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01.10.2022 - 30.09.2023.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.AarhusMichael HolmPeter Lorens RavnLars Monrad-GyllingTimothy Michael WickhamHelle Østegaard KristiansenNick HækkerupAllan Weinhandler IversenPernille Keum Hjort Møllerchairmanvice-chairmanemployee electedemployee electedTo the shareholders of Systematic A/SWe have audited the consolidated financial statements and the parent financial statements of Systematic A/S for the financial year 01.10.2022 - 30.09.2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.09.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.10.2022 - 30.09.2023 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group 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 consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent 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 consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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.AarhusMichael BachSøren Lassenmne19691mne18520State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2022/23
EUR'0002021/22
EUR'0002020/21
EUR'0002019/20
EUR'0002018/19
EUR'000Key figuresRevenue191,772178,085173,124148,220135,782Gross profit/loss138,967118,814125,453107,04596,232Operating profit/loss (EBIT)35,38223,07332,68119,63512,170Net financials(116)1,558(912)85(412)Profit/loss for the year27,32719,46024,43515,6508,710Balance sheet total171,599145,546149,282119,518102,067Investments in property, plant and equipment1,4001,3266,8991,1401,392Equity103,29286,78080,38962,03551,306Cash flows from operating activities37,6267,16743,43225,116(5,142)Cash flows from investing activities(7,235)(7,240)(8,571)(3,166)(3,924)Cash flows from financing activities(10,000)(13,447)(6,724)(4,029)(26,927)Cash and cash equivalents83,96363,06076,06048,30930,973Average number of
employees946903882919926RatiosGross margin (%)72.4666.7272.4672.2270.87Net margin (%)14.2510.9314.1110.566.41Return on equity (%)28.7523.2834.3127.6217.94Equity ratio (%)60.1959.6253.8551.9050.27EBIT margin (%)18.4512.9618.8813.248.96
Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100
RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet totalEBIT margin (%):Operating profit/loss for the year (EBIT) * 100
RevenuePrimary activitiesSystematic at a glance
Systematic’s mission is to “Simplifying critical decision making”. In essence it is to deliver IT solutions that make it simpler for users to make crucial decisions in demanding situations.
Since we were founded in 1985, we have developed into an international IT company first and foremost based on organic growth that focuses on two key business areas: Defence and Healthcare and focused areas within Intel-ligence & National Security, Library & Learning, Renewables & Utilities and Digitalisation of the public sector. A common denominator of all these sectors is a need to integrate, compare and analyse large volumes of complex data, to make sense out of the data and to generate an overview that allows decision-making based on a solid data driven foundation, often in critical situations. That is why “Simplicity” is a keyword for Systematic. The solu-tions must be quick, simple and efficient to use while at the same time hiding the inherent complexity for the users.
We supply user-friendly solutions that have been thoroughly tested, trialled in real life, and are available for immediate delivery and deployment. Rather than spending time, resources and precious funds on one-off, bespoke development projects, customers can acquire our off-the-shelf products that will cover the vast majority of their requirements.
Systematic is privately owned and headquartered in Aarhus, Denmark. We have offices in Australia, Canada, Finland, Germany, Romania, Sweden, New Zealand, the United Arab Emirates, the UK and the USA and we have partners in 15 countries.
Each day, thousands of people depend on Systematic’s products and solutions for support in making critical decisions. We have more than one million users across more than 50 countries.
Our Business areas
Defence is genuinely part of the Systematic Group DNA as this is what kickstarted the company and is the busi-ness area that has fostered the majority of our growth and internationalisation during the past. Command and control (C2) is our primary target market, addressed via our product suite offerings of primarily SitaWare (C2) and IRIS (defence interoperability) for all military and related services.
A few business highlights to mention for 2022/23 are within Defence the expansion of the partnership with the British Army, by deploying SitaWare at large scale with 1,400 new software licenses for SitaWare Headquarters, the Italian Army joining as a new customer for us within NATO and Poland’s armoured forces acquiring SitaWare Frontline as the C2 system equipped in their new Abrams tanks.
In Healthcare we provide IT solutions for the health, care and social sector by digitalising the continuum of care. This is primarily represented through our Columna product portfolio with Clinical Information Systems (CIS) platform securing a fully integrated EHR service (electronic health record), and our Cura platform assisting care professionals in both hospitals and municipalities. In addition we provide a comprehensive interoperability, collaboration and real-time logistically platform called Flow for the service and clinical personnel in hospitals.
