Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2022-01-01 2022-12-31 2021-01-01 2021-12-31 26759722 GlobalConnect A/S Havneholmen 6, st. 2450 København SV 2002-08-20 København 77303000 www.globalconnect.dk EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg 2023-06-30 Rasmus Reichhardt Svendsen Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2023-06-30 2023-06-30 CaseWare Working Papers Copenhagen Monika Juul Henriksen CEO Hans Henrik Schibler Chairman Monika Juul Henriksen Jacob Zentio Larsen Rikke Skovsager Sångren Servais Cecilie Sell Vincent Sternkopf Copenhagen Karsten Bøgel State Authorised Public Accountant mne27849 914000000 867000000 676000000 510000000 624000000 355000000 367000000 370000000 351000000 336000000 181000000 Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) -38000000 17000000 29000000 -120000000 -109000000 -80000000 -77000000 -86000000 -96000000 -81000000 -83000000 -59000000 -55000000 Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax -83000000 -67000000 -62000000 5613000000 5035000000 4514000000 4204000000 3796000000 Fixed assets Fixed assets Fixed assets Fixed assets Fixed assets 553000000 665000000 670000000 603000000 442000000 Non-fixed assets Non-fixed assets Non-fixed assets Non-fixed assets Non-fixed assets 5184000000 4807000000 4238000000 1446000000 660000000 666000000 373000000 549000000 908000000 980000000 1274000000 4199000000 3670000000 3457000000 2957000000 2192000000 Non-current liabilities other than provisions Non-current liabilities other than provisions Non-current liabilities other than provisions Non-current liabilities other than provisions Non-current liabilities other than provisions 876000000 833000000 662000000 831000000 731000000 Current liabilities other than provisions Current liabilities other than provisions Current liabilities other than provisions Current liabilities other than provisions Current liabilities other than provisions 1.9 2.4 -0.3 2.3 3.7 56.8 58.6 55.8 72 52.5 29.5 32.1 38.4 38.8 26.8 EBITDA-margin EBITDA-margin EBITDA-margin EBITDA-margin EBITDA-margin -0.9 0 -0.8 0.4 0.9 63.1 79.8 101.2 72.6 60.5 Current ratio Current ratio Current ratio Current ratio Current ratio 15 18.1 17.5 20.4 30.1 -10.7 -9.4 -8.8 -5.9 -7.4 662 831 731 1241759000 1152739000 321650000 283486000 79805000 25452000 295246000 219176000 704668000 675529000 337928000 305106000 342926000 343003000 23814000 27420000 18161000 13446000 138444000 122184000 -96469000 -81318000 8299000 9981000 -104768000 -91299000 5046000 87992000 840101000 896062000 845147000 984054000 176831000 198060000 256090000 238004000 30908000 70106000 678139000 630171000 2442969000 1723070000 288035000 313338000 36236000 32588000 451994000 178166000 4361202000 3383503000 212548000 212548000 188149000 448014000 6070000 6647000 406767000 667209000 5613116000 5034766000 301616000 262946000 20968000 83510000 27586000 34200000 202650000 283846000 552820000 664502000 552820000 664502000 6165936000 5699268000 2325000 2325000 10046000 10593000 3902000 68634000 907096000 949495000 923369000 1031047000 161576000 153277000 6567000 11737000 168143000 165014000 313019000 290498000 66568000 9505000 3409167000 2980724000 5000000 34092000 405124000 354999000 4198878000 3669818000 88327000 81633000 9241000 90104000 161087000 210325000 187396000 35931000 0 54000 211799000 130271000 217696000 285071000 875546000 833389000 5074424000 4503207000 6165936000 5699268000 2325000 11140000 15930000 878468000 0 52704000 -144003000 203600000 547000 -547000 10883000 2325000 10593000 68634000 949495000 0 -64732000 -40070000 0 0 -2876000 547000 -547000 2325000 10046000 3902000 907096000 58966000 25452000 16339000 0 4500000 0 444044000 372108000 38224000 32714000 3682000 3414000 0 1000 148022000 103131000 337928000 305106000 576 497 59292000 70921000 283634000 272082000 342926000 343003000 17332000 10881000 712000 1930000 117000 635000 107170000 102700000 14218000 14021000 16352000 3824000 704000 1639000 0 54000 -670000 6182000 8969000 3745000 8299000 9981000 131003000 1112853000 394000 553000 -96912000 0 34485000 1113406000 43011000 216791000 2778000 56514000 -16350000 0 29439000 273305000 5046000 840101000 258606000 516087000 70106000 1060785000 2538921000 945531000 50763000 178166000 4202000 5543000 0 0 27524000 0 0 428000 0 22516000 23760000 94062000 465521000 11115000 11908000 817276000 0 0 0 0 0 0 0 0 0 900000 604000 0 10735000 3959000 0 0 0 24676000 -62354000 0 337086000 32407000 0 -543876000 262808000 567922000 30908000 1154847000 3358317000 985094000 62671000 451994000 0 0 0 0 13583000 0 0 0 0 0 -701000 0 0 0 0 0 12882000 0 60546000 278083000 0 829434000 632193000 18175000 0 25431000 33944000 0 101083000 68825000 8260000 0 0 -195000 0 -2287000 -3959000 0 0 85977000 311832000 0 928230000 697059000 26435000 0 176831000 256090000 30908000 678139000 2442969000 288035000 36236000 451994000 0 0 0 2430087000 0 0 0 384288000 212548000 448014000 6647000 0 93810000 0 0 353675000 577000 212548000 188149000 6070000 212548000 188149000 6070000 GlobalConnect Netz GmbH* Hamburg 100 274164 -17210 2325493 A 2325000 2325000 75809000 9241000 66568000 4913000 3502865000 93698000 3409167000 0 216799000 211799000 5000000 5000000 622820000 217696000 405124000 188393000 153277000 145913000 161576000 153277000 0 1004000 0 150714000 0 865000 0 -9086000 161576000 -865000 0 10645000 -64698000 52704000 -40070000 -144003000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of GlobalConnect A/S for the financial year 1 January - 31 December 2022. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholder of GlobalConnect A/S We have audited the financial statements of GlobalConnect A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the 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. Our objectives are to obtain reasonable assurance as to 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 the financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. GlobalConnect is an independent fiber infrastructure provider that offers efficient and secure data networking, data center solutions and cloud services. The digitalization, requirement for efficient communication and outsourcing trends within enterprise and public sector are continuously redefining how we work and have the potential to deliver immense benefits to society; via its network and data center infrastructure, GlobalConnect benefits from these underlying megatrends. GlobalConnect covers all of Denmark, Northern Germany, and parts of Sweden with more than 155,000 km of high-speed optical fiber network and more than 35,000 m2 of data centers. GlobalConnect also acts as a turnkey supplier of international lines and services via partnering with other telecommunication operators outside the Company’s own coverage area. The income statement for 2022 shows a loss of DKK 104,768 thousand against a loss of DKK 91,299 thousand last year, and the balance sheet at 31 December 2022 shows equity of DKK 923,369 thousand. In the annual report for 2021, Management expected financial growth, further developing market positions and realize identified synergies across country-/company-/ services within the Group. GlobalConnect's 2022 financial performance was in line with expectations with an increase in revenue of 8% and an increase in EBITDA of 11%, both the Board and Management consider it satisfactory. No ordinary dividend is proposed for 2022. The price level of GlobalConnect products is based on supply and demand of the Danish and international telecommunications and data markets and is not exposed to particular price-related risks. The majority of contracts cover a longer period of time than a single financial year. The main part of GlobalConnect's activities is settled in Danish currency (DKK), but due to activities abroad, the result, cash flow and equity are to some extent influenced by exchange and interest rate developments of the Euro, NOK, and SEK. GlobalConnect aims at applying the newest technologies and wants to encourage investments in the next generation of the IKT community through active participation in selected professional and industrial bodies and boards. GlobalConnect works together with research institutions and development companies in order to support the development of disciplines within the telecommunications and knowledge industry. This work has among other things led to cooperation with a number of foreign companies to intensify knowledge development and interest in innovation in Denmark. GlobalConnect continuously focuses on securing and developing its market position through controlled growth based on an increased focus on processes and improvement of operational efficiency. Such measures are expected to increase profitability and strengthen competitiveness. In the GlobalConnect Group, we continuously work to increase our range of products and services in order to improve customer satisfaction. Furthermore, we expect to order a build-out of data center facilities to meet the increasing demand. GlobalConnect will continue to improve support and product portfolio for our partners, improving their competitive edge. Data ethics Data ethics policy in 2022, the Company carried out initiatives to support our continued commitment to maintain strong data ethics. GlobalConnect recognizes that it has an obligation to ensure the protection of the rights and privacy of employees, customers, suppliers and partners when utilizing technologies for the processing of data. Therefore, a policy on data ethics guided by principles which supplements the Company’s general procedures and policies for processing of personal data is adopted in 2023. Statutory Statement on Social Responsibility GlobalConnect A/S' statutory statement on social responsibility cf. FSA §99a can be found in the parent company’s 2022 annual report on the following link: https://datacvr.virk.dk/enhed/virksomhed/26759722?fritekst=globalconnect&sideIndex=0&size=10 GlobalConnect aims to be a workplace with equal opportunities and has included in its policies regulations to prevent discrimination regarding salary, promotion and recruiting. A key management target is for GlobalConnect to be a “preferred place to work”. Key elements in this effort are management focus, leadership, employee-involvement, employee satisfaction, motivation and developing employee competence. GlobalConnect makes it possible for all employees to develop their competences to make a difference through their personal commitment and diversity. We strive to find a reasonable work-life balance and strive to ensure equal rights for everybody, regardless of gender, ethnic background, physical performance etc. The total number of Danish employees was 657 on 31 December 2022 (2021: 530) with a gender split of 24,5 % women and 75,5 % men. We base all decisions for employment, promotion, dismissal, wages, and other work