41771593 2020-10-19 2021-12-31 41771593 2020-10-19 2021-12-31 0 41771593 2020-10-19 2021-12-31 fsa:RetainedEarningsMember 41771593 2021-12-31 41771593 2020-10-19 2021-12-31 0 41771593 2020-10-19 2021-12-31 1 iso4217:DKK xbrli:pure 2020-10-19 2021-12-31 41771593 2022-06-07 Simon Krogh AIF Roads ApS Esplanaden 50 DK-1263 Copenhagen <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 management on the annual report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The management have today discussed and approved the annual report of AIF Roads ApS for</td></tr><tr><td colspan="1">the financial year 19 October 2020 - 31 December 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 is 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">In my opinion, the financial statements give a true and fair view of the company's financial</td></tr><tr><td colspan="1">position at 31 December 2021 and of the results of the company's operations for the financial</td></tr><tr><td colspan="1">year 19 October 2020 - 31 December 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">In my opinion, management's review includes a fair review of the matters dealt with in the</td></tr><tr><td colspan="1">management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management recommends that the annual report should be approved by the company in</td></tr><tr><td colspan="1">general meeting.</td></tr></table> Copenhagen 2022-06-07 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of AIF Roads ApS</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="2">Opinion</td></tr><tr><td colspan="2">We have audited the financial statements of AIF Roads ApS for the financial year 19 October</td></tr><tr><td colspan="2">2020 - 31 December 2021, which comprise income statement, balance sheet, statement of</td></tr><tr><td>changes in equity, notes and summary of significant accounting policies.</td><td>(“financial</td></tr><tr><td colspan="2">statements”).</td></tr><tr><td colspan="2">In our opinion, the financial statements give a true and fair view of the company's financial</td></tr><tr><td colspan="2">position at 31 December 2021 and of the results of the company's operations for the financial</td></tr><tr><td colspan="2">year 19 October 2020 - 31 December 2021 in accordance with the Danish Financial</td></tr><tr><td colspan="2">Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and</td></tr><tr><td colspan="1">the additional requirements applicable in Denmark. Our responsibilities under those standards</td></tr><tr><td colspan="1">and requirements are further described in the Auditor’s Responsibilities for the Audit of the</td></tr><tr><td colspan="1">Financial Statements section of our report. We are independent of the Company in accordance</td></tr><tr><td colspan="1">with the International Ethics Standards Board for Accountants’ International Code of Ethics</td></tr><tr><td colspan="1">for Professional Accountants (IESBA Code) and the additional ethical requirements applicable</td></tr><tr><td colspan="1">in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these</td></tr><tr><td colspan="1">requirements and the IESBA Code. We believe that the audit evidence we have obtained is</td></tr><tr><td colspan="1">sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do</td></tr><tr><td colspan="1">not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read</td></tr><tr><td colspan="1">Management’s Review and, in doing so, consider whether Management’s Review is</td></tr><tr><td colspan="1">materially inconsistent with the financial statements or our knowledge obtained during the</td></tr><tr><td colspan="1">audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the</td></tr><tr><td colspan="1">information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance</td></tr><tr><td colspan="1">with the Financial Statements and has been prepared in accordance with the requirements of</td></tr><tr><td colspan="1">the Danish Financial Statements Act. We did not identify any material misstatement in</td></tr><tr><td colspan="1">Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Financial Statements that give a true and</td></tr><tr><td colspan="1">fair view in accordance with the Danish Financial Statements Act, and for such internal control</td></tr><tr><td colspan="1">as Management determines is necessary to enable the preparation of financial statements</td></tr><tr><td colspan="1">that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the</td></tr><tr><td colspan="1">Company’s ability to continue as a going concern, disclosing, as applicable, matters related</td></tr><tr><td colspan="1">to going concern and using the going concern basis of accounting in preparing the financial</td></tr><tr><td colspan="1">statements unless Management either intends to liquidate the Company or to cease</td></tr><tr><td colspan="1">operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about whether the financial statements as</td></tr><tr><td colspan="2">a whole are free from material misstatement, whether due to fraud or error, and to issue an</td></tr><tr><td colspan="2">auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,</td></tr><tr><td colspan="2">but is not a guarantee that an audit conducted in accordance with ISAs and the additional</td></tr><tr><td colspan="2">requirements applicable in Denmark will always detect a material misstatement when it exists.</td></tr><tr><td colspan="2">Misstatements can arise from fraud or error and are considered material if, individually or in</td></tr><tr><td colspan="2">the aggregate, they could reasonably be expected to influence the economic decisions of users</td></tr><tr><td colspan="2">taken on the basis of these financial statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements</td></tr><tr><td colspan="2">applicable in Denmark, we exercise professional judgment and maintain professional</td></tr><tr><td colspan="2">skepticism throughout the audit. We also</td></tr><tr><td>•</td><td>Identify and assess the risks of material misstatement of the financial statements, whether</td></tr><tr><td /><td>due to fraud or error, design and perform audit procedures responsive to those risks, and</td></tr><tr><td /><td>obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td /><td>The risk of not detecting a material misstatement resulting from fraud is higher than for</td></tr><tr><td /><td>one resulting from error as fraud may involve collusion, forgery, intentional omissions,</td></tr><tr><td /><td>misrepresentations, or the override of internal control.</td></tr><tr><td>•</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit</td></tr><tr><td /><td>procedures that are appropriate in the circumstances, but not for the purpose of expressing</td></tr><tr><td /><td>an opinion on the effectiveness of the Company’s internal control.</td></tr><tr><td>•</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of</td></tr><tr><td /><td>accounting estimates and related disclosures made by Management.</td></tr><tr><td>•</td><td>Conclude on the appropriateness of Management’s use of the going concern basis of</td></tr><tr><td /><td>accounting in preparing the 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</td></tr><tr><td /><td>cast significant doubt on the Company’s ability to continue as a going concern. If we</td></tr><tr><td /><td>conclude that a material uncertainty exists, we are required to draw attention in our</td></tr><tr><td /><td>auditor’s report to the related disclosures in the financial statements or, if such disclosures</td></tr><tr><td /><td>are inadequate, to modify our opinion. Our conclusions are based on the audit evidence</td></tr><tr><td /><td>obtained up to the date of our auditor’s report. However, future events or conditions may</td></tr><tr><td /><td>cause the Company to cease to continue as a going concern.</td></tr><tr><td>•</td><td>Evaluate the overall presentation, structure and contents of the financial statements,</td></tr><tr><td /><td>including the disclosures, and whether the financial statements represent the underlying</td></tr><tr><td /><td>transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the</td></tr><tr><td colspan="2">planned scope and timing of the audit and significant audit findings, including any significant</td></tr><tr><td colspan="2">deficiencies in internal control that we identify during our audit.</td></tr></table> Copenhagen 2022-06-07 <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> <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">Business review</td></tr><tr><td colspan="1">The purpose of the company is to be General Partner in a planned investment project</td></tr><tr><td colspan="1">including trade and service activities related to this position.</td></tr><tr><td colspan="1">Financial review</td></tr><tr><td colspan="1">The company's income statement for the year ended 31 December 2021 shows a loss of</td></tr><tr><td colspan="1">DKK 47,009, and the balance sheet at 31 December 2021 shows equity of DKK -7,009.</td></tr><tr><td colspan="1">With the result for the year, the company has continued to lose it’s share capital, whereby</td></tr><tr><td colspan="1">the company is covered by the rules in the Danish Companies Act on capital losses. It is</td></tr><tr><td colspan="1">the company's expectation to re-establish the share capital through future operations, debt</td></tr><tr><td colspan="1">conversion or grants from the parent company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Significant events occurring after the end of the financial year</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date which could significantly affect the</td></tr><tr><td colspan="1">company's financial position.</td></tr></table> 60066 -60066 202 -60268 -13259 -47009 <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="4" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="36%" ></td><td width="21%" ></td><td width="21%" colspan="1" align="right" valign="middle" >Retained</td><td width="22%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="36%" ></td><td width="21%" colspan="1" align="right" valign="middle" >Share capital</td><td width="21%" colspan="1" align="right" valign="middle" >earnings</td><td width="22%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td colspan="4"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Equity at 19 October 2020</td><td width="21%" align="right" valign="middle" > 40.000 </td><td width="21%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" > 40.000 </td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="21%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" >- 47.009 </td><td width="22%" align="right" valign="middle" >- 47.009 </td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December 2021</b></td><td width="21%" align="right" valign="middle" ><b> 40.000 </b></td><td width="21%" align="right" valign="middle" ><b>- 47.009 </b></td><td width="22%" align="right" valign="middle" ><b>- 7.009 </b></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="3" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="14%" ></td><td width="62%" ></td><td width="24%" colspan="1" align="right" valign="middle" >2020/2021</td></tr><tr><td width="14%" ></td><td width="62%" ></td><td width="24%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="14%" ></td><td width="86%" colspan="2" align="left" valign="middle" ><b>Staff expenses</b></td></tr><tr><td width="14%" ></td><td width="62%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="24%" align="right" valign="middle" >0</td></tr></table> Regnskabsklasse B <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">Accounting policies</td></tr><tr><td colspan="1">The annual report of AIF Roads ApS for 2020/2021 has been prepared in accordance with the</td></tr><tr><td colspan="1">provisions of the Danish Financial Statements Act applying to enterprises of reporting class B</td></tr><tr><td colspan="1">including certain requirements from reporting class C.</td></tr><tr><td colspan="1">The annual report for 2020/2021 is presented in DKK.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis of recognition and measurement</td></tr><tr><td colspan="1">Income is recognized in the income statement as earned, including value adjustments of</td></tr><tr><td colspan="1">financial assets and liabilities. All expenses, including amortization, depreciation and</td></tr><tr><td colspan="1">impairment losses, are also recognized in the income statement.</td></tr><tr><td colspan="1">Assets are recognized in the balance sheet when it is probable that future economic benefits</td></tr><tr><td colspan="1">will flow to the company and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognized in the balance sheet when it is probable that future economic</td></tr><tr><td colspan="1">benefits will flow from the company and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. On subsequent recognition,</td></tr><tr><td colspan="1">assets and liabilities are measured as described below for each individual accounting item.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at amortized cost using the effective</td></tr><tr><td colspan="1">interest method. Amortized cost is calculated as the historic cost less any installments and</td></tr><tr><td colspan="1">plus/less the accumulated amortization of the difference between the cost and the nominal</td></tr><tr><td colspan="1">amount.</td></tr><tr><td colspan="1">On recognition and measurement, allowance is made for predictable losses and risks which</td></tr><tr><td colspan="1">occur before the annual report is presented and which confirm or invalidate matters existing</td></tr><tr><td colspan="1">at the balance sheet date.</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">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 colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses include expenses related to administration, 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 colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognized in the income statement with the amounts</td></tr><tr><td colspan="1">relating to the financial period. Net financials include interest income and expenses, foreign</td></tr><tr><td colspan="1">currency gains and losses.</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">Tax on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year, which comprises the current tax charge for the year and changes in the</td></tr><tr><td colspan="1">deferred tax charge, is recognised in the income statement as regards the portion that relates</td></tr><tr><td colspan="1">to the profit/loss for the year and directly in equity as regards the portion that relates to</td></tr><tr><td colspan="1">entries directly in 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 colspan="1">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 colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost. If there is objective evidence that an individual</td></tr><tr><td colspan="1">receivable is impaired, and impairment loss for that individual asset is recognized.</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">Cash at bank and in hand</td></tr><tr><td colspan="1">Cash at bank and in hand comprise cash.</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">Income tax and deferred tax</td></tr><tr><td colspan="1">Current tax liabilities and current tax receivables are recognized in the balance sheet as the</td></tr><tr><td colspan="1">estimated tax on the taxable income for the year, adjusted for tax on the taxable income for</td></tr><tr><td colspan="1">previous years and tax paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured according to the liability method in respect of temporary differences</td></tr><tr><td colspan="1">between the carrying amount of assets and liabilities and their tax base, calculated on the</td></tr><tr><td colspan="1">basis of the planned use of the asset and settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax base of tax losses allowed for carry forward, are</td></tr><tr><td colspan="1">measured at the value to which the asset is expected to be realized, either as a set-off against</td></tr><tr><td colspan="1">tax on future income or as a set-off against deferred tax liabilities within the same legal tax</td></tr><tr><td colspan="1">entity. Any deferred net tax assets are measured at net realizable value.</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">Liabilities</td></tr><tr><td colspan="1">Liabilities, which include trade payables and other payables, are measured at amortized cost,</td></tr><tr><td colspan="1">which is usually equivalent to nominal value.</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">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, foreign currency transactions are translated applying the exchange rate</td></tr><tr><td colspan="1">at the transaction date. Foreign exchange differences arising between the exchange rates at</td></tr><tr><td colspan="1">the transaction date and at the date of payment are recognized in the income statement as</td></tr><tr><td colspan="1">financial income or financial expenses. If foreign currency transactions are considered cash</td></tr><tr><td colspan="1">flow hedges, the value adjustments are taken directly to equity.</td></tr></table> Årsrapport 21625744 Intertrust Denmark A/S Sundkrogsgade 21 2100 København Ø xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu Revisionspåtegning Grundlag for konklusion Konklusion 0 Joe Nicklaus Nielsen Director -47009 13259 13259 39290 52549 52549 40000 -47009 -7009 59558 59558 59558 52549 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK-2900 Hellerup 33771231 Thomas Wraae Holm State Authorised Public Accountant mne30141 René Otto Poulsen State Authorised Public Accountant mne26718 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab