382921882018-01-012018-12-31382921882018-01-012018-12-31Direktionsmedlem 01382921882018-01-012018-12-31Direktionsmedlem 02382921882018-01-012018-12-31Direktionsmedlem 03382921882018-01-012018-12-31Bestyrelsesmedlem 1382921882018-01-012018-12-31Bestyrelsesmedlem 2382921882018-01-012018-12-31Bestyrelsesmedlem 3382921882018-01-012018-12-31Bestyrelsesmedlem 4382921882018-12-31382921882017-12-31382921882016-12-31382921882016-12-232017-12-31382921882016-01-012016-12-31382921882018-01-012018-12-31fsa:RetainedEarningsMember382921882016-12-232017-12-31fsa:RetainedEarningsMember382921882016-12-232017-12-31fsa:ContributedCapitalMember382921882016-12-232017-12-31fsa:RetainedEarningsMember382921882018-01-012018-12-31fsa:RetainedEarningsMember382921882018-12-31fsa:ContributedCapitalMember382921882017-12-31fsa:ContributedCapitalMember382921882018-12-31fsa:RetainedEarningsMember382921882017-12-31fsa:RetainedEarningsMember382921882018-01-012018-12-31Revisionsvirksomhed 01382921882018-12-31fsa:ClassesOfShorttermOtherPayablesMember382921882017-12-31fsa:ClassesOfShorttermOtherPayablesMember382921882018-01-012018-12-31Revisionsvirksomhed 01 - Revisor 01382921882018-01-012018-12-31Revisionsvirksomhed 01 - Revisor 02iso4217:DKKpureThe Company offers mobile payment solutions in Denmark. Effective 1 January 2017, the Company took over the distribution of MobilePay in Denmark, including the handling of and cooperation with end-users, merchants and partner banks. In the start-up year, the Company carried a loss of DKK 52.325 thousand, which met expectations. No events have occurred in the period from the balance sheet date until today which may change an evaluation of the annual report. Outlook In the upstart period, the Company expects a loss also for 2018. Janne DyrlevClaus BunkenborgTorben Elling GamstToday, the Board of Directors and the Executive Board have discussed and approved the annual report of MobilePay Denmark A/S for the financial year 01.01.2018 - 31.12.2018.The annual report has been prepared in accordance with the Danish Financial Statements Act. We recommend that the annual report be approved at the annual general meeting. Further, in our opinion, the Management’s report includes a fair review of developments in the Company’s operations and financial position. Jesper NielsenJames Martin DitmoreJeanette LøgstrupFrederik Christian Gjessing Vinten279975000600494666870008034334666200068083703466620006808372396590005455263242900039805788700014759404266450000572662213215000544129126600082414075000159493789400011760-2010001800-24469000-63805-35649000-68884-35850000-6708494350003994759000594986000491Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Cash comprises bank deposits. Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Revenue consists of distribution fee from partner banks and income from commercial customers’ use of MobilePay. Revenue is recognised net of VAT, taxes, duties and discounts related to the sale and is measured at the fair value of the consideration determined. Financial income comprise interest income as well as surcharges and allowances under the Danish Tax Prepayment Scheme. Tax for the year, which consists of current tax and changes in deferred tax for the year, is recognised in the income statement as regards the portion attributable to the profit/loss for the year and directly in equity as regards the portion attributable to entries directly in equity. The Company is jointly taxed with its parent, Danske Bank A/S, according to the rules on compulsory joint taxation. The current Danish corporation tax liability is allocated among the jointly taxed entities in propor-tion to their taxable income (full allocation subject to reimbursement in respect of tax losses). Staff costs comprise payrole cost, social security contributions, pension contributions, etc for entity staff. The Company’s financial year covers the period 23 December 2016 – 31 December 2017, which is the Company’s first financial reporting period. Financial highlights are defined and calculated in accordance with "Recommendations & Ratios 2015" issued by the Danish Society of Financial Analysts. Ratios Calculation formula Calculation formula reflects Return on equity (%) The entity's return on capital invested in the entity by the owners. Equity ratio (%) The financial strength of the entity. -20100018006872000-14759-14759000145324290003980538292188MobilePay Denmark A/S2016-12-23København45144447www.mobilepay.dkmobilepay@mobilepay.dk2019-03-21 Jesper Nielsen In our opinion, the annual financial statements give a true and fair view of the Company’s assets and liabilities and financial position at 31.12.2018 and of the results of the Company’s operations for the financial year 01.01.2018 - 31.12.2018.2019-01-30CopenhagenGross profit or loss comprises revenue, operating income and external expenses. The accounting entry consist of prepaid expensesThe copmany is jointly and severally liable with jointly registered group entities fo the total VAT liability. The Company is a wholly owned subsidiary of Danske Bank A/S, Copenhagen. The Company’s financial statements are part of the consolidated financial statements for Danske Bank     A/S, Copenhagen. The consolidated financial statements can be obtained at www.danskebank.dk                 Related party transactions:         MobilePay Denmark A/S has engaged in the following related party transactions (DKK’000):       2017  Partner Settlement from Danske Bank   29.067 License and administration fee to MobilePay A/S 25.047 Internal costs to Danske Bank A/S 71.416 Interest expenses to Danske Bank A/S 1.800 Cash (Danske Bank A/S) 80.343 Due to credit institutions (Danske Bank A/S) 544.129 Further the Company has in 2017 taken over the distribution and operation of MobilePay in Denmark, from Danske Bank. 33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade Postboks 16000900 København C346662000680837080212000108175010500000105006971200097675266450000572662-27963000-523250111800005079-7887000-14759-27963000-52325-27963000-52325-27963000-5232510500000105006971200097675Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the financial statements section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We have audited the financial statements of MobilePay Denmark A/S for the financial year 01.01.2018 - 31.12.2018, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2018 and of the results of its operations for the financial year 01.01.2018 - 31.12.2018 in accordance with the Danish Financial Statements Act. Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. By reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. In 2017, the Company took over the distribution and operation of MobilePay in Denmark, including the actual handling of and cooperation with end-users, merchants and partner banks. The transfer was made by the Com-pany’s parent, Danske Bank A/S. The transfer, which took place in the form of a non-cash contribution as well as a capital increase has been completed with retroactive effect at 1 January 2017. The difference between acquired assets and liabilities (remuneration) totalled DKK 160,000,000. ÅrsrapportRegnskabsklasse C, mellemstor virksomhedTo the shareholders of MobilePay Denmark A/SCopenhagen2019-01-30Vester Søgade10, 6.1601København VWeidekampsgadePostboks 160060900København C The share capital consists of 21 shares of DKK 500.000 each. The shares are not divided into share classes. Movements in the share capital in the past five financial years: Establishment of the Company at 23 December 2016 500 Capital increase in 2017 10.000 Share capital at 31 December 2017 10.500Revisionspåtegning-27963000-5232503789400011760The Company’s financial statements are part of the consolidated financial statements for Danske Bank A/S, Copenhagen. By reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has therefore been prepared. The financial statements for 2017 are the Company’s first financial statements. Accounting estimates and judgements Management’s estimates and judgements in respect of future events that will affect the carrying amounts of assets and liabilities underlie the preparations of the financial statements. Management’s estimates and judgement are based on assumptions which Management considers reasonable, but which are inherently uncertain and unpredictable. As the assumptions may be incomplete or imprecise, and since unexpected events or circumstances may arise, making such estimates and judgements is difficult and will be associated with uncertainty. Principles for related party transactions The Company is part of the Danske Bank Group, which consists of a number of separate legal entities. Related party transactions are settled on the market terms. Expenses incurred centrally are billed to the individual group entities as calculated unit prices based on consumption and activity in accordance with the rules on transfer pricing or at market prices if such prices exist. Intra-group business combinations The books value method is applied to intra-group business combinations, meaning that entities generalle considered acquired at the time when control is tranfered. However, company-law transactions such as mergers, demergers, exchange of shares and asset contributions which are made with retroactive effect take effect for financial reporting purposes on the first day of the financial year. This method does not require restatement of prior-year comparative figures. State Authorised Public AccountantState Authorised Public AccountantJens RingbækJonas Gjørup Larsen36 10 20 302018-01-012018-12-312017-12-312016-12-23mne27735mne441443396355633963556Deloitte Statsautoriseret RevisionspartnerselskabDeloitte Statsautoriseret Revisionspartnerselskab