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cmn:FourYearsAgoMember 64 24994570 2021-01-01 2021-12-31 65 24994570 2021-01-01 2021-12-31 cmn:PreviousYearMember 66 24994570 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 67 24994570 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 68 24994570 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 69 24994570 2020-01-01 2020-12-31 24994570 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 24994570 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 24994570 2020-12-31 24994570 2021-01-01 2021-12-31 0 24994570 2020-01-01 2020-12-31 1 24994570 2021-01-01 2021-12-31 0 24994570 2020-01-01 2020-12-31 1 24994570 2021-01-01 2021-12-31 2 24994570 2020-01-01 2020-12-31 3 24994570 2021-01-01 2021-12-31 0 24994570 2020-01-01 2020-12-31 1 24994570 2021-01-01 2021-12-31 2 24994570 2020-01-01 2020-12-31 3 24994570 2021-01-01 24994570 2020-01-01 24994570 2021-01-01 2021-12-31 0 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 24994570 Lauritz.com A/S Dynamovej 11C 2860 Søborg 4544509800 1999-10-01 Søborg www.lauritz.com preben@lauritz.com 2022-05-19 Preben Vinkler Lindgaard <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>Management Review</td><td>2021 Financial Highlights</td></tr><tr><td colspan="2">For further comments on the Lauritz Group activities we refer to the consolidated accounts of Lauritz Group A/S.</td></tr><tr><td colspan="2">Lauritz.com A/S parent company</td></tr><tr><td colspan="2">Lauritz.com operates an international online platform selling art, design, antiquities, and home luxury to international buyers. Expected development for 2022 for the company is 0-10% growth in auction turnover, 5-15% growth in revenue, and EBITDA of 3-8 mDKK.</td></tr><tr><td colspan="2">Impact on 2021 financial result due to the sale of activities</td></tr><tr><td colspan="2">The M&amp;A process initiated in April 2020 has been finalised in May 2021 with a sale of Stockholms Auktionsverk, Karlstad Hammarö Auktionsverk and 3 auction houses in Germany.</td></tr><tr><td colspan="2">The sale of the Carve-out subsidiaries results in an accounting loss as the book value of the sold business is higher than the realised sales price, resulting in an impairment loss of DKK 36m. This loss was included as an impairment in the financial statement in 2020.</td></tr><tr><td colspan="2">Financing</td></tr><tr><td colspan="2">As planned, most of the proceeds from the sale in 2021 was be used to reduce the debt and currency risk of the company by approximately DKK 60m (bond debt SEK 45m, accrued interest on bond SEK 16m and Senior loan SEK 21m) in June 2021. A further DKK 11m (SEK 15m) is planned for May 2022, after which the remaining bond debt will be DKK 102m (SEK 140m). The remaining SEK loan is a standing debt until the maturity date in December 2024.</td></tr><tr><td colspan="2">Equity</td></tr><tr><td colspan="2">Management has assessed the equity situation according to the Danish company act and is expecting to reestablish the Equity of the parent company through operating profits over the next years, and/or through additional equity financing.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date that could have a material influence on the company’s financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="6">Five-year summary</td></tr><tr><td /><td>2021</td><td>2020</td><td>2019</td><td>2018</td><td>2017</td></tr><tr><td /><td>DKK’000</td><td>DKK’000</td><td>DKK’000</td><td>DKK’000</td></tr></table> 133348000 -780000 -12318000 -14646000 -60019000 108790000 -314000 -47169000 0.352 -0.495 -0.434 27 <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 statement</td></tr><tr><td colspan="1">The Board of Directors and the Executive Management have today discussed and approved the Annual Report of Lauritz.com A/S for 2021.</td></tr><tr><td colspan="1">The Annual Report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the company’s 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 and cash flows for the financial year 2021.</td></tr><tr><td colspan="1">Further, in our opinion the Management review includes a true and fair review of the development in the company’s operations and financial matters, of the result for the year and of the company’s financial position as well as describes the significant risks and uncertainties affecting the company.</td></tr><tr><td colspan="1">We recommend that the Annual Report be approved at the General Meeting.</td></tr></table> Copenhagen 2022-05-19 <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 Lauritz.com A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of Lauritz.com A/S for the financial year 1 January 2021 - 31 December 2021, which comprise the income statement, balance sheet, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies, for the company as well as the statement of comprehensive income and the cash flow statement. The financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the accompanying financial statements present fairly, in all material respects, the company’s assets, equity and liabilities and financial position as 31 December 2021 and the company’s financial performance and cash flows for the financial year 1 January 2021 - 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing 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 the auditor’s report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Material uncertainty regarding going concern assumption</td></tr><tr><td colspan="1">Without modifying our opinion, we draw attention to the information in note 1 Going concern in which the management accounts for the uncertainty which exists regarding the company’s ability to continue as a going concern. We agree with the management as to the description of uncertainties and the choice of accounting policies.</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 regarding the management’s review</td></tr><tr><td colspan="1">The management is responsible for the management’s review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not include the management’s review, and we do not express any form of opinion on the management’s review.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, it is our responsibility to read the management’s review and in this connection consider whether the management’s review is materially inconsistent with the financial statements or the knowledge we have obtained during our audit, or in any other way appears to be materially misstated.</td></tr><tr><td colspan="1">Furthermore, it is our responsibility to consider whether the management’s review contains the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work performed, we believe that the management’s review is in accordance with the financial statements and has been prepared in accordance with the provisions of the Danish Financial Statements Act. We have not detected any material misstatement in the 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 consolidated financial statements and the financial statements</td></tr><tr><td colspan="1">The management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards as adopted by the EU and for the preparation of financial statements that provide a fair presentation in accordance with the Danish Financial Statements Act. Furthermore, the management is responsible for such internal control as the 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, the management is responsible for assessing the 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 unless the management either intends to liquidate the 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 consolidated financial statements and 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 International Standards on Auditing 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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with International Standards on Auditing and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">•</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">•</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 company’s internal control.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">Conclude on the appropriateness of the management’s use of the going concern basis of accounting in its preparation of 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 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 company to cease to continue as a going concern.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the business activities within the company to express an opinion on financial statements. We are responsible for the direction, supervision and performance of the company’s 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> Aalborg 2022-05-19 86431000 46917000 17561000 24995000 5141000 6638000 18956000 -13098000 1548000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Statement of changes in equity</td></tr><tr><td width="31%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Share capital</td><td width="17%" colspan="1" align="right" valign="middle" >Reserve for</td><td width="17%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="18%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="31%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >development</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="18%" colspan="1" align="right" valign="middle" >Equity</td></tr><tr><td width="31%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >projects</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="18%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="31%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="17%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="17%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="18%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td colspan="5"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Equity at 1 January 2021</td><td width="17%" align="right" valign="middle" >53.090</td><td width="17%" align="right" valign="middle" >4.836</td><td width="17%" align="right" valign="middle" >-102.375</td><td width="18%" align="right" valign="middle" >-44.449</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Profit/Loss for the year</td><td width="17%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" >-3.278</td><td width="17%" align="right" valign="middle" >-11.368</td><td width="18%" align="right" valign="middle" >-14.646</td></tr><tr><td colspan="5"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Equity at 31 December 2021</td><td width="17%" align="right" valign="middle" >53.090</td><td width="17%" align="right" valign="middle" >1.558</td><td width="17%" align="right" valign="middle" >-113.743</td><td width="18%" align="right" valign="middle" >-59.095</td></tr><tr><td colspan="5"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Equity at 1 January 2020</td><td width="17%" align="right" valign="middle" >53.090</td><td width="17%" align="right" valign="middle" >9.556</td><td width="17%" align="right" valign="middle" >-37.234</td><td width="18%" align="right" valign="middle" >25.412</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Profit/Loss for the year</td><td width="17%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" >-4.720</td><td width="17%" align="right" valign="middle" >-65.141</td><td width="18%" align="right" valign="middle" >-69.861</td></tr><tr><td colspan="5"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Equity at 31 December 2020</td><td width="17%" align="right" valign="middle" >53.090</td><td width="17%" align="right" valign="middle" >4.836</td><td width="17%" align="right" valign="middle" >-102.375</td><td width="18%" align="right" valign="middle" >-44.449</td></tr></table> 2021 5199000 -4000 -8268000 -37893000 -54000 -44913000 929000 -18671000 2636000 -314000 0 622000 0 -683000 1602000 <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" >Notes</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Going Concern</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Management of the company has throughout 2020 and 2021 been working to secure sufficient financing to secure the growth and operations of the group. The sale of ‘Stockholms Auktionsverk’, the auction house in ‘Karlstad Hammarö’ and 3 auction houses in Germany in May 2021 was a major part of this, securing a reduction of the debt, and improved terms and conditions on the bond debt, which should secure that the company can realise the plans for the coming financial year. The changes to the terms and conditions for the bond terms finalized in May 2021 include a reduction of the interest and no annual amortization on the bond which mature in December 2024, making room for operating and developing the business. Further, the company is no longer in breach of the terms and conditions of the bond.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Cash resources are limited and contingent on a continuation of the improvement in the company’s remaining activity and a change to a situation with positive operating cash flow and results. The markets for auctioning and online sale of vintage and luxury items are growing, and the company is working hard to take its share of the market through strong initiatives in marketing and in new business areas under development.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Management is continuing the work on securing further capital for the longer term, looking into financing based on refinancing the bond debt as well as based on equity.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Based on the above-mentioned conditions for the company, management has assessed that the cash resources of the company are sufficient to secure the future operations for at least one year, so that the report can be prepared on a going concern basis.</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="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Revenue</td><td width="32%" align="right" valign="middle" >2021</td><td width="33%" align="right" valign="middle" >2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td colspan="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Auction commissions, fees etc.</td><td width="32%" align="right" valign="middle" >126.018</td><td width="33%" align="right" valign="middle" >123.800</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other revenue - marketing contribution etc.</td><td width="32%" align="right" valign="middle" >7.330</td><td width="33%" align="right" valign="middle" >7.338</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >133.348</td><td width="33%" align="right" valign="middle" >131.138</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="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other external expenses</td><td width="32%" align="right" valign="middle" >2021</td><td width="33%" align="right" valign="middle" >2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Fees to auditors appointed at the annual general meeting</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Audit services</td><td width="32%" align="right" valign="middle" >503</td><td width="33%" align="right" valign="middle" >547</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Tax services</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >20</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other services</td><td width="32%" align="right" valign="middle" >10</td><td width="33%" align="right" valign="middle" >392</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >513</td><td width="33%" align="right" valign="middle" >939</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other external expenses include impairment losses on receivables of DKK -2,970k (-958k).</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >2021</td><td width="33%" align="right" valign="middle" >2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Staff costs</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="32%" align="right" valign="middle" >17.769</td><td width="33%" align="right" valign="middle" >18.726</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Management fees, group enterprises</td><td width="32%" align="right" valign="middle" >4.890</td><td width="33%" align="right" valign="middle" >20.616</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Defined contribution pension plans, cf. below</td><td width="32%" align="right" valign="middle" >618</td><td width="33%" align="right" valign="middle" >709</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other social security cost</td><td width="32%" align="right" valign="middle" >177</td><td width="33%" align="right" valign="middle" >168</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other staff cost</td><td width="32%" align="right" valign="middle" >1.541</td><td width="33%" align="right" valign="middle" >1.197</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >24.995</td><td width="33%" align="right" valign="middle" >41.416</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Average number of full-time employees</td><td width="32%" align="right" valign="middle" >27</td><td width="33%" align="right" valign="middle" >31</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The company has concluded defined contribution pension plans. According to the concluded agreement, the company pays a monthly amount of 5 percent of the concerned employees’ basic salary. The contribution recognised in the income statement in this respect is stated above.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >In 2020 Wages and salaries include subsidies and compensations of DKK 0.9m mainly related to COVID-19 relief packages. In 2020 management fees for group enterprises include an adjustment of fees for prior years of DKK 13.1m.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remuneration of the Board of Directors and Executive Management</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Remuneration of the Board of Directors</td><td width="32%" align="right" valign="middle" >209</td><td width="33%" align="right" valign="middle" >250</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >209</td><td width="33%" align="right" valign="middle" >250</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The remuneration of Executive Management is paid from Lauritz.com Group A/S.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Depreciation, amortisation, and impairment losses</td><td width="32%" align="right" valign="middle" >2021</td><td width="33%" align="right" valign="middle" >2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td colspan="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Depreciation, other fixtures, tools, and equipment</td><td width="32%" align="right" valign="middle" >120</td><td width="33%" align="right" valign="middle" >245</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Depreciation, right-of-use assets</td><td width="32%" align="right" valign="middle" >876</td><td width="33%" align="right" valign="middle" >601</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Amortisation, developed software</td><td width="32%" align="right" valign="middle" >4.203</td><td width="33%" align="right" valign="middle" >6.051</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Depreciation amortisation and impairment losses</td><td width="32%" align="right" valign="middle" >5.199</td><td width="33%" align="right" valign="middle" >6.897</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Losses/(gains) arising from disposal</td><td width="32%" align="right" valign="middle" >-58</td><td width="33%" align="right" valign="middle" >-165</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >5.141</td><td width="33%" align="right" valign="middle" >6.732</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="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Financial income</td><td width="32%" align="right" valign="middle" >2021</td><td width="33%" align="right" valign="middle" >2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td colspan="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest income</td><td width="32%" align="right" valign="middle" >835</td><td width="33%" align="right" valign="middle" >1.239</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest income, group enterprises</td><td width="32%" align="right" valign="middle" >94</td><td width="33%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest income, financial assets</td><td width="32%" align="right" valign="middle" >929</td><td width="33%" align="right" valign="middle" >1.239</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Dividend from subsidiaries</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >539</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Impairment gain, receivables group enterprises</td><td width="32%" align="right" valign="middle" >3.230</td><td width="33%" align="right" valign="middle" >7.765</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Exchange rate gains</td><td width="32%" align="right" valign="middle" >2.479</td><td width="33%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >6.638</td><td width="33%" align="right" valign="middle" >9.543</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="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Financial expenses</td><td width="32%" align="right" valign="middle" >2021</td><td width="33%" align="right" valign="middle" >2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td colspan="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest expenses</td><td width="32%" align="right" valign="middle" >276</td><td width="33%" align="right" valign="middle" >528</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest expense, group enterprises</td><td width="32%" align="right" valign="middle" >230</td><td width="33%" align="right" valign="middle" >145</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest expenses, lease</td><td width="32%" align="right" valign="middle" >171</td><td width="33%" align="right" valign="middle" >93</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Bank charges etc.</td><td width="32%" align="right" valign="middle" >576</td><td width="33%" align="right" valign="middle" >569</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Guarantee commission</td><td width="32%" align="right" valign="middle" >2.895</td><td width="33%" align="right" valign="middle" >2.869</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Financial expenses, bond debt</td><td width="32%" align="right" valign="middle" >5.495</td><td width="33%" align="right" valign="middle" >9.045</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Interest expenses from financial liabilities</td><td width="32%" align="right" valign="middle" >9.643</td><td width="33%" align="right" valign="middle" >13.249</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Impairment losses, current accounts</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >1.804</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Exchange rate losses</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >6.833</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Impairment losses, investments in subsidiaries</td><td width="32%" align="right" valign="middle" >9.313</td><td width="33%" align="right" valign="middle" >35.864</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >18.956</td><td width="33%" align="right" valign="middle" >57.750</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The exchange rate gains/losses are primarily related to debt denominated in SEK.</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="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Tax on profit/loss for the year</td><td width="32%" align="right" valign="middle" >2021</td><td width="33%" align="right" valign="middle" >2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td colspan="3"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Current tax for the year incl. contribution from joint taxation</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >-2.636</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Adjustment to deferred tax</td><td width="32%" align="right" valign="middle" >1.581</td><td width="33%" align="right" valign="middle" >-8.016</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Adjustment to deferred tax, prior years</td><td width="32%" align="right" valign="middle" >-197</td><td width="33%" align="right" valign="middle" >610</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Adjustment to current tax, prior years</td><td width="32%" align="right" valign="middle" >164</td><td width="33%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Tax on profit/loss for the year</td><td width="32%" align="right" valign="middle" >1.548</td><td width="33%" align="right" valign="middle" >-10.042</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Current tax for the financial year is for Danish enterprises computed based on a tax rate of 22.0 % (22.0 %).</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Tax on profit/loss for the year is made up as follows</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Computed 22.0 % tax on profit for the year before tax (22.0 %)</td><td width="32%" align="right" valign="middle" >-2.486</td><td width="33%" align="right" valign="middle" >-17.578</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Adjustment to prior years</td><td width="32%" align="right" valign="middle" >-33</td><td width="33%" align="right" valign="middle" >610</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Tax effect of</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Non-deductible expenses/non-taxable income</td><td width="32%" align="right" valign="middle" >2.581</td><td width="33%" align="right" valign="middle" >7.045</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Non-recognised tax losses carried forward, adjusted</td><td width="32%" align="right" valign="middle" >1.486</td><td width="33%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Dividend received from subsidiaries</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >-119</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >1.548</td><td width="33%" align="right" valign="middle" >-10.042</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Effective tax rate</td><td width="32%" colspan="1" align="right" valign="middle" >Negative</td><td width="33%" colspan="1" align="right" valign="middle" >Negative</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Intangible assets (DKK’000)</td></tr><tr><td width="21%" ></td><td width="19%" colspan="1" align="right" valign="middle" >Software</td><td width="19%" colspan="1" align="right" valign="middle" ></td><td width="19%" colspan="1" align="right" valign="middle" ></td><td width="22%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="21%" ></td><td width="19%" colspan="1" align="right" valign="middle" >in process of</td><td width="19%" colspan="1" align="right" valign="middle" >Developed</td><td width="19%" colspan="1" align="right" valign="middle" >Acquired</td><td width="22%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="21%" ></td><td width="19%" colspan="1" align="right" valign="middle" >development</td><td width="19%" colspan="1" align="right" valign="middle" >software</td><td width="19%" colspan="1" align="right" valign="middle" >rights</td><td width="22%" colspan="1" align="right" valign="middle" >Goodwill</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="19%" align="right" valign="middle" >622</td><td width="19%" align="right" valign="middle" >58.660</td><td width="19%" align="right" valign="middle" >5.182</td><td width="22%" align="right" valign="middle" >21.815</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Disposal</td><td width="19%" align="right" valign="middle" >-622</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >58.660</td><td width="19%" align="right" valign="middle" >5.182</td><td width="22%" align="right" valign="middle" >21.815</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Amortisation at 1 January 2021</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >52.460</td><td width="19%" align="right" valign="middle" >5.182</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Amortisation for the period</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >4.203</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Amortisation and impairment losses</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >at 31 December 2021</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >56.663</td><td width="19%" align="right" valign="middle" >5.182</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="19%" align="right" valign="middle" >1.997</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >21.815</td><td width="22%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Cost at 1 January 2020</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >58.660</td><td width="19%" align="right" valign="middle" >5.182</td><td width="22%" align="right" valign="middle" >15.716</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Additions from acquisitions</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="22%" align="right" valign="middle" >6.099</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Additions</td><td width="19%" align="right" valign="middle" >622</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Cost at 31 December 2020</td><td width="19%" align="right" valign="middle" >622</td><td width="19%" align="right" valign="middle" >58.660</td><td width="19%" align="right" valign="middle" >5.182</td><td width="22%" align="right" valign="middle" >21.815</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Amortisation at 1 January 2020</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >46.409</td><td width="19%" align="right" valign="middle" >5.182</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Amortisation for the period</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >6.051</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Amortisation and impairment losses</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >at 31 December 2020</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="19%" align="right" valign="middle" >52.460</td><td width="19%" align="right" valign="middle" >5.182</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2020</td><td width="19%" align="right" valign="middle" >622</td><td width="19%" align="right" valign="middle" >6.200</td><td width="19%" colspan="1" align="right" valign="middle" >-</td><td width="22%" align="right" valign="middle" >21.815</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Software includes development projects for IT systems and processes in progress. Apart from goodwill, all other intangible assets are regarded as having determinable useful lives over which the assets are amortised, see accounting policies. The carrying amounts of trademarks without determinable useful lives totals DKK 0.0m at 31 December 2021 (0.0m).</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Acquired enterprises are integrated in the company as soon as possible to realize synergy effects in the business areas. Consequently, it is generally not possible after a short period to trace and measure the value of goodwill in the individual units or enterprises. The impairment test is therefore made at group level.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >At 31 December 2021, Management has tested the carrying amount of goodwill, software in process of development and other intangible assets for impairment. An impairment test is performed in the event of indication of impairment and at least once a year as part of the presentation of the Annual Report.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The key assumptions underlying the discounted cashflow calculation of value in use are the determination of Auction Turnover growth, EBITDA growth, discount rate and terminal value growth rate for the 2022 period and the forecast period 2023-2027 and the terminal period.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The assessment of growth rate in Auction Turnover is by nature subject to material uncertainty which naturally impacts the forecasted EBITDA. The Impairment test is based on a successful return to growth, although at a lower growth rate than seen previously and Management assess that the used assumptions are realistic to realize. Impairment recognized for 2021 totals DKK 0m (0m).</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Auction Turnover and EBITDA growth is determined based on historical performance, and Auction Turnover and EBITDA realized in the period immediately prior to the beginning of the budget period, adjusted for non-recurring expenses, expected market developments and enterprises acquired and divested.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Impairment test is based on a turnaround where Auction Turnover increases by 5-15 % in 2022 compared to 2021, and by 5-10% per year in the forecast period 2023 until 2027. Cost development in the forecast period is moderate and primarily driven by increase in commission to partners as well as staff cost and variable cost in own auction houses driven by the higher activity level, whereas the growth in cost for rent of premises is low as the growth in activity can be handled in the physical locations currently in use.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >EBITDA is expected to grow from DKK 2.7m in 2021 to a level between DKK 3m and DKK 8m in 2022. This increase in EBITDA is primarily due to growth in Revenue, and further strengthened by a change in business setup with more owned auction houses and a number of cost-cutting initiatives and other initiatives in relation to how the business is operated.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Growth in Auction Turnover is driving value creation in the business. Economies of scale are quite high, resulting in a yearly growth in EBITDA of 15-25 percent, bringing EBITDA to a level between DKK 20m and 25m at the end of the forecast period.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >When determining investments, the effect of EBITDA growth is included based on historical experience, equivalent to an investment level of approximately 10-15 percent of budgeted EBITDA. The effect of expected acquisitions is not included at investment level.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The discount rate is determined based on the Group’s marginal borrowing rate plus a risk premium that reflects the risk involved in investing in shares and the risk involved in the activity performed, equivalent to a pre-tax discount rate of 11.5 percent (11.5).</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The terminal value growth rate of 0.5 percent (0.5) p.a. is based on estimated economic growth.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Sensitivity analysis</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Following the sale of activities, the headroom in the impairment test has increased.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The assessment of the assumptions applied when preparing the impairment test is by nature subject to material uncertainty.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >A sensitivity analysis has been performed of the main assumptions in the impairment test to identify the lowest and/or the highest discount rate and the lowest growth rate in the forecast period for the cash-generating unit without resulting in any impairment losses. A summary of sensitivity analysis is shown below (all other assumptions unchanged)</td></tr><tr><td width="21%" ></td><td width="19%" align="right" valign="middle" >2021</td><td width="19%" ></td><td width="19%" ></td><td width="22%" ></td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Average Auction Turnover-growth for 2023 to 2027</td><td width="19%" align="right" valign="middle" >0</td><td width="19%" ></td><td width="19%" ></td><td width="22%" ></td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Average EBITDA-growth for 2023 to 2027</td><td width="19%" align="right" valign="middle" >0</td><td width="19%" ></td><td width="19%" ></td><td width="22%" ></td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >WACC, pre-tax</td><td width="19%" align="right" valign="middle" >0</td><td width="19%" ></td><td width="19%" ></td><td width="22%" ></td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Terminal growth</td><td width="19%" colspan="1" align="right" valign="middle" >Can not result in impairment on its own</td><td width="19%" colspan="1" align="right" valign="middle" ></td><td width="19%" colspan="1" align="right" valign="middle" ></td><td width="22%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" >Property, plant, and equipment (DKK’000)</td></tr><tr><td width="26%" ></td><td width="24%" ></td><td width="24%" colspan="1" align="right" valign="middle" >Right-of-use</td><td width="26%" colspan="1" align="right" valign="middle" >Other</td></tr><tr><td width="26%" ></td><td width="24%" ></td><td width="24%" colspan="1" align="right" valign="middle" >assets</td><td width="26%" colspan="1" align="right" valign="middle" >fixtures etc.</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Cost at 1 January 2021</td><td width="24%" align="right" valign="middle" >3.612</td><td width="26%" align="right" valign="middle" >18.689</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Re-measuring of lease liabilities</td><td width="24%" align="right" valign="middle" >579</td><td width="26%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Additions</td><td width="24%" align="right" valign="middle" >1.286</td><td width="26%" align="right" valign="middle" >314</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Disposal</td><td width="24%" align="right" valign="middle" >-2.309</td><td width="26%" align="right" valign="middle" >-137</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Cost at 31 December 2021</td><td width="24%" align="right" valign="middle" >3.168</td><td width="26%" align="right" valign="middle" >18.866</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Depreciation at 1 January 2021</td><td width="24%" align="right" valign="middle" >1.844</td><td width="26%" align="right" valign="middle" >15.333</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Depreciation for the period</td><td width="24%" align="right" valign="middle" >876</td><td width="26%" align="right" valign="middle" >120</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Depreciation related to disposals/expirations</td><td width="24%" align="right" valign="middle" >-2.444</td><td width="26%" align="right" valign="middle" >-137</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Depreciation at 31 December 2021</td><td width="24%" align="right" valign="middle" >276</td><td width="26%" align="right" valign="middle" >15.317</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="24%" align="right" valign="middle" >2.892</td><td width="26%" align="right" valign="middle" >3.549</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Cost at 1 January 2020</td><td width="24%" align="right" valign="middle" >3.033</td><td width="26%" align="right" valign="middle" >18.690</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Re-measuring of lease liabilities</td><td width="24%" align="right" valign="middle" >579</td><td width="26%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Disposal</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="26%" align="right" valign="middle" >-1</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Cost at 31 December 2020</td><td width="24%" align="right" valign="middle" >3.612</td><td width="26%" align="right" valign="middle" >18.689</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Depreciation at 1 January 2020</td><td width="24%" align="right" valign="middle" >1.243</td><td width="26%" align="right" valign="middle" >15.088</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Depreciation for the period</td><td width="24%" align="right" valign="middle" >601</td><td width="26%" align="right" valign="middle" >245</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Depreciation related to disposals</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="26%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Depreciation at 31 December 2020</td><td width="24%" align="right" valign="middle" >1.844</td><td width="26%" align="right" valign="middle" >15.333</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December 2020</td><td width="24%" align="right" valign="middle" >1.768</td><td width="26%" align="right" valign="middle" >3.356</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Right-of-use assets is based on the present value of rental agreements for showrooms, warehouses, office space and other facilities. Depreciation is straight-line on basis of the underlying contracts with an average of 3 years.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >2021</td><td width="33%" align="right" valign="middle" >2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Equity interest in subsidiaries</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="32%" align="right" valign="middle" >50.846</td><td width="33%" align="right" valign="middle" >212.332</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Addition, capital increase</td><td width="32%" align="right" valign="middle" >9.313</td><td width="33%" align="right" valign="middle" >17.730</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Disposal</td><td width="32%" align="right" valign="middle" >-9.313</td><td width="33%" align="right" valign="middle" >-100</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Transfer to assets available for sale</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >-179.116</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="32%" align="right" valign="middle" >50.846</td><td width="33%" align="right" valign="middle" >50.846</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Value adjustment at 1 January</td><td width="32%" align="right" valign="middle" >-43.371</td><td width="33%" align="right" valign="middle" >-78.141</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Impairment losses</td><td width="32%" align="right" valign="middle" >-9.313</td><td width="33%" align="right" valign="middle" >-35.864</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Disposal</td><td width="32%" align="right" valign="middle" >9.313</td><td width="33%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Transfer to assets available for sale</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >70.634</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Value adjustment at 31 December</td><td width="32%" align="right" valign="middle" >-43.371</td><td width="33%" align="right" valign="middle" >-43.371</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="32%" align="right" valign="middle" >7.475</td><td width="33%" align="right" valign="middle" >7.475</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Impairment losses in 2021 due to lower recoverable amounts in Lauritz.com Deutschland GmbH. (2020: Lauritz.com Sverige AB, Lauritz.com Globen AB, LC SE2 AB, LC SE1 AB, Lauritz.com Deutschland GmbH, and QXL No AS.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Subsidiaries are specified in note 21.</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="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Financial assets</td></tr><tr><td colspan="2"></td></tr><tr><td width="52%" ></td><td width="48%" colspan="1" align="right" valign="middle" >Deposits</td></tr><tr><td width="52%" ></td><td width="48%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="48%" align="right" valign="middle" >1.817</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Additions</td><td width="48%" align="right" valign="middle" >182</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="48%" align="right" valign="middle" >1.999</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="48%" align="right" valign="middle" >1.999</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Cost at 1 January 2020</td><td width="48%" align="right" valign="middle" >2.115</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Disposal</td><td width="48%" align="right" valign="middle" >-298</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Cost at 31 December 2020</td><td width="48%" align="right" valign="middle" >1.817</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2020</td><td width="48%" align="right" valign="middle" >1.817</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="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >31.12.2021</td><td width="33%" colspan="1" align="right" valign="middle" >31.12.2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Receivables</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Trade receivables</td><td width="32%" align="right" valign="middle" >753</td><td width="33%" align="right" valign="middle" >657</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Contractual receivables</td><td width="32%" align="right" valign="middle" >26.238</td><td width="33%" align="right" valign="middle" >22.036</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Receivable from parent and group companies</td><td width="32%" align="right" valign="middle" >17.519</td><td width="33%" align="right" valign="middle" >17.519</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Tax receivable</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >2.636</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other current receivables</td><td width="32%" align="right" valign="middle" >3.523</td><td width="33%" align="right" valign="middle" >2.705</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >48.033</td><td width="33%" align="right" valign="middle" >45.553</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contractual receivables relate to the sale of 4 partnership agreements. The contractual receivables from sale of partnerships agreements are in the range of DKK 1.9m to DKK 6.3m. Receivables from sale of partnership agreements are interest bearing. The repayment of the receivables is based on performance and repaid on a monthly or quarterly basis. Contractually Lauritz.com has various possibilities to collect the receivable up to and including the option of taking over the branch. The receivable related to the sale of shares is non-interest bearing and has no contingencies.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Of the contractual receivables DKK 11.6m (19.6m) is expected to mature after 12 months. Impairment of trade receivables and other receivables is made based on expected credit loss. During 2021 impairment losses of DKK 0.0m has been recognized (2.1m), of which DKK 0.0m (1.8m) is recognised as financial expenses.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The impairment test performed on the receivables from sale of partnership agreements is based on the</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >expected performance, the historic track record for repayments and the expected resale value of the auction</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >house.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The impairment losses included in the receivables listed above have developed as follows</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Lifetime Expected Credit Loss</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Impairment losses at 1 January</td><td width="32%" align="right" valign="middle" >10.249</td><td width="33%" align="right" valign="middle" >21.716</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Realised impairment losses</td><td width="32%" align="right" valign="middle" >-9.359</td><td width="33%" align="right" valign="middle" >-5.847</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Impairment losses for the period</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >2.145</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Reversed impairments for the period</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >-7.765</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Impairment losses end of period</td><td width="32%" align="right" valign="middle" >890</td><td width="33%" align="right" valign="middle" >10.249</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The company has no significant credit risks in trade receivables related to a single costumer or market. Impairment of trade receivables is based on a provision matrix based on historical losses adjusted for specific and general changes in circumstances.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The company has credit risks related to contractual receivables and other receivables as described above. In</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >determining the expected credit losses for these assets, impairments are made if the receivables show indication of impairment.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Share capital</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The share capital consists of 530,900 shares with a nominal value of DKK 100 each. The shares have been paid in full. The shares have not been divided into classes and no special rights have been attached to the shares.</td></tr><tr><td width="35%" ></td><td width="32%" ></td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td width="67%" colspan="2" align="left" valign="middle" >Share capital 1 October 1999</td><td width="33%" align="right" valign="middle" >3</td></tr><tr><td width="67%" colspan="2" align="left" valign="middle" >Capital increase, cash 31 May 2000</td><td width="33%" align="right" valign="middle" >150</td></tr><tr><td width="67%" colspan="2" align="left" valign="middle" >Capital increase, cash 25 October 2000</td><td width="33%" align="right" valign="middle" >3</td></tr><tr><td width="67%" colspan="2" align="left" valign="middle" >Capital decrease, 24 August 2001</td><td width="33%" align="right" valign="middle" >-150</td></tr><tr><td width="67%" colspan="2" align="left" valign="middle" >Capital increase, 3 April 2015</td><td width="33%" align="right" valign="middle" >2</td></tr><tr><td width="67%" colspan="2" align="left" valign="middle" >Capital increase, cash 12 July 2016</td><td width="33%" align="right" valign="middle" >47.088</td></tr><tr><td width="67%" colspan="2" align="left" valign="middle" >Total share capital at 31 December 2021</td><td width="33%" align="right" valign="middle" >53.090</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="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >31.12.2021</td><td width="33%" colspan="1" align="right" valign="middle" >31.12.2020</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January</td><td width="32%" align="right" valign="middle" >14.105</td><td width="33%" align="right" valign="middle" >6.699</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Adjustment to deferred tax, prior years</td><td width="32%" align="right" valign="middle" >197</td><td width="33%" align="right" valign="middle" >-610</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Deferred tax on profit/loss for the year</td><td width="32%" align="right" valign="middle" >-1.581</td><td width="33%" align="right" valign="middle" >8.016</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Deferred tax at 31 December</td><td width="32%" align="right" valign="middle" >12.721</td><td width="33%" align="right" valign="middle" >14.105</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Specification of deferred tax</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Tax losses carried forward</td><td width="32%" align="right" valign="middle" >8.272</td><td width="33%" align="right" valign="middle" >7.787</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Tax, losses not recognised</td><td width="32%" align="right" valign="middle" >-1.486</td><td width="33%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Right-if-use assets</td><td width="32%" align="right" valign="middle" >65</td><td width="33%" align="right" valign="middle" >22</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other fixtures and fittings</td><td width="32%" align="right" valign="middle" >3.919</td><td width="33%" align="right" valign="middle" >3.906</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Leasehold improvements</td><td width="32%" align="right" valign="middle" >3</td><td width="33%" align="right" valign="middle" >3</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Rights acquired</td><td width="32%" align="right" valign="middle" >576</td><td width="33%" align="right" valign="middle" >576</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Software</td><td width="32%" align="right" valign="middle" >-85</td><td width="33%" align="right" valign="middle" >-665</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Goodwill</td><td width="32%" align="right" valign="middle" >-586</td><td width="33%" align="right" valign="middle" >-586</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Other provisions</td><td width="32%" align="right" valign="middle" >2.043</td><td width="33%" align="right" valign="middle" >3.062</td></tr><tr><td width="35%" ></td><td width="32%" align="right" valign="middle" >12.721</td><td width="33%" align="right" valign="middle" >14.105</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax is recognized as follows in the balance sheet</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Deferred tax (asset)</td><td width="32%" align="right" valign="middle" >12.721</td><td width="33%" align="right" valign="middle" >14.105</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Deferred tax at 31 December, net (asset)</td><td width="32%" align="right" valign="middle" >12.721</td><td width="33%" align="right" valign="middle" >14.105</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="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial liabilities and financial activities</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >Bond/Senior</td><td width="33%" colspan="1" align="right" valign="middle" >Lease</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >loan debt</td><td width="33%" colspan="1" align="right" valign="middle" >liabilities</td></tr><tr><td width="35%" ></td><td width="32%" colspan="1" align="right" valign="middle" >DKK’000</td><td width="33%" colspan="1" align="right" valign="middle" >DKK’000</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Financial liabilities 1 January 2021</td><td width="32%" align="right" valign="middle" >161.386</td><td width="33%" align="right" valign="middle" >1.870</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Cash flow from settlements</td><td width="32%" align="right" valign="middle" >-46.486</td><td width="33%" align="right" valign="middle" >-792</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Non-cash changes</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >New lease liabilities</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >1.524</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Remeasure of lease liabilities</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >576</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="32%" align="right" valign="middle" >-2.370</td><td width="33%" align="right" valign="middle" >9</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Financial liabilities 31 December 2021</td><td width="32%" align="right" valign="middle" >112.530</td><td width="33%" align="right" valign="middle" >3.187</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Financial liabilities 1 January 2020</td><td width="32%" align="right" valign="middle" >156.106</td><td width="33%" align="right" valign="middle" >1.870</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Cash flow from settlements</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >579</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Non-cash changes</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Remeasure of lease liabilities</td><td width="32%" colspan="1" align="right" valign="middle" >-</td><td width="33%" align="right" valign="middle" >-579</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="32%" align="right" valign="middle" >5.280</td><td width="33%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Financial liabilities 31 December 2020</td><td width="32%" align="right" valign="middle" >161.386</td><td width="33%" align="right" valign="middle" >1.870</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Bond debt and Senior loan debt</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has a bond originally issued in 2014.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The main terms of the bond debt at 31.12.2021 (the balance sheet date) are</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Outstanding principal amount SEK 155m (SEK 200m).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Fixed interest rate of 4.0 percent on the principal amount SEK 155m.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Next redemption in May 2022 for SEK 15m (after receiving the last part of the sales proceeds (SEK 15m) from the divestment of activities in May 2021).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Final redemption date of SEK 140m is 17 December 2024, no yearly redemptions.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Interest for the period 17 December 2020 to 17 December 2021 to be paid at maturity of the bond in December 2024.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Security EUR 10m to secure the bonds, primarily in form of a pledge in the vineyard Chateau Vignelaure, owned by the main shareholder in Lauritz.com Group A/S, Bengt Sundström.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In June 2019, a senior loan facility was issued to Lauritz.com A/S. The main terms of the senior loan are</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Senior Loan Facility is denominated in SEK equivalent of up to 25mDKK superseding the bond debt.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Fixed interest rate of 7.5 percent pro annum.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The senior loan was repaid in May 2021 in connection with the divestment of 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 width="100%" colspan="1" align="left" valign="middle" >Other payables</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other payables include payroll taxes, holiday pay, payable VAT, severance pay and other costs payable.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has received extended payments terms and credit from the government related to Covid-19 relief</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >programs.</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="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Financial risks</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Currency risks</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The company’s currency risks for the continuing operations are primarily related to the bond debt denominated in SEK. The remaining currency exposure is primarily in DKK. The difference between ingoing and outgoing payments denominated in the same currency is a measure of currency risk.</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The bonds issued are in SEK. The principal amount is subject to exchange rate fluctuations between the Company’s functional currency (DKK) and SEK. A 5 percent change in the SEK rate at 31 December 2021 would affect income and equity by approx. DKK 4.9m (4.4m).</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Interest risks</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The company has interest-bearing financial assets and liabilities and so it is affected by interest rate fluctuations. Following the restructuring of the bond debt, which included a change to fixed interest rates on the bond debt, the impact of fluctuations in the level of interest rates on the company’s comprehensive income and equity has diminished significantly and is primarily related to interest on cash in bank accounts.</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Liquidity risk</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The following table detail the company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.</td></tr><tr><td colspan="7"></td></tr><tr><td width="85%" colspan="6" align="left" valign="middle" >'2021 (DKK’000)</td><td width="15%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="15%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >0-1 year</td><td width="14%" colspan="1" align="right" valign="middle" >1-2 years</td><td width="14%" colspan="1" align="right" valign="middle" >2-3 years</td><td width="14%" colspan="1" align="right" valign="middle" >3+ years</td><td width="15%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Bond principal</td><td width="14%" align="right" valign="middle" >10.890</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >107</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="15%" align="right" valign="middle" >117.848</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Bond interest (2022-2024)</td><td width="14%" align="right" valign="middle" >4.270</td><td width="14%" align="right" valign="middle" >4.270</td><td width="14%" align="right" valign="middle" >3.910</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="15%" align="right" valign="middle" >12.450</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Lease liabilities</td><td width="14%" align="right" valign="middle" >838</td><td width="14%" align="right" valign="middle" >838</td><td width="14%" align="right" valign="middle" >838</td><td width="14%" align="right" valign="middle" >673</td><td width="15%" align="right" valign="middle" >3.187</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Other liabilities</td><td width="14%" align="right" valign="middle" >57.522</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="15%" align="right" valign="middle" >57.522</td></tr><tr><td colspan="7"></td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >'31 December 2021</td><td width="14%" align="right" valign="middle" >73.520</td><td width="14%" align="right" valign="middle" >5.108</td><td width="14%" align="right" valign="middle" >111.706</td><td width="14%" align="right" valign="middle" >673</td><td width="15%" align="right" valign="middle" >191.007</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >'2020 (DKK’000)</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Bond principal and senior loan</td><td width="14%" align="right" valign="middle" >161.386</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="15%" align="right" valign="middle" >161.386</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Lease liabilities</td><td width="14%" align="right" valign="middle" >580</td><td width="14%" align="right" valign="middle" >580</td><td width="14%" align="right" valign="middle" >580</td><td width="14%" align="right" valign="middle" >130</td><td width="15%" align="right" valign="middle" >1.870</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Other liabilities incl. interest</td><td width="14%" align="right" valign="middle" >66.974</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="15%" align="right" valign="middle" >66.974</td></tr><tr><td colspan="7"></td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >'31 December 2020</td><td width="14%" align="right" valign="middle" >228.940</td><td width="14%" align="right" valign="middle" >580</td><td width="14%" align="right" valign="middle" >580</td><td width="14%" align="right" valign="middle" >130</td><td width="15%" align="right" valign="middle" >230.230</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The company aims to have adequate cash resources to continuously carry out transactions appropriately as regards operations and investments. The company’s cash reserve consists of cash and cash equivalents. The company’s liquidity is mainly based on operating profits and the difference between the time of payment and the time of settlement. The time allowed for payment by buying customers is three days, and payment to selling customers takes place within 42 days. In order to maintain the current liquidity level, the company is therefore dependent on continued growth and positive earnings. Management assesses the company’s liquidity requirements on a regular basis.</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Credit risks</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The company is not exposed to significant credit risks on trade receivables as all items are handed in on a commission basis, and items from auctions are not handed out until payment has been made. Payments are mostly affected by way of credit cards or bank transfer. The Company has only experienced few cases of credit card fraud. Moreover, reputable collaborators are used for managing cash flows, mainly Valitor, ALTAPAY, Jyske Bank, Danske Bank, and SEB. Credit risks related to contractual receivables and other receivables are disclosed in note 13.</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Other</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The company regularly assesses its capital structure with a view to ensuring adequate equity. Reference is made to note 1 and note 17 and management’s recent activities regarding refinancing of the company and of the Group.</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" >Contingencies etc.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has issued letters of support to the subsidiaries Lauritz.com Globen AB and Lauritz SHOP A/S. This is not expected to have any impact on comprehensive income or equity.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The shares of Lauritz.com A/S are pledged as security for the bond debt.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company participates in a national joint taxation arrangement with Blixtz Holding A/S serving as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the company is therefore liable for income taxes etc. for the jointly taxed companies, which is limited to the equity interest by which the entity participates in the Group as well as for obligations, if any, relating to the withholding of tax on interest, royalties, and dividends for the jointly taxed companies. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the financial statement of the administration company.</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="4" align="left" valign="middle" >Related parties</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Related parties with a controlling interest</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The following related parties have a controlling interest in Lauritz.com A/S</td></tr><tr><td width="26%" colspan="1" align="left" valign="middle" >Name</td><td width="24%" colspan="1" align="right" valign="middle" >Registered office</td><td width="24%" colspan="1" align="right" valign="middle" ></td><td width="26%" colspan="1" align="right" valign="middle" >Basis of control</td></tr><tr><td width="74%" colspan="3" align="left" valign="middle" >Blixtz Holding A/S</td><td width="26%" colspan="1" align="right" valign="middle" >Søborg, Denmark</td></tr><tr><td width="26%" ></td><td width="24%" ></td><td width="24%" ></td><td width="26%" colspan="1" align="right" valign="middle" >Shareholder is holding the majority of voting rights in</td></tr><tr><td width="26%" ></td><td width="24%" ></td><td width="24%" ></td><td width="26%" colspan="1" align="right" valign="middle" >Lauritz.com Group A/S</td></tr><tr><td colspan="4"></td></tr><tr><td width="26%" colspan="1" align="left" valign="middle" >Lauritz.com Group A/S</td><td width="24%" colspan="1" align="right" valign="middle" >Søborg, Denmark</td><td width="24%" colspan="1" align="right" valign="middle" ></td><td width="26%" colspan="1" align="right" valign="middle" >Shareholder is holding the majority of voting rights in</td></tr><tr><td width="26%" ></td><td width="24%" ></td><td width="24%" ></td><td width="26%" colspan="1" align="right" valign="middle" >Lauritz.com A/S</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Lauritz.com A/S is wholly owned by Lauritz.com Group A/S, Søborg, Denmark.</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Subsidiaries</td><td width="24%" colspan="1" align="right" valign="middle" >Registered office</td><td width="26%" colspan="1" align="right" valign="middle" >Ownership interest</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >LC Danmark ApS</td><td width="24%" colspan="1" align="right" valign="middle" >Søborg, Denmark</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Lauritz SHOP A/S *</td><td width="24%" colspan="1" align="right" valign="middle" >Søborg, Denmark</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >QXL.no AS *</td><td width="24%" colspan="1" align="right" valign="middle" >Oslo, Norway</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >LC SE 1 AB (dormant) *</td><td width="24%" colspan="1" align="right" valign="middle" >Helsingborg, Sweden</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >LC SE 2 AB (dormant)*</td><td width="24%" colspan="1" align="right" valign="middle" >Helsingborg, Sweden</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Lauritz.com Globen AB (dormant) *</td><td width="24%" colspan="1" align="right" valign="middle" >Stockholm, Sweden</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Companies divested in May 2021</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Lauritz.com Deutschland GmbH *</td><td width="24%" colspan="1" align="right" valign="middle" >Hamburg, Germany</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Lauritz.com Sverige AB *</td><td width="24%" colspan="1" align="right" valign="middle" >Stockholm, Sweden</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >AB Stockholms Auktionsverk *</td><td width="24%" colspan="1" align="right" valign="middle" >Stockholm, Sweden</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Karlstad-Hammarö Auktionsverk AB *</td><td width="24%" colspan="1" align="right" valign="middle" >Skoghall, Sweden</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Lauritz.com Finland OY *</td><td width="24%" colspan="1" align="right" valign="middle" >Helsinki, Finland</td><td width="26%" align="right" valign="middle" >100%</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >*The company is not audited by Beierholm.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Related individuals</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Bengt Olof Tony Sundström, Chairman of The Board of Directors (since 2016)</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Mette Margrethe Rode Sundstrøm, CEO (from 2021), Member of the Board of Directors (since 2017-2021)</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Preben Vinkler Lindgaard, CFO, Member of The Board of Directors (since 2018)</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Claus Due Pedersen, Member of The Board of Directors (since 2018)</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Transactions</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Lauritz.com A/S did not enter into significant transactions with members of the Board or the Executive Management, except for compensation and benefits received as a result of their membership of the Board or employment with Lauritz.com A/S.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Lauritz.com A/S has entered into a management agreement with the Parent Company Lauritz.com Group A/S. In 2021, the agreement amounted to DKK 5,090k (24,452k).</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >As part of the debt restructuring in 2019 certain assets has been pledged with EUR 10m by the parent Group Blixtz Holding. This agreement includes guarantee commission paid by the company at DKK 2.9m (DKK 1.4m).</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The company has interest-bearing long-term receivables from parent companies (Blixtz Holding A/S, Ejendomsselskabet Blixtz Aps) at DKK 17.9m (DKK 17.7m) related to the purchase of a property and related to the joint taxation. The company has received interest from parent companies of DKK 0,1m (0,1m).</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Events after the balance sheet date</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No other events have occurred after the balance sheet date that could have a material influence on the company’s financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Dividend</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >During 2021, DKK 0 in ordinary dividend has been distributed to the shareholders of Lauritz.com A/S, equalling DKK 0 per share (for 2020 DKK 0 per share).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >For the financial year 2021, the Board of Directors has proposed dividend of DKK 0k, corresponding to DKK 0 per share.</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Approval of annual report for publication</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >At the Board of Directors’ meeting on 19 May 2022, the Board of Directors approved the present annual report for publication. The annual report is presented to the shareholders of Lauritz.com A/S for their approval at the annual general.</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">25. Accounting policies</td></tr><tr><td colspan="1">The Annual Report of Lauritz.com A/S for the financial year 2021 has been presented in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for annual reports of reporting class C under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">A consolidated report is prepared by the parent company Lauritz.com Group A/S.</td></tr><tr><td colspan="1">The Annual Report is presented in Danish kroner (DKK), which is the presentation currency of the activities and the functional currency of the company.</td></tr><tr><td colspan="1">The accounting policies applied are consistent with those applied for 2020.</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">Changes in accounting policies</td></tr><tr><td colspan="1">No new accounting standards, amended standards, or interpretations of relevance for Lauritz.com A/S has been identified for the year commencing 1 January 2021.</td></tr><tr><td colspan="1">Standards issued but not yet effective</td></tr><tr><td colspan="1">The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the company’s financial statements are not expected to impact the financial statements of Lauritz.com A/S. The company intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.</td></tr><tr><td colspan="1">Critical accounting judgements and key sources of estimation uncertainty</td></tr><tr><td colspan="1">When applying the company’s accounting policies, Management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily evident from other sources. The company has not identified any critical accounting judgements. The estimates and assumptions are based on historic experience and other relevant factors. Actual results may vary from these estimates.</td></tr><tr><td colspan="1">The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.</td></tr><tr><td colspan="1">During annual testing of goodwill and other non-current assets, including tax assets for impairment, or when an indication of impairment exists, an assessment is made as to how those activities of the company (cash-generating unit) that relate to goodwill would be able to generate sufficient positive future net cash flows to support the value of goodwill, non-current intangible assets and property, plant and equipment relating to those activities. Due to the nature of the business, estimates are made of cash flows for many years ahead, which inherently is subject to some uncertainty. This risk and this uncertainty are reflected in the discount rate applied and in the terminal value growth rate.</td></tr><tr><td colspan="1">In calculating write-downs for bad and doubtful debts, Management has made estimates based on information available and other indications. It may be necessary to change previous estimates due to changes in those circumstances on which the estimates are based, or due to new information or subsequent events.</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">Newly acquired or newly established enterprises are recognized in the financial statements from the time of acquiring or establishing such enterprises. Time of acquisition is the date on which control over the enterprise is actually obtained. Divested or wound-up enterprises are recognized in the consolidated statement of comprehensive income up to the time of their divestment or wind-up.</td></tr><tr><td colspan="1">The purchase method is applied on acquisition of new entities over which Lauritz.com A/S obtains control. The identifiable assets, liabilities and contingent liabilities of the entities acquired are measured at fair value at the date of acquisition.</td></tr><tr><td colspan="1">Identifiable intangible assets are recognised if they can be separated or arise out of a contractual right, and their fair value can be calculated reliably. Deferred tax is recognized for any reassessments made.</td></tr><tr><td colspan="1">Cost of an enterprise consists of fair value of the consideration agreed. If part of the consideration is contingent upon future events, such part is recognised in cost in so far as the events are likely to occur, and the consideration can be calculated reliably.</td></tr><tr><td colspan="1">Positive differences (goodwill) between the cost of the entity acquired and the fair value of the identifiable assets acquired, net of the amount of liabilities and contingent liabilities, are recognised as goodwill in intangible assets. Goodwill is not amortised but tested at least once a year for impairment. On acquisition, goodwill is allocated to cash-generating units, which then form the basis of impairment testing.</td></tr><tr><td colspan="1">If the asset’s carrying amount is higher than its recoverable amount, it is written down to such lower recoverable amount. Goodwill and fair value adjustments made as part of the acquisition of a foreign entity using a functional currency other than the presentation currency used by Lauritz.com Group A/S are accounted for as assets and liabilities belonging to the foreign entity and translated into Danish kroner (the functional currency) applied by the foreign entity at the transaction date exchange rate. Negative balances (negative goodwill) are recognised in other operating income in the statement of comprehensive income at the date of acquisition.</td></tr><tr><td colspan="1">If uncertainty exists at the date of acquisition as to the measurement of identifiable assets, liabilities or contingent liabilities acquired, initial recognition will be based on preliminary fair values. Should the fair values of identifiable assets, liabilities, or contingent liabilities at the date of acquisition then turn out to differ from those previously estimated, goodwill is adjusted up until 12 months after the date of acquisition, and adjustments are subsequently taken to the statement of comprehensive income.</td></tr><tr><td colspan="1">Gains or losses from divestment or winding-up of subsidiaries are calculated as the difference between selling price or settlement price and the carrying amount of net assets, including goodwill, at the time of sale plus divestment or winding-up expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">Foreign currency transactions are translated using the transaction date exchange rate. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date are recognized in the statement of comprehensive income as financial income or financial expenses. If foreign exchange positions are considered hedging of future cash flows, the value adjustments are recognised directly in other comprehensive income.</td></tr><tr><td colspan="1">Receivables, payables, and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the balance sheet date and the rate in effect at the time when the payable or the receivable arose are recognized in the statement of comprehensive income as financial income or financial expenses.</td></tr><tr><td colspan="1">Non-current assets purchased in foreign currencies are translated applying the transaction date exchange rate.</td></tr><tr><td colspan="1">On recognition in the consolidated financial statements of entities using functional currencies other than Danish kroner, the income statement items are translated using the average exchange rate for the year, whereas the balance sheet items are translated at the balance sheet date exchange rate. Exchange differences arising out of the translation of such entities’ equity at the beginning of the year at the balance sheet date exchange rates as well as out of the translation of income statements from the transaction date exchange rates to the balance sheet date exchange rates are recognized in other comprehensive income.</td></tr><tr><td colspan="1">Statement of comprehensive income</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">The Auction business of Lauritz.com generates revenue from knockdowns on the auction platforms of the group, consisting of commissions and fees from auctions, seller advertising marketing contribution received prom partner owned auction houses etc. Revenue from auctions etc. is recognised in the statement of comprehensive income once the sale has taken place and the income can be determined reliably and receipt thereof is expected.</td></tr><tr><td colspan="1">Furthermore, revenue is generated through fees from sales of partnership agreements. Revenue from sale of partnership agreements is recognised once a sale is completed, and the income can be determined reliably, and is presented separately in the notes.</td></tr><tr><td colspan="1">Revenue is recognised net of VAT, duties, and less sales discounts.</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">Direct costs</td></tr><tr><td colspan="1">Direct costs are composed of the share of commissions and fees paid to partner owned auction houses and packing and distribution costs as well as other costs related to revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income</td></tr><tr><td colspan="1">Other operating income comprises income of a secondary nature relative to the activities, including rental income.</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 expenses</td></tr><tr><td colspan="1">Other external expenses comprise expenses for sale, marketing, administration, premises, bad debts, operating lease expenses, 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">Staff costs</td></tr><tr><td colspan="1">Staff costs include wages, salaries, pension contributions, fees to the Board of Directors and the Executive Board as well as other social security costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">These items comprise interest income and interest expenses, realised and unrealised capital gains and losses from liabilities and foreign currency transactions as well as amortisation, adjustments and impairment of financial assets and liabilities. Financial income and expenses are recognized at the amounts relating to the 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 colspan="1">Profit/loss from investments in subsidiaries</td></tr><tr><td colspan="1">Dividends from equity investments are recognized when unconditional entitlement to such dividends arise. This is typically the date on which the annual general meeting approves distribution by the relevant entity.</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 participates in a joint taxation arrangement with both Danish and foreign group enterprises.</td></tr><tr><td colspan="1">Current Danish income tax is allocated among the jointly taxed enterprises proportionally to their taxable income (full allocation with a refund concerning tax losses). The jointly taxed enterprises are subject to the Danish Tax Prepayment Scheme.</td></tr><tr><td colspan="1">Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the statement of comprehensive income by the portion attributable to profit or loss for the year or taken to other comprehensive income by the portion attributable to entries directly in other comprehensive income. Tax recognised in the statement of comprehensive income is classified as tax on profit or loss for 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">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">On initial recognition, goodwill is recognized at cost in the balance sheet as described under “Business combinations”. Subsequently, goodwill is measured at cost less any accumulated impairment losses.</td></tr><tr><td colspan="1">The carrying amount of goodwill is allocated to the Group’s cash-generating unit at the time of acquisition.</td></tr><tr><td colspan="1">Determination of cash-generating units complies with the management structure and management control of the Group. As a result of integrating the acquired entities in the existing Group, Management estimates that the lowest level of cash-generating units, to which the carrying amount of goodwill may be allocated, is at group level as it is generally impossible to trace and measure the value of goodwill in each of the entities acquired after a short period of time.</td></tr><tr><td colspan="1">Rights acquired are measured at cost less accumulated amortisation. Rights acquired are amortised on a straight-line basis over their estimated useful lives, which are estimated to be up to 20 years or less depending on the terms of contract.</td></tr><tr><td colspan="1">Software in process of development comprises both externally acquired software and proprietary software qualifying for capitalisation. Software in process of development is not amortised, however, its value is tested on a regular basis, which may result in a write-down.</td></tr><tr><td colspan="1">Completed software is amortised on a straight-line basis using its estimated useful life. The period of amortisation is usually 3 to 5 years.</td></tr><tr><td colspan="1">Intangible assets with indefinite useful lives are not amortised but are tested at least once a year for impairment. If the assets' carrying amounts exceed their recoverable amounts, they are written down to such lower amount. In the balance sheet, intangible assets with indefinite useful lives are presented in “Rights acquired”.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Right-of-use assets (leased assets)</td></tr><tr><td colspan="2">The group assesses whether a contract is or contains a lease, at inception of the contract. The group recognises a right-of-use asset and a corresponding lease liability with respect to the lease arrangements in which it is the lessee, except for short term leases (under 12 month) and leases of low value assets. For short term and low value asset leases the group recognises the lease payments in operating expenses on a straight- line basis over the lease term.</td></tr><tr><td colspan="2">The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right of-use assets are depreciated over the shorter of the lease term or the useful life of the underlying asset. The right-of-use assets are presented as a separate line in the consolidated balance sheet.</td></tr><tr><td colspan="2">Property, plant, and equipment</td></tr><tr><td colspan="2">Land and buildings are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. Other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="2">Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation.</td></tr><tr><td colspan="2">The basis of depreciation is cost less estimated residual value. The residual value is the estimated amount that would be earned if selling the asset today net of selling costs if the asset is of an age and a condition that is expected after the end of useful life.</td></tr><tr><td colspan="2">Depreciation is provided on a straight-line basis from the following assessment of the assets’ expected useful lives</td></tr><tr><td>Other fixtures and fittings, tools, and equipment</td><td>3 to 10 years</td></tr><tr><td colspan="2">The gain or loss arising from the disposal of an item of property, plant and equipment is determined as the difference between the selling price net of selling costs and the carrying amount at the time of sale. Gains or losses are recognised in “Depreciation and amortisation” in the statement of comprehensive income.</td></tr><tr><td colspan="2">Write-down for impairment of non-current assets</td></tr><tr><td colspan="2">The carrying amounts of both intangible assets and items of property, plant and equipment are reviewed annually for any indicators of impairment in addition to that reflected through amortisation and depreciation. However, goodwill and intangible assets with indefinite useful lives are tested annually for impairment, the first time being at the end of the acquisition year.</td></tr><tr><td colspan="2">If any such indication exists, impairment tests are made of each asset and group of assets, respectively. Write-down is made to the lower of recoverable amount and carrying amount.</td></tr><tr><td colspan="2">The recoverable amount is the higher of net selling price and value in use. Value in use is the present value of the estimated net income from using the asset or the group of assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Non-current financial assets</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">Deposits</td></tr><tr><td colspan="1">Deposits are measured at cost.</td></tr><tr><td colspan="1">Investments in group enterprises</td></tr><tr><td colspan="1">Investments in subsidiaries are recognised and measured at cost in the balance sheet. An impairment test is made if there is any indication of impairment. If cost exceeds recoverable amount, cost is written down to recoverable 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">Inventories</td></tr><tr><td colspan="1">Inventories are measured at the lower of cost using the FIFO method and net realisable value.</td></tr><tr><td colspan="1">Trade receivables, contract receivables and other receivables</td></tr><tr><td colspan="1">Trade receivables, contract receivables and other receivables are initially recognised at Fair value, plus any direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For other receivables and contract receivables, write down is made for anticipated losses in accordance with IFRS 9 based on specific individual or group assessments. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix based on the groups historical loss experience adjusted for expected changes in specific or general circumstances.</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">Assets and liabilities held for sale</td></tr><tr><td colspan="1">Assets classified as held for sale comprise assets and liabilities, the value of which are highly probable to</td></tr><tr><td colspan="1">be recovered through a sale within 12 months rather than through continued use. Assets and liabilities classified as held for sale are measured at the carrying amount at the time of classification as 'held for sale' or at market value, less selling costs, whichever is lower. The carrying amount is measured in accordance with the company's accounting policies. No depreciation or amortisation is recognized on intangible assets and</td></tr><tr><td colspan="1">property, plant, and equipment from the time of classification as 'held for sale'</td></tr><tr><td colspan="1">Equity and liabilities</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr><tr><td colspan="1">Proposed dividend is recognized as a liability at the time of adoption at the annual general meeting (the time of declaration).</td></tr><tr><td colspan="1">Reserves for treasury shares are recognized at purchase value.</td></tr><tr><td colspan="1">Reserves for exchange rate adjustments comprise exchange differences arising from the translation of financial statements of entities with a functional currency other than Danish kroner.</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">Current tax and deferred tax</td></tr><tr><td colspan="1">The current tax payable or receivable is recognized in the balance sheet, stated as tax computed on this year’s taxable income adjusted for prepaid tax.</td></tr><tr><td colspan="1">Deferred tax is the tax recognised on temporary differences between the carrying amount and tax-based value of assets and liabilities. Deferred tax liabilities as well as deferred tax assets are recognised.</td></tr><tr><td colspan="1">Deferred tax is measured based on the current tax rate. Changes in deferred tax resulting from changed tax rates are recognized in the statement of comprehensive income.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are recognized at the time of borrowing at nominal value less transaction costs incurred, equivalent to the proceeds received. Subsequently, financial liabilities are recognized at amortised cost equal to the capitalised value using the effective interest method to the effect that the difference between the proceeds and the nominal amount is recognized in the statement of comprehensive income over the term of the loan.</td></tr><tr><td colspan="1">The lease liability is initially measured at the present value of the lease payments, discounted by using the rate implicit in the lease. If this rate cannot be readily determined the group uses its incremental borrowing rate. The lease liability is presented as a separate line in the consolidated balance sheet.</td></tr><tr><td colspan="1">Other liabilities including debt to suppliers, subsidiaries as well as other payables are measured at amortised cost which usually corresponds to nominal value.</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">Other financial liabilities</td></tr><tr><td colspan="1">Financial liabilities are non-derivative financial liabilities that are measured at amortised cost. They are recognized in the balance sheet under non-current liabilities when the time to maturity from the balance sheet date exceeds 12 months. In the event of maturity within 12 months, they are recognized under current liabilities. Other financial liabilities are classified in the balance sheet as “Trade payables” and “Other payables”.</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 is presented using the indirect method and shows cash flows for the year by operating, investing, and financing activities, the year’s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as profit or loss for the year adjusted for non-cash operating items, working capital changes as well as interest income, interest expenses and income tax paid.</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with the acquisition and divestment of entities and activities as well as the acquisition and sale of non-current assets.</td></tr><tr><td colspan="1">Cash flows from financing activities comprise changes in the size or composition of share capital and related expenses. Moreover, cash flows from financing activities comprise raising of loans, repayments of interest-bearing debt including debt related to right-of-use assets and payment of dividend.</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash less any overdraft facilities forming an integral part of cash management.</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 assets and liabilities</td></tr><tr><td colspan="1">The company classifies its financial assets as loans and receivables and their financial liabilities as other financial liabilities.</td></tr><tr><td colspan="1">Loans and receivables</td></tr><tr><td colspan="1">Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are stated in current assets. The maturity profile of the Loans and receivables is shown in the notes. In the balance sheet, loans and receivables are classified as “Deposits”, “Trade receivables”, “Contract receivables”, “Receivables from Parent Company” and “Other receivables”.</td></tr></table> Årsrapport 24994570 LAURITZ.COM A/S Dynamovej 11C 2860 Søborg xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Reporting class C, medium-size enterprise Bengt Sundström Chairman Claus Due Pedersen Preben Vinkler Lindgaard Mette Margrethe Rode Sundstrøm CEO Preben Vinkler Lindgaard CFO Auction turnover 1 418700000 Auction turnover 1 442243000 Auction turnover 1 427619000 Auction turnover 1 458861000 Auction turnover 1 537690000 131138000 -31696000 -48207000 -69861000 10281000 -83000 -579000 0.355 -0.194 31 136772000 -5687000 50345000 50861000 -12733000 -2167000 131000 12130000 0.358 0.101 33 148235000 -26120000 -46799000 -65691000 -41142000 38322000 36071000 -605000 0.357 -0.094 39 182035000 -9395000 -11862000 -22273000 -27355000 7936000 -1425000 0.47 0.112 46 Gross profit 46917000 Gross profit 46511000 Gross profit 48975000 Gross profit 52931000 Gross profit 85502000 EBITDA 4361000 EBITDA -24964000 EBITDA 2920000 EBITDA -16721000 EBITDA 24296000 Profit before tax (EBT) -13098000 Profit before tax (EBT) -79903000 Profit before tax (EBT) 44658000 Profit before tax (EBT) -72919000 Profit before tax (EBT) -21257000 Tax on profit for the year -1548000 Tax on profit for the year 10042000 Tax on profit for the year 6203000 Tax on profit for the year 7228000 Tax on profit for the year -1016000 Non-current assets 52448000 Non-current assets 57158000 Non-current assets 176364000 Non-current assets 187640000 Non-current assets 221385000 Current assets 67014000 Current assets 171410000 Current assets 74416000 Current assets 82359000 Current assets 96071000 Share capital 53090000 Share capital 53090000 Share capital 53090000 Share capital 53090000 Share capital 53090000 -59095000 0 1997000 21815000 0 23812000 2892000 3549000 6441000 7475000 12721000 1999000 22195000 52448000 116000 753000 26238000 17519000 0 3523000 48033000 18865000 0 67014000 119462000 53090000 1558000 -113743000 101640000 5318000 2349000 109307000 10890000 0 838000 43842000 5264000 8416000 0 69250000 178557000 119462000 18865000 -44449000 25412000 -25449000 40242000 Non-current liabilities 109307000 Non-current liabilities 1290000 Non-current liabilities 1312000 Non-current liabilities 935000 Non-current liabilities 237020000 Current liabilities 69250000 Current liabilities 271727000 Current liabilities 224056000 Current liabilities 294513000 Current liabilities 82209000 Balance sheet total 119462000 Balance sheet total 228568000 Balance sheet total 250780000 Balance sheet total 269999000 Balance sheet total 359471000 Total cash flows 1602000 Total cash flows 9619000 Total cash flows -2770000 Total cash flows -3425000 Total cash flows -19419000 EBITDA margin 0.033 EBITDA margin -0.19 EBITDA margin 0.021 EBITDA margin -0.113 EBITDA margin 0.133 Profit margin -0.006 Profit margin -0.242 Profit margin -0.042 Profit margin -0.176 Profit margin -0.052 131138000 84627000 46511000 30059000 41416000 6732000 -31696000 9543000 57750000 -79903000 -10042000 -69861000 2020 6897000 -21000 26880000 15694000 -1553000 12577000 1239000 -3535000 0 10281000 0 -622000 0 539000 -83000 -579000 -579000 9619000 -14646000 -69861000 622000 6200000 21815000 0 28637000 1768000 3356000 5124000 7475000 14105000 1817000 23397000 57158000 112000 657000 22036000 17519000 2636000 2705000 45553000 17263000 108482000 171410000 228568000 53090000 4836000 -102375000 -44449000 0 0 1290000 1290000 147940000 13446000 580000 44096000 42787000 22878000 0 271727000 273017000 228568000 17263000 Impairment assets/liabilities -3113000 Impairment assets/liabilities -3624000 Divestments, equity interest 117795000 Divestments, equity interest 0 Contribution of share capital to subsidiaries -9313000 Contribution of share capital to subsidiaries 0 Repayment, bond debt -33111000 Repayment, bond debt 0 Repayment, senior loan -13375000 Repayment, senior loan 0 17263000 7644000 Beierholm Statsautoriseret Revisionspartnerselskab 32895468 Martin Ødum Madsen State Authorized Public Accountant mne45893