For Healthcare continuous implementation and aligning the use of our electronic health record, Columna CIS, in all hospitals across Central Region Denmark, Region South Denmark and Region North Denmark and the inter-national expansion continued in Healthcare with wins with our Flow platform in Finland and the Netherlands. In Denmark we have won 3 additional customers on Cura totalling 36 municipalities using the system.
In Library and Learning we provide IT solutions which digitalise and support administration, collaboration and innovation at libraries and educational institutions. This is represented through our future-proof Cicero product portfolio. Cicero is the IT backbone for both public and school libraries supporting librarians, patrons, and stu-dents.
In Renewables & Utilities we support the offshore wind industry with safe, effective, and innovative IT solutions. Our SITE product portfolio is the foundation for securing safe and effective marine Coordination in the develop-ment, operations, and maintenance of offshore wind farms. We see this as an important contribution for sustain--able development through boosting the level of digitalisation.
Within Intelligence & National Security we support police forces and intelligence services with solutions and services for border control, emergency response setups and police systems. Supported by classified knowledge management solutions and complex mission critical solutions integrating mobility and situational awareness.
Digitalisation adds value to public and private enterprises through a variety of complex and business critical IT projects combining a high degree of user-friendliness with significant efficiency improvements.
In line with previous years, we have in 2022/23 continued investing extensively in our product portfolios to sustain and improve the competitive edge of our core products.
Customer focus and Business Case certainty
Since we in Systematic in 2005 achieved our first CMMI© level 5 accreditation for software development proces-ses, we have maintained the highest possible accreditation through a series of appraisals conducted every 3rd year, lastly in 2021 and next time in 2024. It is not the actual certification and associated brand image that drives and motivates Systematic to continually invest in aim for the highest maturity level in software development. The driving motivator are the benefits in the higher quality of our solutions, reduction of re-work, the ability to move people around between projects as we have agreed and well used processes and the stability and the assurance that Systematic deliver on time – factors that are extremely important to our customers working in stressed environments with highly mission critical tasks.
The CMMI© accreditation at level 5 is not matched by any other Scandinavian company and in Europe less than 20 IT companies hold it in.
Development in activities and financesOur financial year 2022/23 has been a year with continued growth in revenue driven by international sales. We have posted a revenue of EUR 192m in 2022/23 which is a 8.0% growth compared to previous year and a conti-nuation of the last years’ organic revenue growth.
We realise an EBIT of EUR 35.4m in 2022/23, equal to an EBIT-margin of 18.5% compared to 13.0 % last year. The EBIT-margin in 2022/23 is an improvement compared to 2021/22 as a result of our strategy to change the pro-duct mix to a relative higher share of product sale.
For Systematic it is a focus area to remain financially healthy, strong and independent. We continue to be a debt-free Group and our equity and cash position remain solid with a strong cash balance by year-end of EUR 84.0m.
Profit/loss for the year in relation to expected developmentsOverall, Management finds the group’s performance for the financial year satisfactory. We exceeded the finan-cial outlook for the financial year mainly due to higher Product sales within the Defence and Healthcare areas.OutlookWe enter the financial year 2023/24 with an order-book coverage similar to previous years and see a positive market outlook for our primary product portfolio but also an inflationary pressure on the cost base impacting profitability. Despite the inflationary pressure on the cost base we will, in line with our long term focus, again in 2023/24 raise our product investments to sustain and improve the competitive edge of our core products and internal investments in building skills, personal development and infrastructure. Based on the above, we expect the financial profitability of 2023/24 to end slightly lower than 2022/23.
Use of financial instrumentsSystematic’s business entails several commercial and financial risks, but no more than what is considered nor-mal for the industry. Despite that, the group enters forward exchange contracts with its bank connection in order to secure future cash flows regarding payments from customers. The forward exchange contracts are established on a short-term basis and hedges only known cash flows according to concluded contracts and associated pay-ment plans.
Knowledge resourcesAs a professional software and systems integrator, Systematic is a people business. We depend on having highly skilled and knowledgeable employees. In 2022/23, we employed 203 new employees, excluding students and interns, bringing the total number of full-time employees to 963 (head count 1074).
