36967552 2023-01-01 2023-12-31 36967552 2023-12-31 36967552 2023-01-01 2023-12-31 1 36967552 2023-01-01 2023-12-31 1 36967552 2022-01-01 2022-12-31 36967552 2022-01-01 2022-12-31 1 36967552 2022-12-31 36967552 2021-01-01 2021-12-31 36967552 2021-01-01 2021-12-31 1 36967552 2021-12-31 36967552 2020-01-01 2020-12-31 36967552 2020-01-01 2020-12-31 1 36967552 2020-12-31 36967552 2019-01-01 2019-12-31 36967552 2019-01-01 2019-12-31 1 36967552 2019-12-31 36967552 2022-12-31 fsa:ContributedCapitalMember 36967552 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 36967552 2023-12-31 fsa:ContributedCapitalMember 36967552 2022-12-31 fsa:RetainedEarningsMember 36967552 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 36967552 2023-12-31 fsa:RetainedEarningsMember 36967552 2021-12-31 fsa:ContributedCapitalMember 36967552 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 36967552 2021-12-31 fsa:RetainedEarningsMember 36967552 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 36967552 2023-01-01 2023-12-31 1 36967552 2023-01-01 2023-12-31 2 36967552 2023-01-01 2023-12-31 3 iso4217:DKK xbrli:pure Henrik Laursen Copenhagen Raj Paul Singh Adam O’Reilly Petra Lindner Management’s StatementThe Executive Board has today considered and adopted the Annual Report of Cassin Networks ApS (the "Company") for the financial year 1 January - 31 December 2023.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and of the results of the Company operations for 2023.In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review.I recommend that the Annual Report be adopted at the Annual General Meeting. To the Shareholder of Cassin Networks ApS OpinionWe have audited the financial statements of Cassin Networks ApS for the financial year 1 January – 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company's operations for the financial year 1 January – 31 December 2023 in accordance with the Danish Financial Statements Act. Basis for OpinionWe 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 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. IndependenceWe are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management's responsibilities for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur 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. 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: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Independent Auditor’s Report Statement on the Management’s ReviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read 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. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. 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 Statement Act. We did not identify any material misstatement of the Management's review. Vejle Claus E. Andreasen State Authorised Public Accountant mne16652 Cassin Networks ApS Amerika Plads 37 2100 København Ø København EY Godkendt Revisionspartnerselskab Lysholt Allé 10 7100 Vejle Seen over a five-year period, the development of the Company is described by the following financial highlights: 2525765000 3062103000 2923306000 2364527000 987203000 Operating profit/(loss) Operating profit/(loss) Operating profit/(loss) Operating profit/(loss) Operating profit/(loss) 121039000 224632000 232912000 228724000 8210000 187119000 222490000 226788000 168360000 7845000 13490000 4375000 -9891000 17986000 -21070000 157924000 173209000 169164000 145171000 -10453000 15340007000 16869618000 13223663000 12619532000 11339930000 14684605000 14526681000 12490299000 12321135000 11003964000 2013462000 5106889000 2629967000 3153030000 4168475000 84 81 73 63 54 0.612 1.257 0.792 0.857 0.767 0.074 0.073 0.078 0.071 0.008 0.012 0.013 0.017 0.013 0.001 0.957 0.861 0.945 0.976 0.9700 0.011 0.012 0.014 0.012 -0.001 Key activitiesThe Company carries on the business of and activities associated with data hosting services from a data centre in Denmark.Turnover for the year is the value of principal services supplied by the Company to other group companies, net of VAT. Management’s ReviewDevelopment in the yearThe income statement of the Company for 2023 shows a profit of TDKK 157.924, and at 31 December 2023 the balance sheet of the Company shows equity of TDKK 14.684.605.Turnover decreased from DKK 3.062 million in 2022 to DKK 2.526 million in 2023, a decrease of DKK -536 million. This decrease was attributable to the lesser intercompany activity for data hosting services in 2023.The Company has constructed a data centre in a commercial park close to Odense, Denmark.The developments in the year are in line with 2023's expected developments which is acceptable to management.During 2023, construction of the third data centre building was completed.Expected DevelopmentsThe Company plans to continue to operate the data centre and intends to continue its ability to operate on a going concern basis.Principal risks and uncertainties facing the businessFinancial risk management objectives and policiesThe Company operates in a market which is characterised by continuous change. As a result, the Company faces risks and uncertainties which may have a significant impact on its ability to achieve continued success within its market.Management has considered its exposure to the below risks, and does not consider the Company to have significant exposures in respect of these risks.Market risksMarket risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise a number of types of