30583795 2020-01-01 2020-12-31 30583795 2020-01-01 2020-12-31 0 30583795 2020-01-01 2020-12-31 0 30583795 2020-01-01 2020-12-31 1 30583795 2020-01-01 2020-12-31 2 30583795 2020-01-01 2020-12-31 3 30583795 2020-01-01 2020-12-31 4 30583795 2020-01-01 2020-12-31 0 30583795 2020-01-01 2020-12-31 cmn:PreviousYearMember 1 30583795 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 2 30583795 2020-01-01 2020-12-31 cmn:ThreeYearsAgoMember 3 30583795 2020-01-01 2020-12-31 cmn:FourYearsAgoMember 4 30583795 2020-01-01 2020-12-31 5 30583795 2020-01-01 2020-12-31 cmn:PreviousYearMember 6 30583795 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 7 30583795 2020-01-01 2020-12-31 cmn:ThreeYearsAgoMember 8 30583795 2020-01-01 2020-12-31 cmn:FourYearsAgoMember 9 30583795 2020-01-01 2020-12-31 10 30583795 2020-01-01 2020-12-31 cmn:PreviousYearMember 11 30583795 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 12 30583795 2020-01-01 2020-12-31 cmn:ThreeYearsAgoMember 13 30583795 2020-01-01 2020-12-31 cmn:FourYearsAgoMember 14 30583795 2020-01-01 2020-12-31 15 30583795 2020-01-01 2020-12-31 cmn:PreviousYearMember 16 30583795 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 17 30583795 2020-01-01 2020-12-31 cmn:ThreeYearsAgoMember 18 30583795 2020-01-01 2020-12-31 cmn:FourYearsAgoMember 19 30583795 2020-01-01 2020-12-31 20 30583795 2020-01-01 2020-12-31 cmn:PreviousYearMember 21 30583795 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 22 30583795 2020-01-01 2020-12-31 cmn:ThreeYearsAgoMember 23 30583795 2020-01-01 2020-12-31 cmn:FourYearsAgoMember 24 30583795 2020-01-01 2020-12-31 25 30583795 2020-01-01 2020-12-31 cmn:PreviousYearMember 26 30583795 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 27 30583795 2020-01-01 2020-12-31 cmn:ThreeYearsAgoMember 28 30583795 2020-01-01 2020-12-31 cmn:FourYearsAgoMember 29 30583795 2020-01-01 2020-12-31 cmn:PreviousYearMember 30583795 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 30583795 2020-01-01 2020-12-31 cmn:ThreeYearsAgoMember 30583795 2020-01-01 2020-12-31 cmn:FourYearsAgoMember 30583795 2019-01-01 2019-12-31 30583795 2020-12-31 30583795 2019-12-31 30583795 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 30583795 2019-01-01 2019-12-31 fsa:RetainedEarningsMember 30583795 2020-01-01 2020-12-31 0 30583795 2020-01-01 2020-12-31 1 iso4217:DKK xbrli:pure Regnskabsklasse C, mellemstor virksomhed 2020-01-01 2020-12-31 Clio ApS Esplanaden 8A, 2. sal DK-1263 København K 30583795 København 2021-06-28 Michael Wikkelsø Håkan <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">Ledelsespåtegning</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 /><td>Management’s Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Bestyrelsen og direktionen har dags dato behandlet og godkendt årsrapporten for regnskabsåret 1. januar til 31. december 2020 for Clio ApS.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The Executive Management and the Board of Directors have today considered and adopted the Annual Report of Clio ApS for the financial year 1 January - 31 December 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">Årsrapporten for Clio ApS for 2020 er udarbejdet i overensstemmelse med årsregnskabslovens bestemmelser for mellemstore virksomheder i regnskabsklasse C. Den anvendte regnskabspraksis er uændret i forhold til sidste år.</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 /><td>The Annual Report of Clio ApS for 2020 has been prepared in accordance with the provisions of the Danish Financial Statements Act applicable to mediumsized enterprises of reporting class C. The financial statement has been prepared under the same accounting policies as last 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">Årsregnskabet giver efter vores opfattelse et retvisende billede af selskabets aktiver, passiver og finansielle stilling pr. 31. december 2020 og resultatet af selskabets aktiviteter for regnskabsåret 1. januar til 31. december 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 /><td>In our opinion, the Financial Statements give a true and fair view of the financial position on 31 December 2020 of the company and of the results of the company’s operations 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">Årsrapporten indstilles til generalforsamlingens godkendelse.</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 /><td>It is hereby recommended that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> København 2021-06-14 <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">Den uafhængige revisors Revisionspåtegning</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 /><td>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">Til kapitalejeren i Clio ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>To the Shareholder of Clio ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Konklusion</td></tr><tr><td colspan="1">Det er vores opfattelse, at årsregnskabet giver et retvisende billede af selskabets aktiver, passiver og finansielle stilling pr. 31. december 2020 samt af resultatet af selskabets aktiviteter for regnskabsåret 1. januar - 31. december 2020 i overensstemmelse med årsregnskabsloven.</td></tr><tr><td colspan="1">Vi har revideret årsregnskabet for Clio ApS for regnskabsåret 1. januar - 31. december 2020, der omfatter resultatopgørelse, balance, egenkapitalopgørelse og noter, herunder anvendt regnskabspraksis (”regnskabet”).</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 /><td>Opinion</td></tr><tr><td /><td>In our opinion, the Financial Statements give a true and fair view of the financial position of the Company on 31 December 2020 and of the results of the Company’s operations for the financial year 1 January - 31 December 2020 in accordance with the Danish Financial Statements Act.</td></tr><tr><td /><td>We have audited the Financial Statements of Clio ApS for the financial year 1 January - 31 December 2020, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Grundlag for konklusion</td></tr><tr><td colspan="1">Vi har udført vores revision i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark. Vores ansvar ifølge disse standarder og krav er nærmere beskrevet i revisionspåtegningens afsnit ”Revisors ansvar for revisionen af regnskabet”. Vi er uafhængige af selskabet i overensstemmelse med internationale etiske regler for revisorer (IESBA’s Etiske regler) og de yderligere krav, der er gældende i Danmark, ligesom vi har opfyldt vores øvrige etiske forpligtelser i henhold til disse regler og krav. Det er vores opfattelse, at det opnåede revisionsbevis er tilstrækkeligt og egnet som grundlag for vores konklusion.</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 /><td>Basis for opinion</td></tr><tr><td /><td>We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</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">Udtalelse om ledelsesberetningen</td></tr><tr><td colspan="1">Ledelsen er ansvarlig for ledelsesberetningen.</td></tr><tr><td colspan="1">Vores konklusion om regnskabet omfatter ikke ledelsesberetningen, og vi udtrykker ingen form for konklusion med sikkerhed om ledelsesberetningen.</td></tr><tr><td colspan="1">I tilknytning til vores revision af regnskabet er det vores ansvar at læse ledelsesberetningen og i den forbindelse overveje, om ledelsesberetningen er væsentligt inkonsistent med regnskabet eller vores viden opnået ved revisionen eller på anden måde synes at indeholde væsentlig fejlinformation.</td></tr><tr><td colspan="1">Vores ansvar er derudover at overveje, om ledelses­beretningen indeholder krævede oplysninger i henhold til årsregnskabsloven.</td></tr><tr><td colspan="1">Baseret på det udførte arbejde er det vores opfattelse, at ledelsesberetningen er i overensstemmelse med årsregnskabet og er udarbejdet i overensstemmelse med årsregnskabslovens krav. Vi har ikke fundet væsentlig fejlinformation i ledelsesberetningen.</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 /><td>Statement on Management’s Review</td></tr><tr><td /><td>Management is responsible for Management’s Review.</td></tr><tr><td /><td>Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td /><td>In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td /><td>Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act.</td></tr><tr><td /><td>Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsens ansvar for regnskabet</td></tr><tr><td colspan="1">Ledelsen har ansvaret for udarbejdelsen af et årsregnskab, der giver et retvisende billede i overensstemmelse med årsregnskabsloven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser for nødvendig for at udarbejde et regnskab uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl.</td></tr><tr><td colspan="1">Ved udarbejdelsen af regnskabet er ledelsen ansvarlig for at vurdere selskabets evne til at fortsætte driften; at oplyse om forhold vedrørende fortsat drift, hvor dette er relevant; samt at udarbejde regnskabet på grundlag af regnskabsprincippet om fortsat drift, medmindre ledelsen enten har til hensigt at likvidere selskabet, indstille driften eller ikke har andet realistisk alternativ end at gøre dette.</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 /><td>Management’s responsibilities for the Financial Statements</td></tr><tr><td /><td>Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td /><td>In preparing the Financial Statements, 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 in preparing the Financial Statements unless 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">Revisors ansvar for revisionen af regnskabet</td></tr><tr><td colspan="1">Vores mål er at opnå høj grad af sikkerhed for, om regnskabet som helhed er uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl, og at afgive en revisionspåtegning med en konklusion. Høj grad af sikkerhed er et højt niveau af sikkerhed, men er ikke en garanti for, at en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, altid vil afdække væsentlig fejlinformation, når sådan findes. Fejlinformationer kan opstå som følge af besvigelser eller fejl og kan betragtes som væsentlige, hvis det med rimelighed kan forventes, at de enkeltvis eller samlet har indflydelse på de økonomiske beslutninger, som brugerne træffer på grundlag af regnskabet.</td></tr><tr><td colspan="1">Som led i en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, foretager vi faglige vurderinger og opretholder professionel skepsis under revisionen.</td></tr><tr><td colspan="1">Herudover</td></tr><tr><td colspan="1">•       Identificerer og vurderer vi risikoen for væsentlig fejlinformation i regnskabet, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisionshandlinger som reaktion på disse risici samt opnår revisionsbevis, der er tilstrækkeligt og egnet til at danne grundlag for vores konklusion. Risikoen for ikke at opdage væsentlig fejlinformation forårsaget af besvigelser er højere end ved væsentlig fejlinformation forårsaget af fejl, idet besvigelser kan omfatte sammensværgelser, dokumentfalsk, bevidste udeladelser, vildledning eller tilsidesættelse af intern kontrol.</td></tr><tr><td colspan="1">•       Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne udforme revisionshandlinger, der er passende efter omstændighederne, men ikke for at kunne udtrykke en konklusion om effektiviteten af selskabets interne kontrol.</td></tr><tr><td colspan="1">•       Tager vi stilling til, om den regnskabspraksis, som er anvendt af ledelsen, er passende, samt om de regnskabsmæssige skøn og tilknyttede oplysninger, som ledelsen har udarbejdet, er rimelige.</td></tr><tr><td colspan="1">•       Konkluderer vi, om ledelsens udarbejdelse af regnskabet på grundlag af regnskabsprincippet om fortsat drift er passende, samt om der på grundlag af det opnåede revisionsbevis er væsentlig usikkerhed forbundet med begivenheder eller forhold, der kan skabe betydelig tvivl om selskabets evne til at fortsætte driften. Hvis vi konkluderer, at der er en væsentlig usikkerhed, skal vi i vores revisionspåtegning gøre opmærksom på oplysninger herom i regnskabet eller, hvis sådanne oplysninger ikke er tilstrækkelige, modificere vores konklusion. Vores konklusioner er baseret på det revisionsbevis, der er opnået frem til datoen for vores revisionspåtegning. Fremtidige begivenheder eller forhold kan dog medføre, at selskabet ikke længere kan fortsætte driften.</td></tr><tr><td colspan="1">•       Tager vi stilling til den samlede præsentation, struktur og indhold af regnskabet, herunder noteoplysningerne, samt om regnskabet afspejler de underliggende transaktioner og begivenheder på en sådan måde, at der gives et retvisende billede heraf.</td></tr><tr><td colspan="1">Vi kommunikerer med den øverste ledelse om blandt andet det planlagte omfang og den tidsmæssige placering af revisionen samt betydelige revisionsmæssige observationer, herunder eventuelle betydelige mangler i intern kontrol, som vi identificerer under revisionen.</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 /><td>Auditor’s responsibilities for the audit of the Financial Statements</td></tr><tr><td /><td>Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.</td></tr><tr><td /><td>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit.</td></tr><tr><td /><td>We also</td></tr><tr><td /><td>•       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 /><td>•       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 /><td>•       Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td /><td>•       Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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 /><td>•       Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td /><td>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> Hellerup 2021-06-28 <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">Set over en 5-årig periode kan selskabets udvikling beskrives ved følgende hoved- og nøgletal</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">Nøgletallene er udarbejdet i overensstemmelse med definitioner beskrevet i afsnittet om regnskabspraksis.</td></tr><tr><td colspan="1">Ved ændring af anvendt regnskabspraksis i 2018 er der ikke foretaget tilpasning af sammenligningstal for årene 2016-2017.</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">Seen over a five-year period, the development of the Company is described by the following financial highlights</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">The ratios have been prepared in accordance with definitions described under accounting policies.</td></tr><tr><td colspan="1">When changing accounting policies in 2018, no comparative figures have been adjusted for the years 2016-2017.</td></tr></table> 107 -0.235 0.249 -1.121 <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">Ledelsesberetning</td></tr><tr><td colspan="1">Hovedaktiviteter</td></tr><tr><td colspan="1">Clio udvikler læringsteknologi for at få alle børn til at lære mere. EdTech-virksomheden har siden 2006 skabt innovative services og differentierende redskaber til undervisningen samt 57 interaktive og komplette læremidler til alle fag i grundskolen.</td></tr><tr><td colspan="1">Clio arbejder ud fra erfaringer fra klasseværelset samt den nyeste viden inden for teknologi og didaktik. I dag bliver Clio’s læringsteknologi brugt af mere end 750.000 elever og 80.000 lærere.</td></tr><tr><td colspan="1">Selskabets services tæller i dag læsemateriale, værktøjer til øget inklusion, funktioner for ordblinde, opgavesæt, en læsemotor til differentieret læseundervisning og masser af andre innovative og understøttende løsninger for skoleverdenen.</td></tr><tr><td colspan="1">Bag hver løsning ligger et ønske om at skabe bedre læring for den enkelte. Det placerer diversitet i kernen af Clios løsninger og går hånd i hånd med virksomhedens ambition om at give lærere såvel som elever mulighed for at gøre Clios services til deres egne.</td></tr><tr><td colspan="1">Derudover har Clio også udviklet løsninger til opkvalificering af kompetencer, ledelsesstrategier og partnerskaber.</td></tr><tr><td colspan="1">Alene i Danmark har mere end 90 % af landets grundskoler købt adgang til et eller flere af Clios produkter.</td></tr><tr><td colspan="1">Året der gik</td></tr><tr><td colspan="1">Coronapandemien og de efterfølgende skolelukninger påvirkede Clios aktiviteter i markedet gennem det meste af året. Da den første nationale nedlukning ramte landets skoler den 12. marts, valgte Clio samme dag at åbne for fri adgang til deres digitale læremidler for alle skoler, som ikke allerede havde abonnement. Dette resulterede i en større interesse for Clios læremidler.</td></tr><tr><td colspan="1">Den frie adgang fortsatte til den 28. april. Fra starten af skolelukningerne til slutningen af 2020 udviklede Clio desuden materialer og guides til fjernundervisning og hjemmeundervisning for bedst muligt at hjælpe landets lærere og elever gennem en ny og ukendt situation med hjemmeskoling.</td></tr><tr><td colspan="1">På trods af påvirkningen fra Corona-pandemien, lykkedes det alligevel at løfte Clios driftsresultat (EBITDA) med 500%. Corona besparelse på driftsomkostningerne samt en organisation tilpasset et øget fokus på internationalisering har bl.a. skabt den store fremgang. Clio har ikke gjort brug af COVID-19 kompensationsordninger for 2020.</td></tr><tr><td colspan="1">Internationalisering og partnerskaber</td></tr><tr><td colspan="1">I løbet af 2020 – og i kølvandet på COVID-19 – har Clio yderligere udviklet sit internationaliserings- og partnerkoncept, der er blevet testet i løbet af 2020 med positiv feedback. Det nye internationaliserings- og partnerkoncept vil løbende blive udrullet i sin nye form i starten af 2021.</td></tr><tr><td colspan="1">Desuden har Clio i 2020 etableret kommercielle partnerskaber med en lang række offentlige og private organisationer og NGO’er omkring etablering af nye læremidler.</td></tr><tr><td colspan="1">Markedsledende</td></tr><tr><td colspan="1">Clios store fokus på at innovere og skabe en offentlig bevidstgørelse om potentialet af læringsteknologi har medført, at Clio i 2020 har bevaret sin position som markedsledende i et dansk marked, som i stigende grad er præget af konkurrence, regulativer og centralisering.</td></tr><tr><td colspan="1">I samme periode har Clio fortsat sin ekspansion og etableret sig som en af de markedsledende virksomheder inden for digitale læremidler på det svenske marked.</td></tr><tr><td colspan="1">Samtidig har Clio fortsat med at være en aktiv og central stemme i debatten om fremtidens skole i medier, paneldebatter og forskningssamarbejde.</td></tr><tr><td colspan="1">Selskabets resultatopgørelse for 2020 viser et underskud på DKK 19.686.096, og selskabets balance pr. 31. december 2020 viser en egenkapital på DKK 26.210.509.</td></tr><tr><td colspan="1">Clio har for 2020 realiseret et resultat som forventet med EBITDA på 11,7 mio. DKK mod forventet 10-14 mio. DKK.  Ledelsen anser resultatet for 2020 for tilfredsstillende.</td></tr><tr><td colspan="1">Verden omkring Clio</td></tr><tr><td colspan="1">Som udbyder af læremidler, der gør brug af læringsteknologi, har Clio del i et enormt ansvar for at skabe gennemsigtighed og adgang til teknologirelateret viden, kompetencer og færdigheder.</td></tr><tr><td colspan="1">Clio medvirker til aktivt at skabe en bæredygtig og fremadskuende uddannelsessektor, der skal sikre, at alle skoleelever får de bedst mulige vilkår for at tilegne sig de digitale kernekompetencer, der kræves på både nutidens og fremtidens arbejdsmarked. Det er især relevant i et skoleår, som har været præget af onlineundervisning grundet coronakrisen.</td></tr><tr><td colspan="1">Forandringen mod et bæredygtigt uddannelsessystem starter i grundskolen, hvor der er et stigende behov for at kunne uddanne eleverne i de såkaldte STEM-kompetencer (Science, Technology, Engineering og Mathematics).</td></tr><tr><td colspan="1">Code of Conduct</td></tr><tr><td colspan="1">GDPR fylder en stor del i Clios hverdag, både internt og eksternt. I Clios primære rolle som dataansvarlig har Clio et stort ansvar for at sikre GDPR compliance for børns og unges persondata.</td></tr><tr><td colspan="1">Alle medarbejdere hos Clio undervises løbende i korrekt håndtering og behandling af personoplysninger.</td></tr><tr><td colspan="1">Dataetiske principper i teknologiens tidsalder</td></tr><tr><td colspan="1">Clio arbejder målrettet mod at sikre, at Clios politikker og tilgang til håndtering af data forholder sig til de aktuelle digitale udfordringer og risici.</td></tr><tr><td colspan="1">Clio har derfor udviklet seks etiske principper, der skal være retningsgivende for vores brug af data og fremtidige udvikling af kunstig intelligens.</td></tr><tr><td colspan="1">Yderligere har Clio har også iværksat en række tiltag om digital ansvarlighed og vil fortsætte samarbejdet med både offentlige instanser og forskningssektoren om at skabe fokus og ny viden på området.</td></tr><tr><td colspan="1">Ansvarlighed</td></tr><tr><td colspan="1">Clio mener, at alle skal have adgang til uddannelse. Ved at formidle og støtte uddannelse i samarbejde med forskellige alliancer og NGO'er arbejder vi mod at opnå FN's fjerde verdensmål: kvalitetsuddannelse. Sådan sikrer vi, at alle børn får mulighed for at nå deres fulde potentiale.</td></tr><tr><td colspan="1">På den baggrund støtter Clio fortsat NGO'en 5 Skoler. 5 Skoler arbejder med børn i flygtningelejre ved den syriske grænse og bygger skoler for at sikre børnenes uddannelse.</td></tr><tr><td colspan="1">Clio har det seneste år haft stor fokus og en struktureret tilgang til at skabe en bred og diverse sammensat ledergruppe og har nu en ledelse bestående af 45% kvinder.</td></tr><tr><td colspan="1">Viden i centrum</td></tr><tr><td colspan="1">Viden er et centralt begreb hos Clio. Alene det faktum, at læring er Clios primære genstandsfelt, sætter viden og kompetencer i højsædet.</td></tr><tr><td colspan="1">Grundet sin struktur og organisation er Clio at betragte som en videnstung og udviklingsorienteret organisation. I den forbindelse er det en topprioritet hos Clios ledelse at sikre kontinuerlige udviklingsmuligheder for medarbejderne med det formål at øge fastholdelsen.</td></tr><tr><td colspan="1">Clio har gennem de seneste år desuden arbejdet på at forbedre virksomhedens medarbejdergoder, i takt med at det økonomiske fundament har vokset sig stærkere.</td></tr><tr><td colspan="1">Clio har en vision om at være verdens bedste arbejdsplads og mener, at fundamentet for dette findes i en kultur med klare mål, tillid og konstruktiv feedback. Clio arbejder derfor aktivt med medarbejder- og ledelsesudvikling og har oparbejdet en stærk kultur for løbende evaluering, udviklingssamtaler og feedback.</td></tr><tr><td colspan="1">Clio gennemfører desuden egne studier. De seneste fem år har selskabet gennemført den årlige undersøgelse "Digitalisering i grundskolen i Danmark".</td></tr><tr><td colspan="1">Undersøgelsen er i dag bredt anerkendt og anvendes såvel internt som eksternt af medier, forskere og offentlige myndigheder.</td></tr><tr><td colspan="1">Som nyt initiativ har Clio igangsat en lignende undersøgelse blandt forældre.</td></tr><tr><td colspan="1">Det kommende år</td></tr><tr><td colspan="1">Clios forventninger til det kommende år er, at virksomheden på ny vil fastholde sin markedsledende position i det danske marked samt fortsætte sin vækst på det svenske og de internationale markeder.</td></tr><tr><td colspan="1">Med sin stærke position og en helt ny lanceret platform vil Clio i det kommende år yderligere intensivere sine investeringer – via såvel organisk vækst samt via yderligere investeringer og mulige opkøb i markedet. Med det investeringssigte for øje forventer Clio at EBITDA vil blive reduceret i forhold til 2020, men forventer samtidig en øget omsætning.</td></tr><tr><td colspan="1">Clio forventer et positivt resultat for 2021 (EBITDA på 2-7 mio. DKK) grundet intensiveret investering i ny teknologi og markeder.</td></tr><tr><td colspan="1">Usikkerhed ved indregning og måling</td></tr><tr><td colspan="1">I årsrapporten udgør den regnskabsmæssige værdi af udviklingsprojekter TDKK 60.985.</td></tr><tr><td colspan="1">Det er ledelsens vurdering at der ikke er nedskrivningsbehov af udviklingsprojekter da selskabets økonomiske udvikling realiseres som forventet jf. selskabets forretningsplan.</td></tr><tr><td colspan="1">Udviklingsprojekterne er forbundet med en række skøn og usikkerheder vedrørende forudsætninger om fremtidige begivenheder.</td></tr><tr><td colspan="1">Ledelsen vurderer de anvendte forudsætninger for rimelige, men i sagens natur er disse dog forbundet med en vis usikkerhed og uforudsigelighed, herunder særligt vedrørende den fremtidige indtjening for de enkelte projekter. Opfyldes de anvendte forudsætninger ikke helt eller delvist vil dette påvirke den bogførte værdi af udviklingsprojekterne negativt.</td></tr><tr><td colspan="1">Årsrapporten er udarbejdet på baggrund af ledelsens bedste skøn og vurderinger på tidspunktet for aflæggelsen af årsrapporten.</td></tr><tr><td colspan="1">Begivenheder efter balancedagen</td></tr><tr><td colspan="1">Der er ikke efter balancedagen indtruffet forhold, som har væsentlig indflydelse på bedømmelsen af årsrapporten.</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 /><td>Management’s Review</td></tr><tr><td /><td>Key activities</td></tr><tr><td /><td>Clio develops educational technology to make all kids smarter. Since 2006, the EdTech company has created a number of innovative services and differentiation tools for the classroom, in addition to 57 interactive learning materials for all primary and lower secondary school subjects.</td></tr><tr><td /><td>Clio bases its work on experiences from the classrooms and the latest developments in technology and didactics. Clio's educational technology is currently used by more than 750,000 students and 80,000 teachers.</td></tr><tr><td /><td>The company's services include reading materials, tools for increased inclusion, aids for dyslexic students, quiz products, a reading engine for differentiated reading instruction, and many other innovative and supportive solutions for the school world.</td></tr><tr><td /><td>Behind all of Clio's solutions lies a desire to create better learning for each individual student. This puts diversity at the core of the company's services, which goes hand in hand with an ambition to give students and teachers alike the opportunity to make Clio's services their own.</td></tr><tr><td /><td>Furthermore, Clio has developed solutions for skills development, leadership strategies and partnerships.</td></tr><tr><td /><td>In Denmark alone, more than 90% of all elementary schools have bought a subscription to one or more of Clio's products.</td></tr><tr><td /><td>A year in review</td></tr><tr><td /><td>The COVID-19 pandemic and the subsequent closing of schools affected Clio’s activities in the market for most of the year. As soon as the first nationwide lockdown caused schools to close on the 12th of March, Clio chose to make their digital learning materials freely available for all schools that did not already have a subscription. This resulted in increased interest in Clio’s learning materials.</td></tr><tr><td /><td>Clio’s content continued to be freely available until the 28th of April. Furthermore, since the beginning of the closing of the schools until the end of 2020, Clio developed material and guides for distance education in order to help the country’s teachers and students get through a new and unfamiliar situation in the best way possible.</td></tr><tr><td /><td>Despite the impact of the COVID-19 pandemic, Clio still managed to raise operating profit (EBITDA) by 500%. COVID-19 savings on operating costs as well as an organization adapted to an increased focus on internationalization have, among other things, created the great progress. Clio has not made use of COVID-19 compensation schemes for 2020.</td></tr><tr><td /><td>Internationalization and partnerships</td></tr><tr><td /><td>During 2020, and in the wake of the COVID-19 pandemic, Clio has further developed its internationalisation and partner concept, which has been tested during 2020 with positive feedback. The new internationalisation and partner concept will be continuously rolled out in its new form in early 2021.</td></tr><tr><td /><td>In addition, during 2020 Clio established commercial partnerships with a large number of public and private organizations and NGOs related to the establishment of new teaching aids.</td></tr><tr><td /><td>Market leading</td></tr><tr><td /><td>Clio's focus on innovation and creating public awareness of the potential of educational technology has enabled the company to retain its market-leading position in a Danish market increasingly characterised by high levels of competition, regulation and centralisation.</td></tr><tr><td /><td>In the same period, Clio has continued its expansion and established itself as one of the leading players in the field of digital teaching materials in the Swedish market.</td></tr><tr><td /><td>At the same time, Clio has been an active and central voice in the debate about the school of the future in the media, in panel debates and in research collaborations.</td></tr><tr><td /><td>The company's income statement for 2020 shows a loss of DKK 19,686,096, and the company's balance sheet as of the 31 December 2020 shows an equity of DKK 26,210,509.</td></tr><tr><td /><td>Clio has achieved a result as expected for 2020 with an EBITDA of DKK 11.7 million, compared to an expected EBITDA of DKK 10–14 million. Management considers the result for 2020 to be satisfactory.</td></tr><tr><td /><td>The world around Clio</td></tr><tr><td /><td>As a provider of learning materials that use educational technology, Clio has a great responsibility for creating transparency and access to technological knowledge, competencies and skills.</td></tr><tr><td /><td>Clio is committed to being an active contributor to the creation of a sustainable and forward-looking education sector that can provide students with the core digital skills required on the job market of today and tomorrow. This is especially relevant during a school year marked by online education due to the COVID-19 pandemic.</td></tr><tr><td /><td>The change towards a sustainable education sector begins in elementary school, which is seeing a growing demand for the ability to educate students in the so-called STEM subjects (Science, Technology, Engineering and Mathematics).</td></tr><tr><td /><td>Code of Conduct</td></tr><tr><td /><td>GDPR takes up a large part of Clio’s day-to-day operations, both internally and externally. In Clio's primary role as data controller, the company has a major responsibility to ensure GDPR compliance for children’s personal data.</td></tr><tr><td /><td>All employees at Clio receive ongoing education in the correct handling and processing of personal data.</td></tr><tr><td /><td>Ethical principles in the age of technology</td></tr><tr><td /><td>Clio works determinedly to ensure that its internal policies for data processing take all current digital challenges and risks into account.</td></tr><tr><td /><td>Clio has therefore developed six ethical principles that must guide the use of data and our future development of artificial intelligence.</td></tr><tr><td /><td>Additionally, Clio has launched a number of initiatives related to digital responsibility and will continue to work with government agencies and the research sector to raise awareness and acquire new knowledge in the area.</td></tr><tr><td /><td>Responsibility</td></tr><tr><td /><td>Clio believes that everyone should have access to education. By facilitating and supporting education together with alliances and NGOs, we are proud to take part in achieving the United Nations' Sustainable Development Goal 4: Quality Education. By doing this, we ensure that all children have the opportunity to reach their full potential.</td></tr><tr><td /><td>To this end, Clio has entered a collaboration with the NGO 5 Skoler. 5 Skoler works with children in refugee areas close to the Syrian border and builds schools to support the kids' education.</td></tr><tr><td /><td>Over the past year, Clio has had a strong focus and a structured approach to creating a broad and diverse composite management team and now has a management consisting of 45% women.</td></tr><tr><td /><td>Knowledge at the core</td></tr><tr><td /><td>Knowledge is a key concept at Clio. The fact alone that the company is primarily involved in activities related to learning makes knowledge and skills top priorities at Clio.</td></tr><tr><td /><td>Due to the structure and organization of the company, Clio can be considered a knowledge-intensive and development-oriented entity in all regards. The company's management considers it a top priority to ensure constant development opportunities for its employees in order to increase retention.</td></tr><tr><td /><td>In addition, Clio has been working over a number of years to improve employee benefit programs in step with the financial base having grown in the same period.</td></tr><tr><td /><td>Clio has a vision of being the best workplace in the world and believes the best foundation for this to be a culture of clear goals, universal trust and constructive feedback. To this end, the company works actively with employee and management development and has been successful in establishing a strong culture of continuous evaluation, personal development reviews and feedback.</td></tr><tr><td /><td>Clio also conducts its own studies. For the past five years, the company has conducted an annual survey called "Digitalization of Danish elementary schools".</td></tr><tr><td /><td>The study is now widely recognized and used externally by the media, researchers and government agencies.</td></tr><tr><td /><td>As a new initiative, Clio has launched a similar survey among parents.</td></tr><tr><td /><td>The year ahead</td></tr><tr><td /><td>In the coming year, Clio expects to hold its market-leading position in the Danish market and continue its growth in the Swedish and international markets.</td></tr><tr><td /><td>With a strong position in the market and a completely new platform, Clio will intensify its investments in the coming year - via organic growth and potential acquisitions. Due to investments Clio expects a reduced EBITDA compared to 2020 but an increase in revenue.</td></tr><tr><td /><td>Clio expects a positive result for 2021 (EBITDA of DKK 2-7 million) due to intensified investment in new technology and markets.</td></tr><tr><td /><td>Uncertainty in recognition and measurement</td></tr><tr><td /><td>In the annual report, the carrying amount of development projects is DKK 60,985,000.</td></tr><tr><td /><td>It is management's assessment that there is no need for impairment of development projects as the company's financial development is realized as expected, cf. the company's business plan.</td></tr><tr><td /><td>The development projects are associated with a number of estimates and uncertainties regarding assumptions about future events.</td></tr><tr><td /><td>Management considers the applied assumptions used to be reasonable, these are, however, associated with some uncertainty and unpredictability, especially regarding future profits for the individual projects. If the applied assumptions are not met or only partially met the carrying amount of the capitalized development costs will be negatively affected.</td></tr><tr><td /><td>The annual report has been prepared on the basis of management's best estimates and assessments at the time of presentation of the annual report.</td></tr><tr><td /><td>Subsequent events</td></tr><tr><td /><td>No events materially affecting the assessment of the annual report have occurred after the balance sheet date.</td></tr></table> 77792647 66055316 36433282 -24695951 0 488886 -25184837 -5498741 -19686096 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >Egenkapitalopgørelse</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Statement of Changes in Equity</td></tr><tr><td colspan="6"></td></tr><tr><td width="22%" ></td><td width="15%" colspan="1" align="right" valign="middle" >Selskabskapital</td><td width="15%" colspan="1" align="right" valign="middle" >Overkurs ved emission</td><td width="15%" colspan="1" align="right" valign="middle" >Reserve for udviklingsomkostninger</td><td width="15%" colspan="1" align="right" valign="middle" >Overført resultat</td><td width="18%" colspan="1" align="right" valign="middle" >I alt</td></tr><tr><td width="22%" ></td><td width="15%" colspan="1" align="right" valign="middle" >Share capital</td><td width="15%" colspan="1" align="right" valign="middle" >Share premium account</td><td width="15%" colspan="1" align="right" valign="middle" >Reserve for development costs</td><td width="15%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="18%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="22%" ></td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="6"></td></tr><tr><td width="22%" colspan="1" align="left" valign="middle" >Egenkapital 1. januar</td><td width="15%" align="right" valign="middle" >126.001</td><td width="15%" align="right" valign="middle" >10.999.999</td><td width="15%" align="right" valign="middle" >69.726.004</td><td width="15%" align="right" valign="middle" >-71.955.399</td><td width="18%" align="right" valign="middle" >8.896.605</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Equity 1 January</td></tr><tr><td colspan="6"></td></tr><tr><td width="22%" colspan="1" align="left" valign="middle" >Kontant kapitalforhøjelse</td><td width="15%" align="right" valign="middle" >1</td><td width="15%" align="right" valign="middle" >36.999.999</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >37.000.000</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Cash capital increase</td></tr><tr><td colspan="6"></td></tr><tr><td width="22%" colspan="1" align="left" valign="middle" >Årets udviklingsomkostninger</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >-22.475.307</td><td width="15%" align="right" valign="middle" >22.475.307</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Development costs for the year</td></tr><tr><td colspan="6"></td></tr><tr><td width="22%" colspan="1" align="left" valign="middle" >Årets resultat</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >-19.686.096</td><td width="18%" align="right" valign="middle" >-19.686.096</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Net profit/loss for the year</td></tr><tr><td colspan="6"></td></tr><tr><td width="22%" colspan="1" align="left" valign="middle" >Egenkapital 31. december</td><td width="15%" align="right" valign="middle" >126.002</td><td width="15%" align="right" valign="middle" >47.999.998</td><td width="15%" align="right" valign="middle" >47.250.697</td><td width="15%" align="right" valign="middle" >-69.166.188</td><td width="18%" align="right" valign="middle" >26.210.509</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Equity 31 December</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" ></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Kapitalberedskab</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Capital resources</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Selskabets kortfristede aktiver udgør tDKK 41.236 og de kortfristede forpligtelser udgør tDKK 69.041, hvoraf forudbetalinger fra kunderne udgør tDDK 43.623.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Baseret på selskabets forventninger til 2021, herunder fortsatte investeringer i selskabet kundeløsninger, vurderer ledelsen at selskabets kapitalberedskab er tilstrækkeligt.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company's current assets amounts to tDKK 41.236 and the current liabilities amounts to tDKK 69.041, of which prepayments received from customers amount to tDDK 43,623.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Based on the company's expectations for 2021, including continued investments in the company's customer solutions, management assesses that the company's capital resources are sufficient</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Usikkerhed ved indregning og måling</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Uncertainty in recognition and measurement</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >I årsrapporten udgør den regnskabsmæssige værdi af udviklingsprojekter TDKK 60.985.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Det er ledelsens vurdering at der ikke er nedskrivningsbehov af udviklingsprojekter da selskabets økonomiske udvikling realiseres som forventet jf. selskabets forretningsplan.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In the annual report, the carrying amount of development projects is DKK 60,985,000.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >It is management's assessment that there is no need for impairment of development projects as the company's financial development is realized as expected, cf. the company's business plan.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Udviklingsprojekterne er forbundet med en række skøn og usikkerheder vedrørende forudsætninger om fremtidige begivenheder.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The development projects are associated with a number of estimates and uncertainties regarding assumptions about future events.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ledelsen vurderer de anvendte forudsætninger for rimelige, men i sagens natur er disse dog forbundet med en vis usikkerhed og uforudsigelighed, herunder særligt vedrørende den fremtidige indtjening for de enkelte projekter. Opfyldes de anvendte forudsætninger ikke helt eller delvist vil dette påvirke den bogførte værdi af udviklingsprojekterne negativt.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Management considers the applied assumptions used to be reasonable, these are, however, associated with some uncertainty and unpredictability, especially regarding future profits for the individual projects. If the applied assumptions are not met or only partially met the carrying amount of the capitalized development costs will be negatively affected.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Årsrapporten er udarbejdet på baggrund af ledelsens bedste skøn og vurderinger på tidspunktet for aflæggelsen af årsrapporten.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The annual report has been prepared on the basis of management's best estimates and assessments at the time of presentation of the annual report.</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="3" align="left" valign="middle" >Personaleomkostninger</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Staff expenses</td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >2020</td><td width="18%" align="right" valign="middle" >2019</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Lønninger</td><td width="17%" align="right" valign="middle" >57.438.511</td><td width="18%" align="right" valign="middle" >57.217.897</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Wages and salaries</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Pensioner</td><td width="17%" align="right" valign="middle" >5.702.413</td><td width="18%" align="right" valign="middle" >5.667.239</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Pensions</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Andre omkostninger til social sikring</td><td width="17%" align="right" valign="middle" >850.798</td><td width="18%" align="right" valign="middle" >1.153.130</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other social security expenses</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Andre personaleomkostninger</td><td width="17%" align="right" valign="middle" >2.063.594</td><td width="18%" align="right" valign="middle" >2.141.845</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other staff expenses</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >66.055.316</td><td width="18%" align="right" valign="middle" >66.180.111</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Med henvisning til årsregnskabslovens § 98 B stk. 3 er vederlaget til direktionen ikke oplyst.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act.</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Gennemsnitligt antal beskæftigede medarbejdere</td><td width="17%" align="right" valign="middle" >107</td><td width="18%" align="right" valign="middle" >115</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Average number of employees.</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" >Finansielle indtægter</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income</td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >2020</td><td width="18%" align="right" valign="middle" >2019</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Renteindtægter tilknyttede virksomheder</td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >100.551</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Interest received from group enterprises</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >100.551</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" >Finansielle omkostninger</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial expenses</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Renteomkostninger tilknyttede virksomheder</td><td width="17%" align="right" valign="middle" >366.142</td><td width="18%" align="right" valign="middle" >500.279</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Interest paid to group enterprises</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Andre finansielle omkostninger</td><td width="17%" align="right" valign="middle" >122.744</td><td width="18%" align="right" valign="middle" >318.139</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other financial expenses</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >488.886</td><td width="18%" align="right" valign="middle" >818.418</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" >Skat af årets resultat</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Tax on profit/loss for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Årets aktuelle skat</td><td width="17%" align="right" valign="middle" >-758.742</td><td width="18%" align="right" valign="middle" >-5.099.082</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Current tax for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Årets udskudte skat</td><td width="17%" align="right" valign="middle" >-4.788.264</td><td width="18%" align="right" valign="middle" >-2.808.652</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Regulering af skat vedrørende tidligere år</td><td width="17%" align="right" valign="middle" >28.830</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Adjustment of tax concerning previous years</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Regulering af udskudt skat tidligere år</td><td width="17%" align="right" valign="middle" >19.435</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Adjustment