Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2021-01-01 2020-01-01 2021-12-31 2020-12-31 21265543 WSP Danmark A/S Linnés Alle 2 2630 Taastrup Høje Taastrup Handelsbanken PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Danmark 2022-03-14 Ingeborg Nordviken Kristiansen Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of WSP Danmark A/S for the financial year 1 January - 31 December 2021. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and the Group and of the results of the Company and Group operations for 2021. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Taastrup 2022-03-14 Per Christensen CEO Anna-Lena Kristina Öberg Högsta Chairman Eva Elisabeth Aspengren Ingeborg Nordviken Kristiansen Per Christensen Anette Andersen Staff Representative Kristina Møberg Jensen Staff Representative Lars Brammer Nejrup Staff Representative To the Shareholders of WSP Danmark A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2021 and of the results of the Group’s and the Parent Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of WSP Danmark A/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company (”the Financial Statements”). Basis for Opinion 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 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 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 Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company 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 Group’s and 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 Group or 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 judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’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 Group’s and 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 Group and 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. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. Hellerup 2022-03-14 Hellerup 2022-03-14 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Tue Stensgård Sørensen statsautoriseret revisor mne32200 Thomas Lauritsen statsautoriseret revisor mne34342 Seen over a five-year period, the development of the Group is described by the following financial highlights: 424227000 474854000 486771000 300237000 359030000 336197000 398375000 381246000 358051000 421888000 423670000 In-house production In-house production In-house production In-house production In-house production -212000 -608000 -163000 -559000 -2135000 14755000 1676000 -11583000 1316000 -65422000 Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax 146000 0 -295000 0 0 Profit/loss from discontinuing activities Profit/loss from discontinuing activities Profit/loss from discontinuing activities Profit/loss from discontinuing activities Profit/loss from discontinuing activities -11395000 576000 -53840000 180825000 199792000 217024000 32802000 44197000 43758000 -5695000 -6974000 -2160000 -1923000 -7347000 445 527 586 63.3 62.5 70.8 75.6 69.1 2.9 0.5 -2.7 0.4 -13 6.6 1 -6.3 0.9 -29.2 26.2 14.9 18.1 22.1 20.2 22.2 2.5 -29.6 1.3 -104.7 145.2 117.9 130.5 117.1 97 Quick ratio Quick ratio Quick ratio Quick ratio Quick ratio 4.8 2.4 -0.3 2.9 -10.2 EBITDA margin EBITDA margin EBITDA margin EBITDA margin EBITDA margin Key activities WSP Danmark A/S is a Danish technical advisory services company with approximately 500 employees who provide technical advice and assistance in the fields of environmental services, climate adaptation, construction, public utilities, transport and infrastructure. Our purpose is to secure the future of our cities and environment. We do this by designing for the future and having an innovative approach to future trends. The common denominator is sustainable solutions that create value for our customers, our partners and our community. WSP is one of the world's leading consulting engineering companies with around 55,000 employees globally. This means that we in Denmark have access to a very strong network of experts around the world. Development in Activities and Financial Conditions Net Result of the Year WSP Danmark’s income statement for 2021 shows a profit of TDKK 10,322, and the balance sheet on 31 December 2021 shows equity of TDKK 59,451. The Group (WSP Danmark and Golder) delivers an inhouse-production of 398.4 mDKK and an EBITDA of 24.9 mDKK corresponding to an EBITDA margin of 6.2%. The Group result is influenced by the discontinuation of our activities in Arctic and the integration of Golder. Seen in isolation, WSP Danmark delivers an inhouse-production of 399.8 mDKK and an EBITDA of 28.9 mDKK corresponding to an EBITDA margin of 7.2%. Compared to the 2021 annual accounts WSP Danmark shows growth in both top and botom line corresponding to 8.0% organic growth on in house production and 25% improved EBITDA result which is very satisfactory. Activities during the Year 2021 has, once again, been a year strongly marked by the corona pandemic with alternating lockdowns and re-openings of our offices. Despite the turmoil that it has caused for everyone, our three major divisions have experienced high levels of activity and delivered great results. Throughout the year, we have steadily increased our order backlog and won several strategically important projects in the areas of environmental services and climate adaptation, including environmental impact assessments for the Bornholm Energy Island project and the design of a comprehensive solution for climate adaptation, nature restoration and cloudburst management around the Harrestrup stream in Vigerslevparken. We have also been chosen as a third-party consultant in connection with the construction of Mindet in Aarhus, which will be Denmark's largest office building. Environmental Division In 2021, the Environmental Division has produced very satisfactory results with progress both at top line and bottom line as well as organic growth in almost all areas of expertise and sales regions. Based on our market-leading position within water and nature management, we have been working on new methods and services throughout the year alongside the core business. Through a focused innovation effort, digital solutions have been developed for land registration in both urban and rural settings. The new business area is expected to spread to the closest neighbouring countries in 2022. WSP’s acquisition of Golder in 2021 has made the group the world's leading environmental consultancy company and has given access to larger market shares and new customers in Denmark, especially within building screenings and sustainable recycling of materials. We have won many significant and long-term contracts, especially within environmental studies in relation to the green transition, climate adaptation projects and regional pollution surveys and decontamination. The inflow of orders has been constantly increasing and is expected to continue the same trend in 2022, and the cooperation with WSP in other countries is predicted to be further developed. Utilities and Infrastructure Division The result within Utilities and Infrastructure for 2021 is extremely satisfactory and is based on very high productivity and security in project deliveries in all service areas. The infrastructure area has also performed well throughout the year, which, however, is characterized by fierce competition for employees. In 2021, we initiated the work of creating a new department which is to work with ESG (Environment, Social and Governance) and strategic sustainability, and we have hired the first three employees. Our intake of orders during the year has been on the rise, and Utilities and Infrastructure are entering the new year with a good volume of orders and great optimism. The environment, climate and the development of transport infrastructure are high on the political agenda, and we therefore expect further growth in 2022. Construction Division The Construction Division continues its positive development that has taken place over the last few years and, in 2021, it is stronger than ever with a solid and robust construction business. In the design and engineering area, a strong collaboration has been built up with WSP’s “Complimentary Resource Center” in Romania, where the affiliation of a team of competent engineering colleagues has been instrumental in strengthening the business. On the specialist track, a focused effort with an emphasis on professionalism and significant projects has led to a market-leading position within operations consulting, building automation, CTS and Commissioning. This has, among other things, resulted in the recruitment of new experts becoming significantly easier. During the year, several significant projects were won, where the construction of Denmark’s largest office building, Mindet in Aarhus, is one of the most obvious examples of what it means to be part of a global company. Some of the world's most acclaimed experts in high-rise constructions are located in WSP in England, and involving them has meant that we are now solving tasks that we had not been able to handle on our own. The past year and follow-up on development expectations from last year The result for inhouse-production does not meet our expectations. This is due to the discontinuation of activities in Arctic and the integration of Golder. However, we meet our expectation for EBITDA margin. The Group (WSP Danmark and Golder) delivers an inhouse-production of 398.4 mDKK and an EBITDA of 24.9 mDKK corresponding to an EBITDA margin of 6.2%. The result for 2021 is very satisfactory. CSR: Statement on Corporate Social Responsibility Diversity Data Ethics WSP’s Information Security Policy Statement depends upon its information systems for its continued and successful operation. We hold data that is commercially and personally confidential. Our reputation with our clients and our employees depends on the care and diligence we exercise in keeping their information and WSP’s information safe and secure. This covers all types of information (including but not limited to information printed or written on paper, stored electronically, transmitted by post or using electronic means, shown on video, or spoken in conversation) and the means by which it is stored and shared. Information Security objectives are achieved by the implementation of a set of controls, including policies, practices, procedures, organizational structures and software functions. These information security controls are not limited to Information Technology but also include business operations, Legal, Procurement, Human Resources (HR), Estates and Health & Safety. Securing WSP’s