31473233 2021-01-01 2021-12-31 31473233 2021-01-01 2021-12-31 0 31473233 2021-01-01 2021-12-31 0 31473233 2021-01-01 2021-12-31 1 31473233 2021-01-01 2021-12-31 2 31473233 2021-01-01 2021-12-31 3 31473233 2021-01-01 2021-12-31 4 31473233 2021-01-01 2021-12-31 5 31473233 2021-01-01 2021-12-31 cmn:PreviousYearMember 31473233 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 31473233 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 31473233 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 31473233 2021-01-01 2021-12-31 0 31473233 2021-01-01 2021-12-31 cmn:PreviousYearMember 1 31473233 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 2 31473233 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 3 31473233 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 4 31473233 2021-01-01 2021-12-31 5 31473233 2021-01-01 2021-12-31 cmn:PreviousYearMember 6 31473233 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 7 31473233 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 8 31473233 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 9 31473233 2021-12-31 31473233 2021-12-31 cmn:PreviousYearMember 31473233 2021-12-31 cmn:TwoYearsAgoMember 31473233 2021-12-31 cmn:ThreeYearsAgoMember 31473233 2021-12-31 cmn:FourYearsAgoMember 31473233 2021-01-01 2021-12-31 10 31473233 2021-01-01 2021-12-31 cmn:PreviousYearMember 11 31473233 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 12 31473233 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 13 31473233 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 14 31473233 2020-01-01 2020-12-31 31473233 2020-12-31 31473233 2021-01-01 fsa:ContributedCapitalMember 31473233 2021-01-01 fsa:SharePremiumMember 31473233 2021-01-01 fsa:ReserveForTreasurySharesMember 31473233 2021-01-01 fsa:RetainedEarningsMember 31473233 2021-01-01 fsa:ProposedDividendRecognisedInEquityMember 31473233 2021-01-01 31473233 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 31473233 2021-01-01 2021-12-31 fsa:SharePremiumMember 31473233 2021-01-01 2021-12-31 fsa:ReserveForTreasurySharesMember 31473233 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 31473233 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 31473233 2021-12-31 fsa:ContributedCapitalMember 31473233 2021-12-31 fsa:SharePremiumMember 31473233 2021-12-31 fsa:ReserveForTreasurySharesMember 31473233 2021-12-31 fsa:RetainedEarningsMember 31473233 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 31473233 2021-01-01 2021-12-31 0 31473233 2020-01-01 2020-12-31 1 31473233 2020-01-01 31473233 2021-01-01 fsa:AcquiredIntangibleAssetsMember 31473233 2021-01-01 fsa:AcquiredPatentsMember 31473233 2021-01-01 fsa:GoodwillMember 31473233 2021-01-01 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 31473233 2021-01-01 2021-12-31 fsa:AcquiredIntangibleAssetsMember 31473233 2021-01-01 2021-12-31 fsa:AcquiredPatentsMember 31473233 2021-01-01 2021-12-31 fsa:GoodwillMember 31473233 2021-01-01 2021-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 31473233 2021-12-31 fsa:AcquiredIntangibleAssetsMember 31473233 2021-12-31 fsa:AcquiredPatentsMember 31473233 2021-12-31 fsa:GoodwillMember 31473233 2021-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 31473233 2021-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 31473233 2021-01-01 fsa:LeaseholdImprovementsMember 31473233 2021-01-01 fsa:PropertyPlantAndEquipmentInProgressMember 31473233 2021-01-01 2021-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 31473233 2021-01-01 2021-12-31 fsa:LeaseholdImprovementsMember 31473233 2021-01-01 2021-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 31473233 2021-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 31473233 2021-12-31 fsa:LeaseholdImprovementsMember 31473233 2021-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 31473233 2021-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 31473233 2021-01-01 2021-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 31473233 2021-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 31473233 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 31473233 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 31473233 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 31473233 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 31473233 2021-01-01 2021-12-31 0 31473233 2021-01-01 2021-12-31 1 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 <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 annual report has been prepared in accordance with the Danish Financial 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">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31. december 2021 and of the results of their operations and consolidated cash flows for the financial year 1 January - 31 December 2021.</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">Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's operations and financial matters, the results for the year and the Group's and the Parent Company's financial position.</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">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Copenhagen 2022-03-14 3Shape Holding A/S 1060 Købehavn K Holmens Kanal 7 31473233 www.3shape.com info@3shape.com 70272620 Danske Bank 2022-05-03 Sandra Sobfeldt <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">To the shareholders of 3Shape Holding A/S</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 consolidated financial statements and the parent company financial statements of 3Shape Holding A/S for the financial year 1 January – 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2021 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2021 in accordance with the Danish Financial 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 Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</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">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements.</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 consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has 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="2">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td>►</td><td>Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td>►</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.</td></tr><tr><td>►</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td>►</td><td>Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td>►</td><td>Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td>►</td><td>Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</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 the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Copenhagen 2022-03-14 <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>Management's review</td></tr><tr><td /><td>Financial highlights for the company</td></tr><tr><td /><td>DKK '000</td><td>2021</td><td>2020</td><td>2019</td><td>2018</td><td>2017</td></tr></table><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 colspan="1">Management's review</td></tr><tr><td colspan="1">The Group's most important activities</td></tr><tr><td colspan="1">The Group's most important activities are development, production and sales of 3D scanners and 3D CAD / CAM software. The primary sales are products and software for dental laboratories, clinics and hearing aid manufacturers.