29607427 2023-01-01 2023-12-31 29607427 2023-01-01 2023-12-31 1 29607427 2023-01-01 2023-12-31 0 29607427 2023-01-01 2023-12-31 0 29607427 2023-01-01 2023-12-31 1 29607427 2023-01-01 2023-12-31 2 29607427 2023-01-01 2023-12-31 2 29607427 2022-01-01 2022-12-31 29607427 2023-12-31 29607427 2022-12-31 iso4217:DKK Årsrapport 2024-05-29 Sami Ensio INNOFACTOR A/S Øster Allé 48 7 2100 København Ø linn.braathen@innofactor.com 29607427 2023-01-01 2023-12-31 EY Godkendt Revisionspartnerselskab Lysholt Allé 10 7100 Vejle DK Danmark 30700228 1014141010 <p xmlns="http://www.w3.org/1999/xhtml">Ledelsen har dags dato behandlet og godkendt årsrapporten for regnskabsperioden 01. januar 2023 - 31. december 2023 for INNOFACTOR A/S. <br/> <br/> Årsrapporten aflægges i overensstemmelse med årsregnskabsloven. <br/> <br/> Det er ledelsens opfattelse, at årsregnskabet giver et retvisende billede af virksomhedens aktiver, passiver og finansielle stilling samt af resultatet. <br/> <br/> Årsrapporten indstilles til generalforsamlingens godkendelse.</p> København 2024-05-29 Jørn Kristian Sars Ellefsen Sami Pekka Ensio Anni Johanna Wahlroos Eija Maria Annele Theis Medlemmet har indvendinger mod årsrapportens godkendelse <p xmlns="http://www.w3.org/1999/xhtml">Anni Johanna Wahlroos has changed her name from Anni Johanna Pokkinen. </p> Den uafhængige revisors revisionspåtegning Til kapitalejerne i INNOFACTOR A/S Konklusion Opinion We have audited the financial statements of Innofactor A/S for the financial year 1 January – 31 December 2023, which comprise income statement, balance sheet and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company's operations for the financial year 1 January – 31 December 2023 in accordance with the Danish Financial Statements Act. Grundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' 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. 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. 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. Our objectives are to obtain reasonable assurance as to 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 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 the financial statements. Independent auditors' report As part of an audit conducted in accordance with ISAs and 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 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 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. • Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review. Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the 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 of the Management's review. Velje 2024-05-29 EY Godkendt Revisionspartnerselskab 30700228 Lene Kamper Jørgensen mne34456 State Authorised Public Accountant <table xmlns="http://www.w3.org/1999/xhtml" border="0" cellpadding="0" cellspacing="0" style="width: 669.0px;"> <tbody> <tr style="height: 27.0px;"> <td colspan="7" style="height: 27.0px;width: 669.0px;"> <a rel="nofollow">Management's review</a> </td> </tr> <tr style="height: 27.0px;"> <td style="height: 27.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 21.0px;"> <td style="height: 21.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 19.0px;"> <td colspan="3" style="height: 19.0px;">The Company's business review</td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 22.0px;"> <td colspan="7" style="height: 22.0px;width: 669.0px;">The company's objective is to sell consultancy services, etc. within business intelligence and data warehousing.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 19.0px;"> <td colspan="7" style="height: 19.0px;width: 669.0px;">Subsequent events</td> </tr> <tr style="height: 19.0px;"> <td colspan="7" style="height: 19.0px;width: 669.0px;">No material events affecting the Company's financial position have occurred subsequent to the financial year-end.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 19.0px;"> <td colspan="7" style="height: 19.0px;width: 669.0px;">Financial review</td> </tr> <tr style="height: 43.0px;"> <td colspan="7" style="height: 43.0px;width: 669.0px;">The income statement for 2023 shows a profit of DKK 322.292 against a profit of DKK 4.944.337 in 2022, and the balance sheet as of 31 December 2023 shows a positive equity that has been strengthend with this years result.</td> </tr> <tr style="height: 28.0px;"> <td style="height: 28.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 19.0px;"> <td colspan="7" style="height: 19.0px;width: 669.0px;">Financing</td> </tr> <tr style="height: 51.0px;"> <td colspan="7" style="height: 51.0px;width: 669.0px;">In 2021 and 2022, the Company realized a gain after several years with losses. And the positive trend has continued in 2023 and strenghtend the equity in the company</td> </tr> </tbody> </table> Årsrapporten er aflagt i overensstemmelse med årsregnskabslovens bestemmelser for Regnskabsklasse B. Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" border="0" cellpadding="0" cellspacing="0" style="width: 621.0px;"> <tbody> <tr style="height: 21.0px;"> <td colspan="6" style="height: 21.0px;width: 621.0px;">Basis of accounting</td> </tr> <tr style="height: 66.0px;"> <td colspan="6" style="height: 66.0px;width: 621.0px;">The Annual Report of Innofactor A/S for this year has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. Management has chosen to follow certain rules from reporting class C.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">The company is included in the consolidated financial statements for Innofactor Plc, Espoo, Finland. The accounting policies used in the preparation of the financial statements are consistent with those of last year.</td> </tr> <tr style="height: 22.0px;"> <td colspan="6" style="height: 22.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Reporting currency</td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">The financial statements are presented in Danish Kroner.