It is our dedicated people who make the difference, and the foundation for our ability to deliver high quality pro-jects, products, and services. We therefore invest considerably in recruiting, onboarding, training, and talent development.
Employees at Systematic have ample opportunity to develop their professional and personal skills, both through formal training, internal knowledge networks and taking on new tasks and areas of responsibility.
We work actively with leadership talents, identifying and doing structured leadership assessments and develop-ment to secure a strong internal leadership pipeline.
We focus on, and welcome equal opportunity for all employees, and have as many female leaders as we have female employees in the company (approx. 30%). We continuously work on strengthening and developing our culture through our employee onboarding, team development efforts, leadership development and through day-to-day leadership.
Statutory report on corporate social responsibilityOur approach to CSR is firmly embedded in our corporate culture and core values. We respect the individual uni-queness of our employees and offer equal opportunity for all job openings and for learning and professional and personal development.
When conducting business, we aim to maintain high ethical standards, we strive to execute our activities with integrity and accountability, and we comply with applicable legislation wherever we operate. We have zero tole-rance for bribery and corruption. In 2022/2023 we have trained all employees in our Employee Code of Ethics and Conduct and done extra training for our sales employees regarding bribery and corruption.
In our efforts to protect our company and its reputation, our whistle-blower platform “Tell Us” are available to all who become aware of any kind of misconduct connected with our business or violations of our Code of Conducts. The whistle-blower hotline “Tell Us” is managed by the independent consulting company Deloitte to secure ano-nymity for the reporting person.
Systematic’s annual Sustainability Report including the company’s position regarding CSR is described in detail on our website at https://systematic.com/en-gb/our-company/sustainability/ (statutory report on corporate social responsibility under Section 99a of the Danish Financial Statements Act).
Statutory report on the underrepresented genderOur business – the software development industry – is in general a male-dominated field. Traditionally there has been a predominance of males among the students at universities. Hence, this is reflected in the male/female distribution in Systematic. Nevertheless, Systematic has always focused on appointing ‘the best qualified’ people in all positions, including management positions on all levels regardless of gender.
The board comprises of seven members: five men and two women. Two of the members, one man and one wo-man, are employee elected members. Our objective for balanced representation for the external board members is 20% by FY25 and 25% by FY30. We have already reached our objective for FY25 with 20% (four men and one woman).
At all operational levels of management, we aim to enhance diversity. Our values and culture are embedded in the company’s focus on having a healthy work life balance, flat hierarchy, and transparency.
Our policy regarding the under-represented gender states our objective: the percentage of females with people management positions is equal to the percentage of females employed at Systematic. We have met this objective with 29.4% female employees and 30.2% female people managers.
Our Group Management comprises of nine employees, of which two are women. 13.7% of senior managers including Group Management, vice presidents and directors are women.
We find this development satisfactory, especially considering the gender distribution among IT professionals in Denmark with a gender distribution of 29.0% women according to Digital Hub Denmark. However, it is our ambi-tion to continue to increase the proportion of women in management positions.
In 2021, we signed a Pledge for Gender Diversity, committing ourselves to contribute to the common efforts of the IT industry and work towards jointly reaching a 40/60 gender ratio by 2030.
Statutory report on data ethics policySystematic is aware of the increasing role and impact of artificial intelligence (AI) on its business and in society, and recognises the importance of data ethics and responsible use of data.
We are committed to ensuring that our products and services are developed and used in a way that respects the privacy, dignity and rights of the people who interact with them, and that safeguards the security, quality and integrity of the data we process. In 2022/2023 we have implemented an updated data ethics policy covering the use of all data types including personal data. The policy complements Systematic’s Personal Data Protection Policy which covers the 6 principles set in the European Union’s General Data Protection Regulation (GDPR).
We use data from various sources, such as our customers, website visitors, employees, suppliers, and operatio-nal systems, which handle and react to data in real time. Our use of artificial intelligence and machine learning in both internal and external solutions follows our data and security principles and policy’s like all other solutions.
Data security is vital for ensuring data privacy and data protection. Systematic continues to improve” with even more focus on technical measures and procedures to ensure proper data management and prevent any unau-thorised use or disclosure – this also as part of our ISO27001 certified Information Security Management System. Furthermore, Systematic’s personal data processing related procedures and practices are continually evaluated by a third party against ISAE 3000 on behalf of Systematic’s customers.
