25499522 2022-01-01 2022-12-31 25499522 2022-01-01 2022-12-31 1 25499522 2022-01-01 2022-12-31 1 25499522 2022-01-01 2022-12-31 2 25499522 2022-01-01 2022-12-31 3 25499522 2022-01-01 2022-12-31 4 25499522 2022-01-01 2022-12-31 5 25499522 2022-01-01 2022-12-31 1 25499522 2021-01-01 2021-12-31 25499522 2022-12-31 25499522 2021-12-31 25499522 2021-01-01 2021-12-31 1 25499522 2022-01-01 2022-12-31 1 25499522 2020-12-31 25499522 2020-12-31 fsa:ContributedCapitalMember 25499522 2020-12-31 fsa:SharePremiumMember 25499522 2020-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25499522 2020-12-31 fsa:ReserveForDevelopmentExpenditureMember 25499522 2020-12-31 fsa:RetainedEarningsMember 25499522 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 25499522 2021-01-01 2021-12-31 fsa:SharePremiumMember 25499522 2021-01-01 2021-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25499522 2021-01-01 2021-12-31 fsa:ReserveForDevelopmentExpenditureMember 25499522 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 25499522 2021-12-31 fsa:ContributedCapitalMember 25499522 2021-12-31 fsa:SharePremiumMember 25499522 2021-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25499522 2021-12-31 fsa:ReserveForDevelopmentExpenditureMember 25499522 2021-12-31 fsa:RetainedEarningsMember 25499522 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 25499522 2022-01-01 2022-12-31 fsa:SharePremiumMember 25499522 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25499522 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 25499522 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 25499522 2022-12-31 fsa:ContributedCapitalMember 25499522 2022-12-31 fsa:SharePremiumMember 25499522 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25499522 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 25499522 2022-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Digizuite A/S Østergade 61 5000 Odense C Denmark 25499522 Chantal Pernille Patel Simonsen The board of directors and management have today consideredand approved the annual report for Digizuite A/S for the financialyear January 1st - December 31st, 2021.The annual report is prepared in accordance with the DanishFinancial Statements Act.In our opinion, the financial statements give a true and fair view ofthe financial position of the Company as of December 31st, 2022,and of the results of the company's operations and cash flows forthe financial year January 1st - December 31st, 2022.Furthermore, we believe that the management’s review provides atrue and fair presentation of the matters it covers.The annual report is recommended for approval by the generalmeeting. Odense, Kim RøtticherWolters CEO Søren Skovbølling Johan Henrik Jardevall Annette LangSkovbølling Chairperson Michael KoehnMilland Line ChristaAmanda Sørensen To the shareholders of Digizuite A/S OpinionWe have audited the financial statements of Digizuite A/S for the financialyear 1 January - 31 December 2022, which comprise income statement,balance sheet, statement of changes in equity, cash-flow and notes,including accounting policies. The financial statements are prepared inaccordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of thefinancial position of the Company at 31 December 2022 and of the results ofthe Company's operations for the financial year 1 January - 31 December2022 in accordance with the Danish Financial Statements Act. Basis for opinionWe conducted our audit in accordance with International Standards onAuditing (ISAs) and the additional requirements applicable in Denmark. Ourresponsibilities under those standards and requirements are furtherdescribed in the "Auditor's responsibilities for the audit of the financialstatements" section of our report. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for ouropinion. IndependenceWe are independent of the Company in accordance with the InternationalEthics Standards Board for Accountants' International Code of Ethics forProfessional Accountants (IESBA Code) and the additional ethicalrequirements applicable in Denmark, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the IESBA Code. Management's responsibilities for the financial statementsManagement is responsible for the preparation of financial statements thatgive a true and fair view in accordance with the Danish FinancialStatements Act and for such internal control as Management determines isnecessary to enable the preparation of financial statements that are freefrom material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible forassessing the Company's ability to continue as a going concern, disclosing,as applicable, matters related to going concern and using the goingconcern basis of accounting in preparing the financial statements unlessManagement either intends to liquidate the Company or to ceaseoperations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether thefinancial statements as a whole are free from material misstatement,whether due to fraud or error and to issue an auditor's report that includesour opinion. Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with ISAs and theadditional requirements applicable in Denmark will always detect amaterial misstatement when it exists. Misstatements can arise from fraud orerror and are considered material if, individually or in the aggregate, theycould reasonably be expected to influence the economic decisions of userstaken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and the additionalrequirements applicable in Denmark, we exercise professional judgementand maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financialstatements, whether due to fraud or error, design and perform auditprocedures responsive to those risks and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than forone resulting from error as fraud may involve collusion, forgery, intentionalomissions, misrepresentations or the override of internal control.Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of theCompany's internal control.Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made byManagement.Conclude on the appropriateness of Management's use of the goingconcern basis of accounting in preparing the financial statements and,based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that amaterial uncertainty exists, we are required to draw attention in ourauditor's report to the related disclosures in the financial statements or, ifsuch disclosures are inadequate, to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor'sreport. However, future events or conditions may cause the Company tocease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financialstatements, including the note disclosures, and whether the financialstatements represent the underlying transactions and events in a mannerthat gives a true and fair view.We communicate with those charged with governance regarding, amongother matters, the planned scope and timing of the audit and significantaudit findings, including any significant deficiencies in internal control thatwe identify during our audit. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management'sreview, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility isto read the Management's review and, in doing so, consider whether theManagement's review is materially inconsistent with the financialstatements or our knowledge obtained during the audit, or otherwiseappears to be materially misstated.Moreover, it is our responsibility to consider whether the Management'sreview provides the information required under the Danish FinancialStatements Act.Based on the work we have performed, we conclude that theManagement's review is in accordance with the financial statements andhas been prepared in accordance with the requirements of the DanishFinancial Statement Act. We did not identify any material misstatement ofthe Management's review. Odense EY GodkendtRevisionspartnerselskab 30700228 Brian SkovhusJakobsen State AuthorisedPublic Accountant mne27701 The company's main activities include developing and selling a SaaS subscription toDigizuite™ DAM (Digital Asset Management), as well as consultancy services andsupport services. Digizuite SaaS is marketed globally, both directly and through partners,and the primary markets are Europe and North America. DAM is one of the fastest-growing marketing technologies, and the growth in the globalDAM market is driven by organizations increasingly digitizing and investing in onlinepresence and e-commerce. Digizuite helps companies manage and streamline largeamounts of visual digital content, including marketing materials that help provide theircustomers with unique digital experiences. The technology is used to scale marketingoperations, reduce costs, increase revenue, or develop new digital services. DAMtechnology is being adopted by an increasing number of industries as manyorganizations experience explosive growth in their digital materials. These materials areused in the company's digital processes for marketing, sales, customer and partnerprograms, support and service, internal communication, and more.Development in activities and financial conditionsDigizuite has increased its revenue by DKK 5.0 million to DKK 39.4 million in 2022,corresponding to a growth of 14%. In accordance with the company's strategy, growthcomes solely from subscriptions to new and existing customers, which collectivelyincreased by 20%. Expectations for increased revenue in 2023 are maintained andsupported by a strong growth in the number of qualified leads from the company'smarketing activities.The development in production costs is primarily due to increased direct cost from theincreased revenue. The gross profit has increased from DKK 16,5 million to DKK 20.5million in 2022, corresponding to a growth in the gross profit margin from 47.8% to 52.0%in 2022.Distribution costs increased by 7.2 million DKK to 32.0 million DKK, corresponding to anincrease of 29%. There have been significant investments in the sales and marketingorganization again this year. Additionally, there was a need for a reorganization that hasadded extra costs to severance pay in 2022.The company has experienced some challenges in the current market environment, whichhave led to increased administrative costs. In addition to the costs related to restructuringthe Norwegian market and strategic projects, the company has also faced higher costrelated to compliance and regulatory requirements.Digizuite has increased its research and development costs to accelerate productdevelopment, resulting in the launch of several new products, integrations and features in2022 and 2023.The total cash balance as of December 31, 2022, is 1.1 million DKK. The negative developmentin cash flows is due to significant operating and investing activities in 2022. Thedevelopment is in line with the strategy.Income tax relates only to the expected refund through the Danish tax credit scheme, andno adjustment for deferred tax has been made. Based on this, the effective tax rate is 8.5%.Subsequent eventsAs part of the adjusted strategy, Digizuite have completed a capital increase in March 2023of DKK 16 million and extended and increased the company’s credit in Danske Bank. This putDigizuite in a strong position bridging the route to become EBITDA positive on a monthlybasis before the end of 2023.There have been no other events of significant importance to the company's financialposition after the balance sheet date.Recognition and measurementThe annual report includes a deferred tax asset, which as of the balance sheet dateamounts to 1.7 million DKK. The value is based on the company's expectations for futureearnings in the period 2023-2027. Due to the fact that the value is based on futureexpectations, its utilization is naturally associated with uncertainty.Expected developmentThe company expects continued positive development in its revenue, driven by both newcustomers and additional sales to existing customers. This is expected to result in asignificant growth in ARR (Annual Recurring Revenue) in 2023, by 25-33%, corresponding to aset ARR guidance of 50-53 million DKK. The adjusted strategy has increased our focus onimproving earnings and achieving positive cash flow from the beginning of FY 2024 and weexpects a negative EBITDA of 9-12 million DKK in 2023. 39449010 34489125 18937934 18003994 20511076 16485131 31970774 24746604 15711259 12359360 12545301 11625153 -39716258 -32245986 165788 153368 1197576 981113 284972 207013 -38637866 -31318518 -3288863 -2389059 -35349003 -28929459 165788 153368 1840232 -249450 -37355023 -28833377 -35349003 -28929459 18195684 15836411 52872 142571 550585 384797 512000 0 19311141 16363779 12691893 12395418 63586 180817 501758 4720978 1678769 1678769 3288863 2487175 0 63960 682778 929318 18907647 22456435 1065144 20506199 19972791 42962634 39283932 59326413 29214944 29214944 544602 378814 14192633 12352401 -59097522 -21742499 -15145343 20203660 6008629 5849350 1700851 1700851 7709480 7550201 5385632 0 28200924 22110451 303940 571548 7122481 2959661 5706818 5930892 46719795 31572552 39283932 59326413 -39716258 -32245986 11447769 8575353 14048129 5408762 -14220360 -22981993 10253605 6639147 0 59997 Deposits Deposits -512000 366026 -10765605 -6333118 5544960 1450000 0 55000000 0 5101174 5544960 51348826 -19441055 22033715 20506199 -1527516 1065144 20506199 22254189 0 225446 12601851 -40564192 -5482706 4750000 0 0 0 0 4750000 2210755 52789245 0 0 -5134175 49865825 0 0 153368 -249450 -28833377 -28929459 0 -52789245 0 0 52789245 0 29214944 0 378814 12352401 -21742499 20203660 0 0 165788 1840232 -37355023 -35349003 29214944 0 544602 14192633 -59097522 -15145343 true In accordance with Section 110(1) of the Danish Financial Statements Act, noconsolidated financial statements have been prepared. Presentation CurrencyThe financial statements are presented in Danish Kroner (DKK).Foreign Currency translationOn initial recognition, transactions denominated in foreign currencies aretranslated at the exchange rate at the transaction date. Foreign exchangedifferences arising between the exchange rates at the transaction date andthe date of payment are recognised in the income statement as financialincome or financial expenses.Receivables and payables and other monetary items denominated inforeign currencies are translated at the exchange rate at the balance sheetdate. The difference between the exchange rates at the balance sheet dateand the date at which the receivable or payable arose or was recognised inthe most recent financial statements is recognised in the incomestatement as financial income or financial expenses.Net RevenueThe Company has chosen IAS 11/IAS 18 as interpretation for revenuerecognition. Revenue from licenses and support contracts related to SLAagreements, hosting, other support, and various subscription services arerecognized over the contract period. Revenue from the provision of servicesis recognized as revenue as the services are provided, and therefore, netrevenue corresponds to the sales value of the services performed duringthe year (production method).Net revenue is measured at the fair value of the agreed consideration,excluding VAT and taxes charges collected on behalf of third parties. Allforms of discounts granted are included in net revenue.Production CostsProduction costs include expenses incurred to obtain the year's netrevenue. This includes costs for hosting, cloud services, etc., as well as costsfor production staff.Distribution CostsDistribution costs include costs for sales personnel, advertising andexhibition expenses, as well as depreciation. Sales and marketing expensesare recognized in the income statement when the company obtains controlof the sales or marketing product.Administrative CostsAdministrative costs include expenses incurred during the year for themanagement and administration of the company, including costs foradministrative personnel, management, office space and office expenses,as well as depreciation of assets used in administration.Development CostsThis item includes research and development costs that do not meet thecriteria for capitalization, costs for development staff, and depreciation ofcapitalized development costs.Income from investments in SubsidiariesUnder the equity method, a proportionate share of after-tax results in theunderlying companies is recognized in the income statement. Results aftertax in subsidiaries are presented in the income statement as a separateline.Financial income and expenses:Financial income and expenses are recognized in the income statements atthe amounts that concern the financial year. Net financials include interestincome and expenses as well as allowances and surcharges under theadvance-payment-of-tax scheme, etc.TaxTax for the year includes current tax on the year's expected taxable incomeand the year's deferred tax adjustments. The portion of the tax for the yearthat relates to the profit/loss for the year is recognized in the incomestatement, whereas the portion that relates to transactions taken to equityis recognized in equity.Intangible AssetsDevelopment projects that are clearly defined and identifiable, and wheretechnical feasibility, sufficient resources, and a potential future market ordevelopment opportunity can be demonstrated, and where the intention isto manufacture, market or use the project, are recognized as intangibleassets if the cost can be reliably determined, and there is sufficientassurance that future earnings will cover production, sales andadministrative costs as well as development costs. Other developmentcosts are recognized in the income statement as the costs are incurred.Development costs recognized in the balance sheet are measured at costless accumulated depreciation and impairment losses. After completion ofthe development work, development costs are depreciated on a straight-line basis over the estimated economic useful life. The depreciation periodis usually 4 years.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulateddepreciation and impairment losses. The cost includes the purchase priceand costs directly related to the acquisition until the asset is ready for use.Profit or loss is calculated as the difference between the selling price, net ofselling expenses, and the book value at the time of sale. Gains and losseson the sale of tangible assets are recognized in the income statement asother operating income and other operating expenses, respectively. Thedepreciation period is usually 3-5 years.Impairment of assetsThe carrying amount of intangible assets, property, plant and equipmentand investments in subsidiaries is assessed for impairment on an annualbasis. If there are indications of impairment, impairment tests areperformed on each individual asset or group of assets. Impairment isrecognized when the recoverable amount is lower than the carryingamount. The recoverable amount is the higher of the net selling price andthe value in use. The value in use is calculated as the present value of theexpected future cash flows from the use of the asset or group of assets andexpected future cash flows from the sale of the asset or group of assetsafter the end of their useful lives.ReceivablesReceivables are measured at amortized cost. The company has chosen IAS39 as an interpretation for impairment of financial receivables. Impairmentlosses are recognized to offset losses when there is objective evidence thata receivable is impaired. If there is objective evidence that an individualreceivable is impaired, impairment is recognized on an individual basis.Work in progressOngoing deliveries of services are measured at the sales value of the workperformed, less interim invoicing. The sales value is determined based onthe completion status as of the balance sheet date and the total expectedrevenue for the individual ongoing work. The completion status isdetermined based on the incurred costs compared to the expected totalcosts for the individual ongoing work.When the result of an ongoing contract cannot be reliably estimated, thesales value is measured at the costs incurred to the extent that they areexpected to be covered by the buyer.If the total costs of the ongoing work are expected to exceed the total salesvalue, the expected loss is recognized as a loss-making contract underprovisions and expensed in the income statement.The value of each ongoing work, net of interim invoicing, is classified asassets when the sales value exceeds interim invoicing and as liabilitieswhen interim invoicing exceeds the sales value.Investments in subsidiariesInvestments in subsidiaries are measured using the equity method. Thecost is adjusted for the group's share of post-tax profits or losses calculatedaccording to the group's accounting policies, plus or minus any unrealizedintra-group profits or losses. Dividends received are deducted from thecarrying amount.AccrualsAccruals, recognized as assets, include prepaid expenses related tosubsequent accounting years.EquityReserve for net revaluation according to the equity method includes netrevaluations of equity investments in subsidiaries relative to cost. Thereserve can be eliminated in case of losses, realization of equityinvestments, or changes in accounting estimates. The reserve cannot berecognized as a negative amount.Reserve for development costs includes development costs recognized asintangible assets. The reserve cannot be used for dividends or to coverlosses. The reserve is reduced or dissolved when recognized developmentcosts are depreciated or eliminated from the company's operations. Thisoccurs by transferring amounts from the reserve directly to retainedearnings.Proposed dividends are recognized as a liability at the time of adoption atthe annual general meeting (the declaration date). Dividends expected tobe paid for the year are shown as a separate item under equity.Corporate taxCurrent tax liabilities and receivables for current tax are recognized in thebalance sheet as calculated tax on the year's taxable income, adjusted fortax on previously taxable incomes and paid on-account taxes.Deferred tax is measured using the balance sheet liability method for alltemporary differences between the carrying amount and tax base of assetsand liabilities. In cases where the calculation of the tax value can be madebased on different taxation rules, deferred tax is measured based on themanagement's planned use of the asset or settlement of the liability.Deferred tax is measured based on the tax rules and tax rates that will be ineffect under the legislation as of the balance sheet date when the deferredtax is expected to be triggered as current tax. Deferred tax assets arerecognized at the value they are expected to be utilized, either by offsettingagainst future earnings or by offsetting against deferred tax liabilities withinthe same jurisdiction.Changes in deferred tax as a result of changes in tax rates are recognizedin the income statement.Debt obligationsFinancial debt obligations are recognized upon borrowing at the receivedproceeds net of transaction costs. In subsequent periods, the financialobligations are measured at amortized cost, equivalent to the capitalizedvalue using the effective interest rate, so that the difference between theproceeds and the nominal value is recognized in the income statementover the loan period. Other debt obligations are measured at net realizablevalue.Advances from customersAdvances from customers include prepayments and deferral of varioussubscription services that are deferred for recognition in the next financialyear (deferred income).Cash Flow statementThe cash flow statement shows the Company's net cash flows broken downaccording to operating, investing and financing activities, the year'schanges in cash and cash equivalents as well as the cash and cashequivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for theyear adjusted for non-cash operating items, changes in working capitaland paid corporate income tax.Cash flows from investing activities comprise payments in connection withacquisitions and disposals of entities and activities and of intangible assets,property, plant and equipment and investments.Cash flows from financing activities comprise changes in the size orcomposition of the Company's share capital and related expenses as wellas raising of loans, repayment of interest bearing debt and payment ofdividends to shareholders.Cash and cash equivalents comprise cash, and short term securities whichare readily convertible into cash and which are subject only to insignificantrisks of changes in value.Annual Recurring RevenueAnnual Recurring Revenue (ARR) is a metric used to measure the recurringrecognized revenue of a SaaS business on an annualized basis. The ARR ismade up of subscription-based revenue of recurring nature and does notinclude one-time fees or other non-recurring items.Based on this, ARR is calculated with the following formula: ARR = MonthlyRecurring Revenue (MRR) x 12. MRR is the most recently recognized totalmonthly recurring revenue from all customers measured in local currencyat the reporting date.Churn based on Annual Recurring RevenueChurn is a metric that measures the lost ARR from the existing customerbase over a rolling 12 months period, i.e. churned ARR over a 12 monthsperiod should be divided by the existing ARR customer base at thebeginning of the period. Churned ARR (%) is recognized when a canceledcontract expires or changes according to contractual terms. ARR churn rate(%) formula: (Lost ARR over the last 12 months period / ARR at the beginningof the period)*100EBITDAEBITDA, which stands for Earnings Before Interest, Taxes, Depreciation, andAmortization, is a financial measure used to evaluate a company'soperating performance. It is calculated by subtracting the totaldepreciation from the company's Profit/Loss before financials. 2 Subsequent eventsAs part of the adjusted strategy, Digizuite have completed a capital increase in March 2023 of DKK 16 million and extended and increased the company’s credit in Danske Bank. This put Digizuite in a strong position bridging the route to become EBITDA positive on a monthly basis before the end of 2023. There have been no other events of significant importance to the company's financial position after the balance sheet date. 3 Financial costsInterest expenses to affiliated companies018.047Other interest costs284.972188.965Financial costs284.972207.012 4 Tax on the year's resultsCalculated tax on the year's taxable income-3.288.863-2.330.427This year's adjustment of deferred tax0-58.632Tax on the year's results-3.288.863-2.389.059Income tax relates only to the expected refund through the Danish tax credit scheme, and no adjustment for deferred tax has been made. Based on this, the effective tax rate is 8.5% (2021: 7.6%).15 Adjustments, interest and corporate taxDepreciation7.984.0317.054.056Other non-liquid regulations -101.829205.240Interest receipts and similar1.197.576981.113Interest payments-284.972-207.013Income from equity interests165.788153.368Received corporate tax2.487.1752.000.426Total of adjustments, interest and corporate tax11.447.76910.187.190 Development 5 Intangible assetsprojectDKKCost as of 1 January 43.607.619Additions 10.253.605Cost as of 31 December53.861.224Amortisationand impairment as of 1 January 27.771.209Amortisations during the year7.894.332Amortisationsand impairment as of 31 December 35.665.540Carrying amount as of 31 December18.195.684Amortisation period4 yearsCompleted development projects comprise software development costs related to development of the existing software platform. The software is under continuous development for the use of customers and is sold as a licence to use the software for a given period. The user has access to upgrades and new functionalities during the contract period. Costs related to maintenance are expensed when incurred. Development costs for the year cover both development of the front-end and the back-end part of the software solution. Both parts to increase the user experience and functionalities within the software in order to increase Digizuite’srevenue by maintaining existing clients and acquiring new clients. It is Management’s assessment that the expected useful lives, as well as the expected future revenue streams from the assets are sufficient to cover the value of recognized developed software at the reporting date. 31 Property, plant and 6 Tangible assetsequipmentDKKCost as of 1 January 296.201Cost as of 31 December296.201Depreciation as of 1 January153.630Depreciation during the year 89.699Depreciation as of 31 December 243.328Carrying amount as of 31 December 52.873Depreciation period3-5 years 7 Financial assetsInvestments in DepositTotalsubsidiaries DKKDKKDKKCost as of 1 January 5.98305.983Additions0512.000512.000Cost as of 31 December5.983512.000517.983Value adjustments as of 1 January 378.8140378.814Share of the annual result165.7880165.788Value adjustments as of 31 December544.6020544.602Carrying amount as of 31 December 550.585512.0001.062.585NameOwnership percentageSubsidiariesDigizuite Inc100% 8 Deferred tax assetsIn the annual report, a deferred tax asset has been recognized, which amounts to DKK 1.7 million as of the balance sheet date. The value is based on an updated business plan. The company expects to continue making losses in the coming year, after which positive pre-tax results are expected from 2024. Because the tax asset is based on future expectations, its utilization is associated with increased uncertainty. The unrecognized deferred tax asset amounts to DKK 6.1 million as of December 31, 2022. Management believes that the valuation of the company's deferred tax asset as of December 31, 2022, is reasonable. 10 Share capitalThe company's capital has developed as follows in the last 5 years20222021202020192018DKKDKKDKKDKKDKKSharecapital as of 1 January 29.214.94422.254.18916.764.00016.764.00016.514.000Capital increase06.960.7755.490.1890250.000Sharecapital as of 31 December 29.214.94429.214.94422.254.18916.764.00016.764.000 11 Long-term debt obligationsOut of the long-term debt obligations, 0 DKK is due after 5 years. 12 Staff costsStaff costs are accounted for in the annual report as follows20222021DKKDKKProduction5.212.2707.832.276Distribution5.407.8713.877.063Administration7.735.0786.036.026Development9.344.5608.099.712Staff costs27.699.77927.419.251 42 39 13 Contractual obligations and contingencies, etc.Othercontingencies20222021DKKDKKOther financial obligations2.062.4563.060.729Lease and rental obligations2.062.4563.060.729Rent and leasing obligations include commitments with a remaining contract period of 12-25 months. 14 Security interestsThe company has established a business pledge with security in trade receivables, intangible and tangible fixed assets of TDKK 8.950. The accounting value of the assets provided as collateral amounts to TDKK 30.040.16 Change in working capitalAccounts receivable438.370-726.632Debt to associated companies4.219.220-4.849.338Other long-term debt0147.573Prepayments6.090.4741.911.570Accounts payable, etc.3.300.0652.593.630Total of Change in working capital14.048.129-923.197 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-05-02 Reporting class B true 2023-04-17 33963556 Deloitte Weidekampsgade 6 2300 København S Opinion Basis for Opinion 2023-04-17