risk including interest rate risk and currency risk.Foreign exchange risksCurrency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The board of directors has a currency policy in place and the exposure to currency risk is monitored on an ongoing basis.Interest rate risksInterest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in interest rates. The Company has no significant liabilities carrying interest rates, and as such management does not consider this to be a risk to the Company.Credit risksCredit risk is the risk that a counter party will not meet its objectives under a financial instrument or customer contract, leading to financial risk. The board of directors has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.Liquidity risksLiquidity risk is the risk that the Company will encounter difficulty in realising assets or otherwise raising funds to meet commitments. The Company monitors its risk to shortage of funds on a regular basis, its objective being to ensure sufficient funds are available to meet its obligations as they fall due.Targets and expectations for the year aheadRevenue and results for 2024 are expected to be at the same level as the 2023 figures.The directors do not anticipate any future changes in the principal activity of the Company.Uncertainty relating to recognition and measurementThere are no uncertainties or special assumptions in relation to the recognition or measurement of amounts recorded in the financial statements.Going concern The directors have evaluated the relevant conditions and events that are known and reasonably knowable at the date that the financial statements are approved. The directors have a reasonable expectation, based on their review of the projected business operations, that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.Subsequent eventsThere have been no events subsequent to year ended 31 December 2023 that require disclosure. Statement of corporate social responsibility, cf. §99aSec.99a statement of business modelCassin Networks ApS as part of the Meta group, (‘Meta’), participates in Corporate Social Responsibility (‘CSR’) actions and initiatives of the group following the appropriate group policies. Meta’s mission is to give people the power to build community and bring the world closer together. Cassin Networks ApS carries on the business of and activities associated with data hosting services as part of the group mission.Sec.99a human rightsImpact on Human RightsMeta is committed to respecting human rights as set out in the United Nations Guiding Principles on Business and Human Rights (UNGPs), and have made significant progress on our human rights journey. In 2021, Meta adopted a corporate human rights policy, available at https://about.fb.com/wp-content/uploads/2021/03/Facebooks-Corporate-Human-Rights-Policy.pdf, that, among other elements, commits Meta to respecting human rights as set out in the UNGPs, and other human rights standards. The Policy guides teams to build rights-respecting products, respond to emerging crises, and work to embed human rights at scale.In 2022, Meta published its first annual human rights report (https://humanrights.fb.com/wp-content/uploads/2023/09/2021-Meta-Human-Rights-Report.pdf), the first in a series of steps focused on addressing potential human rights concerns that stem from our products, policies or business practices. Meta launched an ongoing enterprise-wide training for employees to learn about Meta’s commitment to human rights and to recognize how to respect human rights when building products, policies and programs. This training supports Meta’s goals to innovate and build responsibly and fulfils commitments we made when we launched our human rights policy. Meta conducts human rights due diligence to identify human rights risks and to help the company avoid, prevent and mitigate them and has published a number of human rights impact assessments including on the Philippines, end-to-end encryption and Israel-Palestine. Meta undertook in 2022/23 an enterprise-wide comprehensive salient risk assessment (CRSA), a foundational analytical project intended to help Meta appropriately identify its most salient inherent human rights risks as per the UNGP criteria of scope, scale and remediability, and likelihood. The results were published in Meta’s second annual human rights report (https://humanrights.fb.com/wp-content/uploads/2023/09/2022-Meta-Human-Rights-Report.pdf), published in 2023. The salient risks identified were: right to freedom of opinion and expression; privacy; right to life, liberty, and security of person; rights to equality and non-discrimination; best interests of the child; right to health, freedom of association and assembly and rights to public participation, to vote, and be elected. As Meta continues to mature its human rights program, Meta looks forward to the publication of its third annual human rights report in 2024 and to, among other things, implementing the advanced accountability mechanisms described in Meta’s second annual human rights report.Our approach to human rights, our corporate policy, reports, and relevant insights arising from human rights due diligence can be found at humanrights.fb.com/. There are no specific results to report for Cassin for 2023.Sec.99a environmental issues and climateImpact on Environment and ClimateCassin Networks ApS is part of Meta, who has developed a sustainability program and annual reporting