26434815 2022-01-01 2022-12-31 26434815 2022-01-01 2022-12-31 0 26434815 2022-01-01 2022-12-31 1 26434815 2022-01-01 2022-12-31 2 26434815 2022-01-01 2022-12-31 3 26434815 2022-01-01 2022-12-31 4 26434815 2022-01-01 2022-12-31 5 26434815 2022-01-01 2022-12-31 0 26434815 2022-01-01 2022-12-31 1 26434815 2022-01-01 2022-12-31 cmn:PreviousYearMember 26434815 2021-01-01 2021-12-31 26434815 2022-12-31 26434815 2021-12-31 26434815 2022-01-01 26434815 2021-01-01 26434815 2022-01-01 2022-12-31 ifrs-full:SeparateMember 26434815 2021-01-01 2021-12-31 ifrs-full:SeparateMember 26434815 2022-12-31 ifrs-full:SeparateMember 26434815 2021-12-31 ifrs-full:SeparateMember 26434815 2022-01-01 ifrs-full:SeparateMember 26434815 2021-01-01 ifrs-full:SeparateMember 26434815 2022-01-01 2022-12-31 0 26434815 2022-01-01 2022-12-31 1 iso4217:EUR xbrli:shares xbrli:pure 2022-01-01 2022-12-31 Adform A/S Silkegade 3B 1113 Copenhagen K 26434815 2002-01-17 Copenhagen 2023-03-30 Anders Pilgaard Andersen <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 Governance</td></tr><tr><td colspan="1">The Company operates with a two-tiered governance structure consisting of the Board of Directors and the Executive Board. The two management bodies are separate and have no overlapping members.</td></tr><tr><td colspan="1">The Board of Directors is responsible for the overall strategic direction of the Company, supervising the activities, management and organisation, as well as ensuring that financial and managerial control of the Company is conducted adequately.</td></tr><tr><td colspan="1">The Board of Directors serves as a highly qualified sparring partner to the Executive Management in relation to strategic initiatives and monitors the Group’s financial condition, risk management and business activities on an ongoing basis.</td></tr><tr><td colspan="1">The Executive Board has established a formal group reporting process to the Board of Directors, which covers monthly financial reporting comparing to budget and includes explanation of underlying business drivers and material deviances to budget and expectations. In addition to the reporting of earnings, the reporting covers balance sheet and cash flow statements, and supplementary information as needed from time to time. Reporting to the Board of Directors includes update of expectations and financial outlook for the year, when underlying business momentum indicates material shifts in the financial trajectory of the Group.</td></tr><tr><td colspan="1">The Board of Directors consists of six members</td></tr><tr><td colspan="1">•Torben Brandt Munch, Chairman</td></tr><tr><td colspan="1">•Lars Dybkjær, Vice Chairman</td></tr><tr><td colspan="1">•Barbara Daliri Freyduni</td></tr><tr><td colspan="1">•John Helmsøe-Zinck</td></tr><tr><td colspan="1">•Maria Hjorth</td></tr><tr><td colspan="1">•Gustav Mellentin</td></tr><tr><td colspan="1">The Board of Directors is elected at the Annual General Meeting; and all of its members are up for election each year.</td></tr><tr><td colspan="1">The Board of Directors has established a formal Audit Committee under the supervision of the Company's Board of Directors. The Audit Committee tasks are to supervise the Group’s audit, financial reporting, risk management and insurance matters, and further supervises the external auditor's independence of the Company. The Audit Committee consists of two members from the Board of Directors, and one member who is appointed by the shareholders.</td></tr><tr><td colspan="1">The Audit Committee consists of three members</td></tr><tr><td colspan="1">•Maria Hjorth (appointed by the Board of Directors)</td></tr><tr><td colspan="1">•John Helmsøe-Zinck (appointed by the Board of Directors)</td></tr><tr><td colspan="1">•Lars Lunde (appointed by the shareholders)</td></tr><tr><td colspan="1">No other formal committees have been established.</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">Report on Corporate Social Responsibility, cf. section 99a of the Danish Financial Statement Act</td></tr><tr><td colspan="1">Corporate Social Responsibility is part of the business strategy at Adform A/S. The Group has a desire to act responsibly in relation to customers, employees, business partners and the outside world.</td></tr><tr><td colspan="1">Adform A/S has chosen to publish its statement of corporate social responsibility on the Group's website</td></tr></table> https://site.adform.com/company/corporate-governance. <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">Report on equal gender representation in leadership positions, cf. section 99b of the Danish Financial Statement Act</td></tr><tr><td colspan="1">Adform is committed to adhering to ethical, transparent, and forward-looking best practices while providing an inclusive workplace.</td></tr><tr><td colspan="1">Adform A/S has chosen to publish its statement on the gender composition of management on the Group's website</td></tr></table> https://site.adform.com/company/corporate-governance. 