Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2021-01-01 2020-01-01 2021-12-31 2020-12-31 39638541 itm8 TopCo ApS Tuborg Boulevard 1 2900 Hellerup Gentofte PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Danmark 2022-05-03 Henrik Vestergaard Kastbjerg Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of itm8 TopCo ApS for the financial year 1 January - 31 December 2021. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2021. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Hellerup 2022-05-03 Nicholas Jordan Executive Officer Dawn Marriott Nicholas Jordan Henrik Vestergaard Kastbjerg Mikael Kjærgaard To the Shareholders of itm8 TopCo ApS Opinion 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 2021 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of itm8 TopCo ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. 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 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 Group’s and 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 Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the 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 and the Group’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 Group’s and 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 Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. 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. 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. Hellerup 2022-05-03 Hellerup 2022-05-03 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jacob Fromm Christiansen State Authorized Public Accountant mne18628 Henrik Junker Andersen State Authorized Public Accountant mne42818 Seen over a four-year period, the development of the Group is described by the following financial highlights: 721115000 207540000 -37604000 -62308000 -203545000 -165112000 -149686000 -46192000 -199172000 -108482000 2268323000 2064496000 96716000 263084000 108926000 -25629000 -255693000 -1543218000 -52046000 -30891000 -32890000 -8394000 200992000 1599861000 -51112000 63367000 54225000 31014000 Årets forskydning i likvider Årets forskydning i likvider Årets forskydning i likvider Årets forskydning i likvider 590 467 56.2 57.7 54.7 33 -4.2 0.1 -5.2 -30 -1.8 0 -1.7 -3 -8.5 -2.2 4.3 12.7 162.5 -847.4 -110.7 -82.5 Key activities We are on a dual mission: to unlock today’s potential for improvement and to innovate tomorrow’s solutions for transformation. At the same time. Together with our customers. We simply want to become the ultim8 IT partner. Nothing less. We are only satisfied when we complete both of our missions with our customers. To us, impact means making a difference in both today’s and tomorrow’s business. We have changed our name from ITR Group to itm8 and continue to work to create the most attractive ecosystem for ambitious IT talents and companies with a sharp focus on collaboration, innovation, development, and value creation. In itm8, all customers and colleagues are partners with a common goal of strengthening the business today and creating tomorrow’s business together. Together with our fantastic colleagues and customers, we have created a group with huge growth potential. The itm8 name emphasizes our focus on active collaboration and desire to continue expanding the family through acquisitions. In short, we want to be the best partner and teamm8 for customers and the most skilled specialists and companies in the IT industry. Stronger and more focused than ever 2021 has been an unparalleled year in itm8. A year with a high level of activity and great ambitions - despite a corona pandemic in outbreak. We have created organic growth, a strong merger, solid consolidations and a very satisfactory operating result. Flexible business model Many of our customers have experienced the value of our flexible business model during the pandemic. Customers who had to reduce the level of activity or lay off staff were able to very quickly adjust capacity in respect of data, support and the number of users under their hosting agreements. Thus, our change ready business model demonstrated its ability to accommodate changing customer needs. Intensified demand for digitisation and IT optimisation Many companies had to arrange for some or all of their employees to work from home during the pandemic. This intensified the need for optimal IT solutions. We hold a strong position in this field and have played a pivotal role in enabling our customers to arrange efficient remote working. We see a future where supporting companies on their digital journey becomes even more important. We have every confidence that we can assist our customers on that journey. Performance and activities for the year In a year ridden with unforeseen challenges and with many industries having to reinvent themselves, we managed to strengthen our business, meeting the 2021 expectations of our owners, our customers and our business partners. EBITDA exceeded DKK 143 million (DKK 157 million in 2020), including special M&A and integration driven costs. Adjusted for these costs, underlying EBITDA came to DKK 207 million (DKK 178 million in 2020). Growth for the year Although the first half of the year was characterised by restraint and caution, we successfully continued to grow our business in 2021. Growth was driven by acquisitions, an inflow of new customers and more employees. Revenue grew by DKK 391 million