39312123 2021-01-01 2021-12-31 39312123 2021-01-01 2021-12-31 0 39312123 2021-01-01 2021-12-31 0 39312123 2021-01-01 2021-12-31 1 39312123 2021-01-01 2021-12-31 2 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 39312123 2021-01-01 2021-12-31 0 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 1 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 2 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 3 39312123 2021-01-01 2021-12-31 4 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 5 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 6 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 7 39312123 2021-01-01 2021-12-31 8 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 9 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 10 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 11 39312123 2021-01-01 2021-12-31 12 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 13 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 14 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 15 39312123 2021-01-01 2021-12-31 16 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 17 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 18 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 19 39312123 2021-01-01 2021-12-31 20 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 21 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 22 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 23 39312123 2021-12-31 39312123 2021-12-31 cmn:PreviousYearMember 39312123 2021-12-31 cmn:TwoYearsAgoMember 39312123 2021-12-31 cmn:ThreeYearsAgoMember 39312123 2021-01-01 2021-12-31 24 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 25 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 26 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 27 39312123 2021-01-01 2021-12-31 28 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 29 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 30 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 31 39312123 2021-01-01 2021-12-31 32 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 33 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 34 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 35 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 36 39312123 2021-01-01 2021-12-31 37 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 38 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 39 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 40 39312123 2021-01-01 2021-12-31 41 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 42 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 43 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 44 39312123 2021-01-01 2021-12-31 45 39312123 2021-01-01 2021-12-31 cmn:PreviousYearMember 46 39312123 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 47 39312123 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 48 39312123 2020-01-01 2020-12-31 39312123 2020-12-31 39312123 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 39312123 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 39312123 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 39312123 2020-01-01 2020-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 2022-05-23 Henrik Kaltoft <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 by the Board of Directors and Management</td></tr><tr><td colspan="1">JR Travel A/S is a subsidiary of KILROY International A/S which is an international travel company with</td></tr><tr><td colspan="1">headquarters in Denmark.</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 the managing director have today disccussed and approved the annual report for</td></tr><tr><td colspan="1">the financial year January 1 - December 31 2021 for JR Travel A/S.</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 has been prepared in accordance to 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">It is our opinion that the annual report gives a fair and true view of the company’s assets, liabilities and financial</td></tr><tr><td colspan="1">position as pr. December 31 2021 and the result of the company's activities for the financial year January 1 -</td></tr><tr><td colspan="1">December 31 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, the Managements's review includes a fair review of the development in the JR Travel A/S' operations</td></tr><tr><td colspan="1">and financial conditions, the results for the year and financial position.</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 Financial Statement is send for approval for the annual general meeting.</td></tr></table> Copenhagen 2022-05-23 JR Travel A/S 1450 Copenhagen K Nytorv 5 39312123 2018-02-06 Copenhagen K. <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 company was acquired 6 February 2018.</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">Main activities</td></tr><tr><td colspan="1">The main activity is to own shares in assoiciated companies.</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">Development in activities, finances, and other events during the year</td></tr><tr><td colspan="1">The result for 2021 is considered unsatisfactory</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">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">There have not been any uncertainty regarding recognition and measurement 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">Risk assessment</td></tr><tr><td colspan="1">No risk is considered, due to the fact that all transacions during the year, only relates to interests to parent company</td></tr><tr><td colspan="1">and the bank.</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">Corporate Social Responsibility (CSR)</td></tr><tr><td colspan="1">In accordance with the Danish Financial Statements Act §99a information on JR Travel A/S’ Corporate Social</td></tr><tr><td colspan="1">Responsibility policy can be found in the annual report of the parent company KILROY International A/S and on the</td></tr><tr><td colspan="1">website kilroy.net/about-us/policies.</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">Intellectual capital</td></tr><tr><td colspan="1">In order to maintain sustained development of the business areas and complementary areas, our employees are</td></tr><tr><td colspan="1">central. Hence, training and competence upgrade within travel are continuously prioritized.</td></tr><tr><td colspan="1">Subsequent events and expectations for 2021</td></tr><tr><td colspan="1">No material events have occurred since the balance sheet date that would affect the assessment of the annual report</td></tr><tr><td colspan="1">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="6">Keyfigures</td></tr><tr><td>000DK</td><td /><td>2021</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td colspan="6">Profit &amp; Loss Accounts (tDKK)</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">Key Figures</td></tr></table> 0 -322000 -8.94 0 <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">Key figures Information</td></tr><tr><td>EBITDA - Margin =</td><td>EBITDA / Turnover</td></tr><tr><td>Return on assets =</td><td>EBIT / total assets</td></tr><tr><td>Return on equity =</td><td>Net profit / average equity</td></tr><tr><td>Liquidity ratio =</td><td>Current assets / current liabilities</td></tr><tr><td>Equity ratio =</td><td>Equity / total assets</td></tr></table> 0 0 1000 0 -1000 0 321000 -322000 0 <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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Statement of changes in Equity</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital is divided into stocks with the printed amount of 100 DKK each.</td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Share</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Proposed</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="42%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>capital</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>earnings</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>dividend</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>equity</b></td></tr><tr><td width="42%" ></td><td width="13%" colspan="1" align="right" valign="middle" >000DKK</td><td width="14%" colspan="1" align="right" valign="middle" >000DKK</td><td width="15%" colspan="1" align="right" valign="middle" >000DKK</td><td width="16%" colspan="1" align="right" valign="middle" >000DKK</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Equity 1.1.2021</td><td width="13%" align="right" valign="middle" >500</td><td width="14%" align="right" valign="middle" >-375</td><td width="15%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >125</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Transferred over the profit appropriation</td><td width="13%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >-322</td><td width="15%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >-322</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Dividends paid</td><td width="13%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Equity 31.12.2021</td><td width="13%" align="right" valign="middle" >500</td><td width="14%" align="right" valign="middle" >-697</td><td width="15%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >-197</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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Notes</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" ><b>Financial income / expenses</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td><td width="21%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="60%" ></td><td width="19%" colspan="1" align="right" valign="middle" >000DKK</td><td width="21%" colspan="1" align="right" valign="middle" >000DKK</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Interest expenses from affiliated companies</td><td width="19%" align="right" valign="middle" >-310</td><td width="21%" align="right" valign="middle" >-232</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Other Financial expenses</td><td width="19%" align="right" valign="middle" >-1</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" ></td><td width="19%" align="right" valign="middle" >-311</td><td width="21%" align="right" valign="middle" >-232</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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" ><b>Tax on profit for the year</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td><td width="21%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="60%" ></td><td width="19%" colspan="1" align="right" valign="middle" >000DKK</td><td width="21%" colspan="1" align="right" valign="middle" >000DKK</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" ></td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Deferred tax at the beginning of 2021</td><td width="19%" align="right" valign="middle" >-61</td><td width="21%" align="right" valign="middle" >-61</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Deferred tax at the end of 2021</td><td width="19%" align="right" valign="middle" >-61</td><td width="21%" align="right" valign="middle" >-61</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 /><td>Appropriation of net profit</td><td>2021</td><td>2020</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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Winberg Travel AB, Norra Vallgatan 60, 211 22 Malmö, Sweden</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Membership of the Board of Directors in one or more of the Group’s subsidiaries is not remunerated</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >separately but considered as part of senior management responsibilities, thus part of their ordinary</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >remuneration.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >JR Travel A/S is a part of the consolidated annual report for KILROY International A/S, which is the</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >smallest group in which the Company is included as a subsidiary.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The consolidated financial statements of KILROY International A/S can be found at www.KILROY.dk</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >JR Travel A/S is a part of the consolidated annual report of Eignarhaldsfélagið KILROY ehf, which is</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >the largest group in which the Company is included as a subsidiary.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The consolidated financial statements of Eignarhaldsfélagið KILROY ehf can be obtained by</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >contacting the company.</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Related party transactions</td><td width="19%" align="right" valign="middle" ><b>2021</b></td><td width="21%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="60%" ></td><td width="19%" colspan="1" align="right" valign="middle" >000 DKK</td><td width="21%" colspan="1" align="right" valign="middle" >000 DKK</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Sale of services to an associated company</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Sale of services to parent company</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Purchase of services from Group entities</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Purchase of services from parent company</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Total</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr></table> Regnskabsklasse B <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">Accounting Policies</td></tr><tr><td colspan="1">General</td></tr><tr><td colspan="1">The Annual Report for 2021 for JR Travel A/S is presented in accordance with the provisions of the Danish Financial</td></tr><tr><td colspan="1">Statements Act governing reporting class B companies.</td></tr><tr><td colspan="1">The accounting policies applied, as described below, are consistent with those applied last year. There has been minor</td></tr><tr><td colspan="1">reclassifications in the income statement and the balance sheet. Comparative figures have been restated accordingly.</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">Pursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The cash</td></tr><tr><td colspan="1">flow statement is included in the consolidated cash flow statement for KILROY International A/S.</td></tr><tr><td colspan="1">The Annual Report for 2021 for JR Travel A/S is included in the consolidated financial statements for KILROY International</td></tr><tr><td colspan="1">A/S</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">Profit and Loss Account</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 are recognised in the income statement at the amounts relating to the financial year.</td></tr><tr><td colspan="1">Finance income and expenses comprise interest, capital gains and- losses on securities, liabilities and conversion in</td></tr><tr><td colspan="1">foreign currencies and surcharges/allowances regarding tax.</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">Tax</td></tr><tr><td colspan="1">The current Danish corporation tax is allocated among the jointly-taxed Danish companies in proportion to their taxable</td></tr><tr><td colspan="1">income (full absorption with refunds for tax losses).Tax for the year comprises current tax, joint taxation and changes i</td></tr><tr><td colspan="1">deferred tax for the year, including adjustments to tax rates. The tax expense relating to the profit/loss for the year is</td></tr><tr><td colspan="1">recognised in the income statement, and the tax expense relating to changes directly recognised in equity is recognised</td></tr><tr><td colspan="1">directly in equity</td></tr><tr><td colspan="1">Deferred tax is provided under the liability method, and covers all temporary differences between accounting and tax</td></tr><tr><td colspan="1">values of the assets and liabilities.</td></tr><tr><td colspan="1">The tax value of tax loss carry-forwards will be set off against deferred tax liabilities to the extent that the tax losses and</td></tr><tr><td colspan="1">other tax assets are expected to be utilised in the future taxable income. Deferred tax is calculated according to applicable</td></tr><tr><td colspan="1">tax laws and according to the expected tax rate.</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">Balance sheet</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 assets</td></tr><tr><td colspan="1">Shares in associated companies are valued using the cost method. When the cost exceeds the recoverable amount, write-</td></tr><tr><td colspan="1">down is made to this lower value.</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 non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment as well as equity investments in group entities</td></tr><tr><td colspan="1">and associates is subject to an annual test for indications of impairment other than the decrease in value reflected by</td></tr><tr><td colspan="1">depreciation or amortisation.</td></tr><tr><td colspan="1">Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be</td></tr><tr><td colspan="1">impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as</td></tr><tr><td colspan="1">the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net</td></tr><tr><td colspan="1">cash flows from the disposal of the asset or the group of assets after the end of the useful life.</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">Equity</td></tr><tr><td colspan="1">Proposed dividends are recognised as a liability at the date on which they are adopted at the annual general meeting</td></tr><tr><td colspan="1">(declaration date). The expected dividend payment for the year is disclosed as a seperate item under equity.</td></tr></table> Årsrapport 10915295 Kilroy International A/S Nytorv 5 1450 København K xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Ingen bistand Henrik Kaltoft Claus Hincheli Hejlesen Henrik Kaltoft Niels Amstrup 0 -118000 -0.64 0 0 -177000 -0.53 0 0 -80000 -0.19 0 EBITDA -1000 EBITDA -1000 EBITDA -1000 EBITDA 0 Ordinary operating profit (EBIT) -1000 Ordinary operating profit (EBIT) -1000 Ordinary operating profit (EBIT) -1000 Ordinary operating profit (EBIT) 0 Net financial expenses -321000 Net financial expenses -117000 Net financial expenses -176000 Net financial expenses -141000 Profit before income tax (EBT) -322000 Profit before income tax (EBT) -118000 Profit before income tax (EBT) -177000 Profit before income tax (EBT) -141000 Non-current assets 8422000 Non-current assets 8442000 Non-current assets 4447000 Non-current assets 4447000 Current assets 159000 Current assets 159000 Current assets 159000 Current assets 337000 8581000 -197000 8422000 8422000 61000 61000 98000 159000 500000 -697000 8777000 1000 8778000 8778000 8581000 8602000 125000 4606000 243000 4784000 420000 Share capital 500000 Share capital 500000 Share capital 500000 Share capital 500000 Current liabilities 8778000 Current liabilities 8477000 Current liabilities 4363000 Current liabilities 4364000 Investments in tangible assets 0 Investments in tangible assets 0 Investments in tangible assets 0 Investments in tangible assets 0 EBITDA - Margin (%) 0 Return on assets (%) 0 Return on assets (%) 0 Return on assets (%) 0 Return on assets (%) 0 Liquidity ratio (%) 0.02 Liquidity ratio (%) 0.02 Liquidity ratio (%) 0.04 Liquidity ratio (%) 0.08 Equity ratio (%) -0.02 Equity ratio (%) 0.01 Equity ratio (%) 0.05 Equity ratio (%) 0.09 0 0 1000 0 -1000 115000 232000 -118000 0 -118000 8442000 8442000 61000 61000 98000 159000 8602000 500000 -375000 125000 8476000 1000 8477000 8477000 8602000 0 0 -322000 -118000