information is the responsibility of our entire business. WSP is committed to ensuring our Information Security is effective, as well as to continuous improvement to protect our information assets. The objectives are to: • Protect our client, employee and corporate information. • Protect people, by ensuring our corporate resources are not used to harm our employees, harm other people or damage the resources of other organizations or people. • Protect WSP by maintaining our brand and corporate identity. We carefully protect the privacy of our employees, customers and other business partners. In our “Employee Privacy Notice”, “Global Privacy Policy” and “Global Information Classification and Handling Policy”, we have described our guidelines for how we collect, store, use, share, transmit, delete and in other ways process personal data. WSP collects and processes data such as: • Employment data: personal information about current, potential and former employees. • Customer data: information on customers and potential customers. • Information regarding business partners: contact information of consultants, contractors, suppliers, agents and other business partners. • Contact information: personal data related to a person's name, position, company affiliation, postal address, phone and fax numbers, SMS contact information, e-mail address and contact preferences. Every year, all employees undergo mandatory digital training in data protection and information security. During the training, our employees are made aware of their duty to immediately notify our “Privacy Office” of any complaints, concerns or questions they may receive that are related to WSP's privacy practices or the personal data we process. Also, the introduction to GDPR is an integrated part of our onboarding program for new employees. Responsibility for the Environment and Climate In 2021, we launched our new sustainability strategy. Our goal is to become climate neutral in our own footprint* in 2025 and halve the CO2 footprint in our projects by the year 2030. *Own impact to be understood as CO2 footprint for Scope 1 and 2 calculated in accordance with the Greenhouse Gas Protocol principles. Our action plan covers five areas: • Our consultancy services: plan for how to reduce our climate footprint in relation to our projects • Our transport: reduction of transport between sites and in general • Our offices: energy efficiency, sustainable canteens and green energy procurement • Our purchasing: drawing up a plan for green procurement • Our conduct: training of all staff in our code of conduct as well as idea bank of green ideas We are basically an office workplace, so our direct environmental impact occurs through the transport and consumption of electricity, heat, water and paper. In order to reduce our transport emissions, we use digital communication channels for direct dialogue and meetings across the country and between our international subsidiaries. We sort paper and cardboard waste and have a sharp focus on the consumption of water, heat and electricity. The below data comes direct from our suppliers such as Ørsted, HT Fjernvarme, Norlys, Aarhus Vand, Energy Fyn, Affaldvarme-Aarhus and landlords. Consumption2017201820192021Total consumption of heat per m2 (kWh/m2)51686349Consumption of heat per employee (kWh/employee)2,7252,4942,5071,821Total consumption of electricity per m2 (kWh/m2)24293424Consumption of electricity per employee (kWh/employee)1,3121,0561,345876Total consumption of water per m2 (m3/m2)0.100.160.180.59Consumption of water per employee (m3/employee)5.385.957.1721.73Company driving in private vehicles (km/employee)3,8773,8753,1422,960Consumption of paper (tons)692.925.57Paper consumption per employee (kg/employee)10166.4712.06This year we have received all the annual statements on energy consumption for 2021 before the end of the annual accounts preparation. Previous years green accounts have been reported staggered by one year compared to the annual report. In 2022, we will launch a transport policy with guidelines for company travel by car, train and plane, and we will also work towards switching to green electricity. We expect our resource consumption in 2022 to be lower than in 2021. Corruption and Bribery As our success and reputation depends upon the trust of clients and other stakeholders, our commitment to maintaining zero tolerance to all forms of corruption extends beyond regulatory compliance. For instance, WSP strives to keep the topic front of mind for employees, notably through an extensive ethics and compliance e-learning onboarding and refresher training, live training sessions, regular communications, as well as tailored compliance tools. In our Code of Conduct and underlying Anti-Corruption Policy, we have described our responsibility to fight corruption and bribery. We do not engage in any form of direct or indirect corruption/bribery in accordance with the World Bank’s definition and guidelines for combating corruption and economic crime. We make the same demands on our partners when implementing joint projects. All employees undergo mandatory training in our Code of Conduct every year. Our completion rate in 2021 is at 100%.There have been no cases of corruption or bribery in 2021 in WSP Danmark. The focus in 2022 will be: • Empower leaders to better understand and communicate ethics-related issues • Maintain a high level of awareness with respect to our Business Conduct Hotline • Planning to highlight Anti-Corruption Day in 2022 • Planning the annual reminder to employees regarding business courtesy exchanges Ownership Since 31 August 2019, WSP Danmark has been part of the Canadian company WSP, which is one of the world’s leading consulting engineering companies. Expected Development We have prepared a targeted strategic growth plan for all our business areas, which by 2023 is to ensure annual growth and increased earnings on the bottom line. The implementation of a new ERP system, which is scheduled to become effective in the first quarter of 2022, is expected to strengthen the company’s governance and profitability as well as ensure more efficient business processes. Access to a huge range of services and skills worldwide by being part of WSP provides good opportunities for developing and growing the business. Based on this, we are optimistic about our goal for 2022 of progress on both the top and bottom lines. We expect a top line growth of 4-8% and a similar bottom line growth. Events after the Balance Sheet Date No circumstances have occurred after the balance sheet dates that have had a material effect on the assessment of the annual report. Our purpose as a company is to future-proof our cities and environment through consulting in the fields of environment, climate adaptation, construction, utilities, transport and infrastructure. This may be the case, for example, when we work with sustainable solutions in construction, nature restoration and protection of society against the negative consequences of climate change. Tomorrow's society will, in many ways, be different from the world we experience today. Our global WSP-program, Future Ready, aims to examine megatrends from around the world in the fields of climate change, society, technology and resources, giving us an insight into tomorrow's society. We share this knowledge internally within the organization, and we can thus help our customers deliver tomorrow's projects that are designed to meet the challenges of the future, while at the same time living up to the needs of today. Our work on social responsibility is based on the principles of the UN Global Compact and the four main areas: Human Rights, Workers' Rights, Environment and Anti-Corruption. In our work and in the solutions we deliver to our customers, we also contribute to the achievement of the UN's 17 global goals for sustainable development. During 2021, all employees have been trained in CSR guidelines that apply to all of WSP, including Code of Conduct, Anti-Corruption Policy, and Policy regarding Gifts, Entertainment and Hospitality. The mandatory training in the Code of Conduct is followed by annual refresher courses. Human Rights and Labour Rights In WSP Danmark, we support and respect the protection of the internationally recognized human rights. It is our fundamental belief that everyone has the right to equal treatment, regardless of gender, race, ethnic origin, religion, belief, disability, age and sexual orientation. The focal point for us when we talk about human rights and labour rights is, in particular, the under-represented gender, in our case women, as well as the safety, health and well-being of employees. WSP makes every effort to ensure that our people, clients, and assets are protected against threats and risks, including unplanned and undesired events such as natural or manmade disasters, accidents, crime, civil unrest that has the potential to cause harm to an employee or groups of employees. Impacts of unplanned and unexpected events may compromise the company’s ability to continue operations in a safe and secure manner. In 2022 a Crisis Management Plan is to be implemented for areas where there is a need to protect our people, clients, brand, reputation, assets, and the general interests of our stakeholders and the wider community. The objectives of this plan are to 1. Identify potential/foreseeable threats and treat them before they are realized, 2. Contain and manage the immediate of impact unplanned and unexpected events should they eventuate and 3. Recover to a safe state key business operations and deliverables. We wish to contribute to a society with a workplace that is characterized by diversity in our working and employment relationships. Our culture is inclusive, with respect for all the differences that our employees bring with them into WSP. • Competences are always a crucial parameter in recruitment and promotions • Employees and job seekers have the same opportunities to pursue careers in the company, regardless of gender • Our company supports initiatives that induce more young people to choose the natural sciences educations, including special events to get more girls to choose the natural sciences. Our company is in the technical/scientific industry, where there is no equal gender distribution, which is also reflected in our organization. Proportion of women in WSP Danmark201920202021Board of directors50%57%75%Top management levels 1 and 2 (chief executives)13%14%14%Level 3 (senior managers) 26%32%28%Employees in total37%33%34% The proportion of women on the board has steadily increased in recent years, reaching 75% in 2021. As there is an equal gender distribution on the board no KPI has been set for 2022. At levels 1 and 2, the proportion of women is at the same level as last year. We are seeing a small overall increase across the company in the proportion of women, while women representation at managerial level 3 has decreased since 2020. Our ambitions for 2022 will be to implement a much more structured approach to focusing on increasing the proportion of women both in general and also in management roles. This will come about i.a. through the launch of more structured search and recruitment processes that will actively seek to reduce unconscious bias. Furthermore, we will work in 2022 with our Employer Brand in Denmark, in order to both internally and externally make visible what kind of workplace we want to further develop towards. Here, room for diversity will be an extremely important theme towards being perceived as a sustainable workplace for all employees. We want to contribute to more girls taking a science education and thereby support the gender equality agenda. In order to “encourage” more female students to take an interest in engineering, we participated in Girls Day In Science, which is a nationwide campaign to make girls more interested in pursuing a science and technology education. We will participate again in 2022. In our strategy 2022-2024, one of our goals is to achieve at least 30% of our management positions being occupied by women. Employee Satisfaction Employee satisfaction and commitment are strategic priorities in WSP and, in 2021, we switched to Peakon Engagement Survey which is a new global concept for measuring employee satisfaction. We thus continue to listen to our employees and have a systematic approach to collecting employee feedback from all of WSP. As a global tool, Peakon gives us the opportunity to compare our results with those of the other countries, and it also gives our top corporate management a better understanding of what works well, what needs to be improved, and what cultural similarities and differences there are around the world. Peakon Engagement Survey was launched in September 2021, and it showed an overall commitment score for WSP Danmark of 7.8, which exceeds the global and Nordic WSP benchmarks. We want to step up our efforts in WSP Danmark in 2022 to introduce Peakon as a framework tool for working on employee satisfaction and commitment. In-service Training and Personal Development Being a knowledge-based company, WSP Danmark wants to concentrate on continuous in-service training of our employees, so that they can maintain a high level of competences. Skills development and onboarding take place through internally developed course programs in WSP Academy, such as peer training on projects or external courses, long-term training courses and completion of business PhD projects. Our educational platform, WSP Academy, will be further developed in 2022 with offers of skills development. Figures from FRI’s Industry Survey 2020 show that the industry is generally spending less on in-service training compared to earlier. In WSP Danmark, our costs related to in-service training has decreased compared to the previous year, but we still exceed the industry average. For the coming years, our ambition is to remain on the industry average. Our career model, which consists of different career tracks and levels, forms a foundation for conversations about and planning of employees' careers and competence development. Discussions about career paths and skills development take place at employee satisfaction interviews between employee and manager at least once a year. Health and Safety In WSP, we give high priority to health and safety and we have a vision of Zero Harm. In 2021, we continued our work on WSP’s Integrated Safety Management System (ISMS) for the registration of incidents, near miss incidents and safety observations as well as for setting goals, achieving clarity of purpose, objectives and communication throughout the organization. In 2022, we will continue our efforts to reduce and eliminate the risks associated with our activities, and to focus on field work as well as increased guidance and awareness among all our employees. Furthermore, we will implement new standards for well-defined “Life Saving Actions” as part of our efforts to prevent accidents and protect our employees at work. As a company, we have few work-related injuries. In 2021, seven incidents were registered, which required treatment in addition to first aid – one of them was of a serious nature and was due to a fall on an icy surface. Parameter201920202021Incidents (with treatment)437Near miss incidents027 The plan is to measure the entire organization's attention on work environment issues. This will be done by increasing the reporting of near misses and security observations that could have resulted in an incident. As a result, we expect to be able to take care of safety issues to a greater extent before things go wrong. Sickness Absenteeism In 2020, WSP Danmark had an average sickness absenteeism of 5.9 days which is a little below the industry average of 6.5 days (FRI’s Industry Survey 2020). If we exclude the long-term sick, we are slightly above the industry level of 4.1 sick days with our 4.5 days. We will keep close track of sick leave with the aim of reducing it. Our attention is focused on long-term illness, stress and recurrent short-term illness. Our efforts for long-term illness, including stress, include conversations and an individually tailored course to ensure a lasting return to work. Efforts to reduce sick leave will continue in 2022. 519071000 501117000 520618000 483651000 1658000 1453000 3075000 2388000 192004000 189153000 191786000 182336000 328725000 313417000 331907000 303703000 303190000 300963000 302339000 292439000 9918000 9545000 9914000 9478000 650000 625000 650000 625000 14967000 2284000 19004000 1161000 0 0 -3521000 1254000 512000 104000 512000 104000 724000 712000 807000 621000 14755000 1676000 15188000 1898000 4579000 849000 4866000 1071000 10176000 827000 10322000 827000 146000 0 0 0 10322000 827000 10322000 827000 0 575000 0 575000 3454000 513000 3454000 513000 15700000 20930000 15700000 20930000 1521000 0 1521000 0 20675000 22018000 20675000 22018000 2034000 2199000 2034000 2199000 7639000 5700000 7606000 5635000 1619000 1893000 1620000 1883000 11292000 9792000 11260000 9717000 0 0 8079000 10972000 0 0 8079000 10972000 31967000 31810000 40014000 42707000 0 7000 0 7000 114679000 98810000 111648000 95324000 35015000 16417000 34254000 15867000 8882000 27255000 9462000 27501000 6240000 6730000 6224000 6578000 6360000 4461000 6133000 4446000 171176000 153673000 167721000 149716000 24046000 40664000 22185000 39033000 195222000 194344000 189906000 188756000 227189000 226154000 229920000 231463000 22500000 22500000 22500000 22500000 22500000 22500000 22500000 22500000 0 0 5801000 9322000 0 449000 0 449000 36951000 10680000 31150000 1358000 59451000 33629000 59451000 33629000 21918000 19663000 20972000 16911000 11400000 7982000 11400000 7982000 33318000 27645000 32372000 24893000 13123000 17521000 12845000 17117000 50281000 47776000 49310000 47545000 18035000 8330000 25403000 18233000 1087000 0 338000 0 0 0 467000 0 51190000 90766000 49030000 89559000 704000 487000 704000 487000 134420000 164880000 138097000 172941000 134420000 164880000 138097000 172941000 227189000 226154000 229920000 231463000 22500000 0 449000 10680000 15500000 0 0 -449000 0 0 0 10771000 22500000 0 0 36951000 22500000 9322000 449000 1358000 15500000 0 0 -449000 0 -3521000 0 14292000 22500000 5801000 0 31150000 Geographical segments Revenue, Denmark 488.414 486.005 490.250 468.658 Revenue, exports 30.657 15.112 30.368 14.993 519.071 501.117 520.618 483.651 Business segments Advisory services 498.770 479.382 500.317 461.916 Software and services 20.301 21.735 20.301 21.735 519.071 501.117 520.618 483.651 289653000 288855000 288822000 280659000 1809000 2151000 1809000 2151000 4474000 4143000 4474000 3998000 7254000 5814000 7234000 5631000 303190000 300963000 302339000 292439000 5590000 5590000 438 443 433 427 For 2021, remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. In 2020, the Executive Board consisted of more than one person and the total remuneration amounted TDKK 5,590. 6094000 6666000 6094000 6666000 3842000 3139000 3838000 3072000 9918000 9545000 9914000 9478000 No special items in 2021. In 2020 special items amounted to DKK 14 million related to the integration of the company into the WSP Group, primarily related to IT costs and advisory services of DKK 11 million recognised in other external expenses and cost related to release of employees of DKK 3 million recognised in staff expenses. Share of profits of subsidiaries 0 1.254 Share of losses of subsidiaries -3.521 0 -3.521 1.254 435000 103000 435000 103000 0 1000 0 1000 77000 0 77000 0 0 0 119000 41000 724000 419000 688000 362000 0 293000 0 218000 724000 712000 807000 621000 518000 0 805000 0 4598000 1849000 4598000 1575000 0 -48000 0 -48000 -537000 -952000 -537000 -456000 4579000 849000 4866000 1071000 Revenue 10.230 0 0 0 Other operating income 478 0 0 0 Other external expenses -4.849 0 0 0 Gross profit/loss 5.859 0 0 0 Staff expenses -6.748 0 0 0 Depreciation, amortisation and impairment of intangible assets and property, plant and equipment -29 0 0 0 Other operating expenses -14 0 0 0 Profit/loss before financial income and expenses -932 0 0 0 Financial income 29 0 0 0 Financial expenses -8 0 0 0 Profit/loss before tax -911 0 0 0 Tax on profit/loss for the year 1.057 0 0 0 146 0 0 0 Discontinued activities consist of the result of the subsidiary WSP Arctic A/S as it has been decided to discontinue the activities in the Arctic area. As of 31 December 2021 no material assets or liabilities exists. 8828000 7698000 99847000 0 0 3230000 0 1521000 0 0 -2962000 0 8828000 10928000 96885000 1521000 8253000 7185000 78917000 0 575000 289000 5230000 0 0 0 -2962000 0 8828000 7474000 81185000 0 0 3454000 15700000 1521000 5454000 7638000 77049000 0 0 3230000 0 1521000 0 0 -2962000 0 5454000 10868000 74087000 1521000 4879000 7125000 56119000 0 575000 289000 5230000 0 0 0 -2962000 0 5454000 7414000 58387000 0 0 3454000 15700000 1521000 3633000 11841000 3850000 0 267000 0 946000 4431000 51000 0 -778000 -209000 4579000 15761000 3692000 1434000 6141000 1957000 0 260000 0 1111000 2435000 325000 0 -714000 -209000 2545000 8122000 2073000 2034000 7639000 1619000 3633000 11468000 3640000 946000 4431000 51000 0 -447000 0 4579000 15452000 3691000 1434000 5833000 1757000 1111000 2413000 314000 0 -400000 0 2545000 7846000 2071000 2034000 7606000 1620000 1650000 1650000 628000 0 2278000 1650000 9322000 8068000 -3521000 1254000 5801000 9322000 WSP Arctic A/S Nuuk, Greenland 100 Golder Associates A/S Høje Taastrup, Denmark 100 0 7000 0 7000 Selling price of work in progress 638.339 677.796 612.652 650.700 Payments received on account -653.605 -709.155 -627.708 -682.378 -15.266 -31.359 -15.056 -31.678 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 35.015 16.417 34.254 15.867 Prepayments received recognised in debt -50.281 -47.776 -49.310 -47.545 -15.266 -31.359 -15.056 -31.678 Prepayments consist of prepaid expenses concerning rent and insurance premiums. -3521000 1254000 -449000 -450000 14292000 23000 Provision for deferred tax at 1 January 19.663 18.766 16.911 15.792 Amounts recognised in the income statement for the year 2.255 897 4.061 1.119 Provision for deferred tax at 31 December 21.918 19.663 20.972 16.911 Intangible assets -110 518 -110 518 Property, plant and equipment -3.753 -4.323 -3.718 -4.307 Other receivables -639 -815 -639 -815 Contract work in progress 49.831 50.590 48.850 47.651 Tax loss carry-forward -23.411 -26.307 -23.411 -26.136 21.918 19.663 20.972 16.911 Other provisions consist of provisions for expected future costs on closed projects, including any guarantee costs. Other provisions 11.400 7.982 11.400 7.982 11.400 7.982 11.400 7.982 Deferred income comprises various pre-invoiced income. Contingent liabilities The group as well as the parent company have assumed lease and leasing obligations with a term of between 3 months and 6.5 years. The total rental and leasing obligation as of 31 December 2021 amount to TDKK 75,832 (2020: TDKK 91,208) for the group and TDKK 75,832 (2020: TDKK 90,537) for the parent company. No guarantees have been provided in connection with ongoing and completed projects in 2021. In addition, the company is obliged in accordance with the general Conditions for Counseling (ABR18). The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable by the Group amounts to TDKK 338. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. WSP Danmark A/S act as administration company for the joint taxation group. Basis Controlling interest WSP Sverige AB, Stockholm, Sverige Controlling shareholder WSP Global Inc., Montreal, Quebec, Canada Ultimate owner Board of Directors and Executive Board Has warrants and thus has a material influence on WSP Danmark A/S. Transactions The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. The Company is included in the Group Annual Report of: Name Place of registered office WSP Global Inc. (største koncern udelad hvis samme som mindste) Montreal, Quebec, Canada (mindste koncern) 268000 295000 242000 275000 63000 17000 48000 17000 40000 47000 35000 47000 224000 706000 204000 691000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of WSP Danmark A/S for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C . The accounting policies applied remain unchanged from last year. The Consolidated and Parent Company Financial Statements for 2021 are presented in TDKK. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of WSP Global Inc., the Company and the Group have not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. The Consolidated Financial Statements comprise the Parent Company, WSP Danmark A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Business acquisitions carried through on or after 1 July 2018 Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably. The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Amortisation of goodwill is allocated in the Consolidated Financial Statements to the operations to which goodwill is related. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Information on business segments and geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Plant and machinery 3-6 years Other fixtures and fittings, tools and equipment 6-8 years Leasehold improvements 6-15 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item“Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progress regarding service is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Other provisions include warranty obligations in respect of repair work within the warranty period. Provisions are measured and recognised based on experience with guarantee work. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. The share capital consists of 22,500 shares of a nominal value of TDKK 1. No shares carry any special rights. Goodwill is amortised on a straight-line basis over the estimated useful life of 5-20 years. determined on the basis of Management’s experience with the individual business areas. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the Group can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item “Reserve for development costs”. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3-5 years. Patents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is years. 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We hold data that is commercially and personally confidential. Our reputation with our clients and our employees depends on the care and diligence we exercise in keeping their