When we use data from third parties, we require that they handle data responsibly. In general we expect that third parties are in lawful possession of this data, do not misuse data and may legally give Systematic the right to use this data. We do not resell data, but if legally required, we provide data in accordance with applicable legislation and court or authority decisions.
Our process library, supporting Systematic’s achieved CMMI level 5 certification and ISO standards, ensures the needed processes and controls to secure continuously improvement of data protection as well as the right frame-work to handle one set of data in secure data flows. Furthermore, an internal audit program is implemented to ensure compliance with both information security and data protection requirements.
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.191771922178085448154691387158436383-5367500-3789384-5367500-378938435727305351836473202569346277239224448332787744816514006221572281389672841188137371115191889379130095789775879994007317124267723045779505677412977571358742549935382453230730403077658818642756-2515500-251550018470921577172147599744258919627261966519246071429835015269246305473373959723688223768795451702056412282422788127327315194603420138273151350000027327315194603420341161910415696135000001739395518341116173939551825226841210023468641199523445517806055185758021780595018486723987004127378357096286104756816025642496494396854554746668606691627955149306316521108945413447191089454134471939405439926139405439923416114031418931110372110581503094911316291123262694202093462756957228654992465835744501259049171719394914562017147824347863507036292920934357740600153136210421004883503752066812199622011536209421021942210421021915013804941123362910240771773333621600651655383097570918255702840098396391063060042630600427606033128999358975399314402907511689101799917613800380021715986471455460091465011871250505921341004134471913410041344719-2557600-2557600887070117543494655521301445986551350000010000000135000001000000010329225586779665134471907543494610000000867796651341004-255760887070111350000010329225586779665134471901659952214236769445986551341004-2557601961842513567285555213011000000086779665135000004811924370470481192437047048119243704704811924370470452060545207264520605452072645206054520726452060545207265360466315432429828263154324713270174730426327234624464616941216410611974157915880754136999611472371326569705257259679568575659352158973863538751483387640333379731634944685839587438397008379004571715986471455460091465011871250505920-10000000-100000000-10000000-10000000-3715-5552500-558965-3715-392716-1625340-558965-3278980-3278980-327898-327898721380072138721380007213877950567741297452393-16983397436299021383094018470921577172-1962726-19665-5888077-8221668376261917166779Investments in development projectsInvestments in property, plant and equipmentInvestments in fixed asset investmentsSales of fixed assets-5643067-4548902-1399530-1325994-192472-1387782022834-7235069-723984430391122-73065-10000000-13447186-10000000-1344718620391122-1352025151274651996283963910630600421 RevenueThe Group’s segments are business segments and geographical markets.
The Group’s primary business segment in general consist of delivery of reliable and straightforward IT solutions
and products. Secondary business segments are immaterial. Management wishes with regard to the Danish
Financial Statements Act § 96 not to give additional information about the business and geographical breakdown
of revenue as a detailed breakdown of revenue will significantly harm the competitive situation.
The Group has no discontinued operations.1 RevenueThe company’s segments are business segments and geographical markets.
The company’s primary business segment in general consists of delivery of reliable and straightforward IT
solutions and products. Secondary business segments are immaterial. Management wishes with regard to the
Danish Financial Statements Act § 96 not to give additional information about the business and geographical
breakdown of revenue as a detailed breakdown of a company sales will be significantly harm the competitive
situation.
The company has no discontinued operations.2 Own work capitalisedThe item includes the part of staff costs, cf. note 3, recognized in the balance sheet as intangible assets.2 Own work capitalisedThe item includes the part of staff costs, cf. note 3, recognized in the balance sheet as intangible assets.3 Staff costs2022/23
EUR2021/22
EURWages and salaries88,455,32980,979,690Pension costs4,228,7314,082,964Other social security costs3,105,7152,936,74695,789,77587,999,400Average number of full-time employees946903Remunerationof management
2022/23
EURRemunerationof management
2021/22
EURTotal amount for management categories1,185,3051,445,0491,185,3051,445,0493 Staff costs2022/23
EUR2021/22
EURWages and salaries68,641,33263,505,901Pension costs3,737,4893,553,466Other social security costs792,421663,67873,171,24267,723,045Average number of full-time employees713693Remunerationof
Manage- ment
2022/23
EURRemunerationof Manage- ment
2021/22
EURTotal amount for management categories1,158,4851,418,1531,158,4851,418,153946903713693Remunerationof management
2022/23
EURRemunerationof management
2021/22
EURTotal amount for management categories1,185,3051,445,0491,185,3051,445,049Remunerationof
Manage- ment
2022/23
EURRemunerationof Manage- ment
2021/22
EURTotal amount for management categories1,158,4851,418,1531,158,4851,418,15311853051445049115848514181534 Depreciation, amortisation and impairment losses2022/23
EUR2021/22
EURAmortisation of intangible assets6,272,6655,895,604Depreciation on property, plant and equipment1,525,4701,845,693Profit/loss from sale of intangible assets and property, plant and equipment(3,079)07,795,0567,741,2974 Depreciation, amortisation and impairment losses2022/23
EUR2021/22
EURAmortisation of intangible assets6,272,3935,887,000Depreciation on property, plant and equipment1,298,9651,538,4997,571,3587,425,4995 Tax on profit/loss for the year2022/23
EUR2021/22
EURCurrent tax6,583,3126,175,750Change in deferred tax1,253,428(1,027,634)Adjustment concerning previous years(148,786)22,0897,687,9545,170,2055 Tax on profit/loss for the year2022/23
EUR2021/22
EURCurrent tax5,307,6405,233,426Change in deferred tax1,253,428(1,027,634)Adjustment concerning previous years(148,786)22,0896,412,2824,227,8816 Proposed distribution of profit/loss2022/23
EUR2021/22
EUROrdinary dividend for the financial year13,500,00010,000,000Retained earnings13,827,3159,460,34227,327,31519,460,3426 Proposed distribution of profit and loss2022/23
EUR2021/22
EUROrdinary dividend for the financial year13,500,00010,000,000Retained earnings13,827,3159,460,34227,327,31519,460,3421382731594603421382731594603427 Intangible assetsCompleted development projects
EURAcquired intangible assets
EURCost beginning of year42,777,9662,472,747Exchange rate adjustments(201,798)(7,209)Additions5,367,500275,567Cost end of year47,943,6682,741,105Amortisation and impairment losses beginning of year(24,436,850)(2,238,061)Exchange rate adjustments62,5286,330Amortisation for the year(6,175,391)(97,274)Amortisation and impairment losses end of year(30,549,713)(2,329,005)Carrying amount end of year17,393,955412,100Completed development projects
EURAcquired intangible assets
EURCost beginning of year42,777,9662,472,747Exchange rate adjustments(201,798)(7,209)Additions5,367,500275,567Cost end of year47,943,6682,741,105Amortisation and impairment losses beginning of year(24,436,850)(2,238,061)Exchange rate adjustments62,5286,330Amortisation for the year(6,175,391)(97,274)Amortisation and impairment losses end of year(30,549,713)(2,329,005)Carrying amount end of year17,393,955412,100<br />7 Intangible assetsCompleted development projects
EURAcquired intangible assets
EURCost beginning of year42,694,1092,472,368Exchange rate adjustments(117,941)(6,830)Additions5,367,500275,190Cost end of year47,943,6682,740,728Amortisation and impairment losses beginning of year(24,441,841)(2,237,913)Exchange rate adjustments67,5196,182Amortisation for the year(6,175,391)(97,002)Amortisation and impairment losses end of year(30,549,713)(2,328,733)Carrying amount end of year17,393,955411,995<br />Completed development projects
EURAcquired intangible assets
EURCost beginning of year42,694,1092,472,368Exchange rate adjustments(117,941)(6,830)Additions5,367,500275,190Cost end of year47,943,6682,740,728Amortisation and impairment losses beginning of year(24,441,841)(2,237,913)Exchange rate adjustments67,5196,182Amortisation for the year(6,175,391)(97,002)Amortisation and impairment losses end of year(30,549,713)(2,328,733)Carrying amount end of year17,393,955411,9958 Development projectsCompleted development projects relates to software for the Defence and Healthcare segments. Revenue and
earnings on the products marketed and sold worldwide have since the launch exceeded expectations in budgets
and forecasts, and thus there are no identified indicators of impairment.8 Development projectsCompleted development projects relates to software for the Defence and Healthcare segments. Revenue and
earnings on the products marketed and sold worldwide have since the launch exceeded expectations in budgets
and forecasts, and thus there are no identified indicators of impairment.
9 Property, plant and equipmentOther fixtures and fittings, tools and equipment
EURLeasehold improvements
EURCost beginning of year9,239,1019,256,618Exchange rate adjustments(238,442)(22,855)Additions421,133978,397Cost end of year9,421,79210,212,160Depreciation and impairment losses beginning of year(7,965,318)(3,614,122)Exchange rate adjustments132,1147,450Depreciation for the year(601,584)(923,886)Depreciation and impairment losses end of year(8,434,788)(4,530,558)Carrying amount end of year987,0045,681,6029 Property, plant and equipmentOther fixtures and fittings, tools and equipment
EURLeasehold improvements
EURCost beginning of year7,303,2888,474,342Exchange rate adjustments(20,175)(23,410)Additions238,689276,134Cost end of year7,521,8028,727,066Depreciation and impairment losses beginning of year(6,442,241)(3,018,868)Exchange rate adjustments17,7968,340Depreciation for the year(526,395)(772,570)Depreciation and impairment losses end of year(6,950,840)(3,783,098)Carrying amount end of year570,9624,943,96810 Financial assetsInvestments in associates
EURInvestments in participating interests
EURDeposits
EURCost beginning of year1,344,719399,2611,418,931Exchange rate adjustments(3,715)(1,130)(3,920)Additions00257,701Disposals0(4,077)(61,309)Cost end of year1,341,004394,0541,611,403Share of profit/loss for the year(251,550)00Impairment losses end of year(251,550)00Carrying amount end of year1,089,454394,0541,611,403
AssociatesRegistered inOwnership
%CUBEDIN A/S Aarhus50.00Investments in participating interestsRegistered inOwnership
%Equity
EURProfit/loss
EURConscencia A/S Aalborg25.001,422,853486,07410 Financial assetsInvestments in group enterprises
EURInvestments in associates
EURInvestments in participating interests
EURDeposits
EURCost beginning of year807,7211,344,719399,2341,058,150Exchange rate adjustments(2,231)(3,715)(1,103)(2,923)Additions00048,494Disposals00(4,077)0Cost end of year805,4901,341,004394,0541,103,721Revaluations beginning of year16,599,522000Exchange rate adjustments(392,716)000Share of profit/loss for the year3,663,169000Revaluations end of year19,869,975000Share of profit/loss for the year0(251,550)00Impairment losses end of year0(251,550)00Carrying amount end of year20,675,4651,089,454394,0541,103,721A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Investments in
associatesRegistered inCorporate
formOwnership
%CUBEDIN A/SAarhusA/S50.00Investments in participating interestsRegistered inCorporate
formOwnership
%Equity
EURProfit/loss
EURConscencia A/S AalborgA/S25.001,422,853486,07411 Contract work in progress2022/23
EUR2021/22
EURContract work in progress21,973,76222,100,515Progress billings(22,263,866)(15,962,746)Transferred to liabilities other than provisions5,360,4663,154,3245,070,3629,292,09311 Contract work in progress2022/23
EUR2021/22
EURContract work in progress15,448,11911,025,261Progress billings (14,080,077)(8,178,054)Transferred to liabilities other than provisions2,989,6983,154,3244,357,7406,001,53112 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years.
12 PrepaymentsPrepayments recognized under assets comprise incurred costs relating to subsequent financial years.13 Deferred tax2022/23
EUR2021/22
EURIntangible assets3,738,450586,298Property, plant and equipment216,17070,194Receivables1,002,93715,195Liabilities other than provisions(145,633)(301,217)Deferred tax4,811,924370,470
Changes during the year2022/23
EUR2021/22
EURBeginning of year370,470203,335Recognised in the income statement1,253,428(1,027,634)Recognised directly in equity(72,138)0Other adjustment01,194,769Transfered to current tax3,260,1640End of year4,811,924370,47013 Deferred tax<br />13 Deferred tax2022/23
EUR2021/22
EURIntangible assets3,738,450586,298Property, plant and equipment216,17070,194Receivables1,002,93715,195Liabilities other than provisions(145,633)(301,217)Deferred tax4,811,924370,470
Changes during the year2022/23
EUR2021/22
EURBeginning of year370,470203,335Recognised in the income statement1,253,428(1,027,634)Recognised directly in equity(72,138)0Other adjustment01,194,769Transfered to current tax3,260,1640End of year4,811,924370,470<br />13 Deferred tax14 Non-current liabilities other than provisionsDue after
more than 12
months
2022/23
EURTax payable4,520,6054,520,60514 Non-current liabilities other than provisionsDue after
more than 12
months
2022/23
EURTax payable4,520,6054,520,60515 Other payables2022/23
EUR2021/22
EURVAT and duties5,225,6941,918,444Wages and salaries, personal income taxes, social security costs, etc. payable5,778,9855,154,268Holiday pay obligation4,634,7804,323,511Other costs payable4,102,1204,484,53119,741,57915,880,75416 Deferred incomePrepayments and accrued income related to service contracts.
15 Other payables2022/23
EUR2021/22
EURVAT and duties2,324,9021,000,560Wages and salaries, personal income taxes, social security costs, etc. payable3,596,8343,135,479Holiday pay obligation4,077,1273,798,900Other costs payable3,701,0986,788,77413,699,96114,723,71316 Deferred incomeDefered income comprise prepayments and accrued income related to service contracts.17 Changes in working capital2022/23
EUR2021/22
EURIncrease/decrease in receivables(6,446,075)(11,213,597)Increase/decrease in trade payables etc.6,898,468(5,769,800)452,393(16,983,397)18 Derivative financial instrumentsDerivative financial instruments comprise per 30.09.2023 forward exchange contracts, which are continuously
measured at fair value, with a negative value of EUR 328t. On the balance date, the nominal value of the security
amounts to EUR 10,179t. No security has been provided for the contracts.
In order to secure future cash flows regarding known payments from customers, the group has entered into
forward exchange contracts (CHF/EUR) with its usual bank connection. The forward exchange contracts have a
term of 1-16 months.
No derivative financial instruments were included in the 2021/22 annual accounts.
17 Derivative financial instrumentsDerivative financial instruments comprise per 30.09.2023 forward exchange contracts, which are continuously
measured at fair value, with a negative value of EUR 328t. On the balance date, the nominal value of the security
amounts to EUR 10,179t. No security has been provided for the contracts.
In order to secure future cash flows regarding transfer to the parent of known payments from customers in a
subsidiary. wherefrom the payments will be transfered to the parent, the company has entered into forward exchange contracts (CHF/EUR) with its usual bank connection.
The forward exchange contracts have a term of 1-16 months.
No derivative financial instruments were included in the 2021/22 annual accounts.
19 Unrecognised rental and lease commitments2022/23
EUR2021/22
EURTotal liabilities under rental or lease agreements until maturity 16,726,84117,757,50618 Unrecognised rental and lease commitments2022/23
EUR2021/22
EURTotal liabilities under rental or lease agreements until maturity 12,825,03714,162,96120 Contingent liabilitiesThe group is part of a Danish joint taxation with Michael Holm Holding ApS as the tax principal. According to
the joint taxation provisions of the Danish Corporation Tax Act, the company is liable for income taxes etc. for the
jointly taxed enterprises and for obligations, if any, relating to the withholding of tax on interest, royalties and
dividend for these enterprises. The total net tax liability is incorporated in the accounts for Michael Holm Holding ApS19 Contingent liabilitiesThe company is part of a Danish joint taxation with Michael Holm Holding ApS as the tax principal. According to
the joint taxation provisions of the Danish Corporation Tax Act, the company is liable for income taxes etc. for the
jointly taxed enterprises. The total tax liability is incorporated in the accounts for Michael Holm Holding ApS.
21 Assets charged and collateralThe group has provided bank guarantees of EUR 2,574k to a third party as part of an ongoing
business relation-ship as well as a guarantee for credit cards with a total limit of EUR 132k.20 Assets charged and collateralCollateral provided for group enterprisesThe company has provided security for bank guarantees of EUR 5,000k that a subsidiary has given to a third party as in a continuing
business relationship as well as bank exposure maximized to EUR 202k. The secured part of the subsidiary's bank exposure amounts to EUR 0k on 30.09.2023.22 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.22 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.23 SubsidiariesRegistered inCorporate
formOwnership
%Systematic Software Engineering Ltd.Surrey, GBLtd.100.00- Systematic Software Engineering Australia Pty. Ltd.Barton, AUPty. Ltd.100.00Systematic Inc.Virginia, USInc.100.00Systematic OY FinlandTampere, FIOY100.00Systematic Sweden ABStockholm, SEAB100.00Systematic GmbHCologne, DEGmbH100.00Systematic Canada Inc.Ottawa, CAInc.100.00Systematic New Zealand Ltd.Wellington, NZLtd.100.00Systematic Development Center SRL Bukarest, ROSRL100.00366316946171762067546517407243196184251659952213567285142367691297807266352700-669484669484021 Related parties with controlling interestMichael Holm, Lindevangsvej 17, 8240 Risskov possess through Michael Holm Holding ApS, Aarhus, CVR-nr.
39391996, Michael Holm Holding II ApS, Aarhus, CVR-nr. 40894799 and Systematic Holding ApS, Aarhus, CVR-nr.
19000680, majority of votes at the general meeting, and has therefore like Michael Holm Holding ApS, Michael
Holm Holding II ApS and Systematic Holding ApS controlling interest.
This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.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. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. <br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
For the foreign subsidiaries, the items in the income statement have been included at the exchange rate on the transaction date. The balance sheet is converted at the rate of exchange at year end. The exchange rate adjustments arising from the translation of the subsidiaries’ equity at the beginning of the financial year to the exchange rate at the end of the financial year, and the exchange rate difference arising from the Translation of the income statement from the exchange rate ruling on the transaction date to the exchange rate at end of the financial year, are dealt with in the equity for the Group.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time
of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income
statement up to the time of their divestment or winding-up.
The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and
liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of
restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the
enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets
and liabilities taken over are recognised in intangible assets, and they are amortised systematically over
the income statement based on an individual assessment of their useful lives. If the useful life cannot be
estimated reliably, it is fixed at 10 years. Useful life is reassessed annually.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. equipment, intangible assets and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill
is considered belonging to the independent foreign entity and is translated using the exchange
rate at the
balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are classified
directly as equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are classified directly as equity.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.RevenueRevenue 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.Contract work in progress is included in revenue based on the stage of completion so that revenue
corresponds
to the selling price of the work performed in the financial year (the percentage-of-completion
method).Own work capitalisedOwn work capitalised comprises staff costs in the financial year and recognised in
cost for intangible assets.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s normal 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 wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating toequipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of
intangible assets and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
<br />Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual
associates’
profit/loss after pro rata elimination of intra-group profits or losses.
Other financial incomeThese items comprise interest income realised and unrealised capital gains on securities, payables and transactions in foreign currencies as well as tax relief under the Danish Tax Prepayment Scheme.Other financial expensesThese items comprise interest expenses, the interest portion of finance lease payments, realised and unrealised capital losses on securities, payables and transactions in foreign currencies as well as tax surcharge under the Danish Tax Prepayment Scheme.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.The Parent is jointly taxed with all of its Danish group enterprises with Michael Holm Holding ApS as the tax principal. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax
losses).Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress and acquired intellectual property rights.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 under 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 5 years. Intellectual property rights acquired are measured at cost less accumulated amortisation.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentMachinery, and other fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses. Land is not depreciated.
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 equipment3-7 yearsLeasehold improvements5-20 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated 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 recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to the above
section on
business combinations for more details about the accounting policies applied to acquisitions of
investments in
group enterprises.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For one amount of goodwill, it has not been
possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other
amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises
are
strategically acquired enterprises with a strong market position and a long-term earnings profile and whether
the
amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and
recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 5 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
Investments in associatesInvestments in associates are recognised and measured according to the equity method. This
means that invest-ments are measured at the pro rata share of the associates’ equity value
.
Upon distribution of profit or loss, net revaluation of investments in associates is transferred to the reserve for
net revaluation according to the equity method in equity.
Investments in associates are written down to the lower of recoverable amount and carrying amount.
<br />Investments in participating interestsInvestments in participating interests 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.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.
The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total
budgeted consumption of resources.
Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions,
depending on whether the net value, calculated as the selling price less prepayments received, is
positive or negative.
Costs of sales work and of securing contracts, and finance costs are recognised in the income statement
as incurred.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 cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.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.
Deferred tax relating to retaxation of previously deducted losses in foreign subsidiaries is recognised on the
basis of an actual assessment of the purpose of each subsidiary.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.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.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
2023-12-13Anne Søndberg Bloch Østergaard