xbrli:pureiso4217:DKK376480352022-01-012022-12-31376480352022-01-012022-12-311376480352022-01-012022-12-311376480352022-01-012022-12-311376480352022-01-012022-12-312376480352022-01-012022-12-313376480352022-01-012022-12-314376480352022-01-012022-12-315376480352022-01-012022-12-316376480352022-01-012022-12-31376480352021-01-012021-12-31376480352022-01-012022-12-31fsa:RetainedEarningsMember376480352021-01-012021-12-31fsa:RetainedEarningsMember376480352022-01-012022-12-31fsa:RetainedEarningsMember376480352022-12-31376480352021-12-31376480352022-01-01fsa:ContributedCapitalMember376480352022-01-01fsa:SharePremiumMember376480352022-01-01fsa:ReserveForDevelopmentExpenditureMember376480352022-01-01fsa:RetainedEarningsMember376480352022-01-01376480352022-12-31fsa:ContributedCapitalMember376480352022-12-31fsa:SharePremiumMember376480352022-12-31fsa:ReserveForDevelopmentExpenditureMember376480352022-12-31fsa:RetainedEarningsMember376480352022-01-012022-12-31fsa:ContributedCapitalMember376480352022-01-012022-12-31fsa:SharePremiumMember376480352022-01-012022-12-31fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2023-05-152023-05-15true2021-01-012021-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabKøbenhavnKøbenhavn K1200Regnskabsklasse BRevisionspåtegning2022-12-312022-01-01<br /><br />10Højbro PladsLeneo A/S37648035339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Leneo A/S for the financial year 01.01.2022 - 31.12.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.KøbenhavnPeter StuhrThorleif KrarupPeter StuhrNicolai BoddAndreas FredrikssonAnders Fredrik LjungbladChrister OlanderChairmanTo the shareholders of Leneo A/SWe have audited the financial statements of Leneo A/S for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. <br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.KøbenhavnMads Fauerskovmne35428State Authorised Public AccountantPrimary activitiesThe purpose of Leneo is to develop the platforms of th future for use in access economy and any related businesses. Consumers desire less ownership of their assets and instead, future consumers desire more flexible access to different types of equipment and hardware. The customers of Leneo include banks, equipment resellers, and asset manufacturers.Development in activities and financesThe result for the fiscal year amount to a profit of 1,661 thousand DKK, compared to a profit of 134 thousand DKK in 2021. The company's equity as of December 31, 2022 is 31,521 thousand DKK. The management considers the result for the year as expected. Leneo has invested in and will continue to invest in their own platforms in the coming years. In May 2022, the company decided to entered an agreement with a former collaborator to transfer joint customers on the Leneo platform to the collaborator by the end of Q1 2023. The company's normal delivery revenue is recognized continuously as deliveries are made up until March 31st, 2023, while the one-time amount received from the transfer of customers is recorded as an accounting gain in the 2022 fiscal year. Therefore, the 2022 financial result is positively affected by the sale of these customer rights. Events after the balance sheet dateAs mentioned above, as of March 31, 2023, the company no longer has any delivery obligations to customers transferred to the former collaborator. Additionally, no events have occurred after the balance sheet date that would have an impact on the company's financial position.12017677834017457774004484346409067134808282149606375000502031834164097157071738217-33752477028-471584166118913406016611891340601661189110314361511743847783790158098151511743814008186761400818676614864303759037590618623337590220100561517370429791255682451318860286092370105225112891918106324279016478391319653631793816439326196577738449382171394811191650737490123316761179162217997312-9623368315206382905744737490011791622-9623368290574411916500123316761799731213644041287376136440412873761916658496674149525692756024119145894301326526509576027620004339321112457053825072508321297771666885031524267052060556434012946361384493821713948138870524111293024499998654553234795033002500-846543-846543-273460885400542680603401 Staff costs2022 DKK2021 DKKWages and salaries4,892,8333,849,156Pension costs624,429581,084Other social security costs56,01952,224Other staff costs204,1191,8825,777,4004,484,346Average number of full-time employees64642 Depreciation, amortisation and impairment losses2022 DKK2021 DKKAmortisation of intangible assets4,086,0023,474,602Depreciation of property, plant and equipment4,6696,2264,090,6713,480,8283 Tax on profit/loss for the year2022 DKK2021 DKKCurrent tax0(1,052,251)Change in deferred tax77,028580,66777,028(471,584)4 Intangible assetsCompleted development projects DKKDevelopment projects in progress DKKCost beginning of year21,464,4090Additions04,778,379Cost end of year21,464,4094,778,379Amortisation and impairment losses beginning of year(6,346,971)0Amortisation for the year(4,086,002)0Amortisation and impairment losses end of year(10,432,973)0Carrying amount end of year11,031,4364,778,3795 Development projectsDevelopment projects relate to the development of IT systems for processing leasing contracts. Costs for ongoing development projects are included at cost. The value of ongoing development projects is expected to be at least equal to the book value, based on expectations of future earnings resulting from the development project. There is uncertainty associated with these expectations, as the value of the development project depends on continued customer growth in the company.6 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKCost beginning of year33,203Cost end of year33,203Depreciation and impairment losses beginning of year(14,526)Depreciation for the year(4,669)Depreciation and impairment losses end of year(19,195)Carrying amount end of year14,0087 Financial assetsInvestments in group enterprises DKKDeposits DKKCost beginning of year037,590Additions6,148,6430Cost end of year6,148,64337,590Carrying amount end of year6,148,64337,590Investments in subsidiariesRegistered inCorporate formEquity interest %Leneo ABSwedenAB100.008 Non-current liabilities other than provisionsDue within 12 months 2022 DKKDue within 12 months 2021 DKKDue after more than 12 months 2022 DKKDebt to other credit institutions326,526509,5761,916,658Other payables00495,256326,526509,5762,411,9149 Unrecognised rental and lease commitments2022 DKK2021 DKKLiabilities under rental or lease agreements until maturity in total171,432222,44810 Assets charged and collateralAs security for the debt to Vækstfonden (principal amount of 4,000 thousand DKK), the company has provided collateral on the following assets with their corresponding accounting values as of December 31, 2022: - Other fixtures and fittings, tools and equipment: 14 t.dkk - Trade receivables - 1,312 t.dkkThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Reclassification of individual items in the income statement has been made with no effect on the income statement and equity.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the income statement are translated at the average rates of the months; however, items deriving from non-monetary assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.Gross profit or lossGross profit or loss comprises revenue and external expenses.RevenueRevenue from the sale licenses are recognised in the income statement when the risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relates to depreciation of intangible assets and property, plant and equipment.Other financial incomeOther financial income comprises interest income from bank depositsOther financial expensesOther financial expenses comprise interest expenses.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. ​ Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannot be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-5 years. ​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment4 yearsEstimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises bank deposits.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.2023-05-15Peter Stuhr