xbrli:pureiso4217:DKK379936702022-01-012022-12-31379936702022-01-012022-12-311379936702022-01-012022-12-311379936702022-01-012022-12-31379936702021-01-012021-12-31379936702022-01-012022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember379936702022-01-012022-12-31fsa:RetainedEarningsMember379936702022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember379936702022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember379936702021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember379936702022-01-012022-12-31fsa:RetainedEarningsMember379936702021-01-012021-12-31fsa:RetainedEarningsMember379936702022-12-31379936702021-12-31379936702022-01-01379936702021-01-01379936702022-01-01fsa:ContributedCapitalMember379936702022-01-01fsa:SharePremiumMember379936702022-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember379936702022-01-01fsa:RetainedEarningsMember379936702022-12-31fsa:ContributedCapitalMember379936702022-12-31fsa:SharePremiumMember379936702022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember379936702022-12-31fsa:RetainedEarningsMember379936702022-01-01fsa:ProposedDividendRecognisedInEquityMember379936702022-12-31fsa:ProposedDividendRecognisedInEquityMember379936702022-01-012022-12-311379936702021-01-012021-12-311Grundlag for konklusionKonklusion2023-06-262023-06-26Regnskabsklasse C, mellemstor virksomhed2021-01-012021-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabCopenhagenCopenhagen2100Revisionspåtegning2022-12-312022-01-01<br /><br />29Amerika PladsCIP Holding 1 ApS37993670339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Executive Board has today considered and approved the annual report of CIP Holding 1 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 my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations and cash flows for the financial year 01.01.2022 - 31.12.2022.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.I recommend the annual report for adoption at the Annual General Meeting.CopenhagenJakob Baruël PoulsenTo the shareholder of CIP Holding 1 ApSWe have audited the financial statements of CIP Holding 1 ApS for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a
summary of significant accounting policies. The financial statements are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations and 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 financial statements" section of this auditor’s
report. We are independent of the Entity 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 financial statements that give a true and fair view in accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the 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 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 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 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 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 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 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 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 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
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the 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 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 financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the 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 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.CopenhagenBill Haudal Pedersenmne30131State Authorised Public AccountantFinancial highlights2022
DKK'0002021
DKK'0002020
DKK'0002019
DKK'0002018
DKK'000Key figuresGross profit/loss(3,172)(9,157)(1,158)(584)(16)Operating profit/loss(3,172)(9,157)(1,158)(584)(16)Net financials2,326(1,182)(1,250)(418)(274)Profit/loss for the year103,593297,35826,1153,4168,316Total assets73,111118,65552,76329,96827,532Equity58,58892,17439,98319,66616,251RatiosReturn on equity (%)137.43450.0187.5619.02N/AEquity ratio (%)80.1477.6875.7865.6259.03Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Total assetsPrimary activitiesThe object of the Company is to act as a holding company and to conduct business within the fields of trade and investments, along with oth-er fields which are related hereto.Development in activities and financesThe Company has realised a profit of DKK 103,593 thousand compared with a profit of DKK 297,358 thousand last
year. Profit/loss for the year in relation to expected developmentsThe development in the financial year's activities is as expected. The development was positively affected by dividends from the underlying investments. OutlookManagement expects a positive result in 2023, at the level of 2022.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.-3172000-915700068090008000374030002778380006978000041878000066800050910007870002765000197000011314600031005200095530001269400010359300029735800036090000-4479800011217900012200012200025000000112179000245169000-87080002718900008137000046080002852300045040000013800000151930001220001900002741200023070002821000309520001046100003095200010461000096580001315500003700010700011500097650001330700032394000738000-11449000-116950004215900014045000731110001186550005000050000157000157000285220003503300029737000319340001220002500000058588000921740005000015700035033000319340000500001570002852200029737000025000000921740001220001570001218700043750000977200012522000219000177200014523000264810001452300026481000731110001186550000-25000000-250000000-112179000-112179000-4260100042601000028700001673000-190000935000-492000-654900015920001031000-2817000-1664000-8700000-12418000-10417000-196000000-269910003095100024183000048873000611890000-60340001497000547000104000193000Capital increase in investments-2322000-57190007910300026501500068686000245415000-25000000-245169000-25000000-2451690004368600024600032237000-11449000157000121870001 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.2 Proposed distribution of profit and loss2022
DKK'0002021
DKK'000Ordinary dividend for the financial year12225,000Extraordinary dividend distributed in the financial year112,179245,169Retained earnings (8,708)27,189 103,593297,3583 Financial assetsInvestments in group enterprises
DKK'000Receivables from group enterprises
DKK'000Investments in associates
DKK'000Receivables from associates
DKK'000Investments in participa-
ting interests
DKK'000Cost beginning of year8,1374,60845,0401,38015,193Additions0462,295019,125Disposals(8,137)(4,654)(10,301)(1,380)(34,318)Cost end of year0037,03400Disposals on divestments etc (6,763)03,2340(70,409)Share of profit/loss for the year0034,09000Dividend00(42,601)00Other adjustments6,7630(3,234)070,409Revaluations end of year00(8,511)00Carrying amount end of year0028,52300Receivables from participating interests
DKK'000Other investments
DKK'000Other receivables
DKK'000Cost beginning of year1927,4122,821Additions93050Disposals0(27,412)(564)Cost end of year11202,307Disposals on divestments etc 000Share of profit/loss for the year000Dividend000Other adjustments1000Revaluations end of year1000Carrying amount end of year12202,307Investments in associatesRegistered inCorporate
formEquity
interest
%Equity
DKK'000Profit/loss
DKK'000Copenhagen Infrastructure Partners Holding P/SDenmarkP/S12.00178,840209,231CIP Holding 6 ApSDenmarkApS10.0018,54119,844<br />Investments in group enterprises
DKK'000Receivables from group enterprises
DKK'000Investments in associates
DKK'000Receivables from associates
DKK'000Investments in participa-
ting interests
DKK'000Cost beginning of year8,1374,60845,0401,38015,193Additions0462,295019,125Disposals(8,137)(4,654)(10,301)(1,380)(34,318)Cost end of year0037,03400Disposals on divestments etc (6,763)03,2340(70,409)Share of profit/loss for the year0034,09000Dividend00(42,601)00Other adjustments6,7630(3,234)070,409Revaluations end of year00(8,511)00Carrying amount end of year0028,52300Receivables from participating interests
DKK'000Other investments
DKK'000Other receivables
DKK'000Cost beginning of year1927,4122,821Additions93050Disposals0(27,412)(564)Cost end of year11202,307Disposals on divestments etc 000Share of profit/loss for the year000Dividend000Other adjustments1000Revaluations end of year1000Carrying amount end of year12202,3074 Share capitalNumberNominal
value
DKK'000Share class A19,42719Share class B115,64316Share class B215,0301550,100505 Changes in working capital2022
DKK'0002021
DKK'000Increase/decrease in receivables2,8251,623Increase/decrease in trade payables etc45502,8701,67307 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement where CIP TopCo 1 ApS serves as the administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act,
the Entity
is therefore secondarily liable for income taxes etc for the
jointly taxed entities, which is limited to the equity
interest by which the entity participates in the Group.
There are no other guarantees or contingent liabilities.
8 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.
No such transactions have been conducted in the financial year.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.
Reporting currency is Danish kroner (DKK).falseConsolidated financial statementsReferring to section 110 of the Danish Financial Statements Act,
no consolidated financial statements have been prepared.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.Gross profit or lossGross profit or loss comprises other external expenses.Other external expensesOther external expenses include expenses relating to the Entity's ordinary activities.Income from investments in group enterprisesIncome from investments in group enterprises comprises dividends etc received from the
individual group enterprises in the financial year.<br />Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual
associates’ profit/loss after pro rata elimination of intra-group profits or losses. Furthermore, income from investments in associates comprises interest income and dividends received from investments in associates. <br />Income from investments in participating interestsIncome from investments in participating interests comprises gains in the form of interest, dividends, etc. received from the individual participating interests in the financial year.Income from other fixed asset investments Income from other fixed asset investments comprises gains in the form of interest, dividends, etc on fixed
asset investments which are not investments in group enterprises, associates or participating interests.Other financial incomeOther financial income comprises interest income and exchange rate adjustments.Other financial expensesOther financial expenses comprise interest expenses, interest related to loan, bank charges and exchange rate
adjustments.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 Entity is jointly taxed with all 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).Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the
lower of recoverable amount and carrying amount.<br />Investments in associatesInvestments in associates are recognised and measured according to the equity method. This
means that investments are measured at the pro rata share of the associates’ equity value.
Upon distribution of profit or loss, net revaluation of investments in associates is transferred to reserve for net revaluation according to the equity method under equity.<br />Investments in participating interestsInvestments in participating interests are measured at cost. Investments 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.Other investmentsOther investments comprise financial assets, which are measued at cost. Invstments are written down the lower of recoverable amount and carrying amount.
Other investments comprise listed securities which are measured at fair value (market price) at the balance
sheet date.CashCash comprises cash in 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.
Assets (in kind) which are distributed as dividend are measured at fair value, and gains related to the distributed assets (in kind) are recognized in the income statement. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.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 and short-term bank debt.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 and short-term bank debt.2023-06-26Jakob Baruël Poulsen