Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 39952009 DK Infrastructure Bidco ApS Industriparken 35 2750 Ballerup 2018-10-17 Ballerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Danmark 2023-05-26 Søren Fæster Regnskabsklasse C, stor virksomhed 1 Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of DK Infrastructure Bidco ApS 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 and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and the Group and of the results of the Company and Group operations for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Ballerup 2023-05-26 Michael Meister CEO Rasmus Forup Helmich Chairman Kevin Kristoffer Ehnhuus Iermiin Tobias Peter Bayer To the Shareholder of DK Infrastructure Bidco ApS Opinion 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 the Parent Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of DK Infrastructure Bidco ApS 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, for both the Group and the Parent Company (”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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company 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. 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 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 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 and the Group’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 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 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. 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. Hellerup 2023-05-26 Hellerup 2023-05-26 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Bo Schou-Jacobsen State Authorised Public Accountant mne28703 Michael Krath State Authorised Public Accountant mne34155 Seen over a four-year period, the development of the Group is described by the following financial highlights: 392463000 353755000 224553000 231328000 64969000 67469000 -43111000 -38218000 -37451000 -34934000 24903000 35368000 912365000 903829000 126168000 100883000 50997000 74450000 54142000 52322000 138 131 6.2 6.4 7.1 8.1 17.3 16.9 13.8 11.2 12.7 22 21.9 35.1 Key activities The Parent Company's purpose is to own shares in other companies. The principal activities of the Group are: - Operation of radio and TV broadcasting networks and mission critical communication systems - Design, installation and maintenance services related to the radio and TV broadcasting networks as well as other critical communication systems - Rental of positions for antenna systems and communication platform at Cibicom A/S’ towers - Design, implementation and operation of network infrastructure, MPLS and Internet access - Datacenter and co-location activities - We have our own mast-design for own deployment and re-sell where we offer the complete turn-key solution incl installation and service - Mobile- and other device ‘swap’, installation and maintenance in own and 3rd party masts throughout the Nordics and related geographies - Complete indoor communication solutions including passive and active DAS offerings, critical communication solution based on 450Mhz technology etc. - IOT / interdevice communication solutions - IOT Solutionsdesign and implementation The Cibicom Group operates under the brands "Cibicom", “Cibicom Services”, “Telpartner Denmark”, Telpartner Sweden” and “Sense Solutions”. Operation The Cibicom Group operates a communication and infrastructure platform e.g., for national radio and TV broadcasting companies in Denmark performing preventative and corrective maintenance and further development of the communication infrastructure. The activities changes and/or expands as new networks are established or existing are modified. The external environment with respect to broadcast of Radio and TV is in a better position than antici-pated few years back. This is driven by the continuous relevance of real-time information, especially within news and sports. There is a recognition of the benefits of having both entertainment and information broadcasted with a low latency (delay) which streaming will not be able to provide Also, coverage and robustness which this technology provides has only become even more relevant with the current geopolitical situation and as a reminder to the capabilities of the infrastructure a country needs. Antenna space rental associated with our broadcast activities and telco infrastructure business showed a stable trend during the year. The Cibicom Group provides services in this area to broadcasters, telecom operators and tele infrastructure providers and we will accelerate our investments into this area going forward. The Cibicom Group has through 2022 made further solid expansion into the fiber interconnect area (b2B) where we offer connectivity through our substantial backbone infrastructure. We are satisfied with the development in this area and expect this part of our business to grow substantially in the coming period. Datacenter and co-location are another growth area where we are seeing a successful uptake as we are further investing into this area. As a direct consequence of the success, we are seeing we have started the build-out of the datacenter in Ballerup and by the end of 2022 we started the establishment of our 4th datacenter north of Aarhus. Another hi-potential business area is the IOT or Inter-device communication where the Cibicom Group is very well positioned to offer a communication platform based on our current infrastructure and we have only seen the relevance hereof growing in 2022. The Cibicom Group has for several years been running our own 24/7/365 Operations Center (NOC), with onsite staff monitoring all networks, infrastructure and other communication services continuously and provide services related to handling incidents and dispatching fields service personal. Monitoring covers all geographic locations where the Cibicom Group has placed its equipment, which is more than 375 locations all over Denmark, including a number of islands without bridge connections. Development in the year The income statement of the Group for 2022 shows a profit of TDKK 21,792, and at 31 December 2022 the balance sheet of the Group shows equity of TDKK 187,108. Management is very satisfied with the performance for the Cibicom Group. Material activities during the year During 2022, the Cibicom Group has increased its activity through the acquisition of the company Telpartner A/S including the subsidiary Telpartner Sweden AB and the purchase of the plot north of Aarhus (Kappa) for the purpose of building the 4th datacenter for the Cibicom Group. Data ethics policy The Cibicom Group does not use advanced technologies such as artificial intelligence or machine learn-ing. The Cibicom Group handles general data in the form of customer data and employee data. Data is processed in accordance with the GDPR and our privacy and information security policies. With the limited processing of data, it is the Cibicom Group's assessment that there is no need for a policy on data ethics. The Cibicom Group will continuously assess whether a policy is necessary. Statutory statement on Corporate Social Responsibility in accordance with section 99a of the Danish financial statement act 2022 efforts and results Both the anti-corruption policy and the whistleblower system continues in force. No whistleblower cases were reported in 2022. Research and development The Cibicom Group continues to priorities resources to ensure a broad knowledge base and competencies inhouse to support business development within several business segments such as IOT technology, datacenter services and mission-critical services. Special risks - operating risks and financial risks Operating risks are in general evaluated as being low. No short term financial risks has been identified. Statutory statement on gender diversity in manangement in accordance with section 99b of the Danish financial statement act Uncertainty relating to recognition and measurement Recognition and measurement in the Annual Report have not been subject to any uncertainty. Unusual events The financial position at 31 December 2022 of the Cibicom Group and the results of the activities of the Cibicom Group for the financial year for 2022 have not been affected by any unusual events. Subsequent events Reference is made to note 1 in the Financial Statements. Business model Please, refer to the paragraph Operation above for a description of the Cibicom Group’s business model. Environment and climate change, risks and policies The Cibicom Group’s only material risk related to the environment and climate change relates to emissions of carbon arising from producing the electricity we consume when providing our services. Here week seek to source only 100% certified “green” electricity. We have mapped our impacts on society with respect to the environment and climate change, indicating that special focus should be given to the consumption of energy and water as well as to sorting of waste prior to disposal. The Cibicom Group has in 2021 set up an internal Sustainability-committee to overlook and ensure compliance with environmental regulation as well as discuss opportunities to further reduce the footprint of the Cibicom Group, but also due to the coming implications on ESG-reporting in Corporate Social Reporting Directive which was adopted by the EU-Commission on 14. December 2022. The Cibicom Group will continue the work in 2023 on the specific topic. 2022 efforts and results In addition to the Cibicom Group having been independently ESG audited since 2019, and to ensure ESG further priority, the Cibicom Group had PWC to conduct an independent review of its ESG Key Risk and Opportunities to get a concrete picture of the extent to which ESG was prioritized and could be prioritized as part of daily business operations in the future, and the report was delivered in early 2022 with a number of recommendations and next steps, which are included in the daily work of the Sustainability Committee's work. One of the recommendations in relation to minimizing future risk was to expand the Cibicom Group's focus on management and control of the Cibicom Group's suppliers in relation to compliance with the Cibicom Group's Supplier Code of Conduct, but also in relation to ESG and IT security, as a general preparation of the work, in all departments in the Cibicom Group, which lies ahead in terms of being able to report in accordance with the Corporate Social Reporting Directive and the upcoming NIS2 directive on IT security, etc. One of the recommendations was also to become a signatory member of the UN Global Compact and this was implemented in April 2022, after which the Cibicom Group thus committed itself further and publicly in accordance with the Global Compact and the 10 principles on human and labour rights, eco-friendliness measures and the fight against all forms of corruption and bribery: • Respect for and no violation of human rights (Principles 1-2) • Support freedom of association and collective bargaining and prevent all forms of forced and child labour and discrimination (Principles 3-6) • Focus on environmental challenges, environmental responsibility and the development and dissemination of environmentally-friendly technologies (Principles 7-9) • Combating corruption, extortion and bribery (Principle 10) , under which the Cibicom Group must also submit a COP, (Communication and Progress) with work on this in the coming years. In 2022, the Cibicom Group's first Sustainability Report for 2021, containing a Climate Account for our CO2 emissions, was published and, among other things, forwarded to a number of major international customers, as documentation for our ESG activities, including a number of ESG goals for the Cibicom Group materialized, and the following have thus been selected as decisive for the Cibicom Group: Target 1 – Climate footprint: The Cibicom Group will reduce CO2 emissions (climate footprint) by 50% by 2030 with 2019 as the baseline, and this is in line with the Cibicom Group's commitment to the Ericsson Supplier Climate Action. Target 2 – Diversity: The Cibicom Group will, on average, focus on diversity (on all fronts, such as education, age etc.) and gender diversity towards 2030 and thus have an overall target for Diversity of 25/75 in general in the Cibicom Group. Target 3 – Employee satisfaction: Towards 2030, the Cibicom Group will seek to achieve an average employee satisfaction of 80%, as good employee well-being is the foundation for a strengthened Cibicom Group, including creating good and open employee well-being, happy employees who both internally and externally protect, look after the company, which thus has a better foundation for being able to act properly and honestly in all business relationships. The Cibicom Group quality-certifications is continued and upheld in 2022: • ISO/IEC 27001:2013 – Information Security Management system • DS/EN ISO 9001:2015 – Quality Management system • ISAE3402 Type 2 – Assurance Reports on Controls at a Service Organisation for datacentres • KLS-EL – Electrical quality management system • DS/EN ISO 9001:2015 – Quality Management System • DS/ISO 45001:2018 – Health and Safety management system • DS/EN ISO 14001:2015 – Environmental Management system. • KLS-EL – Electrical quality management system The process of identifying more energy efficient equipment has been continued especially with respect to more efficient transmitters and using LED lights on our masts to warn off airplanes at low altitude. Regarding the Cibicom Group's data centers focus also in 2022 continues to be on identifying opportunities for buying more efficient equipment for cooling purposes. Within the Cibicom Group, companies have in 2022 sorted their waste to ensure it can be recycled to the best extend possible including fractions of paper, cardboard and IT equipment, which is handled by a waste handler specialized in waste of electric and electronic equipment. Internally, the Cibicom Group in 2019 initiated a project to reduce the amount of plastic water bottles used, and in the Cibicom Group now avoid the use completely. Human rights, social and employee conditions, risks and policies The Cibicom Group’s growth is based on a sustainable and responsible approach to our surroundings, and our employees are crucial for our success in this respect. Therefore, we focus on the health, safety and wellbeing of our employees and work. There are severe health and safety risks related to maintenance of masts since employees need to work at high altitude when performing technical work. Apart from this, no other material risks have been identified with respect to health and safety. As a regional Group doing business in Denmark, the Cibicom Group have not identified any risks with respect to human rights, which in our market is regulated and secured by the authorities. In particular, this includes the protection of personal data (GDPR), however, the Cibicom Group have a GDPR policy and have worked the requirements into a Code of Conduct, which along with requirements regarding climate change, environmental issues, social conditions and anti-corruption is part of contracts with suppliers. The Cibicom Group will continue the work in 2023 on the specific topic. Anti-corruption, risks and policies The Cibicom Group tolerates no form of corruption. Measures have been introduced to ensure that no employees accept any kind of bribery and do not give nor accept especially advantageous offers from persons, agents, intermediaries or other third parties. This also includes offers, hospitality, contributions or sponsorships, which if accepted will be announced transparently. No other severe risks have been identified with respect to corruption in the Cibicom Group’s line of business, among its customers or in the marketplace in general. However, with the zero-tolerance policy, the Cibicom Group continue to train and update key individuals in the organization, especially within management, procurement and sales. Further, the Cibicom Group has a whistleblower system allowing for both internal and external stakeholders to report incidents and issues they may have experienced. The Cibicom Group will continue the work in 2023 on the specific topic. Target for the supreme management body, the Board of Directors The Board of Directors of the companies contains three members, which are all men. The Cibicom Group has set a target for the Board of Directors to have one female member no later than in 2025. The target was not reached in 2022 since the general assembly did not find it relevant to make changes to the existing Board of Directors. The Cibicom Group will continue the work in 2023 on the specific topic. Policy to increase the underrepresented gender on other management levels The Cibicom Group’s growth is based on a sustainable and responsible approach to our surroundings, and the employees are crucial for our success in this respect. In addition, it is the Cibicom Group’s policy to increase the representation of the underrepresented gender on other management levels in our organization. The line of business the Cibicom Group is part of is generally challenged by an uneven gender split among the employees, but also in 2022 the Cibicom Group has continued to offer female as well as male employees continuing education, and when conducting the annual employee development meetings, the Cibicom Group has encouraged skilled employees to pursue a career and apply for promotions when openings were available. When the Cibicom Group advertise for applicants for job openings and when using recruitment firms, it is the Cibicom Group’s policy to ensure, provided the qualifications are present, that the shortlist of applicants contain both female and male candidates. Also, in 2022 in connection with promoting the Cibicom Group to students, the Cibicom Group has ensured that students had the opportunity to speak with both female and male employees as role models. Despite the continued efforts to secure more female applicants to the Cibicom Group, results remain to be seen in 2022 where the gender split on other management levels was unchanged compared to previous years. To some extend this may be due to that the very specific technical requirements the Cibicom Group needs primarily are held by male applicants. The Cibicom Group will continue the work in 2023 on the specific topic. 512124000 350549000 7015000 7691000 12740000 19382000 0 0 119000 202000 0 0 193228000 67199000 0 0 95740000 86022000 1143000 336000 236015000 216912000 5872000 7355000 102503000 95833000 6757000 7408000 66808000 61757000 0 0 66704000 59322000 -885000 -53000 0 0 47238000 53359000 319000 0 51000 0 43430000 38218000 29114000 26435000 23593000 21104000 17290000 26871000 1801000 -10123000 -4473000 -4356000 21792000 31227000 21763000 31227000 8119000 775000 0 0 17162000 0 0 0 42643000 0 0 0 427000 0 0 0 68351000 775000 0 0 367836000 289079000 0 0 133340000 137869000 0 0 19033000 33501000 0 0 0 105000 0 0 0 45866000 0 0 251569000 244932000 0 0 771778000 751352000 0 0 0 0 482794000 427740000 2749000 2699000 0 0 2749000 2699000 482794000 427740000 842878000 754826000 482794000 427740000 25718000 4631000 0 0 79961000 48540000 0 0 34101000 14898000 0 0 1851000 0 19691000 6590000 14972000 120000 0 0 53000000 60129000 0 0 0 0 4473000 4356000 11008000 7883000 0 0 194893000 131570000 24164000 10946000 19188000 41346000 3977000 4534000 239799000 177547000 28141000 15480000 1082677000 932373000 510935000 443220000 1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000 185994000 156395000 185994000 156395000 114000 0 0 0 187108000 157395000 186994000 157395000 3696000 3696000 0 0 0 767000 0 0 3696000 4463000 0 0 270770000 280966000 0 0 60804000 50043000 0 0 643000 3216000 0 0 312946000 253851000 322122000 283851000 18495000 18334000 0 0 4068000 4637000 0 0 667726000 611047000 322122000 283851000 48589000 45649000 0 0 20792000 12000 0 0 23533000 17285000 0 0 0 284000 0 0 75616000 43927000 193000 194000 7809000 710000 0 0 1537000 30000000 0 0 1750000 1867000 0 0 43929000 19052000 1626000 1780000 592000 682000 0 0 224147000 159468000 1819000 1974000 891873000 770515000 323941000 285825000 1082677000 932373000 510935000 443220000 1000000 156394000 0 10047000 21763000 -119000 0 -2210000 1000000 185994000 114000 1000000 156394000 0 7837000 21763000 0 1000000 185994000 0 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Geographical segments Revenue, Denmark 431.334 344.798 7.015 7.691 Revenue, exports 80.790 5.751 0 0 512.124 350.549 7.015 7.691 Business segments Radio and TV Broadcasting 185.628 201.205 0 0 Installation and services on Towers 227.404 91.908 0 0 Other revenues 99.092 57.436 7.015 7.691 512.124 350.549 7.015 7.691 87350000 82886000 6757000 7408000 9600000 8713000 0 0 1674000 1133000 0 0 3879000 3101000 0 0 102503000 95833000 6757000 7408000 6758 5217 5147 5217 50 50 0 0 6808000 5267000 5147000 5217000 146 140 2 3 9394000 2905000 0 0 57414000 58852000 0 0 66808000 61757000 0 0 Share of profits of subsidiaries 47.238 53.359 47.238 53.359 0 0 41000 0 275000 0 0 0 44000 0 10000 0 29131000 26390000 29100000 26390000 14136000 11717000 14000 45000 163000 111000 0 0 43430000 38218000 29114000 26435000 -1674000 -150000 -4473000 -4356000 3475000 -10927000 0 0 0 954000 0 0 1801000 -10123000 -4473000 -4356000 1325000 8649000 0 0 7779000 22661000 46101000 427000 9104000 31310000 46101000 427000 549000 8648000 0 0 436000 5500000 3458000 0 985000 14148000 3458000 0 8119000 17162000 42643000 427000 The development projects concern the development of new products. The projects are expected to be completed in 2023, and marketing will begin when the projects are completed. The projects proceed according to plan through the use of the resources that the management has set aside for the development. The software is expected to be sold to a built-up customer portfolio. Prior to the initiation of the projects, the Company asked its customer portfolio about the need for product, which was well received. 408460000 156684000 25489000 191000 45866000 308244000 6354000 49777000 9087000 0 0 12623000 0 0 -67000 0 0 0 35465000 521000 343000 -191000 -45866000 9728000 450279000 206982000 34852000 0 0 330595000 60953000 57673000 11537000 108000 0 63312000 21479000 15969000 4252000 0 0 15714000 0 0 -67000 0 0 0 11000 0 97000 -108000 0 0 82443000 73642000 15819000 0 0 79026000 367836000 133340000 19033000 0 0 251569000 0 88595000 0 0 0 0 734275000 734235000 0 40000 -22000 0 734253000 734275000 -306535000 -359891000 142000 0 47097000 53356000 7837000 0 -251459000 -306535000 Cibicom A/S Ballerup 100 504888 43714 Digital Radio Cibicom A/S Ballerup 100 727 50 Cibicom Services A/S Ballerup 100 66521 13981 Cibicom Property A/S Ballerup 100 10601 2296 Cibicom Mobility ApS Ballerup 100 14285 -2221 Cibicom Supply A/S Ballerup 100 374 -8 Sense Solutions ApS Ballerup 45 -1639 -1420 Telpartner A/S Ballerup 100 35111 15119 Telpartner Sverige Stockholm 90 8624 6601 2700000 134000 -85000 2749000 Selling price of work in progress 63.522 46.970 0 0 Payments received on account -37.230 -32.782 0 0 26.292 14.188 0 0 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 34.101 14.898 0 0 Prepayments received recognised in debt -7.809 -710 0 0 26.292 14.188 0 0 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well. 29000 0 0 0 21763000 31227000 21763000 31227000 Deferred tax asset at 1 January 60.129 48.912 0 0 Amounts recognised in the income statement for the year -3.475 10.927 0 0 Additions by acquisition, amount used in joint taxation etc. (residual) -3.654 290 0 0 Deferred tax asset at 31 December 53.000 60.129 0 0 Deferred tax asset amounts to TDKK 53.000. The majority of the deferred tax asset amount is due to temporary differences in tax depreciations concerning fixed assets. The deferred tax assets has been computed based on a tax rate of 22 %. The Group is of the opinion that utilization within 3-5 years is possible. Further there are unrecognized deferred tax assets related to a subsiduary amounting to TDKK 46.000. 72888000 101276000 0 0 197882000 179690000 0 0 48589000 45649000 0 0 319359000 326615000 0 0 60804000 0 23533000 17285000 0 0 84337000 67328000 0 0 643000 3216000 0 0 643000 3216000 0 0 312946000 253851000 322122000 283851000 312946000 253851000 322122000 283851000 1324000 1291000 0 0 17171000 17043000 0 0 0 0 0 0 18495000 18334000 0 0 4068000 4637000 0 0 4068000 4637000 0 0 Other provisions 0 767 0 0 0 767 0 0 Deferred income consists of payments received in respect of income in subsequent years. Reference is made to the Annual Report of DK Infrastructure Topco ApS. Reference is made to the Annual Report of DK Infrastructure Topco ApS. Charges and security The following assets have been placed as security with mortgage credit institutes: Land and buildings with an accounting value excluding leasing assets 365.622 344.105 0 0 The following assets have been placed as security for lease obligations: Plant and equipment with an accounting value 88.595 68.830 0 0 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 1.403 4.192 0 0 Between 1 and 5 years 730 4.215 0 0 After 5 years 0 1 0 0 2.133 8.408 0 0 Other contingent liabilities The group companies have provided recourse guarantee commitments to credit institution. Cibicom A/S has committed a statement of support in favor of Sense Solutions ApS's and Cibicom Mobility ApS's other creditors, valid until 31 March 2024. 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 DK Infrastructure Topco 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. Basis Controlling interest DK Infrastructure Midco 2 ApS, Industriparken 35, 2750 Ballerup Owns 100 % of the share capital of the company. DK Infrastructure Midco ApS, Industriparken 35, 2750 Ballerup Parent Company for DK Infrastructure Midco 2 ApS DK Infrastructure Topco ApS, Industriparken 35, 2750 Ballerup Ultimate parent company Transactions All transactions have been carried out on an arm’s length basis. The company is included in the consolidated financial statements of the following companies: Name Place of registered office DK Infrastructure Topco ApS (mindste koncern) DK-2750 Ballerup The Annual Report of DK Infrastructure Bidco ApS for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C . The accounting policies applied remain unchanged from last year. The Consolidated and Parent Company Financial Statements for 2022 are presented in TDKK. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of DK Infrastructure Topco ApS, the Company and the Group have not prepared a cash flow statement. 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. The Consolidated Financial Statements comprise the Parent Company, DK Infrastructure Bidco ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Acquisitions On acquisition of subsidiaries, the difference between cost and net asset value of the enterprise acquired is determined at the date of acquisition after the individual assets and liabilities having been adjusted to fair value (the purchase method). Cost comprises the fair value of the consideration paid. The expenses for consultants ect. directly related to the acquisition are recognised in the income statement. Any remaining positive differences are recognised in intangible assets in the balance sheet as goodwill, which is amortised in the income statement on a straightline basis over its estimated useful life. Any remaining negative differences are recognised as income in the income statement at the date of acquisition. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Amortisation of goodwill is allocated in the Consolidated Financial Statements to the operations to which goodwill is related. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Minority interests form part of the Group’s total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquisition of subsidiaries. Business acquisitions carried through on or after 1 July 2018 Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. 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. Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in retained earnings under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. Information on business segments and geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Cost of sales comprise the costs incurred in generating the year's revenue. Such costs include frequency license, electricity, rental of masts, operation and maintenance and other consumables. Other external expenses comprise production costs and expenses for premises, sales and distribution as well as office expenses, etc. 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, other operating income, cost of sales and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses. 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 Group, including gains and losses on the sale of intangible assets and 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 Danish group entreprises. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. 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. Interest expenses on loans raised directly for financing the construction of property, plant and equipment are recognised in cost over the period of construction. 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: Production buildings 10-40 years Plant and machinery 5-20 years Masts and equipment 11-30 years Other fixtures and fittings 2-15 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment 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 with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. 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. Other fixed asset investments consist of deposits. Inventories are measured at the lower of cost under the FIFO method 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. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of raw materials and consumables equals landed cost. 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. Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. 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 mortgage loans and 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. Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. Intangible fixed assets acquired is measured at cost less accumulated. Intangible fixed assets comprise the rigth of use for joint equipment on the masts. 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Data ethics policy The Cibicom Group does not use advanced technologies such as artificial intelligence or machine learning. The Cibicom Group handles general data in the form of customer data and employee data. Data is processed in accordance with the GDPR and our privacy and information security policies. With the limited processing of data, it is the Cibicom Group's assessment that there is no need for a policy on data ethics. The Cibicom Group will continuously assess whether a policy is necessary.