33971419 2023-01-01 2023-12-31 33971419 2022-01-01 2022-12-31 33971419 2023-12-31 33971419 2022-12-31 33971419 2022-12-31 fsa:ContributedCapitalMember 33971419 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 33971419 2023-12-31 fsa:ContributedCapitalMember 33971419 2022-12-31 fsa:RetainedEarningsMember 33971419 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 33971419 2023-12-31 fsa:RetainedEarningsMember 33971419 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 33971419 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 33971419 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 33971419 2023-01-01 2023-12-31 1 33971419 2023-01-01 2023-12-31 2 33971419 2023-01-01 2023-12-31 1 33971419 2023-01-01 2023-12-31 2 33971419 2023-01-01 2023-12-31 3 33971419 2023-01-01 2023-12-31 4 33971419 2023-01-01 2023-12-31 5 33971419 2023-01-01 2023-12-31 1 iso4217:DKK xbrli:pure The Board of Directors and the Executive Boardhave today discussed and approved the annual report ofVML MAP A/S for the financial year1 January – 31 December 2023.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 Company's assets, liabilities andfinancial position at 31 December 2023 and of the results of the Company's operations for the financialyear1 January – 31 December 2023.Further, in our opinion, the Management's review gives a fair review of the development in theCompany's activities and financial matters, of the results for the year and of the Company's financialposition.We recommend that the annual report be approved at the annual general meeting. Copenhagen Jan William Werner CEO Martin Hviid Saxtorph CFO Manuel De Manzanos Chairman Ewen Cameron Sturgeon Martin Hviid Saxtorph Nina Werner Jan William Werner To the shareholders of VML MAP A/S OpinionWe have audited the financial statements of VML MAP A/S for the financial year1 January – 31December 2023 comprising income statement, balance sheet, statement of changes in equity and notes,including accounting policies. The financial statements are prepared in accordance with the DanishFinancial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities andfinancial position at 31 December 2023 and of the results of the Company's operations for the financialyear1 January – 31 December 2023 in accordance with the Danish Financial Statements Act. Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the "Auditor's responsibilities for the audit of the financial statements" section of ourreport. We are independent of the Company in accordance with the International Ethics Standards Board forAccountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additionalethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view inaccordance with the Danish Financial Statements Act and for such internal control that Managementdetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Company's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting in preparing the financial statements unless Management eitherintends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted in accordance with ISAs and the additional requirements in Denmark will always detect amaterial misstatement when it exists. Misstatements may arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark, 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, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resulting from error as fraud mayinvolve 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 proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control.— evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.— conclude on the appropriateness of Management's use of the going concern basis of accounting inpreparing the financial statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor's report to the related disclosures in the financial statementsor, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However, future events or conditions maycause the Company to cease to continue as a going concern.— evaluate the overall presentation, structure and contents of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events ina manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not expressany form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management'sreview and, in doing so, consider whether the Management's review is materially inconsistent with thefinancial statements or our knowledge obtained during the audit, or otherwise appears to be materiallymisstated.Moreover, it is our responsibility to consider whether the Management's review provides the informationrequired under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance withthe financial statements and has been prepared in accordance with the requirements of the DanishFinancial Statements Act. We did not identify any material misstatement of the Management's review. Copenhagen Lars Hansen State AuthorisedPublic Accountant mne24828 VML MAP A/S Glentevej 61 2400 Copenhagen NV Denmark 33971419 Copenhagen DeloitteStatsautoriseret Revisionspartnerselskab Weidekampsgade 6 DK 2300 Copenhagen S 33963556 Financial highlightsDKK'0002023 2022202120202019Key figuresRevenue755,174652,340599,721560,313453,456Gross profit515,934453,247481,350403,260335,397Operating profit178,428150,777181,824169,044133,224Net financials-214-3,4766,7332,451-415Profit for the year160,664131,723148,773134,307103,619Total assets319,664262,379271,951249,302176,443Equity166,378137,437154,487140,117109,429Investment in property,plant and equipment3,6368,85730,0012,8282,441RatiosGross margin68.3%69.5%80.3%72.0%74.0%Return on equity105.8%90.2%101.0%107.6%99.4%Solvency ratio52.0%52.4%56.8%56.2%62.0%The financial ratios have been calculated as follows:Gross profit x 100Gross marginRevenueProfit/loss from ordinary activities after tax x 100Return on equityAverage equityEquity at year-end x 100Solvency ratioTotal equity and liabilities at year-endDevelopment in activities and financial positionThe Company's income statement for 2023 shows a profit of DKK160,664k as against DKK131,723k in2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK166,378k as againstDKK 137,437k at 31 December 2022.The past year and follow-up on development expectations from last yearThe results for 2023, viewed alongside the prior year, align with Management’s expectations for theCompany’s economic performance. 2023 has been a year of consolidation and financial investment inthe future business, including new and improved services, accelerators, technologies, and theestablishment of new subsidiaries and locations. Additionally, significant investments made in intellectualproperty (technologies) in previous years have contributed positively to the 2023 financial year.The Company continues the strategy of extensive diversification of risk in its diverse global clientportfolios. The revenue and gross profits that have increased over the past years indicate that theCompany's focus on value adding digital, direct relationship marketing solutions across all availablechannels is substantially in demand.Operating riskThe Company is not exposed to special risks except for normal risks within the industry.Foreign exchange risksThe Company is increasingly exposed to currency risk. To the extent possible, the Company considersthis when negotiating terms in agreements and so forth. The Company has not entered into any forwardcontracts.Subsidiaries and Foreign OperationsThe Company has a subsidiary in USA, UK, Canada, Spain, Portugal and Sweden, to providecommunication consulting services and related services to the Company’s Global Clients.Furthermore, the Company has operations in and outside of EMEA and through its presence in NorthAmerica and APAC, the Company offers 24 hour support, 365 days a year in all time zones.Targets and expectations for the year aheadManagement expects that revenue and profit before tax will remain at the same level for the comingfinancial year.Policy and ActionsWe recognize the major threat that climate change and environmental degradation pose to global, socialand economic development. We support urgent action to tackle the climate crisis through the ParisAgreement. Our ongoing environmental management program aims to reduce our carbon emissions andbroader environmental impact, while helping us to identify and mitigate climate related risks. The programreduces costs and business risks, while meeting our clients’ and colleagues’ expectations.As a part of the global WPP Group, we are privileged to work with many pioneers of sustainablebusiness, helping our clients to create brands with purpose and to embed sustainability into products,marketing, and communications. The WPP Group provides a clear policy framework, including itsSustainability Policy and Circular Economy Plastic Policy. These policies cascade to VML MAP A/S andare transmitted through regular communication and online training modules. Therefore, VML MAP A/Sdoes not have its own policy on environment and climate, and we do not report separately on our results.Social and employee matters, incl. human rights Key risks and risk management The key risks related to social and employee matters, incl. human rights identified by VML MAP A/S are1) not to ensure diversity, equity, and inclusion at the workplace as well as 2) not ensure employees’health, safety, and wellbeing. The WPP Group conduct a materiality assessment, which has informedVML MAP A/S’ risk assessment on this topic. VML MAP A/S has not identified any specific risks relatedto human rights in its own operations and value chain. VML MAP A/S mitigate risks related to social and employee matters, incl. human rights through the policyframework of the WPP Group and ad hoc engaging with employees and stakeholders. The WPP policiescascade to employees through regular communication and online training modules. Policy and ActionsThe WPP Group provides a clear policy framework, including its Disability Policy, Human Rights PolicyStatement, and its Modern Slavery Act Statement. These policies cascade to VML MAP A/S and aretransmitted through regular communication and online training modules. Therefore, VML MAP A/S doesnot have its own policy on social and employee matters, incl. human rights and we do not reportseparately on our results. Responsible business, incl. anti-corruption Key risks and risk management No key risks related to anti-bribery and corruption has been identified by VML MAP A/S, as the risk ofanti-corruption is seen as low at low. The WPP Group conduct a materiality assessment, which hasinformed VML MAP A/S’ risk assessment on this topic.VML MAP A/S mitigate bribery and corruption risks through the policy framework of the WPP Group onanti-bribery and corruption. The Group policies cascade to employees through regular communicationand online training modules.Policy and ActionsThe WPP Group provides a clear policy framework, including on Code of Business Conduct Commitmentto UN Global Compat. These policies cascade to VML MAP A/S and are transmitted through regularcommunication and online training modules. Therefore, VML MAP A/S does not have its own policy onanti-corruption, and we do not report on our results. For full details of WPP Group policies we refer to the annual report of the ultimate Parent, WPP Plc.which covers the required statement of social responsibility, in accordance with the Financial StatementsAct section99a. https://www.wpp.com/investors 460 453 5 0.20 0.40 2025 51 0.47 0.40 Achieved Main activitiesThe Company’s core activity is helping world-leading brands transform the relationships between thebrand and its customers by ‘humanizing the relationship’ across any direct touch points.Our expertise lies in marketing automation, personalization, and loyalty programs. We offercomprehensive support in consulting, capability development, and activation through deeply specializedcapabilities including consulting and scalable operating model design, data & AI, creative & content,technology & platforms, operations, and optimization. Data EthicsThe Company recognizes its obligation to the responsible collection, management, use, and protection ofdata. We are transparent regarding our ethical decision making process and educate our people onethical data use. We share our approach with our stakeholders including share owners, clients, ouremployees, and vendors.We work with many categories of data and use the term data in its broadest sense. We include within thisdefinition client data, consumer data, and all information and data related to the operation of ourbusiness.We take the confidentiality and safe handling of client and client consumer data for all our clients veryseriously. We work under a documented security and privacy policy, which is distributed to all staff at thetime of employment and communicated to all employees annually. This is supplemented by InformationSecurity Awareness Training, requiring all employees to comply with a code of business conductprohibiting disclosure of Client confidential information.As part of the risk and compliance program within our governance, it is essential to abide by the ITsecurity policies, procedures, and controls implemented and in operation to be effective and to ensureconfidentiality, integrity, and availability. We operate under the WPP Data Privacy and Security Charter(“The Charter”). The Charter includes policies for data ethics, artificial intelligence and privacy and abespoke standard set of controls (General Computing Controls (GCCs)) developed by WPP to be usedon a global basis, derived from industry recognized standards and best practices including but not limitedto ISO 27001, ITIL, COSO and COBIT and deemed appropriate for our industry. The controls include butare not limited to, access management, physical security, server room access, network access security,malware prevention and monitoring, encryption, secure data backup & recovery, business continuity,secure data disposal, mobile device security, acceptable use, and awareness training. We represent ourlevel of compliance with The Charter by performing self assessments and participating in related audits inline with WPP’s internal assurance program. Corporate social responsibilityThis section covers the mandatory explanation of the company's social responsibility according to theannual financial statements law section 99a.Business modelThe Company’s core activity is providing marketing automation, personalization and loyalty programservices to clients, including technology, data, communication consulting services, and other relatedsolutions.Climate and EnvironmentKey risks and risk managementBased on Task Force on Climate-related Financial Disclosures (TCFD), climate-related physical andtransition risks have been identified by the WPP Group. For VML MAP A/S the most material risk is seenas delivering on its net zero commitments.The WPP Group are in the process of developing their first net zero transition plan which will outlinefurther details on how we intend to deliver against our net zero targets.WPP has implemented Risk Committees at Group level and in the operating companies with the aim ofensuring accountability at both levels to identify, monitor and proactively manage risk and complianceissues and are embedding climate risks in their agendas. Statement on inclusion, diversity and gender equalityThe Company seeks to encourage diversity and create equal opportunities for all. With employees from50+ nationalities across different cultural and ethnic backgrounds, we are proud to offer a truly diverseworking environment.We follow our policy to ensure an increased representation of women on the Board of Directors and inthe senior management team. The Company has a target to increase female participation by a minimumof 40% by 2025. The current Board of Directors includes 20% female participation. No members have leftthe board in 2023, and therefore the distribution of the board has not changed in this financial year. It isour aim that members of the Board of Directors have the best qualifications to drive our business, and wecontinue to strive for more equal representation of genders.Our overall workforce has an equal gender balance, which is also represented at the senior managementlevel. It is the overall and long term objective of the Company to maintain an equal gender balance at themanagement level by continuously attracting and retaining women and developing their potential to jointhe management group. Our approach to equal representation aligns with the Danish BusinessAuthority’s definition and guidance on equal representation, found here:https://erhvervsstyrelsen.dk/ny-vejledning-om-maaltal-og-politik-den-koensmaessige-sammensaetning-af-ledelsen-og-rapportering Events after the balance sheet dateNo events of material importance have occurred after the balance sheet date of the 2023 annual report.17 Disclosure of events after the balance sheet dateNo events of material importance have occurred after the balance sheet date of the 2023 annual report. 755174000 652340000 239240000 199093000 515934000 453247000 330827000 295682000 6679000 6788000 178428000 150777000 21863000 16969000 3380000 243000 3594000 3719000 200077000 164270000 39413000 32547000 160664000 131723000 7961000 9211000 21764000 23557000 29725000 32768000 2928000 1776000 1043000 599000 33696000 35143000 143121000 80497000 103868000 109489000 24761000 34516000 2134000 889000 6191000 1788000 280075000 227179000 5893000 57000 285968000 227236000 319664000 262379000 1200000 1200000 4514000 4514000 160664000 131723000 166378000 137437000 3745000 4158000 3745000 4158000 20921000 18850000 15291000 11213000 53724000 39577000 14835000 9880000 44770000 41264000 149541000 120784000 149541000 120784000 319664000 262379000 1200000 4514000 131723000 0 0 131723000 131723000 0 0 160664000 1200000 4514000 160664000 1 Accounting policiesThe annual report of VML MAP A/S for 2023 has been prepared in accordance with the provisionsapplying to reporting class C large entities under the Danish Financial Statements Act.The financial statements for 2023 are presented in DKK thousand.Omission of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statementshave been prepared. The Company is included in the consolidated financial statements of WPP Plc., 13Castle Street, St. Helier, JE1 1ES, Jersey, England.Recognition and measurementThe financial statements have been prepared under the historical cost method.Revenues are recognised in the income statement as earned. Furthermore, value adjustments offinancial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, allexpenses incurred to achieve the earnings for the year are recognised in the income statement, includingdepreciation, amortisation, impairment losses and provisions as well as reversals due to changedaccounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributableto the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flowout of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured asdescribed for each item below.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchangerates at the transaction date. Foreign exchange differences arising between the exchange rates at thetransaction date and the date of payment are recognised in the income statement as financial income orfinancial expenses.Receivables, payables and other monetary items denominated in foreign currencies are translated at theexchange rates at the balance sheet date. The difference between the exchange rates at the balancesheet date and the date at which the receivable or payable arose or was recognised in the latest financialstatements is recognised in the income statement as financial income or financial expenses.Upon recognition of foreign subsidiaries and associates that are independent entities, the incomestatements are translated into Danish kroner at average exchange rates for the month, and balancesheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differencesarising upon translation of foreign subsidiaries' opening equity and results at the exchange rates at thebalance sheet date are recognised directly in equity.Foreign exchange adjustments of balances with independent foreign subsidiaries considered part of thetotal investment in the subsidiary are recognised directly in equity. Similarly, foreign exchange gains andlosses on loans and derivative financial instruments taken out for the purpose of hedging investments inforeign subsidiaries are recognised directly in equity.Upon recognition of foreign subsidiaries that are integrated entities, monetary items are translated at theexchange rates at the balance sheet date. Non-monetary items are translated at the exchange rates atthe date of acquisition or the date of subsequent revaluations of the asset. Income statement items aretranslated at the exchange rates at the transaction date, whereas items derived from non-monetary itemsare translated at historical exchange rates for the non-monetary item.Income statementRevenueServices are recognised at the rate of completion of the service to which the contract relates by using thepercentage-of-completion method, which means that revenue equals the selling price of the servicecompleted for the year. This method is applied when total revenues and expenses in respect of theservice and the stage of completion at the balance sheet date can be measured reliably, and it isprobable that the economic benefits, including payments, will flow to the Company. The stage ofcompletion is determined on the basis of the ratio between the expenses incurred and the total expectedexpenses of the serviceRevenue is measured at the consideration received and is recognised exclusive of VAT and net ofdiscounts relating to sales.Other external costsOther external costs comprise costs of distribution, sales and advertising, administrative expenses, costsof premises, bad debts, operating leases, etc.Staff costsStaff costs comprise wages and salaries, including holiday allowance, pension and other social securitycosts. Refunds from public authorities are deducted from staff costs.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses comprise depreciation, amortisation and impairmentof assets, equipment etc.Income from equity investments in group entitiesThe proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the ParentCompany's income statement after full elimination of intra-group gains/losses and amortisation ofgoodwill.Financial income and expensesFinancial income and expenses comprise interest income and expense, gains and losses on payablesand transactions denominated in foreign currencies, etc.Tax on profit for the yearTax for the year comprises current corporation tax for the year and changes in deferred tax, includingchanges in tax rates. The tax expense relating to the profit/loss for the year is recognised in the incomestatement, and the tax expense relating to amounts directly recognised in equity is recognised directly inequity.The Company is jointly taxed with other WPP entities in Denmark. The tax effect of the joint taxation isallocated to Danish enterprises in proportion to their taxable incomes.Balance sheetProperty, plant and equipmentFixtures and fittings, tools and equipment and leasehold improvements are measured at cost lessaccumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date onwhich the asset is available for use. Indirect production overheads and borrowing costs are notrecognised in cost. The basis of depreciation is cost less any projected residual value after the end of the useful life.Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful livesare as follows:Fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements11 yearsThe fixed assets’ residual values are determined at nil.The useful life and residual value are reassessed annually. Changes are treated as accountingestimates, and the effect on depreciation is recognised prospectively.Impairment of fixed assetsThe carrying amount of property, plant and equipment as well as equity investments in group entities issubject to an annual test for indications of impairment other than the decrease in value reflected bydepreciation or amortisation.Impairment tests are conducted of individual assets or groups of assets when there is an indication thatthey may be impaired. Write-down is made to the recoverable amount if this is lower than the carryingamount.The recoverable amount is the higher of an asset's net selling price and its value in use. The value in useis determined as the present value of the forecast net cash flows from the use of the asset or the group ofassets, including forecast net cash flows from the disposal of the asset or the group of assets after theend of the useful life.InvestmentsInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share ofthe net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets atthe time of acquisition.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to“Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividenddistributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Deposits are recognised at amortised cost.ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable has beenimpaired. If there is an objective indication that an individual receivable has been impaired, write-down ismade on an individual basis.Write-downs are calculated as the difference between the carrying amount of receivables and the presentvalue of forecast cash flows, including the realisable value of any collateral received. The effectiveinterest rate for the individual receivable or portfolio is used as discount rate.Contract work in progressContract work in progress is measured at the selling price of the work performed less progress billingsand expected losses. The selling price is measured on the basis of the stage of completion at thebalance sheet date and the projected income from the individual contract work in progress. The stage ofcompletion is stated as the share of costs incurred in proportion to estimated total costs relating tocontract work in progress.When the selling price of contract work in progress cannot be estimated reliably, the selling price ismeasured at the lower of costs incurred and net realisable value.Contract work in progress is recognised in the balance sheet as receivables or payables, respectively.Net assets comprise the total of contract work in progress where the selling price of the work performedexceeds progress billings. Net liabilities comprise the total of contract work in progress where progressbillings exceed the selling price.Costs arising from sales work and contracting are recognised in the income statement as incurred.PrepaymentsPrepayments comprise prepayment of costs incurred relating to subsequent financial years.Cash at bank and in handCash at bank and in hand comprise cash and bank deposits.The Company is part of a cash pool scheme with other Danish WPP companies. Consequently, aconsiderable portion of the Company's bank deposits and debt is included in receivables from groupenterprises.EquityDividendsThe expected dividends payment for the year is disclosed as a separate item under equity.Corporation tax and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the taxableincome for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.Deferred tax is measured using the balance sheet liability method on all temporary differences betweenthe carrying amount and the tax value of assets and liabilities based on the planned use of the asset orsettlement of the liability. However, deferred tax is not recognised on temporary differences relating togoodwill non-deductible for tax purposes and on office premises and other items where the temporarydifferences arise at the date of acquisition without affecting either profit/loss or taxable income.Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expectedvalue of their utilisation within the foreseeable future; either as a set-off against tax on future income or asa set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measuredat net realisable value.Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balancesheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as aresult of changes in tax rates are recognised in the income statement or equity, respectively.Liabilities other than provisionsOther liabilities are measured at amortised cost. true Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has beenprepared. The Company's cash flows are included in the cash flow statement in the consolidated financialstatements of WPP Plc. 2 RevenueThe Company has only one global business segment and operates in a global digital market.Geographical segmentsRevenue, global activities755,174652,340755,174 652,340 3 Staff costsWages and salaries306,488276,530Pensions2,3082,226Other social security costs22,03116,926330,827 295,682Remuneration to the Executive Board has not been disclosed in accordance with section 98 b(3) of theDanish Financial Statements Act. 4 Financial incomeInterest income from group entities3,212243Other financial income16803,380 243 5 Financial expensesInterest expense to group entities073Other financial costs236300Exchange losses3,3583,3463,594 3,719 6Tax on profit for the yearCurrent tax for the year39,82929,893Deferred tax for the year-4132,372Adjustment of tax concerning previous years-3235Adjustment of deferred tax concerning previous years04739,413 32,547 0 0 8 Property, plant and equipmentFixtures andfittings, toolsLeaseholdandimprove-DKK'000equipmentmentsTotalCost at 1 January 202324,22526,23550,460Additions for the year2,9426943,636Disposals for the year-7,9750-7,975Cost at 31 December 2023 19,192 26,929 46,121Depreciation and impairment losses at 1 January 2023-15,014-2,678-17,692Depreciation for the year-4,192-2,487-6,679Reversed depreciation and impairment losses on assetssold7,97507,975Depreciation and impairment losses at 31 December 2023 -11,231 -5,165 -16,396Carrying amount at 31 December 2023 7,961 21,764 29,725 9 InvestmentsEquityinvestmentsin groupDKK'000entitiesCost at 1 January 20231,064Additions for the year33Cost at 31 December 2023 1,097Revaluations at 1 January 2023 712Dividends Portugal 2021 paid-712Dividends Sweden 2022 not paid1,466Exchange rate adjustment365Net profit for the year21,637Dividends to the Parent Company-21,6371,831Revaluations 31 December 2023Carrying amount at 31 December 2023 2,928Voting rightsandRegisteredownershipProfit for theName/legal formofficeinterestShare capitalyearSubsidiaries:DKK'000VML MAP Sweden ABSweden100%SEK 200,000-204VML MAP Portugal LdaPortugal100%EUR 5,0006,209VML MAP UK Ltd.UK100%GBP 113,857VML MAP US Inc. USA100%USD 1,0001,775VML MAP Spain S.L.Spain100%EUR 3,6000VML MAP Canada Inc. Canada100%0Total21,637 10 Contract work in progressDKK'000 2023 2022Selling price of work performed551,439359,991Progress billings-547,599-344,3253,840 15,666that can be specified as follows:Construction contracts (assets)24,76134,516Construction contracts (equity and liabilities)-20,921-18,8503,840 15,666 11 PrepaymentsPrepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions andinterest as well. 12 EquityThe share capital consists of 12,000 shares of a nominal value of DKK 100k each. All shares rank equally.There have been no changes in the share capital during the last 5 years. 13 Provision for deferred taxDKK'000 2023 2022Provision for deferred tax at 1 January4,1581,739Amount recognised in the income statement for the year-4132,4193,745 4,158 14 Fees to auditor appointed at the general meetingWith reference to section 96(3) of the Danish Financial Statements Act and to the fee to auditorsappointed at the general meeting included in the consolidated financial statements of WPP Plc. (largestgroup), the Company has not disclosed fee to auditors appointed at the general meeting. 15 Contractual obligations, contingencies, etc.Rental and lease obligationsUntil expiry144,859177,080144,859 177,080Contingent liabilitiesRecourse and non-recourse guarentee commitments9,0009,0009,000 9,000The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group.The total amount of corporation tax payable is disclosed in the Annual Report of WPP Holding DanmarkA/S, which is the management company of the joint taxation purposes. Moreover, the group companiesare jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royaltypayments and tax on unearned income. Any subsequent adjustments of corporation taxes andwithholding taxes may increase the Company’s liability. 16 Related party disclosuresVML MAP A/S related parties comprise the following:ControlWPP Kraken B.V., Laan op Zuid 167, 3072 Rotterdam, Netherlands.WPP Kraken B.V. holds the majority of the contributed capital in the Company.VML MAP A/S is part of the consolidated financial statements of WPP Jubilee Limited, 18 Upper Ground,SE1 9GL, London, England, and the consolidated financial statements of WPP Plc., 13 Castle Street, St.Helier, JE1 1ES, Jersey, England, which are the smallest and largest groups, respectively, in which theCompany is included as a subsidiary.The consolidated financial statements of WPP Jubilee Limited can be obtained by contacting theCompany at the address above.The consolidated financial statements of WPP Plc. can be obtained at the following adress:www.wppinvestor.com.Related party transactionsIn accordance with section 98 c(7) of the Danish Financial Statements Act, the Company has notdisclosed any related party transactions as they were conducted on an arm's length basis. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-05-08 Martin Hviid Saxtorph Reporting class C, large enterprise 2024-02-09 25578197 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2024-02-09