30726472 2022-12-31 30726472 2021-12-31 30726472 2022-01-01 fsa:ContributedCapitalMember 30726472 2022-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 30726472 2022-01-01 fsa:ReserveForDevelopmentExpenditureMember 30726472 2022-01-01 fsa:RetainedEarningsMember 30726472 2022-01-01 fsa:ProposedDividendRecognisedInEquityMember 30726472 2022-12-31 fsa:ContributedCapitalMember 30726472 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 30726472 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 30726472 2022-12-31 fsa:RetainedEarningsMember 30726472 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 30726472 2022-01-01 fsa:CompletedDevelopmentProjectsMember 30726472 2022-01-01 fsa:DevelopmentProjectsInProgressMember 30726472 2022-12-31 fsa:CompletedDevelopmentProjectsMember 30726472 2022-12-31 fsa:DevelopmentProjectsInProgressMember 30726472 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 30726472 2022-01-01 fsa:LeaseholdImprovementsMember 30726472 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 30726472 2022-12-31 fsa:LeaseholdImprovementsMember 30726472 2022-01-01 fsa:InvestmentsInGroupEnterprisesMember 30726472 2021-01-01 fsa:InvestmentsInGroupEnterprisesMember 30726472 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 30726472 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 30726472 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:SubsidiaryMember 30726472 2022-01-01 2022-12-31 30726472 2022-01-01 2022-12-31 1 30726472 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 30726472 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_1 30726472 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_2 30726472 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_3 30726472 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_4 30726472 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_5 30726472 2022-01-01 2022-12-31 2 30726472 2021-01-01 2021-12-31 30726472 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 30726472 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 30726472 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 30726472 2021-01-01 2021-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 30726472 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 30726472 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 30726472 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 30726472 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 30726472 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 30726472 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 30726472 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 30726472 2022-01-01 2022-12-31 fsa:CompletedDevelopmentProjectsMember 30726472 2022-01-01 2022-12-31 fsa:DevelopmentProjectsInProgressMember 30726472 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 30726472 2022-01-01 2022-12-31 fsa:LeaseholdImprovementsMember 30726472 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 30726472 2021-01-01 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 30726472 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:SubsidiaryMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 30726472 Chora A/S Borneovej 28 8000 Aarhus C Aarhus 2007-07-09 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jens Chr. Skous Vej 1 8000 Aarhus C Denmark 89 32 00 00 aarhus@pwc.dk 2023-04-18 Søren Bruun Rasmussen Regnskabsklasse B Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Financial Statements of Chora 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 Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022. We recommend that the Financial Statements be adopted at the Annual General Meeting. 2023-04-18 Aarhus C Jacob Jakobsen CEO Søren Bruun Rasmussen Chairman Mark Fitzhugh Jacob Jakobsen Thomas Fabricius Katja Bjørn Jakobsen To the shareholder of Chora A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company´s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Chora 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 a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion 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 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 applicable 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 opinion. 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 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 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 Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about 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 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 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 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 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 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 Management’s Review. Our opinion on the Financial Statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, 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 in Management’s Review. Aarhus C 2023-04-18 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Mads Meldgaard State Authorised Public Accountant mne24826 Martin Stenstrup Toft State Authorised Public Accountant mne42786 Key activities The Company is primarily engaged in design, development, production and trade of IT systems as well as related activities. The Company provides sales services and also acts as subsupplier of services to group entities. Development in the year The income statement of the Company for 2022 shows a profit of DKK 27,394,721, and at 31 December 2022 the balance sheet of the Company shows positive equity of DKK 42,240,039. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 60185630 34356753 21143523 16263247 4216855 5119216 162916 0 34662336 12974290 118458 0 124717 49257 355290 446042 34550221 12577505 7155500 2528304 27394721 10049201 20000000 10000000 118458 0 7276263 49201 9728370 8980524 5570400 2984156 15298770 11964680 2020424 325873 1716712 196463 3737136 522336 3623427 2430747 30640331 12108939 1614626 2188263 66434376 38250727 85775570 50924573 305288 186830 305288 186830 19341194 12673846 3623427 2430747 1805544 1299722 1109989 571718 35170490 16168642 16480 16960 27623979 19634378 1800000 1800000 118458 0 11933041 9362067 20000000 10000000 3352173 2579225 3352173 2579225 226468 213829 20091747 13469478 36487 1163621 3185079 2702590 1800000 1800000 8388540 3683251 42240039 24845318 3829778 1062232 12813799 4888280 40183358 23500030 40183358 23500030 85775570 50924573 1800000 0 9362067 3683251 10000000 0 0 0 0 -10000000 0 0 2570974 -2570974 0 0 118458 0 7276263 20000000 1800000 118458 11933041 8388540 20000000 20272490 15676869 408062 300382 85154 79884 377817 206112 21143523 16263247 23 19 124355 41434 362 175 0 7648 36487 0 203271 362874 115532 83168 355290 446042 6382552 2702590 772948 -174286 7155500 2528304 28219516 2984156 1022526 5728230 3141986 -3141986 32384028 5570400 19238992 0 3416666 0 22655658 0 9728370 5570400 Development projects relate to the development of new hardware and software products within communication. At 31 December 2022 there are six projects in progress and the rest are completed projects. The projects are progressing according to plan.Management have not identified any indications of impairment at 31 December 2022. Amortised over 4-5 years 1961042 689478 2217481 1960424 -688203 -640327 3490320 2009575 1635169 493015 520992 279197 -686265 -479349 1469896 292863 2020424 1716712 3 - 7 years 3 - 7 years 186830 186830 186830 186830 118458 0 118458 0 Chora GmbH Kiel 100 Charges and security The following assets have been placed as security with bankers: Company charge of TDKK 4,000, which provides security on fixed assets and fixtures, receivables from sale of goods and services, inventories and intangible assets at a total carrying amount of DKK 53,299,664 27,869,086 Other contingent liabilities Contracts from renting and leasing of total 796,947 987,389 Herof a total within one year 796,947 792,530 The 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 Jacob Jakobsen Gruppen ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. The Annual Report of Chora A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2022 are presented in DKK. With reference to section 110 of the Danish Financial Statements Act, no consolidated financial statements are prepared. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting 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 attributable to 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 flow out 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 as described for each item below. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. Other external expenses also include research and development costs that do not qualify for capitalisation. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Jacob Jakobsen Gruppen ApS. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 4-5 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-7 years Leasehold improvements The fixed assets’ residual values are determined at nil. 3-7 years Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the 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 dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Inventories are measured at the lower of cost based on weighted average prices and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value.