</td></tr></table> 2585966000 15900000 705387000 -15871000 0.488 0.822 1735 <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>The financial ratios stated under "Key figures" have been calculated as follows</td></tr><tr><td /><td>Yield: Operating profit or loss/average assets</td></tr><tr><td /><td>Solvency ratio: Equity at year end /Total equity and liabilities at year end</td></tr><tr><td /><td>Return on equity: Profit or loss for the year after tax /Average 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 /><td>Financial highlights from 2017 to 2020 have been restated (refer to Accounting Policies)</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">Developments in activities and economic conditions</td></tr><tr><td colspan="1">The Group's turnover in 2021 amounts to DKK 2,585,966 thousand compared to DKK 1,719,118 thousand in 2020. Profit amounted to DKK 705,387 thousand, a 262% increase compared to 2020, and the equity was DKK 681,685 thousand per 31 December 2021. During 2021, the company distributed ordinary dividends of 267,001 DKKt and extraordinary dividends of 801,428 DKKt.</td></tr><tr><td colspan="1">Adjustment of comparison figures and opening balance</td></tr><tr><td colspan="1">Due to incorrect timing of revenue recognition in the 2020 annual report and in previous years Management has decided to adjust comparison figures and the opening balance of 1. January 2021 to reflect a true and fair view of the 2021 annual report. Reference is made to accounting policies for a detailed description of the corrections.</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 corporation between research and development, production, marketing, sales and customer support is critical for the Group's continued growth. An essential prerequisite for this is the acquisition and sharing of knowledge. As a result of the Group's continued growth in both the number of employees and geographical locations, the requirements for efficient knowledge sharing have been further strengthened.</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">The Group's sales of goods are invoiced in EUR, USD and CNY. A significant proportion of the Group's costs are incurred in currencies other than DKK and EUR, primarily in USD and PLN. As a result, the Group is exposed to currency risks.</td></tr><tr><td colspan="1">Currency risks are monitored on an ongoing basis.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">The Group's excess liquidity is invested in selected banks.</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">In recent years, the Group has continued focus on further developing the existing product portfolio and significant resources are allocated to the development of new products. New products and solutions are expected be introduced in the coming years.</td></tr><tr><td colspan="1">Own shares</td></tr><tr><td colspan="1">As at 31 December 2021 3Shape Holding A/S owned 616 shares which corresponds to 0,1% of the total shares. The Board has decided 3Shape Holding A/S can hold 1,000 own shares.</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 corporate social responsibility in accordance with section 99A and section 99B of the Danish Financial Statements Act</td></tr><tr><td colspan="1">The Group’s corporate social responsibility is driven by the overall goal of creating value through good relationships with customers, partners, employees and the communities in the countries in which 3Shape operates. The Group prioritizes corporate social responsibility, and it is expected that the company will comply with applicable legislation and international guidelines at all times. Simultaneously with the annual report , the Group has published the annual Environmental Social Governance Report, which covers non-financial results related to environmental and social impacts. Sustainable development is an essential driving force in society. The Group is committed to supporting the UN Sustainable Development Goals (SDG), with a focus on SDGs # 3, 5 and 9. These three SDGs reflect the areas where the Group currently sees the greatest potential to help create positive, enduring change by 1) deploying 3Shape’s capabilities and expertise through innovation, 2) empowering 3Shape’s people to give back to communities, and 3) managing 3Shape responsibly. As a fast-growing company with its own development and production, special attention is paid to the Group’s social and societal responsibilities in relation to employees and the imprint the Group makes on the climate and the environment. In addition, the Group emphasizes making a positive contribution to the general development of society in areas where the Group has the opportunity to exert influence, including in relation to respecting fundamental human rights, the fight against corruption, and the creation of an attractive and diversified workplace with fair and equal conditions and opportunities for all employees.</td></tr></table> http://www.3shape.com/ESG2021 <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">Data ethics policy in accordance with section 99D</td></tr><tr><td colspan="1">During 2021, a data ethics policy was developed and implemented to ensure responsible and sustainable data management. Please go to https://www.3shape.com/en/data-ethics-policy for futher information.</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">Events after the balance sheet date</td></tr><tr><td colspan="1">From February 2022, Management notes that the war in Ukraine may affect the Group’s mid-term performance. 3Shape has a subsidiary in Ukraine, primarily delivering customer support and R&amp;D services. However, it is not possible for Management to further quantify the effect, as it will depend on the development in Ukraine. Contingency plans are in place and will be activated as needed.</td></tr><tr><td colspan="1">Align Technology Inc. brought in 2017 and 2018 a number of lawsuits partly at the US International Trade Commission and partly at the District Court of Delaware against companies in the 3Shape group regarding alleged patent infringements. In 2020, Align filed a further lawsuit in the District Court of the Western District of Texas regarding alleged patent infringements. On 7 February 2022 Align and 3Shape agreed on settling all pending lawsuits between the parties.</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">2022 outlook</td></tr><tr><td colspan="1">3Shape's ambition is to generate long-term annual revenue growth, while maintaining an attractive profitability margin. Based on the current business environment, the current product pipeline, 3Shape's market position, and planned investments, the expectation for 2022 is to grow revenue and profit. However, based on current geopolitical environment and COV-19 outbreak, there is increased uncertainty regarding demand in the dental industry, which may impact 3Shape's short-term performance.</td></tr></table> 667205000 1918761000 380294000 228001000 421192000 20081000 4181000 905174000 199787000 10933000 3344000 267001000 801428000 -2439000 752964000 -123304000 629660000 629660000 49174000 760000 15871000 5835000 2411000 5352000 1068429000 -358309000 Regnskabsklasse C, stor virksomhed <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 3Shape Holding A/S for 2021 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities. In general the accounting policies used in the preparation of the financial statements are consistent with those of last year, however, comparison figures and opening value of equity have been changed to reflect incorrect timing of revenue recognition in the 2020 annual report and in previous years. The correction relates to recognition of first year software license sold together with scanner products which according to accounting principles is to be recognized on a straight-line basis over the license period. In 2020 and in previous years the revenue from first year software licenses has been recognized upon completion of the sale of the scanner product. With reference to a true and fair view Management has decided to correct the comparison figures and opening value of the equity in the annual report for 2021. Additionally the financial highlights presented in the Management Review has been adjusted accordingly.</td></tr><tr><td colspan="1">Restatement of comparison figures</td></tr><tr><td colspan="1">The comparison figures have been restated due to incorrect revenue recognition of term-based licenses in previous years. The correction to the opening equity for 2020 amounts to a negative adjustment of DKK 38,876 thousand and the opening balance of prepayments from customers increased by DKK 49,676 thousand and corporation tax receivable increased by DKK 10,800 thousand. The income statement for 2020 has been restated accordingly with a positive impact on revenue of DKK 5,611 thousand. The Parent Company measures investments in subsidiaries at equity method and the corrections described above is reflected accordingly in the opening equity for 2020, investments in subsidiaries and comparison figures in the financial statements for the parent company.</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">Consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements comprise the Parent Company 3Shape Holding A/S and subsidiaries controlled by 3Shape Holding A/S. The consolidated financial statements are prepared as a consolidation of the Parent Company's and the individual subsidiaries' financial statements, which are prepared according to the Group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends as well as realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the Group's interest in the entity.</td></tr><tr><td colspan="1">The subsidiaries' financial statement items are included 100% in the consolidated financial statements.</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">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Foreign exchange adjustments of balances with foreign subsidiaries that are considered part of the total net investment in the subsidiary are recognised directly in the translation reserve under equity. Correspondingly, foreign exchange gains and losses on loans and derivative financial instruments hedging net investments in foreign subsidiaries are recognised directly in the translation reserve under equity.</td></tr><tr><td colspan="1">On translation of foreign subsidiaries that are integral entities, monetary items are recognised at the exchange rates at the balance sheet date. Non-monetary items are recognised at the exchange rates at the acquisition date or at the date of any subsequent revaluation or impairment of the asset. Income statement items are translated at the exchange rates at the transaction date, although items derived from non-monetary items are translated at the historical exchange rates applying to the non-monetary items.</td></tr><tr><td colspan="1">Business combinations</td></tr><tr><td colspan="1">Newly acquired entities are recognised in the consolidated financial statements from the acquisition date. Entities sold or otherwise disposed of are recognised in the consolidated financial statements up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities.</td></tr><tr><td colspan="1">The acquisition date is the date when the Group actually obtains control of the acquiree.</td></tr><tr><td colspan="1">The purchase method is applied to acquisitions of new businesses over which the Group obtains control. The acquired businesses' identified assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations is recognised.</td></tr><tr><td colspan="1">Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill in intangible assets. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.</td></tr><tr><td colspan="1">Negative differences (negative goodwill) are recognised in the income statement at the acquisition date.</td></tr><tr><td colspan="1">Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the Group's presentation currency are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.</td></tr><tr><td colspan="1">The purchase consideration for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase consideration is contingent on future events or compliance with agreed terms, such part of the purchase consideration is recognised at fair value at the acquisition date. Subsequent adjustments of contingent purchase considerations are recognised in the income statement.</td></tr><tr><td colspan="1">If uncertainties regarding the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the purchase consideration exist at the acquisition date, initial recognition will take place on the basis of provisional values. If it turns out subsequently that the identification or measurement of the purchase consideration, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Subsequently, any adjustments are recognised as errors.</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">The Group has chosen IAS 11/IAS 18 as interpretation for revenue recognition.</td></tr><tr><td colspan="1">Income from the sale of goods for resale and finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer, the income can be measured reliably and payment is expected to be received.</td></tr><tr><td colspan="1">On the conclusion of sales contracts that consist of several separate sales transactions, the contract price is split up into the individual sales transactions based on the relative fair value approach. The separate sales transactions are recognised as revenue when the criteria for sale of goods or services are met.</td></tr><tr><td colspan="1">Revenue from term-based software licenses is accrued and recognized on a straight-line basis over the license period in accordance with the contract.</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">Production costs</td></tr><tr><td colspan="1">Production costs comprise costs, including depreciation, amortisation and salaries, incurred in generating revenue for the year. Manufacturing entities recognise their production costs incurred in generating the revenue for the year. Such costs include direct and indirect costs of raw materials and consumables, wages and salaries, rent and leases as well as impairment losses on production plant.</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">Distribution costs</td></tr><tr><td colspan="1">Distribution costs comprise costs related to the distribution of goods sold in the year and to sales campaigns, etc., carried out in the year, including costs related to sales staff, advertising, exhibitions as well as amortisation and depreciation. Sales and marketing costs are recognised in the income statement when the Group obtains control of the sales or marketing product.</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 cost</td></tr><tr><td colspan="1">The Group recognizes all internal and external research and development costs as they occur due to the embedded risk in these costs, which is also the custom in the industry. Research and development costs comprise costs related to staff and other costs that can be directly or indirectly linked to improvements of products or development of new products.</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">Administrative costs</td></tr><tr><td colspan="1">Administrative costs comprise costs incurred in the year to manage and administer the Group, including expenses related to administrative staff, management, office premises, office expenses and amortisation/depreciation.</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 comprise interest income and expenses, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, 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">Tax for the year</td></tr><tr><td colspan="1">The Parent Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries are included in the joint taxation arrangement from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation.</td></tr><tr><td colspan="1">The Parent Company acts as administration company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.</td></tr><tr><td colspan="1">On payment of joint taxation contributions, the Danish corporation tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income.</td></tr><tr><td colspan="1">Tax for the year comprises current income tax, joint taxation contribution and changes in deferred tax for the year due to changes in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts recognised directly in equity is recognised directly in 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 sheet</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 assets</td></tr><tr><td colspan="1">Acquired intangible assets are measued at cost less accumulated depreciation. Goodwill is amortised on a straight-line basis over the amortisation period, which is up to 10 years.</td></tr><tr><td colspan="1">Patents and licenses are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining term of the patent, and licenses are amortised over the term of the license, however not exceeding 10 years.</td></tr><tr><td colspan="1">Gains and losses on the disposal of patents and licenses are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating expenses, 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">Tangible Assets</td></tr></table><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 colspan="1">Property, plant and equipment</td></tr><tr><td colspan="1">Plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="1">Costs comprise the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries as well as borrowing costs relating to specific and general borrowing directly attributable to the construction of the individual asset.</td></tr><tr><td colspan="1">Individual components of property, plant and equipment that have different useful lives are accounted for as separate items, which are depreciated separately.</td></tr><tr><td colspan="1">Depreciation is provided on a straight-line basis over the expected useful lives of the assets, which are as follows</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>Leasehold</td><td>5 years (or shorter if agreement is shorter)</td></tr><tr><td>Fixtures and fittings, tools and equipment</td><td>3-5 years</td></tr><tr><td colspan="2">Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td colspan="2">Depreciation is recognised in the income statement as production costs, distribution costs, research &amp; development costs and administrative expenses, respectively. Gains and losses on the disposal of items of property, plant and equipment are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating expenses, 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">Leases</td></tr><tr><td colspan="1">The Company has chosen IAS 17 as interpretation for classification and recognition of leases.</td></tr><tr><td colspan="1">All leases are considered operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The Company's total liabilities relating to operating leases and other leases are disclosed under contingencies, 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">Impairment of non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment is tested annually for indication of impairment.</td></tr><tr><td colspan="1">An impairment test is conducted on individual assets or cash-generating units when there is indication of impairment. Write-down is made to the lower of the recoverable amount and carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr><tr><td colspan="1">Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.</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">Inventories</td></tr><tr><td colspan="1">Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value.</td></tr><tr><td colspan="1">Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs.</td></tr><tr><td colspan="1">Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries as well as indirect production overheads. Production overheads comprise costs of material and labour as well as maintenance of and depreciation on production machinery, buildings and equipment as well as costs relating to plant administration and management.</td></tr><tr><td colspan="1">The net realisable value of inventories is determined as the selling price less costs of completion and costs incurred to effect the sale, taking into account marketability, obsolescence and developments in the expected selling price.</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.</td></tr><tr><td colspan="1">The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.</td></tr><tr><td colspan="1">Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr><tr><td colspan="1">Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the country of domicile and credit ratings of the debtors in accordance with the credit risk management policy of the Parent Company and the Group. The objective evidence applied to portfolios is determined based on historical loss experience.</td></tr><tr><td colspan="1">Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate of the individual receivable or portfolio is used as discount rate.</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">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise payment of costs concerning subsequent financial years.</td></tr><tr><td colspan="1">Securities and investments</td></tr><tr><td colspan="1">Securities and investments consisting in listed shares and bonds are measured at fair value (market price) at the balance sheet date.</td></tr></table><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 colspan="1">Prepayments from customers</td></tr><tr><td colspan="1">Prepayments from customers recorded as liabilities comprise payments from customers concerning subsequent financial years and accrual of revenue from time-limited software licenses, which is recognized on a straight-line basis over the license period in accordance with the contract entered into.</td></tr><tr><td colspan="1">Share based remuneration</td></tr><tr><td colspan="1">The Group's equity-based share payment schemes in the form of warrants are recognized as an equity transaction at the time of exercise.</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">Equity</td></tr><tr><td colspan="1">Translation reserve</td></tr><tr><td colspan="1">The translation reserve comprises the share of foreign exchange differences arising on translation of financial statements of entities that have a functional currency other than DKK, foreign exchange adjustments of assets and liabilities considered part of the Company's net investments in such entities and foreign exchange adjustments regarding hedging transactions that hedge the Company's net investments in such entities. The reserve is dissolved on the sale of foreign entities. When equity investments in subsidiaries and associates in the parent company financial statements are subject to the limitation requirement in the net revaluation reserve according to the equity method, foreign exchange adjustments will be included in this equity reserve instead.</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">Dividend</td></tr><tr><td colspan="1">Proposed dividend is recognised as a liability at the date when it is adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the year is presented as a separate line item in equity.</td></tr><tr><td colspan="1">Liabilities</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">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on taxable income in previous years and tax paid on account.</td></tr><tr><td colspan="1">Joint taxation contributions payable and receivable are recognised in the balance sheet as corporation tax receivable or corporation tax payable.</td></tr><tr><td colspan="1">Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to non-deductible goodwill and on office premises and other items where temporary differences – apart from acquisitions – arise at the acquisition date without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.</td></tr><tr><td colspan="1">Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.</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</td></tr><tr><td colspan="1">Provisions comprise anticipated costs related to warranties. Provisions are recognised when the Group has a legal or constructive obligation as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at net realisable value or fair value. If the obligation is expected to be settled far into the future, the obligation is measured at fair value.</td></tr><tr><td colspan="1">Warranty commitments include expenses for remedial action in respect of the contract work within the warranty period of 1-5 years. Provisions for warranty commitments are measured at net realisable value and recognised based on past 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">Other liabilities</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable 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 flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td colspan="1">The cash flow effect of acquisitions and disposals of entities is shown separately in cash flows from investing activities. Cash flows from acquisitions of entities are recognised in the cash flow statement from the date of acquisition. Cash flows from disposals of entities are recognised up until the date of disposal.</td></tr><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as the Group's share of the profit/loss adjusted for non-cash operating items, changes in working capital, interest received and paid as well as 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 comprise payments in connection with acquisitions and disposals of entities, activities and intangible assets, property, plant and equipment and investments. Dividends received regarding securities are also considered investing activities.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise changes in the size or composition of the Group's share capital and related costs as well as the raising of loans, repayment of interest-bearing debt and payment of dividend to shareholders.</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 comprise cash and short-term marketable securities with a remaining term of three months or less that are subject to only minor risks of changes in 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 width="100%" colspan="1" align="left" valign="middle" >Noter</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Segment information</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Information regarding activities and geographical markets is omitted, cf. Danish Financial Statements Act § 96.1, as the company's Management has assessed that the inclusion of the information may cause significant damage to the group. The basis for Management's assessment is that the group operates in markets with few major global competitors, just as the group's product range is narrow. Disclosure of information relating to geographical segments or business segments in the annual report will be of great value to competitors and thus harmful to the 3Shape Group.</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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Depreciation of intangible and tangible assets</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="27%" align="right" valign="middle" >2021</td><td width="31%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Amortisation on intangible assets</td><td width="27%" align="right" valign="middle" >12.192</td><td width="31%" align="right" valign="middle" >11.353</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Depreciation on tangible assets</td><td width="27%" align="right" valign="middle" >27.221</td><td width="31%" align="right" valign="middle" >41.748</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Total Depreciation of intangible and tangible assets</td><td width="27%" align="right" valign="middle" ><b>39.413</b></td><td width="31%" align="right" valign="middle" ><b>53.101</b></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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income and expenses</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="27%" align="right" valign="middle" >2021</td><td width="31%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Interest income</td><td width="27%" align="right" valign="middle" >1.709</td><td width="31%" align="right" valign="middle" >5.099</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="27%" align="right" valign="middle" >14.901</td><td width="31%" align="right" valign="middle" > - </td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="27%" align="right" valign="middle" >3.471</td><td width="31%" align="right" valign="middle" >1.329</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Financial income</td><td width="27%" align="right" valign="middle" ><b>20.081</b></td><td width="31%" align="right" valign="middle" ><b>6.428</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Interest expenses</td><td width="27%" align="right" valign="middle" >-3.746</td><td width="31%" align="right" valign="middle" >-5.819</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Foreign exchange losses</td><td width="27%" align="right" valign="middle" > - </td><td width="31%" align="right" valign="middle" >-21.563</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="27%" align="right" valign="middle" >-435</td><td width="31%" align="right" valign="middle" >-1.831</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Financial expenses</td><td width="27%" align="right" valign="middle" ><b>-4.181</b></td><td width="31%" align="right" valign="middle" ><b>-29.213</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Total financial income and expenses</td><td width="27%" align="right" valign="middle" ><b>15.900</b></td><td width="31%" align="right" valign="middle" ><b>-22.785</b></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>Intangible assets</td></tr></table> 49174000 183000 760000 12192000 583000 -154000 <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>Tangible assets</td></tr></table> 15871000 -183000 5835000 27221000 -583000 -2277000 <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>Financial 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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Share capital</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital comprises 534,427 class A shares of DKK 1 DKK each.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Development in share capital during the past five years.</td></tr><tr><td width="26%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="17%" align="right" valign="middle" >2021</td><td width="18%" align="right" valign="middle" >2020</td><td width="8%" align="right" valign="middle" >2019</td><td width="17%" align="right" valign="middle" >2018</td><td width="14%" align="right" valign="middle" >2017</td></tr><tr><td colspan="6"></td></tr><tr><td width="26%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="17%" align="right" valign="middle" >531</td><td width="18%" align="right" valign="middle" >531</td><td width="8%" align="right" valign="middle" >530</td><td width="17%" align="right" valign="middle" >526</td><td width="14%" align="right" valign="middle" >526</td></tr><tr><td width="26%" colspan="1" align="left" valign="middle" >Capital increase</td><td width="17%" align="right" valign="middle" >3</td><td width="18%" align="right" valign="middle" > - </td><td width="8%" align="right" valign="middle" >1</td><td width="17%" align="right" valign="middle" >4</td><td width="14%" align="right" valign="middle" > - </td></tr><tr><td width="26%" colspan="1" align="left" valign="middle" >Share capital Total</td><td width="17%" align="right" valign="middle" >534</td><td width="18%" align="right" valign="middle" >531</td><td width="8%" align="right" valign="middle" >531</td><td width="17%" align="right" valign="middle" >530</td><td width="14%" align="right" valign="middle" >526</td></tr><tr><td colspan="6"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >.Provisions</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="27%" colspan="1" align="left" valign="middle" >Warranties</td><td width="31%" colspan="1" align="left" valign="middle" >.Total</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Cost 1 January 2021</td><td width="27%" align="right" valign="middle" >10.290</td><td width="31%" align="right" valign="middle" >10.290</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Adjustment for the year</td><td width="27%" align="right" valign="middle" >5.097</td><td width="31%" align="right" valign="middle" >5.097</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >31 December 2021</td><td width="27%" align="right" valign="middle" ><b>15.387</b></td><td width="31%" align="right" valign="middle" ><b>15.387</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other provisions are expected to mature within</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >0-1 years</td><td width="27%" align="right" valign="middle" >7.877</td><td width="31%" align="right" valign="middle" >7.877</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >2-5 years</td><td width="27%" align="right" valign="middle" >7.510</td><td width="31%" align="right" valign="middle" >7.510</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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Other payables</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Other payables primarly relate to employee costs.</td></tr><tr><td colspan="2"></td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="40%" colspan="1" align="left" valign="middle" >Other liabilities</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Other payables are expected to mature within</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >0-1 years</td><td width="40%" align="right" valign="middle" >75.715</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >2-5 years</td><td width="40%" align="right" valign="middle" >145</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >31 December 2021</td><td width="40%" align="right" valign="middle" ><b>75.860</b></td></tr><tr><td colspan="2"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Prepayments</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Prepayments comprise mainly software costs incurred concerning subsequent financial years.</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="27%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >.Software licenses</td><td width="27%" align="right" valign="middle" >21.347</td><td width="31%" align="right" valign="middle" >19.202</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" ><b>31 December 2021</b></td><td width="27%" align="right" valign="middle" ><b>21.347</b></td><td width="31%" align="right" valign="middle" ><b>297.156</b></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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Prepayments from customers</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Prepayments from customers recognized under liabilities primarily relate to payments for license subscriptions which cannot be recognized as revenue until a future period.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Prepayments from customers are expected to mature within</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >0-1 years</td><td width="40%" align="right" valign="middle" >324.898</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >2-5 years</td><td width="40%" align="right" valign="middle" >54.729</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >>5 years</td><td width="40%" align="right" valign="middle" >159</td></tr><tr><td width="60%" colspan="1" align="left" valign="middle" >31 December 2021</td><td width="40%" align="right" valign="middle" ><b>379.786</b></td></tr><tr><td colspan="2"></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>Employee costs and incentive plans</td></tr><tr><td /><td>Incentive plans</td></tr><tr><td /><td>In 2018 to 2021, the Group has established a warrant program for a number of employees and management in the Group. The warrant program was granted in the period 25 June 2018 to 9 April 2021. The total number of shares the Group's employees earn the right to purchase amounts to 2,818 a nom. DKK 1. The warrant program has a term of three years from the time of grant. The average exercise price is DKK 6,340 per share a nom. DKK 1. It is a condition for exercise of granted warrants that the employees in question have not terminated their position in the company / group. In accordance with Danish Financial Statements Act § 98b section 3 remuneration to the company’s Management is presented together for the Executive Management and the Board of Directors.</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>Remuneration to the company's Management amounts to</td><td>2021</td><td>2020</td></tr><tr><td /><td>Management and Board of Directors</td><td>11.862</td><td>5.783</td></tr></table> 592188000 6137000 33000000 18503000 649828000 <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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >.Deferred tax</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >DKK'000</td></tr><tr><td width="24%" ></td><td width="15%" colspan="1" align="left" valign="middle" >.Assets</td><td width="17%" colspan="1" align="left" valign="middle" >.Assets</td><td width="8%" colspan="1" align="left" valign="middle" >Liabilites</td><td width="15%" colspan="1" align="left" valign="middle" >Liabilites</td><td width="10%" colspan="1" align="left" valign="middle" >Net liabilities</td><td width="11%" colspan="1" align="left" valign="middle" >Net liabilities</td></tr><tr><td colspan="7"></td></tr><tr><td width="24%" ></td><td width="15%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2020</td><td width="8%" align="right" valign="middle" >2021</td><td width="15%" align="right" valign="middle" >2020</td><td width="10%" align="right" valign="middle" >2021</td><td width="11%" align="right" valign="middle" >2020</td></tr><tr><td colspan="7"></td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >..Intangible assets</td><td width="15%" align="right" valign="middle" >8.370</td><td width="17%" align="right" valign="middle" > - </td><td width="8%" align="right" valign="middle" >11.273</td><td width="15%" align="right" valign="middle" >8.855</td><td width="10%" align="right" valign="middle" >-2.903</td><td width="11%" align="right" valign="middle" >-8.855</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >.Tangible assets</td><td width="15%" align="right" valign="middle" >4.191</td><td width="17%" align="right" valign="middle" >2.697</td><td width="8%" align="right" valign="middle" >570</td><td width="15%" align="right" valign="middle" >526</td><td width="10%" align="right" valign="middle" >3.621</td><td width="11%" align="right" valign="middle" >2.171</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >.Receivables etc</td><td width="15%" align="right" valign="middle" >3.455</td><td width="17%" align="right" valign="middle" >6.529</td><td width="8%" align="right" valign="middle" >-3.160</td><td width="15%" align="right" valign="middle" >58</td><td width="10%" align="right" valign="middle" >6.615</td><td width="11%" align="right" valign="middle" >6.471</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >.Inventory</td><td width="15%" align="right" valign="middle" >18.913</td><td width="17%" align="right" valign="middle" >23.107</td><td width="8%" align="right" valign="middle" >1.036</td><td width="15%" align="right" valign="middle" >1.281</td><td width="10%" align="right" valign="middle" >17.877</td><td width="11%" align="right" valign="middle" >21.826</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >..Provisions</td><td width="15%" align="right" valign="middle" >3.838</td><td width="17%" align="right" valign="middle" >2.698</td><td width="8%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" >3.838</td><td width="11%" align="right" valign="middle" >2.698</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >.Liabilities other than provisions</td><td width="15%" align="right" valign="middle" >758</td><td width="17%" align="right" valign="middle" >1.170</td><td width="8%" align="right" valign="middle" >44</td><td width="15%" align="right" valign="middle" >32</td><td width="10%" align="right" valign="middle" >714</td><td width="11%" align="right" valign="middle" >1.138</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Tax loss carryforwards</td><td width="15%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > - </td><td width="8%" align="right" valign="middle" >28</td><td width="15%" align="right" valign="middle" >28</td><td width="10%" align="right" valign="middle" >-28</td><td width="11%" align="right" valign="middle" >-28</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >.Total</td><td width="15%" align="right" valign="middle" >39.525</td><td width="17%" align="right" valign="middle" >36.201</td><td width="8%" align="right" valign="middle" >9.791</td><td width="15%" align="right" valign="middle" >10.780</td><td width="10%" align="right" valign="middle" >29.734</td><td width="11%" align="right" valign="middle" >25.421</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >.Offsetting</td><td width="15%" align="right" valign="middle" >-3.502</td><td width="17%" align="right" valign="middle" >-3.009</td><td width="8%" align="right" valign="middle" >-3.502</td><td width="15%" align="right" valign="middle" >-3.009</td><td width="10%" align="right" valign="middle" > - </td><td width="11%" align="right" valign="middle" > - </td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >.Total</td><td width="15%" align="right" valign="middle" ><b>36.023</b></td><td width="17%" align="right" valign="middle" ><b>33.192</b></td><td width="8%" align="right" valign="middle" ><b>6.289</b></td><td width="15%" align="right" valign="middle" ><b>7.771</b></td><td width="10%" align="right" valign="middle" ><b>29.734</b></td><td width="11%" align="right" valign="middle" ><b>25.421</b></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Net changes in deferred tax</td></tr><tr><td colspan="7"></td></tr><tr><td width="79%" colspan="5" align="left" valign="middle" >Deferred tax at 1 January 2021</td><td width="10%" align="right" valign="middle" ><b>25.421</b></td><td width="11%" align="right" valign="middle" ><b>19.658</b></td></tr><tr><td width="79%" colspan="5" align="left" valign="middle" >Deferred tax adjustment for the year</td><td width="10%" align="right" valign="middle" >4.313</td><td width="11%" align="right" valign="middle" >5.763</td></tr><tr><td width="79%" colspan="5" align="left" valign="middle" >31 December 2021</td><td width="10%" align="right" valign="middle" ><b>29.734</b></td><td width="11%" align="right" valign="middle" ><b>25.421</b></td></tr><tr><td colspan="7"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contractual obligations and contingencies, etc.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >DKK'000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contingencies</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" ></td><td width="27%" align="right" valign="middle" >2021</td><td width="31%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Bank guarantee</td><td width="27%" align="right" valign="middle" >350</td><td width="31%" align="right" valign="middle" >350</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Contingencies Total</td><td width="27%" align="right" valign="middle" >350</td><td width="31%" align="right" valign="middle" >350</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Align Technology Inc. brought in 2017 and 2018 a number of lawsuits partly at the US International Trade Commission and partly at the District Court of Delaware against companies in the 3Shape group regarding. alleged patent infringements. In 2020, Align filed a further lawsuit in the District Court of the Western District of Texas regarding alleged patent infringements. On 7 February 2022 Align and 3Shape agreed on settling all pending lawsuits between the parties.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >In 2019, Densys Ltd filed a lawsuit in the District Court of the Western District of Texas against companies in the 3Shape group regarding alleged patent infringements. The case concerns only the US market, and 3Shape disputes the allegations made. The case was scheduled for trial in 2021, but the trial was postponed due to the COVID-19 situation. The case is now scheduled for trial in 2022.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >3Shape is still of the opinion that the above-mentioned case will not have a significant effect on the Group's future development and financial position.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Operating commitments</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >DKK'000</td></tr><tr><td width="42%" ></td><td width="27%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Purchase contracts</td><td width="27%" align="right" valign="middle" >114.690</td><td width="31%" align="right" valign="middle" >27.400</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Rental- and lease obligations</td><td width="27%" align="right" valign="middle" >158.784</td><td width="31%" align="right" valign="middle" >191.661</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Total</td><td width="27%" align="right" valign="middle" ><b>273.474</b></td><td width="31%" align="right" valign="middle" ><b>219.061</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remaining term is between 1 and 72 months.</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>..Related parties</td></tr><tr><td /><td>3Shape Holding A/S' related parties comprise the following</td></tr><tr><td /><td>The following shareholders are listed in the company's owner's register as owning a minimum of 5% of the votes or a minimum of 5% of the share capital</td></tr><tr><td /><td>- Clausen Engineering ApS, Copenhagen</td></tr><tr><td /><td>- Deichmann Media ApS, Copenhagen</td></tr><tr><td /><td>- EQT IX JAWS BIDCO S.À R.L, Luxembourg</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>Related parties</td></tr><tr><td /><td>The company only discloses transactions with related parties that have not been carried out on normal market terms, cf. section 98 c, subsection 1 of the Act. 7. There have been no transactions with related parties that have not been conducted under normal market conditions.</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>Distribution of profit/loss</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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in working capital</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >DKK'000</td></tr><tr><td width="42%" ></td><td width="27%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Changes in inventories</td><td width="27%" align="right" valign="middle" >-135.779</td><td width="31%" align="right" valign="middle" >76.063</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Changes in receivables</td><td width="27%" align="right" valign="middle" >-79.335</td><td width="31%" align="right" valign="middle" >371.939</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Changes in trade and other payables</td><td width="27%" align="right" valign="middle" >120.161</td><td width="31%" align="right" valign="middle" >-272.258</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Other changes in working capital</td><td width="27%" align="right" valign="middle" >-28.351</td><td width="31%" align="right" valign="middle" >10.492</td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" ><b>...Total</b></td><td width="27%" align="right" valign="middle" ><b>-123.304</b></td><td width="31%" align="right" valign="middle" ><b>186.236</b></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>Remuneration of the auditor elected by the general meeting</td></tr></table> 1042000 321000 277000 42000 1682000 <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" >Subsequent events</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >On 7 February 2022 Align and 3Shape agreed on settling all pending lawsuits between the parties (refer to note 15).</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >From February 2022, Management notes that the war in Ukraine may affect the Group’s mid-term performance. 3Shape has a subsidiary in Ukraine, primarily delivering customer support and R&D services. However, it is not possible for Management to further quantify the effect, as it will depend on the development in Ukraine. Contingency plans are in place and will be activated as needed.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1121.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Ledelsespåtegning Revisionspåtegning Grundlag for konklusion Konklusion Jakob Just-Bomholt CEO Jørgen Falkebo Jensen Chairperson Tais Clausen Vice chairperson Nikolaj Deichmann Vice chairperson Henriette Schütze Mikael Worning Mads Munkholt Ditlevsen 1719118000 -22785000 194869000 -18456000 0.628 0.206 1668 1714871000 5624000 114203000 -70495000 0.493 0.144 1725 1660771000 7352000 218098000 -32724000 0.618 0.274 1450 1554531000 -4886000 449774000 -13386000 0.667 0.621 1117 Gross profit/loss 1918761000 Gross profit/loss 1177293000 Gross profit/loss 1171423000 Gross profit/loss 1204390000 Gross profit/loss 1171343000 Operating profit/loss 889274000 Operating profit/loss 262736000 Operating profit/loss 139947000 Operating profit/loss 278308000 Operating profit/loss 584868000 1395942000 681685000 91572000 62179000 15856000 169607000 200804000 36415000 49028000 286247000 316683000 35130000 36023000 38411000 21347000 447594000 0 492494000 1226335000 534000 18201000 -3344000 397707000 268587000 6289000 145000 15387000 54888000 69199000 324898000 223933000 13002000 75715000 645058000 714257000 1395942000 158311000 66739000 135635000 73456000 1646346000 1034699000 1733776000 854751000 1183949000 731752000 1290710000 861464000 Yield 0.585 Yield 0.155 Yield 0.096 Yield 0.225 Yield 0.539 1719118000 541826000 1177293000 336608000 236534000 341415000 6428000 29213000 239951000 45082000 194869000 198813000 186236000 385049000 385049000 7057000 3859000 18456000 26483000 4891000 5525000 0 402315000 555051000 2157000 29245000 28344000 614797000 1667 936000 328000 9000 70000 1343000 55596000 76687000 18797000 151080000 89601000 25526000 35341000 150468000 267409000 18870000 33192000 29586000 19202000 368259000 136536000 850803000 1506066000 1657146000 531000 7271000 0 759896000 267001000 1034698000 7771000 29957000 5145000 54677000 97550000 274027000 156539000 4933000 84253000 524897000 622447000 1657146000 531000 7271000 0 759896000 267001000 1034699000 850803000 109714000 54118000 125782000 49095000 3000 0 0 0 0 0 10930000 0 0 0 0 0 0 3344000 0 0 0 0 0 0 436800000 0 801428000 -2439000 0 0 268587000 267001000 0 0 534000 18201000 -3344000 397707000 268587000 Disposal of securities 135969000 Disposal of securities 11803000 448488000 20433000 16169000 50008000 20718000 39273000 17231000 0 0 7759000 183000 0 3583000 365000 0 8335000 0 760000 5139000 151000 -154000 31570000 0 0 3470000 67000 0 1510000 0 0 0 0 0 28375000 20117000 8258000 57583000 25854000 31729000 70843000 20768000 50075000 1510000 0 1510000 67554000 29505000 58228000 19590000 0 0 13464000 108000 4802000 15671000 -449000 -1716000 2013000 -291000 1033000 11550000 -134000 -561000 394000 0 0 0 0 0 76324000 43011000 33313000 58917000 30445000 28472000 394000 0 394000 18797000 2411000 5352000 15856000 268587000 267001000 436800000 -72132000 EY Godkendt Revisionspartnerselskab 30700228 Kennet Hartmann statsaut. revisor mne40036 Morten Weinreich Larsen statsaut. revisor mne42791 30700228 EY Godkendt Revisionspartnerselskab