Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2021-01-01 2020-01-01 2021-12-31 2020-12-31 38175793 Cube Denmark ApS Farverland 7 2600 Glostrup 2016-11-01 Albertslund PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Danmark 2022-05-05 Ole Steensbro Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Cube Denmark ApS 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 and of consolidated cash flows 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. Glostrup 2022-05-05 Ole Steensbro Executive Officer Jérôme Maurice Olivier Emile Joseph Jeauffroy Chairman Stefan Konrad Weis Brice Masselot To the Shareholder of Cube Denmark ApS 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 and of consolidated cash flows 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 Cube Denmark ApS 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, as well as consolidated statement of cash flows (”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 2022-05-05 Hellerup 2022-05-05 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Bo Schou-Jacobsen State Authorised Public Accountant mne28703 Jesper Bo Winther State Authorised Public Accountant mne26864 Seen over a five-year period, the development of the Group is described by the following financial highlights: 686797000 580799000 385536000 501106000 412979000 290471000 17611000 3354000 13173000 -11837000 -13460000 -12477000 -8883000 -8067000 3827000 -5584000 3479000 725313000 633627000 599756000 112844000 89416000 88590000 86068000 50417000 39175000 -162001000 -65216000 -274461000 -195935000 -66964000 -93075000 -67566000 -181111000 74429000 37762000 258350000 -24916000 84389000 -1504000 22963000 23064000 Årets forskydning i likvider Årets forskydning i likvider Årets forskydning i likvider Årets forskydning i likvider Årets forskydning i likvider 974 890 874 3.2 2.6 2.6 1 3.9 17 19.4 15.6 14.1 14.8 3.5 7.6 3.8 -6.3 7.8 Key activities The Group: The main activity of the Group is to provide public transport services for the Public Transport Authorities (PTA) of the Regions of Denmark. Development in the year The income statement of the Group for 2021 shows a profit of DKK 5,412,407, and at 31 December 2021 the balance sheet of the Group shows equity of DKK 155,273,995. The Group provides transport services for 4 out of 5 regional Public Transport Authorities (PTA) and 2021 was characterized by both successfully won contracts and the loss of one contract in Jutland. The Group became the first national operator to start a contract for operating public transport with a full fleet of electric vehicles. Since then, the operation has successfully delivered extraordinary positive results in terms of both service, reliability, and customer satisfaction. In 2021 the Group opened a new operation in Copenhagen from a new depot in Bagsværd (Gladsaxe). In the first half of 2022 the activities will increase with more operations in Bagsværd and a new depot in Ringsted. When fully in operation in 2022, the new 10-12 years contract will contribute with more than 25% growth in revenue. But also in Mid Jutland, the Group has successfully secured a significant new contract for 36 electric vehicles and are currently opening operations in several new depots. This contract starts in the summer of 2022. The significant opportunities for growth through tendering is expected to continue in the coming years. The Profit before tax of the year is in line with management’s expectations. Special risks Operating risks The Group is not assessed to be exposed to any special risks. The Group’s most important customers are the Public Transport Authorities (PTA), and the service contracts are typically concluded for a long period of time with the possibility of extension; thus, the service contracts match the useful lives of the buses. In connection with the delivery of new buses, the Group ensures a repurchase guarantee from the manufacturer/supplier which matches the terms of the service contracts whenever relevant. Price risks The Group is not subject to any special price risks as the indexation of contract payments from the Public Transport Authorities includes general fluctuations in wage levels, interest rate levels and fuel prices. The Covid 19 pandemic The Group main activities have operationally been affected by the pandemic related close of activities across the country but has managed to maintain almost full payment from our public transport clients. Therefore, the group is not, now or looking ahead, affected significantly financially. Interest rate risks The interest bearing debt constitutes a material amount in the Group. Changes to the interest rate level are, however, included in the indexation of the service contracts with the Public Transport Authorities and, therefore, increases in interest rates do not constitute any significant risk for the Group. Credit risks The debtor risk is considered very limited as the Group’s major customers are the Public Transport Authorities. Strategy The Group is mainly focused on expanding the business through successful tendering in the public transport bus market but is also open for M&A opportunities if they support the positive development of the group. Targets and expectations for the year ahead First half of 2022 is focused on opening operations on Sealand and in Mid-Jutland. At the same time a lot of operations is being tendered in the coming years. The Group expects, every year, to bid for tenders covering more than 500 vehicles, and an annual turnover of more than 1 bDKK per year. Profit before tax in 2022 is expected to be at the level of mDKK 19-21, reflecting the latest tender wins. Data ethics The Group doesn't use advanced technologies such as artificial intelligence or machine learning. The company handles general data such as customer data and employee data. Data are processed in accordance with GDPR. With the limited processing of data, it is the company's assessment that there is no need for a policy on data ethics. The Group will continuosly assess whether a policy is necessary. Statement of corporate social responsibility Statement on gender composition Other Policies Besides the above, the Group has laid down guidelines for the Company’s day-to-day staff management (values for being a good colleague and rules for a good management style) and staff policy principles in staff manuals. Our staff policy includes, among other things, the following: The Group's values in day-to-day cooperation: - We do our best and take responsibility for our actions; - We treat each other with respect and talk nicely to each another; - We ask if there is something that we do not understand and expect a proper answer; - We help each other as best we can; - We stop rumours before they become a problem; - We have humour but make sure that it is understood and is not hurtful; - We appreciate our differences and see it as a strength; - We do what we can to keep each other informed, and our working language is Danish. Rules for good Umove management: - Never cheat your employees - Tell your employees what you expect from them - Expect that your employees do their best and make it clear if that is not the case - Don’t ask for suggestions when you have decided - Appreciate a good effort but don’t praise fulsomely - Comply with your own rules - Be well mannered - You are always the boss of your employees no matter what the situation - Play the ball never the man - Don’t give privileges to some that others cannot have; - Always state reasons for refusals - Lead the way if you cannot lead the way who else is to do it? - Be consistent - Don’t be a tough customer but show confidence based on care, control, and consistence. ESG actions and target figures The company keeps track of agreed targets on all relevant parameters, such as energy consumption, waste and emissions, staff related issues such as absence, work injuries etc. All targets and actual results for the company activities are constantly reported and publicized via the GRESB Assessment Portal. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. For a short description of our business model, see the section “Key activities” on page 7. It is the Group’s policy to consider social and environmental issues as well as corporate governance when making decisions and in its day to day operations. We adhere to the UN Global Compact initiative and support a set of basic values within human rights, employee rights, environment, and anti corruption: Human rights 1) The Group supports and respects the protection of internationally proclaimed human rights; and 2) we ensure that we do not participate in the infringement of human rights. The Group has moreover implemented the following diversity policy: "We see diversity as a strength for our Company. We appreciate working together across differences in age, gender, religion, sexuality, and ethnicity. We believe that diversity inspires and builds strength, and we provide equal opportunities for everyone by being flexible and showing individual considerations. We have room for diversity, and any attempt at discrimination and bullying, etc. is prohibited and will result in dismissal. If you need special attention or special conditions, please talk to your manager. We will be pleased to accommodate your wishes if possible, taking into consideration the interests of the Company". The Company activities are continuously reviewed by senior management, employee representatives and the various works counsel functions as described in Danish law. The company also has a whistle blower arrangement in place which gives all employees an opportunity to report any deviating behavior anonymously. Based on that, risk of breach of the human rights policies of the company are regarded as low. Actions in 2021 The pandemic has not been helpful in terms of rolling out activities to secure the implementation of our policies, but in 2021 we have managed to finalize initiatives that took off in 2018/2019: 1.The roll out of our whistle blower process where all employees can report any inappropriate behavior and demand a proper response from management.The process is in place but has not yet given reason to received inquiries or complaints. 2.Update of our purchase agreements with the main suppliers to secure that they meet our standards in terms of staff conditions and environmental protection. The process is ongoing as agreements are renewed but the initiative has not yet given reason to any disputes with suppliers. 3.Visits to our main suppliers (i.e., vehicle manufacturers) to check relevant conditions are met. The pandemic has stopped this initiative, but we expect to be able to reactivate traveling in 2022. Employee rights The Group 1) ensures the freedom of association of its employees and recognizes their right to and need for collective bargaining; 2) supports the elimination of any type of forced labor; 3) rejects child labor; and 4) eliminates any discrimination in conditions of work and employment. Moreover, the Group has implemented the following occupational health and safety policy: "A good working environment is an important condition for being able to provide the right services to our passengers. Naturally, the physical environment and tools must be in working order, but we also look positively at our cooperation in our environmental organization, with trade organizations and our external partners who help us map employee satisfaction. Such initiatives are always backed up by action plans that can contribute to improving our working environment." Actions in 2021 2021 again was a year of lock down and Covid 19 precautions. In 2021 our activities have not been reduced significantly, but restrictions have been implemented onboard our busses. And the process, with new restrictions and special initiatives, as increased cleaning of vehicles, protective equipment like masks, being introduced have limited the options for initiatives in 2021. All administrative functions have worked from home in both the first and the second half of the year, focusing on what was necessary to protect the interest of the Group and our clients. Our internal works and environmental council are continuously following the situation and are putting in place initiatives and campaigns whenever relevant. In 2021 we have continued the roll out of ISO 45001 certification whenever opening new operations. Currently we are finalizing certifications for 7 new depots. Environment The Group 1) supports a precautionary approach to environmental challenges; 2) takes initiatives to promote a high level of environmental responsibility; and 3) encourages the development and dissemination of environmentally sound technologies. Moreover, the Group is ISO 14001 certified and has implemented the following environmental policy: "Even though public transport contributes to an overall reduction of transport emissions into the environment, we do have an impact on the environment. We use fossil fuel, chemicals and generate a lot of waste. We produce noise and have an overall impact on the surroundings. Both locally and globally. Therefore, it is a matter of the heart for us to minimize our impact on the environment by always being prepared to experiment with alternative technologies and energy sources when requested by the Public Transport Authorities. We are pleased to lead the way and to assume a calculated risk daily assisted by our environmental management system ISO 14001, which ensures that we work systematically with our environmental impact. We aim continuously at reducing our consumption of resources and our environmental impact through, for example, our systems and follow-up on fuel consumption. On locations where new buses operate, we have invested in technology that assist the drivers in “green driving”. If we can reduce our fuel consumption, we reduce both the environmental impact and save money. We readily share this gain with our employees." Actions in 2021 In 2021 it has been clear that Denmark is on the road to full electrification of bus operations. We are investing heavily in electric vehicles and charging infrastructure and expect this process to continue until around 90% of the market has been tendered (5 years). Only very few tenders allow for the use of fossil fuels, and where electrification is not yet possible (if high speed is required), the Public Transport Authorities typically require the use of HVO. Umove have ordered more than 100 electric vehicles to be delivered in 2021 and 2022. Anti-corruption and bribery The company is engaged with a significant low number of customers (4 public transport