37424331 2021-01-01 2021-12-31 37424331 2021-01-01 2021-12-31 0 37424331 2021-01-01 2021-12-31 0 37424331 2021-01-01 2021-12-31 1 37424331 2021-01-01 2021-12-31 2 37424331 2020-01-01 2020-12-31 37424331 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 37424331 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 37424331 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 37424331 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 37424331 2021-01-01 2021-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 37424331 2020-01-01 2020-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 37424331 2021-12-31 37424331 2020-12-31 37424331 2021-01-01 2021-12-31 0 37424331 2021-01-01 2021-12-31 1 iso4217:DKK xbrli:pure Regnskabsklasse B 2021-01-01 2021-12-31 IBM Global Financing Danmark ApS Prøvensvej No.: 1 DK-2605 Brøndby +45 45 24 00 00 www.ibm.com/financing/dk-da/ 37424331 Brøndby 2022-05-25 Nina Nørregaard <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement on the Annual Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today considered and adopted the Annual Report of IBM Global Financing Danmark ApS for the financial year 1 January – 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report was prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and of the results of the Company operations for 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Management’s Review includes a true and fair account of the affairs described.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Brøndby 2022-05-25 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of IBM Global Financing Danmark ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021, and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of IBM Global Financing Danmark 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 (“financial statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">·         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.</td></tr><tr><td colspan="1">·         Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.</td></tr><tr><td colspan="1">·         Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">·         Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">·         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.</td></tr><tr><td colspan="1">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.</td></tr></table> Copenhagen 2022-05-25 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr><tr><td colspan="1">The Annual Report of IBM Global Financing Danmark ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B.</td></tr><tr><td colspan="1">Key activities</td></tr><tr><td colspan="1">The Company’s principal activities comprise leasing including both operating and finance leases of IT equipment – and relevant services as well as financing offered to businesses by way of loans and factoring.</td></tr><tr><td colspan="1">Development in the period and expectations for the year ahead</td></tr><tr><td colspan="1">The profit for period after tax amounts to DKK 8.849k. As part of IBM Global Financing overall strategy, a significant part of the portfolio was sold off in late 2020 to an external funder. Additional to this, the spin-off within IBM Danmark of the business for outsourcing into Kyndryl Denmark, also impacted the revenue negative for 2021, as the ability for financing of non-IBM equipment/solutions still is limited. The above change in business did result in declining the revenue for 2021, compared with revenue in 2020. In a view normalizing for this in the 2020 result, the performance in 2021 was on a 2020 level, and therefore the 2021 result was satisfactory and as expected.</td></tr></table> 35440000 8100000 596000 13730000 0 13014000 219000 1887000 11346000 2497000 8849000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b></b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Staff expenses</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >2021</td><td width="25%" align="right" valign="middle" >2020</td></tr><tr><td width="52%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK '000</td><td width="25%" colspan="1" align="right" valign="middle" >DKK '000</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Payroll</td><td width="23%" align="right" valign="middle" >5.959</td><td width="25%" align="right" valign="middle" >9.541</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Pensions</td><td width="23%" align="right" valign="middle" >2.116</td><td width="25%" align="right" valign="middle" >2.280</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Other social security expenses</td><td width="23%" align="right" valign="middle" >25</td><td width="25%" align="right" valign="middle" >29</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >8.100</td><td width="25%" align="right" valign="middle" >11.850</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="23%" align="right" valign="middle" >11</td><td width="25%" align="right" valign="middle" >12</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Other operating income</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other operating income consist of significantincome- and cost transactionsthat are of a special nature in relation to the Compan over time. Other operating income also include other significantam ounts of non-recurringy's revenue- generating operations, such as costs for extensive structuring of processesand basic structural adjustments, as well as any divestment gains and losses associated therewith, which are of significant importance over time. Other operating income also include other significantam ounts of non- recurring character.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Profit for the year was affected by an extraordinarytransactionunder other operating income as a result of Sale of Loan/ Leasereceivable( 2020).</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Sale of Loan/ Leasereceivable, other operating income 0 6.648</td><td width="23%" align="right" valign="middle" >0</td><td width="25%" align="right" valign="middle" >6.648</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >0</td><td width="25%" align="right" valign="middle" >6.648</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Interest income, group related companies</td><td width="23%" align="right" valign="middle" >14</td><td width="25%" align="right" valign="middle" >291</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="23%" align="right" valign="middle" >139</td><td width="25%" align="right" valign="middle" >319</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="23%" align="right" valign="middle" >66</td><td width="25%" align="right" valign="middle" >155</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >219</td><td width="25%" align="right" valign="middle" >765</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial expense</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Interest expense, group related companies</td><td width="23%" align="right" valign="middle" >-1.739</td><td width="25%" align="right" valign="middle" >-1.579</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Other financial expense</td><td width="23%" align="right" valign="middle" >-58</td><td width="25%" align="right" valign="middle" >-47</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Foreign exchangeloss</td><td width="23%" align="right" valign="middle" >-90</td><td width="25%" align="right" valign="middle" >-33</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >-1.887</td><td width="25%" align="right" valign="middle" >-1.659</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Tax on profit for the period</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >2021</td><td width="25%" align="right" valign="middle" >2020</td></tr><tr><td width="52%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK '000</td><td width="25%" colspan="1" align="right" valign="middle" >DKK '000</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Current tax for the period</td><td width="23%" align="right" valign="middle" >-10.813</td><td width="25%" align="right" valign="middle" >3.549</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Deferred tax for the period</td><td width="23%" align="right" valign="middle" >8.316</td><td width="25%" align="right" valign="middle" >-12.900</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Adjustment of tax, previous periods</td><td width="23%" align="right" valign="middle" >0</td><td width="25%" align="right" valign="middle" >-1.685</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >which breaks down as follows</td><td width="23%" align="right" valign="middle" >-2.497</td><td width="25%" align="right" valign="middle" >-11.036</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Tax on profit for the period</td><td width="23%" align="right" valign="middle" >-2.497</td><td width="25%" align="right" valign="middle" >-11.036</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >-2.497</td><td width="25%" align="right" valign="middle" >-11.036</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Lease Receivables</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Within 1 year</td><td width="23%" align="right" valign="middle" >346.910</td><td width="25%" align="right" valign="middle" >572.374</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="23%" align="right" valign="middle" >151.567</td><td width="25%" align="right" valign="middle" >195.474</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >498.477</td><td width="25%" align="right" valign="middle" >767.848</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Provision for deferred tax</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Provisions for deferred tax at 1 January</td><td width="23%" align="right" valign="middle" >57.028</td><td width="25%" align="right" valign="middle" >44.128</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Adjustment prior periods</td><td width="23%" align="right" valign="middle" >-10.334</td><td width="25%" align="right" valign="middle" >0</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Deferred tax recognisedin the income statement</td><td width="23%" align="right" valign="middle" >-8.316</td><td width="25%" align="right" valign="middle" >12.900</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Provision for deferred tax at 31 December</td><td width="23%" align="right" valign="middle" >38.378</td><td width="25%" align="right" valign="middle" >57.028</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Debt</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Payments due within 1 year are recognisedin short-term debt. Other debt is recognised in long-term debt. The debt falls due for paymentas specified below</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Payables to group related companies</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Long-term part</td><td width="23%" align="right" valign="middle" >193.844</td><td width="25%" align="right" valign="middle" >316.760</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Short-term part</td><td width="23%" align="right" valign="middle" >259.032</td><td width="25%" align="right" valign="middle" >400.891</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >452.876</td><td width="25%" align="right" valign="middle" >717.651</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" >2021</td><td width="25%" align="right" valign="middle" >2020</td></tr><tr><td width="52%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK '000</td><td width="25%" colspan="1" align="right" valign="middle" >DKK '000</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Contingent liabilities, including lease and guarantee obligations as well as other contingent liabilities</td><td width="23%" align="right" valign="middle" >2.832</td><td width="25%" align="right" valign="middle" >2.610</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Group's Danish enterprises are jointly and severally liable for tax on the jointly taxed income etc of the Group. The total accrued corporation tax is disdosed in the annual report of IBM Danmark ApS, which is the management company under the joint taxation. Moreover, the group enterprises are jointly and severally liable for Danish withholding taxes by way of dividend tax, royalty tax and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties and ownership</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Controllinginterest</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >IBM Global Financing Investments II B. V. holds 100% of the shares of IBM Global Financing Danmark ApS.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Consolidated financial statements</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is a part of the consolidated statement of</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Name</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >International Business Machines Corporation</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Place of registered office</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >New Orchard Road, Armonk, New York 10504, United States of America</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" >Significant subsequent events</td></tr><tr><td width="69%" colspan="1" align="left" valign="middle" >No events have occurred after the balance sheet date which materially assessment of the Company's financial position.</td><td width="31%" colspan="1" align="right" valign="middle" >affect the</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis of Preparation</td></tr><tr><td colspan="1">The Annual Report of IBM Global Financing Danmark ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Financial Statements for 2021 are presented in DKK thousands.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Presentation currency</td></tr><tr><td colspan="1">The Company uses Danish kroner as the measurement currency. All other currencies are regarded as foreign currencies.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Translation policies</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses 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.</td></tr><tr><td colspan="1">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 transaction date rates are recognised in financial income and expenses in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business combinations</td></tr><tr><td colspan="1">Intragroup business combinations are accounted for by the uniting-of-interests method without any restatement of comparative figures (the book value method). Whereby assets and liabilities acquired are measured at carrying amounts and recognized at the date at the acquisition.