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Recognition and measurement</td> </tr> <tr style="height: 67.0px;"> <td colspan="6" style="height: 67.0px;width: 621.0px;">Revenues are recognised in the income statement as earned, which includes recognition of value adjustments of financial assets and liabilities. Furthermore, all expenses incurred, including depreciation, amortisation and impairment losses, are recognised in the income statement.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">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.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 42.0px;"> <td colspan="6" style="height: 42.0px;width: 621.0px;">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.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 45.0px;"> <td colspan="6" style="height: 45.0px;width: 621.0px;">Assets and liabilities are initially measured at cost subsequently, assets and liabilities are measured as described for each item below.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 88.0px;"> <td colspan="6" style="height: 88.0px;width: 621.0px;">Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any deductions and with addition/deduction of the cumulative amorisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Recognition and measurement take into account predictable losses and risks occuring before the presentation of the Annual Report, which confirm or invalidate affairs and conditions existing at the balance sheet date.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Translation policies</td> </tr> <tr style="height: 88.0px;"> <td colspan="6" style="height: 88.0px;width: 621.0px;">Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction dates rates and the rates at dates of payment, are recognised in financial income and expenses in the income statement. If foreign exchange posistions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Translation policies, continued</td> </tr> <tr style="height: 88.0px;"> <td colspan="6" style="height: 88.0px;width: 621.0px;">Receivables, payables and other monetary items in foeriegn currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. The difference between the exchange rate at the balance sheet date and the rate at the time of origin of the receivable or debt is recognised in financial income and expenses in the income statement.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Fixed assets purchased in foreign currencies are measured at the rate of exchange at the date of transaction.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Gross profit</td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">With reference to section 32 of the Danish financial statements act, the items "Revenue", "Other external expenses" and "Other operating income" are consolidated into one item designated "Gross profit".</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Revenue</td> </tr> <tr style="height: 95.0px;"> <td colspan="6" style="height: 95.0px;width: 621.0px;">Income from the rendering of services is recognised as revenue as the services are rendered, implying that revenue corresponds to the market value of the services rendered in the year (percentage-of-completion method). Revenue is measured at fair value of the agreed consideraton exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The company has chosen IAS 11 / IAS 18 as interpretation for the recognition and measurement of revenue. </td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Other external expenses</td> </tr> <tr style="height: 66.0px;"> <td colspan="6" style="height: 66.0px;width: 621.0px;">Other external expenses include the year’s expenses relating to the entity’s core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 22.0px;"> <td colspan="6" style="height: 22.0px;width: 621.0px;">Other operating income</td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Other operating income comprise items of a secondary nature compared to the core activites of the Company, such as profit from the Fairmount Agreement and received contributon to expenses for exploration.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Employee expenses</td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity’s employees. The items is net of refunds made by public authorities.</td> </tr> <tr style="height: 22.0px;"> <td style="height: 22.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Financial income and expenses</td> </tr> <tr style="height: 88.0px;"> <td colspan="6" style="height: 88.0px;width: 621.0px;">Financial income and expenses are recognised in the income statement with the amounts relating to the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised exchange gains and losses concerning debt and transactions in foreign currencies as well as extra payments and repayment under the on-account taxation scheme.</td> </tr> <tr style="height: 19.0px;"> <td style="height: 19.0px;width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 15.0px;"> </td> <td style="width: 130.0px;"> </td> <td style="width: 201.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Corporation Tax</td> </tr> <tr style="height: 64.0px;"> <td colspan="6" style="height: 64.0px;width: 621.0px;">Tax for the year includes current tax on the year’s expected taxable income and the year‘s deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactons taken to equity is recognised in equity.</td> </tr> <tr style="height: 66.0px;"> <td colspan="6" style="height: 66.0px;width: 621.0px;">The entity and its Danish group entities are taxed on a joint basis. The Danish income tax charge is allocated between profit-making and loss-making Danish entities in proportion to their taxable income (full allocation method).</td> </tr> <tr style="height: 28.0px;"> <td style="height: 28.0px;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="height: 22.0px;"> <td colspan="6" style="height: 22.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Property, plant and equipment</td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Other fixtures, fittings, tools and equipment are measured at cost less accumulated depreciation and amortization.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Depreciation is based on cost reduced by any expected residual value after the period of use.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Cost comprises the cost of acquisiton and expenses directly related to the acquisition up until the time when the asset is ready for use.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are:</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">* Other fixtures, fittings, tools and equipment                  3-5 Years</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Gains or losses on sale of property, plant and equipment are calculated as the difference between the sales price less sales expenses and the carrying amount at the time of the sale.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Investments</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Deposits, investments are measured at cost.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Receivables</td> </tr> <tr style="height: 76.0px;"> <td colspan="6" style="height: 76.0px;width: 621.0px;">Receivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts because of objective evidence that a receivable or a group of receivables are impaired. Write-downs are made to the lower of the net realisable value and the carrying amount.  The company has chosen IAS 39 as interpretation for the recognition and measurement of financial receivables. </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Contract work in progress</td> </tr> <tr style="height: 88.0px;"> <td colspan="6" style="height: 88.0px;width: 621.0px;">Ongoing service supplies and work in progress for third parties are measured at the market value of the work performed less advances received. The market value is calculated based on the percentage of completion at the balance sheet date and the total expected income for the relevant contract. The percentage of completion is made up based on costs incurred relative to the expected, total expenses on each individual work in progress.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 88.0px;"> <td colspan="6" style="height: 88.0px;width: 621.0px;">Where the outcome of the contract work in progress cannot be made up reliably, the market value is measured at the costs incurred as far as they are expected to be paid by the purchaser. Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "provisions" and is expensed in the income statement.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">The value of each contract in progress less prepayment is classified as assets when the market value exceeds prepayments and as liabilities when prepayments exceeds the market value.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Prepayments</td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Cash and cash equivalents</td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Cash and cash equivalents comprise cash and short-term marketable securities, which are subject to an insignificant risk of chances in value.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Corporation tax and deferred tax</td> </tr> <tr style="height: 66.0px;"> <td colspan="6" style="height: 66.0px;width: 621.0px;">Current tax liabilities and current tax receivable are recognised in the balance sheet as calculated tax on the taxable income for the year adjusted for tax on previous years' taxable income as well as for taxes paid on account.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 88.0px;"> <td colspan="6" style="height: 88.0px;width: 621.0px;">Deferred tax is measured under the balance sheet liability method in respect of all temporary differences be- tween the carrying amount and the tax base of assets and liabilities. In cases, of concerning shares, where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured based on the intended use of the asset or settlement of the liability, respectively.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 88.0px;"> <td colspan="6" style="height: 88.0px;width: 621.0px;">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 either realised, by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity and jurisdicton. Any deferred net tax assets are measured at net realisable value.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Debt</td> </tr> <tr style="height: 100.0px;"> <td colspan="6" style="height: 100.0px;width: 621.0px;">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capi- talised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. The company has chosen IAS 39 as interpretation for the recognition and measurement of dept obligations. </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Other liabilities are measured at net realisable value.</td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;"> </td> </tr> <tr style="height: 19.0px;"> <td colspan="6" style="height: 19.0px;width: 621.0px;">Deferred income</td> </tr> <tr style="height: 44.0px;"> <td colspan="6" style="height: 44.0px;width: 621.0px;">Deferred income recognised as a liability comprises payment received concerning income in subsequent financial reporting years.</td> </tr> </tbody> </table> 15191961 23415540 15191961 23415540 14693771 18082408 138516 319470 359674 5013662 86011 56858 123393 126183 322292 4944337 322292 4944337 322292 4944337 322292 4944337 76708 215224 76708 215224 421596 392694 421596 392694 498304 607918 2948212 4826701 148281 50000 8241009 8960177 658845 69611 23480 111228 12019827 14017717 12019827 14017717 12518131 14625635 503000 503000 8114423 7792131 8617423 8295131 0 187215 1192089 682130 1678532 1050996 828233 4104151 201854 306012 3900708 6330504 3900708 6330504 12518131 14625635 <table xmlns="http://www.w3.org/1999/xhtml" class="incomeStatement" style="border:0; margin-bottom: 20px;"> <thead> <tr class="header1"> <th class="col1"/> <th class="col2"/> <th class="col3">2023</th> </tr> </thead> <tbody> <tr> <td class="col1 dotted"> <span> Gennemsnitligt antal ansatte </span> </td> <td class="col2"> </td> <td class="col3"> 11 </td> <td class="col4 lastyear"> </td> </tr> </tbody> </table> 11 false false false true Erhvervsstyrelsen Regnskab Basis 2022-12-31 2022-01-01 Revisionspåtegning false false false false Linn Helene Braathen Parken, Øster Allé 48 DK-2100 København Ø