38292188 2022-01-01 2022-12-31 38292188 2022-01-01 2022-12-31 1 38292188 2022-01-01 2022-12-31 1 38292188 2022-01-01 2022-12-31 2 38292188 2022-01-01 2022-12-31 3 38292188 2022-01-01 2022-12-31 1 38292188 2022-01-01 2022-12-31 2 38292188 2022-01-01 2022-12-31 3 38292188 2021-01-01 2021-12-31 38292188 2020-01-01 2020-12-31 38292188 2019-01-01 2019-12-31 38292188 2018-01-01 2018-12-31 38292188 2022-12-31 38292188 2021-12-31 38292188 2020-12-31 38292188 2019-12-31 38292188 2018-12-31 38292188 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 38292188 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 38292188 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 38292188 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 38292188 2021-12-31 fsa:ContributedCapitalMember 38292188 2021-12-31 fsa:ReserveForDevelopmentExpenditureMember 38292188 2021-12-31 fsa:RetainedEarningsMember 38292188 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 38292188 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 38292188 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 38292188 2022-12-31 fsa:ContributedCapitalMember 38292188 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 38292188 2022-12-31 fsa:RetainedEarningsMember 38292188 2021-01-01 2021-12-31 1 38292188 2022-01-01 2022-12-31 1 38292188 2021-01-01 2021-12-31 2 38292188 2022-01-01 2022-12-31 2 38292188 2021-01-01 2021-12-31 3 38292188 2022-01-01 2022-12-31 3 38292188 2021-01-01 2021-12-31 4 38292188 2022-01-01 2022-12-31 4 iso4217:DKK xbrli:pure Julie Top-Madsen Vester Søgade 10 1601 Copenhagen V 38292188 Copenhagen 45 14 44 47 www.mobilepay.dk mobilepay@mobilepay.dk Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 Copenhagen S Today, the Board of Directors and the Executive Board have discussed and approved the an-nual report of MobilePay A/S for the financial year 1 January 2022 – 31 December 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. 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 December 2022 and of the results of the Company’s operations for the financial year 1 January 2022 – 31 December 2022. Further, in our opinion, the Management’s report includes a fair review of developments in the Company’s operations and financial position. We recommend that the annual report be approved at the annual general meeting. Business review The Company develops and offers mobile payment solutions in Denmark and Finland. On November 1st 2022, MobilePay A/S and Norwegian Vipps AS entered into a business combination agreement. At this time the ownership of MobilePay A/S changed from Danske Bank A/S to Vipps AS, a Norwegian licensed entity, as the owner of MobilePay A/S. Financial review In 2022, the Company carried a loss of DKK 338 142 thousand, which met expectations. The result is a deterioration on 2021 for the MobilePay Group and is mainly driven by IT devel-opment in 2022 not being capitalised, increased staff costs as well as transaction costs pri-marily for the Finnish activities. Net customer income increased with 38% and remaining cost decreased slightly. In June 2022, the Company’s owner Danske Bank A/S capitalised the Company according to plan and in November 2022 Company’s new owner, Vipps AS capitalised the Company. Recognition and measurement uncertainties Software is recognised under Intangible assets, when the software is either being, or intended to be, used and carries a value from e.g. a market for selling products based on the software. At least, on a yearly basis, impairments are evaluated. Events after the balance sheet date No events have occurred in the period from the balance sheet date until today, which may change an evaluation of the annual report. Outlook The Company further develops solutions and the application offered by MobilePay. Mo-bilePay A/S expects to conduct a cross-border merger with Norwegian Vipps AS during 2023, why these are the last annual accounts from MobilePay A/S. During 2023 the merged company of Vipps AS and MobilePay A/S will establish a joint tech-nological platform as the basis for one wallet and one app across all markets. For that reason, the new company expects to make considerable investments in order to create a leading payment wallet in the Nordic. A loss on a level comparable with 2022 is therefore expected even though the top line is expected to grow significantly in both Fin-land, Norway and Denmark. Copenhagen Claus Bunkenborg Anette Bøje CEO CCO Morten Kjelsø CTO Rune Garborg Chairman Claus Bunkenborg Merete Stigen To the shareholders of MobilePay A/S We have audited the financial statements of MobilePay A/S for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations and cash flows for the financial year 01.01.2022 - 31.12.2022 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical require-ments applicable in Denmark, and we have fulfilled our other ethical responsibilities in ac-cordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial state-ments 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 ap-plicable in Denmark, we exercise professional judgement and maintain professional scepti-cism 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, inten-tional 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 ex-pressing an opinion on the effectiveness of the Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of ac-counting 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 ob-tained, 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 con-clude that a material uncertainty exists, we are required to draw attention in our audi-tor’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, in-cluding the disclosures in the notes, and whether the financial statements represent theunderlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the man-agement 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 re-quirements of the Danish Financial Statements Act. We did not identify any material misstate-ment of the management commentary. Copenhagen, 33963556 Jakob Lindberg State-Authorised Public Accountant mne40824 408530000 352898000 187069000 200802000 97903000 -382674000 -137898000 -98315000 -23373000 -35648000 -3225000 -1516000 -648000 -1090000 -201000 -342542000 -208206000 -77079000 -19262000 -27963000 946351000 1097244000 618257000 348968000 346662000 5580000 9190000 0 0 0 131470000 264160000 148871000 165950000 80212000 0.1732 -0.01008 -0.0049 -0.00156 -0.00297 0.0139 0.00241 0.00241 0.00476 0.00231 Sustainability reporting MobilePays business model is to primarily offer simple payment solutions for person-to-person and person-to-business transactions. During 2022, MobilePay was part of Danske Bank Group for the majority of the year, cov-ered also by polices and initiatives in this Group. MobilePay aims at having a sustainability profile relevant for MobilePay in the countries where we are present in the market and with employees. After becoming a subsidiary to Norwegian Vipps AS, we are continuing our sus-tainability agenda, including working conditions for employees, our impact on society and the environment, vendor management, in a new setup, setting new policies and standards. Policies and standards have not yet been set for the new joint company within these areas, but our expectation is to set mutual standards and goals with the purpose of having a clear sustainability agenda. In the following section, specific subjects are addressed based on the current status in Mo-bilePay A/S in the transition from Danske Bank Group to a new setting, with Vipps AS as the owner. As a payment company covering the markets area Denmark, Finland and Greenland Mo-bilePay has a responsibility for contributing to sustainable societies in the countries where we do business. Our CSR approach is mainly focused on increasing digitalisation by devel-oping user-friendly payment solutions to the benefit of users, customers and societies, se-cure, safe payments and fighting fraud and to be an inclusive and diverse attractive place to work for our employees. Risks. MobilePay’s day-to-day business is managed based on risk assessments of the areas of business, the markets and society in which we are present and the regulatory landscape. Assessments of risks for MobilePay are also included in the assessment and setup for the future setup together with Vipps AS and have not been separately assessed for MobilePay outside of Danske Bank Group for November and December of 2022. Business activities generally pose risks for environment, climate, employees, social, anti-cor-ruption and human rights; including risk of negative environmental impact. Other risks are risks of failing to ensure diversity and inclusion which could impact our ability to attract qual-ified and skilled employees, risks related to financial crime, e.g. also bribery and corruption, risk of violation of ethics and human rights principles by tolerating discrimination. Environment and climate. In this transition phase, MobilePay has therefore not established a policy related to environment and climate, but MobilePay works to deliver sustainable solu-tions, contributing to a digitalisation of society, while being aware of environmental risks and our footprint. MobilePay follows relevant guidelines on protecting the environment, e.g. by aiming to lower our energy consumption. We acknowledge our footprint and will estab-lish procurement and travel policies to help us mitigate risks and safeguard the environment and climate in e.g. vendor processes, as well as impact based on e.g. our employees travel-ling between locations. Social responsibility. By contributing to increased use of digital payments we save time and costs for our users and business customers. For society, less use of cash implies lower en-ergy consumption and reduced physical robberies in shops and bank branches. As part of MobilePays ordinary actions of business, associations (NGO’s) can receive donations by the use of MobilePay business products. These transactions are free of charge for the asso-ciations. By this, MobilePay aims to contribute to society. Financial crime risks and anti-corruption. MobilePay has a policy on fighting financial crime, including fraud, protection of consumers, our obligations to society, actions to mitigate risks related to financial crime in general as well as bribery and corruption. We are dedicated to constantly creating and strengthening safe, stable and robust payment systems and solu-tions. Our ambition is to contribute to a society with as little financial crime, robberies, data misuse and technical breakdowns as possible. We work to combat financial crime, including corruption, and any type of fraud attempted in the use of MobilePay solutions. Monitoring potential victims of phishing etc. based on the approach that monitoring will limit misuse and fraud established by the use of Mo-bilePay solutions, but also that the monitoring and reporting of findings to the Police, can limit fraud cases towards end-users in general. One of the benefits of monitoring is a signifi-cant reduction of financial fraud losses, but at the same time we are keeping our brand safe and by the proactive approach contributing directly to the society we are part of. Especially on MobilePay Online our proactive approach has been well received by our online mer-chants, where MobilePay actions have saved the merchants from substantial losses. From 2021 to 2022, MobilePay has brought down losses related to fraud with 45 %. Human rights. In this transition phase, MobilePay has not established a policy for human rights, but Mobilepay support human rights, and we are committed to respecting general labour rights and human rights as well as keeping our employees safe and healthy. Further-more, as part of our policy on fighting financial crime we are also monitoring misuse, which potentially could be related to human trafficking. We will continuously have focus on human rights. Employees - Diversity and inclusion. We strive to be an attractive and inclusive workplace, where all people thrive. We offer fair, equal and competitive employment terms, prioritise flexibility and support professional development opportunities for all. MobilePay has main-tained a flexible hybrid work model, supporting working from home whilst encouraging col-laboration at home, online and on all locations. We have continuously worked with clear behavioural values and systematically with employee engagement, showing generally high levels of engagement above target (84/100). Insights from engagement surveys and exit interviews are used to identify actions and tools to con-tinuously improve the work environment and conditions for all employees. MobilePay pursues gender equality, focus on preventing biases and on developing gender-balanced recruitment and development processes. Our policy on gender equality is to work actively to support the UN Sustainable Development Goals of 40 % women in all leadership levels. The Board of Directors for MobilePay A/S has what is considered equal gender repre-sentation, with 1 of 3 (33,3%) members being women. With no specific gender equality target set for the Board, we aim to maintain gender balance should changes to the Board be needed 1in the future. For senior leadership positions, 50 % of the roles are held by women, 43% for 2subsequent leadership level. Data ethics. MobilePay has set a general data protection policy, designed to ensure a lawful and ethical use of data within our activities and the risks related hereto. Another primary purpose of the policy is to ensure individuals can exercise their rights related to their per-sonal data. Data ethics refer to the principles and values on which human rights and per-sonal data protection laws are based; and the primary objective is to do the right thing for people and society. 