that covers the entire group.At Meta, sustainability is about more than operating responsibly; it’s an opportunity to support the communities it is a part of and have a positive impact on the world. Meta is committed to fighting climate change, and embraces the responsibility and opportunity to impact the world beyond its operations. Meta believes sustainability is about minimizing the impact of its energy, emissions, and water usage, protecting workers and the environment in its supply chain, and partnering with others around it to develop and share solutions for a more sustainable world.As Meta works towards achieving its sustainability goals and commitments, it must also navigate the potential risks associated with transitioning to a low-carbon economy. Transitional risks can occur as businesses recalibrate to a cleaner, green economy. To assess our transitional climate risks, we consider potential changes to climate policies as well as technological, market and reputational risks.Net Zero Greenhouse Gas Emissions: Since 2020, Meta has achieved net zero greenhouse gas emissions and been 100% supported by renewable energy in its global operations, and it engages a third-party reviewer annually to validate its performance. Meta’s portfolio of more than 10,000 megawatts (MW) of renewable energy makes Meta one of the largest corporate buyers of renewable energy globally, and the corporation with the largest operating portfolio in the U.S. with more than 5,500MW online. In addition, Meta has set a goal to reach net zero greenhouse gas emissions across our value chain in 2030. In 2023, Meta set a science-based emissions reduction target in line with what is necessary to transition to a zero-carbon future, and have roadmapped its strategy to systematically transform the way it does business.Sustainable Facilities and Communities: Meta prioritizes water stewardship, and as a result, its data centres are over 80% more water efficient than the average data centre. In 2021, Meta announced an ambitious goal to be water positive in 2030 and in 2022, joined the Water Resilience Coalition of the UN CEO Water Mandate, a cross-sector initiative to raise the ambition of corporate water stewardship and foster collective impact in priority basins. Meta also leverages rigorous sustainable design standards so that its facilities are constructed with responsible materials, utilize natural daylight, and are energy and water conscious. Many of Meta’s buildings, including all data centres, have achieved sustainable design certifications.In 2023, seven buildings at several Meta data centres earned LEED Gold certification.In addition to its data centres, all Meta offices over 100,000 square feet are required to be LEED Gold or higher, and some offices also adhere to Fitwel, GreenStar, ISO 50001, and WELL standards. Meta’s facilities teams monitor building resource consumption trends and prioritize performance optimizations to ensure energy and water efficiency. In 2023, 17 office buildings across 5 cities earned LEED certification, 27 energy audits completed across NORAM office buildings and lighting in Berlin and Paris office buildings upgraded to LED lighting systems.Supply Chain: Meta’s Responsible Supply Chain program strives to empower workers and protect the environment - through open and frequent communication with its suppliers; deep understanding of core sustainability issues; and initiatives that support safe, healthy and fair working conditions. Meta’s approach begins with establishing clear expectations with our manufacturing suppliers through its standards and policies including the Responsible Business Alliance (RBA) Code of Conduct, Meta’s Anti-Slavery and Human Trafficking Statement, and Meta’s Responsible Minerals Sourcing Policy. Meta works closely with its manufacturing suppliers to help them build internal capabilities to meet requirements and improve their overall sustainability performance.Net zero supplier engagement program: The Net Zero Supplier Engagement Program was established to set expectations with key suppliers for committing to emissions reduction targets and support them in meeting those targets. In 2023, Meta provided capacity-building training to its suppliers on calculating emissions, setting science-aligned GHG targets, building and operationalizing a GHG roadmap, creating a renewable energy procurement strategy, and understanding renewable energy markets.Sec.99a social and employee conditionsSocial and staff mattersMeta is proud of its unique company culture where ideas, innovation, and impact win. Diversity and inclusion are core to work at Meta. Meta seeks to build a diverse and inclusive workplace where it can leverage collective cognitive diversity to build the best products and support the global community. Meta publishes its pay equity, global gender diversity, and U.S. ethnic diversity workforce data annually, and works to support group goals of diversifying its workforce through recruiting, retention, people development, and inclusion. Meta offers competitive compensation to attract and retain the best people, and helps care for people through a holistic approach to benefits so they can focus on the group mission. Meta believes in the impact people can have when they come together and are committed to building tools and initiatives to help people make an impact in their neighbourhoods and in communities around the world. Meta has ongoing efforts in a number of areas to help people in times of need, including charitable giving, crisis response, and access to health and civic information. If the company does not succeed in attracting, hiring, and integrating excellent personnel, or retaining and motivating existing personnel, it may be unable to grow effectively. Cassin's average headcount grew from 81 to 84 during 2023. Meta strives to build diverse teams across our company to further our mission. Meta is also committed to promoting diversity among the companies that do business with Meta. More information on the progress of Meta’s commitment to grow and keep a workforce that is diverse, inclusive and equitable, is available at about.fb.com/news/2022/07/metas-diversity-report-2022/.Sec.99a anti-corruptionAnti-corruptionThe infrastructure expansion Meta is undertaking is complex and involves projects in multiple locations around the world, including in emerging markets that expose Meta to increased risks relating to anti-corruption compliance and political challenges, among others. Meta’s Anti-Corruption Policy (the “Policy”) applies to all Meta personnel (defined in Meta’s Code of Conduct as members of the Board of Directors, officers, and employees of Meta, as well as contingent workers including vendor workers, contractors, and consultants) in connection with any of their activities related to work with Meta.The Policy addresses the following:• No allowance of bribes or kickbacks.• Ethical engagement with government entities and officials.• Adherence to gift and business hospitality rules, including limits and pre-approval requirements, asrequired in Meta’s Gifts & Business Entertainment Policy.• Adherence to Meta’s Grants and Donations Policy.• Working responsibly with ethical and qualified third parties.• Identifying and addressing red flags.• Creating and maintaining accurate business records and effective internal controls.• Conducting risk-based due diligence with acquisitions and joint ventures.• Reporting, without delay, all known or suspected violations of the Policy directly to Compliance,Internal Audit, or through Meta’s Speak Up Line.The Policy provides that Meta’s Audit and Risk Oversight Committee shall review the Anti-Corruption Policy on a regular basis, evaluate its effectiveness, and update or amend the Policy as necessary.In addition, Meta seeks to collaborate responsibly with third parties through:• Performing risk reviews on third parties and obtaining proper approvals prior to engagement toensure they are ethical, qualified, reputable and accountable• Seeking to engage only with third parties that align with Meta’s mission and values.• Aiming to source and partner responsibly by requiring third parties to adhere to Meta’s expectationsand relevant laws and regulations, such as privacy and security requirements, anti-corruption laws,tax trade and sanctions laws, and the Responsible Business Alliance (RBA) standards to build safe,resilient, diverse and economically empowered communities.• Sourcing through competitive bidding processes and approved agreements.Meta requires all personnel to complete both the Code of Conduct training at onboarding and an Annual Required Training training, both of which include anti-corruption content. In addition, Meta’s Corporate Compliance & Ethics function includes a dedicated anti-corruption counsel team and compliance professionals comprised of subject matter experts who oversee the anti-corruption compliance program, provide counselling to business and functional teams across the company, and provide focused in-person training to higher risk teams and initiatives, and to groups responsible for implementing anti-corruption controls. There are no specific results to report for Cassin for 2023. Report on gender distribution in managementSec.99b Executive BoardAt 31 December 2023, the Company's Executive Board consisted of 2 members in total, which means that the Company is not subject to the obligation to set a target figure for the underrepresented gender at the Executive Board pursuant to section 99b of the Danish Financial Statements Act and section 139c of the Danish Companies Act, as this obligation requires as a minimum 3 members in total.Underrepresented gender (in %) Not applicableTarget figure (in %) Not applicableYear for achievement of target figure Not applicableSec.99b Other managerial positionsAt the balance date (31 December 2023), the other management levels of the Company consisted of 2 people with employee responsibilities, of whom 2 were male and 0 was female. This means that the share of women and men at the other management levels is deemed equal in the sense of the Danish Financial Statements Act section 99b and the Danish Companies Act section 139c. An equal gender balance is interpreted as a 40/60% split or the percentage closest to 40 % without exceeding 40 % based on the total number of members. Due to the already equal gender balance, the Company is not subject to the obligations to (i) set a target figure for the underrepresented gender nor to (ii) prepare a policy to increase the number of the underrepresented gender at the other management levels of the Company.Underrepresented gender (in %) Not applicableTarget figure (in %) Not applicableYear for achievement of target figure Not applicable 2 2 Sec.99d Data ethicsThe Company makes use of the exemption rule in Sec. 99d number 3 of the Danish financial Statements Act.The company adheres to the data policy that covers the entire Meta group. Meta’s data policy resources are available at: https://www.facebook.com/policy.php 239260000 1974534000 1189026000 1157881000 29425000 28463000 1546574000 3850293000 134472000 97903000 1291063000 3527758000 -66080000 2142000 46334000 26573000 32844000 22198000 200609000 226865000 42685000 53656000 11017758000 6808338000 549000 181000 2953944000 2630200000 403274000 4732961000 14375525000 14171680000 467000 467000 467000 467000 14375992000 14172147000 179985000 2129718000 87062000 298948000 36589000 13466000 303636000 2442132000 660379000 255339000 964015000 2697471000 103000 103000 14684502000 14526578000 132878000 82114000 132878000 82114000 346397000 1940694000 149313000 173909000 26814000 146220000 522524000 2260823000 522524000 2260823000 15340007000 16869618000 103000 14526578000 0 157924000 103000 14684502000 103000 12490196000 0 1863173000 1863173000 0 173209000 1 Subsequent eventsThere have been no events subsequent to year ended 31 December 2023 that require disclosure. 2 Revenue2023 2022TDKK TDKKGeographical segmentsData hosting services, Denmark (intercompany) 2.525.765 3.062.103 2.525.765 3.062.103 3 Other income2023 2022TDKK TDKKIndemnification from Meta Inc. 239.260 1.974.534 239.260 1.974.534 4 Staff expenses2023 2022TDKK TDKKWages and salaries 125.755 89.245 Pensions 8.393 7.761 Other social security expenses — 634 Other staff expenses 324 263 134.472 97.903 The directors of the Company, during the current and previous year, were also senior executives of, and were remunerated by, other Meta entities and received no remuneration for services to this Company. 5 Depreciation and impairment of property, plant and equipment2023 2022TDKK TDKKDepreciation of property, plant and equipment 1.591.872 1.585.770 Impairment of property, plant and equipment (300.809) 1.941.988 1.291.063 3.527.758 6 Financial income2023 2022TDKK TDKKOther financial income 13.887 341 Exchange adjustments 32.447 26.232 46.334 26.573 7 Financial expenses2023 2022TDKK TDKKOther financial expenses 43 513 Exchange adjustments, expenses 32.801 21.685 32.844 22.198 8 Tax on profit/loss2023 2022TDKK TDKKCurrent tax:For the year (5.693) 26.186 For prior year (2.386) — (8.079) 26.186 Deferred taxFor the year 50.912 27.470 For prior year (148) — 50.764 27.470 42.685 53.656 9 Property, plant and equipmentOther fixtures and fittings, Property, plant Land and Plant and tools and and equipment buildingsmachineryequipmentin progress TotalTDKK TDKK TDKK TDKK TDKKCost at 1 January7.858.044 726 7.324.680 6.674.949 21.858.399Additions for the year384.248 592 26.550 1.602.072 2.013.462Disposals for the year(10.563) — (247.977) (2.135.098) (2.393.638)Transfers for the year4.189.901 — 1.548.748 (5.738.649) —Cost at 31 December12.421.630 1.318 8.652.001 403.274 21.478.223Impairment losses and 1.049.706 545 4.694.480 1.941.988 7.686.719depreciation at 1 JanuaryDepreciation for the year354.318 224 1.237.330 — 1.591.872Impairment for the year— — — (300.809) (300.809)Reversal of impairment and depreciation of sold (152) — (233.753) — (233.905)assetsReclassification of impaired assets to — — — (1.641.179) (1.641.179)disposalsImpairment losses and depreciation at 31 1.403.872 769 5.698.057 — 7.102.698DecemberCarrying amount at 31 11.017.758 549 2.953.944 403.274 14.375.525December 2023 10 Fixed asset investmentsDepositsTDKKCost at 1 January 467 Additions for the year — Cost at 31 December 467 Carrying amount at 31 December 2023 467 11 Cash and cash equivalents2023 2022TDKK TDKKBank 660.379 255.339 660.379 255.339 12 EquityThe share capital consists of 103,000 shares of a nominal value of DKK 1. No shares carry any special rights. 157924000 173209000 14 Provision for deferred tax2023 2022TDKK TDKKProvision for deferred tax at 1 January 2023 82.114 54.644 Amounts recognised in the income statement for the year 50.764 27.470 Provision for deferred tax at 31 December 2023 132.878 82.114 15 Other payables2023 2022TDKK TDKKOther short-term payables 26.814 146.220 26.814 146.220 16 Contingent assets, liabilities and other financial obligationsOther contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the Group's jointly taxed income. Cassin Networks ApS is the administration company of the joint taxation. The Danish group companies are also jointly and severally liable for Danish withholding tax on dividend, royalties and interest. 17 Related partiesControlling interestFacebook International Operations Limited, Ireland Parent CompanyMeta Platforms, Inc., USA Ultimate Parent CompanyTransactionsThe following were the significant related party transactions based on terms as agreed between parties during the financial year:(a) Transactions with related parties:Revenue:Related party, TDKK 2.525.765 (TDKK 3.062.103 in FY 2022)Other Operating incomeRelated party, TDKK 239.260 (TDKK 1.974.534 in FY 2022) Purchases:Related parties gain/(loss) on sale transfer of assets, TDKK 0 (TDKK 2.143 in FY 2022)(b) Period end balances with related parties:Amounts due from related parties, TDKK 179.985 (TDKK 2.129.718 in FY 2022)Amounts due to related parties, TDKK 149.313 (TDKK 173.909 in FY 2022)OwnershipThe following shareholder is recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital:Facebook International Operations LimitedMerrion Road, Dublin 4, IrelandConsolidated Financial StatementsThe Company is included in the Group Annual Report of the Ultimate Parent Company:Name Place of registered officeMeta Platforms, Inc. Delaware, USAThe Group Annual Report of Meta Platforms, Inc. may be obtained at the following address:http://investor.fb.com/ 18 Fee to auditors appointed at the general meeting2023 2022TDKK TDKKEYAudit fee 283 286 283 286 Accounting PoliciesThe Annual Report of Cassin Networks ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The Financial Statements for 2023 are presented in TDKK.Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Translation policiesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions, or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in statement of comprehensive income.Non-monetary assets and liabilities which are measured using historic cost are translated at the exchange rate at the date of the initial translation and are not subsequently retranslated. Non-monetary assets and liabilities which are measured using fair value are translated at the exchange rates at the date when the fair value was determined.RevenueInformation on geographical segments based on the Company's risks and returns and its internal financial reporting system. Geographical segments are regarded as the primary segment.Income StatementRevenueIn accordance with IAS 18, the Company recognises revenue when services are supplied by the Company to other group companies, net of value added tax. It is derived from the Company’s principal activity of the provision of data hosting services.Cost of salesCost of sales comprise the raw materials and consumables consumed to achieve revenue for the year.Other external expensesOther external expenses comprise expenses for office expenses, etc.Staff expensesStaff expenses comprise wages and salaries as well as payroll expenses.Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of property, plant and equipment.Other operating income/expensesOther operating income/expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment.Financial income and expensesFinancial income and expenses comprise interest, realised and unrealised exchange adjustments, as well as extra payments and repayment under the on account taxation scheme.Tax on profit/lossTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.Balance SheetProperty, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, other than for assets under construction which are not depreciated until such time as the assets are ready for their intended use.The estimated useful lives are as follows:Buildings 25 yearsPlant and machinery 1-3 yearsOther fixtures and fittings, tools and equipment 3-5 yearsLand is not depreciated.The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. These are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of the tangible assets and above for the useful economic lives for each class of asset.An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.Assets are comprised of property, plant and equipment in progress; equipment, fixtures and fittings; and leasehold improvements. Assets under construction are not depreciated until such a time as the assets are ready for their intended use.Impairment of non-current assetsThe carrying amount of property, plant and equipment, plant and machinery and leasehold improvements are reviewed annually for evidence of impairment other than the decrease in value reflected by amortisation/depreciation.Impairment tests are conducted on individual assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount).The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets.Previously recognised impairment losses are reversed when the reason for recognition no longer exists.Fixed asset investmentsFixed asset investments consist of deposits.ReceivablesReceivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables with no objective indication of individual impairment are assessed for objective indication of impairment on a portfolio basis.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 for the individual receivable or portfolio is used as discount rate.Deferred tax assets and liabilitiesDeferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount for financial reporting purposes and the tax base of assets and liabilities on the basis of the intended use of the asset and settlement of the liability.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which they are expected to be utilised, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax due to changes in the tax rate are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on account taxation scheme are recognised in the income statement in financial income and expenses.Financial debtsLoans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value.Financial HighlightsExplanation of financial ratiosGross margin Gross profit x 100RevenueProfit margin Profit before financials x 100RevenueReturn on assets Profit before financials x 100Total assetsSolvency ratio Equity at year end x 100Total assets at year endReturn on equity Net profit for the year x 100Average equity true Cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Meta Platforms, Inc., the Company has not prepared a cash flow statement. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-06-27 Reporting class C, large enterprise 36967552 about.fb.com/news/2022/07/metas-diversity-report-2022/ https://www.facebook.com/policy.php 2024-06-21 529900VSWLQF0O3GA946 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2024-06-21 30700228