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cmn:PreviousYearMember cmn:ConsolidatedMember 31 35822690 2021-05-01 2022-04-30 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 32 35822690 2021-05-01 2022-04-30 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 33 35822690 2021-05-01 2022-04-30 cmn:FourYearsAgoMember cmn:ConsolidatedMember 34 35822690 2021-05-01 2022-04-30 cmn:ConsolidatedMember 0 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2021-05-01 2022-04-30 918950000 0 128835000 154874000 635241000 597606000 13248000 24387000 0 252000 1049000 23590000 629000 22961000 35000000 -9235000 0 9590000 20824000 91920000 252000 1049000 52893000 15774000 5487000 0 -5487000 -2060000 35000000 -109788000 -78156000 522551000 22376000 52679000 735 <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="5" align="left" valign="middle" ><b>Depreciation, amortisation and impairment losses</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2021/22</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2020/21</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b></b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Goodwill</td><td width="13%" align="right" valign="middle" >651</td><td width="13%" align="right" valign="middle" >705</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Other intangible assets</td><td width="13%" align="right" valign="middle" >4.898</td><td width="13%" align="right" valign="middle" >4.256</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Fixtures and fittings, other plant and equipment</td><td width="13%" align="right" valign="middle" >857</td><td width="13%" align="right" valign="middle" >722</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Leasehold improvements</td><td width="13%" align="right" valign="middle" >3.184</td><td width="13%" align="right" valign="middle" >3.260</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Minor new acquisitions</td><td width="13%" align="right" valign="middle" >3.658</td><td width="13%" align="right" valign="middle" >3.323</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" ><b>Total depreciation</b></td><td width="13%" align="right" valign="middle" >13.248</td><td width="13%" align="right" valign="middle" >12.266</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> 214000 38000 1049000 18471000 -18456000 614000 <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="5" align="left" valign="middle" ><b>Contract work in progress</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2021/22</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2020/21</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b></b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Recognised as follows</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Contract work in progress</td><td width="13%" align="right" valign="middle" >7.089</td><td width="13%" align="right" valign="middle" >8.393</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Prepayments for contract work in progress</td><td width="13%" align="right" valign="middle" >-4.619</td><td width="13%" align="right" valign="middle" >-7.301</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Total work in progress</td><td width="13%" align="right" valign="middle" >2.470</td><td width="13%" align="right" valign="middle" >1.092</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2021/22</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2020/21</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b></b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Deferred tax at 1 May</td><td width="13%" align="right" valign="middle" >-39.416</td><td width="13%" align="right" valign="middle" >-10.337</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Foreign exchange adjustments</td><td width="13%" align="right" valign="middle" >-78</td><td width="13%" align="right" valign="middle" >-189</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Transfer from Corporation Tax</td><td width="13%" align="right" valign="middle" >4.878</td><td width="13%" align="right" valign="middle" >-2.858</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Changes for the year, see note 7</td><td width="13%" align="right" valign="middle" >-18.456</td><td width="13%" align="right" valign="middle" >-26.032</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 30 April</b></td><td width="13%" align="right" valign="middle" >-53.072</td><td width="13%" align="right" valign="middle" >-39.416</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Deferred tax asset</td><td width="13%" align="right" valign="middle" >-53.906</td><td width="13%" align="right" valign="middle" >-40.852</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Deferred tax liability</td><td width="13%" align="right" valign="middle" >834</td><td width="13%" align="right" valign="middle" >1.436</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" ></td><td width="13%" align="right" valign="middle" >-53.072</td><td width="13%" align="right" valign="middle" >-39.416</td><td width="13%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The share capital comprises 50,000 shares of DKK 1,000 nominal value each. All shares rank equally. The share capital has remained unchanged since establishment.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Proposed profit allocation</b></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>2021/22</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2020/21</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Proposed dividends</td><td width="18%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >35.000</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Transfer to reserve for net revaluation according to the equity method</td><td width="18%" align="right" valign="middle" >22.983</td><td width="20%" align="right" valign="middle" >24.431</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Retained earnings</td><td width="18%" align="right" valign="middle" >-22</td><td width="20%" align="right" valign="middle" >-37.782</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Lease obligations</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has entered into rent obligations falling due within 9 years and totalling DKK 101.2 million (2020/21: DKK 103.7 million).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other lease obligations (operating leases) falling due within 5 years total DKK 5.1 million (2020/21: DKK 1.7 million).</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" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Parties exercising control</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The STIBO-FONDEN, Axel Kiers Vej 11, 8270 Højbjerg.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Stibo Systems A/S is wholly-owned by Stibo A/S, Aarhus, whose ultimate parent company is the STIBO-FONDEN, Aarhus.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Related parties comprise the STIBO-FONDEN and subsidiaries in which STIBO-FONDEN directly or indirectly controls.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Transactions in 2021/22 with related parties</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >.Income1</td><td width="18%" align="right" valign="middle" >736</td><td width="20%" ></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >.Expenses1</td><td width="18%" align="right" valign="middle" >30.987</td><td width="20%" ></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >.Net financial income and expenses2</td><td width="18%" align="right" valign="middle" >214</td><td width="20%" ></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >,.Receivables from group entities3</td><td width="18%" align="right" valign="middle" >122.210</td><td width="20%" ></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >.Payables to group entities3</td><td width="18%" align="right" valign="middle" >0</td><td width="20%" ></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Dividend distribute.</td><td width="18%" align="right" valign="middle" >35.000</td><td width="20%" ></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >.Dividend received</td><td width="18%" align="right" valign="middle" >0</td><td width="20%" ></td></tr><tr><td colspan="3"></td></tr><tr><td width="62%" align="right" valign="middle" >1</td><td width="38%" colspan="2" align="left" valign="middle" >Includes sales and purchases of goods and services.</td></tr><tr><td width="62%" align="right" valign="middle" >2</td><td width="38%" colspan="2" align="left" valign="middle" >Includes financial items related to intercompany financing.</td></tr><tr><td width="62%" align="right" valign="middle" >3</td><td width="38%" colspan="2" align="left" valign="middle" >Includes receivables and payables related to sales and purchases of goods and services and intercompany financing.</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 by the Board of Directors and the Executive Board</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">The Board of Directors and the Executive Board have today discussed and approved the annual report of Stibo Systems A/S for the financial year 1 May 2021 – 30 April 2022.</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">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">It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Company's financial position at 30 April 2022 and of the results of the Group's and the Company's operations and consolidated cash flows for the financial year</td></tr><tr><td colspan="1">1 May 2021 – 30 April 2022.</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 Company's operations and financial matters and the results of the Group's and the Company's operations and 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> Højbjerg 2022-06-28 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditors' report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Stibo Systems 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 Stibo Systems A/S for the financial year 1 May 2021 – 30 April 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for both 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 30 April 2022 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 May 2021 – 30 April 2022 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 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.</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="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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="1">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 colspan="1">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 colspan="1">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 colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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 colspan="1">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 colspan="1">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="1">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> Aarhus 2022-06-28 Stibo Systems A/S Axel Kiers Vej 11, DK-8270 Højbjerg 35822690 Aarhus www.stibosystems.com 4589391111 Dirigent 2022-06-28 -797000 0.027 0.058 0.691 0.29 0.114 <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">For terms and definitions, please see the 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">Management's review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="6">Operating review</td></tr><tr><td colspan="6">Stibo Systems helps leading enterprises, primarily in the Retail, Manufacturing, CPG and Distribution sectors transform into digital leaders through the implementation of world leading Master Data Management software. This software manages critical data components requiring strict governance such as product information, customer and supplier details thus allowing digital transformation programmes to build on a solid foundation.</td></tr><tr><td colspan="6">Stibo Systems delivers the solution in the form of Software as Service (SaaS) subscription contracts. Nearly all new customers decide for this approach while existing customers are migrating to the service (SaaS) platform. The impact of this subscription framework on revenue is negative in the short term and very positive in the long term as previous one off, on-premises transactions change to multi-year service contracts. The programme to transform to a SaaS business is well underway and is driven by the Executive Management team.</td></tr><tr><td colspan="6">After a disappointing order intake in the 3 first quarters of the year, Stibo Systems A/S realised an increase in the order intake for licences of 8% in the financial year 2021/22 compared with the last financial year. The reorganization of the go-to-market organisation resulted in an improvement in the final quarter of the year.</td></tr><tr><td colspan="6">Due to a significantly higher number of licenses on a subscription basis, the effect on the volume of orders is higher than on revenue for the year. Revenue for the year increased by 22% to DKK 918.9 million. The order backlog at the end of the year increased by 34.4% to DKK 1,298 million.</td></tr><tr><td colspan="6">The increase in revenue combined with a tight cost control implied an increase in profit for the year (EBITDA), which thus totals DKK 34.4 million which is below expectations communicated in previous financial statements. In the financial year, developing solutions for our customers continued at a high level. This trend is expected to continue in the coming years.</td></tr><tr><td colspan="6">The order backlog book for licenses and support agreements increased by approx. DKK 320 million since the beginning of the financial year 2021/22, and therefore, expectations for the future growth in revenue and earnings development are positive.</td></tr><tr><td colspan="6">During FY 21/22, Stibo Systems completed a re-organization to globalise the go-to-market organisation. There are 4 geographical regions; EMEA, North America (NA), Latin America (LATAM) and Asia Pacific (APAC), each with dedicated sales teams and supported by field technical resources from the global Delivery (Professional Services) and Pre-Sales teams. The model provides clear accountability, improved scalability whilst ensuring that skills and best practise evolve globally.</td></tr><tr><td>DKK’000</td><td>Software (Perpetual)</td><td>Software (SaaS)</td><td>Professional Services</td><td>Support</td><td>Total order backlog</td></tr><tr><td>Backlog beginning of period</td><td>6873</td><td>454731</td><td>80224</td><td>416792</td><td>958622</td></tr><tr><td>Order intake</td><td>44698</td><td>435676</td><td>321438</td><td>456811</td><td>1258623</td></tr><tr><td>Order revenue</td><td>44440</td><td>212664</td><td>268629</td><td>397217</td><td>918950</td></tr><tr><td>Backlog end of period</td><td>11131</td><td>677744</td><td>133033</td><td>476387</td><td>1298295</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">No events have occurred after the balance sheet date that could significantly affect the financial statements presented.</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">Outlook</td></tr><tr><td colspan="1">Stibo Systems A/S expects an EBITDA in the range of DKK 140-150 million and a revenue increase of</td></tr><tr><td colspan="1">20 % in the coming financial year.</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">Covid-19</td></tr><tr><td colspan="1">Moving into an everyday life where Covid-19 is not a disease that is a critical threat to society anymore allows reflecting on what Stibo Systems has learned from the past two years. As a global organization, our business units were affected by the different waves and mutations of Covid-19 at different times. To manage the situation at an organizational level as well as provide clear guidelines, our Covid-19 Contingency Plan and Covid-19 Task Force were announced, along with local Covid-19 Teams at all office locations.</td></tr><tr><td colspan="1">Throughout the pandemic, we learned new ways of working and demonstrated the ability to stay agile and adapt to local restrictions. It has resulted in, among other things, meeting colleagues, customers, and partners virtually, as well as an increase in collaborations across the globe and business units. Additionally, the maintenance of work-life balance has been and continues to be a high priority task, and we are looking at ways to continue to support flexibility and a healthy work-life balance for the employees.</td></tr><tr><td colspan="1">Projects conducted throughout 2021/2022</td></tr><tr><td colspan="1">Despite the challenges and limitations of the pandemic, our CSR ambassadors have managed – together with the contributing employees – to adjust and find ways to support their local communities. This has been done through the newly launched Volunteering Program, allowing every employee to make a difference in their local community by letting them work up to 2 days with an organization or project.</td></tr><tr><td colspan="1">Below are some selected CSR initiatives conducted in 2021/2022. The CSR initiatives have been allocated to one of three headlines - Environmental Preservation and Sustainability, Technology Education, and Community Support.</td></tr><tr><td colspan="1">Environmental Preservation and Sustainability</td></tr><tr><td colspan="1">Denmark – Wildflower Garden</td></tr><tr><td colspan="1">With a view of an industrial environment and a lawn at headquarters in Aarhus, there was a need to bring some colors to the view. A gardener helped the initiators transform part of a large, green lawn into a wildflower patch, thereby supporting and bringing wildlife and biodiversity into the city.</td></tr><tr><td colspan="1">Denmark – Installation of EV charging stations</td></tr><tr><td colspan="1">To articulate the new Danish legislation of installing at least 1 EV charging station in car parks before 2025, 6 EV charging stations have been installed at the car park at the headquarters in Aarhus. Additionally, through our car policy, we endorse the employees to choose an environmentally friendly vehicle, as the goal is for all Stibo Systems company cars to be eco-friendly before 2025.</td></tr><tr><td colspan="1">Technology Education</td></tr><tr><td colspan="1">Global – International Girls in ICT Day</td></tr><tr><td colspan="1">International Girls in ICT (Information and Communications Technology) aims to inspire a global movement to increase the representation of girls and women in the technology sector. A global social media initiative was conducted to create awareness, celebrate, and encourage young women worldwide to pursue an education and career within the technology sector. This initiative was posted on the Stibo Systems LinkedIn account to get people to interact and comment on the post, as Stibo Systems donated $1 for every comment posted to the nonprofit organization Girls Who Code.</td></tr><tr><td colspan="1">India – Finishing School Program</td></tr><tr><td colspan="1">The Indian CSR team conducted their second Finishing School Program for underprivileged students. In this year’s program, 6 participants attended the entire course over 5 days and finally received completion certificates.</td></tr><tr><td colspan="1">The participants covered the topics of customer support, cloud fundamentals, and interpersonal skills. Firstly, the students were introduced to the customer-support environment, as well as given transparent insights into what it means to work with support. Next, the cloud fundamentals stretched over two days and included online training, assignments, and lab sessions. In this course, the students gained technical knowledge supporting both students who are interested in cloud computing as well as students who would like to get involved in selling or supporting cloud products, solutions, and services. Lastly, the participants covered a soft skills session. Here the headlines were how to clear interviews, as well as the required approach in handling the interview process and how it might differ for different organizations in India.</td></tr><tr><td colspan="1">In closing, the participants received gifts for Udemy online courses. This contains four courses, selected by all participants of their interest, to help the students achieve the full benefits of the courses.</td></tr><tr><td colspan="1">Community Support</td></tr><tr><td colspan="1">Global - Plant a tree for every new hire</td></tr><tr><td colspan="1">Starting February 2022, we have partnered with an external company, Treedom, to plant a tree for every new hire. 30 trees are planted as of 25th May 2022. The trees chosen are fruit bearing trees that support the livelihood of farmers in communities within Africa and South America. The trees are measured for negating CO2 emissions.</td></tr><tr><td colspan="1">India – Covid-19</td></tr><tr><td colspan="1">The Indian CSR team wanted to help fight Covid-19, and within a few days, the Indian business unit raised Rs 91,500, and Stibo Systems donated the same amount to match the overall contribution, resulting in a total raise of Rs 183,000. The Indian CSR team teamed up with the NGO Yuva Spoorthy Foundation, which provides relief as a free service to the affected. The Yuva Spoorthy Foundation provides a passenger vehicle, which can convert into a makeshift ambulance, with oxygen and patient transportation facilitated in the city.</td></tr><tr><td colspan="1">The donation was utilized to equip an ambulance with two oxygen concentrators, battery, wheelchair, I V Stand, Oximeter, Fire Extinguisher, Staff Safety Accessories – PPE Kit/Gloves/Masks Etc., First Aid Kit, BP Machine, Audio System.</td></tr><tr><td colspan="1">US – Meals on Wheels</td></tr><tr><td colspan="1">A group of employees from the business unit in Atlanta volunteered for the program Meals on Wheels, which delivers meals to individuals at home who are unable to purchase or prepare their own meals. Meals on Wheels operates in every community in the US, and when Covid-19 hit, millions of older adults found themselves more vulnerable and in need of urgent support.</td></tr><tr><td colspan="1">The volunteer's function was to load up meals onto other volunteer cars for distribution to seniors in need in their local community.</td></tr><tr><td colspan="1">Nederlands – Salvation Army</td></tr><tr><td colspan="1">The Salvation Army located in Amsterdam accommodates single men and women of different ages without residence permits. The inhabitants are considered vulnerable and have physical or psychological conditions, with some being victims of human trafficking or war with traumatic consequences, but also people who are disabled.</td></tr><tr><td colspan="1">In consultation with the Salvation Army, the business unit in Amsterdam provided sports equipment with which they can exercise and relax together at the Salvation Army premises. Some of the equipment the team provided was a picnic table, volleyball court, badminton set and boxing gear. The team spent most of the day cleaning up their outdoor area making it ready for outdoor activities.</td></tr><tr><td colspan="1">UK – Gifts for vulnerable children this Christmas time</td></tr><tr><td colspan="1">The business unit in Reading teamed up with the local recruitment firm Roc Search to help spread some Christmas joy and light for vulnerable children. Through the charity Reading Family Aid, our UK team donated toys or money towards toys for vulnerable children in the Reading community. The Reading Family Aid charity aims to offer families who are in need some relief from their harsh day-to-day realities. According to The End Child Poverty Coalition, 24% of the children in Reading were in 2016 living in poverty, which comes down to 10,000 children. Therefore, the UK team could give back to their local community and make Christmas more magical for some of the vulnerable children in Reading.</td></tr><tr><td colspan="1">Results and expectation for the work ahead</td></tr><tr><td colspan="1">Environmental, Social, and Governance (ESG) Strategy for Stibo Group</td></tr><tr><td colspan="1">An ESG strategy is formulated, embracing the entire Stibo Group. To submit a positive impact on our environment, society, customers, and not least employees, collaboration across all divisions in Stibo and continual dialog in the group of stakeholders is required.</td></tr><tr><td colspan="1">The ESG strategy encompasses and aligns with our CSR program, the United Nations Sustainable Development Goals, and supports the Paris Agreement on climate change. A group of stakeholders from different divisions and positions completed a double materiality assessment, leading to a set of ambitious KPIs. They also developed a sustainability action plan to achieve targets, based on the foundation of global policies and standards, management systems, and responsible supply chain management.</td></tr><tr><td colspan="1">The ESG program and related KPIs will be officially launched and communicated at the start of the new fiscal year in May 2022.</td></tr><tr><td colspan="1">EcoVadis Program</td></tr><tr><td colspan="1">Stibo Systems was awarded a bronze medal in recognition of our sustainability achievement in the EcoVadis assessment. This was based on our policies, actions, and published reports concerning the themes of Environment, Labor and Human Rights, Ethics, and Sustainable Procurement. The results and knowledge from the assessment report contributed to the configuration of KPIs within our ESG strategy. The output was also used to ensure alignment and a more structured and strategic approach towards our CSR program. It has been decided to complete the assessment again in 2022 to reflect Stibo Systems’ continuous improvements and drive further action.</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">Particular risks</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">The Group is exposed to changes in exchange rates as most of the Group's revenue is settled in foreign currencies.</td></tr><tr><td colspan="1">Interest rate risks</td></tr><tr><td colspan="1">Due to its equity ratio and financial resources, the Group is only exposed to changes in the interest rate level to a minor extent.</td></tr><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">Before new business relations are initiated, a credit rating of the customer is made, and if appropriate and possible, credit risks are hedged by means of insurances with credit insurance companies. The Group reduces credit risks by issuing progress billings as work progresses.</td></tr></table> www.climatecalc.eu. <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="6">Statutory corporate social responsibility statement under section 99a of the Danish Financial Statements Act</td></tr><tr><td colspan="6">For Stibo Systems, corporate social responsibility (CSR) and environmental consciousness is more than an expression of our values. It is an integral aspect of our purpose, and has been so since the beginning, starting with our roots as a commercial printer founded in 1794.</td></tr><tr><td colspan="6">Stibo Systems helps leading enterprises, primarily in the Retail, Manufacturing, CPG and Distribution sectors transform into digital leaders through the implementation of world leading Master Data Management software. This software manages critical data components requiring strict governance such as product information, customer and supplier details thus allowing digital transformation programmes to build on a solid foundation.</td></tr><tr><td colspan="6">As we move ahead, our purpose will be to make data transparency a catalyst for better business for a better world. In doing so, we are making a commitment to empowering companies across the globe to achieve their own CSR and ESG objectives, delivering data transparency using the world’s most versatile MDM solutions.</td></tr><tr><td colspan="6">In addition to facilitating the development and success of our own business activities, and empowering our customers to do the same, our commitment to CSR also contributes to the economic and sustainable development of the communities that are affected by our operations. With that in mind, Stibo Systems abides to a well thought-out CSR policy.</td></tr><tr><td colspan="6">Information on corporate social responsibility policies</td></tr><tr><td colspan="6">In accordance with the Danish Financial Statement Act §99 a, Stibo Systems has enhanced our commitment towards a better world. Not only through empowering data transparency with Master Data Management, but by constantly reflecting on our actions to ensure that we make the right decision – ethically, environmentally, and socially. These decisions are being made in the daily work in all organizational levels. To ensure alignment throughout the organization the CSR Policy embraces the business values and strategy which Stibo Systems represents. The CSR Policy is communicated to all employees and other stakeholders through the company website and internal communication tools.</td></tr><tr><td colspan="6">Stibo Systems defines CSR as adhering to standards ensuring that its activities are carried out in an ethically, socially, economically, and environmentally sustainable manner. Stibo Systems’ activities can potentially have an impact on a wide array of cultures, religions, ethnicities, provinces, territories, and nations. We understand that responsible corporate behavior is to facilitate the development and success of our business activities within the technology space while also contributing to the economic and sustainable development of communities that are affected by our operations.</td></tr><tr><td colspan="6">In alignment with our company code of conduct Stibo Systems therefore</td></tr><tr><td colspan="6">Complies with all applicable local and international laws, including the international human rights standards of the United Nations. Stibo Systems will not tolerate any human rights violations or abuses.</td></tr><tr><td colspan="6">Carries out its employment practices in accordance with the principles of freely chosen employment. Stibo Systems does not contract with companies that use forced, bonded, exploitive, indentured, or involuntary labor practices. Furthermore, Stibo Systems ensures that protections with respect to child laborers, hours of work, employee wages and benefits, employee treatment, freedom of association, health, and safety are at the forefront of its employee-related policies and practices.</td></tr><tr><td colspan="6">Does not discriminate and provides equal opportunity for all people regardless of race, gender, age, national origin, religion, disability, appearances, sexual orientation, marital status, or political views.</td></tr><tr><td colspan="6">Conducts business transactions openly and transparently in accordance with the highest industry set ethical standards and values. Stibo Systems ensures that corporate practices follow company stated business principles in terms of business integrity, anti-bribery and corruption, disclosure of information, protection of intellectual property, fair business practices and the protection of suppliers and employees.</td></tr><tr><td colspan="6">Develops sustainable business practices and products that limit environmental footprints, including the influence on climate change and when relevant also recycling and water conservation.</td></tr><tr><td colspan="6">Enriches and engages employees through employee-focused development practices and initiatives aiming to ensure appropriate employee morale and foster a collaborative workplace.</td></tr><tr><td colspan="6">Actively seeks opportunities to make donations to organizations promoting good causes and initiatives.</td></tr><tr><td colspan="6">Environment</td></tr><tr><td colspan="6">By developing and implementing Master Data Management Software, Stibo Systems does not produce a physical product, meaning we do not have any emissions coming from materials, shipping, etc., but our business model requires a lot of traveling, particularly flying, as our customers and colleagues are located all over the world. Due to Covid-19, traveling has been significantly reduced, which appears in the table below.</td></tr><tr><td>Travel activities</td><td>Unit</td><td>2018/19*</td><td>2019/20*</td><td>2020/21*</td><td>2021/22*</td></tr><tr><td>Flights Stibo Systems</td><td>Ton CO2 eq</td><td>657</td><td>815</td><td>28</td><td>89</td></tr><tr><td colspan="6">* Calculated by Travel Agency.</td></tr><tr><td colspan="6">The Covid-19 pandemic allowed us to review our travel policy to make greener travel decisions going forward. The Travel Policy and CSR Policy both strive for a common goal – to be an environmentally and socially conscious organization. To meet this goal, we encourage our employees to conduct meetings virtually and only travel when it is a necessity or business critical. In addition, we are simultaneously creating internal awareness towards becoming a greener and more sustainable traveler by guiding our employees to choose means of transport with less environmental impact and be more considerate and make sustainable decisions during their travel.</td></tr><tr><td colspan="6">In continuation of our software production to deliver integrated solutions that empower data transparency to our customers, our product is produced on our computers. This leads to a great electricity consumption, and the headquarter in Denmark is working towards improving energy efficiency. In the table below, you will find an overview of the energy consumption concerning electricity and space heating from the headquarter in Denmark.</td></tr><tr><td>Energy consumption</td><td>Unit</td><td>2018/2019*</td><td>2019/2020*</td><td>2020/21*</td><td>2021/22*</td></tr><tr><td>Electricity</td><td>Ton CO2 eq</td><td>701</td><td>689</td><td>595</td><td>639</td></tr><tr><td>Space heating</td><td>Ton CO2 eq</td><td>182</td><td>134</td><td>127</td><td>138</td></tr><tr><td>Total</td><td>Ton CO2 eq</td><td>884</td><td>823</td><td>721</td><td>777</td></tr><tr><td colspan="6">* Calculated using ClimateCalc Basic: www.climatecalc.eu.</td></tr><tr><td colspan="6">The reduction in total energy consumption may partly be due to Covid-19, as employees have been working from home most of the year, however, the headquarter has never been completely closed. Though, with a fixed consumption of space heating which is not much affected by employees working from home, the heating costs have been steadily reduced over the years.</td></tr><tr><td colspan="6">By adjusting and improving our energy sources, we manage to reduce the energy consumption by controlling the space heating automatically in the headquarters.</td></tr><tr><td colspan="6">In continuation of our energy consumption, we indirectly have an impact on the environment through our cloud operations, which constitutes a large part of our energy consumption. However, we will continue to investigate opportunities for reducing our energy consumption both in cloud operations and other consumption sources.</td></tr><tr><td colspan="6">Within the area of environment, Stibo Systems is experiencing a new trend with potential talents and customers. Climate change and environment are topics that generate an increased interest and importance in our everyday life, and this is expected to increase over time. The generations who are now entering the labor market have higher demands on organizations and their green profile.</td></tr><tr><td colspan="6">Hence Stibo Systems observes a great opportunity by expanding our existing Global CSR policy with a new ESG strategy 2030. The strategy will be rolled out with the scope: We will define sustainability in our industry and deliver the absolute highest and most accurate standard of data security and data privacy within four core areas. 1) We will reduce our climate impact, 2) We will become the most attractive and valued employer in our industry, 3) We will play an active role in our society and support development in local communities and 4) We will encourage​ and enable our customers to meet their sustainability targets.</td></tr><tr><td colspan="6">An increasing number of prospects ask questions in their proposal requests around topics of sustainability and Stibo Systems’ footprint, underlining the need for CSR and ESG initiatives.</td></tr><tr><td colspan="6">Risk</td></tr><tr><td colspan="6">Stibo Systems contributes to climate change through our CO2 emissions. This contribution cannot be avoided, which is why our action today matters. Also, with an expected increase in legislation on environmental requirements for corporations, we want to prepare ourselves to meet such requirements.</td></tr><tr><td colspan="6">Human rights</td></tr><tr><td colspan="6">By following the principles of the UN’s Global Compact Stibo Systems supports and respects the protection of internationally proclaimed human rights. This is supported by the respective national laws on human rights, which our activities of operations in Denmark and the rest of the world are governed by. We strive to meet and set high standards, therefore it has been decided to use the Danish standards as guidelines, if or when local requirements are considered less demanding.</td></tr><tr><td colspan="6">As a global organization, we provide safe and healthy working conditions in all business units as well as support all cultures and cultural activities. Additionally, Stibo Systems pursues equal rights for all genders, races, nationalities, ethnicities, and religions – and we actively discourage harassment and discrimination within our organization, together with human rights abuse.</td></tr><tr><td colspan="6">For employees to report concerns of discrimination, illegal or criminal activities, serious violations of internal guidelines or policies, etc., an externally controlled whistleblower scheme is available. This is established to prevent the above-mentioned actions and protect and encourage employees to come forward under the whistleblower policy.</td></tr><tr><td colspan="6">Risk</td></tr><tr><td colspan="6">Stibo Systems supports and respects internationally proclaimed human rights. In case any our customers or partners do not support the Universal Declaration of Human Rights, it may indirectly affect the organization.</td></tr><tr><td colspan="6">Social conditions and employee relations</td></tr><tr><td colspan="6">We, at Stibo Systems, see our employees as the cornerstones of our business, which is why we continuously seek to gain insights from the employees’ satisfaction levels. This is achieved through engagement surveys, amplifying the voice of our employees. The employees' engagement is measured based on various drivers such as workload, autonomy, and recognition. With a 92% participation rate and more than 6,500 comments, the latest survey gave us indispensable insight, as well as the opportunity to devise initiatives supporting different regions and tenures. Stibo Systems will in 2022/23 continue to follow and support the UN’s Global Compact.</td></tr><tr><td colspan="6">In continuation of the UN’s Global Compact, Stibo Systems supports the elimination of all forms of forced and compulsory labor. As a global organization, we write our employment contracts in the native language of the employee. This prevents misunderstandings and ensures that the employee understands the scope of the employment, as well as the scope of and procedures for leaving the position. Additionally, it is important for us to do business with honesty and integrity, and we do not use child labor or forced labor anywhere in the supply chain and recognize the employee’s right to freedom of association and collective bargaining.</td></tr><tr><td colspan="6">We recognize that we are working within a predominantly male-dominated industry, so we encourage females to code and pursue a career in the technology sector through different CSR initiatives. When we, at Stibo Systems, are recruiting new talents, we always look for the best fit for the job. By offering equal employment opportunities, the decision is based on qualifications, skills, experience, and personality, whereas gender, age, race, religion, political views, etc., do not impact nor influence the recruitment process.</td></tr><tr><td colspan="6">In 2021/22, there has not reported any violations of guidelines and policies, discrimination, illegal or criminal activities.</td></tr><tr><td colspan="6">Stibo Systems will in 2022/23 continue to follow and support the UN’s Global Compact</td></tr><tr><td colspan="6">Risk</td></tr><tr><td colspan="6">As a global organization, we associate with a lot of different cultures and traditions in different time zones, which naturally creates challenges for making everyone feel included.</td></tr><tr><td colspan="6">To support our Vision 2025, we strive to increase the workforce by +10% each year. This is a great challenge for the business units globally as well as the organization in general to continually focus on the current employees’ happiness and motivation, while onboarding many new colleagues. We are focused on diversifying our staff and especially our leadership positions where at least 22% of our leadership must be female within the FY 22/23.</td></tr><tr><td colspan="6">As most of the work performed this fiscal year came from our employees working from home, we have been aware of the risk of unmotivated employees, as well as having employees struggling to work from home due to different Covid-19 related reasons (internet connectivity, food supply, homeschooling, etc.). To support our employees, people leaders have been encouraged to be aware of and discuss the personal wellbeing of employees in relation to performing their work.</td></tr><tr><td colspan="6">Anti-corruption</td></tr><tr><td colspan="6">Stibo Systems conforms to a zero-tolerance policy regarding corruption, extortion, and bribery in every business activity. We encourage all employees to contact their local management or use the whistleblower scheme if they sense any kind of misconduct or red flags.</td></tr><tr><td colspan="6">All economic activities in Stibo Systems are subject to the accounting laws of Denmark. Activities in the rest of the world are subject to the respective national accounting laws, including the obligation to endorse the accounts by an external auditor. Regardless of local requirements for audits, Stibo Systems will only work with accountants and/or auditors that are affiliated with an organization that is internationally recognized for its professional standards.</td></tr><tr><td colspan="6">A procedure for procuring is established which ensures that no individual can make a sale of the organization's services or make any major purchases without going through at least two layers of approval. Investments must always be approved by the Board of Directors of Stibo Systems before starting, as well as significant merger and acquisition decisions always need to be approved by the Board of Directors of Stibo A/S (parent company).</td></tr><tr><td colspan="6">Stibo Systems have not identified any incidents of corruption or bribery in 2021/22 and we expect the same result in 2022/23.</td></tr><tr><td colspan="6">Risk</td></tr><tr><td colspan="6">The main risk concerning corruption lies within the purchase and sales department, as they are in contact with people from outside the organization, where bribes may occur. Due to our two-person principle, documentation requirements, and external control via auditors, we feel confident in our model and practice, and we have not identified any incidents of corruption or bribery.</td></tr><tr><td colspan="6">Implementation, including due diligence processes</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">Data Ethics Policy paragraph 99 d of the Danish Financial Statement Act</td></tr><tr><td colspan="1">Stibo Systems acknowledges the responsibility to handle data and access it with care and in compliance with legal requirements. As data is the focal point of Stibo Systems’ products, it is crucial that our customers and partners have confidence in our data handling. To ensure alignment and compliance on why, where, and how data is being handled, a set of data ethics principles have been formulated in the Data Ethics Policy and communicated throughout the organization. The data ethics principles address how data is collected, stored, accessed, and protected, as well as how we meet our privacy requirements.</td></tr><tr><td colspan="1">Stibo Systems core activities does not include data gathering or processing, apart from hosting and supporting customer data, and thererore the description of data types and technical and organizational measures (TOMs) are included directly in contracts with customers and partners.</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">Goals and policies for the underrepresented gender under section 99b of the Danish Financial Statements Act</td></tr><tr><td colspan="1">.Board of Directors</td></tr><tr><td colspan="1">In selecting new candidates for Stibo Systems’ Board of Directors, emphasis is placed on specific professional and personal skills, qualifications, and experience. Stibo Systems believes that a diverse and versatile composition of the board, including the gender distribution, contributes to an innovative organization and a positive working climate. Stibo Systems has the objective of extending, as far as possible, the number of women in the board. Stibo Systems has a goal that one of the members of the Board of Directors elected by the General Assembly should be a woman (representing 33% of the board members elected by the General Assembly) before 2025.</td></tr><tr><td colspan="1">The status in 2022 is that the board consists of 3 members elected by the General Assembly. The status in 2022 is that the board consists of 3 male members elected by the General Assembly. There were no changes in the board in 2021/22.</td></tr><tr><td colspan="1">Stibo Systems management</td></tr><tr><td colspan="1">Stibo Systems has defined an objective of increasing, as far as possible, the number of women in the management; emphasis is placed on specific professional and personal skills, qualifications, and experience. Stibo Systems aspires to have one of each gender represented under final hiring rounds. In 2022, the Executive Management team consists of eigth persons of whom two are female and six are men.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report of Stibo Systems A/S for 2021/22 has been prepared in accordance with the provisions applying to reporting class C large entities under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Pursuant to section 96(3) of the Danish Financial Statements Act, please see the annual report of Stibo Holding A/S for 2021/22 regarding auditors' fee.