408530000 352898000 248380000 211884000 55139000 38002000 105011000 103012000 279321000 118694000 208364000 122216000 -382674000 -137898000 0 -99678000 3225000 1516000 -385899000 -239092000 -43356000 -30886000 -342542000 -208206000 0 0 -342542000 -208206000 -342542000 -208206000 117865000 135773000 0 89253000 117865000 225025000 5580000 9190000 5580000 9190000 430000 385000 123875000 234600000 274179000 356200000 0 10356000 52190000 27831000 6041000 2193000 6543000 2333000 338952000 398913000 483523000 463732000 822475000 862644000 946351000 1097244000 10522000 10520000 91935000 176623000 29013000 77017000 0 0 131470000 264160000 30330000 49576000 30330000 49576000 338260000 436962000 0 20900000 89000 9346000 437000 142000 445765000 316157000 784551000 783508000 814882000 833084000 946351000 1097244000 10520000 176623000 77017000 264160000 2000 0 209998000 210000000 0 76124000 -76124000 0 0 -160812000 160812000 0 0 0 -342542000 -342542000 0 0 -148000 -148000 10522000 91935000 29013000 131470000 The share capital consists of 10,522 shares of DKK 1,000 each. The shares are not divided into share classes. Movements in the share capital: Establishment of the Company at 23 December 2016 500 Capital increase in 2017 10 000 Capital increase in 2019 10 Capital increase in 2020 10 Capital increase in 2021 -* Capital increase in 2022 2 Share capital at 31 December 2022 10 522 *On 28 June 2021, the capital of the former MobilePay A/S was increased and afterwards the former MobilePay A/S was dissolved after a merger with MobilePay A/S (former MobilePay Denmark A/S) effective as at 1 January 2021. -342542000 -208206000 208364000 122216000 Decrease/(increase) in provisions Decrease/(increase) in provisions 23691000 -7302000 Result after tax in affiliated companies Result after tax in affiliated companies 0 99678000 Finance costs Finance costs 3225000 1516000 -43356000 -30886000 225000 -4280000 159706000 -6323000 9313000 -33587000 -3225000 -1516000 Tax, received Tax, received 0 42457000 6088000 7354000 -97595000 -89253000 0 -8415000 97595000 97668000 -98702000 -429753000 210000000 150000000 111298000 -279753000 19791000 -370067000 463732000 833799000 483523000 463732000 The annual report is presented in accordance with the provisions of the Danish Financial State-ments Act applicable to large-sized reporting class C entities. Error in the annual report for 2021 In connection with capitalisation of software for 2021, DKK 80 851 thousand has been recog-nized as income under Gross profit. The software is, however, developed internally and the cost lies in Staff cost. Therefore, the comparative figures for 2021 have been restated so that DKK 80 851 thousand has been reclassified from Gross profit to Staff cost. Below is the change in the comparison figures: DKK'000 Initial 2021 Change Restated 2021 Gross profit 183 864 -80 851 103 012 Staff cost 199 546 -80 851 118 694 Profit for the year -208 206 - -208 206 Equity 264 160 - 264 160 Profit for the year and equity for 2021 are not affectet of the error. Basis of recognition and measurement Income is recognised in the income statement as earned, whereas expenses are recognised by the amounts attributable to the financial year. Assets are recognised in the balance sheet when it is probable that, as the result of a past event, future economic benefits will flow to the Company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Company has a legal or constructive obligation as a result of a past event, and it is probable that future economic benefits will flow from the Company, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below in respect of each individual item. Recognition and measurement take into account predictable risks and losses occurring before the presentation of the annual report which confirm or invalidate affairs and conditions exist-ing at the balance sheet date. Transactions in foreign currency are translated using average exchange rates. Receivables, payables and other monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Gains and losses on exchange rate differences are recognised in the income statement. Assets and liabilities of branches outside Denmark are translated into Danish kroner at the exchange rates at the balance sheet date. Income and expenses are translated using average exchange rates. Gains and losses arising at the translation of foreign branches are recognised in retained earnings. Accounting estimates and judgements Management’s estimates and judgments in respect of future events that will affect the car-rying amounts of assets and liabilities underlie the preparation of the financial statements. Management’s estimates and judgements are based on assumptions which Management considers reasonable, but which are inherently uncertain and unpredictable. As the assump-tions 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 uncer-tainty. Estimates and judgements that are deemed most critical to the financial statements are capitalisation and amortisation of software. Principles for related party