33 <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 statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board and Board of Directors have reviewed and approved the annual report of Adform A/S for the financial year 1 January to 31 December 2022.</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 with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements of the Danish Financial Statements Act applying to reporting class C, large enterprises.</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 consolidated financial statements and the parent company financial statements provides a true and fair view of the Group’s and the Company's financial position as of 31 December 2022, and of the results of the Group’s and parent company’s operations and cash flows for the financial year 1 January – 31 December 2022.</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">Further, in our opinion, the Management's Review includes a true and fair review of the development in the Group’s operations and financial matters, as well as the financial results and financial position of the Group and the parent company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend the annual report to be approved at the annual general meeting.</td></tr></table> Copenhagen 2023-03-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Adform 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">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Adform A/S for the financial year 1 January – 31 December 2022, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January – 31 December 2022 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of 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">Basis for opinion</td></tr><tr><td colspan="1">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 consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "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.</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">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on our procedures, 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance 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.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> Copenhagen 2023-03-30 92055000 9135000 82920000 22716000 35347000 17256000 39000 7640000 6541000 6477000 7704000 1845000 5859000 5859000 0.08 0.08 203000 203000 6062000 6062000 11297000 -64000 300000 19237000 -6314000 12923000 -527000 463000 668000 12319000 2503000 2609000 185000 -5297000 4311000 2000 -1000 0 -4314000 2708000 -143000 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Torben Brandt Munch Chairman Lars Dybkjær Vice Chairman Barbara Daliri Freyduni John Helmsøe-Zinck Maria Hjorth Gustav Mellentin Troels Philip Jensen Christian Duus 28 87440000 6226000 81214000 25986000 29313000 15057000 58000 10916000 2829000 4230000 9515000 -1998000 11513000 11513000 0.17 0.15 -32000 -32000 11481000 11481000 11821000 1401000 -21000 22716000 4780000 27496000 808000 593000 595000 25500000 2753000 2902000 13000 -5668000 4065000 0 -2765000 -1025000 -5805000 14027000 -78000 8304000 4297000 8471000 4244000 815000 26131000 62747000 1435000 356000 1716000 36245000 102499000 128630000 94000 -2000 141000 38178000 38411000 5350000 24000 5374000 3979000 71912000 579000 2285000 6090000 84845000 90219000 128630000 11501000 3102000 9193000 5726000 630000 30152000 73149000 957000 512000 1864000 33680000 110162000 140314000 94000 0 -62000 32462000 32494000 6684000 259000 6943000 3731000 85107000 918000 1856000 9266000 100878000 107821000 140314000 33680000 19731000 79291000 7167000 72124000 24805000 24437000 19046000 49000 3885000 2086000 6445000 5993000 6423000 1316000 5107000 -1000 -1000 5106000 9051000 2086000 -452000 300000 13236000 1419000 14655000 -566000 113000 50000 15058000 2686000 1776000 31000 34000 2086000 -2441000 1814000 2000 -1000 0 -1817000 10800000 -172000 77494000 6399000 71095000 24032000 23532000 16264000 0 7267000 2006000 2762000 3627000 8408000 -2796000 11204000 2000 2000 11206000 9662000 2006000 865000 -21000 16908000 20000 16928000 672000 194000 68000 15994000 2963000 2437000 4000 25000 2006000 -3423000 1854000 0 -2765000 -1025000 -3594000 8977000 14000 8958000 3178000 2426000 154000 4175000 134000 19025000 50702000 8705000 776000 1116000 34895000 96194000 115219000 94000 31000 7079000 -2000 28700000 35902000 1333000 0 1516000 62372000 518000 10484000 2082000 1012000 79317000 115219000 12454000 2507000 2210000 128000 5702000 101000 23102000 64032000 11193000 581000 1646000 24267000 101719000 124821000 94000 32000 9549000 0 21266000 30941000 1326000 0 1676000 74354000 638000 12039000 1724000 2123000 93880000 124821000 24267000 15276000 EY Godkendt Revisionspartnerselskab 30700228 Kennet Hartmann State Authorised Public Accountant mne40036 Thomas Steen Andersen State Authorised Public Accountant mne47810 30700228 EY Godkendt Revisionspartnerselskab