</td></tr><tr><td colspan="1">The accounting policies used in the preparation of the financial statements are consistent with those of last year, apart from reclassification of revenue from hosting which is presented at it’s gross amount in revenue and raw materials and consumables, against previously as a net amount in revenue. The change is due to an assessment of the risk related to handling hosting. The impact is an increase of revenue and corresponding in raw materials and consumables for the group of DKK 89,880 thousands (2020/21: DKK 47,216 thousands) and for the parent company of DKK 39,135 thousands (2020/21: DKK 8,521 thousands). Comparatives has been adjusted.</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, Stibo Systems A/S, and subsidiaries in which Stibo Systems A/S directly or indirectly holds more than 50% of the voting rights or which it, in some other way, controls.</td></tr><tr><td colspan="1">On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains and losses on intra-group transactions are eliminated.</td></tr><tr><td colspan="1">Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets or liabilities at the acquisition date. Entities acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Entities disposed of are recognised in the consolidated income statement until the date of disposal. The comparative figures are not restated for acquisitions or disposals.</td></tr><tr><td colspan="1">Gains or losses on disposal of subsidiaries and associates are stated as the difference between the sales amount and the carrying amount of net assets at the date of disposal plus non-amortised goodwill and anticipated disposal costs.</td></tr><tr><td colspan="1">Acquisitions of entities are accounted for using the acquisition method, according to which the identifiable assets and liabilities acquired are measured at their fair values at the date of acquisition.</td></tr><tr><td colspan="1">Any excess of the cost over the fair value of the identifiable assets and liabilities acquired (goodwill), including restructuring provisions, is recognised as intangible assets and amortised on a systematic basis in the income statement based on an individual assessment of the useful life of the asset.</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 at the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables and 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 at 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 subsidiaries and associates are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of the opening equity of foreign subsidiaries at the exchange rates at the balance sheet date and on translation of the income statements from average exchange rates to the exchange rates at the balance sheet date are recognised directly in equity. Foreign exchange adjustments of intra-group balances with independent foreign subsidiaries which are considered part of the investment in the subsidiary are recognised directly in equity. Foreign exchange gains and losses on loans and derivative financial instruments designated as hedges of foreign subsidiaries are also 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">Derivative financial instruments</td></tr><tr><td colspan="1">Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently measured at fair value.</td></tr><tr><td colspan="1">Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognised asset or liability are recognised in the income statement together with changes in the fair value of the hedged asset or liability.</td></tr><tr><td colspan="1">Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of future assets or liabilities are recognised in other receivables or other payables and in equity. Income and expenses related to such hedges are transferred from equity by realisation of the hedged item and recognised in the same financial statement item as the hedged item.</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">Revenue from the sale of goods and services is recognised in the income statement provided that delivery and transfer of risk to the buyer have taken place before year end and that the income can be reliably measured and is expected to be received. Revenue is measured ex. VAT and taxes charged on behalf of third parties.</td></tr><tr><td colspan="1">Contract work in progress in respect of delivery of large systems is recognised in revenue by reference to the stage of completion. Accordingly, revenue corresponds to the selling price of work performed during the year (percentage of completion method). Revenue is recognised when total income and expenses relating to the construction contract and the stage of completion at the balance sheet date can be reliably measured, and when it is probable that future economic benefits, including payments, will flow to the Group.</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 operating income</td></tr><tr><td colspan="1">Other operating income comprises items secondary to the primary activities of the 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">Other external costs</td></tr><tr><td colspan="1">Other external costs comprise items primary to the activities of the Company for the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs comprise wages and salaries, remuneration, pensions and other costs regarding the Company's employees, including members of the Executive Board and the Board of Directors.</td></tr><tr><td colspan="1">Development costs regarding new products are expensed as incurred as the conditions for capitalisation are not considered to have been met. In practice, the development of new products cannot be separated from the continued maintenance of the Group's other 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">Depreciation and amortisation</td></tr><tr><td colspan="1">Comprises depreciation of property, plant and equipment.</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">Profits/losses from investments in group entities</td></tr><tr><td colspan="1">The proportionate share of the results after tax of the individual subsidiaries is recognised in the income statement of the parent company after full elimination of intra-group profits/losses and amortisation of goodwill.</td></tr><tr><td colspan="1">The proportionate share of the results after tax of the associates is recognised in the income statement after elimination of the proportionate share of intra-group profits/losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expense, 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. Interest expenses are not capitalised.</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 on profit/loss for the year</td></tr><tr><td colspan="1">The Company is subject to the Danish rules on compulsory joint taxation of the Stibo Group's Danish companies. Subsidiaries are included in the joint taxation 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">Stibo Holding A/S is the management company for the joint taxation and consequently settles all corporation tax payments with the tax authorities.</td></tr><tr><td colspan="1">On payment of joint taxation contributions, the current Danish corporation tax is allocated between the jointly taxed companies in proportion to their taxable income. In this relation, companies with tax loss carryforwards receive joint taxation contribution from companies that have used these losses to reduce their own taxable profits.</td></tr><tr><td colspan="1">Tax for the year, comprising current tax and changes in deferred tax for the year, is recognised in the income statement. The tax expense relating to changes 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">Goodwill is amortised over the expected economic life of the asset, measured by reference to Management's experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is between 3 and 7 years. The amortisation period is fixed on the basis of the expected repayment horizon, longest for strategically acquired business enterprises with strong market positions and long-term earnings profiles.</td></tr><tr><td colspan="1">Other intangible assets include patents and rights acquired, etc.</td></tr><tr><td colspan="1">Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Other intangible assets are amortised on a straight-line basis over the expected useful life of 3-10 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation.</td></tr><tr><td colspan="2">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td colspan="2">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.</td></tr><tr><td colspan="2">Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are as follows</td></tr><tr><td>Fixtures and fittings, tools and equipment</td><td>3-10 years</td></tr><tr><td>Leasehold improvements</td><td>3-10 years</td></tr><tr><td colspan="2">The basis of depreciation is based on the residual value of the asset at the end of its useful life and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td colspan="2">In case of changes in the depreciation period or the residual value, the effect on the amortisation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td colspan="2">Gains and losses on the disposal 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 or losses are recognised in the income statement as other operating income or other operating costs, 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">Investments in group entities</td></tr><tr><td colspan="1">Investments in group entities and associates are measured according to the equity method.</td></tr><tr><td colspan="1">Investments in group entities are measured in the balance sheet at the proportionate share of the entities' net asset value determined in accordance with the parent company's accounting policies less or plus unrealised intra-group gains and losses.</td></tr><tr><td colspan="1">Group entities with negative net asset values are measured at DKK 0 (nil), and any amounts owed by such entities are written down by the parent company's share of the net asset value if the amount owed is deemed irrecoverable. If the negative net asset value exceeds the amounts owed, the remaining amount is recognised under provisions if the parent company has a legal or a constructive obligation to cover the subsidiary's deficit.</td></tr><tr><td colspan="1">Net revaluation of investments in group entities is recognised in the reserve for net revaluation according to the equity method in equity to the extent that the carrying amount exceeds cost.</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. Write-down is made for expected losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Contract work in progress</td></tr><tr><td colspan="1">Contract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and total expected income from the work.</td></tr><tr><td colspan="1">When the selling price of a construction contract cannot be measured reliably, the selling price is measured at the lower of costs incurred and net realisable value.</td></tr><tr><td colspan="1">Individual work in progress is recognised in the balance sheet under either receivables or payables depending on the net value of the sales amount less progress billings and prepayments.</td></tr><tr><td colspan="1">Selling costs and costs incurred in securing contracts are recognised in the income statement as incurred.</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 costs incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Payable and receivable joint taxation contributions are recognised in the balance sheet under balances with group companies.</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 value of assets and liabilities. 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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">Amounts owed to mortgage credit institutions and banks are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</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">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 and corporation tax paid.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.</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 dividends 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">Segment information</td></tr><tr><td colspan="1">The Group only operates within one segment.</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">Financial ratios</td></tr><tr><td colspan="2">The financial ratios stated in the survey of financial highlights have been calculated as follows</td></tr><tr><td colspan="2">EBITDA</td></tr><tr><td colspan="2">Operating profit added depreciation, amortisation and impairment losses (before minor new acquisitions)</td></tr><tr><td>Operating margin</td><td>Operating profit/loss x 100/Revenue</td></tr><tr><td>Return on capital employed</td><td>Operating profit/loss x 100/Average operating assets</td></tr><tr><td>Operating assets</td><td>Operating assets are total assets less cash</td></tr><tr><td>Gross margin</td><td>Gross profit x 100/Revenue</td></tr><tr><td>Solvency ratio</td><td>Equity at year end x 100/Total equity and liabilities at year end</td></tr><tr><td>Return on equity</td><td>Profit/loss for the year x 100/Average equity</td></tr></table> Årsrapport 30700228 EY Godkendt Revision Cortex park 3 5230 Odense M xWizard version 1.1.1125.0, by EasyX Aps. www.easyx.eu 2020-05-01 2021-04-30 Revisionspåtegning Grundlag for konklusion Konklusion 753700000 153000 70659000 134883000 548311000 523681000 12266000 12364000 0 0 1819000 10545000 -11104000 21649000 8943000 63445000 162422000 0 1819000 83547000 5877000 6676000 414000 -6262000 -94847000 0 94847000 166255000 459339000 20492000 43850000 687 0 0 1819000 14928000 -26032000 0 917943000 0 694480000 75895000 147568000 155082000 5279000 -12793000 23983000 663000 262000 11591000 -11370000 22961000 35000000 -9235000 0 <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" ></td></tr><tr><td colspan="2"></td></tr><tr><td width="15%" ></td><td width="85%" colspan="1" align="left" valign="middle" ><b>Other operating income</b></td></tr><tr><td width="15%" ></td><td width="85%" colspan="1" align="left" valign="middle" >The financial statement item substantially comprises income from management fee and other services. Furthermore gains from sales of property, plant and equipment.</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>Staff costs</td></tr><tr><td /><td>Remuneration of the Executive Board totals DKK 6,788 thousand. The Executives Board’s remuneration comprises a fixed fee and redundancy pay. Board of Directors does not receive remuneration.</td></tr></table> 144801000 8899000 1382000 181 <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="5" align="left" valign="middle" ><b>Depreciation, amortisation and impairment losses</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2021/22</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>2020/21</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Goodwill</td><td width="13%" align="right" valign="middle" >651</td><td width="16%" align="right" valign="middle" >705</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Other intangible assets</td><td width="13%" align="right" valign="middle" >2.722</td><td width="16%" align="right" valign="middle" >2.548</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Fixtures and fittings, other plant and equipment</td><td width="13%" align="right" valign="middle" >34</td><td width="16%" align="right" valign="middle" >19</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Leasehold improvements</td><td width="13%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Minor new acquisitions</td><td width="13%" align="right" valign="middle" >1.872</td><td width="16%" align="right" valign="middle" >1.948</td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" ><b>Total depreciation</b></td><td width="13%" align="right" valign="middle" >5.279</td><td width="16%" align="right" valign="middle" >5.220</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income</td></tr></table> 0 663000 <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 expenses</td></tr></table> 262000 <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>Tax on profit for the year</td></tr></table> 239000 -12223000 614000 <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><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>IA Amortised over</td><td>3-7 years</td><td>3-7 years</td><td>3-7 years</td><td>3-7 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</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>PPE Depreciated over</td><td>3-10 years</td><td>3-10 years</td><td>3-10 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments</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></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="5" align="left" valign="middle" ><b>Contract work in progress</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2021/22</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>2020/21</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Recognised as follows</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Contract work in progress</td><td width="13%" align="right" valign="middle" >3.673</td><td width="16%" align="right" valign="middle" >2.911</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Prepayments for contract work in progress</td><td width="13%" align="right" valign="middle" >-560</td><td width="16%" align="right" valign="middle" >-1.058</td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Total work in progress</td><td width="13%" align="right" valign="middle" >3.113</td><td width="16%" align="right" valign="middle" >1.853</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>2021/22</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>2020/21</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Deferred tax at 1 May</td><td width="13%" align="right" valign="middle" >-39.388</td><td width="16%" align="right" valign="middle" >-13.681</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Foreign exchange adjustments</td><td width="13%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Transfer from Corporation Tax</td><td width="13%" align="right" valign="middle" >4.878</td><td width="16%" align="right" valign="middle" >-2.858</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Changes for the year, see note 7</td><td width="13%" align="right" valign="middle" >-12.223</td><td width="16%" align="right" valign="middle" >-22.849</td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" ><b>Deferred tax at 30 April</b></td><td width="13%" align="right" valign="middle" >-46.733</td><td width="16%" align="right" valign="middle" >-39.388</td></tr><tr><td colspan="5"></td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Deferred tax asset</td><td width="13%" align="right" valign="middle" >-46.733</td><td width="16%" align="right" valign="middle" >-39.388</td></tr><tr><td width="71%" colspan="3" align="left" valign="middle" >Deferred tax liability</td><td width="13%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="45%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" align="right" valign="middle" >-46.733</td><td width="16%" align="right" valign="middle" >-39.388</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The share capital comprises 50,000 shares of DKK 1,000 nominal value each. All shares rank equally. The share capital has remained unchanged since establishment.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Proposed profit allocation</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Proposed dividends</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Transfer to reserve for net revaluation according to the equity method</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Retained earnings</td></tr><tr><td colspan="3"></td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" ><b>Total distribution</b></td><td width="18%" align="right" valign="middle" >22.961</td><td width="20%" align="right" valign="middle" >21.649</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Mortgages, collateral and contingent liabilities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is jointly taxed with other Danish group companies. As group company, together with the other group companies included in the joint taxation, the Company has joint and several unlimited liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The jointly taxed companies known net liabilities to Skattestyrelsen are recognised in the financial statements of the administrative company, Stibo Holding A/S. Any subsequent corrections to the joint taxation income and withholding taxes, etc. may imply that the Company's liabilities increase.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Lease obligations</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has entered into rent obligations falling due within 6 years totalling DKK 6.7 million (2020/21: DKK 5.1 million).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other lease obligations (operating leases) falling due within 4 years total DKK 0.5 million (2020/21: DKK 1.2 million).</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" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Parties exercising control</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The STIBO-FONDEN, Axel Kiers Vej 11, 8270 Højbjerg.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Stibo Systems A/S is wholly-owned by Stibo A/S, Aarhus, whose ultimate parent company is the STIBO-FONDEN, Aarhus.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Related parties comprise the STIBO-FONDEN and subsidiaries in which STIBO-FONDEN directly or indirectly controls.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Transactions in 2021/22 with related parties</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="80%" colspan="2" align="left" valign="middle" >.Income1</td><td width="20%" align="right" valign="middle" >704.462</td></tr><tr><td width="80%" colspan="2" align="left" valign="middle" >.Expenses1</td><td width="20%" align="right" valign="middle" >625.500</td></tr><tr><td width="80%" colspan="2" align="left" valign="middle" >.Net financial income and expenses2</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="80%" colspan="2" align="left" valign="middle" >,.Receivables from group entities3</td><td width="20%" align="right" valign="middle" >62.895</td></tr><tr><td width="80%" colspan="2" align="left" valign="middle" >.Payables to group entities3</td><td width="20%" align="right" valign="middle" >21.890</td></tr><tr><td width="80%" colspan="2" align="left" valign="middle" >Dividend distribute.</td><td width="20%" align="right" valign="middle" >35.000</td></tr><tr><td width="80%" colspan="2" align="left" valign="middle" >.Dividend received</td><td width="20%" align="right" valign="middle" >3.722</td></tr><tr><td colspan="3"></td></tr><tr><td width="62%" align="right" valign="middle" >1</td><td width="18%" ></td><td width="20%" ></td></tr><tr><td width="62%" align="right" valign="middle" >2</td><td width="18%" ></td><td width="20%" ></td></tr><tr><td width="62%" align="right" valign="middle" >3</td><td width="18%" ></td><td width="20%" ></td></tr></table> 706344000 0 510382000 69412000 126550000 147339000 5220000 -26009000 24431000 632000 254000 -1200000 -22849000 21649000 137949000 8254000 1136000 170 0 632000 254000 0 -22849000 0 0 35000000 23983000 24431000 -1022000 -37782000 3201000 13359000 16560000 2298000 18095000 20393000 0 3770000 3770000 40723000 202166000 7089000 122210000 53906000 4804000 6564000 67870000 464609000 185744000 650353000 691076000 50000000 0 5157000 144929000 0 200086000 834000 834000 341288000 4619000 35012000 0 4268000 104969000 490156000 490156000 691076000 185744000 3852000 13997000 17849000 2219000 18237000 20456000 0 2423000 2423000 40728000 141520000 8393000 40722000 40852000 1193000 12359000 44722000 289761000 257691000 547452000 588180000 50000000 0 -4078000 121968000 35000000 202890000 1436000 1436000 261259000 7301000 18215000 0 2186000 94893000 383854000 383854000 588180000 257691000 3201000 8647000 11848000 114000 0 114000 119258000 2910000 122168000 134130000 23640000 3673000 62895000 46733000 0 3899000 37119000 177959000 28114000 206073000 340203000 50000000 82026000 0 68060000 0 200086000 0 0 74886000 560000 12561000 21890000 0 30220000 140117000 140117000 340203000 3852000 10645000 14497000 72000 0 72000 89762000 2423000 92185000 106754000 25430000 2911000 69897000 39388000 631000 8467000 19641000 166365000 48844000 215209000 321963000 50000000 52150000 0 65740000 35000000 202890000 0 0 59813000 1058000 7594000 21214000 0 29394000 119073000 119073000 321963000 50000000 121968000 -4078000 35000000 202890000 257691000 6209000 50000000 65740000 52150000 35000000 202890000 0 0 0 0 22961000 0 0 0 0 0 -9235000 0 0 35000000 0 0 0 0 0 0 -1022000 -3722000 0 -380000 23983000 3722000 -9235000 380000 0 35000000 0 0 50000000 144929000 5157000 0 50000000 68060000 82026000 0 Other adjustments -1111000 Other adjustments 614000 Loans provided to group entities -76848000 Loans provided to group entities 0 93573000 -2137000 4557000 705000 19595000 5598000 4557000 705000 13333000 2688000 0 0 0 651000 949000 3963000 652000 4898000 0 0 0 651000 0 724000 0 2722000 4557000 1356000 3201000 24507000 11148000 13359000 4557000 1356000 3201000 14057000 5410000 8647000 10212000 7993000 21667000 3430000 5234000 5162000 276000 835000 1959000 168000 857000 -1952000 3170000 689000 0 817000 3184000 0 0 76000 0 0 34000 0 9364000 7066000 2298000 25526000 7431000 18095000 5310000 5196000 114000 37612000 52150000 37653000 43372000 380000 9235000 23983000 3722000 380000 41000 -4078000 24431000 11431000 144000 37232000 82026000 119258000 37612000 52150000 89762000 Stibo Systems Inc. USA 0 Stibo Systems Healthcare Inc. USA 0 Stibo Systems Ltd. England 0 Stibo Systems GmbH Germany 0 Stibo Systems S.A.S France 0 Stibo Systems Asia Ltd. Hong Kong 0 Stibo Systems Korea Ltd. South Korea 0 Stibo Systems Japan Japan 0 Stibo Systems China Ltd. Hong Kong 0 Stibo Software Ltd. China 0 Stibo Systems China Ltd. China 0 Stibo Systems Pty. Ltd. Australia 0 Stibo Systems B.V. Holland 0 Stibo Systems Sârl Switzerland 0 Stibo Systems Inc. Canada 0 Stibo Systems Do Brazil Ltda. Brazil 0 Stibo Systems Columbia Columbia 0 Stibo Systems Spain S.L. Spain 0 Stibo Systems México Mexico 0 Stibo Systems India Private Limited India 0 Adrian Neil Carr Jeppe Meulengracht Fogh Adrian Neil Carr Kathrine Ravn Stougaard 753700000 548311000 12364000 -1819000 21649000 0.016 0.033 0.728 0.345 0.112 687 696850000 444079000 -75460000 469000 -61876000 -0.108 -0.192 0.637 0.354 -0.285 543 666866000 450872000 8117000 2860000 5016000 0.012 0.024 0.676 0.507 0.019 467 612994000 440525000 44302000 267000 31139000 0.072 0.141 0.719 0.525 0.119 439 EBITDA 33977000 EBITDA 21407000 EBITDA 9418000 EBITDA 45535000 EBITDA 25976000 Profit before tax 23590000 Profit before tax 10545000 Profit before tax -74991000 Profit before tax 10977000 Profit before tax 44569000 Non-current assets 40723000 Non-current assets 40728000 Non-current assets 45807000 Non-current assets 5747000 Non-current assets 2370000 Current assets 650353000 Current assets 547452000 Current assets 475227000 Current assets 503451000 Current assets 521206000 588180000 202890000 521034000 185319000 509198000 248704000 523576000 274938000 Provisions 834000 Provisions 1436000 Provisions 4346000 Provisions 1311000 Provisions 2751000 Current liabilities 490156000 Current liabilities 383854000 Current liabilities 323838000 Current liabilities 259183000 Current liabilities 245887000 Investments in tangible assets 5487000 Investments in tangible assets 6676000 Investments in tangible assets 40479000 Investments in tangible assets 4758000 Investments in tangible assets 2452000 EY Godkendt Revisionspartnerselskab 30700228 Morten Friis State Authorised Public Accountant mne32732