76474710 2023-01-01 2023-12-31 76474710 2022-01-01 2022-12-31 76474710 2023-12-31 76474710 2022-12-31 76474710 2021-12-31 fsa:ContributedCapitalMember 76474710 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 76474710 2022-12-31 fsa:ContributedCapitalMember 76474710 2021-12-31 fsa:RetainedEarningsMember 76474710 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 76474710 2022-12-31 fsa:RetainedEarningsMember 76474710 2021-12-31 76474710 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 76474710 2023-12-31 fsa:ContributedCapitalMember 76474710 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 76474710 2023-12-31 fsa:RetainedEarningsMember 76474710 2023-01-01 2023-12-31 1 76474710 2023-01-01 2023-12-31 1 76474710 2023-01-01 2023-12-31 2 76474710 2023-01-01 2023-12-31 3 76474710 2023-01-01 2023-12-31 1 iso4217:DKK xbrli:pure Doms ApS Formervangen 28 2600 Glostrup 43 29 94 00 Glostrup 76474710 We have on this day presented the annual report for the financial year 01.01.23 - 31.12.23 forDOMS ApSThe annual report is presented in accordance with the Danish Financial Statements Act(Årsregnskabsloven).In our opinion, the financial statements give a true and fair view of the company's assets,liabilities and financial position as at 31.12.23 and of the results of the company's activitiesfor the financial year 01.01.23 - 31.12.23.We believe that the management's review includes a fair review of the matters dealt with inthe management's review.The annual report is submitted for adoption by the general meeting. Glostrup, James Benjamin Richard Gale James Benjamin Richard Gale Stuart Linton Graham Tuomas Johannes Gustafsson Chairman To the shareholder of DOMS ApS We have audited the financial statements of Doms ApS for the financial year 1 January - 31 December 2023, which comprise a summary of significant accounting policies, income statement, balance sheet and notes, for the Company. The financial statements are prepared under 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 2023, and of the results of the Company's operations for the financial year 1 January - 31 December 2023 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the 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 about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 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. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the financial statements does not cover 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 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.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that 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 Management’s Review. Copenhagen, Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab 15915641 Mads Kokholm statsautoriseret revisorPublic Accountant mne35395 FINANCIAL HIGHLIGHTSKey FiguresKey Figures in DKK '000 2023 2022 2021 2020 2019Profit/lossGross Profit 101,366 69,615 75,521 76,102 78,360Index129 89 96 97 100Operating Profit 51,311 15,734 23,284 20,157 19,168Index268 82 121 105 100Total net financials 2,662 -4,077 4,203 737 -680Index-392 600 -618 -108 100100Profit before tax 53,973 11,657 27,487 20,894 15,302Index353 76 180 137 100Profit for the year 42,059 8,290 21,406 16,127 11,808Index356 70 181 137 100BalanceTotal assets 153,744 146,161 144,826 126,162 97,078Investments in property, plant 0 0 0 0 0and equipmentIndexEquity 114,612 116,554 109,669 88,263 61,433Ratios2023 2022 2021 2020 2019ProfitabilityReturn on equity 37% 7% 22% 22% 21%Equity RatioEquity ratio 75% 80% 74% 67% 63%OthersNumber of employees( average) 75 76 76 82 86The financial ratios stated under "Financial highlights" have been calculated as follows:Profit/loss for the year x100Return on equity Average equityEquity ratioEquity, end of year x 100Total assetsDevelopment in activities and financial affairsThe income statement for the period 01.01.23 - 31.12.23 shows a gross profit of DKK 101,416 thousand against DKK 70,785 thousand for the period 01.01.22-31.12.22, an operating profit of DKK 49,508 thousand against 15,734 thousand for the period 01.01.22-31.12.22 and a profit of DKK 42,059 thousand against DKK 8,290 thousand for the period 01.01.22-31.12.22. The balance sheet shows equity of DKK 114,612 thousand.Management consider the 2023 performance to be extraordinary and significantly above the expected gross profit of DKK 72-75 million and operating profit of DKK 20-22 million as communicated in the annual report for 2022. The extraordinary development is due to large order backlog going into 2023 and increased production capacity enabling us to fulfil this large backlog and additional orders taken in 2023. In particular we see strong sales into Western Europe region for customer projects and additionally increase sales volume in South East Asia.OutlookManagement expects the company in 2024 will be generating an expected gross profit of 36-40m DKK and operating profit of 20-25m DKK. Business model for PSS selling activity has changed since December 2023 where the distribution has now moved to Gilbarco GmbH in Germany. The impact of this change has reduced the overall revenue in DOMS ApS for PSS products however the lost of sales will be compensated via royalty payments from Germany.Knowledge resourcesIt is essential to the company's continued development that it can attract and retain highly qualified staff, including engineers and technicians with expertise in the area of hardware and software development as well as project management.The introduction of new regulations and executive orders in the industry calls for ongoing staff training. Therefore, the company currently arranges a number of training sessions for the employees.Financial risksThe company is not exposed to risks beyond those risks that are common in the Company’sbusiness sector.External environmentThe company is eco-concious and is making an ongoing effort to reduce the environmentalimpact of its operations. Also, though regular training and dissemination of information to allemployees, the company seeks to foster a responsible and reasonable attitude to theenvironment as well as security issues.Research and development activitiesThe company has no R&D expenses which fulfil the criteria for capitalisation were incurredin the year under review.Subsequent eventsNo important events have occurred after the end of the financial year. Primary activitiesDoms ApS' ('the Company's') primary activities relate to the sale, installation and service offuel retail equipment.In Denmark, the Company's main activity consists of technical service and installations tocustomers in the fuel retail industry and the supply of related equipment.Internationally, the company's main activity consists in the supply and sale of electronicssystems for forecourt management at fuel retailers (PSS 5000). 101366000 69615000 49956000 54922000 99000 128000 0 0 51311000 15734000 -273000 -3567000 3553000 2737000 617000 3247000 53973000 11657000 11915000 3368000 42059000 8290000 0 99000 0 99000 6863000 7136000 53309000 53897000 60172000 61033000 60172000 61132000 4581000 3086000 1462000 2220000 6043000 5306000 24463000 24756000 61290000 44190000 0 307000 1776000 10470000 87529000 79724000 93573000 85030000 153744000 146161000 5000000 5000000 109612000 111554000 114612000 116554000 45000 64000 45000 64000 105000 159000 12843000 14727000 9428000 2587000 9273000 4401000 7438000 7669000 39087000 29543000 39087000 29543000 153744000 146161000 5000000 103264000 108264000 0 8290000 5000000 111554000 -44000000 -44000000 -44000000 -44000000 0 42059000 5000000 153612000 1. Staff costsWages and salaries 44,618 48,606Pension 3,464 3,349Other social security 1,874 1,798Total 49,956 53,753 75 76 Salaries for the executive board 993 616The executive board and the board of directors are not salaried from DOMS Aps and areemployees under contracts in Sweden, Finland and UK. Their salaries are recharged proportionately based on the split of their time between the entities they are responsible for. 2. Financial incomeInterest, group enterprises 1,595 1,603Foreign currency translation adjustments 75Foreign exchange gains 340 839Other financial income 1,543 295Total 3,553 2,737 3. Financial expensesInterest, group enterprises 0 38Other interest expenses 202 1,068Foreign exchange losses 416 2,141Other financial expenses 617 3,209Total 617 3,247 4. Tax on profit for the yearCurrent tax for the year 11,977 3,327Adjustment of tax for previous years -43 0Adjustment of deferred tax for the year -19 41Total 11,915 3,368 44000000 -1941000 8290000 6. Property , plant and equipmentOther fixturesand fittingsLeasehold Plant and tools andFigures in DKK '000 improvements Machinery equipmentCost as at 01.01.23 1,436 1,620 3,450Cost as at 31.12.23 1,436 1,620 3,450Depreciation and impairmentlosses as at 01.01.23 -1,436 -1,620 -3,351Depreciation during the year 0 0 -99Depreciation and impairment -1,436 -1,620 -3,450losses as at 31.12.23Carrying amount as at 31.12.23 0 0 0 7. Equity investments in group enterprisesEquity investments in Figures in DKK '000 group enterprisesCost as at 01.01.23 50,344Cost as at 31.12.23 50,344Impairment as at 01.01.23 -43,208Impairment during the year -273Impairment as at 31.12.23 -43,481Carrying amount as at 31.12.23 6,863Net profitloss for the RecognisedOwnership Equity year valueName and registered office Intrest DKK '000 DKK '000 DKK '000SubsidiariesDoms Metrology ApS Glostrup 100% 989 642 0Odysii Tecnologies Ltd TelAviv. Isreal 100% 0 0 6,863Odysii Technologies Ltd.: The statutory financial statements are not made available to thepublic, hence the company does not disclose result and equity of the investment inaccordance with section 97a(3) of the Danish Financial Statements Act.The company has issued a letter of financial support to its fully owned subsidiary, DomsMetrology ApS, wherein the company has committed itself to satisfy upon written request ofDoms Metrology ApS all of the company's liabilities upon maturity to the extent necessary inorder to eliminate any over-indebtness or to avoid insolvency of the subsidiary, at leastthrough 31 December 2025.Management has as applicable for investment where impairment indicators are present,prepared an impairment test and thereby calculated the recoverable amount of theCompany's respective investment.The impairment method used is based on the expected net cash flows, which are based on the historical average annual cash flow for 2019-2023, and a discount factor of financial reporting as of 11.9%.The impairment test resulted in an impairment of DKK 273 thousand. 8. Recievables from group enterprisesThe Company is part of the cash-pool corporate scheme. Consequently the cash position of DKK25,104,053 held by the Company at 31 December 2023 (2022: 20,038,217) is reflected within receivables from group enterprises.Recievables from Figures in DKK '000 group enterprisesCost as at 01.01.23 51,751Currency translation adjustment 1,558Cost as at 31.12.23 53,309Carrying amount as at 31.12.23 53,309Recieveables from group enterprises are due after 5 years from the balance sheet date.9. Recievables from group enterprisesThe Company is part of the cash-pool corporate scheme. Consequently the cash position of DKK25,104,053 held by the Company at 31 December 2023 (2022: 20,038,217) is reflected within receivables from group enterprises. 