Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2022-01-01 2022-12-31 2021-03-01 2021-12-31 42199788 P-Sinful 2021 A/S Malmøgade 3 2100 København Ø 2021-03-01 København EY Godkendt Revisionspartnerselskab 30700228 Værkmestergade 25 8100 Aarhus C Danmark +45 73 23 30 00 2023-03-21 René Lyngs Houmøller Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2023-03-21 2023-03-21 CaseWare Working Papers Copenhagen Jan Johan Kühl Niels-Christian Worning Chair Jan Johan Kühl Henrik Bonnerup Aarhus Claus Hammer-Pedersen Jonas Busk State Authorised Public Accountant mne21334 State Authorised Public Accountant mne42771 -37287000 -20522000 -2835000 -360000 -24988000 47588000 Total cash flows Total cash flows Total cash flows Total cash flows Total cash flows 17.9 23 -9.2 -1.8 220.6 236.2 Current ratio Current ratio Current ratio Current ratio Current ratio 21.2 23.2 -29.2 -10.2 363568000 280235000 0 0 193906000 137470000 0 0 104501000 78180000 33000 1192000 65161000 64585000 -33000 -1192000 68049000 32763000 0 0 70591000 46780000 0 0 7000 0 0 0 -73486000 -14958000 -33000 -1192000 0 0 -52101000 -18462000 145000 126000 0 0 37432000 20648000 8000 5000 -110773000 -35480000 -52142000 -19659000 -16532000 -601000 -9000 -7000 -94241000 -34879000 -52133000 -19652000 42108000 15227000 -34879000 11787000 20628000 0 0 2468000 1736000 0 0 334580000 359674000 0 0 295608000 331081000 0 0 8319000 0 0 0 652762000 713119000 0 0 1640000 1553000 0 0 434000 309000 0 0 1854000 0 0 0 3928000 1862000 0 0 0 0 163116000 192699000 2025000 1564000 0 0 2025000 1564000 163116000 192699000 658715000 716545000 163116000 192699000 81986000 64510000 0 0 81986000 64510000 0 0 4790000 3398000 0 0 0 0 9000 0 0 0 0 2456000 1818000 1798000 0 0 1389000 914000 0 0 7997000 6110000 9000 2456000 22600000 47588000 657000 698000 112583000 118208000 666000 3154000 771298000 834753000 163782000 195853000 22422000 22189000 22422000 22189000 0 0 0 0 141340000 171188000 141340000 171188000 131936000 158933000 0 0 295698000 352310000 163762000 193377000 67124000 83658000 0 0 67124000 83658000 0 0 55135000 52014000 0 0 302307000 296721000 0 0 357442000 348735000 0 0 29169000 25085000 20000 27000 0 2449000 0 2449000 21865000 22516000 0 0 51034000 50050000 20000 2476000 408476000 398785000 20000 2476000 771298000 834753000 163782000 195853000 0 0 0 21685000 190623000 173958000 -19652000 -15227000 0 158000 130000 75000 62000 16000 14000 504000 0 24000 22189000 171188000 158933000 0 0 -3455000 233000 23074000 17693000 -52133000 -42108000 0 -789000 873000 22422000 141340000 163762000 131936000 0 0 0 21685000 190623000 -18462000 -1190000 18245000 -18245000 0 217000 0 504000 0 22189000 0 171188000 233000 23074000 -52101000 -32000 52890000 -52890000 0 -789000 0 22422000 0 141340000 -94241000 -34879000 91353000 66701000 -16392000 2383000 -19280000 34205000 145000 126000 28724000 26913000 2449000 19093000 -50308000 -11675000 9473000 620000 2835000 360000 0 681839000 -12308000 -682819000 0 305000000 0 50000000 3455000 0 0 528000 41000000 386266000 83000 288000 37628000 742082000 -24988000 47588000 47588000 0 22600000 47588000 67099000 31055000 0 0 3607000 908000 0 0 1791000 800000 0 0 4448000 0 0 0 68049000 32763000 0 0 154 107 0 0 1729000 1573000 0 0 725000 650000 0 0 2454000 2223000 0 0 0 4440000 0 -7000 -16534000 -5041000 -9000 0 2000 0 0 0 -16532000 -601000 -9000 -7000 26522000 1857000 376403000 354730000 0 0 1154000 0 0 8319000 26522000 3011000 376403000 354730000 8319000 5894000 121000 16729000 23649000 0 8841000 422000 25094000 35473000 0 14735000 543000 41823000 59122000 0 11787000 2468000 334580000 295608000 8319000 2687000 788000 0 644000 337000 1854000 55000 0 0 3276000 1125000 1854000 1134000 479000 0 550000 212000 48000 0 0 1636000 691000 0 1640000 434000 1854000 1564000 461000 2025000 2025000 210944000 23307000 234251000 -18245000 -52101000 46000 -835000 163116000 Sinful HoldCo A/S Højberg, Denmark 55.28 Sinful BidCo A/S Højberg, Denmark 55.28 Sinful ApS ApS Højberg, Denmark 55.28 1121109691 A 11211000 11095000 554775930 B1 5548000 5490000 554775930 B2 5548000 5490000 5778916 B3 58000 57000 5778916 B4 58000 57000 504000 21685000 22189000 83658000 0 0 0 67124000 83658000 0 78573000 84048000 0 0 -287000 -140000 0 0 -758000 -250000 0 0 -10404000 0 -9000 0 55135000 0 55135000 0 302307000 0 302307000 302307000 319000 4415000 0 20000 263000 250000 0 20000 56000 4165000 0 0 -52101000 -18462000 -32000 -1190000 70591000 46780000 -7000 0 -145000 -126000 -37432000 -20648000 -16532000 -601000 17476000 18567000 -1853000 -3003000 -4085000 -14654000 -1148000 9299000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of P-Sinful 2021 A/S for the financial year 1 January - 31 December 2022. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 31 December 2022 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2022. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholders of P-Sinful 2021 A/S We have audited the consolidated financial statements and the parent company financial statements of P-Sinful 2021 A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent Company financial statements" (herinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review. The financial ratios stated under "Financial highlights" have been calculated as follows: Ordinary operating profit/loss Profit/loss before financial items adjusted for other operating income and other operating expenses Gross margin Gross profit/loss x 100 Revenue Return on assets Profit/loss from operating activites x 100 Average assets Current ratio Current assets x 100 Current liabilities Equity ratio Equity excl. non-controlling interests, year-end x 100 Total equity and liabilities, year-end Return on equity Profit/loss for the year after tax ex. non-controlling interests x 100 Average equity ex. non-controlling interests The Group’s activities are the continued development and operation of the webshop “Sinful” across multiple markets as well as the continued development of the optimal assortment including Branded and Private Label products under its own brands. In 2022, the group reported a revenue of DKK 363.6 million against DKK 280.2 million last year. The income statement for 2022 shows a loss of DKK 94.2 million against DKK 34.9 million last year, and the balance sheet of 31 December 2022 shows an equity of DKK 295.7 million. Management considers the group's financial performance for 2022 unsatisfactory. The decrease in Profit for the year is heavily affected by the current developments in consumer confidence and the inflationary market conditions. Non-financial matters P-Sinful 2021 A/S was established in 2021 by Polaris Private Equity, and the Group successfully acquired the majority of Sinful ApS. Polaris is a leading Nordic private equity company investing in mid-sized companies with the objective to invest in strong companies with great potential and grow them substantially in partnership with Management and the Board. Special risks Operational risks The company’s most significant operational risk is associated with its strong brand position in the Nordic countries. To maintain a strong brand position, it is essential for the company to constantly be leading developments and trends in sex toys. Foreign currency risks The company has significant exposure to DKK, NOK, SEK, GBP, EUR, and USD. Management considers the company’s risk of fluctuations in foreign currency to be moderate. Management has established a foreign currency policy and continuously monitors the current and potential risks. Capital structure and resources The P-Sinful 2021 A/S share capital is divided into share classes. Management regularly assesses whether Sinful has a capital structure that corresponds to the Company’s need for the financing of working capital. Together with the Group’s owners and Board of Directors, the Executive Board assesses the combination of equity and loans from shareholders and external financing on a recurring basis. Management maintains an ongoing dialogue with the Group’s most important lenders and shareholders, who show a high level of confidence in the Group. Management assesses that the Group’s current capital structure and resources are adequate and sufficient to carry through the activities planned for the financial year 2023. Reporting guidelines of Active Owners The Sinful Group is partly owned by private equity and follows certain reporting guidelines issued by the Danish Venture Capital and Private Equity Association. You may find the guidelines here www.aktiveejere.dk. Shareholder information The Company’s shares are owned by Polaris Private Equity V K/S (99%) and other investors (1%). Throughout the year, we have implemented UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises OECD standards, and we are now a member of the UN Global Compact (UNGC). In addition, we have set a strategy/ plan around 4 Sustainable Development Goals (SDG’s): (5) Gender Equality (8) Decent Work and Economic Growth (12) Responsible Consumption and Production (13) Climate Action Our business The Group’s activities are the continued development and operation of the e-commerce platform “Sinful” across multiple markets as well as the continued development of the optimal assortment including Branded and Private Label products under its own brands. At Sinful, we want to contribute to a safe and more playful sex life for everyone, and as the leading e-commerce company who sells sex toys in Scandinavia, we want to be the best at what we do, which also applies to sustainability. In early 2021, Sinful took its very first steps towards a more sustainable approach and towards understanding our impact on the environment along with the people working in our supply chain. Our approach is based on the OECD Guidelines and the UN Guiding Principles, from which we have assessed Sinfuls impact and potential risks and intensified our effort to mitigate or remove the identified risks. Our responsibility We are committed to diversity with respect to gender and nationality; to zero tolerance of discrimination; to excellence in managing the right to privacy; to supporting environmentally sustainable practices; to reducing our adverse impact on the environment by striving to use sustainable services, solutions, and technologies; and lastly, to zero tolerance of any form of bribery, corruption, or fraud. Respect for Human Rights We care about people – meaning both our customers and employees, hereof also our suppliers’ employees. Our expectations towards our suppliers are addressed in our Code of Conduct for Business Relations. This also includes audits of our suppliers regarding e.g. working environment and child labor, which we take great distance from, and where we have a zero-tolerance. These audits are also a part of our business social compliance initiatives. The right to privacy is vital to us at Sinful. The focus is increased and based on the products we sell, notably sex toys, which can be perceived by the individual as a private matter. We make sure to secure the data we obtain from our customers and only keep the data that is strictly necessary for the purpose being pursued. Please see the section on “Data Ethics” within this review. As a result of our continuous focus on mitigating the risk of data exposure, we have significantly lowered the risk of data breaches in 2022. In 2023 we will continue to invest in improved IT security and train our employees on data processing activities to raise awareness of the relevant risks. The focus regarding right to health is also important to us and we make sure to inform our customers of the material the products are made of, and if there is any risk of chemical contact. As a result, we have made a reference guideline for our employees in our procurement department to make sure the products live up to the regulations and safety standards. In 2023, we will continuously train our customer service and procurement departments on safety and hazards information. Social and Staff Matters Our employees are the most important asset of our business, and we strive for diversity regarding gender, nationality, ethnicity, and age, and we have a zero-tolerance policy concerning discrimination and harassment. It is a place where every voice matters. In 2022, Sinful continued to invest significantly in preboarding and onboarding of new employees as well as staff retention by developing our HR department to include a whole department focusing on Recruitment and Development. The department shall continuously gain insights and secure improvement. We advocate for a strong, social culture and family feeling amongst our employees. At Sinful we focus on protecting labor rights and ensuring that our employees have healthy and safe working conditions. We continuously work to improve our work environment and have increased efforts through our work environment committee and supplement the work with annual employee satisfaction surveys. Furthermore, we offer free health insurance for all our full-time employees. The main risk Sinful face is ensuring a healthy and safe working environment while maintaining our employees' physical and mental well-being. To mitigate the risk of an unsafe and unhealthy work environment, we continuously assess our physical workplace with the working environment group, conduct employee development talks and satisfaction surveys. The effectiveness of our mitigation efforts is indicated by the number of incidents, complaints, and sick leave days, and by analyzing the score of our employee satisfaction survey. Employees in numbers Employees constitute the most important asset of Sinful, which makes it important to ensure the required technical and human skills. During the year, Sinful has therefore held several courses e.g. in connection to onboarding, development and employee retention. At management level, training in being a leader has been provided. By the end of 2022 the number of employees within the group has increased with 23 headcounts to 228, compared to 2021, where the number of employees were 205, compared to 140 by the end of 2020. This is a net increase of 23 persons during 2022. All employees are currently employed in Denmark. Environment and Climate Sinful continuously works with product development to be able to accommodate the needs of our customers regarding safety and quality. We recognize that our products are not sustainable by nature, which leads to a risk of having an adverse negative impact on the environment and climate. Therefore, we work to ensure sustainable operations around our products and work closely with our suppliers to mitigate the risk. Sustainability in Sinful means ongoing development and focus on material selection in packaging and products. This entails e.g., reducing single-use batteries, working on sustainable certifications, and replacing virgin- and high-emission materials in packaging. In 2022, Sinful started to develop more intensively on new ways of using more responsible materials. This will continue throughout 2023. Consequently, we have started to phase out single-use batteries and phasing out plastic in our private label packaging as a part of our reporting. This will be a continuous focus in the following years. We are committed to defining responsible principles for our product development and product selection. We are planning to create transparency for our customers and enable end-users to make informed choices on sustainability when purchasing products from us. We will implement environmental awareness and options for a more sustainable purchase and delivery. In 2022 we have focused on reducing upstream emissions. We have reduced our upstream emissions arising from flight transportation by 80%. In general, our emissions from upstream transportation have been reduced by 45%. Respect for economic sustainability – anti corruption Responsible business conduct entails that Sinful also commits to due diligence in relation to economic sustainability, including anti-corruption. We have implemented the OECD Guidelines in all areas of our business. In our impact assessments, we identified no severe impacted risks related to economic sustainability, including corruption and bribery. In 2021, we conducted due diligence regarding anti-corruption. In the future, we will communicate our guidelines and expectations regarding anti-corruption to employees and business relations through our code of conduct. We followed up on our assessments from 2021 in 2022 and we will do a follow-up each year. Sinfuls objective is to have both genders represented amongst the members of the Board of Directors by at least 25% by 2026. Currently, the Board of Directors of P-Sinful A/S has a 100% male representation. There were no changes in the board of directors in 2022, which means the goal has not been met in this legal entity. P-Sinful A/S has less than 50 employees and are therefore not obliged to report on other managerial positions cf. the Danish Business Authorities guideline on § 99 b. Considering the entire Sinful Group, however, females are represented by 33% at Board of Director level. Therefore, the goal for the board of the Group has been met for 2022. The main activities behind the goal of increased female representation at management level are centered around internal and external recruiting as well as making sure that all female internal talents get the needed attention and support in their leadership development to compete for leadership positions. We pursue a general policy for the Group that states everyone should have equal opportunities, regardless of gender. We believe that having diverse management strengthens our business and brings value for development and innovation. Sinful believes that diversity among employees and management, including gender distribution, contributes positively to the working environment and strengthens Sinful’s performance and competitiveness. This statement of data ethics for P-sinful 2021 A/S is a component of the management's report in the annual report for 2022 and covers the accounting period 1st of January to 31st of December 2022. Data ethics, like other business considerations, will be included in the consideration of major strategic business decisions and support Sinful’s business model, values, and vision. The data ethics policy has been prepared to guarantee the safety of our employees, business relations, and customers, and to ensure they are handled according to the current legislation regarding personal data. Sinful processes personal data in connection with recruitment, employment, and for the fulfillment of an agreement with business relations and customers. Sinful ensures that personal data is collected solely for legitimate purposes and interests. Data must be processed lawfully, fairly, and in a transparent manner. Sinful will never collect more personal data than what is necessary for the fulfillment of the specified purpose. Sinful collects personal data directly from the data subject. If any personal data is collected from a third party other than the data subject, we will notify the data subject prior to processing, unless an exception in the GDPR applies. It is stated exactly which personal data are collected directly from the customers, how it is collected, processed and stored at our website, which can be found at www.sinful.dk/persondatapolitik. Personal data collected in relation to recruitment can be found on our recruitment website. How data employment and for business relations is informed through internal documents. Some of our business relations will store and process personal data on behalf of Sinful. When entering such an agreement, a data processing agreement (DPA) is signed to make sure that the business relation handles the data in accordance with our policy. As a data controller, we have the responsibility to ensure that our business relations comply with our required level of security. Sinful does not sell any personal data to third parties. When investing in new technologies which contain the collection and processing of personal data, data ethics and security must always be an integral part of the considerations. The data policies are assessed and updated on an ongoing basis which the board and executives are responsible for approving. The executives are responsible for the implementation hereof. No events materially affecting the Group's and the Group's financial position have occurred subsequent to the financial year-end. The Group’s revenue for 2023 is expected to increase up to 10% due to the continued growth in the Group’s core markets in the Nordics and further growth in other European Markets. Recognized income from investments in Sinful ApS is negatively affected by amortization of goodwill and other amortization related to fair value adjustments of identifiable assets in connection with the acquisition of Sinful ApS. Management expects a profit before interest and tax from Sinful ApS of up to DKK 10 million as a result of increasing activities and a continuous focus on profitability and a result after tax for the group at the same level as in 2022. The annual report of P-Sinful 2021 A/S for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK'000). Control The consolidated financial statements comprise the Parent Company and subsidiaries controlled by the Parent Company. Control means a parent company’s power to direct a subsidiary’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment. In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions. Preparation of consolidated financial statements The consolidated financial statements are prepared as a consolidation of the parent company's and the individual subsidiaries' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment. In the consolidated financial statements, the accounting items of subsidiaries are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of subsidiaries which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately. Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders. On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest. Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinued operations are presented separately, see below. The date of acquisition is the date when the group actually obtains control of the acquiree. The acquisition method is applied to the acquisition of new entities of which the group obtains control. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset. Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date. The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement. Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred. Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional amounts. If it turns out subsequently that the identification or measurement of the consideration transferred, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements. Gains or losses from disposal of subsidiaries which result in loss of control are calculated as the difference between, on the one hand, the fair value of the selling price less selling expenses and, on the other hand, the carrying amount of net assets. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Income from the sale of goods for resale and finished goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment. The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Patents and brand 15 years Customer relationships 3 years Acquired rights and other assets 3-10 years Goodwill 10 years Fixtures and fittings, other plant and equipment 3-5 years Leasehold improvements 3-5 years The residual value amounts to DKK 0. Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. A proportionate share of the underlying entities' profit/loss after tax is recognised in the income statement according to the equity method. Shares of profit/loss after tax in subsidiaries are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made for equity investments in subsidiaries. The proportionate share of the individual subsidiaries' profit/loss after tax after full elimination of internal gains/losses are recognised in the parent company's income statement. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, e.g. from group entities, exchange gains and losses and service charge offset against recived payments from card companies. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish subsidiaries. Subsidiaries are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated. The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities. On payment of joint taxation contributions, the Danish corporate income tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income. Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period. Other intangible assets include customer relationships, patents and brand and other acquired intangible rights, including domain. Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred. Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases. Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Equity investments in subsidiaries are measured according to the equity method, where the consolidation method has been choosen. Equity investments in joint ventures are also measured according to the equity method in the consolidated financial statements. On initial recognition, equity investments in subsidiaries are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses. Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Dividend received is deduced from the carrying amount. Equity investments in subsidiaries measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other expenses directly attributable to the acquisition. Receivables are measured at amortised cost. The Company has chosen IAS 39 as interpretation for impairment of financial receivables. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in subsidiaries and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year. Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax. Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments. Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The allocation of revenue to activities and geographical markets is disclosed where these activities and markets differ significantly in the organisation of sales of goods and services. No events materially affecting the Group's and the Company's financial position have occurred subsequent to the financial year-end. The Company has not disclosed the breakdown of revenue by geographical and business segments, see section 96(1) of the Danish Financial Statements Act, as the Company's activities and markets do not differ significantly in the organisation of sales of goods. The Company primarily operates in the Nordic countries. The parent company did not pay any remuneration to Management during the financial year. Development projects in progress Development projects in progress includes development of IT projects, which will be a part of the future operation in the group, and will through the expected efficiency add future earnings. The company has tax loss carry-forwards which is recognised in the balance sheet under deffered tax assets.  Prepayments include accrual of expenses relating to subsequent financial years, including rent,insurance policies, etc. Each A and B1 share carries one voting right and each B2, B3 and B4 share carries ten voting rights. Other rent and lease liabilities: Group Parent company DKK'000 2022 2021 2022 2021 Rent and lease liabilities 8,434 11,556 0 0 Group Rent and lease includes a rent obligation totalling DKK 8,434 thousand in interminable rent agreements with remaining contract terms of 28 and 2 months, respectively and a lease obligation totalling DKK 226 thousand with a remaining contract term of 26 months. As management company, the Company is jointly taxed with other Danish group entities. The Company has joint and several liability with other jointly taxed group entities for payment of income taxes for the income year 2021 and withholding taxes falling due for payment on or after 1 May 2021 in the group of jointly taxed entities. As security for the Group's debt to other credit institutions, totalling DKK 309,280 thousand, the Company Sinful BidCo A/S has provided security in the shares in Sinful ApS, which is fullly consolidated into the consolidated financial statements. The Group has not provided any other security or collateral in assets at 31 December 2022. The Parent Company has not placed any assets or other as security for loans at 31 December 2022. Related party transactions The Company solely discloses related party transactions that have not been carried out on an arm's length basis, cf. section 98c(7) of the Danish Financial Statements Act. 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