25174879 2021-07-01 2022-06-30 25174879 2021-07-01 2022-06-30 1 25174879 2021-07-01 2022-06-30 2 25174879 2021-07-01 2022-06-30 1 25174879 2020-07-01 2021-06-30 25174879 2022-06-30 25174879 2021-06-30 25174879 2020-06-30 fsa:ContributedCapitalMember 25174879 2020-07-01 2021-06-30 fsa:ContributedCapitalMember 25174879 2020-06-30 fsa:RetainedEarningsMember 25174879 2020-07-01 2021-06-30 fsa:RetainedEarningsMember 25174879 2020-06-30 fsa:ProposedDividendRecognisedInEquityMember 25174879 2020-07-01 2021-06-30 fsa:ProposedDividendRecognisedInEquityMember 25174879 2020-06-30 25174879 2021-06-30 fsa:ContributedCapitalMember 25174879 2021-07-01 2022-06-30 fsa:ContributedCapitalMember 25174879 2022-06-30 fsa:ContributedCapitalMember 25174879 2021-06-30 fsa:RetainedEarningsMember 25174879 2021-07-01 2022-06-30 fsa:RetainedEarningsMember 25174879 2022-06-30 fsa:RetainedEarningsMember 25174879 2021-06-30 fsa:ProposedDividendRecognisedInEquityMember 25174879 2021-07-01 2022-06-30 fsa:ProposedDividendRecognisedInEquityMember 25174879 2022-06-30 fsa:ProposedDividendRecognisedInEquityMember 25174879 2021-07-01 2022-06-30 fsa:ProposedDividendRecognisedInEquityMember 25174879 2021-07-01 2022-06-30 fsa:RetainedEarningsMember 25174879 2020-07-01 2021-06-30 fsa:ProposedDividendRecognisedInEquityMember 25174879 2020-07-01 2021-06-30 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Today, the Executive Board have discussed and approved the annual report of Akola ApS for the financial year 1 July 2021 - 30 June 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2021 and of the results of the Company's operations for the financial year 1 July 2021 – 30 June 2022. We recommend that the annual report be approved at the annual general meeting. Aalborg Tomas Tumenas Director Gert Østergaard Director To the shareholders of Akola ApS We have audited the financial statements of Akola ApS for the financial year 1 July 2021 – 30 June 2022, comprising income statement, balance sheet and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 June 2022 and of the results of the Company's operations for the financial year 1 July 2020 – 30 June 2021 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional require-ments applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements ap-plicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opin-ion. Non-compliance with the Danish Financial Statements Act The Company has failed to file its annual report for 2021/22 with the Danish Business Authority within the filing deadline laid down by the Danish Financial Statements Act. The Company's Management may incur liability for this respect. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ac-counting in preparing the financial statements unless Management either intends to liquidate the 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 in Denmark will always detect a material misstatement when it exists. Mis-statements may 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 financial statement users made on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also — identify and assess the risks of material misstatement of the company 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, inten-tional omissions, misrepresentations, or the override of internal control. — obtain an understanding of internal control relevant to the audit to design audit procedures that are appropri-ate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Compa-ny'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 re-lated to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. — evaluate the overall presentation, structure and contents of the financial statements, including the disclosures,and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and tim-ing of the audit and significant audit findings, including any significant deficiencies in internal control that we iden-tify 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 finan-cial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Aalborg KPMG Statsautoriseret Revisionspartnerselskab 25578198 State Authorised Public Accountant mne32737 Akola ApS Thistedvej 68, st. 9400 Nørresundby 25174879 Østre Havnegade 22 D 9000 Aalborg The company's main activities The company's purpose is investment as well as related business. Development in activities and financial conditions The company's income statement for 2021/22 shows a profit of 55,073,000 DKK against a profit of thDKK 37,175,000 last year, and the company's balance sheet per 30 June 2022 shows an equity of DKK 601,320,000. The executive board considers the result for the year to be satisfactory. Events after the balance sheet date No events have occurred after the balance sheet date that have a material effect on the assessment of the annual accounts. Expected development It is the executive board 's expectation that a positive result will be achieved in the financial year 2022/23. The actual worldwide covid-19 epidemic is not expected to affect the company's earnings and financial position significant for the financial year 2022/23. . 0 1645000 1572000 597000 -1572000 1048000 445000 464000 -2017000 584000 54443000 37892000 4807000 1824 2160000 3125000 55073000 37175000 0 0 55073000 37175000 606088000 606088000 0 174000 606088000 606262000 606088000 606262000 51615000 46342000 7729000 29929000 59344000 76271000 665432000 682533000 106901000 106901000 385077000 439320000 109342000 40925000 601320000 587146000 32588000 63821000 32588000 63821000 31363000 31363000 75000 75000 86000 128000 31524000 31566000 64112000 95387000 665432000 682533000 106901000 443059000 14883000 564843000 0 -11000 14883000 14872000 0 -3750000 40925000 106901000 439320000 40925000 0 -26000 40925000 40899000 0 -54269000 109342000 106901000 385077000 109342000 The annual report of Akola ApS for 2021/22 has been prepared in accordance with the provisions in the Danish Fi-nancial Statements Act applying class B entities. Options have been made from the higher accounting class (C). Pursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Akola ApS and group entities are included in the consolidated financial statements of UAB Darius Zubas Holding, Vilnius, Lithuania. Income statement Revenue recognition. Revenue is recognized when control over the individual identifiable performance obligation is transferred to the customer. The recognized revenue is measured at the fair value of the agreed consideration excl. VAT and taxes charged on behalf of third parties. All discounts granted are recognized in revenue. The fair value corresponds to the agreed price discounted at present value where payment terms exceed 12 months. The variable part of the total consideration, for instance discounts, bonus payments and penalty payments, etc., is not recognized in revenue until it is fairly probable that it will not be reversed in subsequent periods, for instance due to non-achievement of targets, etc. Expense recognition Expenses are recognized on the basis of accrual and revenue and expenses matching principles in the reporting pe-riod when the income related to these expenses was earned, irrespective of the time the money was spent. In those cases when costs incurred cannot be directly attributed to the specific income and they will not bring income during the future periods, they are expensed as incurred. Other external cost comprised expenses for administration, office premises and office expenses etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Group's employees. Tax for the year The Company is subject to the Danish rules on mandatory joint taxation of the Group's Danish subsidiaries. Subsidi-aries are included in the joint taxation arrangement from the date when they are included in the consolidated finan-cial statements and up to the date when they are no longer consolidated. The Company acts as management company for the joint taxation arrangement and consequently settles all corpo-rate 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. The tax expense for the year, which comprises the year's current tax charge, joint taxation contributions and changes in the deferred tax charge – including changes arising from changes in tax rates – is recognised in the in-come 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. Investments in subsidiaries Investments in subsidiaries are measured at cost. Cost includes the consideration measured at fair value plus direct purchase costs. Dividend from investments in subsidiaries is recognised in the income statement in the year of declaration. Distribu-tions of dividend where the dividend exceeds the profit for the year or where the carrying amount of the Company's investments in the subsidiary exceeds the carrying amount of the subsidiary's net asset value will be evidence of impairment, meaning that an impairment test must be conducted. Impairment of non-current assets The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associ-ates is tested annually for impairment. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. Assets are written down to the lower of the carrying amount and the recoverable amount. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Receivables An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is im-paired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recog-nised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are assessed for objective evidence of impairment on a portfolio basis. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the net pre-sent value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Equity Dividend Dividend proposed for the year is recognised as a liability at the date when it is adopted at the general meeting (declaration date). Dividend expected to be distributed for the year is disclosed as a separate item under equity. Income tax and deferred tax Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on prior-year taxable income and tax paid on account. Joint taxation contribution payable and receivable is recognised in the balance sheet as "Income tax receivable" or "Income tax payable". Deferred tax is measured using the balance sheet liability method on all temporary differences between the carry-ing amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differ-ences relating to goodwill which is not deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting neither the profit/loss for the year nor the 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, re-spectively. Deferred tax assets, including the tax base of tax loss carry-forwards, 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 and jurisdiction. Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses. Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Liabilities 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. Other liabilities are measured at net realisable value. Pursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Akola ApS and group entities are included in the consolidated financial statements of UAB Darius Zubas Holding, Vilnius, Lithuania. Staff costs Wages and salaries 445 464 445 464 Executive board consists of one person in parent company, thus remuneration to Executive Board is not disclosed. 1 1 Executive board consists of one person in parent company, thus remuneration to Executive Board is not disclosed. Financial incomes Interest income, group companies 2,761 1,732 Gain on other financial investment 2,046 0 Currency exchange gain 0 92 4,807 1,824 Financial expenses Loss on other financial investment 0 24 Other interest expenses 2,152 3,101 Currency exchange loss 8 0 2,160 3,125 Investments in subsidiaries Cost at 1 July 606,088 606,088 Cost price at 30 June 606,088 606,088 Share capital The share capital comprises: 106,901,430 class A shares of DKK 1 each Every class A share carries 1 voting right. The share capital was reduced by 36,137,468 shares in 2018/19. Before that the share capital had remained unchanged for the previous four years. 109342000 40925000 -54269000 -3750000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2021-07-01 2022-06-30 2020-07-01 2021-06-30 2022-12-15 Anders Bredgaard Reporting class B true true 2022-12-15 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2022-12-15 Steffen Sjørslev Hansen 51615000 46342000