</td></tr><tr><td colspan="1">The difference between the consideration agreed and the carrying amounts of the acquired assets and liabilities of the acquired enterprise is recognised in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Leases</td></tr><tr><td colspan="1">Leases under which all material risks and rewards have been transferred to the lessee are classified as finance leases and are recognised in assets held under lease receivables. Finance leases are measured at the present value of future minimum lease payments. All other leases are considered operating leases.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross profit/loss</td></tr><tr><td colspan="1">With reference to section 32 of Danish Financial Statements Act, revenue has not been disclosed in the Annual Report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue comprises interest income from loans and finance leases as well as lease payments from operating leases.</td></tr><tr><td colspan="1">The Company recognises interest on loans and finance leases in the income statement when revenue can be measured reliably, and it is probable that future economic benefits will flow to the Company. Interest income is recognised based on the effective interest method.</td></tr><tr><td colspan="1">When computing the lease payments on finance leases, the interest rate implicit in the lease is applied as the discount rate and the related interest is recognised as income in the income statement.</td></tr><tr><td colspan="1">Income from leases moreover comprises lease payments from operating leases. Lease payments from operating leases are recognised on a straight-line basis over the term of the leases.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise expenses for premises, travel as well as office expenses, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff expenses</td></tr><tr><td colspan="1">Staff expenses comprise wages and salaries, including holiday pay and pensions as well as other social security expenses, etc. to the Company's employees.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Depreciation, amortisation and impairment losses</td></tr><tr><td colspan="1">Depreciation, amortisation, and impairment losses comprises depreciation, amortisation and impairment of property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest as well as realised and unrealised exchange adjustments and are recognised in the income statement at the amounts relating to the financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Tax on profit for the year</td></tr><tr><td colspan="2">Tax for the year consists of current tax for the period and deferred tax for the period. The tax attributable to the profit for the period is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The tax recognised in the income statement is classified as tax on ordinary activities and other taxes, respectively. The Company is jointly taxed with Danish group enterprises.</td></tr><tr><td colspan="2">The current corporation tax is allocated to the jointly taxed enterprises in proportion to their taxable incomes.</td></tr><tr><td>IT equipment</td><td>3-5 year</td></tr><tr><td colspan="2">The depreciation period and residual value of the Company’s property, plant and equipment is subjected to an annual reassessment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of fixed assets</td></tr><tr><td colspan="1">The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation.</td></tr><tr><td colspan="1">If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount and the asset is written down to its lower recoverable amount.</td></tr><tr><td colspan="1">The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables comprise loans and lease receivables.</td></tr><tr><td colspan="1">Leases under which all material risks and rewards have been transferred to the lessee are classified as finance leases and are recognised in receivables. Receivables from finance leases are measured at the present value of future lease payments. When computing the net present value, the interest rate implicit in the lease is applied as the discount rate. Assets acquired under finance leases are not subject to any depreciation or impairment and are presented as receivables. The interest included in the lease payment is currently recognised as income in the income statement.</td></tr><tr><td colspan="1">All other receivables are measured at the lower of amortised cost and net realisable value, which correspond to nominal value less provision for bad debts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Provisions</td></tr><tr><td colspan="1">Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial debts</td></tr><tr><td colspan="1">Debt such as loans from group related companies, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently the loans are measured at the 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred tax assets and liabilities</td></tr><tr><td colspan="1">Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax on temporary differences concerning non-taxable amortisable goodwill as well as other items is not recognised where, unless arising from acquisitions, they have arisen at the date of acquisition without affecting the profit for the period or the taxable income.</td></tr><tr><td colspan="1">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. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax base of tax loss carry-forwards, 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.</td></tr><tr><td colspan="1">Deferred tax assets and liabilities are offset within the same legal tax entity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Current tax receivables and liabilities</td></tr><tr><td colspan="1">Current tax liabilities and receivables are recognised in the balance sheet as tax calculated on the taxable income for the period, adjusted for tax on the taxable income of previous periods and for taxes paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in financial income and expenses in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred income</td></tr><tr><td colspan="1">Deferred income comprises payments received in respect of income in subsequent years.</td></tr></table> Årsrapport 37424331 IBM Global Financing Danmark ApS Prøvensvej 1 2605 Brøndby xWizard version 1.1.1123.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Kalle Lagermann Søren Gert Christiansen Chairman Frank Bøje Andersen Kalle Lagermann 74885000 11850000 2055000 16571000 6648000 51057000 765000 1659000 50163000 11036000 39127000 75000000 110000000 -66151000 -70873000 11 12 385000 385000 151567000 151567000 53097000 205049000 36000 424192000 140709000 70000 564971000 3825000 568832000 773881000 60000 121228000 75000000 196288000 38378000 38378000 193844000 193844000 50573000 259032000 35590000 176000 345371000 539215000 773881000 2013000 2013000 195474000 195474000 6287000 203774000 11461000 808026000 140755000 414000 949195000 222000 960878000 1164652000 60000 187380000 110000000 297440000 57028000 57028000 316760000 316760000 26178000 400891000 66302000 53000 493424000 810184000 1164652000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab DK-2900 Hellerup Strandvejen 44 33771231 Brian Christiansen State Authorised Public Accountant mne23371 Jakob Hermann State Authorised Public Accountant mne33730 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab