xbrli:pureiso4217:DKK437280592022-01-012022-12-31gsd:RegisteredReportingPeriodDeviatingFromReportedReportingPeriodDueArbitraryDatesMembercmn:ConsolidatedMember437280592022-01-012022-12-31cmn:ConsolidatedMember437280592022-01-012022-12-311cmn:ConsolidatedMember437280592022-01-012022-12-311cmn:ConsolidatedMember437280592022-01-012022-12-312cmn:ConsolidatedMember437280592022-01-012022-12-31437280592022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember437280592022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember437280592022-01-012022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember437280592022-01-012022-12-31fsa:RetainedEarningsMember437280592022-01-012022-12-31fsa:RetainedEarningsMember437280592022-12-31cmn:ConsolidatedMember437280592022-12-31437280592022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember437280592022-12-31fsa:SharePremiumMembercmn:ConsolidatedMember437280592022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember437280592022-12-31fsa:ContributedCapitalMember437280592022-12-31fsa:SharePremiumMember437280592022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember437280592022-12-31fsa:RetainedEarningsMember437280592022-01-012022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember437280592022-01-012022-12-31fsa:SharePremiumMembercmn:ConsolidatedMember437280592022-01-012022-12-31fsa:ContributedCapitalMember437280592022-01-012022-12-31fsa:SharePremiumMember437280592022-01-012022-12-312cmn:ConsolidatedMember437280592022-01-012022-12-31fsa:ManagementMembercmn:ConsolidatedMember2022-01-012022-01-012022-12-312022-12-31Grundlag for konklusionKonklusion2023-07-102023-07-1033963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed33963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København STrunk Holding ApS43728059ÅrsrapportAarhus C80002City Tower, VærkmestergadeKøbenhavnKøbenhavn K11271<br /><br />30Hauser PladsThe Executive Board has today considered and approved the annual report of Trunk Holding ApS for the financial year 01.01.2022 - 31.12.2022. The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2022 - 31.12.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Copenhagen KCasper Kaae SønderbySøren Kaae SønderbyTo the shareholders of Trunk Holding ApSWe have audited the consolidated financial statements and the parent financial statements of Trunk Holding ApS for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2022 - 31.12.2022 in accordance
with the Danish Financial Statements Act.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 financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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.
<br />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 Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 Entity’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 consolidated financial statements and the parent 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 Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent 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 commentary.AarhusMads Fauerskovmne35428State Authorised Public AccountantFinancial highlights2022
DKK'000Key figuresGross profit/loss68,989Operating profit/loss62,875Net financials50Profit/loss for the year49,302Balance sheet total57,583Investments in property, plant and equipment497Equity42,459Cash flows from operating activities63,926Cash flows from investing activities(4,050)Cash flows from financing activities(7,449)RatiosEquity ratio (%)73.74The group was established in 2022. There are therefore no main and key figures for previous years.Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Equity ratio (%)
:Equity * 100
Balance sheet totalPrimary activitiesThe group develops software and trades power on the European power markets.
The group consits of the companies Trunk Holding ApS, Twig Energy ApS and Twig Redwood ApSDevelopment in activities and financesIn 2022 the group developed its software platform and initiated its activities across most European power markets. These activities will continue in 2023. The group has realized a profit of T.DKK 49.302 for the year which the management finds satisfying.
The year's result is significantly influenced by introduction to the market with a finished product and also the development of the electricity market in general.Uncertainty relating to recognition and measurementThe group invests in the development of software to the power market.
Expenses in the
development phase are capitalised at cost on initial recognition and are valued on an ongoing basis by the
groups Management.
The groups Management assesses the completion costs and expected future cash flows for each
development project.
An impairment loss is only recognized if management estimates that the future net income is
less than the value of the development project.
Future net income is based on significant estimates and is thus associated with some uncertainty.
The bookvalue per 31.12.2022 at T.DKK 2.930 is estimated to be correct, as significant cash flows are expected in the future.OutlookThe company will continue to develop its software platform for the power markets in 2023. The result for 2023 is expected to be in the interval T.DKK 35.000 to T.DKK 60.000. The results will be significantly affected by the macro economic environment on the energy markets increasing the uncertainty of the outlook.
Use of financial instrumentsThe group is significantly affected by the electricity market in general. The management continuously monitors the electricity market and tries to adapt its activity to this. No price protection is used.
The group has transactions in several currencies. Electricity is often bought and sold in the same currency. Exchange rate hedging is not used.
The company's trading strategies and maximal financial exposures are set by an internal risk management board. The company follows a trading strategy that miminimes the financial exposures and the financial risk is estimated to be small.
The company has minimal debt and a strong liquidity and is not expected to be impacted by increasing interest rates or other increases in financial costs.
Knowledge resourcesThe group's employees are central to the ongoing development of the group and also the development project. The group has extensive knowledge of the electricity market and also the technical skills to develop the software solution for the electricity market. It is the group's ambition to continuously maintain and further develop its knowledge resources and, if necessary, recruit in the future.Environmental performanceThe company has a minimal direct impact on the environment and tries to minimize any negative impacts on the environment. The company expects to invest significantly in CO2e reducing activities in 2023 and going forward.Research and development activitiesThe group continuously develops development projects, so that this is continuously improved and also maintained. Improvements are capitalized in the balance sheet as a development project, while maintenance is expensed in the income statement.
The group has a focus on ongoing research and development of the core product, so that it always strives to be the best in the market.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 68989029-7800049803301134038628746612683882179726292507749301632136234450493016324185229974493337449333418522994930163249379632-7527333744933374493334185229929297325579029855223778853778851350001350004253650634984074253650615732218482716580481298690452426340540843881298690457582795555234104093044093044204920281189034245850640930404204920204245850640930403393029981189030642541642541520918780004263921298690412986904547534144817481306490414481748130649045758279555523410409304196903060620740930419690306062070-7449333-74493330-7449333-7449333-1969031969030-196903019690301134038-13316063875539268388-21797263925955-3888650-443794-135000Acquisitions through business combinations etc417162-405028259875673-7449333-744933352426340524263401 Staff costs2022
DKKWages and salaries4,814,825Pension costs18,900Other social security costs19,502Other staff costs127,1034,980,330Average number of full-time employees6Remuneration of management
2022
DKKExecutive Board1,502,6681,502,66860Remuneration of management
2022
DKKExecutive Board1,502,6681,502,66815026682 Depreciation, amortisation and impairment losses2022
DKKAmortisation of intangible assets1,014,708Depreciation on property, plant and equipment119,3301,134,0383 Tax on profit/loss for the year2022
DKKCurrent tax12,986,904Change in deferred tax636,54113,623,4454 Proposed distribution of profit/loss2022
DKKExtraordinary dividend distributed in the financial year7,449,333Retained earnings41,852,29949,301,6321 Proposed distribution of profit and loss2022
DKKExtraordinary dividend distributed in the financial year7,449,333Retained earnings41,852,29949,301,6325 Intangible assetsCompleted development projects
DKKAcquired intangible assets
DKKAddition through business combinations etc0111,580Additions3,888,6500Cost end of year3,888,650111,580Amortisation for the year(958,918)(55,790)Amortisation and impairment losses end of year(958,918)(55,790)Carrying amount end of year2,929,73255,790Completed development projects
DKKAcquired intangible assets
DKKAddition through business combinations etc0111,580Additions3,888,6500Cost end of year3,888,650111,580Amortisation for the year(958,918)(55,790)Amortisation and impairment losses end of year(958,918)(55,790)Carrying amount end of year2,929,73255,7906 Development projectsDuring the financial year, our company developed a development project related to the creation of a machine learning model. The objective of this project was to gain an enhanced understanding of electricity markets. This innovative machine learning model aims to leverage advanced algorithms and vast data sets to anticipate market trends, price fluctuations, and other important factors in the electricity market. The insights generated by this model are intended to support strategic decisions, optimize energy trading, and ultimately lead to improved financial performance. The project, in its development phase, has required significant investment for data procurement, infrastructure development, and specialized personnel hiring. This development has been classified as completed development projects and will be depreciated over the projected useful life of the model. We believe that this project represents an investment in our company's future capabilities and competitiveness in a rapidly evolving market.7 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKAddition through business combinations etc53,421Additions443,794Cost end of year497,215Depreciation for the year(119,330)Depreciation and impairment losses end of year(119,330)Carrying amount end of year377,8858 Financial assetsDeposits
DKKAdditions135,000Cost end of year135,000Carrying amount end of year135,0002 Financial assetsInvestments in group enterprises
DKKAddition through business combinations etc606,207Additions8,000,000Cost end of year8,606,207Share of profit/loss for the year49,379,632Dividend(15,449,333)Revaluations end of year33,930,299Carrying amount end of year42,536,506A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.9 PrepaymentsPrepayments recognised under assets include expenses incurred relating to subsequent financial years. Prepayments are measured at cost.10 Deferred tax2022
DKKIntangible assets645,839Property, plant and equipment(3,298)Deferred tax642,541
Changes during the year2022
DKKRecognised in the income statement636,541Acquisitions through business combinations etc6,000End of year642,54110 Deferred tax11 Changes in working capital2022
DKKIncrease/decrease in receivables(1,137,493)Increase/decrease in trade payables etc.1,004,333(133,160)12 Unrecognised rental and lease commitments2022
DKKTotal liabilities under rental or lease agreements until maturity 405,00013 Assets charged and collateralOf the company's liquid funds, DKK 11.2 million has been deposited for security for balances on energy trading.5 Assets charged and collateralOf the company's liquid funds, DKK 11.2 million has been deposited for security for balances on energy trading.14 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.6 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.15 SubsidiariesRegistered inCorporate
formOwnership
%Twig Energy ApSCopenhagenApS100.00Twig Redwood ApSCopenhagenApS100.0049379632425365061298690433930299-154493331544933304 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint
taxation arrangement. According to the joint
taxation provisions of the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc. for the
jointly taxed entities, and also for obligations, if any, relating to
the withholding of tax on interest, royalties and
dividends for these entities.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).Non-comparabilityThis is the Entity's first financial year, so no comparative figures has been included. The financial year consists of
the period 01.01.2022 - 31.12.2022.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been
settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
Property, plant and equipment, intangible assets, inventories and
other non-monetary assets that have been
purchased in foreign currencies are translated using historical
rates.
Gross profit or lossGross profit or loss comprises revenue, own
work capitalised, other operating income, costs of sales and external expenses.RevenueRevenue from the sale of the power trading is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Own work capitalisedOwn work capitalised comprises staff costs incurred in the financial year and recognised in
cost for proprietary intangible assets.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary
inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff.Depreciation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation and impairment losses for the financial year, and gains and losses from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises interest income.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights,
the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods
used are 3 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment'2-5Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to the above
section on
business combinations for more details about the accounting policies applied to acquisitions of
investments in
group enterprises.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.<br />Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.
However, no deferred tax is recognised for amortisation of
goodwill disallowed for tax purposes and temporary
differences arising at the date of acquisition that do not result from a business combination and that do not have
any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.
Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.2023-07-10Casper Kaae Sønderby