transactions The Company has been part of Danske Bank group until 30 October 2022 and is now part of the Vipps AS Group, Norway. Related party transactions are settled on market terms. Income statement Revenue Revenue consists of distribution and software development fees from partner banks and in-come from MobilePay’s private users and business merchant’s 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 agreed. External expenses External expenses comprise expenses relating to the operation and administration of the Company’s activities. Other external expenses also comprise expenses relating to development projects that do not qualify for capitalisation. Staff costs Staff costs comprise payroll costs, social security costs, pensions etc. relating to the Com-pany’s employees. Amortisation, depreciation and impairment Amortisation, depreciation and impairment comprise the year’s amortisation, depreciation and impairment charges in respect of intangible and tangible assets. Financial income and expenses Financial income and expenses comprise interest income and expenses as well as surcharges and allowances under the Danish Tax Prepayment Scheme. Income from group undertakings Income from investments in group undertakings comprises the pro rata share of the individual undertakings´ profit or loss after tax, and after elimination of intra-group profit or loss. Tax Tax for the year, which consists of current tax and changes in deferred tax for the year, is recognised in the income statement. Balance sheet Intangible assets Software is recognised under Intangible assets, when the software is either being, or intended to be, used and carries a value from e.g. a market for selling products based on the software. Completed software is amortised on a straight-line basis over its expected useful life. The amortisation period is usually three years, but may in certain situations be longer if prolonging the period is considered to better reflect the Company’s use of the developed software. An impairment test is performed for software if there is evidence of impairment. Tangible assets Tangible assets include other fixtures and fittings, tools and equipment. Other fixtures and fittings, tools and equipment cover vehicles, furniture and leasehold improvements. Tangible assets are measured at cost and depreciated over the estimated useful life. The estimated useful life is 3-10 years. Depreciation charges are recognised under amortisation, depreciation and impairment. Tangible assets are tested for impairment if indications of impairment exist. An impaired asset is written down to its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. Receivables Receivables are measured at amortised cost, which usually corresponds to the nominal value less provisions for bad debts. Prepayments Prepayments comprise expenses incurred relating to subsequent financial years. Prepayments are measured at cost. Cash Cash comprises bank deposits. Reserve for development costs An amount equalling recognised development costs is taken to equity under Reserve for de-velopment costs. The reserve is reduced as the development projects are amortised and writ-ten down by transferring a corresponding amount to free reserves. The reserve cannot be used for paying dividends or loss coverage. Corporation tax and deferred tax Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on prior-year taxable income and tax paid on account. 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, calculated based on the planned use of the asset or settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised in the balance sheet at the value at which the asset is expected to be realised, either through a set-off against deferred tax liabilities or as net tax assets. Deferred tax is recognised under “De-ferred tax assets” or “Provisions for deferred tax”, respectively. Liabilities Liabilities are measured at amortised cost, which usually corresponds to the nominal value. Cash flow statement The cash flow statement is prepared according to the indirect method. The statement is based on profit for the year and shows the cash flows from operating, investing and financing activ-ities as well as the increase or decrease in cash and cash equivalents during the year. Cash and cash equivalents consists of cash in hand and amounts due from credit institutions with an original maturity shorter than three months. In the cash flow statement, cash flows are divided into cash flows from operations, investing activities and financing activities. Investing activities include cash flows from the sale or ac-quisition of tangible and intangible assets as well as businesses. Financing activities include cash flows from the Group’s borrowing, repayment of lease liabilities and debt and increases of the share capital. Financial highlights These financial ratios are applied: Financial ratios Formula Financial ratio express Profit/loss for the year x Return on equity (%) = 100 The Company's return on Average equity the capital invested by the equity owners. The Company's financial Equity ratio (%) Equity x 100 strength. Total assets true 2. Revenue (DKK'000) 2022 2021 Denmark 380 031 337 226 Finland 28 483 15 663 Lithuania 16 10 408 530 352 898 3. Staff costs (DKK'000) 2022 2021 Wages and salaries 227 552 97 437 Pensions 21 878 8 777 Other social security costs 29 891 12 480 279 321 118 694 Hereof total remuneration/fees to: Executive Board 6 835 8 468 There is no remuneration to the Board of Directors. Special incentive plans The CEO, CCO and CTO of MobilePay A/S participate in a short-term incentive programme with a bonus of maximum of 50% of fixed salary. The bonus calculation is based on individual agreements, including three levels of Key Per-formance Indicators (KPIs), comprising both financial and non-financial targets. For 2022, the weighting of the three KPI levels was: MobilePay KPIs (weight 60%) and indi-vidual KPIs (weight 40%). 373 274 4. Other financial expenses (DKK'000) 2022 2021 Financial income, group entities 0 1 554 Other 3 225 -38 3 225 1 516 5. Tax for the year (DKK'000) 2022 2021 Tax on profit for the year -27 676 -27 309 Change in deferred tax -19 277 -3 194 Adjustment of prior-year tax charges 3 597 -383 -43 356 -30 886 6. Intangible assets (DKK'000) Software un-Completed der develop-software ment Cost at 1 January 2022 624 374 89 253 Additions 0 97 595 Transfers 89 253 -89 253 Cost at 31 December 2022 713 627 97 595 Amortisation and impairment losses at 1 January 2022 488 601 0 Impairment losses for the year 0 97 595 Amortisation for the year 107 160 0 Amortisation and impairment losses at 31 Decem-ber 2022 595 761 97 595 Carrying amount at 31 December 2022 117 865 0 7. Tangible assets (DKK'000) Other fixtures and fittings, tools and equipment Cost at 1 January 2022 10 658 Additions 0 Deletions 0 Cost at 31 December 2022 10 658 Amortisation and impairment losses at 1 January 2022 1 469 Amortisation for the year 3 609 Depreciation and impairment losses at 31 Decem-ber 2022 5 078 Carrying amount at 31 December 2022 5 580 8. Deferred tax (DKK'000) Tax assets Tax liabilities 2022 2021 2022 2021 Deferred tax at 1 January 385 0 49 576 0 Addition from merger 0 310 0 56 803 Adjustment of deferred tax for the year 45 75 -19 277 -7 227 Deferred tax at 31 December 430 385 30 330 49 576 9. Other payables (DKK'000) 2022 2021 Wages/salaries, salary tax, social security contri-butions, etc 37 487 26 532 e-money payables 260 681 175 941 Merchant payables 86 590 71 592 Partner bank payables 0 13 210 Other 61 007 28 882 445 765 316 157 10. Fee to statutory auditors (DKK'000) 2022 2021 Statutory audit 391 185 Audit-related services 74 23 Tax advisory services 12 0 Other services 5 3 482 210 11. Contingent liabilities and assets provided as collateral At the end of 2022, the Company had provided DKK 260 681 thousand (2021: DKK 175 941 thousand) worth of cash as collateral for e-money payables and well as DKK 86 590 thou-sand (2021: DKK 71 592 thousand) worth of cash as collateral for Merchant funds payables. The Company has a contractual liability for the lease of the MobilePay Lithuania branch premises, the MobilePay A/S Copenhagen headquarter premises, 2 premises in Århus and one in Helsinki. The lease contract for the Lithuanian premises runs until October 2027 with an obligation of DKK 9 117 thousand. The contract for the Copenhagen premises runs until at least March 2024 with an obligation of DKK 7 651 thousand. The contract for the current Århus premises runs until March 2023 and a new agreement was signed in No-vember 2022 that commences March 2023 and runs until September 2024, the combined obligation for premises in Århus is DKK 3 329 thousand. The lease contract for the Helsinki premises runs until July 2023 with an obligation of DKK 803 thousand. The company has committed to IT services or licenses of DKK 7 440 thousand. 12. Related parties and ownership structure Related party transactions: By reference to section 98c (7) of the Danish Financial Statements Act, we will disclose if transactions has not been settled on an arm’s length basis. In 2022, all transactions with related parties were settled on an arm’s length basis. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-04-11 MobilePay A/S Reporting class C, large enterprise 2016-12-23 2023-04-11 33963556 Deloitte Weidekampsgade 6 2300 København S Opinion Basis for Opinion 2023-04-11