33749996 2022-01-01 2022-12-31 33749996 2022-01-01 2022-12-31 0 33749996 2022-01-01 2022-12-31 1 33749996 2022-01-01 2022-12-31 2 33749996 2022-01-01 2022-12-31 3 33749996 2022-01-01 2022-12-31 4 33749996 2022-01-01 2022-12-31 5 33749996 2022-01-01 2022-12-31 0 33749996 2022-01-01 2022-12-31 cmn:PreviousYearMember 33749996 2022-01-01 2022-12-31 cmn:TwoYearsAgoMember 33749996 2022-01-01 2022-12-31 cmn:ThreeYearsAgoMember 33749996 2022-01-01 2022-12-31 cmn:FourYearsAgoMember 33749996 2022-01-01 2022-12-31 0 33749996 2022-01-01 2022-12-31 cmn:PreviousYearMember 1 33749996 2022-01-01 2022-12-31 cmn:TwoYearsAgoMember 2 33749996 2022-01-01 2022-12-31 cmn:ThreeYearsAgoMember 3 33749996 2022-01-01 2022-12-31 cmn:FourYearsAgoMember 4 33749996 2022-01-01 2022-12-31 5 33749996 2022-01-01 2022-12-31 cmn:PreviousYearMember 6 33749996 2022-01-01 2022-12-31 cmn:TwoYearsAgoMember 7 33749996 2022-01-01 2022-12-31 cmn:ThreeYearsAgoMember 8 33749996 2022-01-01 2022-12-31 cmn:FourYearsAgoMember 9 33749996 2022-01-01 2022-12-31 10 33749996 2022-01-01 2022-12-31 cmn:PreviousYearMember 11 33749996 2022-01-01 2022-12-31 cmn:TwoYearsAgoMember 12 33749996 2022-01-01 2022-12-31 cmn:ThreeYearsAgoMember 13 33749996 2022-01-01 2022-12-31 cmn:FourYearsAgoMember 14 33749996 2022-01-01 2022-12-31 15 33749996 2022-01-01 2022-12-31 cmn:PreviousYearMember 16 33749996 2022-01-01 2022-12-31 cmn:TwoYearsAgoMember 17 33749996 2022-01-01 2022-12-31 cmn:ThreeYearsAgoMember 18 33749996 2022-01-01 2022-12-31 cmn:FourYearsAgoMember 19 33749996 2022-12-31 33749996 2022-12-31 cmn:PreviousYearMember 33749996 2022-12-31 cmn:TwoYearsAgoMember 33749996 2022-12-31 cmn:ThreeYearsAgoMember 33749996 2022-12-31 cmn:FourYearsAgoMember 33749996 2021-01-01 2021-12-31 33749996 2021-12-31 33749996 2022-01-01 2022-12-31 0 33749996 2021-01-01 2021-12-31 1 33749996 2022-01-01 2022-12-31 2 33749996 2021-01-01 2021-12-31 3 33749996 2022-01-01 2022-12-31 0 33749996 2021-01-01 2021-12-31 1 33749996 2022-01-01 2022-12-31 0 33749996 2021-01-01 2021-12-31 1 33749996 2022-01-01 33749996 2021-01-01 33749996 2022-01-01 2022-12-31 fsa:OtherStatutoryReservesMember 33749996 2021-01-01 2021-12-31 fsa:OtherStatutoryReservesMember 33749996 2022-01-01 2022-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 33749996 2021-01-01 2021-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 33749996 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 33749996 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 33749996 2022-01-01 2022-12-31 0 33749996 2022-01-01 2022-12-31 1 iso4217:EUR xbrli:pure 2022-01-01 2022-12-31 2023-06-23 Morten Soltveit Clearhaus A/S P.O. Pedersens Vej 2 8200 Aarhus N 33749996 2011-05-27 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by management</td></tr><tr><td colspan="1">Today the Board of Directors and Executive Board have discussed and approved</td></tr><tr><td colspan="1">the Annual Report of Clearhaus A/S for the financial year 1 January - 31 December 2022.</td></tr><tr><td colspan="1">The Annual Report is presented in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion the Financial Statements give a true and fair view of the Company's</td></tr><tr><td colspan="1">assets, liabilities and financial position at 31 December 2022 and of the results of</td></tr><tr><td colspan="1">the Company's operations and cash flows for the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2022.</td></tr><tr><td colspan="1">The Management Commentary includes in our opinion a fair presentation of the</td></tr><tr><td colspan="1">matters dealt with in the Commentary.</td></tr><tr><td colspan="1">We recommend the Annual Report be approved at the Annual General Meeting.</td></tr></table> Aarhus 2023-05-23 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the Financial Statements of Clearhaus A/S for</td></tr><tr><td colspan="1">the financial year 1 January - 31 December 2022, which comprise</td></tr><tr><td colspan="1">income statement, Balance Sheet, statement of changes in</td></tr><tr><td colspan="1">equity, cash flows, notes and a summary of significant</td></tr><tr><td colspan="1">accounting policies. The Financial Statements are prepared in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view</td></tr><tr><td colspan="1">of the assets, liabilities and financial position of the Company at</td></tr><tr><td colspan="1">31 December 2022 and of the results of the Company's</td></tr><tr><td colspan="1">operations and cash flows for the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2022 in accordance with the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International</td></tr><tr><td colspan="1">Standards on Auditing (ISAs) and the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark. Our responsibilities under those</td></tr><tr><td colspan="1">standards and requirements are further described in the</td></tr><tr><td colspan="1">“Auditor’s Responsibilities for the Audit of the Financial</td></tr><tr><td colspan="1">Statements” section of our report. We are independent of the</td></tr><tr><td colspan="1">Company in accordance with the International Ethics Standards</td></tr><tr><td colspan="1">Board for Accountants’ International Code of Ethics for</td></tr><tr><td colspan="1">Professional Accountants (Including International Independence</td></tr><tr><td colspan="1">Standards) (IESBA Code), together with the ethical requirements</td></tr><tr><td colspan="1">that are relevant to our audit of the financial statements in</td></tr><tr><td colspan="1">Denmark and we have fulfilled our other ethical responsibilities</td></tr><tr><td colspan="1">in accordance with these requirements and the IESBA code.</td></tr><tr><td colspan="1">We believe that the evidence we have obtained is su6icient and</td></tr><tr><td colspan="1">appropriate to provide a basis for our conclusion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Financial</td></tr><tr><td colspan="1">Statements that give a true and fair view in accordance with the</td></tr><tr><td colspan="1">Danish Financial Statements Act and for such Internal control as</td></tr><tr><td colspan="1">Management determines is necessary to enable the preparation</td></tr><tr><td colspan="1">of Financial Statements that are free from material</td></tr><tr><td colspan="1">misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is</td></tr><tr><td colspan="1">responsible for assessing the Company's ability to continue as a</td></tr><tr><td colspan="1">going concern, disclosing, as applicable, matters related to going</td></tr><tr><td colspan="1">concern and using the going concern basis of accounting in</td></tr><tr><td colspan="1">preparing the Financial Statements unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Company or to cease operations, or has</td></tr><tr><td colspan="1">no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about</td></tr><tr><td colspan="1">whether the Financial Statements as a whole are free from</td></tr><tr><td colspan="1">material misstatement, whether due to fraud or error, and to</td></tr><tr><td colspan="1">issue an auditor’s report that includes our opinion. Reasonable</td></tr><tr><td colspan="1">assurance is a high level of assurance, but is not a guarantee</td></tr><tr><td colspan="1">that an audit conducted in accordance with ISAs and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark will always</td></tr><tr><td colspan="1">detect a material misstatement when it exists. Misstatements</td></tr><tr><td colspan="1">can arise from fraud or error and are considered material if,</td></tr><tr><td colspan="1">individually or in the aggregate, they could reasonably be</td></tr><tr><td colspan="1">expected to influence the economic decisions of users taken on</td></tr><tr><td colspan="1">the basis of these Financial Statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark, we exercise</td></tr><tr><td colspan="1">professional judgment and maintain professional skepticism</td></tr><tr><td colspan="1">throughout the audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of</td></tr><tr><td colspan="1">the Financial Statements, whether due to fraud or error,</td></tr><tr><td colspan="1">design and perform audit procedures responsive to those</td></tr><tr><td colspan="1">risks, and obtain audit evidence that is su6icient and</td></tr><tr><td colspan="1">appropriate to provide a basis for our opinion. The risk of</td></tr><tr><td colspan="1">not detecting a material misstatement resulting from fraud</td></tr><tr><td colspan="1">is higher than for one resulting from error as fraud may</td></tr><tr><td colspan="1">involve collusion, forgery, intentional omissions,</td></tr><tr><td colspan="1">misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the</td></tr><tr><td colspan="1">audit in order to design audit procedures that are</td></tr><tr><td colspan="1">appropriate in the circumstances, but not for the purpose of</td></tr><tr><td colspan="1">expressing an opinion on the e6ectiveness of the</td></tr><tr><td colspan="1">Company's internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used</td></tr><tr><td colspan="1">and the reasonableness of accounting estimates and</td></tr><tr><td colspan="1">related disclosures made by Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of</td></tr><tr><td colspan="1">the going concern basis of accounting in preparing the</td></tr><tr><td colspan="1">Financial Statements and, based on the audit evidence</td></tr><tr><td colspan="1">obtained, whether a material uncertainty exists related to</td></tr><tr><td colspan="1">events or conditions that may cast significant doubt on the</td></tr><tr><td colspan="1">Company's ability to continue as a going concern. If we</td></tr><tr><td colspan="1">conclude that a material uncertainty exists, we are required</td></tr><tr><td colspan="1">to draw attention in our auditor’s report to the related</td></tr><tr><td colspan="1">disclosures in the Financial Statements or, if such</td></tr><tr><td colspan="1">disclosures are inadequate, to modify our opinion. Our</td></tr><tr><td colspan="1">conclusions are based on the audit evidence obtained up to</td></tr><tr><td colspan="1">the date of our auditor’s report. However, future events or</td></tr><tr><td colspan="1">conditions may cause the Company to cease to continue as</td></tr><tr><td colspan="1">a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and</td></tr><tr><td colspan="1">contents of the Financial Statements, including the</td></tr><tr><td colspan="1">disclosures, and whether the Financial Statements</td></tr><tr><td colspan="1">represent the underlying transactions and events in a</td></tr><tr><td colspan="1">manner that gives a true and fair view.