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cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 79 30278593 2021-01-01 2021-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 80 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 30278593 2021-01-01 2021-12-31 30278593 2020-01-01 2020-12-31 30278593 2020-12-31 cmn:ConsolidatedMember 30278593 2021-12-31 30278593 2020-12-31 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 1 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 3 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 4 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 5 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 6 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 7 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 8 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 9 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 1 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 3 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 4 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 5 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 1 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 3 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 4 30278593 2020-01-01 2020-12-31 cmn:ConsolidatedMember 5 30278593 2021-01-01 cmn:ConsolidatedMember 30278593 2020-01-01 cmn:ConsolidatedMember 30278593 2021-01-01 2021-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember cmn:ConsolidatedMember 30278593 2020-01-01 2020-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember cmn:ConsolidatedMember 30278593 2021-01-01 2021-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 30278593 2020-01-01 2020-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 30278593 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 30278593 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 30278593 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 30278593 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 30278593 2021-01-01 2021-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 30278593 2020-01-01 2020-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 30278593 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 30278593 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 30278593 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 2022-05-24 Henrik Kaltoft <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and Management</td></tr></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">Today, the Board of Directors and the Management have discussed and approved the annual report of SSTS A/S</td></tr><tr><td colspan="1">for the financial year 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">It is our opinion that the consolidated financial statements and the parent company financial statements give a true</td></tr><tr><td colspan="1">and fair view of the Group's and the Company's financial position at December 31, 2021 and of the results of the</td></tr><tr><td colspan="1">Group's and the Company's operations and cash flows for the financial year 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the report of the Board of Directors gives a fair review of the development in the Group's and</td></tr><tr><td colspan="1">the Company's operations and financial matters and the results of the Group's and the Company's operations and</td></tr><tr><td colspan="1">financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Copenhagen 2022-05-24 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>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 /><td>To the shareholders of SSTS 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 /><td>Opinion</td></tr><tr><td /><td>We have audited the consolidated financial statements and the parent company financial statements of SSTS A/S for the</td></tr><tr><td /><td>financial year 1 January – 31 December 2021 comprising income statement, balance sheet, statement of changes in</td></tr><tr><td /><td>equity, cash flow statement for the group, accounting policies and notes for the Group as well as for the parent company.</td></tr><tr><td /><td>The consolidated financial statements and the parent company financial statements are prepared in accordance with the</td></tr><tr><td /><td>Danish Financial Statements Act.</td></tr><tr><td /><td>In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair</td></tr><tr><td /><td>view of the Group's and the Parent Company's assets, liabilities and financial position at 31December 2021 and of the</td></tr><tr><td /><td>results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January</td></tr><tr><td /><td>– 31 December 2021 in accordance with 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 /><td>Basis for opinion</td></tr><tr><td /><td>We conducted our audit inaccordance with International Standards on Auditing (ISAs) and the additional requirements</td></tr><tr><td /><td>applicable in Denmark. Our responsibilities under those standards and requirements are further described in the</td></tr><tr><td /><td>"Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial</td></tr><tr><td /><td>statements" section of our report.</td></tr><tr><td /><td>We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of</td></tr><tr><td /><td>Ethics for Professional Accountants (IESBA Code)andthe additional requirements applicableinDenmark,and we have</td></tr><tr><td /><td>fulfilled our other ethical responsibilities in accordance with these rules and requirements.</td></tr><tr><td /><td>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 /><td>Management's responsibility for the consolidated financial statements and the parent company financial statements</td></tr><tr><td /><td>Management is responsible for the preparation of consolidated financial statements and parent company financial</td></tr><tr><td /><td>statements that give a trueand fair view inaccordance with the Danish Financial Statements Act and for such internal</td></tr><tr><td /><td>control that Management determines is necessary to enable the preparation of consolidated financial statements and</td></tr><tr><td /><td>parent company financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td /><td>In preparing the consolidated financial statements and the parent company financial statements, Management is</td></tr><tr><td /><td>responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as</td></tr><tr><td /><td>applicable, matters related to going concern and using the going concern basis of accounting in preparing the</td></tr><tr><td /><td>consolidated financial statements and the parent company financial statements unless Management either intends to</td></tr><tr><td /><td>liquidate the Group or the 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 /><td>Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements</td></tr><tr><td /><td>Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements and the parent</td></tr><tr><td /><td>company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to</td></tr><tr><td /><td>issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a</td></tr><tr><td /><td>guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always</td></tr><tr><td /><td>detect a material misstatement when it exists.</td></tr><tr><td /><td>Misstatements may arise from fraudor error andare considered material if, individually or inthe aggregate, they could</td></tr><tr><td /><td>reasonably be expected to influence the economic decisions of financial statement users made on the basis of these</td></tr><tr><td /><td>consolidated financial statements and parent company financial statements.</td></tr><tr><td /><td>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we</td></tr><tr><td /><td>exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td /><td>identify and assess the risks of material misstatement of the consolidated financial statements and the parent</td></tr><tr><td /><td>company financial statements, whether due to fraud or error, design and perform audit procedures responsive to</td></tr><tr><td /><td>those risks,and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of</td></tr><tr><td /><td>not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may</td></tr><tr><td /><td>involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td /><td>evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td /><td>related disclosures made by Management.</td></tr><tr><td /><td>evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent</td></tr><tr><td /><td>company financial statements, including the disclosures,and whether the consolidated financial statements and the</td></tr><tr><td /><td>parent company financial statements represent the underlying transactions and events in a manner that gives a true</td></tr><tr><td /><td>and fair view.</td></tr><tr><td /><td>obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td /><td>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the</td></tr><tr><td /><td>Group's and the Parent Company's internal control.</td></tr><tr><td /><td>conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the</td></tr><tr><td /><td>consolidated financial statements and the parent company financial statements and, based on the audit evidence</td></tr><tr><td /><td>obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the</td></tr><tr><td /><td>Group's and the Parent Company's ability to continue as a going concern.If we conclude that a material uncertainty</td></tr><tr><td /><td>exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial</td></tr><tr><td /><td>statements and the parent company financial statements or, if such disclosures are inadequate, to modify our</td></tr><tr><td /><td>opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However,</td></tr><tr><td /><td>future events or conditions may cause the Group and the Company to cease to continue as a going concern.</td></tr><tr><td /><td>obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities</td></tr><tr><td /><td>within the Group to express an opinion on the consolidated financial statements. We are responsible for the</td></tr><tr><td /><td>direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td /><td>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of</td></tr><tr><td /><td>the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our</td></tr><tr><td /><td>audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Statement on the Management's review</td></tr><tr><td /><td>Management is responsible for the Management's review.</td></tr><tr><td /><td>Our opinion on the consolidated financial statements and the parent company financial statements does not cover the</td></tr><tr><td /><td>Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td /><td>In connection with our audit of the consolidated financial statements and the parent company financial statements, our</td></tr><tr><td /><td>responsibility is to read the Management's review and, in doing so, consider whether the Management's review is</td></tr><tr><td /><td>materially inconsistent with the consolidated financial statements or the parent company financial statements or our</td></tr><tr><td /><td>knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td /><td>Moreover, it is our responsibility to consider whether the Management's review provides the information required under</td></tr><tr><td /><td>the Danish Financial Statements Act.</td></tr><tr><td /><td>Based on the work we have performed, we conclude that the Management's review is in accordance with the</td></tr><tr><td /><td>consolidated financial statements and the parent company financial statements and has been prepared in accordance</td></tr><tr><td /><td>with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the</td></tr><tr><td /><td>Management's review.</td></tr></table> Copenhagen 2022-05-24 SSTS A/S Nytorv 5 1450 Copenhagen K 33480700 www.kilroy.net 30278593 2007-01-01 Copenhagen K. <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's review</td></tr></table> 335305000 -4000000 -45406000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key Figures</td></tr></table> 210 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Main activities</td></tr><tr><td colspan="1">SSTS'only activity is share holding of the KILROY Group. Extended information about the financial year 2021 can be</td></tr><tr><td colspan="1">found in the annual report for the KILROY Group on kilroy.net/about.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities, finances, and other events during the year</td></tr><tr><td colspan="1">The Group closed 2021 with a profit before tax (EBT) of DKK -55 million, compared with a profit of DKK -148 million in</td></tr><tr><td colspan="1">2020</td></tr><tr><td colspan="1">Net sales for the Group totals to kDKK 335 (2020: kDKK -26). Profit after tax and minority interest amounts to tDKK -</td></tr><tr><td colspan="1">45.406 (2020: tDKK -120.245).</td></tr><tr><td colspan="1">Equity after minority interests is per December 31, 2021 calculated at kDKK -55.301 (2020: kDKK -28.107) and total</td></tr><tr><td colspan="1">assets are kDKK 324.218 (2020: kDKK 302.114).</td></tr><tr><td colspan="1">By all standards, 2021 was like 2020 a noncomparable year and the financial result extremely disappointing!</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Dividend</td></tr><tr><td colspan="1">Due to COVID-19 no dividend is proposed for the financial year 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">As a direct consequence of the Covid-19 pandemic increased risk on receivables from the business partners are</td></tr><tr><td colspan="1">experienced. The Company has reflected this risk in the recognition and measurement of receivables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Risk assessment</td></tr><tr><td colspan="1">Operating globally, the travel industry is by nature affected by numerous risks. The majority of these are beyond our</td></tr><tr><td colspan="1">control, such as war, terror, natural disasters and political unrest. disease, and political unrest. The Covid 19 pandemic</td></tr><tr><td colspan="1">is a prime example of an uncontrollable event.</td></tr><tr><td colspan="1">Every link in the value chain is constantly challenged, either by traditional suppliers, newplayers or by the customers</td></tr><tr><td colspan="1">themselves. As in many other industries, the Internet has created an atmosphere of “direct trading is cheapest.”</td></tr><tr><td colspan="1">We address this challenge by constantly focusing on internal training and customer service, and by making value-</td></tr><tr><td colspan="1">addition tangible and apparent to customers.</td></tr><tr><td colspan="1">The financial risk of doing business in multiple countries and currencies is reduced through cautious execution by the</td></tr><tr><td colspan="1">KILROYGroup’s cash management function. It has established policies to ensure that currency exposure is mitigated</td></tr><tr><td colspan="1">to the extent possible.</td></tr><tr><td colspan="1">KILROY only hedges commercial exposures. The primary financial instruments include currency forward contracts.</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">Organization</td></tr><tr><td colspan="1">The average number of employees (full-time equivalents) was 210 (2020: 317). There will continuously be invested in</td></tr><tr><td colspan="1">significant resources in training and upgrading of the Group's operating companies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Social Responsibility (CSR)</td></tr><tr><td colspan="1">Information on SSTS A/S’ Corporate Social Responsibility and gender composition policy can be found in the annual</td></tr><tr><td colspan="1">report of KILROY International A/S and on the website kilroy.net/about-us/policies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date and outlook for 2022</td></tr><tr><td colspan="1">In the beginning of 2022, the Company will still experience the aftershocks of the pandemic. However, important</td></tr><tr><td colspan="1">destinations were becoming available for tourism again, raising hopes that 2022, step by step, will restore some</td></tr><tr><td colspan="1">normalcy into the travel industry.</td></tr><tr><td colspan="1">Until all of the Company’s key destinations have re-opened fully, it will be difficult to assess the impact of the 2022</td></tr><tr><td colspan="1">result. However, the management expects operating results for 2022 to improve compared with this financial year.</td></tr><tr><td colspan="1">In February 2022, war broke out in Ukraine, and it has the potential to escalate with catastrophic consequences. The</td></tr><tr><td colspan="1">current zones of conflict are not key destinations for the Company, so the imminent impact is considered minimal for</td></tr><tr><td colspan="1">2022. Still, the economic challenges stemming from the war are expected to have a negative impact beyond 2022 and</td></tr><tr><td colspan="1">on the travel industry in general in our market.</td></tr><tr><td colspan="1">No material events have occurred since the balance sheet date that would affect the assessment of the Annual Report</td></tr><tr><td colspan="1">for 2021.</td></tr></table> 33598000 262171000 106732000 96228000 45183000 15932000 -50611000 4170000 -54781000 -9375000 -387000 -45019000 <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 width="100%" colspan="5" align="left" valign="middle" >Statement of changes in Equity</td></tr><tr><td colspan="5"></td></tr><tr><td width="55%" ></td><td width="11%" align="right" valign="middle" >2021</td><td width="11%" align="right" valign="middle" >2020</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" ></td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="12%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Share capital at the beginning of the year</td><td width="11%" align="right" valign="middle" >15.000</td><td width="11%" align="right" valign="middle" >15.000</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Capital contribution</td><td width="11%" align="right" valign="middle" >150</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Share capital at the end of the year</td><td width="11%" align="right" valign="middle" >15.150</td><td width="11%" align="right" valign="middle" >15.000</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Retained earnings at the beginning of the year</td><td width="11%" align="right" valign="middle" >-40.022</td><td width="11%" align="right" valign="middle" >78.306</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Exchange rate and other adjustments</td><td width="11%" align="right" valign="middle" >4.740</td><td width="11%" align="right" valign="middle" >786</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Capital contribution</td><td width="11%" align="right" valign="middle" >9.850</td><td width="11%" ></td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Net result of the year</td><td width="11%" align="right" valign="middle" >-45.019</td><td width="11%" align="right" valign="middle" >-119.114</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Retained earnings at the end of the year</td><td width="11%" align="right" valign="middle" >-70.451</td><td width="11%" align="right" valign="middle" >-40.022</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Proposed dividend beginning of the year</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Proposed dividend</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Paid dividend</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Proposed dividend at the of the year</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Total equity</td><td width="11%" align="right" valign="middle" >-55.301</td><td width="11%" align="right" valign="middle" >-25.022</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Minority shareholders' share of equity beginning of the year</td><td width="11%" align="right" valign="middle" >-3.085</td><td width="11%" align="right" valign="middle" >-1.844</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Additions/Disposals</td><td width="11%" align="right" valign="middle" >3.085</td><td width="11%" align="right" valign="middle" >-1.241</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Dividend paid</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Minority shareholders' share of equity end of the year</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-3.085</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Total Group shareholders' equity</td><td width="11%" align="right" valign="middle" >-55.301</td><td width="11%" align="right" valign="middle" >-28.107</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital comprises of 150.000 shares of DKK 100 each.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There has been no changes to issued capital during the past five years.</td></tr></table> 2021 15932000 200000 -3583000 88326000 2395000 -192000 -41643000 20000 21056000 23259000 <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 width="100%" colspan="1" align="left" valign="middle" >Notes</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Unusual conditions</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Due to the global travel restrictions, the Company's financial year was also in 2021 substantially and negatively impacted by the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >COVID-19 pandemic.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >However, the Company completed an external funding program at the end of April 2021. It consists of new equity and subordinated</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >loans from the current owners (DKK 19 million), subordinated loans from Vækstfonden (DKK 39 million) and loan from Danske Bank</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >(DKK 10 million).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >With the funding and not least the positive signs of recovery end of 2021 and the increasing demand for travel in the beginning of</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >2022, it is the management’s assessment that the SSTS Group's financial resources are adequately secured for the Company to</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >continue as a going concern for the coming financial year.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The management expects to establish the equity to the pre Covid pandemic level by means of earnings in the coming years.</td></tr><tr><td colspan="1"></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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Turnover</b></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Turnover by geographical markets</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Belgium</td><td width="14%" align="right" valign="middle" >6.486</td><td width="14%" align="right" valign="middle" >-1.858</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Denmark</td><td width="14%" align="right" valign="middle" >228.082</td><td width="14%" align="right" valign="middle" >-49.479</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Finland</td><td width="14%" align="right" valign="middle" >22.503</td><td width="14%" align="right" valign="middle" >21.960</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Iceland</td><td width="14%" align="right" valign="middle" >4.761</td><td width="14%" align="right" valign="middle" >-575</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Netherlands</td><td width="14%" align="right" valign="middle" >22.154</td><td width="14%" align="right" valign="middle" >1.784</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Norway</td><td width="14%" align="right" valign="middle" >29.631</td><td width="14%" align="right" valign="middle" >-3.121</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Poland</td><td width="14%" align="right" valign="middle" >-11</td><td width="14%" align="right" valign="middle" >-48</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Sweden</td><td width="14%" align="right" valign="middle" >21.699</td><td width="14%" align="right" valign="middle" >5.600</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Total turnover</td><td width="14%" align="right" valign="middle" >335.305</td><td width="14%" align="right" valign="middle" >-25.737</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >In 2021, turnover in the Group was affected by the Covid-19 pandemic due to repayment of cancelled or disrupted travel arrangements</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Other operating income</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The KILROY Group's income is affected by recognition of income from government aid and compensation schemes as a result of</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >COVID-19. The KILROY Group has received DKK 33.6 million in compensation for fixed costs and salary.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company did not receivee any compensation in 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Salaries and other personnel expenses</b></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Salaries and wages</td><td width="14%" align="right" valign="middle" >83.888</td><td width="14%" align="right" valign="middle" >120.900</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Hereof remuneration to parent's management and board of directors tDKK 1.395 (2020: tDKK 1.536)</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Pensions</td><td width="14%" align="right" valign="middle" >6.020</td><td width="14%" align="right" valign="middle" >8.389</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="14%" align="right" valign="middle" >3.513</td><td width="14%" align="right" valign="middle" >4.996</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Total salaries and related expenses</td><td width="14%" align="right" valign="middle" >93.421</td><td width="14%" align="right" valign="middle" >134.285</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other personnel costs</td><td width="14%" align="right" valign="middle" >2.807</td><td width="14%" align="right" valign="middle" >3.930</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Total salaries and other personnel expenses</td><td width="14%" align="right" valign="middle" >96.228</td><td width="14%" align="right" valign="middle" >138.215</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Average number of employees (full year equivalents)</td><td width="14%" align="right" valign="middle" >210</td><td width="14%" align="right" valign="middle" >317</td><td width="14%" ></td><td width="16%" ></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="5"></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Fees to auditors appointed at the general meeting</b></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Statutory</td><td width="14%" align="right" valign="middle" >1.039</td><td width="14%" align="right" valign="middle" >796</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Tax assistance</td><td width="14%" align="right" valign="middle" >72</td><td width="14%" align="right" valign="middle" >72</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other fees</td><td width="14%" align="right" valign="middle" >1.202</td><td width="14%" align="right" valign="middle" >1.084</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >2.313</td><td width="14%" align="right" valign="middle" >1.952</td><td width="14%" ></td><td width="16%" ></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="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Non-current assets</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="33%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" colspan="1" align="right" valign="middle" >Leasehold</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="12%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="33%" ></td><td width="11%" ></td><td width="11%" colspan="1" align="right" valign="middle" >Land and</td><td width="11%" colspan="1" align="right" valign="middle" >improve-</td><td width="11%" colspan="1" align="right" valign="middle" >IT and other</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="12%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="33%" ></td><td width="11%" colspan="1" align="right" valign="middle" >Goodwill</td><td width="11%" colspan="1" align="right" valign="middle" >buildings</td><td width="11%" colspan="1" align="right" valign="middle" >ments</td><td width="11%" colspan="1" align="right" valign="middle" >equipment</td><td width="11%" colspan="1" align="right" valign="middle" >IT-software</td><td width="12%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="33%" ></td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="12%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Cost at the beginning of 2021</td><td width="11%" align="right" valign="middle" >66.226</td><td width="11%" align="right" valign="middle" >1.393</td><td width="11%" align="right" valign="middle" >11.414</td><td width="11%" align="right" valign="middle" >13.933</td><td width="11%" align="right" valign="middle" >99.273</td><td width="12%" align="right" valign="middle" >192.239</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="11%" align="right" valign="middle" >137</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >33</td><td width="11%" align="right" valign="middle" >19</td><td width="11%" align="right" valign="middle" >-16</td><td width="12%" align="right" valign="middle" >173</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Additions in year</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >767</td><td width="11%" align="right" valign="middle" >4.808</td><td width="12%" align="right" valign="middle" >5.575</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Disposals in year</td><td width="11%" align="right" valign="middle" >-1.971</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-79</td><td width="11%" align="right" valign="middle" >-713</td><td width="12%" align="right" valign="middle" >-2.763</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Cost at the end of 2021</td><td width="11%" align="right" valign="middle" >64.392</td><td width="11%" align="right" valign="middle" >1.393</td><td width="11%" align="right" valign="middle" >11.447</td><td width="11%" align="right" valign="middle" >14.640</td><td width="11%" align="right" valign="middle" >103.352</td><td width="12%" align="right" valign="middle" >195.224</td></tr><tr><td colspan="7"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Depreciations and amortizations at the beginning of 2021</td><td width="11%" align="right" valign="middle" >-54.525</td><td width="11%" align="right" valign="middle" >-785</td><td width="11%" align="right" valign="middle" >-9.711</td><td width="11%" align="right" valign="middle" >-12.417</td><td width="11%" align="right" valign="middle" >-79.853</td><td width="12%" align="right" valign="middle" >-157.291</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="11%" align="right" valign="middle" >-141</td><td width="11%" align="right" valign="middle" >-1</td><td width="11%" align="right" valign="middle" >-26</td><td width="11%" align="right" valign="middle" >-19</td><td width="11%" align="right" valign="middle" >16</td><td width="12%" align="right" valign="middle" >-171</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Depreciations and amortizations in year</td><td width="11%" align="right" valign="middle" >-3.497</td><td width="11%" align="right" valign="middle" >-32</td><td width="11%" align="right" valign="middle" >-633</td><td width="11%" align="right" valign="middle" >-895</td><td width="11%" align="right" valign="middle" >-10.875</td><td width="12%" align="right" valign="middle" >-15.932</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Depreciations and amortizations at the end of 2021</td><td width="11%" align="right" valign="middle" >-58.163</td><td width="11%" align="right" valign="middle" >-818</td><td width="11%" align="right" valign="middle" >-10.370</td><td width="11%" align="right" valign="middle" >-13.331</td><td width="11%" align="right" valign="middle" >-90.712</td><td width="12%" align="right" valign="middle" >-173.394</td></tr><tr><td colspan="7"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Carrying amount at the end of 2021</td><td width="11%" align="right" valign="middle" >6.229</td><td width="11%" align="right" valign="middle" >575</td><td width="11%" align="right" valign="middle" >1.077</td><td width="11%" align="right" valign="middle" >1.309</td><td width="11%" align="right" valign="middle" >12.640</td><td width="12%" align="right" valign="middle" >21.830</td></tr><tr><td colspan="7"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Carrying amount at the end of 2020</td><td width="11%" align="right" valign="middle" >11.701</td><td width="11%" align="right" valign="middle" >608</td><td width="11%" align="right" valign="middle" >1.703</td><td width="11%" align="right" valign="middle" >1.516</td><td width="11%" align="right" valign="middle" >19.420</td><td width="12%" align="right" valign="middle" >34.948</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="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Financial expenses, net</b></td></tr><tr><td width="33%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" align="right" valign="middle" >2021</td><td width="11%" align="right" valign="middle" >2020</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="33%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="12%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="55%" colspan="3" align="left" valign="middle" >Financial income</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="3" align="left" valign="middle" >Sales of shares in associated companies</td><td width="11%" align="right" valign="middle" >-44</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="3" align="left" valign="middle" >Financial expenses</td><td width="11%" align="right" valign="middle" >-4.126</td><td width="11%" align="right" valign="middle" >1.387</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="55%" colspan="3" align="left" valign="middle" >Financial income, net</td><td width="11%" align="right" valign="middle" >-4.170</td><td width="11%" align="right" valign="middle" >1.387</td><td width="11%" ></td><td width="12%" ></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Of the parent company´s financial expenses, tDKK 388 is interest to subsidiaries (2020: tDKK 412).</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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Tax</b></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Current tax charge</td><td width="14%" align="right" valign="middle" >1.518</td><td width="14%" align="right" valign="middle" >-526</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Adjustments to previous year´s tax charge</td><td width="14%" align="right" valign="middle" >-160</td><td width="14%" align="right" valign="middle" >222</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Change in deferred tax and other changes</td><td width="14%" align="right" valign="middle" >-10.733</td><td width="14%" align="right" valign="middle" >-27.507</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >-9.375</td><td width="14%" align="right" valign="middle" >-27.811</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Deferred tax at the beginning of the year</td><td width="14%" align="right" valign="middle" >-25.123</td><td width="14%" align="right" valign="middle" >2.490</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Adjustments to previous year´s tax charge</td><td width="14%" align="right" valign="middle" >387</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Exchange rate and other adjustments</td><td width="14%" align="right" valign="middle" >-162</td><td width="14%" align="right" valign="middle" >-106</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Change in deferred tax, net</td><td width="14%" align="right" valign="middle" >-10.733</td><td width="14%" align="right" valign="middle" >-27.507</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Deferred tax at the end of the year</td><td width="14%" align="right" valign="middle" >-35.631</td><td width="14%" align="right" valign="middle" >-25.123</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Paid corporate taxes</td><td width="14%" align="right" valign="middle" >-2.638</td><td width="14%" align="right" valign="middle" >2.724</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The deferred tax liability is based on the temporary difference between the book value and the statutory value of assets and liabilities.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The parent company is taxed jointly with the Danish subsidiaries. The Danish companies are jointly and severally liable for the joint</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >taxation.</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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Shares in associated companies and subsidiaries</b></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Cost at the beginning of the year</td><td width="14%" align="right" valign="middle" >616</td><td width="14%" align="right" valign="middle" >621</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Exchange rates adjustments</td><td width="14%" align="right" valign="middle" >11</td><td width="14%" align="right" valign="middle" >-5</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Capital contributions</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Cost at the end of the year</td><td width="14%" align="right" valign="middle" >627</td><td width="14%" align="right" valign="middle" >616</td><td width="14%" ></td><td width="16%" ></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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepaid expenses and accrued income</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred expenses and earned, but not paid incentives.</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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Long-term debt</b></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Bank loan</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >1.757</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Loans from travel foundations</td><td width="14%" align="right" valign="middle" >955</td><td width="14%" align="right" valign="middle" >72.219</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Loans within one year</td><td width="14%" align="right" valign="middle" >955</td><td width="14%" align="right" valign="middle" >73.976</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Bank loan</td><td width="14%" align="right" valign="middle" >7.538</td><td width="14%" align="right" valign="middle" >201</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Loans from travel foundations</td><td width="14%" align="right" valign="middle" >75.392</td><td width="14%" align="right" valign="middle" >51.359</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other loans</td><td width="14%" align="right" valign="middle" >4.060</td><td width="14%" align="right" valign="middle" >1.249</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Loans between one and five years</td><td width="14%" align="right" valign="middle" >86.990</td><td width="14%" align="right" valign="middle" >52.809</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Bank loan</td><td width="14%" align="right" valign="middle" >2.500</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Loans from travel foundations</td><td width="14%" align="right" valign="middle" >18.134</td><td width="14%" align="right" valign="middle" >33.160</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other loans</td><td width="14%" align="right" valign="middle" >9.723</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Loans after five years</td><td width="14%" align="right" valign="middle" >30.357</td><td width="14%" align="right" valign="middle" >33.160</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >118.302</td><td width="14%" align="right" valign="middle" >159.945</td><td width="14%" ></td><td width="16%" ></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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Advance payments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Primarily prepayments from travel ordered for 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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contingent assets, liabilities and secured debt</b></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" align="right" valign="middle" >2020</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Rent, lease and other contractual obligations within one year</td><td width="14%" align="right" valign="middle" >10.908</td><td width="14%" align="right" valign="middle" >11.000</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Rent and lease obligations between one and five years</td><td width="14%" align="right" valign="middle" >19.167</td><td width="14%" align="right" valign="middle" >19.640</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Rent and lease obligations over five years</td><td width="14%" align="right" valign="middle" >411</td><td width="14%" align="right" valign="middle" >3.940</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="42%" ></td><td width="14%" align="right" valign="middle" >30.486</td><td width="14%" align="right" valign="middle" >34.580</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The KILROYGrouphasissued guarantees/lettersofcredit, whicharesecuredby</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >an equal cash pledge of deposits</td><td width="14%" align="right" valign="middle" >36.948</td><td width="14%" align="right" valign="middle" >32.106</td><td width="14%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The KILROY Group is exposed to currency risk to the extent that transactions are denominated in a currency other than the</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >functional currency. Except for the parent company, all foreign entities’ transactions are generally denominated in local currency</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >whichisalso the foreignentities’functional currency. The Companyhaschosentoeliminatepart ofthe currency riskbyentering into</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >currency forward contracts on main currencies of sold trips. Current liabilities include negative fair value of derivative financial</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >instruments of DKK 74 thousand as at 31 December 2021 (2020: negative fair value of DKK 11 thousand). All forward contracts</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >expire in the financial year 2022.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >To ensure ability to continue as a going concern for the next 12 months, KILROY International A/S has issued letters of financial</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >support to the subsidiaries in Belgium, Denmark, Finland and the Netherlands.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >taxes such as dividend taxandroyalty taxas well as for the joint registration for VAT. Anysubsequent corrections of the taxable</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >income subjecttojoint taxationorwithholding taxesondividends, etc., may entailanincreaseinthe entities'liability.TheGroupasa</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >whole is not liable to any other parties.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accounting Policies</td></tr><tr><td /><td>General</td></tr><tr><td /><td>The Annual Report for 2021 for SSTS A/S is presented in accordance with the provisions of the Danish Financial</td></tr><tr><td /><td>Statements Act governing reporting class large-C companies.</td></tr><tr><td /><td>The consolidated accounts are presented in Danish kroner (DKK thousand), which is the Parent Company's functional</td></tr><tr><td /><td>currency.</td></tr><tr><td /><td>The accounting policies used in the preparation of the financial statements are consistent with last year. There has</td></tr><tr><td /><td>been minor reclassifications in the income statement and the balance sheet. Comparative figures have been restated</td></tr><tr><td /><td>accordingly.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Consolidated Accounts</td></tr><tr><td /><td>The consolidated accounts comprise the parent company, SSTS A/S, and consolidated accounts of KILROY</td></tr><tr><td /><td>International A/S in which the parent company controls more than 50% of the voting rights, directly or indirectly.</td></tr><tr><td /><td>The consolidated accounts are prepared by adding items of a similar nature in the accounts of SSTS A/S and it's</td></tr><tr><td /><td>subsidiaries.</td></tr><tr><td /><td>Subsidiary accounts that are includedin the consolidated accounts are prepared in accordance with the accounting</td></tr><tr><td /><td>policies of the parent company.</td></tr><tr><td /><td>Profit and loss statements of foreign subsidiaries are translated into Danish kroner (DKK) using the average exchange</td></tr><tr><td /><td>rates for the year. Balance sheet items are translated at the exchange rate at the end of the year.</td></tr><tr><td /><td>Exchange rate adjustments of the equity of foreign subsidiaries at the beginning of the year, and exchange rate</td></tr><tr><td /><td>adjustments of the profit and loss accounts from average rates to year-end rates, are posted against the Group</td></tr><tr><td /><td>shareholders’ equity. In the consolidation of the accounts, intercompany income and expenses, intercompany</td></tr><tr><td /><td>accounts, and intercompany profits and losses are eliminated. The parent company’s share in a subsidiary is</td></tr><tr><td /><td>calculated as its share of the subsidiary’s net assets.</td></tr><tr><td /><td>Companies in which the Group holds between 20% and 50% of the share capital without having obtained significant</td></tr><tr><td /><td>influence are considered as associated companies and are measured at cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Business combinations</td></tr><tr><td /><td>When acquiring new entities, the purchase method is applied under which identifiable assets and liabilities are</td></tr><tr><td /><td>measured at fair value at the date of acquisition.</td></tr><tr><td /><td>Restructuring costs recognised in the acquiring company at the acquisition date that are not apart of the acquisition</td></tr><tr><td /><td>are included in the pre acquisition balance sheet and thus the determination of goodwill.</td></tr><tr><td /><td>Restructuring that is adopted after the acquisitionis recognised in the income statement. The tax effect of revaluations</td></tr><tr><td /><td>is recognised as deferred tax.</td></tr><tr><td /><td>Positive differences (goodwill) between cost and the fair value of identifiable assets and liabilities acquired, including</td></tr><tr><td /><td>restructuring provisions, are recognised as intangible assets and amortised systematically in the income statement</td></tr><tr><td /><td>based on an individual assessment of the useful life. Negative goodwill is recognised as income in the income</td></tr><tr><td /><td>statement at the acquisition date when the usual conditions for recognition of income are met.</td></tr><tr><td /><td>Newly acquired or newly established entities are recognised in the consolidated financial statements at the date of</td></tr><tr><td /><td>acquisition or establishment. Divested entities are recognised in the consolidated income statement up to the date of</td></tr><tr><td /><td>divestment. Comparative figures are not restated to reflect acquisitions or divestments.</td></tr><tr><td /><td>Gains or losses on the divestment of subsidiaries and associates are calculated as the difference between the sales</td></tr><tr><td /><td>amount and the carrying amount of net assets at the date of disposal, including non amortised goodwill and projected</td></tr><tr><td /><td>costs of divestment.</td></tr><tr><td /><td>Goodwill in connection to acquisitions is capitalised and amortised over a maximum 10-year period.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Profit and Loss Account</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Turnover</td></tr><tr><td /><td>Turnover includes the year’s sales of travel products, other services and incentives from suppliers.</td></tr><tr><td /><td>Revenues from individual-focused products are booked at the time of invoicing, regardless of departure date. Upon</td></tr><tr><td /><td>receipt of a part (or full) payment, the individual products are booked with the supplier and travel documents are</td></tr><tr><td /><td>issued. Most flight tickets need to be issued immediately to guarantee availability and in most cases, there are no</td></tr><tr><td /><td>changes to the itinerary before departure. As main part of the value increase is performed at the time of the sale and</td></tr><tr><td /><td>invoicing ( e.g. the risk is transferred to the customer when the tickets are issued), the turnover is booked at invoicing.</td></tr><tr><td /><td>Turnover recognized is adjusted for expected cancellations based on the cancellation history.</td></tr><tr><td /><td>Revenues from group travel products are booked in the accounting period that coincides with the departure date of the</td></tr><tr><td /><td>trip.</td></tr><tr><td /><td>Revenue is measured at the fair value excluding VAT and taxes charged on behalf of third parties. All discounts</td></tr><tr><td /><td>granted are deducted from revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cost of products</td></tr><tr><td /><td>Cost of products comprises invoiced and accrued cost of travel related products and other services incurred by</td></tr><tr><td /><td>generated revenue of the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Sales and administrative costs</td></tr><tr><td /><td>These are costs incurred indirectly from distributing travel products and other services sold during the year. Also</td></tr><tr><td /><td>included are other overhead costs, e.g., office premises, office expenses,ITand allcosts for web-technology withan</td></tr><tr><td /><td>assessed lifetime of less than 3 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Salaries and other personnel expenses</td></tr><tr><td /><td>Personnel costs comprise expenses incurred during the year for allmanagement, sales consultantsandadministrative</td></tr><tr><td /><td>staff.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Result from shares in subsidiaries</td></tr><tr><td /><td>Net profits or losses in subsidiaries contains only of received dividend by the cost method.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income and expenses</td></tr><tr><td /><td>Financial income and expenses comprise interest income and expense, financial costs regarding gains and losses on</td></tr><tr><td /><td>securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities</td></tr><tr><td /><td>as well as surcharges and refunds under the on-account tax scheme etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax</td></tr><tr><td /><td>SSTS A/S is jointly taxed with Danish subsidiaries, inaccordance with the Danishrules onmandatory joint taxation.</td></tr><tr><td /><td>Danish subsidiaries are either included or excluded in the joint taxation at the same time as they are included or</td></tr><tr><td /><td>excluded in the consolidation.</td></tr><tr><td /><td>The parent company, SSTS A/S,is the administrative company under the joint taxation scheme and, accordingly, pays</td></tr><tr><td /><td>all income taxes to the tax authorities. The jointly-taxed Danish companies are taxed under the on-account tax</td></tr><tr><td /><td>The current Danish corporation tax is allocated among the jointly-taxed Danish companies in proportion to their taxable</td></tr><tr><td /><td>income (full absorption with refunds for tax losses).Tax for the year comprises current tax, joint taxation and changes in</td></tr><tr><td /><td>deferred tax for the year, including adjustments to tax rates. The tax expense relating to the profit/loss for the year is</td></tr><tr><td /><td>recognised in the income statement, and the tax expense relating to changes directly recognised in equity is</td></tr><tr><td /><td>recognised directly in equity.</td></tr><tr><td /><td>Corporate tax on account is recognized in the balance sheet under current assets.</td></tr><tr><td /><td>Deferred tax is provided under the liability method, and covers al ltemporary differences between accounting and tax</td></tr><tr><td /><td>values of the assets and liabilities.</td></tr><tr><td /><td>Deferred tax is, furthermore, provided for re-taxation of tax-deductible losses realised in non-Danish associated</td></tr><tr><td /><td>companies, if the re-taxation is expected to be realised by the associated companies’ departure from the Danish joint</td></tr><tr><td /><td>taxation scheme.</td></tr><tr><td /><td>The tax value of tax loss carry-forwards will be set off against deferred tax liabilities to the extent that the tax losses</td></tr><tr><td /><td>and other tax assets are expected to be utilised in the future taxable income. Deferred taxis calculated according to</td></tr><tr><td /><td>applicable tax laws and according to the expected tax rate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Balance Sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intangible assets</td></tr><tr><td /><td>Goodwill is initially recognised in the balance sheet at cost as described under consolidated accounts. Goodwill is</td></tr><tr><td /><td>amortised on a straight-line basis over the estimated useful life time determined on the basis of Management's</td></tr><tr><td /><td>experience within the individual business areas.</td></tr><tr><td /><td>Software comprises external development cost of substantial IT systems that are capitalised over their estimated</td></tr><tr><td /><td>useful life.</td></tr><tr><td /><td>Depreciation is calculated on a straight-line basis of the cost according to the following guidelines, based on the</td></tr><tr><td /><td>estimated economic life of the asset</td></tr><tr><td /><td>▪ Software 3-5 years</td></tr><tr><td /><td>▪ Goodwill 2-10 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td></tr><tr><td /><td>Tangible assets are measured at cost less accumulated depreciation and impairment. Cost includes retirement</td></tr><tr><td /><td>obligations if it meets the conditions for recognition of provisions.</td></tr><tr><td /><td>Assets are written down if their value has depreciated and cannot be seen as appreciating in the near future.</td></tr><tr><td /><td>Depreciation is calculated on a straight-line basis of the cost according to the following guidelines, based on the</td></tr><tr><td /><td>estimated economic life of the asset</td></tr><tr><td /><td>▪ Buildings 33-50 years</td></tr><tr><td /><td>▪ Leasehold improvements 5 years</td></tr><tr><td /><td>▪ IT and other equipment 3-5 years</td></tr><tr><td /><td>The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the</td></tr><tr><td /><td>effect on depreciation is recognised prospectively.</td></tr><tr><td /><td>Shares in associated companies</td></tr><tr><td /><td>Participating interests in subsidiaries and associated companies are measured at cost. When the cost exceeds the</td></tr><tr><td /><td>recoverable amount, write-down is made to the lower amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other financial assets</td></tr><tr><td /><td>Other financial assets are recognised at amortised cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Inventories</td></tr><tr><td /><td>Goods for resale are measured at cost price.</td></tr><tr><td /><td>Write-downs are made according to obsolescence and other forms of value depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Receivables</td></tr><tr><td /><td>Receivables are stated at amortized cost net of provisions for possible losses.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intra group loans</td></tr><tr><td /><td>Intra group loans are measured at amortized cost, with deduction of a value adjustment for bad debts, if necessary.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Prepaid expenses</td></tr><tr><td /><td>Prepaid expenses are measured at cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Bonds and securities</td></tr><tr><td /><td>Publicly tradedbonds are stated at the market value atyear-end. Investments hold-to-maturity aremeasured atfair</td></tr><tr><td /><td>value. Realised and unrealised gains and losses are included in the profit and loss account.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Equity</td></tr><tr><td /><td>Proposed dividends are recognised as a liability at the date on which they are adopted at the annual general meeting</td></tr><tr><td /><td>(declaration date). The expected dividend payment for the year is disclosed as a seperate item under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Provisions</td></tr><tr><td /><td>Provisions include asset retirement obilgations. Provisions are recognised when, at the balance sheet date, the</td></tr><tr><td /><td>Company has a legal or a constructive obligation, and it is probable that there may be outflow of resources embodying</td></tr><tr><td /><td>economic benefits to settle the obligation.</td></tr><tr><td /><td>When the Company is obligated to dismantle an asset or restore the site on which the asset is used, a facility equal to</td></tr><tr><td /><td>the present value of the expected future costs is recognised. After initial recognition of the present value, the accretion</td></tr><tr><td /><td>expense is recognised as a financial expense in the income 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 /><td>Financial liabilities</td></tr><tr><td /><td>These are stated at net realisable value, if not stated otherwise.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Rent and leasing</td></tr><tr><td /><td>The Group have entered into operational rental agreements for offices and equipment for multi-year periods.</td></tr><tr><td /><td>Rental and leasing expenses are stated in the profit and loss account for the applicable period.</td></tr><tr><td /><td>The aggregate rental and leasing liability is stated under contingent liabilities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Currency conversion</td></tr><tr><td /><td>Accounts in foreign currency are stated at the exchange rate at year-end. Gains and losses are included in financial</td></tr><tr><td /><td>items.</td></tr><tr><td /><td>Oninitial recognition, derivative financial instruments are recognised inthe balance sheet at cost and subsequently</td></tr><tr><td /><td>measured at fair value. Positive andnegative fair values of derivative financial instruments are recognised as other</td></tr><tr><td /><td>receivables and other payables, respectively.</td></tr><tr><td /><td>Changes int he fair value of derivative financial instruments designated as or qualifying for recognition as a fair value</td></tr><tr><td /><td>hedge of a recognised asset or liability are recognised in the income statement together with changes in the fair value</td></tr><tr><td /><td>of the hedged asset or liability.</td></tr><tr><td /><td>Changes in the fair value of derivative financial instruments designated as or qualifying for recognition as a hedge of</td></tr><tr><td /><td>future transactions are recognised as other receivables or other payables and in equity until the realisation of the</td></tr><tr><td /><td>hedged transactions. If the future transaction results in the recognition of assets or liabilities, amounts that were</td></tr><tr><td /><td>previously recognised in equity are transferred to the cost of the assets or liabilities. If the future transaction results in</td></tr><tr><td /><td>income or costs, amounts that were previously recognised inequity are transferred to the income statement for the</td></tr><tr><td /><td>period when the hedged item affects the income statement.</td></tr><tr><td /><td>For derivative financial instruments not qualifying for treatment as hedging instruments, changes in fair value are</td></tr><tr><td /><td>recognised in the income statement on an ongoing basis.</td></tr><tr><td /><td>Changes in the fair value of derivative financial instruments used for hedging of net investments in separate foreign</td></tr><tr><td /><td>subsidiaries or associates are recognised directly in equity; see above.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash Flow Statement</td></tr><tr><td /><td>The cash flow statement is presented according to the indirect method, based on the operating profit.</td></tr><tr><td /><td>The cash flow statement shows the Group's cash flow for the year and is divided into cash flow from operating,</td></tr><tr><td /><td>investing and financial activities.</td></tr><tr><td /><td>Cash flow from operating activities covers cash flow from the year’s operations, adjusted for operating items of a non-</td></tr><tr><td /><td>cash nature and changes in working capital.</td></tr><tr><td /><td>Working capital includes current assets less liquid assets and current, non-interest bearing liabilities and dividends.</td></tr><tr><td /><td>Cash flow from investing activities covers cash flow in connection with the purchase and sale of fixed assets, including</td></tr><tr><td /><td>participating interests and other long-term securities.</td></tr><tr><td /><td>Cash flow from financing activities covers payments to and from shareholders, together with the raising of, and</td></tr><tr><td /><td>repayment of, interest-bearing liabilities.</td></tr><tr><td /><td>Cash and cash equivalents are cash holdings, money market deposits in banks, and marketable securities stated</td></tr><tr><td /><td>under current assets.</td></tr></table> Årsrapport 10915295 Kilroy International A/S Nytorv 5 1450 København K xWizard version 1.1.1125.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Reporting class C, large enterprise Arnar Thorisson Chairman Tapio Kiiskinen Claus Hincheli Hejlesen Sigurdur Kiernan Claus Hincheli Hejlesen -26000000 1000000 -120000000 317 1696000000 3000000 7000000 0.078 413 1620000000 -1000000 1000000 0.009 415 1660000000 17000000 35000000 0.288 383 EBITDA -35000000 EBITDA -130000000 EBITDA 32000000 EBITDA 24000000 EBITDA 40000000 Ordinary operating profit (EBIT) -51000000 Ordinary operating profit (EBIT) -149000000 Ordinary operating profit (EBIT) 12000000 Ordinary operating profit (EBIT) 6000000 Ordinary operating profit (EBIT) 27000000 Profit before income tax (EBT) -55000000 Profit before income tax (EBT) -148000000 Profit before income tax (EBT) 16000000 Profit before income tax (EBT) 6000000 Profit before income tax (EBT) 44000000 Cash and bonds 137000000 Cash and bonds 114000000 Cash and bonds 218000000 Cash and bonds 203000000 Cash and bonds 200000000 Current assets 299000000 Current assets 267000000 Current assets 383000000 Current assets 388000000 Current assets 386000000 324218000 12640000 6229000 18869000 575000 1077000 1309000 2961000 0 627000 2271000 2898000 24728000 1273000 59151000 35631000 431000 9647000 55628000 795000 136934000 299490000 15150000 -70451000 0 -55301000 52023000 53866000 1843000 117347000 955000 107447000 0 5030000 1606000 93268000 208306000 327496000 324218000 136934000 302000000 430000000 445000000 433000000 Capital expenditure 6000000 Capital expenditure 9000000 Capital expenditure 10000000 Capital expenditure 38000000 Capital expenditure 16000000 Equity -55000000 Equity -25000000 Equity 93000000 Equity 99000000 Equity 125000000 Current liabilities 208000000 Current liabilities 240000000 Current liabilities 331000000 Current liabilities 340000000 Current liabilities 305000000 Cash flow from operating activities 2000000 Cash flow from operating activities -205000000 Cash flow from operating activities 31000000 Cash flow from operating activities 44000000 Cash flow from operating activities 37000000 EBITDA - Margin (%) 0.019 EBITDA - Margin (%) 0.015 EBITDA - Margin (%) 0.024 EBIT - Margin (%) 0.007 EBIT - Margin (%) 0.004 EBIT - Margin (%) 0.016 Return on assets (%) -0.156 Return on assets (%) -0.495 Return on assets (%) 0.029 Return on assets (%) 0.014 Return on assets (%) 0.063 Liquidity ratio (%) 1.438 Liquidity ratio (%) 1.11 Liquidity ratio (%) 1.158 Liquidity ratio (%) 1.14 Liquidity ratio (%) 1.267 Equity ratio (%) -0.171 Equity ratio (%) -0.083 Equity ratio (%) 0.217 Equity ratio (%) 0.222 Equity ratio (%) 0.288 Earnings per share (DKK) -300000000 Earnings per share (DKK) -800000000 Earnings per share (DKK) 46700000 Earnings per share (DKK) 6700000 Earnings per share (DKK) 233300000 Cash flow per share (DKK) 13300000 Cash flow per share (DKK) -1366700000 Cash flow per share (DKK) 206700000 Cash flow per share (DKK) 293300000 Cash flow per share (DKK) 246700000 Proposed Dividend (DKK million) 0 Proposed Dividend (DKK million) 0 Proposed Dividend (DKK million) 0 Proposed Dividend (DKK million) 37400000 Proposed Dividend (DKK million) 35000000 -25737000 51919000 -35704000 61886000 138215000 53768000 19346000 -149443000 -1387000 -148056000 -27811000 -120245000 -1131000 -119114000 2020 19346000 49000 14781000 -193750000 -204826000 83207000 85087000 0 108865000 -12754000 0 0 0 0 0 10000 0 -10000 0 390000 -400000 -88000 -312000 0 -312000 <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 width="100%" colspan="5" align="left" valign="middle" >Statement of changes in Equity</td></tr><tr><td colspan="5"></td></tr><tr><td width="55%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td></tr><tr><td width="55%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="12%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Share capital at the beginning of the year</td><td width="11%" align="right" valign="middle" >15.000</td><td width="12%" align="right" valign="middle" >15.000</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Capital contribution</td><td width="11%" align="right" valign="middle" >150</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Share capital at the end of the year</td><td width="11%" align="right" valign="middle" >15.150</td><td width="12%" align="right" valign="middle" >15.000</td></tr><tr><td colspan="5"></td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Retained earnings at the beginning of the year</td><td width="11%" align="right" valign="middle" >12.376</td><td width="12%" align="right" valign="middle" >12.707</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Exchange rate and other adjustments</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Capital contribution</td><td width="11%" align="right" valign="middle" >9.850</td><td width="12%" ></td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Net result of the year</td><td width="11%" align="right" valign="middle" >-312</td><td width="12%" align="right" valign="middle" >-331</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Retained earnings at the end of the year</td><td width="11%" align="right" valign="middle" >21.914</td><td width="12%" align="right" valign="middle" >12.376</td></tr><tr><td colspan="5"></td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Proposed dividend beginning of the year</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Proposed dividend</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Paid dividend</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Proposed dividend at the of the year</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="77%" colspan="3" align="left" valign="middle" >Total equity</td><td width="11%" align="right" valign="middle" >37.064</td><td width="12%" align="right" valign="middle" >27.376</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Minority shareholders' share of equity beginning of the year</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Additions/Disposals</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Dividend paid</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Minority shareholders' share of equity end of the year</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Total Group shareholders' equity</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital comprises of 150.000 shares of DKK 100 each.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There has been no changes to issued capital during the past five years.</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 width="100%" colspan="1" align="left" valign="middle" >Notes</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Unusual conditions</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Due to the global travel restrictions, the Company's financial year was also in 2021 substantially and negatively impacted by the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >COVID-19 pandemic.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >However, the Company completed an external funding program at the end of April 2021. It consists of new equity and subordinated</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >loans from the current owners (DKK 19 million), subordinated loans from Vækstfonden (DKK 39 million) and loan from Danske Bank</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >(DKK 10 million).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >With the funding and not least the positive signs of recovery end of 2021 and the increasing demand for travel in the beginning of</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >2022, it is the management’s assessment that the SSTS Group's financial resources are adequately secured for the Company to</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >continue as a going concern for the coming financial year.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The management expects to establish the equity to the pre Covid pandemic level by means of earnings in the coming years.</td></tr><tr><td colspan="1"></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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Turnover</b></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Turnover by geographical markets</td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="16%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Belgium</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Denmark</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Finland</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Iceland</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Netherlands</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Norway</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Poland</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Sweden</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Total turnover</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >In 2021, turnover in the Group was affected by the Covid-19 pandemic due to repayment of cancelled or disrupted travel arrangements</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Other operating income</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The KILROY Group's income is affected by recognition of income from government aid and compensation schemes as a result of</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >COVID-19. The KILROY Group has received DKK 33.6 million in compensation for fixed costs and salary.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company did not receivee any compensation in 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Salaries and other personnel expenses</b></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="16%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Salaries and wages</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Hereof remuneration to parent's management and board of directors tDKK 1.395 (2020: tDKK 1.536)</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Pensions</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Other social security costs</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Total salaries and related expenses</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Other personnel costs</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Total salaries and other personnel expenses</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Average number of employees (full year equivalents)</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</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="5"></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="16%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Fees to auditors appointed at the general meeting</b></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Statutory</td><td width="14%" align="right" valign="middle" >7</td><td width="16%" align="right" valign="middle" >7</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Tax assistance</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Other fees</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >7</td><td width="16%" align="right" valign="middle" >7</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="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Financial expenses, net</b></td></tr><tr><td width="33%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td></tr><tr><td width="33%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" ></td><td width="11%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="12%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="77%" colspan="5" align="left" valign="middle" >Financial income</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="5" align="left" valign="middle" >Sales of shares in associated companies</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="5" align="left" valign="middle" >Financial expenses</td><td width="11%" align="right" valign="middle" >-390</td><td width="12%" align="right" valign="middle" >-414</td></tr><tr><td width="77%" colspan="5" align="left" valign="middle" >Financial income, net</td><td width="11%" align="right" valign="middle" >-390</td><td width="12%" align="right" valign="middle" >-414</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Of the parent company´s financial expenses, tDKK 388 is interest to subsidiaries (2020: tDKK 412).</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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Tax</b></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="16%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Current tax charge</td><td width="14%" align="right" valign="middle" >-88</td><td width="16%" align="right" valign="middle" >-93</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Adjustments to previous year´s tax charge</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Change in deferred tax and other changes</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >-88</td><td width="16%" align="right" valign="middle" >-93</td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Deferred tax at the beginning of the year</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Adjustments to previous year´s tax charge</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Exchange rate and other adjustments</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Change in deferred tax, net</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Deferred tax at the end of the year</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Paid corporate taxes</td><td width="14%" align="right" valign="middle" >-93</td><td width="16%" align="right" valign="middle" >-76</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The deferred tax liability is based on the temporary difference between the book value and the statutory value of assets and liabilities.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The parent company is taxed jointly with the Danish subsidiaries. The Danish companies are jointly and severally liable for the joint</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >taxation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Proposed appropriation of net result</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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Shares in associated companies and subsidiaries</b></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="16%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Cost at the beginning of the year</td><td width="14%" align="right" valign="middle" >37.400</td><td width="16%" align="right" valign="middle" >37.400</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Exchange rates adjustments</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Capital contributions</td><td width="14%" align="right" valign="middle" >10.000</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Cost at the end of the year</td><td width="14%" align="right" valign="middle" >47.400</td><td width="16%" align="right" valign="middle" >37.400</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepaid expenses and accrued income</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred expenses and earned, but not paid incentives.</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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Long-term debt</b></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="16%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Bank loan</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Loans from travel foundations</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Loans within one year</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Bank loan</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Loans from travel foundations</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Other loans</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Loans between one and five years</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Bank loan</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Loans from travel foundations</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Other loans</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Loans after five years</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Advance payments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Primarily prepayments from travel ordered for 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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Contingent assets, liabilities and secured debt</b></td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="16%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Rent, lease and other contractual obligations within one year</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Rent and lease obligations between one and five years</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >Rent and lease obligations over five years</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="42%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The KILROYGrouphasissued guarantees/lettersofcredit, whicharesecuredby</td></tr><tr><td width="70%" colspan="3" align="left" valign="middle" >an equal cash pledge of deposits</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The KILROY Group is exposed to currency risk to the extent that transactions are denominated in a currency other than the</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >functional currency. Except for the parent company, all foreign entities’ transactions are generally denominated in local currency</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >whichisalso the foreignentities’functional currency. The Companyhaschosentoeliminatepart ofthe currency riskbyentering into</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >currency forward contracts on main currencies of sold trips. Current liabilities include negative fair value of derivative financial</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >instruments of DKK 74 thousand as at 31 December 2021 (2020: negative fair value of DKK 11 thousand). All forward contracts</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >expire in the financial year 2022.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >To ensure ability to continue as a going concern for the next 12 months, KILROY International A/S has issued letters of financial</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >support to the subsidiaries in Belgium, Denmark, Finland and the Netherlands.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >taxes such as dividend taxandroyalty taxas well as for the joint registration for VAT. Anysubsequent corrections of the taxable</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >income subjecttojoint taxationorwithholding taxesondividends, etc., may entailanincreaseinthe entities'liability.TheGroupasa</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >whole is not liable to any other parties.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Subsidiaries</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="37%" ></td><td width="12%" colspan="1" align="right" valign="middle" >Country and</td><td width="12%" colspan="1" align="right" valign="middle" >Share</td><td width="12%" colspan="1" align="right" valign="middle" >Profit for</td><td width="12%" colspan="1" align="right" valign="middle" >Equity</td><td width="15%" colspan="1" align="right" valign="middle" >Capital share</td></tr><tr><td width="37%" ></td><td width="12%" colspan="1" align="right" valign="middle" >place of</td><td width="12%" colspan="1" align="right" valign="middle" >Capital</td><td width="12%" colspan="1" align="right" valign="middle" >the year</td><td width="12%" colspan="1" align="right" valign="middle" ></td><td width="15%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="37%" ></td><td width="12%" colspan="1" align="right" valign="middle" >incorporation</td><td width="12%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="12%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="12%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="15%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >KILROY International A/S</td><td width="12%" colspan="1" align="right" valign="middle" >Copenhagen,Denmark</td><td width="12%" align="right" valign="middle" >18.000</td><td width="12%" align="right" valign="middle" >-44.249</td><td width="12%" align="right" valign="middle" >-47.252</td><td width="15%" colspan="1" align="right" valign="middle" >100%</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="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Related parties are Eignarhaldsfélagið KILROY ehf., which owns and controls more than 50% of the shares in SSTS A/S. Other</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >related parties are KILROY International A/S’ management.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >SSTS A/S is a part of the consolidated annual report of Islenskar Fjarfesting ehf., which is both the smallest and the largest group in</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >which the Company is included as a subsidiary.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Eignarhaldsfélagið KILROY ehf is situated in Iceland.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The consolidated financial statements of Islenskar Fjarfesting ehf. can be obtained by contacting the company, at islenskfjarfesting.is.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Ultimate Parent Company Eignarhaldsfélagið KILROY ehf has at the date of this financial statement, not issued their financial</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >statement for 2020.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="60%" ></td><td width="19%" align="right" valign="middle" >2021</td><td width="21%" align="right" valign="middle" >2020</td></tr><tr><td width="60%" ></td><td width="19%" colspan="1" align="right" valign="middle" >(tDKK)</td><td width="21%" colspan="1" align="right" valign="middle" >(tDKK)</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Sales of services to a subsidiary</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >Purchase of services from a subsidiary</td><td width="19%" align="right" valign="middle" >-388</td><td width="21%" align="right" valign="middle" >-412</td></tr><tr><td width="60%" ></td><td width="19%" align="right" valign="middle" >-388</td><td width="21%" align="right" valign="middle" >-412</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remuneration to the Management and Board of Directors is disclosed in note 4.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Intercompany balances with subsidiary are disclosed in the balance sheet, and expensed interest is disclosed in note 7.</td></tr><tr><td colspan="3"></td></tr></table> 0 0 0 0 0 10000 0 -10000 0 414000 -424000 -93000 -331000 0 -331000 19420000 11701000 31121000 608000 1703000 1516000 3827000 0 616000 0 616000 35564000 1473000 13452000 25123000 1804000 16932000 90365000 3726000 113675000 266550000 302114000 15000000 -40022000 -3085000 -28107000 2275000 4118000 1843000 85969000 73976000 19120000 0 28158000 0 118880000 240134000 327946000 302114000 113675000 0 0 0 0 0 0 0 47400000 0 0 47400000 47400000 0 0 0 88000 0 0 0 35000 123000 47523000 15150000 21914000 37064000 0 0 0 0 0 0 10450000 0 0 9000 10459000 10459000 47523000 0 0 0 0 0 0 0 37400000 0 0 37400000 37400000 0 0 0 93000 0 0 0 32000 125000 37525000 15000000 12376000 27376000 0 0 0 0 0 0 10140000 0 0 9000 10149000 10149000 37525000 Exchange rates and other adjustments 1819000 Exchange rates and other adjustments 522000 Change in other liabilities -47136000 Change in other liabilities 104553000 Cash flow from operating activities before financial items 4947000 Cash flow from operating activities before financial items -203942000 Net interest income -5097000 Net interest income 1916000 Paid taxes 2545000 Paid taxes -2800000 Purchase/sale of shares 5383000 Purchase/sale of shares 0 Purchase/sale of bond 0 Purchase/sale of bond 91750000 Purchase of plant, operating equipment etc. -5575000 Purchase of plant, operating equipment etc. -8543000 Capital contribution 10000000 Capital contribution 0 Loans to subsidiaries 2931000 Loans to subsidiaries 23438000 Subordinated loan 49748000 Subordinated loan 340000 113675000 126429000 0 0 0 0 0 0 0 0 -45019000 -119114000 -312000 -331000 KPMG Statsautoriseret Revisionspartnerselskab 25578198 Anja Bjørnholt Lüthcke State Authorised Public Accountant mne26779 Dampfærgevej 28 2100 Copenhagen