10. PrepaymentsPrepaid lease payments 392 443Other prepayments 1,385 10,027Total 1,777 10,470Other prepayments include supplier deposits, prepaid expenses relating to rent, subscriptions and membership dues. 11. Deferred taxDeferred tax as as 01.01.23 64 23Deferred tax recognised in the income statement -19 41Deferred tax as at 31.12.23 45 64 12. Contingent liabilitiesLease commitmentsRent and lease liabilities include a rent obligation totalling DKK 3,668 thousand (2022 DKK5,284 thousand) in non terminable rent agreements. Furthermore the company has liabilitiesunder operating leases for cars and contingent liabilities, totalling DKK 8,154 thousand (2022DKK 2,213 thousand)Other contingent liabilitiesJoint taxationAt 31 December 2023, the company is jointly taxed with Doms Metrology ApS. Doms ApS isthe ‘tax administration' company (Administrationsselskab) for the Danish joint taxation.The company is jointly and severally liable for tax on the jointly taxed incomes etc. of theGroup. Moreover, the group companies are jointly and severally liable for Danish withholdingtaxes by way of dividend tax, tax on royalty payments and tax on unearned income. Anysubsequent adjustments of corporation taxes and withholding taxes may increase theCompany’s liability. 13. Charges and securityThe company has not provided any security over assets 14. Related partiesControlling influence Basis of influenceGGC International III Ltd. USA Ownership of shares2023Transactions Relation DKK'000Sales to related parties, included in gross Group companies 48,883profitPurchases from related parties, included in gross profit Group companies 39,191Net interests included in Financial income/expenses Group companies 1,595Remuneration for the management and board of directors is specified in note 1. Staff costs31.12.23Balances DKK '000Recievables from group enterprises 114,599Payables to group enterprises 9,428The company is included in the consolidated financial statements of Vontier, Raleigh, NorthCarolina, United States. Requisition of the patents consolidated financial statements at:https://s23.q4cdn.com/176362927/files/doc_financials/2023/ar/2023-12-31-10k-vf-002.pdf 15. Events after the balance sheet date.No events have occurred after the balance sheet date which could significantly affect the company's financial position. The annual report is presented in accordance with the provisions of the Danish FinancialStatements Act (Årsregnskabsloven) for medium-sized enterprises in reporting class C.The item “Staff costs” has been reclassified so that certain types of expenses previously recognised under “Staff costs” will, in the future, be recognised under the item “Other external charges”.The change in classification has no effect on the net profit or loss for the year, nor on the statement of financial position, neither for the current financial year, nor the previous financial year. The comparative figures have been adjusted in accordance with the reclassification.Except for the above, the accounting policies used in the preparation of the financial statements are consistent with those of last year.Basis of recognition and measurementIncome is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairmentlosses and write-downs, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefitswill flow to the company, and the value of such assets can be measured reliably. Liabilitiesare recognised in the balance sheet when it is probable that future economic benefits willflow from the company, and the value of such liabilities can be measured reliably. On initialrecognition, assets and liabilities are measured at cost. Subsequently, assets and liabilitiesare measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arisingbefore the date at which the annual report is presented and proving or disproving mattersarising on or before the balance sheet date.CurrencyThe annual report is presented in Danish kroner (DKK).On initial recognition, transactions denominated in foreign currencies are translated usingthe exchange rates applicable at the transaction date. Exchange rate differences betweenthe exchange rate applicable at the transaction date and the exchange rate at the date ofpayment are recognised in the income statement as a financial item. Receivables, payablesand other monetary items denominated in foreign currencies are translated using theexchange rates applicable at the balance sheet date. The difference between the exchangerate applicable at the balance sheet date and at the date at which the receivable or payablearose or was recognised in the latest annual report is recognised under financial income orexpenses in the income statement.Fixed assets, inventories and other non-monetary assets acquired in foreign currencies aretranslated using historical exchange rates.Leases The company has chosen IAS 17 as interpretation for classification and recognition of leases.At their initial recognition in the statement of financial position, leases concerning property, plant, and equipment where the company holds all essential risks and advantages associated with the proprietary right (finance lease) are measured either at fair value of the asset being leased or at the present value of the future lease payments, whichever value is lower. When calculating the present value, the discount rate used is the internal rate of return of the lease or, alternatively, the borrowing rate of the enterprise. Hereafter, assets held under a finance lease are treated in the same way as other similar property, plant, and equipment.The capitalised residual lease commitment is recognised in the statement of financial position as a liability other than provisions, and the interest part of the lease is recognised in the income statement for the term of the contract.All other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc.Income statementGross profitGross profit comprises revenue, change in inventories of finished goods and work inprogress, other operating income, raw materials and consumables and cost of sales andother external expenses.RevenueThe company has chosen IAS 11/ IAS 18 as interpretation for revenue recognition.Income from the sale of goods is recognised in the income statement if delivery has takenplace and the risk has passed to the buyer before the end of the financial year and where theselling price can be determined reliably and is expected to be paid.Income from the sale of services, which include service contracts, is recognised in revenueon a straight-line basis as the services are rendered, as the services are provided in the formof an indefinite number of actions over a specified period of timeRevenue is measured at fair value of the agreed consideration exclusive of VAT and taxescharged on behalf of third parties. All discounts and rebates granted are recognised inrevenue.Change in inventories of finished goods and work in progressChange in inventories of finished goods and work in progress comprises adjustments ininventories of finished goods and work in progress for the year, including write-downs ofinventories of finished goods and work in progress to the extent that these do not exceednormal write-downs.Other operating incomeOther operating income comprises income of a secondary nature in relation to theenterprise’s activities, including rental income, and gains on the sale of intangibleassets and property, plant and equipmentCosts of raw materials and consumablesCosts of raw materials and consumables comprise raw materials and consumables used forthe year as well as any changes in inventories, including any inventory wastage.Write-downs of inventories of raw materials and consumables are also recognised under rawmaterials and consumables to the extent that these do not exceed normal write-downs.Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes ininventories, including write-downs to the extent that these do not exceed normal writedowns.Other external expensesOther external expenses comprise costs relating to distribution, sales and advertising and administration,premises and bad debts to the extent that these do not exceed normal writedowns.Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members.Depreciation and impairment lossesThe depreciation of property, plant and equipment aim at systematic depreciation over theexpected useful lives of the assets. Assets are depreciated according to the straight-linemethod based on the following expected useful lives and residual values:Useful Residuallives valueyears per centLeasehold improvements 3-10 0Plant and machinery 5 0Other plant, fixtures and fittings, tools and equipment 3-5 0The basis of depreciation is the cost of the asset less the expected residual value at the endof the useful life. Moreover, the basis of depreciation is reduced by any impairment losses.The useful life and residual value are determined when the asset is ready for use andreassessed annually.Property, plant and equipment are impaired in accordance with the accounting policiesreferred to in the ‘Impairment losses on fixed assets’ sectionOther operating expensesOther operating expenses comprise costs of a secondary nature in relation to theenterprise’s activities, including costs relating to rental activities and losses on the sale ofintangible assets and property, plant and equipment.Income from equity investments in group entreprisesDividends from equity investments in group enterprises, which are measured at cost, arerecognised in the income statement in the financial year when the dividends are declared.Other net financialsInterest income and interest expenses, foreign exchange gains and losses on transactionsdenominated in foreign currencies etc. are recognised in other net financials.Impairment of investments in group enterprises and reversal of prior year's impairment ofinvestments in group entities are accounted for in the income statement line item ‘Financialincome/expenses’Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax onthe profit/loss for the year with the portion attributable to the profit/loss for the year, anddirectly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises.In connection with the settlement of joint taxation contributions, the current Danish incometax is allocated between the jointly taxed enterprises in proportion to their taxable incomes.This means that enterprises with a tax loss receive joint taxation contributions fromenterprises which have been able to use this loss to reduce their own taxable profit.Balance SheetProperty, plant and equipmentProperty, plant and equipment comprise leasehold improvements, plant and machinery aswell as other fixtures and fittings, tools and equipment.Property, plant and equipment are measured in the balance sheet at cost less accumulateddepreciation and impairment losses.Cost comprises the purchase price and expenses resulting directly from the purchase untilthe asset is ready for use. Interest on loans arranged to finance production is not included inthe cost.Property, plant and equipment are depreciated using the straight-line method based onuseful lives and residual values, which are stated in the ‘Depreciation and impairmentlosses' section.Gains and losses on the disposal of property, plant and equipment are determined as thedifference between the selling price, if any, less selling costs and the carrying amount at thedate of disposal less any costs of disposal.Equity investments in group entreprisesEquity investments in group enterprises are measured at cost. Cost includes theconsideration measured at fair value plus direct acquisition costs. Where cost exceeds therecoverable amount, write-down is made to this lower value. An impairment test is preparedif the dividends received exceed the proportionate share of the profit/loss for the year or ifthe carrying amount of the equity investments exceeds the proportionate share of the netassets in the underlying entity.Impairment losses on fixed assetsThe carrying amount of property, plant and equipment, receivables from group enterprisesas well as equity investments in group enterprises is tested annually for evidence ofimpairment other than the decrease in value reflected by depreciation.Impairment tests are conducted on individual assets or cash-generating units when there isindication of impairment. Write-down is made to the lower of the carrying amount and therecoverable 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 theuse of the asset or the group of assets.Previously recognised impairment losses are reversed when the reason for recognition nolonger exists.InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories arewritten down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined aspurchase prices plus expenses resulting directly from the purchase.The cost of manufactured finished goods and work in progress is determined as the value ofdirect material and labour costs. Interest on loans arranged to finance production is notincluded in the cost.The net realisable value of inventories is determined as the selling price less costs ofcompletion and costs necessary to make the sale and is determined taking into accountmarketability, obsolescence and the expected development in the selling price.ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value.In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level.Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experiencewith historical losses.Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate.PrepaymentsPrepayments recognised under assets comprise costs incurred in respect of subsequentfinancial yearsCash and cash equivalentsCash-pool deposits are, based on the characteristics of the cash-pool, not considered a part of the cash balance, but as part of receivables from group enterprises.Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed onthe basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax underreceivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differencesbetween the carrying amounts and tax bases of assets and liabilities. However, deferred taxis not recognised on temporary differences relating to goodwill which is non-amortisable fortax purposes and other items where temporary differences, except for acquisitions, havearisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxationrules, deferred tax is measured on the basis of management’s intended use of the asset orsettlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable valuethrough offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, accordingto the legislation in force at the balance sheet date, will be applicable when the deferred taxis expected to crystallise as current tax.PayablesLong-term payables are measured at cost at the time of contracting such liabilities (raisingof the loan). The payables are subsequently measured at amortised cost where capital lossesand loan expenses are recognised in the income statement as a financial expense over theterm of the payable on the basis of the calculated effective interest rate in force at the timeof contracting the liability.Short-term payables are measured at amortised cost, normally corresponding to the nominalvalue of such payables.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior tothe time and date of delivery of the agreed product or completion of the agreed service.Fair valueFair value is determined based on the principal market. If no principal market exists, the measurement is based on the most advantageous market, i.e. the market that maximises the price of the asset or liability.All assets and liabilities that are measured at fair value or whose fair value is disclosed are classified based on the fair value hierarchy, see below:Level 1: Value based on the fair value of similar assets/liabilities in an active market.Level 2:Value based on generally accepted valuation methods on the basis of observable market information.Level 3:Value based on generally accepted valuation methods and reasonable estimates based on non-observable market information.If a reliable fair value cannot be stated according to the above levels, the asset or liability is measured at cost. In accordance with section 112 of the Danish Financial Statements Act, the company hasnot prepared consolidated financial statements. The company is a subsidiary of GGCInternational III Ltd, USA, CVR no. 12 15 70 79, which prepares consolidated financialstatements. Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act a cash flow statement hasnot been prepared as the enterprise is included in the consolidated cash flow statement Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-06-07 James Benjamin Richard Reporting class C, medium-size enterprise 2024-06-07 15915641 CHRISTENSEN KJÆRULFF STATSAUTORISERET REVISIONSAKTIESELSKAB Østbanegade 123 2100 København Ø Opinion Basis for Opinion 2024-06-07