</td></tr><tr><td colspan="1">We communicate with those charged with governance</td></tr><tr><td colspan="1">regarding, among other matters, the planned scope and</td></tr><tr><td colspan="1">timing of the audit and significant audit findings, including</td></tr><tr><td colspan="1">any significant deficiencies in internal control that we</td></tr><tr><td colspan="1">identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover</td></tr><tr><td colspan="1">Management’s Review, and we do not express any form of</td></tr><tr><td colspan="1">assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our</td></tr><tr><td colspan="1">responsibility is to read Management’s Review and, in doing</td></tr><tr><td colspan="1">so, consider whether Management’s Review is materially</td></tr><tr><td colspan="1">inconsistent with the Financial Statements or our knowledge</td></tr><tr><td colspan="1">obtained during the audit, or otherwise appears to be</td></tr><tr><td colspan="1">materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether</td></tr><tr><td colspan="1">Management’s Review provides the information required</td></tr><tr><td colspan="1">under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that</td></tr><tr><td colspan="1">Management’s Review is in accordance with the Financial</td></tr><tr><td colspan="1">Statements and has been prepared in accordance with the</td></tr><tr><td colspan="1">requirements of the Danish Financial Statements Act. We did</td></tr><tr><td colspan="1">not identify any material misstatement of Management’s</td></tr><tr><td colspan="1">Review.</td></tr></table> Randers 2023-05-23 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Main activities</td></tr><tr><td colspan="1">Clearhaus A/S’ primary activity is to provide payment services as acquirer. Clearhaus A/S is regulated</td></tr><tr><td colspan="1">under the Danish FSA and holds a Payment Institution license. Also Clearhaus A/S is principal members</td></tr><tr><td colspan="1">of the Cardschemes VISA and Mastercard.</td></tr><tr><td colspan="1">Risks derived from activities and Risk Management</td></tr><tr><td colspan="1">The primary risks derived from the business model are fraud risk and credit risk in relation to merchants.</td></tr><tr><td colspan="1">Losses on chargebacks related to a bankrupt merchant in 2022 has demonstrated that substantial time</td></tr><tr><td colspan="1">gap between settlement and delivery can cause Clearhaus is exposed to credit risk as recourse claims</td></tr><tr><td colspan="1">are not recoverable.</td></tr><tr><td colspan="1">The case has led to an enhanced focus of the risk function on the specific industry of the said merchant</td></tr><tr><td colspan="1">as well as similar industries. To limit the exposure towards similar merchants, appropriate adjustments to</td></tr><tr><td colspan="1">the company’s business policies have been made.</td></tr><tr><td colspan="1">The purpose is to minimize credit risks derived from the business model going forward.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Unusual matters</td></tr><tr><td colspan="1">During the year of 2022 Clearhaus A/S has been subject to some changes related to the change in</td></tr><tr><td colspan="1">ownership in 2021. The business has spent a significant amount of time and resources on preparing and</td></tr><tr><td colspan="1">integrating into the new group structure.</td></tr><tr><td colspan="1">Additionally, the business has been subject to a bankruptcy of a larger merchant. The amount of loss</td></tr><tr><td colspan="1">incurred in regards to the bankruptcy is not yet considered final. The bankruptcy is impacting this years’</td></tr><tr><td colspan="1">EBIT with 8.9M EUR. The number provisioned is an estimate based on current observed trends in the</td></tr><tr><td colspan="1">case. Some degree of uncertainty lies within this estimate.</td></tr><tr><td colspan="1">Information on uncertainty with respect to recognition and measurement</td></tr><tr><td colspan="1">In determining the amounts to be recognized as provision for losses on chargebacks, management</td></tr><tr><td colspan="1">makes assumptions regarding future chargebacks related to a bankrupt merchant.</td></tr><tr><td colspan="1">The assumptions made are based on experience gained and other factors that are considered prudent</td></tr><tr><td colspan="1">by Management in the circumstances, but which are inherently subject to uncertainty and volatility.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and economic conditions</td></tr><tr><td colspan="1">In 2022 Clearhaus A/S made an EBITDA of 5.4M EUR before special items, which the management sees</td></tr><tr><td colspan="1">as satisfactory compared to the expectations before year start of 5-10M EUR. The negative development</td></tr><tr><td colspan="1">in revenue and volume numbers can be explained by several items.</td></tr><tr><td colspan="1">Firstly, the change of ownership has made 2022 into a transition year, where a significant amount of</td></tr><tr><td colspan="1">resources has been focused on integrating the business into the new group setup. In addition, there</td></tr><tr><td colspan="1">have been some changes in the acceptance policy.</td></tr><tr><td colspan="1">Secondly, the business has had a focus point on cryptocurrency businesses. As part of defining the</td></tr><tr><td colspan="1">company’s risk appetite, this focus has consciously been shifted away, which has resulted in a large</td></tr><tr><td colspan="1">decrease in cryptocurrency business in the portfolio. Coupled with the general development in the</td></tr><tr><td colspan="1">crypto industry this development has impacted the business significantly compared to previous years.</td></tr><tr><td colspan="1">Furthermore, in the financial year 2022 the positive impact of the COVID-19 was gone. The COVID-19</td></tr><tr><td colspan="1">pandemic has impacted the 2020 and 2021 results positively, however as it is now over, the business is</td></tr><tr><td colspan="1">back to its normal operating level. This fact has also forced the business to adapt to the new</td></tr><tr><td colspan="1">circumstances. E6ects of the adjustment made have not impacted the 2022 annual financial statements,</td></tr><tr><td colspan="1">but will have an impact in the 2023 results.</td></tr><tr><td colspan="1">Lastly, Clearhaus A/S has seen an increase in losses in the reported year. Especially one bankruptcy of a</td></tr><tr><td colspan="1">major merchant has been highly impacting this years’ result, with a total expected loss of EUR 8.9M,</td></tr><tr><td colspan="1">impacting the P&amp;L 2022 in its full amount.</td></tr><tr><td colspan="1">This bankruptcy has led to an enhanced focus of the risk function on the specific industry of the said</td></tr><tr><td colspan="1">merchant as well as similar industries. In order to limit the exposure towards similar merchants,</td></tr><tr><td colspan="1">appropriate adjustments to the company’s business policies have been made.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Expected development</td></tr><tr><td colspan="1">The significant factors, which were present in 2022 are also expected to have an impact on the 2023</td></tr><tr><td colspan="1">financial results.</td></tr><tr><td colspan="1">The key expectation for 2023 is to return to profitability after a tough financial year 2022 with an</td></tr><tr><td colspan="1">expected EBITDA of between EUR 1M-3M.</td></tr><tr><td colspan="1">Events following the financial year-end</td></tr><tr><td colspan="1">After year end there has been a shift in the executive board, as well as in the board of directors. The</td></tr><tr><td colspan="1">founders of Clearhaus A/S have resigned from the executive board and left room for the new</td></tr><tr><td colspan="1">management.</td></tr><tr><td colspan="1">The founders will remain in the board of directors and as trusted advisors, to secure a smooth transition.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Knowledge resources</td></tr><tr><td colspan="1">The company's business foundation is built on human capital, especially in the area of IT software</td></tr><tr><td colspan="1">development. The business requires human resources characterized by a high educational level as well</td></tr><tr><td colspan="1">as technical experience.</td></tr><tr><td colspan="1">The company strives to determine a strategic human resource management with strategic back-up</td></tr><tr><td colspan="1">planning for the key activities in order to minimize the impact of individual employees’ departure.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Research and development activities</td></tr><tr><td colspan="1">The Company does to a large extent develop its own systems in order to optimize the flow of the</td></tr><tr><td colspan="1">business and to increase the level of control in all aspects of the business. This requires a significant</td></tr><tr><td colspan="1">amount of in-house development, which has been a part of the core business from day one. This is also</td></tr><tr><td colspan="1">seen in the constant improvement of systems as well as the development of new systems to help</td></tr><tr><td colspan="1">improve customer and employee experience.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Social Responsibility (CSR) report</td></tr><tr><td colspan="1">Clearhaus A/S’ primary activity is to provide payment services as a card acquirer. Clearhaus A/S is</td></tr><tr><td colspan="1">licensed by the Danish FSA and a principal member of Visa and Mastercard.</td></tr><tr><td colspan="1">Clearhaus A/S continuously identifies and evaluates potential risks in order to take measures to limit the</td></tr><tr><td colspan="1">risk of unforeseen events that may have a negative impact on the business. Based on the nature of its</td></tr><tr><td colspan="1">business, Clearhaus is mainly exposed to operational and financial risks, such as chargeback risk based</td></tr><tr><td colspan="1">on fraudulent transactions. Clearhaus A/S has a wide range of policies and procedures in order to</td></tr><tr><td colspan="1">regulate the risks within the company’s appetite. These policies are regularly updated based on</td></tr><tr><td colspan="1">development and experience in the business and industry in general.</td></tr><tr><td colspan="1">CSR is short for Corporate Social Responsibility, where the central element is how companies implement</td></tr><tr><td colspan="1">voluntary initiatives in their company strategy and business activities, regarding civil rights, social</td></tr><tr><td colspan="1">conditions, environment and climate conditions as well as the fight against corruption.</td></tr><tr><td colspan="1">Clearhaus does not as such hold any policies on the CSR area as the business is exposed to a limited</td></tr><tr><td colspan="1">extent to the concerned areas. However Clearhaus acknowledges their responsibilities and are</td></tr><tr><td colspan="1">throughout the business taking individual initiatives to improve on the CSR area.</td></tr><tr><td colspan="1">On an annual basis Clearhaus A/S conducts a risk assessment of the value chain in order to identify</td></tr><tr><td colspan="1">whether any of the company’s activities have had a significant negative impact on the external</td></tr><tr><td colspan="1">environment in relation to the areas of social responsibilities. Amongst others this includes environment,</td></tr><tr><td colspan="1">climate conditions, personal and social issues as well as human rights.</td></tr><tr><td colspan="1">Based on the conducted assessment it was established that there are no significant risks in the area of</td></tr><tr><td colspan="1">environment and climate conditions in relation to the company business activities. The company</td></tr><tr><td colspan="1">recognizes that personal and social issues as well as human rights, in particular business ethics and</td></tr><tr><td colspan="1">occupational safety, employee health and satisfaction as well as the fight against corruption are of</td></tr><tr><td colspan="1">relevance for the company and may have a material impact on its business activities.</td></tr><tr><td colspan="1">Clearhaus is constantly working to improve its environmental performance and reduce any</td></tr><tr><td colspan="1">environmental risks. As a company’s main business activity is to provide payment services as a card</td></tr><tr><td colspan="1">acquirer, its products and operations do not have a large impact on the environment, but the company</td></tr><tr><td colspan="1">recognizes its responsibility to minimize its impact and contribute to preserving natural resources. The</td></tr><tr><td colspan="1">company focuses on reducing energy consumption and its carbon footprint, mainly through reducing</td></tr><tr><td colspan="1">energy use in its buildings and increasing the use of renewable energy, as well as minimizing business</td></tr><tr><td colspan="1">travel through the use of technology solutions and encouraging sustainable procurement and electric</td></tr><tr><td colspan="1">vehicles in fleet management. The planned group initiatives assume measuring and analyzing the</td></tr><tr><td colspan="1">company’s carbon footprint and implementing more measures to achieve the group’s environmental</td></tr><tr><td colspan="1">goals. The group is in the process of building a group wide automated Emission monitoring system,</td></tr><tr><td colspan="1">which is intended to be implemented in 2024. The main target for the group is to be greenhouse gas</td></tr><tr><td colspan="1">neutral by 2028. Detailed milestones will be set within the environmental strategy to be implemented.</td></tr><tr><td colspan="1">The company believes in building a culture of diversity, inclusion, and equality in the workplace and</td></tr><tr><td colspan="1">strives to create an environment where everyone feels respected and appreciated. This is documented</td></tr><tr><td colspan="1">in the group wide Code of conduct. Clearhaus welcomes and supports people from all backgrounds,</td></tr><tr><td colspan="1">embraces diversity in the workforce and does not tolerate any form of discrimination or harassment. Any</td></tr><tr><td colspan="1">incidents of discrimination are monitored f.e. with the use of whistleblower tools and in such cases they</td></tr><tr><td colspan="1">are brought to the attention of HR. Moreover, the company is committed to being an equal opportunity</td></tr><tr><td colspan="1">employer and providing equal opportunities to all employees without discrimination, which is the subject</td></tr><tr><td colspan="1">of the Equal Employer Opportunities Policy implemented on the group level. Additionally, the company is</td></tr><tr><td colspan="1">committed to maintaining healthy and safe working environments for all employees.</td></tr><tr><td colspan="1">Clearhaus is committed to the highest possible standards of openness, integrity, and responsibility and</td></tr><tr><td colspan="1">those are an integrated part of its daily operations. It therefore strives to avoid any misconduct that</td></tr><tr><td colspan="1">could lead to negative consequences for the company and its associated companies, its employees and</td></tr><tr><td colspan="1">stakeholders. This Group Anti-Bribery and Anti-Corruption Policy defines the group-wide minimum</td></tr><tr><td colspan="1">standards for the company as well as for the other associated companies. As part of the DNA, Clearhaus</td></tr><tr><td colspan="1">has a strict no tolerance policy when it comes to bribery and corruption and is integrated into all other</td></tr><tr><td colspan="1">company policies.</td></tr><tr><td colspan="1">However Corporate Social Responsibility is an integrated part of the daily operations of Clearhaus. As a</td></tr><tr><td colspan="1">company Clearhaus strives to be socially conscious and embrace diversity in the workforce.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Target figures and policy for the underrepresented gender</td></tr><tr><td colspan="1">Clearhaus is aiming towards a high competence level throughout the organization and in that regard</td></tr><tr><td colspan="1">Clearhaus sees diversity as a strength providing the company with diverse, complementary skills as</td></tr><tr><td colspan="1">well as di6erent ideas and perspectives. Clearhaus thus highly prioritizes diversity in age, gender and</td></tr><tr><td colspan="1">competences.</td></tr><tr><td colspan="1">Clearhaus aims towards always having gender diversity, where at least 25% of the management team</td></tr><tr><td colspan="1">and the Board of Directors should be the underrepresented gender.</td></tr><tr><td colspan="1">Clearhaus has previously struggled to attract female candidates with skill sets matching the job</td></tr><tr><td colspan="1">descriptions for the leadership positions that have been available in the organization.</td></tr><tr><td colspan="1">Instead of hiring female leaders from outside the organization, Clearhaus has actively been trying to</td></tr><tr><td colspan="1">reach the diversity goal through the professional development of the current sta6. This should</td></tr><tr><td colspan="1">increase the diversity in the long run from inside the organization as well as secure a long tail of in-</td></tr><tr><td colspan="1">house talent. This strategy has already had e6ect in the company, where three of six operational</td></tr><tr><td colspan="1">managers are now women.</td></tr><tr><td colspan="1">This is resulting in a daily operational management where there is now a 33/67 split between the</td></tr><tr><td colspan="1">genders. Currently, the sole executive director is male.</td></tr><tr><td colspan="1">The next focus point of the company will now be to increase the diversity in the board of directors.</td></tr><tr><td colspan="1">Currently it consists of all male, however it is a focus point in the whole Unzer group to also expand the</td></tr><tr><td colspan="1">diversity in this part of the company after having achieved it on the daily operational level.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement of data ethics</td></tr><tr><td colspan="1">Clearhaus does not have a policy for data ethics, as the requirement for a statement on data ethics is</td></tr><tr><td colspan="1">built around a so-called follow and explain principle.</td></tr><tr><td colspan="1">Even though Clearhaus does not have a policy for data ethics, Clearhaus treats all data with</td></tr><tr><td colspan="1">responsibility, decency and transparency. The treatment of data is an integrated task of Clearhaus’</td></tr><tr><td colspan="1">processes and maintains a core task of the company, which is to create financial security for our</td></tr><tr><td colspan="1">clients.</td></tr><tr><td colspan="1">Clearhaus is living up to several strict security requirements on how to treat data, amongst other the</td></tr><tr><td colspan="1">requirements under PCI DSS and ISO 27001/2. Furthermore, there is an expectation of a great service</td></tr><tr><td colspan="1">level of high e6iciency. So should we receive any inquiries on the treatment of data they are handled</td></tr><tr><td colspan="1">with the greatest level of care and importance.</td></tr><tr><td colspan="1">Clearhaus holds other policies like the company’s Security policy and IT risk assessment policy that is</td></tr><tr><td colspan="1">built around the company’s approach towards data ethics.</td></tr><tr><td colspan="1">In the company’s Security policy it is described what the respective data owners hold the responsibility</td></tr><tr><td colspan="1">for, as well as what the security committee holds the responsibility for.</td></tr><tr><td colspan="1">Along with the company’s management the security committee has the responsibility for deciding</td></tr><tr><td colspan="1">which data is part of the data treatment of how data is treated and protected as well as the data</td></tr><tr><td colspan="1">treatment targets.</td></tr><tr><td colspan="1">Also the management and the security committee take decisions on which conditions a6ect the</td></tr><tr><td colspan="1">approach to the data treatment.</td></tr><tr><td colspan="1">Lastly, they hold the responsibility for assessing policies and procedures at least annually, including</td></tr><tr><td colspan="1">the policies and procedures that are a6ecting the treatment of data.</td></tr><tr><td colspan="1">In the company’s IT risk assessment policy it is also specified that the treatment of personal data need</td></tr><tr><td colspan="1">to be included in the risk assessment.</td></tr><tr><td colspan="1">Should the Risk assessment give cause for any concerns regarding the treatment of data, actions will be</td></tr><tr><td colspan="1">taken to mitigate these issues immediately.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The Annual Report of Clearhaus A/S for 2022 has been</td></tr><tr><td colspan="1">presented in accordance with the provisions of the Danish</td></tr><tr><td colspan="1">Financial Statements Act for enterprises in reporting class C,</td></tr><tr><td colspan="1">large-size enterprises.</td></tr><tr><td colspan="1">The Annual Report is prepared consistently with the accounting</td></tr><tr><td colspan="1">principles applied last year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">REVENUE</td></tr><tr><td colspan="1">Net revenue from sales is recognised in the income statement if</td></tr><tr><td colspan="1">the supply and risk transfers to the buyer have taken place</td></tr><tr><td colspan="1">before the end of the year. Income in form of transaction specific</td></tr><tr><td colspan="1">fees is recognized on time of the capture for the transaction. Net</td></tr><tr><td colspan="1">revenue is recognised exclusive of VAT, duties and less</td></tr><tr><td colspan="1">discounts related to the sale.</td></tr><tr><td colspan="1">Cost of Sales is the accumulated total of all costs directly related</td></tr><tr><td colspan="1">to the company’s daily operation as an acquirer. This fulfil the</td></tr><tr><td colspan="1">criteria for recognition.</td></tr><tr><td colspan="1">Other external expenses include expenses on sales, facilities,</td></tr><tr><td colspan="1">administration and bad debts etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STAFF COSTS</td></tr><tr><td colspan="1">Staff costs comprise wages and salaries, including holiday pay</td></tr><tr><td colspan="1">and pensions and other costs for social security etc. for the</td></tr><tr><td colspan="1">company’s employees. Repayments from public authorities are</td></tr><tr><td colspan="1">deducted from sta6 costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">DEPRECIATION, AMORTISATION &amp; IMPAIRMENT LOSSES</td></tr><tr><td colspan="1">Depreciation, Amortisation &amp; Impairment losses include this</td></tr><tr><td colspan="1">years depreciations and write-downs, as well as the profit or loss</td></tr><tr><td colspan="1">from sold intangible- and tangible fixed assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FINANCIAL INCOME AND EXPENSES</td></tr><tr><td colspan="1">Financial income and expenses include interest income and</td></tr><tr><td colspan="1">expenses, financial expenses of finance leases, realised and</td></tr><tr><td colspan="1">unrealised gains and losses arising from investments in financial</td></tr><tr><td colspan="1">assets, debt and transactions in foreign currencies, amortisation</td></tr><tr><td colspan="1">of financial assets and liabilities as well as charges and</td></tr><tr><td colspan="1">allowances under the tax-on-account scheme etc. Financial</td></tr><tr><td colspan="1">income and expenses are recognised in the income statement</td></tr><tr><td colspan="1">by the amounts that relate to the financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">TAX</td></tr><tr><td colspan="1">The tax for the year, which consists of the current tax for the</td></tr><tr><td colspan="1">year and changes in deferred tax, is recognised in the income</td></tr><tr><td colspan="1">statement by the portion that may be attributed to the profit for</td></tr><tr><td colspan="1">the year, and is recognised directly in the equity by the portion</td></tr><tr><td colspan="1">that may be attributed to entries directly to the equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible fixed assets</td></tr><tr><td colspan="1">DEVELOPMENT PROJECTS, PATENTS OR LICENSES</td></tr><tr><td colspan="1">Patents and licenses are measured at the lower of cost less</td></tr><tr><td colspan="1">accumulated amortisation or the recoverable amount. The</td></tr><tr><td colspan="1">amortisation period is normally 5 years.</td></tr><tr><td colspan="1">Development costs comprise costs, including wages and</td></tr><tr><td colspan="1">salaries, and amortisation, which directly or indirectly can be</td></tr><tr><td colspan="1">related to the company’s development activities and which fulfil</td></tr><tr><td colspan="1">the criteria for recognition.</td></tr><tr><td colspan="1">Capitalised development costs are measured at the lower of cost</td></tr><tr><td colspan="1">less accumulated amortisation or recoverable amount.</td></tr><tr><td colspan="1">Capitalised development costs are amortised on a straight-line</td></tr><tr><td colspan="1">basis over the estimated useful life after completion of the</td></tr><tr><td colspan="1">development work. The amortisation period is normally 5 to 10</td></tr><tr><td colspan="1">years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Tangible fixed assets</td></tr><tr><td colspan="3">Other plants, fixtures and equipment are measured at cost less</td></tr><tr><td colspan="3">accumulated depreciation and impairment losses.</td></tr><tr><td colspan="3">The depreciation base is cost less estimated residual value after</td></tr><tr><td colspan="3">end of useful life.</td></tr><tr><td colspan="3">The cost includes the acquisition price and costs incurred</td></tr><tr><td colspan="3">directly in connection with the acquisition until the time when</td></tr><tr><td colspan="3">the asset is ready to be used. As regards self-manufactured</td></tr><tr><td colspan="3">assets, the cost price includes cost of materials, components,</td></tr><tr><td colspan="3">subcontractors, direct payroll and indirect production costs.</td></tr><tr><td colspan="3">Straight-line depreciation is provided on the basis of an</td></tr><tr><td colspan="3">assessment of the expected useful lives of the assets and their</td></tr><tr><td colspan="3">residual value</td></tr><tr><td /><td>Useful Life</td><td>Residual Value</td></tr><tr><td>Other plants, fixtures, leasehold improvements and equipment</td><td>3-5 Years</td><td>0%</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of fixed assets</td></tr><tr><td colspan="1">The carrying amount of intangible fixed and tangible assets</td></tr><tr><td colspan="1">together with fixed assets, which are not measured at fair value,</td></tr><tr><td colspan="1">are valued on an annual basis for indications of impairment</td></tr><tr><td colspan="1">other than that reflected by amortisation and depreciation.</td></tr><tr><td colspan="1">In the event of impairment indications, an impairment test is</td></tr><tr><td colspan="1">made for each asset or group of assets, respectively. If the net</td></tr><tr><td colspan="1">realisable value is lower than the carrying amount, the assets are</td></tr><tr><td colspan="1">written down to the lower value.</td></tr><tr><td colspan="1">The recoverable amount is calculated at the higher of net selling</td></tr><tr><td colspan="1">price and capital value. The capital value is deter- mined as the</td></tr><tr><td colspan="1">fair value of the expected net cash flows from the use of the</td></tr><tr><td colspan="1">asset or group of assets and the expected net cash flows from</td></tr><tr><td colspan="1">sale of the asset or group of assets after the end of its useful life.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Fixed asset investments</td></tr><tr><td colspan="1">Investments in financial assets include investments that are</td></tr><tr><td colspan="1">expected to be held to maturity and are measured at amortised</td></tr><tr><td colspan="1">cost.</td></tr><tr><td colspan="1">Deposits include rental deposits which are recognised and</td></tr><tr><td colspan="1">measured at amortised cost. Deposits are not depreciated.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">RECEIVABLES</td></tr><tr><td colspan="1">Receivables are measured at amortised cost which usually</td></tr><tr><td colspan="1">corresponds to nominal value. The value is reduced by</td></tr><tr><td colspan="1">impairment losses to meet expected losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">SECURITIES AND INVESTMENTS</td></tr><tr><td colspan="1">Securities recognised as current assets comprise</td></tr><tr><td colspan="1">shares, and other current investments that are measured at</td></tr><tr><td colspan="1">market fair value on the balance sheet date. Public quoted</td></tr><tr><td colspan="1">securities are measured at quoted price. Non-quoted securities</td></tr><tr><td colspan="1">are measured at sale value based on the computed net present</td></tr><tr><td colspan="1">value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CASH AND CASH EQUIVALENTS</td></tr><tr><td colspan="1">Cash and cash equivalents consist of money deposited in</td></tr><tr><td colspan="1">financial institutions and in cash holdings.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">ACCRUED ASSETS</td></tr><tr><td colspan="1">Accruals, recognised as assets, include costs incurred relating to</td></tr><tr><td colspan="1">the subsequent financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">PROVISIONS FOR LOSSES ON CHARGEBACKS</td></tr><tr><td colspan="1">Provision for losses on charge backs comprise anticipated loss</td></tr><tr><td colspan="1">on chargebacks related to merchants where chargeback claims</td></tr><tr><td colspan="1">are not expected to be recoverable.</td></tr><tr><td colspan="1">A provision has been made for losses on known and potential</td></tr><tr><td colspan="1">losses based on an assessment of the known facts of the</td></tr><tr><td colspan="1">individual cases.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">TAX PAYABLE AND DEFERRED TAX</td></tr><tr><td colspan="1">Current tax liabilities and receivable current tax are recognised</td></tr><tr><td colspan="1">in the balance sheet as the calculated tax on the taxable income</td></tr><tr><td colspan="1">for the year, adjusted for tax on the taxable income for previous</td></tr><tr><td colspan="1">years and taxes paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured on the temporary di6erences between</td></tr><tr><td colspan="1">the carrying amount and the tax value of assets and liabilities.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss car- ry-</td></tr><tr><td colspan="1">forwards, are measured at the expected realisable value of the</td></tr><tr><td colspan="1">asset, either by set-o6 against tax on future earnings or by set-</td></tr><tr><td colspan="1">off against deferred tax liabilities within the same legal tax entity</td></tr><tr><td colspan="1">The Company is subject to joint taxation with Danish Group</td></tr><tr><td colspan="1">companies. The current corporation tax is distributed among the</td></tr><tr><td colspan="1">joint taxable companies in proportion to their taxable income</td></tr><tr><td colspan="1">and with full allocation and refund related to tax losses. The joint</td></tr><tr><td colspan="1">taxable companies are included in the tax-on-account scheme.</td></tr><tr><td colspan="1">Joint taxation contributions receivable and payable are</td></tr><tr><td colspan="1">recognised in the balance sheet under current assets and</td></tr><tr><td colspan="1">liabilities, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">LIABILITIES</td></tr><tr><td colspan="1">Financial liabilities are recognised at the time of borrowing by</td></tr><tr><td colspan="1">the amount of proceeds received less borrowing costs. In</td></tr><tr><td colspan="1">subsequent periods, the financial liabilities are measured at</td></tr><tr><td colspan="1">amortised cost equal to the capitalised value when using the</td></tr><tr><td colspan="1">effective interest, the di6erence between the proceeds and the</td></tr><tr><td colspan="1">nominal value being recognised in the income statement over</td></tr><tr><td colspan="1">the term of loan</td></tr><tr><td colspan="1">In subsequent periods, the financial liabilities are measured at</td></tr><tr><td colspan="1">amortised cost equal to the capitalised value when using the</td></tr><tr><td colspan="1">effective interest, the di6erence between the proceeds and the</td></tr><tr><td colspan="1">nominal value being recognised in the income statement over</td></tr><tr><td colspan="1">the term of loan</td></tr><tr><td colspan="1">Amortised cost of current liabilities usually corresponds to</td></tr><tr><td colspan="1">nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FOREIGN CURRENCY TRANSLATION</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the rate of</td></tr><tr><td colspan="1">exchange on the transaction date. Exchange di6erences arising</td></tr><tr><td colspan="1">between the rate on the transaction date and the rate on the</td></tr><tr><td colspan="1">payment date are recognised in the income statement as a</td></tr><tr><td colspan="1">financial income or expense.</td></tr><tr><td colspan="1">If the foreign exchange position is considered to hedge future</td></tr><tr><td colspan="1">cash flows, the unrealised exchange adjustments are recognised</td></tr><tr><td colspan="1">directly in the equity.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items in foreign</td></tr><tr><td colspan="1">currencies that are not settled on the balance sheet date are</td></tr><tr><td colspan="1">translated at the exchange rate on the balance sheet date. The</td></tr><tr><td colspan="1">difference between the exchange rate on the balance sheet date</td></tr><tr><td colspan="1">and the exchange rate at the time of occurrence of the</td></tr><tr><td colspan="1">receivables or payables is recognised in the income statement</td></tr><tr><td colspan="1">as financial income or expenses.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currencies are translated at the</td></tr><tr><td colspan="1">rate of exchange on the transaction date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Company’s cash flows for</td></tr><tr><td colspan="1">the year for operating activities, investing activities and</td></tr><tr><td colspan="1">financing activities in the year, the change in cash and cash</td></tr><tr><td colspan="1">equivalents of the year and cash and cash equivalents at</td></tr><tr><td colspan="1">beginning and end of the year.</td></tr><tr><td colspan="1">CASH FLOWS FROM OPERATING ACTIVITIES</td></tr><tr><td colspan="1">Cash flows from operating activities are computed as the results</td></tr><tr><td colspan="1">for the year adjusted for non-cash operating items, changes in</td></tr><tr><td colspan="1">net working capital and corporation tax paid.</td></tr><tr><td colspan="1">CASH FLOWS FROM INVESTING ACTIVITIES</td></tr><tr><td colspan="1">Cash flows from investing activities include payments in</td></tr><tr><td colspan="1">connection with purchase and sale of intangible and tangible</td></tr><tr><td colspan="1">fixed asset and fixed asset investments.</td></tr><tr><td colspan="1">CASH FLOWS FROM FINANCING ACTIVITIES</td></tr><tr><td colspan="1">Cash flows from financing activities include changes in the size</td></tr><tr><td colspan="1">or composition of share capital and related costs, and</td></tr><tr><td colspan="1">borrowings and repayment of interest-bearing debt and</td></tr><tr><td colspan="1">payment of dividend to shareholders.</td></tr><tr><td colspan="1">'CASH AND CASH EQUIVALENTS</td></tr><tr><td colspan="1">Cash and cash equivalents include cash in hand.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial highlights</td></tr></table> 52626308 11203179 -3295190 -426636 -2.204 0.123 -0.298 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The ratios stated in the list of key figures and ratios have been calculated as follows</td></tr><tr><td colspan="1">Invested capital</td></tr><tr><td colspan="1">NWC + Intangible and tangible assets (ex goodwill)-Provisions-Other operating liabilities, non-current</td></tr><tr><td colspan="1">Return on equity</td></tr><tr><td colspan="1">Profit/loss after tax x 100 / Average equity</td></tr><tr><td colspan="1">Equity ratio</td></tr><tr><td colspan="1">Equity, at year-end x 100 / Total assets at year-end</td></tr><tr><td colspan="1">Return on invested capital</td></tr><tr><td colspan="1">Operating profit/Loss adjusted for goodwill amorisation x 100 / Average invested capital</td></tr></table> 39101279 2321850 11203179 5844893 920485 8914254 -4476924 0 658632 415635 -4233927 -938737 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >Statement of changes in Equity</td></tr><tr><td width="33%" ></td><td width="13%" colspan="1" align="right" valign="middle" >Share capital</td><td width="13%" colspan="1" align="right" valign="middle" >Reserve for development costs</td><td width="13%" colspan="1" align="right" valign="middle" >Retained profit</td><td width="13%" colspan="1" align="right" valign="middle" >Proposed dividend</td><td width="15%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Equity at 1 January 2022</td><td width="13%" align="right" valign="middle" > 440.000 </td><td width="13%" align="right" valign="middle" > 1.893.802 </td><td width="13%" align="right" valign="middle" > 10.383.810 </td><td width="13%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" > 12.717.612 </td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Proposed profit allocation, see note 8</td><td width="13%" align="right" valign="middle" > - </td><td width="13%" align="right" valign="middle" > - </td><td width="13%" align="right" valign="middle" >- 4.135.250 </td><td width="13%" ></td><td width="15%" align="right" valign="middle" >- 4.135.250 </td></tr><tr><td colspan="6"></td></tr><tr><td width="46%" colspan="2" align="left" valign="middle" >Capitalized development costs</td><td width="13%" align="right" valign="middle" > 840.060 </td><td width="13%" ></td><td width="13%" ></td><td width="15%" align="right" valign="middle" > 840.060 </td></tr><tr><td colspan="6"></td></tr><tr><td width="46%" colspan="2" align="left" valign="middle" >Revaluations in the year</td><td width="13%" align="right" valign="middle" >- 552.227 </td><td width="13%" align="right" valign="middle" > 552.227 </td><td width="13%" ></td><td width="15%" ></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Equity at 31 December 2022</td><td width="13%" align="right" valign="middle" > 440.000 </td><td width="13%" align="right" valign="middle" > 2.181.635 </td><td width="13%" align="right" valign="middle" > 6.800.787 </td><td width="13%" ></td><td width="15%" align="right" valign="middle" > 9.422.421 </td></tr></table> 2022 920956 -938737 -3023076 14031260 -24170184 -1077000 -426636 5033 0 -2042345 0 77385 73161 -26139368 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Disclosures</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>NET Revenue</b></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Transaction services</td><td width="20%" align="right" valign="middle" > 51.877.964 </td><td width="21%" align="right" valign="middle" > 99.777.363 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Non-transaction services</td><td width="20%" align="right" valign="middle" > 748.344 </td><td width="21%" align="right" valign="middle" > 1.101.527 </td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" > 52.626.308 </td><td width="21%" align="right" valign="middle" > 100.878.890 </td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >* All revenue generated from the Danish location in regards to merchant services.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Fee to statutory auditor</b></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Total Fees BDO</td><td width="20%" align="right" valign="middle" > 133.165 </td><td width="21%" align="right" valign="middle" > 77.331 </td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Specification auditor fees</td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Statutory audit</td><td width="20%" align="right" valign="middle" > 120.900 </td><td width="21%" align="right" valign="middle" > 46.141 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Assurance engagements</td><td width="20%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" > 2.651 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Other services</td><td width="20%" align="right" valign="middle" > 12.265 </td><td width="21%" align="right" valign="middle" > 28.539 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Employee expense</b></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Salary</td><td width="20%" align="right" valign="middle" > 5.474.519 </td><td width="21%" align="right" valign="middle" > 5.878.095 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Other costs for social security</td><td width="20%" align="right" valign="middle" > 100.687 </td><td width="21%" align="right" valign="middle" > 71.386 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Other sta6 costs</td><td width="20%" align="right" valign="middle" > 1.346.687 </td><td width="21%" align="right" valign="middle" > 1.223.957 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Capitalized development costs</td><td width="20%" align="right" valign="middle" >- 1.077.000 </td><td width="21%" align="right" valign="middle" >- 1.006.550 </td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" > 5.844.893 </td><td width="21%" align="right" valign="middle" > 6.166.888 </td></tr><tr><td colspan="3"></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="20%" align="right" valign="middle" >75</td><td width="21%" align="right" valign="middle" >58</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Information of management salaries is left out in accordance to the Danish Financial Statements Act § 96 b, subsection 3 no. 2.</td></tr><tr><td colspan="3"></td></tr></table> 75 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other finance income</b></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Interests, affiliated companies</td><td width="20%" align="right" valign="middle" > 121.667 </td><td width="21%" align="right" valign="middle" > 333 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="20%" align="right" valign="middle" > 536.965 </td><td width="21%" align="right" valign="middle" > 888.253 </td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" > 658.632 </td><td width="21%" align="right" valign="middle" > 888.586 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Impairment of current assets (Special Items)</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Impairment of current assets comprise losses on chargebacks related to chargebacks related to a bankrupt merchant</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >and are considered a Special Item due to the size and nature of the loss.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other financial expenses</b></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="20%" align="right" valign="middle" > 415.635 </td><td width="21%" align="right" valign="middle" > 248.735 </td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" > 415.635 </td><td width="21%" align="right" valign="middle" > 248.735 </td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Tax expense</b></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Current tax</td><td width="20%" align="right" valign="middle" >- 858.004 </td><td width="21%" align="right" valign="middle" > 2.999.084 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Change in deferred tax</td><td width="20%" align="right" valign="middle" >- 80.733 </td><td width="21%" align="right" valign="middle" > 88.461 </td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" >- 938.737 </td><td width="21%" align="right" valign="middle" > 3.087.545 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Proposed distribution of results</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Proposed distribution of results</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Intangible assets</b></td></tr><tr><td width="49%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Development projects completed</td><td width="16%" colspan="1" align="right" valign="middle" >Intangible fixed assets acquired</td><td width="19%" colspan="1" align="right" valign="middle" >Development projects in progress and prepayments</td></tr><tr><td colspan="4"></td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Cost at 1 January 2022</td><td width="16%" align="right" valign="middle" > 3.779.500 </td><td width="16%" align="right" valign="middle" > 410.254 </td><td width="19%" align="right" valign="middle" > 761.940 </td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Transfer</td><td width="16%" align="right" valign="middle" > 657.932 </td><td width="16%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" >- 657.932 </td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Additions</td><td width="16%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" > 1.077.000 </td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Cost at 31 December 2022</td><td width="16%" align="right" valign="middle" > 4.437.432 </td><td width="16%" align="right" valign="middle" > 410.254 </td><td width="19%" align="right" valign="middle" > 1.181.008 </td></tr><tr><td colspan="4"></td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Amortisation at 1 January 2022</td><td width="16%" align="right" valign="middle" > 2.113.490 </td><td width="16%" align="right" valign="middle" > 208.423 </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Amortisation for the year</td><td width="16%" align="right" valign="middle" > 707.983 </td><td width="16%" align="right" valign="middle" > 88.066 </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Amortisation at 31 December 2022</td><td width="16%" align="right" valign="middle" > 2.821.472 </td><td width="16%" align="right" valign="middle" > 296.489 </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td colspan="4"></td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="16%" align="right" valign="middle" > 1.615.960 </td><td width="16%" align="right" valign="middle" > 113.765 </td><td width="19%" align="right" valign="middle" > 1.181.008 </td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Development costs are the expenses attributed to the ongoing improvements of the existing systems as well as the development of new</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >ones. The development costs are capitalised based on the expectation that the developed systems will contribute to the continued</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >growth of the company.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The systems will provide the merchants with a higher level of service and further streamline the work processes in the company.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Property, plant and equipment</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" >Other plants, machinery, tools and equipment</td><td width="21%" colspan="1" align="right" valign="middle" >Leasehold improvements</td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Cost at 1 January 2022</td><td width="20%" align="right" valign="middle" > 173.998 </td><td width="21%" align="right" valign="middle" > 64.349 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Additions</td><td width="20%" align="right" valign="middle" > 103.681 </td><td width="21%" align="right" valign="middle" > 322.955 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Disposals</td><td width="20%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Cost at 31 December 2022</td><td width="20%" align="right" valign="middle" > 277.678 </td><td width="21%" align="right" valign="middle" > 387.305 </td></tr><tr><td colspan="3"></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Depreciation and impairment losses at 1 January 2022</td><td width="20%" align="right" valign="middle" > 107.420 </td><td width="21%" align="right" valign="middle" > 28.162 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="20%" align="right" valign="middle" > 51.271 </td><td width="21%" align="right" valign="middle" > 73.636 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Reversed depreciation</td><td width="20%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Depreciation and impairment losses at 31 December 2022</td><td width="20%" align="right" valign="middle" > 158.691 </td><td width="21%" align="right" valign="middle" > 101.798 </td></tr><tr><td colspan="3"></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="20%" align="right" valign="middle" > 118.987 </td><td width="21%" align="right" valign="middle" > 285.507 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Financial non-current assets</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" >Other securities</td><td width="21%" colspan="1" align="right" valign="middle" >Rent deposit and other receivables</td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Cost at 1 January 2022</td><td width="20%" align="right" valign="middle" > 186.102 </td><td width="21%" align="right" valign="middle" > 2.526.669 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Exchange adjustment</td><td width="20%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" > 53.606 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Additions</td><td width="20%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" > 543.742 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Disposals</td><td width="20%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" >- 5.033 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Cost at 31 December 2022</td><td width="20%" align="right" valign="middle" > 186.102 </td><td width="21%" align="right" valign="middle" > 3.118.984 </td></tr><tr><td colspan="3"></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Revaluation at 1 January 2022</td><td width="20%" align="right" valign="middle" > 478.380 </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Revaluation and impairment losses for the year</td><td width="20%" align="right" valign="middle" > 6.533 </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Revaluation at 31 December 2022</td><td width="20%" align="right" valign="middle" > 484.913 </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="20%" align="right" valign="middle" > 671.015 </td><td width="21%" align="right" valign="middle" > 3.118.984 </td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The carrying amount of financial non-current assets includes securities measured at fair value by the following amounts</td></tr><tr><td colspan="3"></td></tr><tr><td width="59%" ></td><td width="20%" ></td><td width="21%" colspan="1" align="right" valign="middle" >Listed shares</td></tr><tr><td width="79%" colspan="2" align="left" valign="middle" >Fair value at 31 December 2022</td><td width="21%" align="right" valign="middle" > 671.015 </td></tr><tr><td width="79%" colspan="2" align="left" valign="middle" >Value adjustment in the year recognised in the income statement</td><td width="21%" align="right" valign="middle" > 6.533 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Costs</td><td width="20%" align="right" valign="middle" > 317.109 </td><td width="21%" align="right" valign="middle" > 321.501 </td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" > 317.109 </td><td width="21%" align="right" valign="middle" > 321.501 </td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Relates to prepaid expenses relating to the coming year.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Provision for deferred tax</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax is provided for on intangible and tangible assets, reduced by tax losses carried forward.</td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Leasehold improvements</td><td width="20%" align="right" valign="middle" >- 1.038 </td><td width="21%" align="right" valign="middle" >- 4.632 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Other plants, machinery, tools and equipment</td><td width="20%" align="right" valign="middle" >- 1.873 </td><td width="21%" align="right" valign="middle" > 57 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Development projects</td><td width="20%" align="right" valign="middle" > 615.333 </td><td width="21%" align="right" valign="middle" > 534.149 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="20%" align="right" valign="middle" > 25.028 </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Tax losses carried forward</td><td width="20%" align="right" valign="middle" >- 188.609 </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" > 448.841 </td><td width="21%" align="right" valign="middle" > 529.574 </td></tr><tr><td colspan="3"></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Deferred tax, beginning of year</td><td width="20%" align="right" valign="middle" > 529.574 </td><td width="21%" align="right" valign="middle" > 441.113 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Deferred tax of the year, income statement</td><td width="20%" align="right" valign="middle" >- 80.733 </td><td width="21%" align="right" valign="middle" > 88.461 </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Provisions for deferred tax 31 December</td><td width="20%" align="right" valign="middle" > 448.841 </td><td width="21%" align="right" valign="middle" > 529.574 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Provisions for losses on chargebacks</b></td></tr><tr><td width="59%" ></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="21%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="59%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>(EUR)</b></td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Provisions for losses on chargebacks, 1 January</td><td width="20%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Provision for the period</td><td width="20%" align="right" valign="middle" > 8.914.254 </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="59%" colspan="1" align="left" valign="middle" >Provisions for losses on chargebacks, 31 December</td><td width="20%" align="right" valign="middle" > 8.914.254 </td><td width="21%" align="right" valign="middle" > - </td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Expected maturities for provisions is 0-1.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Provision for losses on chargebacks comprise anticipated loss on chargebacks related to merchants where chargebacks claims are</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >not expected to be recoverable.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >A provision has been made for losses on known and potential losses based on an assessment of the known facts of the individual</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >cases.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Long term liabilities</b></td></tr><tr><td width="42%" ></td><td width="14%" colspan="1" align="right" valign="middle" >31/12-2022 total liabilities</td><td width="14%" colspan="1" align="right" valign="middle" >Repayment next year</td><td width="14%" colspan="1" align="right" valign="middle" >Debt outstanding after 5 years</td><td width="16%" colspan="1" align="right" valign="middle" >31/12-2021 total liabilities</td></tr><tr><td colspan="5"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other liabilities</td><td width="14%" align="right" valign="middle" > 73.161 </td><td width="14%" align="right" valign="middle" > 7.200 </td><td width="14%" align="right" valign="middle" > 30.100 </td><td width="16%" align="right" valign="middle" > - </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Information on uncertainty with respect to recognition and measurement</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In determining the amounts to be recognized as provision for</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >losses on chargebacks, management makes assumptions</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >regarding future chargeback related to a bankrupt merchant.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The assumptions made are based on experience gained and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >other factors that are considered prudent by Management in the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Circumstances, but which are inherently subject to uncertainty</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >and volatility.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Disclosure of contingent assets</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >From time to time, the company is party to legal disputes. In</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >respect of pending disputes, it is Management’s opinion that the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >outcome of these disputes will not a6ect the company’s financial</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >position apart from the receivables and liabilities recognised in</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >the statement of financial position at 31 December 2022.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>JOINT LIABILITY</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is jointly and severally liable together with the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >other group companies in the joint taxable group for tax on</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >the group’s joint taxable income and for certain possible</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >withholding taxes, such as dividend tax, etc.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Disclosure of mortgages and collaterals</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Clearhaus has deposited EUR 3,018K at dedicated accounts at</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >VISA and Mastercard as a collateral for any risk VISA and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Mastercard may have.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Despite from the above, the company does not have any other</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >pawnings or guarantees other than what is already recognized in</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >the financial statement.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company’s related parties include</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>CONTROLLING INTEREST</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Unzer Group GmbH, Vangerowstraße 18, 69115 Heidelberg,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Germany, is the main shareholder.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >KKR European Fund V (USD) ScSp, 9 West 57th Street, Suite</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >4200, New York, NY 10019, is the ultimate parent company.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is part of the financial group statement for the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >ultimate parent company Unzer Group GmbH, Vangerowstraße</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >18, 69115 Heidelberg, Germany.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>TRANSACTIONS WITH RELATED PARTIES</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company did not carry out any material transactions that</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >were not concluded on market conditions. According to section</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >98c, subsection 7 of the Danish Financial Statements Act</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >information is given only on transactions that were not</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >performed on common market conditions.</td></tr></table> Årsrapport 33749996 Clearhaus P.O.Pedersens Vej 14 8200 Aarhus N xWizard version 1.1.1209.2, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Reporting class C, large enterprise Jacob Hamann Georg Graf von Ingelheim Pascal Beij Niv Liran Max Steiger Dr. Søren Soltveit Claus Methmann Christensen Pascal Beij 100878890 20441119 10996694 -48531 7.958 0.111 1.062 45278221 10424980 5539284 -207922 9.157 0.111 0.88 13815528 3359686 -22909 -45698 0.848 0.168 -0.005 11896783 3107933 197620 -50722 0.491 0.189 0.044 Operating profit/loss before depreciation and amortisation/EBITDA before Special Items 5358286 Operating profit/loss before depreciation and amortisation/EBITDA before Special Items 14274223 Operating profit/loss before depreciation and amortisation/EBITDA before Special Items 7697694 Operating profit/loss before depreciation and amortisation/EBITDA before Special Items 1111602 Operating profit/loss before depreciation and amortisation/EBITDA before Special Items 643840 Profit (loss) from ordinary operating activities before Special Items 4437330 Profit (loss) from ordinary operating activities before Special Items 13441411 Profit (loss) from ordinary operating activities before Special Items 7163347 Profit (loss) from ordinary operating activities before Special Items 667936 Profit (loss) from ordinary operating activities before Special Items 332243 Financial income and expenses, net 242997 Financial income and expenses, net 642828 Financial income and expenses, net -78925 Financial income and expenses, net -574466 Financial income and expenses, net -78858 Profit/loss for the year before tax -4233927 Profit/loss for the year before tax 14084239 Profit/loss for the year before tax 7084422 Profit/loss for the year before tax 93472 Profit/loss for the year before tax 253385 76448364 9422421 113765 1181008 1615960 2910733 404494 671015 3118984 0 3789999 7105697 3102303 16018861 858004 317109 20296277 49046861 69343138 440000 2181634 6800787 448841 8914254 9363095 65961 65961 2146592 457241 0 54993054 57596887 76448364 49046861 114579460 12717612 72147907 7991260 27353730 4599627 24413357 4622537 100878890 76593293 3844478 20441119 6166888 832820 0 13441411 2977 888586 248735 14084239 3087545 10996694 2021 763395 3087545 -1472677 -7302806 42457336 -1006551 -48530 13630 2147651 876921 -8417987 0 -8675120 34659137 58 201831 761940 1666010 2629782 102765 664482 2526669 0 3191151 5923698 4255135 28892897 0 321501 33469533 75186229 108655762 114579460 440000 1893802 10383810 12717612 529574 0 529574 0 0 3135913 0 3023076 95173284 101332274 114579460 75186229 Unrealised exchange gains, reversed -60140 Unrealised exchange gains, reversed 61717 Change in current liabilities (ex bank, tax, instalments payable and overdraft facility) -31805257 Change in current liabilities (ex bank, tax, instalments payable and overdraft facility) 36323474 Purchase of financial assets -543742 Purchase of financial assets -229279 Instalments on loans -4224 Instalments on loans -257133 75186229 40527092 840060 785110 0 8417987 -4135250 1793597 BDO Statsautoriseret revisionsaktieselskab Thors Bakke 4, 2, 8900 Randers C 20222670 Søren Busch State Authorised Public Accountant mne46256 Ole Østergaard State Authorised Public Accountant mne23414 20222670 BDO Statsautoriseret revisionsaktieselskab