td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >219.499</td></tr><tr><td colspan="2"></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" >Deferred income</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Accuals under liabilities includes prepayments from customers that cannot be recognized as income until next financial year.</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="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is jointly and severally liable for tax under the Danish joint taxation with the companies within the group. The known net tax liability of the jointly taxed companies is DKK 0 thousand as at 31st of December 2021. Subsequently corrections of the joint taxable income, if any, could result in an increased liability for the company.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has operating rent commitments totalling DKK 6.1 million.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has operating lease commitments falling due within 5 years totalling DKK 0.1</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is a party in a number of ongoing lawsuits. Management is of the opinion that the outcome of these lawsuits will not affect the Company's financial position in addition to the receivables and liabilities recognized in the balance sheet at 31 December 2021.</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="1" align="left" valign="middle" >Shareholders</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has registered the following shareholders to hold at lease 5% of the voting share capital or at least 5% of the nominel value of the share capital:.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >PT af 1. januar 2012 ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >C/0 Cryptomathic A/S</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Åboulevarden 22, 2. sal</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >8000 Aarhus C</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Denmark</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >REF IV In Vino Veritas Holding S.å.r.l.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >13-15 Avenue de la Liberté</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >1931 Luxembourg</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Luxembourg</td></tr><tr><td colspan="1"></td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu Revisionspåtegning Grundlag for konklusion Konklusion Karsten Langer. chairman Peter Landrok Michael Weber Michael Weber Profit before tax -51742000 1189432000 768355000 603736000 441330000 2368000 6236000 1053670000 270000 770000 26000 1066000 0 30000 902000 932000 1055668000 274000 27775000 2266000 4860000 3413000 3367000 41681000 91809000 133764000 75000000 1431000 691924000 131374000 197000 131571000 2877000 216622000 219499000 4528000 1940000 2922000 486000 17791000 42340000 70007000 289506000 1189432000 91809000 Investment in fixed assets 1066000 Cash Flow Total 90378000 -13000 0 0 -13000 -46201000 0 414000 -46628000 -94000 -46534000 <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="6" align="left" valign="middle" >Equity statement</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Equity parent company</td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" >Tdkk</td><td width="16%" colspan="1" align="left" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" >Share capital</td><td width="16%" colspan="1" align="right" valign="middle" >Reserve for exchange rate adjustments</td><td width="16%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="20%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Equity at 1 June</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Cash payment concerning formation of entity</td><td width="16%" align="right" valign="middle" >40</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >40</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Capital increase</td><td width="16%" align="right" valign="middle" >74.960</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >738.458</td><td width="20%" align="right" valign="middle" >813.418</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Foreign exchange adjustments, foreing subsidiaries</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >1.431</td><td width="20%" align="right" valign="middle" >1.431</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Profit for the year</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >-46.534</td><td width="20%" align="right" valign="middle" >-46.534</td></tr><tr><td width="32%" colspan="2" align="left" valign="middle" >Equity at 31 December</td><td width="16%" align="right" valign="middle" >75.000</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >693.355</td><td width="20%" align="right" valign="middle" >768.355</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital comprises 75,000,000 shares of DKK 1 each.</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="2" align="left" valign="middle" >Investments in subsidiaries</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" align="right" valign="middle" >2021</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Addition</td><td width="50%" align="right" valign="middle" >767.593</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="50%" align="right" valign="middle" >767.593</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Revaluations at 1 June</td><td width="50%" align="right" valign="middle" >0</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Foreign exchange adjustments</td><td width="50%" align="right" valign="middle" >1.431</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Profit/loss after tax</td><td width="50%" align="right" valign="middle" >-46.201</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Revaluations at 31 December</td><td width="50%" align="right" valign="middle" >-44.770</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Canying amount 31 December</td><td width="50%" align="right" valign="middle" >722.823</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Name and registered office</td><td width="50%" colspan="1" align="left" valign="middle" >Ownership</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >REF IVV BidCo ApS, Aarhus</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cryptomathic Holding ApS, Aarhus, owned by REF IW BidCo ApS</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cryptomathic A/S, Aarhus, owned by Cryptomathic Holding ApS</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cryptomathic Ltd, Cambridge, UK, owned by Cryptomathic A/S</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cryptomathic GmbH, München, Germany, owned by Cryptomathic A/S</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cryptomathic Inc., San Jose, USA, owned by Cryptomathic A/S</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Aconite Technology Ltd., London, UK, owned by Cryptomathic Ltd.</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Aconite Solutions Ltd., London, UK, owned by af Aconite Technology Ltd.</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Aconite Consulting Ltd., London, UK, owned by af Aconite Technology Ltd.</td><td width="50%" align="right" valign="middle" >100%</td></tr><tr><td colspan="2"></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" >Deferred income</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Accuals under liabilities includes prepayments from customers that cannot be recognized as income until next financial 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 width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is jointly and severally liable for tax under the Danish joint taxation with the companies within the group. The known net tax liability of the jointly taxed companies is DKK 0 thousand as at 31st of December 2021. Subsequently corrections of the joint taxable income, if any, could result in an increased liability for the company.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has operating rent commitments totalling DKK 6.1 million.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has operating lease commitments falling due within 5 years totalling DKK 0.1</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is a party in a number of ongoing lawsuits. Management is of the opinion that the outcome of these lawsuits will not affect the Company's financial position in addition to the receivables and liabilities recognized in the balance sheet at 31 December 2021.</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="1" align="left" valign="middle" >Shareholders</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has registered the following shareholders to hold at lease 5% of the voting share capital or at least 5% of the nominel value of the share capital:.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >PT af 1. januar 2012 ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >C/0 Cryptomathic A/S</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Åboulevarden 22, 2. sal</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >8000 Aarhus C</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Denmark</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >REF IV In Vino Veritas Holding S.å.r.l.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >13-15 Avenue de la Liberté</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >1931 Luxembourg</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Luxembourg</td></tr><tr><td colspan="1"></td></tr></table> 0 0 0 0 0 0 0 0 0 722823000 0 0 722823000 722823000 0 0 0 0 94000 0 94000 45438000 45532000 768355000 75000000 0 693355000 768355000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 768355000 Profit before interest and similar items -43294000 Other non-cash items 1789000 Acquisition of activity -930667000 Other investments -157000 Changes in debt to credit institutions 4528000 0 0 0 0 -46534000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jens Chr. Skous Vej 1 8000 Aarhus C Denmark 33771231 Henrik Berring Rasmussen State authorized public accountant mne34157 Martin Stenstrup Toft State authorized public accountant mne42786 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab