25638425 2021-12-31 25638425 2020-12-31 25638425 2019-12-31 25638425 2023-12-31 25638425 2022-12-31 25638425 2023-01-01 fsa:ContributedCapitalMember 25638425 2023-01-01 fsa:RetainedEarningsMember 25638425 2023-01-01 fsa:ProposedDividendRecognisedInEquityMember 25638425 2023-12-31 fsa:ContributedCapitalMember 25638425 2023-12-31 fsa:RetainedEarningsMember 25638425 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 25638425 2023-01-01 fsa:LandAndBuildingsMember 25638425 2023-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25638425 2023-12-31 fsa:LandAndBuildingsMember 25638425 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25638425 2023-01-01 fsa:InvestmentsInGroupEnterprisesMember 25638425 2022-01-01 fsa:InvestmentsInGroupEnterprisesMember 25638425 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 25638425 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 25638425 2023-12-31 1 fsa:SubsidiaryMember 25638425 2023-01-01 fsa:OtherReceivablesMember 25638425 2023-12-31 fsa:OtherReceivablesMember 25638425 2023-12-31 fsa:LongtermMortgageLoansMember 25638425 2022-12-31 fsa:LongtermMortgageLoansMember 25638425 2023-12-31 fsa:OtherLongtermPayablesMember 25638425 2022-12-31 fsa:OtherLongtermPayablesMember 25638425 2023-01-01 2023-12-31 25638425 2023-01-01 2023-12-31 1 25638425 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 25638425 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_1 25638425 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_2 25638425 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_3 25638425 2023-01-01 2023-12-31 2 25638425 2021-01-01 2021-12-31 25638425 2020-01-01 2020-12-31 25638425 2019-01-01 2019-12-31 25638425 2022-01-01 2022-12-31 25638425 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 25638425 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 25638425 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 25638425 2023-01-01 2023-12-31 fsa:LandAndBuildingsMember 25638425 2023-01-01 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25638425 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 25638425 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 25638425 2023-01-01 2023-12-31 1 fsa:SubsidiaryMember 25638425 2023-01-01 2023-12-31 fsa:OtherReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 25638425 CIBICOM SERVICES A/S Industriparken 35 2750 Ballerup Ballerup 2000-10-01 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2024-06-25 Søren Fæster Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of CIBICOM SERVICES A/S for the financial year 1 January - 31 December 2023. 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 2023 of the Company and of the results of the Company operations for 2023. 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. 2024-06-25 Ballerup Mette Slesvig CEO Rasmus Forup Helmich Chairman Jesper Slot Mette Slesvig To the shareholder of CIBICOM SERVICES 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 2023 and of the results of the Company´s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of CIBICOM SERVICES A/S for the financial year 1 January - 31 December 2023, 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. Hellerup 2024-06-25 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Bo Schou-Jacobsen State Authorised Public Accountant mne28703 Michael Krath State Authorised Public Accountant mne34155 6780000 9039000 5609000 -107000 -41000 -93000 6673000 9463000 9173000 76758000 72578000 56095000 1395000 1271000 1296000 585000 6707000 52540000 45867000 36404000 54 60 57 0.04 0.112 0.088 0.125 0.1 0.699 0.62 0.684 0.632 0.649 0.006 0.235 0.136 0.23 0.289 Key activities Cibicom Services A/S' core business is designing, establishing and servicing networks for teleoperators.Cibicom Services A/S's primary customers are Denmark's leading telecom operators, system suppliers within the telecom sector. Development in the year The income statement of the Company for 2023 shows a profit of DKK 412,544, and at 31 December 2023 the balance sheet of the Company shows a positive equity of DKK 66,933,472. EBITDA for the year is below last year due to lower activity and certain one-off cost. Targets and expectations for the year ahead We expect EBITDA for 2024 to improve as a result of one off-costs in 2023. External environment We are constantly working to strengthen our CSR and quality profile and we strive to decrease our impact on the environment. The company is certified in ISO9001, ISO14001 and ISO45001. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2023 of the Company and the results of the activities and cash flows of the Company for the financial year for 2023 have not been affected by any unusual events. Subsequent events Reference is made to note 15 in the Financial Statements. 39895413 47554138 34650150 34629087 1374647 885989 3870616 12039062 -11608 -8277 73394 0 719858 775207 3212544 11255578 2800000 -2725000 412544 13980578 20000000 0 -19587456 13980578 5931549 6171135 1424550 1164958 0 0 7356099 7336093 362798 374406 10800 11120 373598 385526 7729697 7721619 9303875 11491638 9303875 11491638 33944093 45706408 14863637 18716348 18893689 11264452 15657 25543 6200000 9000000 528354 468444 74445430 85181195 4328595 2846874 88077900 99519707 95807597 107241326 2001100 2001100 44932372 64519828 20000000 0 66933472 66520928 3934236 4388866 730360 775286 4664596 5164152 454629 439962 13234430 26208159 3852702 2813640 363052 75420 6304716 6019065 24209529 35556246 28874125 40720398 95807597 107241326 2001100 64519828 0 0 -19587456 20000000 2001100 44932372 20000000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 30157758 30367450 3004377 2804304 577751 653333 910264 804000 34650150 34629087 49 50 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 1374647 885989 1374647 885989 Share of profits -11608 -8277 Total -11608 -8277 2800000 -2725000 2800000 -2725000 6876601 6791534 109820 1284834 6986421 8076368 705467 5626576 349405 1025242 1054872 6651818 5931549 1424550 400000 400000 400000 400000 -25594 -17317 -11608 -8277 -37202 -25594 362798 374406 Cibicom Supply A/S Ballerup 100 362798 -11608 11120 320 10800 10800 Investments in subsidiaries are specified as follows: Selling price of work in progress 47300016 43343589 Payments received on account -36289081 -27440881 Total 11010935 15902708 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 14863637 18716348 Prepayments received recognised in debt -3852702 -2813640 Total 11010935 15902708 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax asset at 1 January 9000000 6275000 Amounts recognised in the income statement for the year -2800000 2725000 Deferred tax asset at 31 December 6200000 9000000 Property, plant and equipment -1667857 -2004298 Fixed asset investments -15301 -16835 Inventories -77000 -66000 Trade receivables -194150 -165000 Amortization 15301 0 Tax loss carry-forward -4260993 -6747867 Transferred to deferred tax assets 6200000 9000000 0 0 Deferred tax asset The deferred tax asset relates to losses in subsidiaries Calculated tax assets 6200000 9000000 Carrying amount 6200000 9000000 1959019 2477372 1975217 1911494 3934236 4388866 454629 439962 0 0 730360 775286 730360 775286 6304716 6019065 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Mortgage loans Other payables Charges and security The following assets have been placed as security with mortgage credit institutes: Land and buildings with a carrying amount of 5931549 6171135 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 1650705 2477929 Between 1 and 5 years 1586207 2197505 Total 3236912 4675434 Other contingent liabilities 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 Topco ApS, Industriparken 35, DK-2750 BallerupCibicom A/S, Industriparken 35, DK-2750 Ballerup Ultimate parent companyOwns 100 % of the share capital of the company. Transactions All of the Company´s transactiones have been carried out on an arm´s length basis. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office DK Infrastructure Topco ApSDK Infrastructure Bidco ApS DK-2750 BallerupDK-2750 Ballerup The Annual Report of CIBICOM SERVICES A/S for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 are presented in DKK. true With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2023 of , the Company has not prepared consolidated financial statements. 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 , the Company has 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. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Leases in terms of which the Company 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 Company. 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. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. 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 transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Fixed assets acquired in foreign currencies are measured at the transaction date rates. 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 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, other operating income, expenses for raw materials and consumables 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 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 deferred tax for the year. The tax attributable to the profit for 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 other Danish group companies. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). 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: Land and buildings 25 years Other fixtures and fittings, tools and equipment 1-5 years Leasehold improvements 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of 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 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 and costs of completion. 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. 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. 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. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. 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 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, including the tax base of tax loss carry-forwards, 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, 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. Return on assets Profit/loss of ordinary primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity