28866984 2021-01-01 2021-12-31 28866984 2021-01-01 2021-12-31 0 28866984 2021-01-01 2021-12-31 1 28866984 2021-01-01 2021-12-31 cmn:PreviousYearMember 28866984 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 28866984 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 28866984 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 28866984 2021-01-01 2021-12-31 0 28866984 2021-01-01 2021-12-31 cmn:PreviousYearMember 1 28866984 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 2 28866984 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 3 28866984 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 4 28866984 2021-12-31 28866984 2021-12-31 cmn:PreviousYearMember 28866984 2021-12-31 cmn:TwoYearsAgoMember 28866984 2021-12-31 cmn:ThreeYearsAgoMember 28866984 2021-12-31 cmn:FourYearsAgoMember 28866984 2020-01-01 2020-12-31 28866984 2020-12-31 28866984 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 28866984 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 28866984 2021-01-01 2021-12-31 0 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2021-01-01 2021-12-31 Google Denmark ApS Sankt Petri Passage 5,2. DK-1165 Kobenhavn K 28866984 Copenhagen 2022-06-27 Niels Bang <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 considered and adopted the annual report of Google Denmark ApS for the financial year 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 at 31 December 2021 of the Company and of the results of the Company operations for 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">In our opinion, management's review includes a true and fair account of the matters addressed in the 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">We recommend that the annual report be adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2022-06-21 <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 shareholders of Google 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">We have audited the financial statements of Google Denmark ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.</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 December 2021 and of the results of the Company's operations and cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.</td></tr><tr><td colspan="1">- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">- Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">- Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Herning 2022-06-24 <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">Seen over a five-year period, the development of the Company is described by the following financial highlights</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts. For definitions, see under accounting policies.</td></tr></table> 341287000 -240000 48415000 39968000 139 0.182 0.255 0.734 0.313 <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">Key activities</td></tr><tr><td colspan="1">Google Denmark ApS is engaged in the provision of marketing and customer support services and the provision of contract research and development services to Group Enterprises.</td></tr><tr><td colspan="1">The past year and follow up on development expectations from last year</td></tr><tr><td colspan="1">The income statement of the Company for 2021 shows a profit of TDKK 48,415, and at 31 December 2021 the balance sheet of the Company shows equity of TDKK 178,765.</td></tr><tr><td colspan="1">The Company recorded a profit before tax of TDKK 62,211 for 2021 which is an increase of 14% compared with 2020 and is in line with expectations.</td></tr><tr><td colspan="1">The Company has no plans or intention to restructure, reorganize or dispose of any assets other than those reflected in these financial statements, which could materially affect the book value or the classification of assets and liabilities, presentation of the income statement or which should be disclosed in these accounts. There are no future changes anticipated in the business of the Company at this time.</td></tr><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">The Company expects to continue its growth in 2022 and as such revenue and profits are expected to grow by a factor of 5 - 15% in 2022.</td></tr><tr><td colspan="1">Forward-looking statements are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those expressed in the forward looking statements.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating risks</td></tr><tr><td colspan="1">As a provider of marketing and customer support services and contract research and development services to Group Enterprises, the Company's principal risks and uncertainties relate to scaling back its operations due to a reduction in demand for its services. The demand for its services would be impacted by the principal risks and uncertainties faced by Group Enterprises, namely</td></tr><tr><td colspan="1">These businesses face intense competition. If they do not continue to innovate and provide products and services that are useful to users, they may not remain competitive, and their revenues and operating results could be adversely affected.</td></tr><tr><td colspan="1">-       These businesses generate their revenues almost entirely from advertising, and the reduction in spending by or loss of advertisers could seriously harm them.</td></tr><tr><td colspan="1">-       A variety of new and existing U.S. and foreign laws could subject these businesses to claims or otherwise harm them.</td></tr><tr><td colspan="1">Critical accounting estimates and judgements</td></tr><tr><td colspan="1">Judgement is involved in determining the Company's income taxes. Where the final tax outcome of these matters differs from the amounts that were initially recognised, such differences will impact the income tax and deferred tax, in the period in which such determination is made.</td></tr><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> https://www.gstatic.com/gumdrop/sustainability/google-2022-eu-nfrd-report.pdf <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">Corporate Social Responsibility</td></tr><tr><td colspan="1">In accordance with the Danish Financial Statements Act (DFSA - section 99a), the parent company Google LLC, Corporate Identity Number 3582691, incorporated in the United States of America, prepares a non­ financial social responsibility report for the group which includes Google Denmark ApS. This report is available on Google's corporate website at https://www.gstatic.com/gumdrop/sustainability/google-2022-eu-nfrd-report.pdf</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">Reporting of goals and policies for the underrepresented gender</td></tr><tr><td colspan="1">The Company is not required to set a target for the supreme management body as is constituted of two board members.</td></tr><tr><td colspan="1">In 2021, the Leadership team consisted of 50% percent women (from 40% percent in 2020).</td></tr><tr><td colspan="1">Our aim is to foster a basis for organic growth and development of female talent that includes our leadership levels, and that women are truly considered in our commitment to make sure we have the best candidate. We continue to ensure that gender diversity is an integrated part of our talent review, leadership development, and recruitment activities for leadership positions. A diverse workforce brings varied experiences, expertise, ideas, and innovation. To maintain a diverse workforce, we collaborate across the company to take advantage of knowledge sharing between culturally diverse groups.</td></tr><tr><td colspan="1">Google's recruiting teams are committed to furthering Google's diversity, equity &amp; inclusion efforts. On the hiring front, they've taken a deeper look at the intent and actions that can truly support our inclusive strategies.These steps should be followed across all new talent searches on every team and only work if each of our people leaders is committed.</td></tr><tr><td colspan="1">Staffing partners</td></tr><tr><td colspan="1">complete training on unconscious bias and countering unconscious bias, along with several other core trainings</td></tr><tr><td colspan="1">audit ongoing open roles &amp; new job postings to ensure accurate minimum and preferred qualifications and gender neutral language.</td></tr><tr><td colspan="1">Reporting of goals and policies for the underrepresented gender (continued)</td></tr><tr><td colspan="1">Hiring managers</td></tr><tr><td colspan="1">complete training on unconscious bias and countering unconscious bias, along with several other core trainings</td></tr><tr><td colspan="1">consider candidates outside of traditional profiles, schools and companies.</td></tr><tr><td colspan="1">write inclusive job descriptions that limit non-negotiable minimum qualifications and include preferred qualifications based on success needed in role vs. perceived pedigree and familiarity of experience.</td></tr><tr><td colspan="1">make hiring decisions against validated minimum and preferred qualifications, not preference. assemble interview panels that represent diversity of thought and perspective.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Data ethics</td></tr><tr><td colspan="1">In accordance with the Danish Financial Statements Act (DFSA- section 99d), the parent company Google LLC, Corporate Identity Number 3582691, incorporated in the United States of America, prepares a data ethics report for the group which includes Google Denmark ApS. This report is available on Google's corporate website at https://www.gstatic.com/gumdrop/sustainability/google-2022-eu-nfrd-report.pdf</td></tr></table> 64273000 277014000 215952000 9186000 10475000 0 62351000 16000 256000 62111000 13696000 <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="5" align="left" valign="middle" >STATEMENT OF CHANGES IN EQUITY</td></tr><tr><td colspan="5"></td></tr><tr><td width="31%" ></td><td width="8%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" >Share capital</td><td width="20%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="21%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="31%" align="left" valign="middle" >2021</td><td width="8%" ></td><td width="20%" colspan="1" align="right" valign="middle" >TDKK</td><td width="20%" colspan="1" align="right" valign="middle" >TDKK</td><td width="21%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="39%" colspan="2" align="left" valign="middle" >Equity at 1 January</td><td width="20%" align="right" valign="middle" >750</td><td width="20%" align="right" valign="middle" >129.600</td><td width="21%" align="right" valign="middle" >130.350</td></tr><tr><td width="39%" colspan="2" align="left" valign="middle" >Net profit for the year</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >48.415</td><td width="21%" align="right" valign="middle" >48.415</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Equity at 31 December</td><td width="8%" align="right" valign="middle" >12</td><td width="20%" align="right" valign="middle" >750</td><td width="20%" align="right" valign="middle" >178.015</td><td width="21%" align="right" valign="middle" >178.765</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Critical accounting estimates and judgements</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Judgement is involved in determining the Company's income taxes. Where the final tax outcome of these matters differs from the amounts that were initially recognised, such differences will impact the income tax and deferred tax, in the period in which such determination is made.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Revenue</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td></tr><tr><td width="77%" ></td><td width="11%" colspan="1" align="right" valign="middle" >TDKK</td><td width="12%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Denmark</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Rest of Europe</td><td width="11%" align="right" valign="middle" >271.683</td><td width="12%" align="right" valign="middle" >252.153</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >America</td><td width="11%" align="right" valign="middle" >69.604</td><td width="12%" align="right" valign="middle" >70.274</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >341.287</td><td width="12%" align="right" valign="middle" >322.426</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Geographical segment and business are similar, hence they are disclosed together.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Staff expenses</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="11%" align="right" valign="middle" >193.596</td><td width="12%" align="right" valign="middle" >178.737</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Pensions</td><td width="11%" align="right" valign="middle" >15.444</td><td width="12%" align="right" valign="middle" >13.272</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Other staff expenses</td><td width="11%" align="right" valign="middle" >6.913</td><td width="12%" align="right" valign="middle" >2.619</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >215.952</td><td width="12%" align="right" valign="middle" >194.628</td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="11%" align="right" valign="middle" >139</td><td width="12%" align="right" valign="middle" >123</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The directors receive remuneration in respect of their services of the Company from other group companies. The cost of the services that they provide to the Company cannot be separately identified.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Depreciation and impairment of property, plant and equipment</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Depreciation of property, plant and equipment</td><td width="11%" align="right" valign="middle" >9.186</td><td width="12%" align="right" valign="middle" >10.529</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >9.186</td><td width="12%" align="right" valign="middle" >10.529</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Statutory and other information</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Statutory audit</td><td width="11%" align="right" valign="middle" >307</td><td width="12%" align="right" valign="middle" >270</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >307</td><td width="12%" align="right" valign="middle" >270</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Interest received from group enterprises</td><td width="11%" align="right" valign="middle" >8</td><td width="12%" align="right" valign="middle" >1</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="11%" align="right" valign="middle" >8</td><td width="12%" align="right" valign="middle" >7</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >24</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >16</td><td width="12%" align="right" valign="middle" >32</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial expenses</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="11%" align="right" valign="middle" >48</td><td width="12%" align="right" valign="middle" >12</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Foreign exchange losses</td><td width="11%" align="right" valign="middle" >208</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >256</td><td width="12%" align="right" valign="middle" >12</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Tax on profit for the year</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Current tax for the year</td><td width="11%" align="right" valign="middle" >9.915</td><td width="12%" align="right" valign="middle" >12.206</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Deferred tax for the year</td><td width="11%" align="right" valign="middle" >3.781</td><td width="12%" align="right" valign="middle" >10</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Adjustment of tax concerning previous years</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >20.467</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax concerning previous years</td><td width="11%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >102</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >13.696</td><td width="12%" align="right" valign="middle" >32.785</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td width="62%" ></td><td width="9%" colspan="1" align="right" valign="middle" >Other fixtures and fittings, tools and equipment</td><td width="9%" colspan="1" align="right" valign="middle" >Leasehold improvements</td><td width="9%" colspan="1" align="right" valign="middle" >Property, plant and equipment in progress</td><td width="11%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td colspan="5"></td></tr><tr><td width="62%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="11%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="9%" align="right" valign="middle" >10.520</td><td width="9%" align="right" valign="middle" >70.375</td><td width="9%" align="right" valign="middle" >19.369</td><td width="11%" align="right" valign="middle" >100.264</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="9%" align="right" valign="middle" >954</td><td width="9%" align="right" valign="middle" >39.014</td><td width="9%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >39.968</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="9%" align="right" valign="middle" >-145</td><td width="9%" align="right" valign="middle" >-23.854</td><td width="9%" align="right" valign="middle" >-15.293</td><td width="11%" align="right" valign="middle" >-39.293</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Transfers for the year</td><td width="9%" align="right" valign="middle" >3.624</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-3.624</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="9%" align="right" valign="middle" >14.953</td><td width="9%" align="right" valign="middle" >85.534</td><td width="9%" align="right" valign="middle" >452</td><td width="11%" align="right" valign="middle" >100.939</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Impairment losses and depreciation at 1 January 2021</td></tr><tr><td width="62%" ></td><td width="9%" align="right" valign="middle" >8.135</td><td width="9%" align="right" valign="middle" >42.489</td><td width="9%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >50.623</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="9%" align="right" valign="middle" >1.899</td><td width="9%" align="right" valign="middle" >7.287</td><td width="9%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >9.186</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Reversal of impairment and depreciation of sold assets for the year</td><td width="9%" align="right" valign="middle" >-140</td><td width="9%" align="right" valign="middle" >-14.078</td><td width="9%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-14.218</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Impairment losses and depreciation at 31 December 2021</td><td width="9%" align="right" valign="middle" >9.894</td><td width="9%" align="right" valign="middle" >35.697</td><td width="9%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >45.591</td></tr><tr><td width="62%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="9%" align="right" valign="middle" >5.059</td><td width="9%" align="right" valign="middle" >49.837</td><td width="9%" align="right" valign="middle" >452</td><td width="11%" align="right" valign="middle" >55.348</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax asset/ (liability)</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td></tr><tr><td width="77%" ></td><td width="11%" colspan="1" align="right" valign="middle" >TDKK</td><td width="12%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Deferred tax asset at 1 January</td><td width="11%" align="right" valign="middle" >3.390</td><td width="12%" align="right" valign="middle" >3.502</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Amounts recognised in the income statement for the year</td><td width="11%" align="right" valign="middle" >-3.781</td><td width="12%" align="right" valign="middle" >-112</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Deferred tax liability/asset at 31 December</td><td width="11%" align="right" valign="middle" >-391</td><td width="12%" align="right" valign="middle" >3.390</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The recognised tax liability comprises temporary differences associated with assets that are expected to be utilised within the next 5 years.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consist of prepaid expenses concerning rent and deposit for same and other external expenses.</td></tr><tr><td colspan="1"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred rent</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred rent consists of a rental discount which is accrued over the term of the lease period.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Equity</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital consists of 750 shares of a nominal value of TDKK 750. No shares carry any special rights.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" >Other provisions</td></tr><tr><td width="69%" ></td><td width="10%" ></td><td width="10%" align="right" valign="middle" >2021</td><td width="11%" align="right" valign="middle" >2020</td></tr><tr><td width="69%" ></td><td width="10%" ></td><td width="10%" colspan="1" align="right" valign="middle" >TDKK</td><td width="11%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="79%" colspan="2" align="left" valign="middle" >Other provisions</td><td width="10%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >20.251</td></tr><tr><td width="69%" ></td><td width="10%" ></td><td width="10%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >20.251</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The provisions are expected to mature as follows</td></tr><tr><td width="79%" colspan="2" align="left" valign="middle" >Within 1 year</td><td width="10%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >20.251</td></tr><tr><td colspan="4"></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" >Long-term debt</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 as long-term debt.</td></tr><tr><td colspan="3"></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 width="100%" colspan="3" align="left" valign="middle" >Deferred rent</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Between 1 and 5 years</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Long-term part</td><td width="11%" align="right" valign="middle" >273</td><td width="12%" align="right" valign="middle" >0</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Short-term part</td><td width="11%" align="right" valign="middle" >34</td><td width="12%" align="right" valign="middle" >251</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >307</td><td width="12%" align="right" valign="middle" >251</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other payables</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Other short-term payables</td><td width="11%" align="right" valign="middle" >58.664</td><td width="12%" align="right" valign="middle" >96.731</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >58.664</td><td width="12%" align="right" valign="middle" >96.731</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td></tr><tr><td width="77%" ></td><td width="11%" colspan="1" align="right" valign="middle" >TDKK</td><td width="12%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Rental and lease obligations</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >The Company has entered into rental and lease agreements.</td><td width="11%" align="right" valign="middle" >15.619</td><td width="12%" align="right" valign="middle" >17.045</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The group companies are jointly and severally liable for tax on the jointly taxed incomes etc. of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Google Denmark is the management company of the joint taxation group.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" >Related parties</td></tr><tr><td colspan="2"></td></tr><tr><td width="87%" ></td><td width="13%" colspan="1" align="right" valign="middle" >Basis</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Controlling interest</td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >Google International LLC, USA</td><td width="13%" colspan="1" align="right" valign="middle" >Parent Company</td></tr><tr><td colspan="2"></td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >Alphabet Inc., USA</td><td width="13%" colspan="1" align="right" valign="middle" >Ultimate Parent Company</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Transactions</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company has no transactions which have not been on arm's length basis.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Consolidated Financial Statements</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company is included in the Group Annual Report of the Parent Company</td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >Name</td><td width="13%" colspan="1" align="right" valign="middle" >Place of registered office</td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >Alphabet Inc.</td><td width="13%" colspan="1" align="right" valign="middle" >USA</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Group Annual Report of Alphabet Inc. may be obtained at the following address</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >1600 Amphitheatre Parkway, Mountain View,</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >California 94043, USA</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >lnvestor.google.com</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 of Google Denmark ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large-sized enterprises of reporting class C.</td></tr></table> true <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 Financial Statements for 2021 are presented in TDKK.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Alphabet Inc., the Company has not prepared a cash flow 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">Translation policies</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.</td></tr><tr><td colspan="1">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 colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.</td></tr><tr><td colspan="1">Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.</td></tr><tr><td colspan="1">Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to 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 colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise cost relating to advertising, administration, premises, operating lease expenses and similar 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 colspan="1">Staff expenses</td></tr><tr><td colspan="1">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 colspan="1">Depreciation and impairment of property, plant and equipment</td></tr><tr><td colspan="1">Depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income and expenses</td></tr><tr><td colspan="1">Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of fixed assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses 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 colspan="1">Tax on profit for the year</td></tr><tr><td colspan="1">Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.</td></tr><tr><td colspan="1">The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable income.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.</td></tr><tr><td colspan="2">Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</td></tr><tr><td colspan="2">Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are</td></tr><tr><td>Other fixtures and fittings, tools and equipment</td><td>1 - 5 years</td></tr><tr><td>Leasehold improvements</td><td>7 years</td></tr><tr><td colspan="2">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 colspan="1">Impairment of property, plant and equipment</td></tr><tr><td colspan="1">The carrying amounts of property, plant and equipment are assessed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation.</td></tr><tr><td colspan="1">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 colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise prepaid expenses concerning subsequent financial reporting years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Provisions</td></tr><tr><td colspan="1">Provisions are recognised when</td></tr><tr><td colspan="1">- in consequence of an event occurred before or on the balance sheet date;</td></tr><tr><td colspan="1">- the Company has a legal or constructive obligation; and</td></tr><tr><td colspan="1">- it is probable that economic benefits must be given up to settle the obligation.</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">Deferred tax assets and liabilities</td></tr><tr><td colspan="1">Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax</td></tr><tr><td colspan="1">Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in tax on profit/(loss) for the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial debts</td></tr><tr><td colspan="1">Debts are measured at amortised cost, substantially corresponding to nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred rent</td></tr><tr><td colspan="1">Deferred rent consists of a rental discount which is accrued over the term of the lease period.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial Highlights</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Explanation of financial ratios</td></tr><tr><td>Profit margin</td><td>Profit before financials x 100 / Revenue</td></tr><tr><td>Return on assets</td><td>Profit before financials x 100 / Total assets</td></tr><tr><td>Solvency ratio</td><td>Equity at year end x 100 / Total assets at year end</td></tr><tr><td>Return on equity</td><td>Net profit for the year x 100 / Average equity</td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Michael Tangney Svilen Ivanov Karaivanov 322426000 20000 21899000 17143000 123 0.17 0.208 0.495 0.183 283541000 -343000 16502000 9848000 106 0.078 0.111 0.539 0.165 247039000 -644000 14011000 9438000 95 0.079 0.113 0.535 0.165 227102000 -503000 13249000 30648000 87 0.08 0.116 0.501 0.186 Operating profit/loss 51876000 Operating profit/loss 54774000 Operating profit/loss 22399000 Operating profit/loss 19384000 Operating profit/loss 18106000 243538000 178765000 5059000 49837000 452000 55348000 55348000 173240000 5416000 0 4825000 4710000 188190000 188190000 750000 178015000 0 0 273000 273000 3156000 2255000 391000 58664000 34000 64500000 64773000 243538000 263272000 130350000 201155000 108451000 171785000 91949000 155582000 77938000 322426000 62495000 259931000 194628000 10529000 0 110000 54664000 32000 12000 54684000 32785000 21899000 2385000 27886000 19369000 49640000 49640000 196645000 4497000 3390000 2444000 6656000 213631000 213631000 263272000 750000 129600000 130350000 20251000 20251000 0 0 15688000 0 0 96731000 251000 112670000 112670000 263272000 48415000 21899000 EY Godkendt Revisionspartnerselskab 30700228 Karsten Mehlsen State Authorised Public Accountant mne18473