33052421 2021-01-01 2021-12-31 33052421 2021-01-01 2021-12-31 0 33052421 2021-01-01 2021-12-31 1 33052421 2021-01-01 2021-12-31 2 33052421 2020-01-01 2020-12-31 33052421 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 33052421 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 33052421 2021-12-31 33052421 2020-12-31 33052421 2021-01-01 2021-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 33052421 2020-01-01 2020-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 33052421 2021-01-01 2021-12-31 0 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 Carl Sebastian Jägerhorn 2022-06-30 <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 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">The Executive Board has today reviewed and accepted the Annual Report of Fazer Denmark Aps for the financial year</td></tr><tr><td colspan="1">1 January - 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position and results of operations of</td></tr><tr><td colspan="1">the company as of and for the year ended 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report will be accepted at the Annual General Meeting.</td></tr></table> Copenhagen 2022-06-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholder of Fazer Denmark ApS</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">In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31</td></tr><tr><td colspan="1">December 2021 and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of Fazer Denmark ApS for the financial year 1 January - 31 December</td></tr><tr><td colspan="1">2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a</td></tr><tr><td colspan="1">summary of significant accounting policies (”the Financial Statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark. Our responsibilities under those standards and requirements are further described in the</td></tr><tr><td colspan="1">”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the</td></tr><tr><td colspan="1">Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for</td></tr><tr><td colspan="1">Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled</td></tr><tr><td colspan="1">our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have</td></tr><tr><td colspan="1">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">Statement on Management's Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of</td></tr><tr><td colspan="1">assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in</td></tr><tr><td colspan="1">doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our</td></tr><tr><td colspan="1">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 Management’s Review provides the information required under</td></tr><tr><td colspan="1">the Danish Financials Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial</td></tr><tr><td colspan="1">Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We</td></tr><tr><td colspan="1">did not identify any material misstatement in Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with</td></tr><tr><td colspan="1">the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable</td></tr><tr><td colspan="1">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 Company’s ability to continue as</td></tr><tr><td colspan="1">a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of</td></tr><tr><td colspan="1">accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to</td></tr><tr><td colspan="1">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 about whether the Financial Statements as a whole are free from</td></tr><tr><td colspan="1">material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.</td></tr><tr><td colspan="1">Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with</td></tr><tr><td colspan="1">ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.</td></tr><tr><td colspan="1">Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could</td></tr><tr><td colspan="1">reasonably be expected to influence the economic decisions of users taken on the basis of these Financial</td></tr><tr><td colspan="1">• As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we</td></tr><tr><td colspan="1">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,</td></tr><tr><td colspan="1">design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and</td></tr><tr><td colspan="1">appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is</td></tr><tr><td colspan="1">higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,</td></tr><tr><td colspan="1">misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td colspan="1">appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the</td></tr><tr><td colspan="1">Company’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td colspan="1">related disclosures made by Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the</td></tr><tr><td colspan="1">Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to</td></tr><tr><td colspan="1">events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we</td></tr><tr><td colspan="1">conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related</td></tr><tr><td colspan="1">disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions</td></tr><tr><td colspan="1">are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions</td></tr><tr><td colspan="1">may cause the 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 disclosures, and</td></tr><tr><td colspan="1">whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and</td></tr><tr><td colspan="1">fair view.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing</td></tr><tr><td colspan="1">of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during</td></tr><tr><td colspan="1">our audit.</td></tr></table> Hellerup 2022-06-30 Fazer Denmark ApS Lindgreens Allé 12 DK-2300 København S www.fazer.dk 33052421 2010-07-01 Copenhagen Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Review</td></tr><tr><td colspan="1">Financial Statements of Fazer Denmark ApS for 2021 have been prepared in accordance with the provisions of the</td></tr><tr><td colspan="1">Danish Financial Statements Act applying to enterprises of reporting class B. The Annual Report has been prepared</td></tr><tr><td colspan="1">under the same accounting policies as last year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key activities</td></tr><tr><td colspan="1">The Company markets and sells smoothies and confectionery products primarily on the Danish market.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in the year</td></tr><tr><td colspan="1">The income statement of the Company for 2021 shows a profit of DKK 678.868, and at 31 December 2021 the</td></tr><tr><td colspan="1">balance sheet of the Company shows equity of DKK 14.192.202.</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">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">Recognition and measurement in the Annual Report have not been subject to any uncertainty.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Unusual events</td></tr><tr><td colspan="1">The financial position at 31 December 2021 of the Company and the results of the activities of the Company for the</td></tr><tr><td colspan="1">financial year for 2021 have not been affected by any unusual events.</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">Subsequent events</td></tr><tr><td colspan="1">No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</td></tr></table> 22846703 19696400 0 3150303 11265 2185116 976453 297585 678868 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Statement of Changes in Equity</b></td></tr><tr><td width="37%" ></td><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" >Retained</td><td width="23%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="37%" ></td><td width="20%" colspan="1" align="right" valign="middle" >Share capital</td><td width="20%" colspan="1" align="right" valign="middle" >earnings</td><td width="23%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="37%" ></td><td width="20%" colspan="1" align="right" valign="middle" >DKK</td><td width="20%" colspan="1" align="right" valign="middle" >DKK</td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="4"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Equity at 1 January</td><td width="20%" align="right" valign="middle" >150.000</td><td width="20%" align="right" valign="middle" >13.363.329</td><td width="23%" align="right" valign="middle" >13.513.329</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >678.868</td><td width="23%" align="right" valign="middle" >678.868</td></tr><tr><td colspan="4"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December</b></td><td width="20%" align="right" valign="middle" ><b>150.000</b></td><td width="20%" align="right" valign="middle" ><b>14.042.202</b></td><td width="23%" align="right" valign="middle" ><b>14.192.202</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" ><b>Staff expenses</b></td><td width="23%" align="right" valign="middle" ><b>2021</b></td><td width="25%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="52%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="23%" align="right" valign="middle" >17.696.556</td><td width="25%" align="right" valign="middle" >14.221.874</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Pensions</td><td width="23%" align="right" valign="middle" >1.124.970</td><td width="25%" align="right" valign="middle" >914.983</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Other social security expenses</td><td width="23%" align="right" valign="middle" >202.011</td><td width="25%" align="right" valign="middle" >246.561</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Other staff expenses</td><td width="23%" align="right" valign="middle" >672.862</td><td width="25%" align="right" valign="middle" >86.669</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" ><b>19.696.400</b></td><td width="25%" align="right" valign="middle" ><b>15.470.087</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" ><b>Average number of employees</b></td><td width="23%" align="right" valign="middle" ><b>28</b></td><td width="25%" align="right" valign="middle" ><b>28</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" ><b>Financial income</b></td><td width="23%" align="right" valign="middle" ><b>2021</b></td><td width="25%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="52%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Interest income</td><td width="23%" align="right" valign="middle" >11.071</td><td width="25%" align="right" valign="middle" >0</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Exchange adjustments</td><td width="23%" align="right" valign="middle" >194</td><td width="25%" align="right" valign="middle" >93.755</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" ><b>11.265</b></td><td width="25%" align="right" valign="middle" ><b>93.755</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" ><b>Financial expenses</b></td><td width="23%" align="right" valign="middle" ><b>2021</b></td><td width="25%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="52%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Interest paid to group enterprises</td><td width="23%" align="right" valign="middle" >1.604.540</td><td width="25%" align="right" valign="middle" >920.519</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="23%" align="right" valign="middle" >579.700</td><td width="25%" align="right" valign="middle" >41.043</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Exchange loss</td><td width="23%" align="right" valign="middle" >877</td><td width="25%" align="right" valign="middle" >9.353</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" ><b>2.185.116</b></td><td width="25%" align="right" valign="middle" ><b>970.915</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" ><b>Tax on profit/loss for the year</b></td><td width="23%" align="right" valign="middle" ><b>2021</b></td><td width="25%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="52%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Current tax for the year</td><td width="23%" align="right" valign="middle" >0</td><td width="25%" align="right" valign="middle" >0</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Deferred tax for the year</td><td width="23%" align="right" valign="middle" >-297.585</td><td width="25%" align="right" valign="middle" >-235.624</td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" ><b>-297.585</b></td><td width="25%" align="right" valign="middle" ><b>-235.624</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Long-term debt</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The debt falls due for payment as specified below</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" ><b>2021</b></td><td width="25%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="52%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other payables</b></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="23%" align="right" valign="middle" >841.925</td><td width="25%" align="right" valign="middle" >1.340.676</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Long-term part</td><td width="23%" align="right" valign="middle" >841.925</td><td width="25%" align="right" valign="middle" >1.340.676</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Other short-term payables</td><td width="23%" align="right" valign="middle" >12.980.904</td><td width="25%" align="right" valign="middle" >20.859.017</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" ><b>13.822.829</b></td><td width="25%" align="right" valign="middle" ><b>22.199.694</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3"></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" ><b>Contingent assets, liabilities and other financial obligations</b></td><td width="23%" align="right" valign="middle" ><b>2021</b></td><td width="25%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" ><b>Rental and lease obligations</b></td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Lease obligations under operating leases.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Total future lease payments</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Within 1 year</td><td width="23%" align="right" valign="middle" >794.886</td><td width="25%" align="right" valign="middle" >933.522</td></tr><tr><td width="52%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="23%" align="right" valign="middle" >851.386</td><td width="25%" align="right" valign="middle" >898.382</td></tr><tr><td colspan="3"></td></tr><tr><td width="52%" ></td><td width="23%" align="right" valign="middle" ><b>1.646.271</b></td><td width="25%" align="right" valign="middle" ><b>1.831.904</b></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"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Consolidated Financial Statements</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The company is included in the group report for the parent company</td></tr><tr><td colspan="2"></td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" >Name</td><td width="32%" colspan="1" align="left" valign="middle" >Place of registered office</td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" >Fazer Sweden AB</td><td width="32%" colspan="1" align="left" valign="middle" >Hammarby Kaj 24 SE-120 62 Stockholm</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>Accounting Policies</td></tr><tr><td /><td>The Annual Report of Fazer Denmark ApS for 2021 has been prepared in accordance with the provisions of the Danish</td></tr><tr><td /><td>Financial Statements Act applying to enterprises of reporting class B.</td></tr><tr><td /><td>The accounting policies applied remain unchanged from last year.</td></tr><tr><td /><td>The Financial Statements for 2021 are presented in DKK.</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>Recognition and measurement</td></tr><tr><td /><td>Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and</td></tr><tr><td /><td>liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the</td></tr><tr><td /><td>earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses</td></tr><tr><td /><td>and provisions as well as reversals due to changed accounting estimates of amounts that have previously been</td></tr><tr><td /><td>recognised in the income statement.</td></tr><tr><td /><td>Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset</td></tr><tr><td /><td>will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the</td></tr><tr><td /><td>Company, and the value of the liability can be measured reliably.</td></tr><tr><td /><td>Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for</td></tr><tr><td /><td>each item below.</td></tr><tr><td /><td>Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant</td></tr><tr><td /><td>effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and</td></tr><tr><td /><td>with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this</td></tr><tr><td /><td>way, capital losses and gains are allocated over the maturity period.</td></tr><tr><td /><td>Recognition and measurement take into account predictable losses and risks occurring before the presentation of the</td></tr><tr><td /><td>Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Translation policies</td></tr><tr><td /><td>Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange</td></tr><tr><td /><td>differences arising due to differences between the transaction date rates and the rates at the dates of payment are</td></tr><tr><td /><td>recognised in financial income and expenses in the income statement. Where foreign exchange transactions are</td></tr><tr><td /><td>considered hedging of future cash flows, the value adjustments are recognised directly in equity.</td></tr><tr><td /><td>Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet</td></tr><tr><td /><td>date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the</td></tr><tr><td /><td>balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income</td></tr><tr><td /><td>and expenses in the income statement.</td></tr><tr><td /><td>Fixed assets acquired in foreign currencies are measured at the transaction date rates.</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>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 /><td>Revenue</td></tr><tr><td /><td>Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been</td></tr><tr><td /><td>transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits</td></tr><tr><td /><td>relating to the sale will flow to the Company.</td></tr><tr><td /><td>Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to</td></tr><tr><td /><td>sales.</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>Expenses for goods for resale</td></tr><tr><td /><td>Expenses for goods for resale comprise the goods for resale and consumables consumed to achieve revenue for the</td></tr><tr><td /><td>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 /><td>Other external expenses</td></tr><tr><td /><td>Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well</td></tr><tr><td /><td>as office expenses, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Gross profit/loss</td></tr><tr><td /><td>With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of</td></tr><tr><td /><td>revenue, other operating income, expenses for raw materials and consumables and other external expenses.</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 expenses</td></tr><tr><td /><td>Staff expenses comprise wages and salaries as well as payroll expenses.</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>Amortisation, depreciation and impairment losses</td></tr><tr><td /><td>Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible</td></tr><tr><td /><td>assets and 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 /><td>Other operating income and expenses</td></tr><tr><td /><td>Other operating income and other operating expenses comprise items of a secondary nature to the main activities of</td></tr><tr><td /><td>the Company, including gains and losses on the sale of intangible assets and 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 /><td>Financial income and expenses</td></tr><tr><td /><td>Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax on profit/loss for the year</td></tr><tr><td /><td>Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the</td></tr><tr><td /><td>profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is</td></tr><tr><td /><td>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 /><td>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 /><td>Property, plant and equipment</td></tr><tr><td /><td>Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated</td></tr><tr><td /><td>impairment losses.</td></tr><tr><td /><td>Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset</td></tr><tr><td /><td>is ready for use.</td></tr><tr><td /><td>Interest expenses on loans raised directly for financing the construction of property, plant and equipment are</td></tr><tr><td /><td>recognised in cost over the period of construction. All indirectly attributable borrowing expenses are recognised in the</td></tr><tr><td /><td>income statement.</td></tr><tr><td /><td>Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected</td></tr><tr><td /><td>useful lives of the assets, which are</td></tr><tr><td /><td>Other fixtures and fittings, tools and equipment 3-5 years.</td></tr><tr><td /><td>Depreciation period and residual value are reassessed annually.</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>Impairment of fixed assets</td></tr><tr><td /><td>The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to</td></tr><tr><td /><td>determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.</td></tr><tr><td /><td>If so, the asset is written down to its lower recoverable amount.</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>Fixed asset investments</td></tr><tr><td /><td>Fixed asset investments consist of rent deposits.</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>Inventories</td></tr><tr><td /><td>Inventories are measured at the lower of cost under the FIFO method and net realisable value.</td></tr><tr><td /><td>The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories</td></tr><tr><td /><td>in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing</td></tr><tr><td /><td>for marketability, obsolescence and development in expected selling price.</td></tr><tr><td /><td>The cost of goods for resale, raw materials and consumables equals landed cost.</td></tr><tr><td /><td>The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour.</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>Receivables</td></tr><tr><td /><td>Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value.</td></tr><tr><td /><td>Provisions for estimated bad debts are made.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Prepayments</td></tr><tr><td /><td>Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.</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>Deferred tax assets and liabilities</td></tr><tr><td /><td>Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising</td></tr><tr><td /><td>between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis</td></tr><tr><td /><td>of the intended use of the asset and settlement of the liability, respectively.</td></tr><tr><td /><td>Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax</td></tr><tr><td /><td>on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.</td></tr><tr><td /><td>Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the</td></tr><tr><td /><td>balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to</td></tr><tr><td /><td>changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised</td></tr><tr><td /><td>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 /><td>Current tax receivables and liabilities</td></tr><tr><td /><td>Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year</td></tr><tr><td /><td>adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the</td></tr><tr><td /><td>on-account taxation scheme are recognised in the income statement in financial income and expenses.</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 debts</td></tr><tr><td /><td>Debts are measured at amortised cost, substantially corresponding to nominal value.</td></tr></table> Årsrapport 20222670 BDO Statsautoriseret Revisionsaktieselskab Kystvejen 29 8000 Aarhus C xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Tommi Antero Nuutinen Executive Officer Carl Sebastian Jägerhorn Executive Officer Jouni Åke Grönroos Executive Officer 18605043 15470087 30397 3104559 93755 970915 2227399 -235624 2463023 678868 2463023 0 0 298839 298839 298839 3758794 35696939 56519542 1707172 2708039 44137 96675828 21754 100456376 100755215 150000 14042202 14192202 841925 841925 0 4704837 68035348 12980904 85721089 86563014 100755215 76610 76610 291340 367950 367950 3582345 36414626 44922374 0 3005620 371153 84713773 618 88296736 88664686 150000 13363329 13513329 1340676 1340676 8264 413202 52530197 20859017 73810681 75151357 88664686 28 28 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Line Hedam State Authorised Public Accountant mne27768 Strandvejen 44 DK-2900 Hellerup