to DKK 1.281 million from DKK 890 million in 2020 corresponding to a growth of 44%, while our team of employees expanded from 697 to 967. Adding new expertise During the year, we strengthened our position in both the Danish and the Swedish market by acquiring a number of successful companies, i.e. Emineo AB, Copenhagen Software A/S, Progressive A/S, Itadel A/S, Cloud Teams ApS and formation of Sotea AB. At the cutting edge of remote working During the national lockdown in 2020 and 2021, there was great demand for digital tools and expertise to enhance the efficiency of remote working. Against this background, we set up a Remote Academy in the course of two weeks in 2020, a free learning and inspirational portal for our customers, employees and other stakeholders. Among other things, Remote Academy provides remote working recommendations and video courses on online meetings, distance collaboration, home work station IT security, IT equipment and social cohesion on virtual channels. At the same time, we converted our physical seminars and events into webinars. During both years, we hosted several online events with many participants – including Microsoft Teams training. We aim to remain at the cutting edge of remote working. Developing new innovative solutions Development and innovative thinking drives growth. Accordingly, we developed a number of new IT solutions in 2021 to support our customers even better in overcoming their changing day-to-day challenges. Cyber security was challenged once again in 2021 as in 2020 – especially because of the many remote workstations that were set up within a short time frame. We continuously upgrade our Cyber Security solutions, so we can help our customers and employees with the threats. Controlling data security Having documentation that we take proper care of our customers’ data and systems and that we are well prepared to counter the growing cybercrime threat scenario not only makes us proud – it is also of great importance to us. We have implemented the ISO 27001 standard throughout our organization in IT Relation A/S – including our data centres. This implies that we perform regular risk assessments and internal audits for purposes of ensuring the efficiency of our management system and procedures. Green IT on the agenda As a responsible IT service business, we’re committed to taking our share of responsibility for the society we’re part of. Climate change is real, and green measures are therefore high on our agenda. We see ourselves as part of the solution and are committed to contributing towards reducing carbon emissions. Technology is an important tool in fighting climate change. We believe a cloud-based infrastructure has significant environmental benefits. According to experts, companies switching to cloud-based services can reduce carbon emissions by at least 30% and sometimes by as much as 90%. The cloud may be the way to reducing our carbon footprint In recommending the cloud journey to our customers, the carbon footprint is therefore one of our main arguments. For the same reason, we launched “Azure Migrate Assessment” in 2020, an analysis that provides companies with an overview of the cloud journey. What is the optimal cloud journey for the company in question, what are the benefits, what should the next step be and – not least – what is the cost of the journey? We are experiencing increasing demand for cloud solutions. Customers are beginning to realise the benefits: increased efficiency, mobility and security combined with a multitude of green benefits. We expect demand to continue to grow in the years ahead. What are we doing to reduce carbon emissions? Consolidating data centres We will continue to consolidate our data centres. Over the past two years, we have closed 13 data centres, five of them in 2021. 100% carbon-neutral data centre setup Our data centre setup (at Interxion and Fuzion) is 100% carbon-neutral. Interxion’s data centre runs on (certified) green power, and our IT equipment at Interxion has no carbon emissions. Switching to energy-efficient IT equipment We are gradually replacing our IT equipment, servers and storage systems with more energy-efficient solutions. Saving power at data centres We are gradually implementing power-saving measures at our data centres – for instance by replacing supply units, coolers and routing. Using earth cooling at our locations Our co-location partners are committed to reducing their energy consumption by using earth cooling systems instead of power-consuming coolers. Switching to energy-efficient IT equipment We are gradually replacing (redundant) IT equipment, servers and storage systems with more energyefficient solutions. We take our redundant IT equipment to an IT partner who ensures that it is recycled or disposed of in an environmentally appropriate manner. Outlook for 2022 We are starting the new year on an ambitious and optimistic note. Supported by strategic acquisitions, internationalisation and a powerful private equity fund, HG, we are strongly positioned to embrace the future. Our targets for 2022 are ambitious – in terms of both revenue and EBITDA. The mentioned strategic acquisitions in 2021 will also in 2022 strengthen a number of functions, accelerate growth in key geographies, product areas and important markets. Balanced organic and acquisitive growth Our ambitions for 2022 include sustained organic growth above the general market level in our core business areas through new sales, additional sales to existing customers and cross sales. For 2022, a profit at least on par with 2021 is expected. Furthermore, we will continue our acquisition strategy and expect the Group to grow revenue on the back of balanced organic and acquisitive growth in 2022. We intend to strengthen our market position even further in 2022. We expect all our business areas to generate organic growth through new products, new concepts and new customers. Sky-high cloud expectations Ever more companies have embarked on the cloud journey, and we expect many more to follow suit in 2022. Therefore, we did step up our Azure Cloud efforts in 2021. Corporate digitisation is a business area that continues to grow. We are seeing growing interest in data management and are therefore also expanding our efforts in this area. We will focus both on acquisitions that complement our existing business and on acquisitions that bring new products and customer segments. Leveraging our ability to drive value through IT solutions, we aim 'to be our customers’ preferred collaboration partner at all times. Developing work processes We want to stay one step ahead when it comes to automated processes and data-based communication. To that end, we are allocating additional resources to the work of strengthening our in-house processes. Artificial intelligence and automation are some of the technologies we will employ to build even closer relations with customers and deliver improved customer service. Premier IT solutions We will continue to develop premier IT solutions that help drive value for our customers. The solutions we deliver must always be true to our values. We need to stay competitive in the eyes of our core customers and to consistently deliver value. Simultaneously, by leveraging economies of scale and continually improving our processes, we will deliver positive EBITDA growth. New family members In 2021, we welcomed Emineo AB, Copenhagen Software A/S, Progressive A/S, Itadel A/S, Cloud Teams ApS and Sotea AB to our family. By these acquisitions we strengthened our position in both the Danish and the Swedish market. Leveraging cross-organisational synergies At itm8, we acknowledge that different companies have different needs. And irrespective of which member of our family is the best match for a customer, we always bring all our competencies into play to capitalise on synergies between our affiliated companies. That way, we make sure that all customers get the best of all worlds. IT Relation – Everyday IT Superheroes Different IT solutions for different companies. We have the required skills and experience to deliver end-to-end IT solutions – ranging from IT infrastructure to data-driven digitisation. We never talk about too large, too small, too complex or too simple customers. Our strong skills and competencies in all key IT disciplines enable us to meet our customers’ IT needs whatever they may be – at all levels of their business. As our approach is agile and our solutions are scalable, we can quickly customise IT setups to changing business needs. And whether our customers’ needs are small or large, our starting point is always to create a business impact with IT. Facts: • Herning, Aarhus, Copenhagen, Aalborg, Kolding and Dumaguette, Philippines and Prague, Czech • 682 employees in Denmark and 41 in Dumaguette, Philippines and 77 Prague, Czech Miracle 42 – IT-driven people and solutions Miracle 42 A/S employs some of the most highly specialised consultants in the industry and also operates a department providing hosting and managed services. At 1 January 2021, Scott/Tiger was merged with Miracle 42, strengthening our offering within Oracle Managed Services, Test Management, QA and Flexible Workforce. The merger means that we are now able to offer our customers an even broader and deeper product range. Miracle 42 provides a range of standard services related to database, systems and applications operations. In addition, they have people specialising in consultancy, operations and setup in relation to primarily Oracle, Microsoft and OpenSource technologies. Facts • Aarhus and Ballerup • 86 employees Mentor IT – Positive IT experiences every day Mentor IT is a cloud services provider that, based on IT outsourcing, delivers on-site hosting and IT services to small and medium-sized businesses. Facts • Esbjerg, Kolding, Aarhus and Ballerup • 58 employees Sotea – Easy IT Many of Sotea’s customers think of the company as their own IT department. This allows customers to focus on their core business, which is what any customer relationship at Sotea relies on. Through more than 20 years, Sotea has provided easy-to-grasp IT services to small Danish businesses within three primary business areas: Hosting, IT support and IT services. Facts • Silkeborg, Copenhagen and Sweden • 33 employees Improsec – Pragmatic IT security specialists Improsec is an independent consultancy firm with unique technical cyber security capabilities. Improsec is the group’s cyber security spearhead. The company employs some of Denmark’s most talented specialists in modern attack and defence techniques and advises on prioritising and implementing technical solutions to improve a company’s security level. In addition, Improsec tests corporate defences against malware and hacker attacks and helps companies harden their anti-threat infrastructures. Facts • Copenhagen, Kolding and Aarhus • 38 employees Emineo – Leading Oracle and MySQL specialist Emineo is Sweden’s leading provider of Oracle and MySQL operation and management services and employs some of the sector’s most talented specialists. Emineo is a certified Oracle audit compliance partner and offers database operation services, licence management and specialised consultancy services. Emineo became a part of the itm8 Group at the beginning of 2021 and makes up our Professional Services offering together with Miracle42 and Copenhagen Software. Emineo will continue as an ndependent company under its own brand name. The group’s first acquisition outside Denmark, the takeover of Emineo marks the beginning of a new chapter. Facts • Stockholm • 20 employees Copenhagen Software - Highly skilled IT architects and developers Copenhagen Software is a Danish niche consultancy combining business strategy with digital solutions for Danish corporate customers. The company specialises in digital business development and offers advisory services within system architecture, Microsoft technology, implementation and development. Copenhagen Software offers advanced consultancy services and aims to always have Denmark’s best IT architects and developers. Copenhagen Software works closely with Miracle42, and the plan is for the two companies to merge in 2022. Facts • Copenhagen • 8 employees Cloud Teams - Leading Cloud Transformation consultants Cloud Teams is a leading Danish consulting company within Public Cloud Transformation. The company specializes in helping midsize and larger companies finding the right path in the cloud. Cloud Teams are Microsoft Gold Partners and experts in analyzing, planning, implementing and optimizing strategic cloud solutions. Cloud Teams became part of the itm8 family in 2021 and will form a ‘Center of Excellence’ that will further strengthen our Digital Solutions business. Facts • Copenhagen • 8 employees Progressive - A strong IT operations partner with business consultants Progressive is a leading Danish provider of IT outsourcing and consulting services. The company is on several SKI agreements and has a strong market position among public customers and municipalities. Progressive adapts and tailors IT services - always based on creating business value for customers. The company ensures an optimal IT infrastructure in terms of operation, security and integrations. Progressive became part of the itm8 family in 2021 and is part of the Cloud Services business area. Facts • Herlev and Aarhus • 101 employees Work culture and employee satisfaction The workplace and working life are always in the process of change. Our needs change in step with technological developments and new ways of working. We must and will support this at itm8. We aim to be first movers when it comes to the workplace of tomorrow. Work-as-an-agile Service In 2020 and 2021, remote working became a part of our new reality within a short time frame. We were forced to think differently and to change our ways of working and working together. The digital workplace became a reality within a few weeks. Still, overall efficiency and employee satisfaction improved. We found that working from a distance, utilising technologies and saying goodbye to a strict 8-4 schedule entailed many benefits – for us as a Group, for our customers and for our employees. Optimal individuality and ultimate sense of community We have embraced the lessons learned and are in the process of redesigning itm8 as a workplace under the concept: “Work-as-an-agile Service”. We aim high. We want to be first movers when it comes to the workplace of tomorrow. The concept is founded on the basic idea that “One way of working doesn’t fit all”. We see our employees as individuals and feel a need to redesign itm8 as a workplace in order to better embrace individuality. Bigger say in where, when and how We want to practise optimal individuality. We want to give individual employees a bigger say in where, when and how the work should be carried out. We need to do this to unleash individual talent and drive mutual success. At the same time, we see our employees as social beings who need to be part of a community – as a place to learn but also as a place to express themselves. Part of a community Therefore, we need to cultivate community spirit. We’re on the same team. We’ve got each other. If we don’t meet at the office, we talk and use each other as sounding boards via online channels. Work-as-an-agile Service puts our employees first under the philosophy: your job, your responsibility, your choice. We’re taking the lead and picking up the baton in creating an agile worklife that combines employee, customer and business needs. Work-as-an-agile Service is an ongoing concept that we have only just embarked on. We will develop and adjust it on an ongoing basis to keep it aligned with our ever-changing world. Working climate and job satisfaction Job satisfaction and performance go hand in hand. They are inter-dependent. No one can deliver their best if they don’t enjoy their work. With that in mind, we work continuously to enhance job satisfaction. Monthly employee satisfaction surveys In order to keep track of employee satisfaction, we survey all employees once a month. Using the Peakon tool, we survey each employee’s job satisfaction, work environment, motivation and workload. The survey is 100% anonymous, and employees are invited to rate us and provide comments. We use the results constructively – both at departmental level and at overall company level. We hold regular review meetings to discuss and define future initiatives. It is important for us to always be in tune with our employees and to take action to improve the working environment of the individual as well as the work culture across the Group. In 2021, the average satisfaction score was 8.5 on a scale of 1-10 (by comparison, the score was 8.3 in 2020). The score is given high priority across the entire organisation, and employee satisfaction will remain an important focus area going forward. Appreciation and digital recognition Our work culture is a culture of appreciation, and we believe that recognition is one of the most powerful motivational factors for our employees. During the lockdown, our appreciative, face-to-face-recognition approach was challenged. In the past year, we therefore launched a number of new digital initiatives, including weekly video greetings where all employees are encouraged to share good stories and recognise colleagues or departments that have made a special effort. Risk landscape Risk management is essential to stay ahead of the rapidly changing market in which we operate. We therefore work continuously to identify the most critical risks and actions to mitigate them. The Board of Directors frequently reviews these risks and mitigating actions, using them as a basis for launching new initiatives. We take sustainable responsibility A specialiced Security & Compliance Team We have established a special Security & Compliance Team to take formal ownership of ongoing tasks internally as well as externally. The Security & Compliance Team is responsible for developing new security services that help both itm8 and our customers protect personal data as best possible. IT security is a focus area we constantly do our best to control and improve. • Once a year we are audited by an independent auditor • Our hosting services are ISAE 3402 Type 2-certified •We are ISO 27001-certified (information security) in IT Relation A/S. Statement on gender composition Statement on data ethics It is the Group's assessment, that it does not have data that has not been adequately handled within GDPR legislation, why it is considered that there currently is no need of a data ethics policy. We live in a world where resources are scarce, the environment is being degraded and the digital transformation is changing society and businesses. This presents a challenge to all of us. And we see ourselves as part of the solution. As an IT company, we feel committed to acting responsibly and maintaining a sustainable mindset. We endeavour to live up to our responsibility regarding the United Nations Sustainable Development Goals to make it possible for us, through joint efforts, to build a more sustainable world and future. A sustainable business model Data centres play an important role in cutting carbon dioxide emissions significantly over the coming years. A role that is very much at the top of our minds here at itm8 and to which our ambitious plan will contribute. Over the last years, we have been working diligently to optimise and consolidate our data centres. Over the past two years, we have closed 13 data centres, five of them in 2021. Consolidation does not do it alone, however. This is why we also focus on ways to optimise power consumption at our data centres by updating software and hardware on infrastructure components and by adapting uninterruptible power supply and cooling systems. 100% carbon-neutral data centre setup Our data centre setup (at Interxion and Fuzion) is 100% carbon-neutral. Interxion’s data centre runs on (certified) green power, and our IT equipment at Interxion has no carbon emissions. Replacing and recycling IT equipment We have developed procedures for the lifecycle of our IT equipment, and we gradually replace (redundant) IT equipment, servers and storage systems with more energy-efficient solutions. We take our redundant IT equipment to certified suppliers with whom we have entered into formalised agreements. They ensure that the equipment is recycled or disposed of in an environmentally appropriate manner. Working remotely for the benefit of the environment In 2020 and 2021, we integrated remote working into our work culture, which includes initiatives to minimize carbon emissions. Measures include giving our employees the opportunity to work from home and reduce commute time. And we encourage our employees to use Teams for meetings and communications to the extent that this platform can replace physical meetings and e-mail. Carbon footprint analysis Every year, itm8 conducts a carbon footprint analysis which, based on international standards, calculates total carbon dioxide emissions. We obtain a total score and are presented with a range of recommendations on how to make further improvements. CSR risks Social and employee matters Anti-bribery and anti-corruption Climate change and environment CSR policy Compliance and IT security activities Compliance is vital to us. That is why we make every imaginable effort to store our customers’ and employees’ personal data safely. Our privacy policy gives a clear picture of how we handle personal data with great care. Since the GDPR entered into force (in May 2018), we have intensified our focus on cyber security by increasing the protection of the data we store and process on behalf of our employees and third parties. We offer a wide range of products that help our customers ensure GDPR compliance. For instance, our secure email solution can encrypt sensitive data, which can be emailed securely – and our security workshops and GAP analyses can be used to identify potential focus areas. Diversity and inclusion are core areas in the organisation. Every employee has the right to work in an environment that offers equal opportunities for all – regardless of ethnicity, social origin, religion, gender, sexual orientation, age and disability. That is our conviction, and we are doing our utmost to build and maintain such an environment. We want to be an organisation with equal opportunities for all. An organisation where everyone has an equal chance to seek and obtain employment – without suffering discrimination. We do not tolerate any form of harassment and discrimination. We have communicated this clearly to our employees in our equal opportunities policy and in our Code of Conduct. Gender balance initiatives in 2021 We have taken a number of steps to improve the gender balance in the Group: • All job vacancies are open to all applicants • With the aim of raising the percentage of women in the group of job applicants, we have launched an education initiative that focuses on giving women more knowledge of the IT industry. • Our aim is to have at least one woman elected to the Board of Directors. This target was met by appointment of Dawn Marriott to the Board of Directors in 2019. The Board of Directors consists of three men and one woman. The share of female managers was unchanged in financial year 2021. Going forward, we will endeavour to work continuously on diversity and gender policies throughout the organisation and encourage our employees to help us identify areas where we can improve our efforts. 1280926000 890355000 0 0 1106000 239000 0 0 428453000 298754000 0 0 133596000 78080000 37000 27000 719983000 513760000 -37000 -27000 576820000 356801000 0 0 196466000 156293000 0 0 -53303000 666000 -37000 -27000 3104000 1440000 84066000 76843000 206649000 166552000 83610000 77337000 -256848000 -164446000 419000 -521000 -5043000 21080000 -65000 -6000 -251805000 -185526000 484000 -515000 14853000 3057000 0 0 7358000 928000 0 0 533910000 565910000 0 0 1883800000 1489733000 0 0 12676000 3284000 0 0 2452597000 2062912000 0 0 121243000 59623000 0 0 3947000 1282000 0 0 918000 0 0 0 126108000 60905000 0 0 0 0 487601000 440215000 0 0 1034651000 951053000 8000 8000 0 0 7711000 2804000 0 0 39000 94000 0 0 7758000 2906000 1522252000 1391268000 2586463000 2126723000 1522252000 1391268000 7462000 2624000 0 0 204507000 107285000 0 0 6147000 6133000 0 0 0 0 0 3853000 23246000 13310000 0 0 57611000 30713000 0 0 0 0 4816000 6000 22419000 5956000 0 1000 313930000 163397000 4816000 3860000 108703000 149111000 3665000 123000 430095000 315132000 8481000 3983000 3016558000 2441855000 1530733000 1395251000 132000 125000 132000 125000 132000 125000 132000 125000 -257216000 -53054000 487449000 439311000 131000 0 0 0 -256953000 -52929000 487581000 439436000 149000 0 0 0 45092000 32500000 0 0 45241000 32500000 0 0 1034651000 951053000 1034651000 951053000 1834131000 1273666000 0 0 15836000 3403000 0 0 36475000 34418000 0 0 2921093000 2262540000 1034651000 951053000 11209000 505000 0 0 9471000 2505000 0 0 14813000 8458000 0 0 115641000 52167000 0 0 4254000 0 0 0 0 0 8475000 4737000 1374000 14767000 0 0 122287000 103211000 26000 25000 28128000 18131000 0 0 307177000 199744000 8501000 4762000 3228270000 2462284000 1043152000 955815000 3016558000 2441855000 1530733000 1395251000 125000 -53054000 0 7000 47379000 0 275000 0 -11000 -251805000 0 132000 -257216000 131000 125000 439311000 0 7000 47379000 0 275000 484000 0 132000 487449000 0 -251805000 -185526000 429370000 349877000 -52677000 50775000 124888000 215126000 21065000 12667000 103823000 202459000 23847000 5045000 52046000 30891000 542000 272000 377000 278000 524288000 189572000 -599262000 -224958000 568653000 164447000 5718000 -419000 -11833000 -2164000 -275000 0 12379000 11895000 6375000 0 -124490000 -87893000 444327000 85866000 -51112000 63367000 148606000 85239000 97494000 148606000 108703000 149111000 11209000 505000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Business segments Cloud service incl. critical consulting services 1,130,958 774,067 0 0 Value added reselling 149,968 116,288 0 0 1,280,926 890,355 0 0 Revenue for the Danish market exceeds 90% of total revenue and as a result the group does not submit further details onthe geografical composition of the revenue. 528088000 336534000 0 0 33989000 13919000 0 0 8676000 3487000 0 0 6067000 2861000 0 0 576820000 356801000 0 0 967 697 0 0 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 0 0 83598000 76843000 3104000 1440000 468000 0 83598000 76845000 83598000 76843000 123051000 89707000 12000 494000 206649000 166552000 83610000 77337000 7160000 16959000 -65000 -6000 -8512000 4135000 0 0 -3691000 -14000 0 0 -5043000 21080000 -65000 -6000 5483000 5215000 640648000 1678442000 3284000 11937000 3959000 0 18098000 0 3650000 7047000 0 486729000 13150000 3722000 0 -3758000 24792000 16257000 640648000 2183269000 12676000 2426000 4287000 74738000 188709000 0 7513000 4612000 32000000 110760000 0 9939000 8899000 106738000 299469000 0 14853000 7358000 533910000 1883800000 12676000 Development projects in progress relate to new case handling systems and comprise both external assistance and internal hours. Purchase price allocations recognized in the financial statements for 2021 are provisional and may be changed in the financial statements for 2022. Such a change is done retrospectively with a restatement of comparatives. 124890000 2905000 0 57000 0 0 52880000 2144000 0 49528000 1601000 918000 -342000 0 0 227013000 6650000 918000 65267000 1623000 0 10000 0 0 40501000 1080000 0 -8000 0 0 105770000 2703000 0 121243000 3947000 918000 23169000 0 0 440215000 404320000 47386000 35895000 487601000 440215000 0 0 0 0 itm8 HoldCo ApS Gentofte 100 8000 2804000 94000 951053000 0 15000 0 0 0 5263000 40000 0 0 285000 0 83598000 0 -656000 -95000 0 8000 7711000 39000 1034651000 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well. A-shares 12188100 4 B-shares 1533200 0 C-shares 184840633 55 D-shares 195114467 59 E-shares 46210133 14 484000 -515000 Deferred tax asset at 1 January 30,713 35,220 0 0 Amounts recognised in the income statement for the year including adjustment to prior year 8,512 -4,135 0 0 Net effect from acquisition and transfers for the year between deferred tax and corporation tax (residual) 18,237 -372 0 0 Deferred tax asset at 31 December 57,462 30,713 0 0 1034651000 951053000 1034651000 951053000 0 0 0 0 1034651000 951053000 1034651000 951053000 1834131000 1273666000 0 0 1834131000 1273666000 0 0 15836000 0 9471000 2505000 0 0 25307000 5908000 0 0 36475000 34418000 0 0 36475000 34418000 0 0 -3104000 -1440000 206649000 166552000 196466000 156293000 -5043000 21080000 34402000 7392000 -4448000 -759000 -5630000 8115000 5092000 0 -47691000 43419000 -52677000 50775000 Charges and security Floating charge 18,750 0 0 0 Floating charge that provide a mortgage on the company's inventories, receivables, operating equipment and intellectual property rights to a total carrying amount of DKK 78,561k Rental and lease obligations The group has concluded leases with different periods of notice. The rent in the period of notice amounts to DKK 46,545k. The group has also concluded leases on cars and computer equipment. The lease payment up to the end of the lease term amounts to DKK 7,433k. Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Basis Controlling interest Iter S.à r.l Principal shareholder Transactions The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. 915000 651000 0 0 224000 238000 0 0 146000 40000 0 0 12064000 578000 0 0 13000 0 0 0 0 7000 0 0 637000 2158000 0 0 0 100000 0 0 0 3000 0 0 0 11000 0 0 63000 0 0 0 The Annual Report of itm8 TopCo ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C . The accounting policies applied remain unchanged from last year. The Consolidated and Parent Company Financial Statements for 2021 are presented in KDKK. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. 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. 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. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. The Consolidated Financial Statements comprise the Parent Company, itm8 TopCo ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Business acquisitions carried through on or after 1 July 2018 Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably. The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Amortisation of goodwill is allocated in the Consolidated Financial Statements to the operations to which goodwill is related. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Purchase price allocations recognized in the financial statements for 2021 are provisional and may be changed in the financial statements for 2022. Such a change is done retrospectively with a restatement of comparatives. Minority interests form part of the Group’s total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquisition of subsidiaries. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Information on business segments and geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Direct costs comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise sales and distribution as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses other than production wages. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-5 years Leasehold improvements 3-5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of unlisted equity investments, deposit and receivables. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progress regarding service is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. The cash flow statement shows the Group´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group´s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents The cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise cash at bank and in hand and short term liabilities to credit institutions. Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 7 - 20 years. Customer relationships acquired is measured at cost less accumulated amortisation. Customer relationships is amortised on a straight-line basis over its useful life, which is assessed at 20 years. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 3 - 5 years. 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