xbrli:pureiso4217:DKK382921882020-01-012020-12-31382921882020-01-012020-12-311382921882020-01-012020-12-311382921882020-01-012020-12-312382921882020-01-012020-12-313382921882020-01-012020-12-311382921882020-01-012020-12-312382921882020-01-012020-12-313382921882020-01-012020-12-314382921882020-01-012020-12-315382921882020-01-012020-12-312382921882020-01-012020-12-31382921882019-01-012019-12-31382921882020-01-012020-12-31fsa:RetainedEarningsMember382921882020-01-012020-12-31fsa:RetainedEarningsMember382921882019-01-012019-12-31fsa:RetainedEarningsMember382921882020-12-31382921882019-12-31382921882020-01-01fsa:ContributedCapitalMember382921882020-01-01fsa:RetainedEarningsMember382921882020-01-01382921882020-12-31fsa:ContributedCapitalMember382921882020-12-31fsa:RetainedEarningsMember382921882020-01-012020-12-31fsa:ContributedCapitalMember382921882020-01-012020-12-31fsa:OtherShorttermPayablesMember2021-03-182021-03-18Regnskabsklasse C, mellemstor virksomhed2019-01-012019-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabKøbenhavnKøbenhavn V1601Revisionspåtegning2020-12-312020-01-016<br /><br />10Vester SøgadeMobilepay Denmark A/S38292188339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today discussed and approved the annual report of Mobilepay Denmark A/S for the financial year 01.01.2020 - 31.12.2020.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2020 and of the results of its operations for the financial year 01.01.2020 - 31.12.2020.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.CopenhagenClaus BunkenborgAnette Bøje HendriksenJanne Dyrlevadm. dir.direktørdirektørMark Majgaard Wraa-HansenLine Munkholm HaukroghBrian Skopek HansenJan Steen OlsenGlenn Olof SöderholmnæstformandformandTo the shareholders of Mobilepay Denmark A/SWe have audited the financial statements of Mobilepay Denmark A/S for the financial year 01.01.2020 -
31.12.2020, 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 31.12.2020 and of the results of its operations for the financial year 01.01.2020 - 31.12.2020 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 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.
Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.
CopenhagenJens RingbækJonas Gjørup Larsenmne27735mne44144State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2020
DKK'0002019
DKK'0002018
DKK'0002017
DKK'000Key figuresGross profit/loss(55,912)9,24400Gross profit/loss(55,912)9,244(24,469)(63,805)Operating profit/loss(98,315)(23,373)(35,648)(68,884)Net financials(648)(1,090)(201)1,800Profit/loss for the year(77,079)(19,262)(27,963)(52,325)Balance sheet total618,257348,968346,662680,837Equity148,871165,95180,212108,175RatiosReturn on equity (%)(49.0)(15.6)(29.7)(48.4)Equity ratio (%)24.147.623.115.9The financial year 2017 covers the period 23 December 2016 - 31 December 2017, which was the Company's first financial reporting period. Return on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%):Equity * 100
Total assetsPrimary activitiesThe Company offers mobile payment solutions in Denmark.Development in activities and financesIn 2020, the Company carried a loss of DKK 77,079 thousand, which met expectations. In 2019, the Company carried a net loss of 19,262 thousand. The higher deficit in 2020 is mainly caused by some partner bank fees that ceased by the end of 2019 in accordance with agreements from 2016 and 2017. Net customer income increased by 64%.
In December, the Company's owner MobilePay A/S capitalised the Company according to plan.OutlookWhile still increasing scale, the Company expects a deficit also in 2021. The current unknown impact on the Danish economy from the continued COVID 19 pandemic causes uncertainty to the 2021 loss.Events after the balance sheet dateNo events have occurred in the period from the balance sheet date until today, which may change an evaluation on the annual report.-5591200092440004240300032617000-98315000-233730006480001090000-98963000-24463000-21884000-5201000-77079000-19262000-77079000-77079000-192620001645550009457600031097000021769000520100033000031170000217751000130947000400506000218021000618257000348968000618257000348968000105200001051000013835100015544000014887100016595000010510000155440000165950000105200001383510002666440008828900053510002070000181470001563200017924400077027000469386000183018000469386000183018000618257000348968000100005999000060000000The share capital consists of 10,520 shares of DKK 1,000 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 10000
Capital increase in 2019 10
Capital increase in 2020 10
Share capital af 31 December 2020 105201 Staff costs2020
DKK'0002019
DKK'000Wages and salaries33,57526,741Pension costs3,3562,205Other social security costs5,4723,67142,40332,617Average number of full-time employees6537Special incentive programmesThe one member of the Executive Board renumerated by MobilePay Denmark A/S participated in a short-term incentive programme with a bonus of a maximum of 50% of fixed salary. The bonus calculation was in 2020 based on an individual agreement, including three levels of Key Performance Indicators (KPIs): Danske Bank Group KPIs (weight 20%), MobilePay KPIs (weight 40%) and individual KPIs (weight 40%), comprising both financial and non-financial targets. For 2019, the weighting of the three KPI levels was: Danske Bank Group KPIs (weight 15%), MobilePay KPIs (weight 45%) and individual KPIs (weight 40%).One member of the Executive Board was renumerated by MobilePay Denmark A/S, until the member left til Company during 2020. The other members of the Executive Board also form parts of the Executive Board in MobilePay A/S, and these members are renumerated by MobilePay A/S. There is no renumeration to the Board of Directors. By reference to section 98 b (3) of the Danish Financial Statements Act, management renumeration is not disclosed af this would disclose individual renumeration.6537The one member of the Executive Board renumerated by MobilePay Denmark A/S participated in a short-term incentive programme with a bonus of a maximum of 50% of fixed salary. The bonus calculation was in 2020 based on an individual agreement, including three levels of Key Performance Indicators (KPIs): Danske Bank Group KPIs (weight 20%), MobilePay KPIs (weight 40%) and individual KPIs (weight 40%), comprising both financial and non-financial targets. For 2019, the weighting of the three KPI levels was: Danske Bank Group KPIs (weight 15%), MobilePay KPIs (weight 45%) and individual KPIs (weight 40%).2 Other financial expenses2020
DKK'0002019
DKK'000Financial expenses from group enterprises6181,098Other financial expenses30(8)6481,090<br />2020
DKK'0002019
DKK'000Financial expenses from group enterprises6181,098Other financial expenses30(8)6481,0903 Proposed distribution of profit and loss2020
DKK'0002019
DKK'000Retained earnings (77,079)(19,262) (77,079)(19,262)4 Deferred tax
Changes during the year2020
DKK'0002019
DKK'000Beginning of year5,2017,887Recognised in the income statement16,568(2,686)End of year21,7695,201Tax for the year in the Income statement is higher by DKK 115 thousand due to adjustment related to previous year.5 Other payables2020
DKK'0002019
DKK'000Wages and salaries, personal income taxes, social security costs, etc payable7,8795,794Other costs payable171,36571,233179,24477,0276 Contingent liabilitiesThe company is jointly and severally liable with jointly registered group entities for the total VAT liability.
At the end of 2020, the company had provided DKK 102,999 thousand worth of cash as collateral for e-monay payables.7 Related parties with controlling interestThe Company is wholly owned subsidiary of MobilePay A/S, Copenhagen, which is a wholly owned subsidary of the ultimate parent company Danske Bank A/S, Copenhagen.
The Company's financial statements are part of the consolidated financial statements for Danske Bank A/S (CVR number 61126228), Copenhagen.
The consolidated financial statements can be obtained at www.danskebank.dk.
Related party transaction:
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 2020, all transaktions with related parties were sttled on an arm's length basis.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The 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 accounting policies remained unchanged from last year.falseAccounting estimates and judgementsManagemant's estimates and judgements in respect of futues events that will affect the carrying 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 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.Recognition and measurementIncome is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.
Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
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 existing at the balance sheet date.
Principles for related party transactionsThe Company is part of the Danske Bank Group, which consists of a number og separate legal entities. Related party transactions are settled on 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 combinationsThe book value method is applied to intra-group business combinations. The acquisition or disposal is assumed to have taken place at the time when control is transferred. 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.Gross profit or lossRevenue consists of distribution fee from partner banks and income from commercial customers' use of
MobilePay. Revenue is recognised ned of VAT, taxes, duties and discounts related to the sale and is measured at
the fair value of the consideration determined.Revenue and external expensesRevenue consists of distribution fee from partner banks and income from commercial customers' use of MobilePay. Revenue is recognised ned of VAT, taxes, duties and discounts related to the sale and is measured at the fair value of the consideration determined.
Other external expenses
External expenses comprise expenses relating to the operation and administration of the Company's activities.Staff costsStaff costs comprise payroll costs, social security costs, pensions etc. relating to the Company's employees.Financial income and expensesFinancial income and expenses comprise interest income and expenses as well as surcharges and allowances under the Danish Tax Prepayment Scheme.TaxTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the portion attributable to entries directly in equity.
The 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 proportion to their taxable income (full allocation subject to reimbursement in respect of tax losses).ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.PrepaymentsPrepayments comprise expenses incurred relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises bank deposits.DividendDividend expected to be distributed for the financial year is presented as a separate line item under "Equity". Dividend proposed for the year is recognised as a liability at the date when itis adopted at the annual general meeting (declaration date).Corporation tax and deferred taxCurrent 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 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 "Deferred tax assets" or "provisions for deferred tax", respectively.'
The Company is jointly taxed with its parent, Danske Bank A/S. The current Danish corporation tax is allocated among the jointly taxed entities in proportion to their taxable income (full allocation subject to reimbursement in respect of tax losses).LiabilitiesLiabilities are measured at amortised cost, which usually corresponds to the nominal value.
2021-03-25Julie Top-Madsen