authorities and a limited number of municipalities) in a very regulated tendered marketplace with objective and transparent criteria for assignment of contracts. Representatives of management are fully informed of the company’s rules in respect of gift’s etc. It is the company’s policy that no employees are allowed to receive gifts. All commercial activities towards our clients are managed by senior management. Commercial agreements are not agreed or signed by any employee, but senior management. In respect of supplier agreements, the same rules apply. It is part of the scope of the external auditors’ activities to report any occurring or suspected occurrence to senior management and ultimately the company board of directors. In 2021, no suspected occurences were reported. Consequently, it is the company’s assessment that the risk of attempts of corruption and bribery is limited, and so no policy has been defined. The company always adheres to relevant local and international legislation and follows development in this area closely and will continuesly assess if further initatives regarding anti-corruption are neccessary. Target figure for the underrepresented gender on the Board of Directors The Board of Directors of Cube Denmark comprises 3 members elected at the General Meeting none of whom are women. Representation of men/women on the Company’s Board of Directors: 3/0. Cube Denmark ApS has a target of 33% female board members by 2025. Currenty we have not met this target as no female board members were elected in 2021. The management board of the company and its subsidiaries comprises 3 executive directors, all being men. In 2022 this will change as the company’s new CEO is a woman. She will substitute the current CEO on August 1st, 2022. Hereafter the management board will comprise of 2 men and 1 woman. Policy for the underrepresented gender at other management levels The Group’s policy is for several initiatives and guidelines to be set out on a current basis to ensure that everyone, irrespective of gender, is assessed based on a combination of professional qualifications and the competencies required for holding an executive position in the Group. The recruitment of employees in the Group is moreover to take place in accordance with this policy. While it is strictly against the Group’s policy to discriminate based on gender, the Group acknowledges that women are underrepresented. This is mainly due to the industry, which has traditionally been overrepresented by men. Consequently, the Group is striving for increasing the share of women at all levels of the organization, although the candidate with the best professional qualifications always will be chosen. This goes for recruitments as well as promotions. To increase awareness and interest from female applicants, the Group participates in job fairs throughout the country, where colleagues share information about how it is to work as a driver, mechanic, etc. Whenever possible, female colleagues participate as well. In addition, the company culture encourages frequent 1:1 meeting between employee and manager, where personal development as well as management responsibility can be discussed. Based on these initiatives, the Group is currently satisfied with the gender split at other management levels and hope to see progress on this front in the coming years 729789883 694827450 0 0 1558879 1334837 0 0 152318372 132693435 0 0 43784934 48840749 228894 118935 535245456 514628103 -228894 -118935 437020853 419102225 0 0 75154318 77198715 0 0 23070285 18327163 -228894 -118935 0 0 17106126 11771750 0 0 3914747 886110 11837151 13460439 4638037 3251590 11233134 4866724 16153942 9287335 5820727 -5197669 -209481 -546571 5412407 10064393 16363423 9833906 4136898 5740652 0 0 86090872 99518768 0 0 90227770 105259420 0 0 68677506 69086682 0 0 516292074 413469575 0 0 3453947 3391407 0 0 30782772 1264838 0 0 619206299 487212502 0 0 0 0 159161097 159161097 0 0 74080291 74080291 2929940 3236936 0 0 2929940 3236936 233241388 233241388 712364009 595708858 233241388 233241388 22102043 20208250 0 0 33203645 28429720 0 0 0 0 1650775 1234414 31247402 9308242 1926087 0 0 0 158556 0 9648 0 50633 546571 8728740 5945741 0 0 73189435 43683703 3786051 1780985 5070755 5008014 0 0 99431846 124348244 92942683 74721806 199794079 193248211 96728734 76502791 912158088 788957069 329970122 309744179 14409809 14409809 14409809 14409809 14409809 14409809 14409809 14409809 131715900 129006908 153390978 137027555 9148286 9268958 0 0 155273995 152685675 167800787 151437364 16888779 10414550 0 0 16888779 10414550 0 0 3324215 3324216 0 0 24089407 24479038 0 0 313776258 250582522 0 0 17934449 16185081 0 0 148771600 148771600 148771600 148771600 40058435 33246721 0 0 547954364 476589178 148771600 148771600 2690367 2534519 0 0 65578954 53415479 0 0 10828254 7841075 0 0 49400708 17546295 90969 71700 13137899 9224857 13306769 9463515 50404768 58689037 -3 0 0 16404 0 0 192040950 149267666 13397735 9535215 739995314 625856844 162169335 158306815 912158088 788957069 329970122 309744179 14409809 129006908 9268958 0 -1673070 0 -1151017 3860009 1552398 14409809 131715900 9148286 14409809 137027555 0 16363423 0 14409809 153390978 0 5412407 10064393 100874952 79253462 -18282129 18831279 88005230 108149134 11837156 9413041 76168074 98736093 -546863 -42270 76714937 98778363 195935089 66963800 5167183 5747978 -190767906 -61215822 -281305 782487 -72266722 1157133 -4736547 10787904 4785582 29776889 8739485 0 0 29776872 1673070 0 89136571 46826237 -24916398 84388778 124348244 39959466 99431846 124348244 99431846 124348244 Geographical segments Busservices Sealand 262,922,552 239,077,990 0 0 Busservices Jutland 459,603,923 448,162,103 0 0 Other revenue 7,263,408 7,587,357 0 0 729,789,883 694,827,450 0 0 389051803 370680370 0 0 32938489 33735148 0 0 7372756 6754398 0 0 7657805 7932309 0 0 437020853 419102225 0 0 949 946 0 0 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 0 0 3914747 886110 3916556 3160311 3916556 3160311 7920595 10300128 721481 91279 11837151 13460439 4638037 3251590 -653502 3542575 -50925 -546571 6474229 -8740244 -158556 0 5820727 -5197669 -209481 -546571 1552398 2257511 0 0 3860009 7806882 16363423 9833906 10299120 154931339 10299120 154931339 4558468 55412571 1603754 13427896 6162222 68840467 4136898 86090872 91198062 754753511 6777328 1264838 0 21794454 0 0 1720906 164037555 658694 29517934 0 -54966618 0 0 92918968 885618902 7436022 30782772 882022 0 0 0 882022 0 0 0 22993402 341283936 3385921 0 0 21794454 0 0 2130082 57370339 596154 0 0 -51121901 0 0 25123484 369326828 3982075 0 68677506 516292074 3453947 30782772 0 395384744 0 0 159161097 159161097 159161097 159161097 0 0 0 0 0 0 Umove Vest A/S Horsens 91 80602491 9960295 UM Leasing Vest 2016 ApS Horsens 91 139456 -23877 UM Leasing Vest 2017 ApS Horsens 91 -149308 -32127 UM Leasing Vest 2018 ApS Horsens 91 -36673 -20066 UM Ejendomme Vest 2017 Ap Horsens 91 521462 56877 DBB Leasing 5 ApS Skive 91 18874789 337098 DBB Leasing 6 ApS Skive 91 8734615 205220 Umove Øst A/S Glostrup 91 31180917 5843484 UM Leasing Øst 2016 ApS Glostrup 91 303047 -131703 UM Leasing Øst 2019 ApS Glostrup 91 -300256 -57848 UM Leasing Øst 2020 A/S Glostrup 91 597293 -27458 UM Leasing Øst 2021 ApS Glostrup 91 -24166 -64166 UM Ejendomme Øst 2018 ApS Glostrup 91 12927647 1128040 Umove A/S Glostrup 91 100725141 10865463 Umove Service ApS Glostrup 91 -89459 -129459 3236936 74080291 -306996 0 2929940 74080291 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well. Provision for deferred tax at 1 January 10,414,550 19,154,794 0 0 Amounts recognised in the income statement for the year 6,474,229 -8,740,244 -158,556 0 Provision for deferred tax at 31 December 16,888,779 10,414,550 -158,556 0 The subordinated loan capital from the group’s investors of DKK 3.3 million is due 31 December 2029. The repayment of the principal amount of the loan is subordinated to all other present and future obligations, including claims according to the Danish Bankruptcy Act. 3324215 3324216 0 0 0 0 0 0 3324215 3324216 0 0 13635681 14932213 0 0 10453726 9546825 0 0 2690367 2534519 0 0 26779774 27013557 0 0 114323259 87114743 0 0 199452999 163467779 0 0 65569920 53415479 0 0 379346178 303998001 0 0 0 0 0 0 17934449 0 10828254 7841075 0 0 28762703 24026156 0 0 148771600 148771600 148771600 148771600 148771600 148771600 148771600 148771600 18686881 20454347 0 0 21371554 12792374 0 0 112979 0 0 0 40171414 33246721 0 0 11837151 9413041 75154318 77198715 5820727 -5197669 8062756 -2160625 -1893793 -389699 -29358066 6381525 -89459 0 15381087 14454098 -2321898 -1614645 -18282129 18831279 Charges and security The following assets have been placed as security with mortgage credit institutes: Land and buildings with a book value of TDKK 68,678 (2020: DKK 69,087k). The following assets have been placed as security with credit institues: Assets under finance leases with a book value of TDKK 395,385 (2020: DKK 253,695k). Mortgage deed with a nominal value of TDKK 17,111 in the group's leased machinery with a carrying amount of TDKK 57,053 has been deposited as security for engagement with credit institutions. Company charges with a nominal value of TDKK 29,000 in the group's inmaterial rights, operating equipment, inventory, and claims with a carrying amount of TDKK 77,240 has been deposited as security for engagement with credit institutions. Mortgage deed with a nominal value of TDKK 387,130 in the group's leased machinery with a carrying amount of TDKK 354,679 has been deposited as security for engagement with credit institutions. Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 14,296,509 6,887,323 0 0 Between 1 and 5 years 11,375,845 20,524,346 0 0 After 5 years 24,803,652 4,154,535 0 0 50,476,006 31,566,204 0 0 Other contingent liabilities The Danish group companies are jointly and severally liable for tax on the Group's jointly taxed income. The total accrued corporation fax appears from the Annual Report of Cube Denmark ApS, which acts as administration company in the jointly taxed Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, royalty tax and tax on uneamed income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. As security towards traffic companies Tryg Garanti has provided guarantees of a total of TDKK 64,175. Basis Controlling interest Cube II Transport S.à.r.l Ultimate parent company 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. There is no disclosure of transactions with related parties, as it is the assessment that all transactions are done on arms-length terms. 520600 519800 21700 21200 945350 942900 51600 50500 The Annual Report of Cube Denmark ApS for 2020 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 DKK. The Financial Statements have been prepared under the historical cost method. 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, Cube Denmark ApS, 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. Business acquisitions carried through before 1 July 2018 Subject to some exemptions, acquisitions carried through before 1 July 2018 are accounted for under the same accounting policies as those applying to business combinations carried through on or after 1 July 2018. The most material exemptions are: Identifiable assets and liabilities of the entity acquired are recognised only if they are probable. Identifiable contingent liabilities of the entity acquired are not recognised in the consolidated balance sheet. Where the purchase price allocation is not final, positive and negative differences due to changes to the recognition and measurement of the acquired net assets may be adjusted until the end of the financial year following the year of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Transaction costs directly attributable to the acquisition of subsidiaries are included as part of cost. After the initial recognition, adjustment of contingent consideration is recognised directly with its counter entry in initial purchase price, thus correcting the value of goodwill or negative goodwill. In respect of step acquisitions, the carrying amount of the existing investments is recognised in cost. Minority interests form part of the Group’s total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquisition of subsidiaries. Business acquisitions carried through before 1 July 2018 Minority interests are recognised at the carrying amounts of the acquired assets and liabilities at the time of acquisition of subsidiaries. Business acquisitions carried through on or after 1 July 2018 Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. 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 geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. 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. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. 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 Danish subsidiaries. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. On acquisition fixed assets are measured at cost with deduction of accumulated depreciateion and write-downs. Interest expenses on loans contracted directly for financing the construction of assets are recognised in cost over the construction period. 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 added revaluations and reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Production buildings 25-50 years Other fixtures and fittings, tools and equipment 5-12 years Leasehold improvements 5-12 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 measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposit. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current asset investments, which consist of share certificates, are measured at their fair values at the ba-lance sheet date (the most recent net asset value is used as fair value). Dividend distribution proposed by Management for the year is disclosed as a separate equity item. 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. Loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. The cash flow statement shows the Group´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group´s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents The cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 10 years. Contracts acquired is measured at cost less accumulated amortisation. 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The company handles general data such as customer data and employee data. Data are processed in accordance with GDPR. With the limited processing of data, it is the company's assessment that there is no need for a policy on data ethics. The Group will continuosly assess whether a policy is necessary.