conditions on relevant and objective criteria. Gender diversity starts at the top. At GlobalConnect, we believe different perspectives help us evolve as a company and as human beings. Gender diversity is one of the ways to attain diversity and one that we can measure. Across the Group, the gender split among employees was 25% women and 75% men in 2022 with a target of 30/ 70. We will continue to improve that ratio by creating processes and procedures that will help us become even more objective in our internal and external recruitment. Our gender ratio of women in the Executive Leadership Team of GlobalConnect Group has decreased slightly from 42% in 2021 to 38% in 2022. GlobalConnect aims at getting 50% women in the Executive Leadership Team by 2025, provided that best-qualified persons, irrespective of gender, ethnic background, citizenship, physical performance etc., are available for the position. The Board of Directors in GlobalConnect A/S consists of five members, of which 2 are employee representatives, both women. The gender distribution among the general elected members are 2 men and 1 woman, thus we have an equal gender distribution, cf. the Danish Business Authorities. GlobalConnect aims at any time to have positions filled with the best-qualified persons, irrespective of gender, ethnic background, citizenship, physical performance etc. Representation will follow qualification. We aim to make sure that applicants apply for any position on equal terms. To increase the number of women in top management, we always aim for one of the candidates in the recruitment process to be female. No events have occurred after the balance sheet date which could significantly affect the assessment of the Company’s financial position. GlobalConnect will continuously focus on providing efficient and secure data networking and growth, and in 2023 we expect the financial performance to increase compared to 2022. At the same time, we keep pursuing exciting and innovative opportunities and will keep recruiting and retaining best-in-class talent carrying our shared Group values. GlobalConnect expects growth in revenue as well as EBITDA in the range of 5-10%. The annual report of GlobalConnect A/S for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities. In accordance with section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are reflected in the consolidated cash flow statement for the ultimate parent company Nordic Connectivity AB. Reporting currency The financial statements are presented in Danish kroner (DKK'000). Intra-group business combinations Effective 01 January 2021, the Company merged with its wholly-owned subsidiary, GlobalConnect NN A/S, and with its indirect subsidiary, Zen Systems A/S, which is a wholly-owned subsidiary of GlobalConnect NN A/S, through an intra-group business combination wherein GlobalConnect A/S is identified as the continuing company. The merger has been accounted for in accordance with the group method, wherein the financial statements of the combined entities were presented as if they had been always combined. Accordingly, on 01 January 2021, the merger has resulted for the recognition of acquired goodwill amounting to DKK 927.499 thousand and excess of fair value over the book value of certain property, plant and equipment amounting to DKK 87,026 thousand due to the purchase price allocation during GlobalConnect NN A/S acquisition in 2018. The merger has affected equity by DKK 466,483 thousand corresponding to the net assets of the merged subsidiaries less net book value of the investments at the time of the acquisition in 2018, amortization of goodwill from acquisition date, depreciation of the PPA related fair value increase of the property, plan and equipment from acquisition date and the related deferred tax impact of such depreciation expense. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IFRS 15 "Revenue from contracts with customers" as interpretation for revenue recognition. On the conclusion of sales contracts which consist of several, separate sales transactions, the contract price is split up into the individual sales transactions based on the relative fair value approach. The separate sales transactions are recognised as revenue when the criteria for sale of goods, services or construction contracts are met. Income from the sale of goods, including income from fibres, rights to use, etc. is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery. Income from the sale of services, which include service contracts to products and services sold, is recognised on a straight-line basis as the services are rendered. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income is recognized to the extent that it is probable that the economic benefits will flow to the Group and the income can be reliably measured, regardless of when the payment is received. Income is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties. Cost of sales comprise costs incurred in generating the year's revenue. Such costs include direct and indirect costs related to fibres, raw materials and consumables. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. Within the Group, there has been established a Long-term Incentive program (LTIP). The ultimate parent company Nordic Connectivity AB has the obligation to make a cash payment to the employees. The employees are employed in different subsidiaries, and GlobalConnect A/S has no obligation to settle the transaction and therefore, accounts for the transaction as equity-settled award, recognizing a staff cost and a corresponding credit in equity as a contribution from its parent. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment. The cost net of the expected residual value for completed development projects and acquired IP rights is amortised over the expected useful life. Acquired IP rights include patents, rights and licences. The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Completed development projects 5 years Goodwill 20 years Rights and licenses 3 years Goodwill is measured as the difference between cost of the investments and the pro rata share of the fair value of the assets and liabilities acquired and measured at fair value on the date of acquisition. Goodwill is amortized straight-line over its estimated useful life, which is fixed based on the experience gained by management for each business area. The amortization period is usually 5 years; however, in certain cases it may be up to 20 years for strategically acquired enterprises with a strong market position and a long-term earnings profile if the longer amortization period is considered to give a better reflection of the benefit from the relevant resources. Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Buildings 20 years Facility Housing 3-15 years Fibre/ducts 30-40 years Fixtures and fittings, other plant and equipment 3-10 years Leasehold improvements 10 years Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Land is not depreciated. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, e.g. from group entities and associates, declared dividends from other securities and investments, financial expenses relating to finance leases, realised and unrealised capital gains and losses relating to other securities and investments, exchange gains and losses and amortisation of financial assets and liabilities. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Other intangible assets include development projects and other acquired intangible rights, including software licences, distribution rights and development projects. Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred. Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is 5 years. Licenses are measured at cost less accumulated amortisation and impairment losses. Licenses are amortised over the term of the license, however not exceeding 15 years. Development costs and internally accumulated rights are recognised in the income statement as costs in the year of acquisition. Gains and losses on the sale of intangible assets are recognised in the income statement under "Other operating income" or "Other operating expenses", respectively. Gains and losses are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IFRS 16 "Leases" as interpretation for classification and recognition of leases. The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Company applies the low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on leases of low value assets are recognised as expense on a straight-line basis over the lease term. Investments in group entities and associates are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value. Gains and losses on disposal of group entities and associates are made up as the difference between the sales price and the carrying amount of net assets at the date of disposal including non-amortised goodwill and anticipated costs of disposal. Gains or losses are recognised in the income statement as financial income or financial expenses. The carrying amount of intangible assets, property, plant and equipment and investments in group entities and associates is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Treasury shares Purchases and sales of treasury shares are taken directly to equity under "Retained earnings". Revaluation reserve The reserve comprises revaluations of property, plant and equipment/investments in group entities and associates relative to cost net of deferred tax. The revaluation reserve is reduced by the depreciation charges relating to the revaluation. Reserve for development costs The reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Deferred income Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The allocation of revenue to activities and geographical markets is disclosed where these activities and markets differ significantly in the organisation of sales of goods and services. The financial ratios stated under "Financial highlights" have been calculated as follows: Operating profit/loss Profit/loss before net financials +/- Other operating income and other operating expenses Operating margin Operating profit/loss (EBIT) x 100 Revenue Gross margin Gross profit/loss x 100 Revenue EBITDA-margin Earnings before interest, taxes and amortisations (EBITDA) x 100 Revenue Return on assets Profit/loss from operating activites x 100 Average assets Current ratio Current assets x 100 Current liabilities Equity ratio Equity, year-end x 100 Total equity and liabilities, year-end Return on equity Profit/loss after tax x 100 Average equity The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal to related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below. The judgments, estimates, and assumptions made are based on historical experience and other factors that Management considers to be reliable, but which by their very nature are associated with uncertainties and unpredictability. These assumptions may prove incomplete or incorrect, and unexpected events or circumstance may arise. The most critical judgments, estimates and assumptions for the individual items are described below. Critical accounting estimates Critical accounting estimates are expectations of the future based on assumptions, that to the extent possible are supported by historical trends or reasonable expectations. The assumptions may change to adapt to the market conditions and changes in economic factors, etc. The Company believes that the estimates are the most likely outcome of future events. Impairment Considerations of Goodwill, Intangible assets, Property, Plant and Equipment and Right of Use Assets The Company assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. For the year ended 31 December 2022, the Company has assessed that there were no indications that its goodwill, intangible assets, property, plant and equipment, and right of use assets. Accordingly, no impairment tests were performed. Leases In applying IFRS 16, the Company makes significant judgements in the following areas: Determination whether a contract is, or contains a lease: In assessing whether a contract is, or contains a lease, the Company has assessed whether the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. This assessment has required significant judgements for fibre optic cable arrangements, capacity, colocation leases and leases of data centres. The Company has identified lease contracts relating to network equipment (e.g. dark fiber, IRU and ducts), technical and non-technical space, equipment and cars. A capacity portion or other portion of an asset that is not physically distinct (e.g. a capacity portion of a fibre optic cable, including internet/broadband services) is not considered an identified asset unless it represents substantially all the capacity of the entire asset and thereby provides the customer with the right to obtain substantially all of the economic benefits from use of the asset. The Company has concluded that such capacity arrangements represent the delivery of services from a supplier to the customer and are not accounted for in accordance with IFRS 16. Colocation leases and leases of data centres are considered leases in the scope of IFRS 16 if the customer has the right to a defined space or equipment and controls the use of this space/equipment. Determination of the lease term, the Company as a lessee: The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). When evaluating whether the Company is reasonably certain to exercise a renewal option or not to exercise a termination option the Group considers factors such as business model (e.g. the importance of the asset to the underlying business) and the availability of alternative assets etc. These judgements are especially relevant to the Group’s fibre and data center/ colocation leases. Classification of operating vs. finance leases, the Company as a lessor: For agreements where the Group acts as a lessor, the Group classify its leases as either operating or finance leases. If the Group transfers substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee, the lease is classified as a finance lease. All other leases are classified as operating leases. The Group especially applies judgements in assessing its long term IRUs (Indefeasible Right of Use). Unless the lease term is for the major part of the economic life of the underlying fiber and/or title of the fiber is transferred, the Group generally assess such leases as operating. Subleases where the Group is the intermediate lessor, are considered finance leases when the head lease and the sublease have corresponding or similar lease terms. The Company has recognized lease liabilities amounting to DKK 401,346 thousand and DKK 372,131 thousand as at 31 December 2022 and 2021, respectively. Rights of use assets amounted to DKK 384,288 thousand and DKK 359,442 thousand as at 31 December 2022 and 2021, respectively, and is shown in Note 13. Revenue from Contracts with Customers In relation to IFRS 15 Revenue from contract with customers, the Group applies the following significant judgements: Identifying performance obligations - connection fees In many of the Company’s revenue contracts, the customer pays an upfront fee at contract inception, which may relate to the initiation, or set-up of the connection to be used for delivering the interlinked future internet and fibre services. When the title of the network is not transferred to the customer and when there is a two-way dependency between the connection and the subsequent services, connection fees are not considered to constitute a separate performance obligation. Hence, any consideration for connection fees is recognized over time together with delivery of recurring services. Deferred income related to considerations recognized over time amounted to DKK 622,820 thousand and DKK 640,070thousand as at 31 December 2022 and 2021, respectively. No events have occurred after the balance sheet date which could significantly affect the assessment of the Company’s financial position. Breakdown of revenue by business segment: Datacom 964,918 805,387 Digital Solutions 276,841 347,352 1,241,759 1,152,739 Breakdown of revenue by geographical segment: Domestic 963,516 921,676 Abroad 278,243 231,063 1,241,759 1,152,739 Audit fees are not disclosed with reference to section 96(3) of the Danish Financial Statements Act. The fee is specified in the consolidated financial statements of Nordic Connectivity AB. Total remuneration to the Executive Board for 2022 : DKK 2,172 thousand (2021: DKK 2,376 thousands). The Company does not explicitly pay for participation in Board of Directors. Management has estimated that in total DKK 250 thousand relates to participation in Board of Directors for 2022 (2021: DKK 250 thousand). Within the Group, there has been established a long-term incentive program (LTIP). For Denmark, the LTIP includes the CEO and senior management. The parent company Nordic Connectivity AB has the obligation to make the cash payments to the employees. The employees are employed in the different subsidiaries, and the subsidiaries have no obligation to settle the transaction. Because GlobalConnect A/S has no obligation to settle the transaction, the transaction is accounted as an equity-settled award, recognizing a staff cost and a corresponding credit in equity as a contribution from its parent. In 2022, the Group has allocated a calculated incentive cost of DKK 6.6 million to GlobalConnect A/S and has adjusted the obligation due to the significant number of resigned eligible employees by DKK 9.4 million. The net impact is recognized under “Wages/salaries” in the income statement and is shown as a decrease of DKK 2.8 million in equity as a separate line item in statement of changes equity as Contribution from group. Completed development projects The systems are undergoing constant development to meet the increasing demand for data transparency from users, Management and owners and is already contributing to optimising administrative routines, enhancement of data and cost savings. The system is already now considered an essential management tool in the organisation. The development costs are amortised over 5 years, which in Management’s view is the minimum lifetime of the system. In 2022, re-classification of development projects capitalized in 2021 has been identified. Certain completed development projects from 2021 amounting to DKK 80.562 thousand, net of amortization expense, have been re-classified and recognized as Fibre/Ducts under Property, Plant and Equipment. The comparative figures for Fibre/Ducts under Property, Plant and Equipment and Completed Development Projects under Intangible assets in the financial statements were not corrected since the reclassification only impacts the reclassification between noncurrent asset accounts. No other re-classifications was identified nor changes to the comparative figures for the financial statement *Based on unaudited financial statements as at 31 December 2022. Prepayments include accrual of expenses relating to subsequent financial years. Other taxable temporary differences primarily consist of excess of fair vale over book value of assets acquired during business combinatiion, leases and deferred income. This amount consists primarily of payments received from customers, which cannot be recognised as revenue until subsequent financial years. Other contingent liabilities Guarentees to third parties 17,849 18,209 17,849 18,209 The Company is jointly taxed with its parent, GlobalConnect Invest DK A/S, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year 2018 onwards as well as withholding taxes on interest, royalties and dividends falling due for payment. The Company is party to a few pending legal actions. In Management's opinion, the outcome of these legal actions will not affect the Company's financial position apart from the receivables and payables recognised in the balance sheet at 31 December 2022. Parties exercising control Related party Domicile Basis for control GlobalConnect Invest DK A/S Copenhagen, Denmark Principal shareholder Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Nordic Connectivity AB Uppsala, Sweden 753 81 Uppsala, Sweden Related party transactions GlobalConnect A/S was engaged in the below related party transactions: DKK'000 2022 2021 Sales to Group entities 38,986,195 22,618,134 Purchases from Group entities 25,551,303 30,925,312 Service/administration charges to Group entities -93,109,644 -96,104,122 Service/administration charges from Group entities 106,000,345 95,024,880 Payables to Group companies 183,054,531 582,070,587 Receivables from Group Companies 606,014,354 1,138,130,137 Interest paid to Group entities 84,717,869 75,305,119 Interest received from Group entities 8,248,032 10,880,771 Outstanding loan to Group entities 3,380,686,628 2,858,548,276 The Company’s related parties having a significant influence comprise subsidiaries and associates as well as the companies’ Boards of Directors, Board of Executives and executive officers and their relatives. Related parties include also companies in which the above-mentioned group of persons has material interests. GlobalConnect Group Holding AB have declared not to recall the intra-group balance of DKK 2,436 million until GlobalConnect A/S has the liquidity to do so and, if necessary, provide additional liquidity in order for GlobalConnect A/S to meet its financial obligations and thereby ensuring GlobalConnect A/S' continued operation up to and including 1 January 2024. GlobalConnect Invest DK A/S has declared not to recall the intra-group balance, at least until 31 December 2023. 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