of deferred tax concerning previous years</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >-5.498.741</td><td width="18%" align="right" valign="middle" >-7.907.734</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" >Immaterielle anlægsaktiver</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Intangible assets</td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >2020</td><td width="18%" align="right" valign="middle" >2020</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Færdiggjorte udviklings-projekter</td><td width="18%" colspan="1" align="right" valign="middle" >Udviklings-projekter under udførelse</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Completed development projects</td><td width="18%" colspan="1" align="right" valign="middle" >Development projects in progress</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Kostpris 1. januar</td><td width="17%" align="right" valign="middle" >158.812.577</td><td width="18%" align="right" valign="middle" >4.737.959</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Cost 1 January</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tilgang i årets løb</td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >9.990.282</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Additions for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Afgang i årets løb</td><td width="17%" align="right" valign="middle" >-7.109.724</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Disposals for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Overførsler i årets løb</td><td width="17%" align="right" valign="middle" >7.928.022</td><td width="18%" align="right" valign="middle" >-7.928.022</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Transfers for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Kostpris 31. december</td><td width="17%" align="right" valign="middle" >159.630.875</td><td width="18%" align="right" valign="middle" >6.800.219</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Cost 31 December</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Ned- og afskrivninger 1. januar</td><td width="17%" align="right" valign="middle" >76.608.149</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Impairment losses and amortisation 1 January</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Årets nedskrivninger</td><td width="17%" align="right" valign="middle" >1.959.250</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Impairment losses for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Årets afskrivninger</td><td width="17%" align="right" valign="middle" >33.988.758</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Amortisation for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tilbageførte afskrivninger på årets afgang</td><td width="17%" align="right" valign="middle" >-7.109.724</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Reversal of amortisation of disposals for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Ned- og afskrivninger 31. december</td><td width="17%" align="right" valign="middle" >105.446.433</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Impairment losses and amortisation 31 December</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Regnskabsmæssig værdi 31. december</td><td width="17%" align="right" valign="middle" >54.184.442</td><td width="18%" align="right" valign="middle" >6.800.219</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Carrying amount 31 December</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Udviklingsprojekter vedrører udvikling og forbedringer af virksomhedens undervisningsportal samt udvikling af undervisningsportaler for nye skolefag. Projekterne forløber som planlagt ved anvendelse af de ressourcer, som ledelsen har afsat til udviklingen. Det forventes, at de færdigudviklede projekter skal sælges på det nuværende marked til virksomhedens eksisterende kunder samt på nye markeder. Forud for igangsætningen af projekterne har virksomheden undersøgt behovet for undervisningsportalerne både i forhold til de nye fag og de nye markeder.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Development projects relates to the development and improvement of the Company's existing education portal as well as the development of education portals for new subjects. The progress of the projects is as planned using the resources that Management set aside for the projects. It is expected that the completed development projects will be sold to the existing market to existing customers as well as new markets. Before the commencement of the projects, the Company has examined the need for the education portals both in relation to new subjects and the new markets.</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" >Materielle anlægsaktiver</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Andre anlæg, driftsmateriel og inventar</td><td width="18%" colspan="1" align="right" valign="middle" >Indretning af lejede lokaler</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Other fixtures and fittings, tools and equipment</td><td width="18%" colspan="1" align="right" valign="middle" >Leasehold improvements</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Kostpris 1. januar</td><td width="17%" align="right" valign="middle" >2.348.728</td><td width="18%" align="right" valign="middle" >1.917.186</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Cost 1 January</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Tilgang i årets løb</td><td width="17%" align="right" valign="middle" >540.292</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Additions for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Kostpris 31. december</td><td width="17%" align="right" valign="middle" >2.889.020</td><td width="18%" align="right" valign="middle" >1.917.186</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Cost 31 December</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Ned- og afskrivninger 1. januar</td><td width="17%" align="right" valign="middle" >1.613.563</td><td width="18%" align="right" valign="middle" >1.737.865</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Impairment losses and depreciation 1 January</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Årets afskrivninger</td><td width="17%" align="right" valign="middle" >398.110</td><td width="18%" align="right" valign="middle" >87.164</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Depreciation for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Ned- og afskrivninger 31. december</td><td width="17%" align="right" valign="middle" >2.011.673</td><td width="18%" align="right" valign="middle" >1.825.029</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Impairment losses and depreciation 31 December</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Regnskabsmæssig værdi 31. december</td><td width="17%" align="right" valign="middle" >877.347</td><td width="18%" align="right" valign="middle" >92.157</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Carrying amount 31 December</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="6" align="left" valign="middle" >Kapitalandele i dattervirksomheder</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Investments in subsidiaries</td></tr><tr><td width="42%" ></td><td width="11%" align="right" valign="middle" >2020</td><td width="11%" align="right" valign="middle" >2019</td><td width="11%" ></td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="42%" ></td><td width="11%" colspan="1" align="right" valign="middle" >DKK</td><td width="11%" colspan="1" align="right" valign="middle" >DKK</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="14%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Kostpris 1. januar</td><td width="11%" align="right" valign="middle" >1.446.194</td><td width="11%" align="right" valign="middle" >40.860</td><td width="11%" ></td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Cost 1 January</td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Tilgang i årets løb</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >1.405.334</td><td width="11%" ></td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Additions for the year</td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Kostpris 31. december</td><td width="11%" align="right" valign="middle" >1.446.194</td><td width="11%" align="right" valign="middle" >1.446.194</td><td width="11%" ></td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Cost 31 December</td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Værdireguleringer 1. januar</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Value adjustments 1 January</td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Værdireguleringer 31. december</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Value adjustments 31 December</td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Regnskabsmæssig værdi 31. december</td><td width="11%" align="right" valign="middle" >1.446.194</td><td width="11%" align="right" valign="middle" >1.446.194</td><td width="11%" ></td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Carrying amount 31 December</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Kapitalandele i dattervirksomheder specificeres således</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Investments in subsidiaries are specified as follows</td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Navn</td><td width="11%" colspan="1" align="right" valign="middle" >Hjemsted</td><td width="11%" colspan="1" align="right" valign="middle" >Selskabskapital</td><td width="11%" colspan="1" align="right" valign="middle" >Stemme- og ejerandel</td><td width="11%" colspan="1" align="right" valign="middle" >Egenkapital</td><td width="14%" colspan="1" align="right" valign="middle" >Årets resultat</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Name</td><td width="11%" colspan="1" align="right" valign="middle" >Place of registered office</td><td width="11%" colspan="1" align="right" valign="middle" >Share capital</td><td width="11%" colspan="1" align="right" valign="middle" >Votes and ownership</td><td width="11%" colspan="1" align="right" valign="middle" >Equity</td><td width="14%" colspan="1" align="right" valign="middle" >Net profit/loss for the year</td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Bonnier Education AB</td><td width="11%" colspan="1" align="right" valign="middle" >Stockholm</td><td width="11%" colspan="1" align="right" valign="middle" >SEK 50.000</td><td width="11%" align="right" valign="middle" >100%</td><td width="11%" colspan="1" align="right" valign="middle" >SEK 423.166</td><td width="14%" colspan="1" align="right" valign="middle" >SEK 372.297</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" >Øvrige finansielle anlægsaktiver</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Other fixed asset investments</td></tr><tr><td width="78%" ></td><td width="22%" colspan="1" align="right" valign="middle" >Deposita</td></tr><tr><td width="78%" ></td><td width="22%" colspan="1" align="right" valign="middle" >Deposits</td></tr><tr><td width="78%" ></td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="2"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Kostpris 1. januar</td><td width="22%" align="right" valign="middle" >579.927</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Cost 1 January</td></tr><tr><td colspan="2"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Afgang i årets løb</td><td width="22%" align="right" valign="middle" >-50.058</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Disposals for the year</td></tr><tr><td colspan="2"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Kostpris 31. december</td><td width="22%" align="right" valign="middle" >529.869</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Cost 31 December</td></tr><tr><td colspan="2"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Regnskabsmæssig værdi 31. december</td><td width="22%" align="right" valign="middle" >529.869</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Carrying amount 31 December</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Igangværende arbejder for fremmed regning</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contract work in progress</td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >2020</td><td width="18%" align="right" valign="middle" >2019</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Salgsværdi af igangværende arbejder</td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >3.315.600</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Selling price of work in progress</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Modtagne acontobetalinger</td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-3.684.000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Payments received on account</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-368.400</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Indregnet således i balancen</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Recognised in the balance sheet as follows</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Igangværende arbejder for fremmed regning under passiver</td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-368.400</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contract work in progress recognised in liabilities</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-368.400</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="1" align="left" valign="middle" >Periodeafgrænsningsposter</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Periodeafgrænsningsposter udgøres af forudbetalte omkostninger vedrørende service kontrakter, forsikringspræmier, abonnementer og renter.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consist of prepaid expenses concerning service contracts, insurance premiums, subscriptions and interest.</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 colspan="1">Resultatdisponering</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" >Hensættelse til udskudt skat</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Provision for deferred tax</td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >2020</td><td width="18%" align="right" valign="middle" >2019</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Hensættelse til udskudt skat 1. januar</td><td width="17%" align="right" valign="middle" >9.134.654</td><td width="18%" align="right" valign="middle" >11.947.076</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Provision for deferred tax 1 January</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Årets indregnede beløb i resultatopgørelsen</td><td width="17%" align="right" valign="middle" >-4.788.264</td><td width="18%" align="right" valign="middle" >-2.812.422</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Amounts recognised in the income statement for the year</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Hensættelse til udskudt skat 31. december</td><td width="17%" align="right" valign="middle" >4.346.390</td><td width="18%" align="right" valign="middle" >9.134.654</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Provision for deferred tax 31 December</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Immaterielle anlægsaktiver</td><td width="17%" align="right" valign="middle" >13.416.625</td><td width="18%" align="right" valign="middle" >19.124.325</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Intangible assets</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Materielle anlægsaktiver</td><td width="17%" align="right" valign="middle" >-68.198</td><td width="18%" align="right" valign="middle" >-49.756</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Modtagne forudbetalinger fra kunder</td><td width="17%" align="right" valign="middle" >-9.002.037</td><td width="18%" align="right" valign="middle" >-9.942.915</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Prepayments received from customers</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >4.346.390</td><td width="18%" align="right" valign="middle" >9.134.654</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" >Langfristede gældsforpligtelser</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Long-term debt</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Afdrag, der forfalder inden for 1 år, er opført under kortfristede gældsforpligtelser. Øvrige forpligtelser er indregnet under langfristede gældsforpligtelser.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Gældsforpligtelserne forfalder efter nedenstående orden</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The debt falls due for payment as specified below</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Anden gæld</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other payables</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Mellem 1 og 5 år</td><td width="17%" align="right" valign="middle" >5.569.184</td><td width="18%" align="right" valign="middle" >1.979.243</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Between 1 and 5 years</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Langfristet del</td><td width="17%" align="right" valign="middle" >5.569.184</td><td width="18%" align="right" valign="middle" >1.979.243</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Long-term part</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Øvrig kortfristet gæld</td><td width="17%" align="right" valign="middle" >11.836.557</td><td width="18%" align="right" valign="middle" >9.141.102</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other short-term payables</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >17.405.741</td><td width="18%" align="right" valign="middle" >11.120.345</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >I anden gæld er indeholdt feriepenge for indefrysningsperioden 1. september 2019 - 31. august 2020 på DKK 5,6 mio. Beløbet vil blive indbetalt til feriefonden i september 2021.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other payables includes holiday pay covering the period 1 September 2019 - 31 August 2020 of DKK 5.6 million related to the change in vacation regulations. The amount will be paid in September 2021.</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" >Eventualposter og øvrige økonomiske forpligtelser</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >2020</td><td width="18%" align="right" valign="middle" >2019</td></tr><tr><td width="65%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Pant og sikkerhedsstillelse</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Charges and security</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Følgende aktiver er stillet til sikkerhed for bankforbindelser</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The following assets have been placed as security with bankers</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Virksomhedspant</td><td width="17%" align="right" valign="middle" >1.300.000</td><td width="18%" align="right" valign="middle" >1.300.000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Floating charge</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Eventualforpligtelser</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Koncernens selskaber hæfter solidarisk for skat af koncernens sambeskattede indkomst mv. Det samlede beløb for skyldig selskabsskat fremgår af årsrapporten for Bonnier Magazine Group A/S, der er administrationsselskab i forhold til sambeskatningen. Koncernens selskaber hæfter endvidere solidarisk for danske kildeskatter i form af udbytteskat, royaltyskat og renteskat. Eventuelle senere korrektioner til selskabsskatter og kildeskatter kan medføre at selskabets hæftelse udgør et større beløb.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Bonnier Magazine Group A/S, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Selskabets samlede leje- og leasingforpligtelser udgør tDKK 1.277 (2019: 1.297) pr. 31. december 2020 I forbindelse med selskabets huslejeforpligtelser er der udstedt en garanti på tDKK 933 (2019: 933).</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The leasing commitments of the Company amount to tDKK 1.277 (2019: 1.297) as of 31 December 2020. In relation to the Company's rent commitments, a guarantee amounting to tDKK 933 (2019: 933) has been issued.</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="2" align="left" valign="middle" >Nærtstående parter</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Related parties</td></tr><tr><td width="78%" ></td><td width="22%" colspan="1" align="right" valign="middle" >Grundlag</td></tr><tr><td width="78%" ></td><td width="22%" colspan="1" align="right" valign="middle" >Basis</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Bestemmende indflydelse</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Controlling interest</td></tr><tr><td colspan="2"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Bonnier Capital AB</td><td width="22%" colspan="1" align="right" valign="middle" >Majority shareholder</td></tr><tr><td width="78%" ></td><td width="22%" colspan="1" align="right" valign="middle" >Majority shareholder</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Transaktioner</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Transactions</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Selskabet har valgt kun at oplyse om transaktioner, der ikke er foretaget på normale markedsvilkår efter årsregnskabslovens § 98 c, stk. 7.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Ejerforhold</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Ownership</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Følgende kapitalejere er noteret i selskabets ejerbog som ejende minimum 5% af stemmerne eller minimum 5% af selskabskapitalen</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The following shareholders are recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Bonnier Capital AB</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Koncernregnskab</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Consolidated Financial Statements</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Selskabet indgår i koncernrapporten for moderselskabet</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group</td></tr><tr><td colspan="2"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Navn</td><td width="22%" colspan="1" align="right" valign="middle" >Hjemsted</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Name</td><td width="22%" colspan="1" align="right" valign="middle" >Place of registered office</td></tr><tr><td colspan="2"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Bonnier Group AB</td><td width="22%" colspan="1" align="right" valign="middle" >Stockholm, Sweden</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Koncernrapporten for Bonnier Group AB kan rekvireres på følgende adresse</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Group Annual Report of Bonnier AB may be obtained at the following address</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Bonnier Group AB, Torsgatan 21, 111 90 Stockholm, Sweden</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">Årsrapporten for Clio ApS for 2020 er udarbejdet i overensstemmelse med årsregnskabslovens bestemmelser for mellemstore virksomheder i regnskabsklasse C.</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 /><td /><td>The Annual Report of Clio ApS for 2020 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium sized enterprises of reporting class C.</td></tr></table> true <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">Årsregnskab for 2020 er aflagt i DKK.</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">Generelt om indregning og måling</td></tr><tr><td colspan="1">Indtægter indregnes i resultatopgørelsen i takt med, at de indtjenes. Herudover indregnes værdireguleringer af finansielle aktiver og forpligtelser, der måles til dagsværdi eller amortiseret kostpris. Endvidere indregnes i resultatopgørelsen alle omkostninger, der er afholdt for at opnå årets indtjening, herunder afskrivninger, nedskrivninger og hensatte forpligtelser samt tilbageførsler som følge af ændrede regnskabsmæssige skøn af beløb, der tidligere har været indregnet i resultatopgørelsen.</td></tr><tr><td colspan="1">Aktiver indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil tilflyde selskabet, og aktivets værdi kan måles pålideligt.</td></tr><tr><td colspan="1">Forpligtelser indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil fragå selskabet, og forpligtelsens værdi kan måles pålideligt.</td></tr><tr><td colspan="1">Ved første indregning måles aktiver og forpligtelser til kostpris. Efterfølgende måles aktiver og forpligtelser som beskrevet for hver enkelt regnskabspost nedenfor.</td></tr><tr><td colspan="1">Visse finansielle aktiver og forpligtelser måles til amortiseret kostpris, hvorved der indregnes en konstant effektiv rente over løbetiden. Amortiseret kostpris opgøres som oprindelig kostpris med fradrag af afdrag og tillæg/fradrag af den akkumulerede afskrivning af forskellen mellem kostprisen og det nominelle beløb. Herved fordeles kurstab og gevinst over løbetiden.</td></tr><tr><td colspan="1">Ved indregning og måling tages hensyn til forudsigelige tab og risici, der fremkommer, inden årsrapporten aflægges, og som be- eller afkræfter forhold, der eksisterede på balancedagen.</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 /><td /><td>The Financial Statements for 2020 are presented in DKK.</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 /><td /><td>Recognition and measurement</td></tr><tr><td /><td /><td>Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.</td></tr><tr><td /><td /><td>Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td /><td /><td>Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</td></tr><tr><td /><td /><td>Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</td></tr><tr><td /><td /><td>Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.</td></tr><tr><td /><td /><td>Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Koncernregnskab</td></tr><tr><td colspan="1">Med henvisning til årsregnskabslovens § 112 og til koncernregnskabet for Bonnier Group AB har selskabet undladt at udarbejde koncernregnskab.</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 /><td /><td>Consolidated financial statements</td></tr><tr><td /><td /><td>With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements of Bonnier Group AB, the Company has not prepared consolidated financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pengestrømsopgørelse</td></tr><tr><td colspan="1">Med henvisning til årsregnskabslovens § 86, stk. 4 og til pengestrømsopgørelsen i koncernregnskabet for Bonnier Group AB har selskabet undladt at udarbejde pengestrømsopgørelse.</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 /><td /><td>Cash flow statement</td></tr><tr><td /><td /><td>With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Bonnier Group AB, the Company has not prepared a cash flow statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Omregning af fremmed valuta</td></tr><tr><td colspan="1">Transaktioner i fremmed valuta omregnes til transaktionsdagens kurs. Valutakursdifferencer, der opstår mellem transaktionsdagens kurs og kursen på betalingsdagen, indregnes i resultatopgørelsen som en finansiel post.</td></tr><tr><td colspan="1">Tilgodehavender, gæld og andre monetære poster i fremmed valuta, som ikke er afregnet på balancedagen, måles til balancedagens valutakurs. Forskellen mellem balancedagens kurs og kursen på tidspunktet for tilgodehavendets eller gældens opståen indregnes i resultatopgørelsen under finansielle indtægter og omkostninger.</td></tr><tr><td colspan="1">Anlægsaktiver, der er købt i fremmed valuta, måles til kursen på transaktionsdagen.</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 /><td /><td>Translation policies</td></tr><tr><td /><td /><td>Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.</td></tr><tr><td /><td /><td>Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.</td></tr><tr><td /><td /><td>Fixed assets acquired in foreign currencies are measured at the transaction date rates.</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">Nettoomsætning</td></tr><tr><td colspan="1">Nettoomsætning fra kontrakter med kunder indregnes ved overdragelse af kontrol som fortolket ud fra IFRS 15, enten på det tidspunkt, hvor kontrollen overføres til kunden eller over tid efterhånden som kontrollen overgår til kunden. Nettoomsætning er afledt af abonnementsindtægter opkrævet hos kunder for online adgang til cloud-baserede serviceydelser.</td></tr><tr><td colspan="1">Indregning af nettoomsætning forudsætter en aftale med kunden, som skaber håndhævelige rettigheder og forpligtelser mellem parterne, har forretningsmæssig substans og identificerer betalingsbetingelser. Endvidere skal det være sandsynligt, at det aftalte vederlag modtages.</td></tr><tr><td colspan="1">For kontrakter med flere leveringsforpligtelser er grundlaget for indregning af netto- omsætning en vurdering af de selvstændige salgspriser for de identificerede leveringsforpligtelser, herunder rabatter og godtgørelser.</td></tr><tr><td colspan="1">Nettoomsætningen måles til den forventede værdi af det modtagne vederlag og indregnes eksklusive moms og med fradrag af rabatter i forbindelse med salget.</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 /><td /><td>Revenue</td></tr><tr><td /><td /><td>Revenue from contracts with customers are recognized based on transfer of control as interpretated based on IFRS 15 either at the point in time, where control transfers to the customer or over time as the control passes to the customer. Revenue is derived from subscription income charged to customers for online access to the cloud-based services.</td></tr><tr><td /><td /><td>Revenue recognition requires an agreement with the client which creates enforceable rights and obligations between the parties, has business substance, and identifies payment terms. In addition, it must be probable that the consideration determined in the contract will be received.</td></tr><tr><td /><td /><td>For contracts including multiple performance obligation, the basis for revenue recognition is an assessment of the standalone selling prices for the identified performance obligations, including rebates discounts and allowances.</td></tr><tr><td /><td /><td>Revenue is measured at the expected consideration received and is recognised exclusive of VAT and net of discounts relating to sales.</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">Andre eksterne omkostninger</td></tr><tr><td colspan="1">Andre eksterne omkostninger indeholder omkostninger til lokaler, salg og distribution samt kontorhold mv.</td></tr><tr><td colspan="1">Under andre eksterne omkostninger indregnes tillige forsknings- og udviklingsomkostninger, der ikke opfylder kriterierne for aktivering.</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 /><td /><td>Other external expenses</td></tr><tr><td /><td /><td>Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc.</td></tr><tr><td /><td /><td>Other external expenses also include research and development costs that do not qualify for capitalisation.</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">Bruttofortjeneste</td></tr><tr><td colspan="1">Med henvisning til årsregnskabslovens § 32 er nettoomsætningen ikke oplyst i årsrapporten.</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 /><td /><td>Gross profit/loss</td></tr><tr><td /><td /><td>With reference to section 32 of the Danish Financial Statement Act, revenue has not been disclosed in the Annual 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">Personaleomkostninger</td></tr><tr><td colspan="1">Personaleomkostninger indeholder gager og lønninger samt lønafhængige omkostninger.</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 /><td /><td>Staff expenses</td></tr><tr><td /><td /><td>Staff expenses comprise wages and salaries as well as payroll 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">Af- og nedskrivninger</td></tr><tr><td colspan="1">Af- og nedskrivninger indeholder årets af- og nedskrivninger af immaterielle og materielle anlægsaktiver.</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 /><td /><td>Amortisation, depreciation and impairment Losses</td></tr><tr><td /><td /><td>Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.</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">Finansielle poster</td></tr><tr><td colspan="1">Finansielle indtægter og omkostninger indregnes i resultatopgørelsen med de beløb, der vedrører regnskabsåret.</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 /><td /><td>Financial income and expenses</td></tr><tr><td /><td /><td>Financial income and expenses are recognised in the income statement 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">Skat af årets resultat</td></tr><tr><td colspan="1">Skat af årets resultat består af årets aktuelle skat og forskydning i udskudt skat og indregnes i resultatopgørelsen med den del, der kan henføres til årets resultat, og direkte på egenkapitalen med den del, der kan henføres til posteringer direkte på egenkapitalen.</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 /><td /><td>Tax on profit/loss for the year</td></tr><tr><td /><td /><td>Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Immaterielle anlægsaktiver</td></tr><tr><td colspan="1">Udviklingsomkostninger og omkostninger til internt oparbejdede rettigheder indregnes i resultatopgørelsen som omkostninger i anskaffelsesåret.</td></tr><tr><td colspan="1">Aktiverede udviklingsomkostninger måles til kostpris med fradrag af afskrivninger eller til genindvingdingsværdi, såfremt denne er lavere.</td></tr><tr><td colspan="1">Efter færdiggørelsen af udviklingsarbejdet afskrives aktiverede udviklingsomkostninger over den vurderede økonomiske brugstid. Afskrivningsperioden udgør 3-5 år.</td></tr><tr><td colspan="1">Udviklingsomkostninger i balancen afholdt fra 1. januar 2016 indregnes i posten ”reserve for udviklingsomkostninger” under egenkapitalen. Reserven formindskes i værdi i takt med afskrivningerne.</td></tr><tr><td colspan="1">Afskrivningsperiode og restværdi revurderes årligt.</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 /><td /><td>Intangible assets</td></tr><tr><td /><td /><td>Development costs and costs relating to rights developed by the Company are recognised in the income statement as costs in the year of acquisition.</td></tr><tr><td /><td /><td>Capitalised development costs are measured at cost with deduction of accrued amortisation or at the recoverable value, if this is lower.</td></tr><tr><td /><td /><td>After completion of the development work, capitalised development costs are amortised on a straight line-basis over the estimated financial useful life. The amortisation period is 3-5 years.</td></tr><tr><td /><td /><td>Capitalised development costs in the balance sheet is from 1 January 2016 recognised in the financial statement line ”Reserve for development costs” in equity. The reserve will be reduced concurrently with the depreciation.</td></tr><tr><td /><td /><td>Depreciation period and residual value are reassessed annually.</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">Materielle anlægsaktiver</td></tr><tr><td colspan="2">Materielle anlægsaktiver måles til kostpris med fradrag af akkumulerede af- og nedskrivninger.</td></tr><tr><td colspan="2">Kostpris omfatter anskaffelsesprisen og omkostninger direkte tilknyttet anskaffelsen indtil det tidspunkt, hvor aktivet er klar til at blive taget i brug.</td></tr><tr><td colspan="2">Afskrivningsgrundlaget, der opgøres som kostpris reduceret med eventuel restværdi, fordeles lineært over aktivernes forventede brugstid, der udgør</td></tr><tr><td>Andre anlæg, driftsmateriel og inventar</td><td>3-5 år</td></tr><tr><td>Indretning af lejede lokaler</td><td>3-5 år</td></tr><tr><td colspan="2">Afskrivningsperiode og restværdi revurderes årligt.</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 /><td /><td>Property, plant and equipment</td></tr><tr><td /><td /><td>Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.</td></tr><tr><td /><td /><td>Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</td></tr><tr><td /><td /><td>Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are</td></tr><tr><td /><td /><td>Other fixtures and fittings, tools and equipment</td><td>3-5 years</td></tr><tr><td /><td /><td>Leasehold improvements</td><td>3-5 years</td></tr><tr><td /><td /><td>Depreciation period and residual value are reassessed annually.</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">Nedskrivning af anlægsaktiver</td></tr><tr><td colspan="1">Den regnskabsmæssige værdi af immaterielle og materielle anlægsaktiver gennemgås årligt for at afgøre, om der er indikation af værdiforringelse ud over det, som udtrykkes ved afskrivning.</td></tr><tr><td colspan="1">Hvis dette er tilfældet, udarbejdes en nedskrivningstest og aktivet nedskrives til den lavere genindvindingsværdi.</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 /><td /><td>Impairment of fixed assets</td></tr><tr><td /><td /><td>The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.</td></tr><tr><td /><td /><td>If so, an impairment test is prepared and the asset is written down to its lower 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">Kapitalandele i dattervirksomheder</td></tr><tr><td colspan="1">Kapitalandele i dattervirksomheder måles til kostpris. I tilfælde, hvor kostprisen overstiger genindvindingsværdien, nedskrives til denne lavere værdi.</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 /><td /><td>Investments in subsidiaries</td></tr><tr><td /><td /><td>Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, writedown is made to this lower value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Øvrige finansielle anlægsaktiver</td></tr><tr><td colspan="1">Øvrige finansielle anlægsaktiver omfatter deposita.</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 /><td /><td>Other fixed asset investments</td></tr><tr><td /><td /><td>Other fixed asset investments consist of deposits.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tilgodehavender</td></tr><tr><td colspan="1">Tilgodehavender måles i balancen til amortiseret kostpris eller en lavere nettorealisationsværdi, hvilket normalt udgør nominel værdi med fradrag af nedskrivning til imødegåelse af tab.</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 /><td /><td>Receivables</td></tr><tr><td /><td /><td>Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.</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">Igangværende arbejder for fremmed regning</td></tr><tr><td colspan="1">Igangværende arbejder for fremmed regning vedrørende serviceydelser måles til salgsværdien af det udførte arbejde opgjort på grundlag af færdiggørelsesgraden. Færdiggørelsesgraden opgøres som andelen af de afholdte kontraktomkostninger i forhold til kontraktens forventede samlede omkostninger. Når det er sandsynligt, at de samlede kontraktomkostninger vil overstige de samlede indtægter på en kontrakt, indregnes det forventede tab i resultatopgørelsen.</td></tr><tr><td colspan="1">Når salgsværdien ikke kan opgøres pålideligt, måles salgsværdien til medgåede omkostninger eller en lavere nettorealisationsværdi</td></tr><tr><td colspan="1">Modtagne acontobetalinger fragår i salgsværdien. De enkelte kontrakter klassificeres som tilgodehavender, når nettoværdien er positiv, og som forpligtelser, når nettoværdien er negativ.</td></tr><tr><td colspan="1">Omkostninger i forbindelse med salgsarbejde og opnåelse af kontrakter indregnes i resultatopgørelsen i takt med, at de afholdes.</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 /><td /><td>Contract work in progress</td></tr><tr><td /><td /><td>Contract work in progress regarding service is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognized as an expense in the income statement.</td></tr><tr><td /><td /><td>Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.</td></tr><tr><td /><td /><td>Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.</td></tr><tr><td /><td /><td>Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred.</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">Periodeafgrænsningsposter</td></tr><tr><td colspan="1">Periodeafgrænsningsposter indregnet som aktiver omfatter afholdte forudbetalte omkostninger vedrørende service kontrakter, forsikringspræmier, abonnementer og renter.</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 /><td /><td>Prepayments</td></tr><tr><td /><td /><td>Prepayments comprise prepaid expenses concerning service contracts, insurance premiums, subscriptions and interest.</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">Udskudte skatteaktiver og -forpligtelser</td></tr><tr><td colspan="1">Udskudt skat måles efter den balanceorienterede gældsmetode af midlertidige forskelle mellem regnskabsmæssig og skattemæssig værdi af aktiver og forpligtelser, opgjort på grundlag af den planlagte anvendelse af aktivet, henholdsvis afvikling af forpligtelsen.</td></tr><tr><td colspan="1">Udskudte skatteaktiver måles til den værdi, hvortil aktivet forventes at kunne realiseres, enten ved udligning i skat af fremtidig indtjening eller ved modregning i udskudte skatteforpligtelser inden for samme juridiske skatteenhed.</td></tr><tr><td colspan="1">Udskudt skat måles på grundlag af de skatteregler og skattesatser, der med balancedagens lovgivning vil være gældende, når den udskudte skat forventes udløst som aktuel skat. Ændring i udskudt skat, som følge af ændringer i skattesatser, indregnes i resultatopgørelsen eller i egenkapitalen, når den udskudte skat vedrører poster, der er indregnet i egenkapitalen.</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 /><td /><td>Deferred tax assets and liabilities</td></tr><tr><td /><td /><td>Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.</td></tr><tr><td /><td /><td>Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.</td></tr><tr><td /><td /><td>Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognized in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Aktuelle skattetilgodehavender og -forpligtelser</td></tr><tr><td colspan="1">Aktuelle skatteforpligtelser og tilgodehavende aktuel skat indregnes i balancen som beregnet skat af årets skattepligtige indkomst reguleret for skat af tidligere års skattepligtige indkomster samt for betalte acontoskatter. Tillæg og godtgørelse under acontoskatteordningen indregnes i resultatopgørelsen under finansielle poster.</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 /><td /><td>Current tax receivables and liabilities</td></tr><tr><td /><td /><td>Current tax liabilities and receivables are recognized in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the onaccount taxation scheme are recognised in the income statement in financial income and 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">Finansielle gældsforpligtelser</td></tr><tr><td colspan="1">Gældsforpligtelser måles til amortiseret kostpris, der i al væsentlighed svarer til nominel værdi.</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 /><td /><td>Financial debts</td></tr><tr><td /><td /><td>Debts are measured at amortised cost, substantially corresponding to nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Modtagne forudbetalinger fra kunder</td></tr><tr><td colspan="1">Modtagne forudbetalinger fra kunder udgøres af modtagne betalinger vedrørende indtægter i de efterfølgende regnskabsår.</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 /><td /><td>Prepayments received from customers</td></tr><tr><td /><td /><td>Prepayments received from customers comprises payments received in respect of income in subsequent periods.</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">Hoved- og nøgletal</td></tr><tr><td colspan="1">Forklaring af nøgletal</td></tr><tr><td colspan="1">Afkastningsgrad = Resultat før finansielle poster x 100 / Samlede aktiver</td></tr><tr><td colspan="1">Soliditetsgrad = Egenkapital ultimo x 100 / Samlede aktiver ultimo</td></tr><tr><td colspan="1">Forrentning af egenkapital = Ordinært resultat efter skat x 100 / Gennemsnitlig egenkapital</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 /><td /><td>Financial Highlights</td></tr><tr><td /><td /><td>Explanation of financial ratios</td></tr><tr><td /><td /><td>Return on assets =   Profit before financials x 100 / Total assets</td></tr><tr><td /><td /><td>Solvency ratio = Equity at year end x 100 / Total assets at year end</td></tr><tr><td /><td /><td>Return on equity = Net profit for the year x 100 / Average equity</td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup xWizard version 1.1.1038.0, by EasyX Aps. www.easyx.eu 2019-01-01 2019-12-31 Revisionspåtegning Jesper Eiby Christoffersen Jan Erik Lund Chairman Fredrik Christian Nilsson Carl Mattias Fyrenius Matti Zemack Bjarne Fog Corydon Resultat før finansielle poster -24696000 Resultat før finansielle poster -35266000 Resultat før finansielle poster -10057000 Resultat før finansielle poster 16818000 Resultat før finansielle poster 30196000 Resultat af finansielle poster -489000 Resultat af finansielle poster -718000 Resultat af finansielle poster -438000 Resultat af finansielle poster -214000 Resultat af finansielle poster -28000 Årets resultat -19686000 Årets resultat -28076000 Årets resultat -8201000 Årets resultat 12912000 Årets resultat 23503000 Balancesum 105167000 Balancesum 104643000 Balancesum 120528000 Balancesum 117866000 Balancesum 92796000 Egenkapital 26211000 Egenkapital 8897000 Egenkapital 25973000 Egenkapital 74317000 Egenkapital 61405000 Investering i materielle anlægsaktiver 540000 Investering i materielle anlægsaktiver 604000 Investering i materielle anlægsaktiver 514000 Investering i materielle anlægsaktiver 295000 Investering i materielle anlægsaktiver 692000 115 -0.337 0.085 -1.61 120 -0.083 0.215 -0.164 121 0.143 0.631 0.19 113 0.325 0.662 0.473 62528681 66180111 31614755 -35266185 100551 818418 -35984052 -7907734 -28076318 54184442 6800219 60984661 877347 92157 969504 1446194 529869 1976063 63930228 3113580 37069897 27000 0 1025955 41236432 41236432 105166660 126002 47999998 47250697 -69166188 26210509 4346390 4346390 5569184 5569184 43623826 2952379 0 9721459 906356 11836557 69040577 74609761 105166660 82204428 4737959 86942387 735165 179321 914486 1446194 579927 2026121 89882994 13151300 0 27000 661402 920298 14760000 14760000 104642994 126001 10999999 69726004 -71955399 8896605 9134654 9134654 1979243 1979243 47744813 2967827 368400 24410350 0 9141102 84632492 86611735 104642994 -19686096 -28076318 DK-2900 Hellerup Strandvejen 44 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Leif Ulbæk Jensen statsautoriseret revisor mne23327 Lone Vindbjerg Larsen statsautoriseret revisor mne34548 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab